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The
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runtrie
INCLUDING
Public Utility Compendium
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VOL. 124.
SATURDAY, MAY 28 1927.
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The Financial S tuation.
The pace on the Stock Exchange the past week
has been fast and furious, with speculation converging largely on the railroad shares, though with
the industrial stocks also prominent in the same way,
especially the high priced stocks of companies enjoying an unusual degree of prosperity. Many new high
records for the year have been established and many
high records in all time. The speculation appears
to be rapidly getting out of hand, and caution should
be the constant watch-word. The railroad stocks
are prime favorites for the moment and assuredly
the railroads as a whole are in immensely stronger
condition than they were only a few years ago, but
there is a limit to a safe upward movement even in
the case of these properties.
The speculation has reached a point where it must
be regarded not only as highly daring and venturesome, but positively reckless. For the moment unfavorable news is being disregarded and undue stress
laid on the favorable happenings and developments.
Thus the present week higher money rates, with
brokers' loans again bounding up, and the fact that
last Saturday's return of the New York Clearing
House banks and trust companies recorded a large
deficiency below the required legal reserves have all
.
been ignored.
The street seems to have forgotten even last week's
adverse decision against the Loree merger. As a result of that decision Kansas City Southern stock
after closing on Thursday of last week at 56%
opened the next morning at 50, but yesterday the
stock got up to within a fraction of 60 and closed at
58. The frenzy which seems to have taken hold of
the entire speculative community, with brokers'
loans rising higher and still higher, is well charac-
Bank and Quotation Section
Bankers' Convention Section
NO. 3231.
terized in Moody's Weekly Review of Financial Conditions when it says that "when such a movement
once gets started it practically never stops until it
results in overexpansion. Hence the main question
is how many weeks or months it may require to produce such a result."
As it happened, too, the returns of railroad earnings coming in this week for the month of April have
been, many of them, making unfavorable comparisons with a year ago. But special conditions are responsible for most of theQe. Thus in the Southwest
the floods in the' Mississippi Valley, which are now
passing away, have been an unfavorable feature,
while the anthracite carriers are comparing with
the period immediately following the strike of 192526, when coal mining was pushed to the utmost and
when earnings as a consevence were swollen to exceptional proportions. Among the returns received
the present week the Lackawanna reported gross of
$7,417,526, against $7,484,274 and net of $2,366,932,
against $2,283,675; the Lehigh Valley gross of
$6,363,684, against $6,861,946 an'd net, $1,449,446,
against 2,074,826; the Erie, gross,$8,781,234, against
$8,842,319, and net, $1,438,562, against $1,340,088;
the New York Ontario and Western, gross, $1,008,569, against $1,165,386, and net, $168,823, against
$282,319; the Reading, gross, $8,386,245, against
$8,299,774, and net, $2,322,535, against $2,240,646;
the Pennsylvania, gross, $55,353,643, against $55,417,842, and net, $13,202,342, against $11,351,537;
the Northern Pacific, gross, $7,122,931, against
$7,459,141, and net, $1,349,209, against $1,550,9813
the Union Pacific, gross, $14,128,600, against $14,953,018, and net $2,523,505, against $3,222,228; the
Southern Pacific, gross, $23,592,943, against 22,245,649, and net, $5,273,090, against $4,325,587; the
Atchison Topeka & Santa Fe, gross, $19,733,779,
against $17,751,589, and net, $3,987,130, against
$3,738,921; the Missouri-Kansas-Texas, gross, $4,552,170, against $4,175,435, and net, $1,193,842,
against $1,130,936, and the St. Louis Southwestern,
gross, $1,743,885, against $1,858,095, and net, $159,014, against $307,767.
On the other hand,"there have been several favorable dividend announcements. Ches. & Ohio has in1
2% and
creased its quarterly dividend from 2% to 2/
the Hocking Valley has made a similar increase,
while the Pere Marquette has announced a 20%
stock dividend. The General Electric Co. has raised
its quarterly cash dividend from 75c. per share to $1
per share and has declared $1 extra in cash instead
of the $1 in special stock previously paid. Among
local concerns the Brooklyn Union Gas Co. has
raised its quarterly dividend from $1 per share to
3114
THE CHRONICLE
$1.25 per share. The Stanley Co. of America has
increased its quarterly dividend from 75c. per share
to $1 per share. As against this, the Inspiration
Consolidated Copper Co. has passed its dividend,
though on the other hand, the Granby Consolidated
Mining, Smelting & Power Co. has resumed dividends after a suspension since May 1 1919.
New loans were somewhat less numerous, but
there were several big issues. On Thursday $40,000,000 Phillips Petroleum Co. 5/
4% sinking fund gold
1
14 and interest, to yield
debentures were offered at 99/
over 5.33%, by a syndicate headed by Harris, Forbes
& Co. On the same day $18,000,000 Empire Gas &
Fuel Co.5% serial gold notes were brought out by a
syndicate headed by Halsey, Stuart & Co., Inc., and
8% to
/
Hallgarten & Co. at prices to yield from 47
$10,000,addition,
In
maturity.
to
4%,according
1
5/
000 Bell Telephone Co. of Canada first mortgage 5%
2
1
gold bonds, series B, came on the market at 102/
and interest, yielding about 4.85%. The syndicate
was headed by Lee, Higginson & Co., Bank of Montreal and Harris, Forbes & Co. Yesterday an important foreign loan was placed here, namely, $20,000,000 City of Budapest (Hungary) external sinking
fund 6% gold bonds, offered by the Bankers Trust
Co., Brown Brothers & Co., Myth, Witter & Co. and
Marshall Field, Glore, Ward & Co. The price was
92 and accrued interest, to yield about 6.60%.
A complete rupture in commercial and diplomatic
relations between the Governments of Great Britain
and Soviet Russia was announced Tuesday by Premier Stanley Baldwin in the House of Commons.
The break followed the raid of May 12 on the premises of Arcos, Ltd., and on the Soviet Trade Delegation in London, the Prime Minister charging that
those organizations had been habitually used as a
clearing house for subversive correspondence. Documents found in the raid, the Premier asserted,
"have sufficiently proved the existence of the direct
control by Soviet authorities of a regular system
whereby documents of a subversive character from
various organizations in Russia were conveyed secretly to various persons engaged in Communist activity in this country and elsewhere." Premier
Baldwin made it clear at the outset that the results
of the Arcos raid, while they furnished the occasion,
were not entirely the cause of the rupture of relations. "For many months," he said, "the police, in
collaboration with the military authorities, have
been investigating the activities of a group of secret
agents engaged in endeavoring to obtain highly confidential documents relating to the armed forces of
Britain. From the information received and the
evidence obtained in the course of these investigations, it became increasingly difficult to resist the
conclusion that these agents were working in behalf
of the Soviet Government and obtained instructions
from members of •the Russia% Trade Delegation,
working in Soviet House, who arranged for the conveyance to Moscow of photographs or copies of the
documents obtained." In illustration of the subversive activities of which he complained, Mr. Baldwin
cited a letter dated Nov. 3 and addressed to Mr.
Dzerzhinsky (late head of the Cheka, or Soviet Secret Police, who died on July 20 1926), describing arrangements for training Communist agitators on
Arcos ships, with a view to the subsequent dissemination of subversive propaganda among the crews of
(VOL. 124.
British ships." The Premier then read some extracts from this letter. One was as follows: "I consider the only solution to be in making these ships of
ours a base for training politically conscious seamen, who after preliminary training can be sent to
British ships. Instructions can be given by such
seamen, who cannot obtain employment, for Communistic agitation on any British ship. The choice
of the men should be carefully made, preference being given to negroes, Hindus and other oppressed
nationals. It will, of course, be necessary to investigate to what extent such material would prove
appropriate for future work.
Lists of addresses for communication with the
Communist Parties of the United States, Mexico,
South America, Canada, Australia, New Zealand
and South Africa also were found during the raid,
the Premier said. "In conclusion," he added, "it
may be pointed out that the evidence now in the
hands of the authorities proves that both military
espionage and subversive activities throughout the
British Empire and North and South America were
directed and carried out from Soviet House, that
no effective differentiation of rooms or duties was
observed between the Trade Delegation and the employees of Arcos and that both of these organizations were involved in anti-British espionage and
propaganda. The Soviet Government cannot escape
responsibility for the actions of the Trade Delegation and the abuse of the facilities afforded it. But
the matter does not rest there. It would in any case
be difficult to believe that whilst one organ of the
Soviet Government, namely the Trade Delegation,
was thus breaking the solemn undertakings on the
faith in which it was received, the other organ of
that Government in this country, namely the Soviet
Mission and the Soviet Government itself, were not
parties to these proceedings." Continuing his
speech, Mr. Baldwin then told the House of Commons that the case against the Soviet does not depend upon inference. He quoted the Trade Agreement, which provided that "each party refrains from
hostile action or undertakings against the other and
from conducting outside its own borders any official propaganda, direct or indirect, against the institutions of the British Empire or the Russian Soviet Government respectively."
Mr. Baldwin then cited a breach of this engagement by the Soviet emissaries in China,in particular
by Mr. Borodin, whom the Soviet insisted on classifying as a private individual without any relation
whatever to the Soviet Government. Yet, said Mr.
Baldwin,"there is in the possession of His Majesty's
Government a telegram, dated Nov. 12 last year,
from the Commissariat of Foreign Affairs to the
Soviet representatives in Peking in the following
terms:
herewith communicate the department's
decision for your execution. 1. Until a Soviet representative is appointed in Peking Comrade Borodin
is to take his orders direct from Moscow. 2. The
Far Eastern Bureau is to be informed that all of its
decisions and measures regarding questions of general policy of the Kuomintang in China and of military and political work must be agreed on with
Comrade Borodin. In the event of a difference of
opinion arising on these questions, they must be
referred to Moscow for investigation. Comrade Borodin and the Far Eastern Bureau must keep Moscow's representatives in Peking informed of all their
MAY 281927.]
THE CHRONICLE
3115
decisions and moves with regard to all of these questions. 3. Comrade Borodin's appointment as the
official Soviet representative in Canton is considered
inadvisable. Comrade Borodin is to remain in
charge of the work in the provinces under Canton
rule and an official representative to the Canton
Government is to be appointed.' The denials of any
responsibility of Mr. Borodin's actions made by the
Soviet. Charge d'Affaires here and by Mr. Litvinoff
in Moscow, therefore, were untrue and were made
only in the hope of deceiving His Majesty's Government and the British public, while under their cloak
Mr. Borodin, in fact, was carrying on his anti-foreign and anti-British activities as the authorized
agent of the Soviet Government and by their orders."
In summing up, the Premier said: "Diplomatic relations, when they are deliberately and systematically abused, are themselves a danger to peace, and
the Government therefore has decided that unless
the House expresses disapproval on Thursday, they
will terminate the Trade Agreement and require the
withdrawal of the Trade Delegation and the Soviet
Mission from London and recall the British Mission
from Moscow. The legitimate use of Arcos will not
be affected by these decisions and the Government
is prepared, while terminating the privileges conferred by Articles 4,5 and 6 of the Trade Agreement,
to make all arrangements necessary for ordinary
trade facilities between the two countries."
by surprise. Other countries which England will
try to influence must know the true character of the
criminal adventure into which an effort is being
made to entrap them. The Soviet Government will
still. more closely watch the machinations of bellicose English diplomacy and protect itself by all
means at its disposal, and also protect the cause of
peace."
M. Mikoian, Commissar of Trade in Moscow, at
the same time 'declared that his department would
stop all trade operations in Great Briton. Premier
Baldwin would find himself mistaken, the Commissar said, if he thought that, after the liquidation of
the Soviet trade organizations, their functions
would pass to British firms. In the near future, he
asserted, all Soviet trade activities in Great Britain
would be reduced to liquidaing business already undertaken. Nevertheless, 'in spite of Britain's violation of its "engagements to the Soviet,' he has instructed all Soviet organizations in London to fulfill
the engagements already made. He added that at
the same time the Union Of Soviet Socialist Republics would demand that all British firms having
business relations with the Union present guarantees from credit institutions in countries with which
the Union maintains normal relations, and that all
engagements these firma have undertaken with the
Soviet shall be duly carried out.
The Soviet authorities both in London and Moscow made haste to disavow the charges brought by
Premier Baldwin. Charge d'Affaires Rosengolz, at
Chesham House in London, repudiated in a formal
statement Wednesday the diplomatic telegrams
which were asserted by Mr. Baldwin to have passed
between Mr. Rosengolz and Moscow. "I declare
categorically," the statement read, "that neither I
nor anybody else received or sent such telegrams."
In particular, Mr. Rosengolz took exception to a
telegram, ascribed to him, warning Moscow to cease
for the present sending documents from "friends" in
Moscow. In the Russian capital the British action
was caustically arraigned by Maxim Litvinoff, Acting Foreign Minister of the Soviet regime. The
British Government, whose program is one of enslavement of India, China and Egypt, he said, could
not admit the existence of the Soviet Union, which
sympathizes with the class struggle and the aspirations of oppressed peoples. Britain, he added, only
waited to attack Russia in the hope of finding allies,
and having failed to do so, has now decided to attack
Russia openly and independently, expecting to draw
other States in later. The policy of Great Britain is
obvious, M. Litvinoff declared, for Sir Austen Chamberlain has often declared that a breach with Soviet
Russia would be pregnant with danger to world
peace and he therefore must now admit that the
motive of the breach is to hasten war. Taking up the
charge that compromising documents had been found
in the pockets of employees of Arcos or of the Trade
Delegation, M. Litvinoff said, "this story is dubious but even if it be proved that private members
of the staff were keeping up a 'criminal' correspondence with trade union or other bodies, how can the
whole organization be made responsible?" The
British Government's aim having been accomplished,
he continued, "our country will draw the necessary
conclusions and take all measures not to be taken
The British Government, before deciding on the
break with Russia, consulted the Dominions, according to a London dispatch of Tuesday to the New
York "Times." Canada, which was a separate signatory of the Trade Agreement, decided Wednesday to
terminate the arrangement. Premier King announced the decision in Ottawa and added that private trade would not be interfered with. In London, Foreign Minister Sir Austen Chamberlain reiterated on Wednesday that there was no reason to
believe that there would be any interference with
legitimate trade. Official circles in the British capital also emphasized that the break was not to be
regarded as a virtual declaration of economic war.
The Opposition in London, the Labor Party, contented itself after Mr. Baldwin's statement was
made, with a few bitter references by J. R. Clynes,
Acting Leader,to the "laughingly lurid" passages in
the Premier's speech. Mr. Clynes asked for the publication of the documents before the beginning of the
debate Thursday. This debate took place on the
following motion, handed in Wednesday night by
the Labor Party: "The House is of the opinion that
the termination of the Trade Agreement with Russia and the severance of diplomatic relations would
have serious international consequences and close a
promising avenue to the restoration of trade and industry, and is therefore a policy to which the country ought not to be committed until the report of a
select committee, based upon an examination of all
relevant documents and a full inquiry into the facts
has been submitted to this House." The Government, acceding to the Labor request, published a
White Paper Thursday morning in which the Russian documents were reprinted. Mr. Clynes again
led the Labor discussion, saying that he understood
the Government position now to be that Russia was
in the dock. "We accept that position," he declared,
"but we demand that in this matter she must not be
condemned without trial. We refuse to admit either
•
3116
THE CHRONICLE
the guilt or the innocence of Russia." The Government's White Paper Mr. Clynes described as a
"bright, diverting comic publication," for which he
did not think any Government in the world would
have become responsible. He insisted again on a
proper and effective inquiry. Sir Austen Chamberlain, replying for the Government, told the House
he was not prepared to accept the motion by Mr.
Clyne that an inquiry be held. The Government, he
said, invited a clear expression of Confidence and
approval and was content to rest on the information
it had disclosed. Mr. Lloyd Gorge,speaking for the
Liberals, admitted all the facts cited by Sir Austen
Chamberlain in justification of the rupture, but
added that such disclosures were anything but new.
The Arcos raid, he said, added only a humorous but
hardly necessary touch to the evidence already at
hand. The raid was unfortunate, he declared, inasmuch as it bound the Government to take political
action just when the moderates were winning in
China and even beginning.to get the upper hand in
Moscow. The former Premier then asked the Government if it had considered how it was going to
resume relations with Russia. "What are you waiting for?" he demanded. "Are you waiting for the
Romanoffs? We waited 25 years for the Bourbons,
and meanwhile there was a devastated Europe.
Whom are you waiting for to give you the word?
Tchitcherin? He is broken and has failed. Litvinoff's signature you cannot take, Stalin's signature
you cannot take. Trotzky's you certainly cannot.
You cannot be looking to Meinovieff. The breaking
off of relations is serious business. You cannot
treat the situation as though everything would go
on exactly as before. Twenty-four Powers have recognized Russia following our lead. We shall be completely isolated in this respect in a Europe which is
full of trouble." The Labor Party motion for an
inquiry then went to a division and was defeated by
367 votes to 118. The Government's action with reference to the rupture with Soviet Russia was thus
confirmed.
The possibility that the principal nations of the
Continent will follow England's example in breaking off diplomatic relations with Moscow was
brought forward in a Paris dispatch of May 25 by
Edwin L. James, correspondent of the New York
"Times." The dispatch stated: "There existed between the London and Paris Foreign Offices a plan
to convince not only Italy, but Germany as well, that
a break with the Soviet Union was advisable. Two
months ago Premier Mussolini began to fall in line,
and pressure, or rather persuasion, was brought to
bear on Germany, when the Right side of the British
Government, led by Winston Churchill, forced action in London. As matters stand now both Paris
and Rome are preparing a case against Soviet Russia similar to that which the British Prime Minister
presented yesterday.
Both M. Briand and Sir Austen Chamberlain had
wished to wait until Germany was convinced of the
wisdom of such a step. These two statesmen hai,e
been pushing the policy of Locarno in Europe a-id
that policy made it quite plain that any joint step
by France and England, whether or not Italy joined
it, might have results bringing Berlin and Moscow
closer together at the expense of the Locarno plan.
This they both wished to avoid. Sir Austen's hand
ivoL. 124.
was forced in London. Now M. Briand, probably
with the agreement of Premier Mussolini, is planning to bring Dr. Stresemann, the German Foreign
Minister, around to his point of view, namely that,
if a clear case of Soviet Russia's plotting against the
Government of any country can be made out, diplomatic relations should be broken off. M. Briand
will see Dr. Stresemann at Geneva at the meeting
of the League Council next month, as will Sir &listen
also, and in diplomatic quarters it is expected that
they will work toward common action toward
Moscow."
The Berlin correspondent of the "Times," on the
same day reported, however, that Britain's most
powerful pressure could not budge the Reich one
inch toward collaboration in an anti-Russian campaign. Even if Premier Poincare were to throw in
his lot with Prime Minister Baldwin, the dispatch
adds, the Berlin Government would stand pat. The
report continues: "Economically, the benefits accruing to Germany from the British Government's
action are very substantial indeed. Politically, they
may become almost equally important, provided only
France does not follow the British lead. And nobody in Berlin believes that she will. The Quai
d'Orsay may emit many fine phrases about the revitalized Entente, but, in Germany opinion, the
French Ambassador will not be withdrawn from
Moscow as long as there is a chance of collecting the
Russian debt or some appreciable part of it." The
minor European nations, in particular Poland and
Lithuania, are said to be greatly agitated at the
breaking of diplomatic relations between England
and Russia. Fear is expressed in Warsaw, according to a dispatch of Wednesday to the New York
"Times," that Poland will be faced with a commercial blockade of all frontiers.
General agreement among the forty-nine nations
represented at the World Economic Conference in
Geneva marked the end of the proceedings Monday.
A unanimous vote of approval was given the final,
comprehensive report on world conditions and suggested remedies. Before adjourning, the Conference
passed back to the League of Nations the problem of
perpetuating its existence so as to include within its
scope nations and groups not now associated with
the League. This, it was hoped, will insure further
economic conferences with the United States and
Russia, as well as international farm and labor
groups in attendance. The general report was
adopted Monday only after a'prolonged plenary session during which many resolutions were offered
by the various delegations. In a preamble to the
report cognizance was taken of the co-existence of
the Communist and Capitalist economic systems,
thus assuring the continued attendance of the Russians and the unanimity of the Conference. The demand of the Soviet delegates for recognition of their
system was acceded to at the instance of Henry H.
Robinson, of the American delegation. Mr. Robinson said that everybody realized that there was a
big difference between the two systems of Communism and Capitalism and hence there could be no objection to recording this. Roland W. Boyden, also
a member of the American delegation, wrote the
finally accepted compromise, in which he made it
clear that the conference welcomed the Russian delegation,"believing its presence a good augury for the
MAY 28 1927.]
THE CHRONICLE
future co-operation of all nations.' The Russian
delegation accepted the compromise with the understanding that it would abstain from voting on resolutions presented for adoption by the Conference
which they deemed contrary to their Soviet regime.
The substance of the final report is described in a
dispatch of Monday to the New York "Times," as
forming probably "the most complete and authoritative picture of world economic conditions ever attained. This report.declares in part that it is a mistake to assume that the economic conditions in Europe can be so disorganized without affecting the
rest of the world, that the nations outside feel the
effects of Europe's reduced consuming power, and
that there is no doubt that the world is affected by
the fact that Europe is compelled for the time being
to renounce several functions in world economy previously hers. It adds, however, that neither in
Europe nor elsewhere is the economic position uniformly good or bad. On the contrary, the depression
is clearly concentrated in certain main trades, for
example, in the iron, steel, shipbuilding and chemical trades, which were artificially expanded to meet
war needs. Demand is said to be restricted by the
fact that a lack of capital resulting from diminished
savings has prevented economic development on a
pre-war scale." The report, it is added, also gives an
account of the world tariff situation, showing that
Europe remains to-day with tariffs higher, more
complicated, less stable and more numerous than
before the war. It is asserted that Europe has failed
to restore her former system of commercial treaties,
and that the habit has developed of putting up tariffs designed for purposes of negotiation before the
negotiations take place. An important resolution,
proposed by Britain, was adopted without a dissenting voice before the Conference closed. This resolution declared that the maintenance of 'World peace
depended largely upon the principles on which economic policies of nations are founded and executed
and urged that the nations represented should seek
to eliminate the difficulties causing friction in a
world which has everything to gain from peaceful,
harmonious progress.
After adjournment was taken, Henry M. Robinson
and Norman H. Davis, the American delegates, declared the Conference's work had given a new impetus to the betterment of European conditions and
would guide the nations in new economic legislation.
The United States representatives further stated
that the Conference has been a great success, both
in view of the spirit of co-operation and the actual
recommendations, although these deal largely with
Europe alone and in no case make a binding agreement. The general verdict, according to a New York
"Times" dispatch, was that the real results of the
Conference will not be known for a long time, but
that great progress has been made. "The Economic
Section of the League of Nations will now take up
the work of presenting the Conference's results to
the parliaments and Peoples of the world, hopeful
that the path of progress has been enlightened by the
Conference discussions," the dispatch added.
3117
early this week by dispatches telling of pressure
brought to bear on the Nanking Government of
Chiang Kai-shek for reconciliation with Hankow
and a resumption of the military advance. Whether
or not an actual reconciliation was brought about
was not made clear in subsequent reports. Botih the
Nanking and Hankow Governments, however,
claimed advances toward the north and it would
seem that neither fears the other in a military sense.
Associated Press dispatches of Monday from Shanghai told of Hankow successes more than 200 miles
north of the Communist capital and only 90 miles
from the important city of Chengchow on the HoangHo. Similarly, a Peking dispatch of the same date
to the New York "Times," reported the army of
Chiang Kai-shek advancing northward along the
Pukow-Tientsin Railway, threatening the right wing
of the Shantung forces. The Japanese Government
apparently is planning to strengthen the Moderate regime of Chiang Kai-shek by recognizing the Nanking
Government. A Tokio dispatch of May 25 to the
New York "Times" said: "Events in China have
moved rapidly since the change of Government here
five weeks ago, and Premier Tanaka is represented
as having become convinced that the time is approaching when Japan should recognize General
Chiang Kai-shek's Government and give it its moral
support. The Nanking ,Government, he believes, embodies all that is healthiest and strongest in the
Nationalist movement. It has freed itself from Russian influence and will apparently soon control the
greater part of China, he thinks, and Japan, therefore, can and ought to deal with it, the Premier believes. Meantime, it is declared by many here, the
Northern defeat is becoming a debacle and Japan
has no confidence in Chang Tso-lin's ability to stem
the flowing tide of Nationalist victory, which, it is
contended, is due less to Chiang's military prowess
than to anxiety of Chinese generals to stand from
under the falling cause."
"Finis" was apparently written at the end of the
revolution in Nicaragua last Saturday, when Dr.
Juan B. Sacasa, bead of the Liberal Government, set
up at Puerto Cabezas last December, sailed with
twenty-seven of his adherents for Costa Rica. An
Associated Press dispatch said the Liberal Executive boarded the sloop Wawa, accompanied by his
Cabinet, for Port Limon, Honduras, whence be will
go to Guatemala City. It was said it will be 1928
before the party will return to Nicaragua, when
they will compete in the elections, the integrity of
which has been guaranteed by the United States
Government. It was intimated that Rodolfo Espinza, who was Minister of Foreign Relations in Dr.
Sacasa's Cabinet, probably will be the Liberal candidate for President of the country in the 1928 election. Colonel Henry L. Stimson, who negotiated the
Nicaraguan settlement, returned to Washington
Monday and issued a statement emphasizing the bitterness of the strife and the horrors of the conditions
which existed during the revolution in the Central
American republic. He pointed out again that this
country must regard as the highest of obligations its
A working agreement between the two Southern guarantee of
free and fair elections in 1928 when a
Nationalist factions of China for a continuation of
new Nicaraguan President is to be chosen.
the advance on Peking appears to have been effected.
Persistent reports of the imminent collapse of the
General Carlos Ibanez was elected President of
Communist regime at Hankow were superseded Chile last
Sunday in a plebiscite ordered by him-
3118
THE CHRONICLE
self. He was the sole candidate for the office and
is said to have received a large majority of the 300,000 votes cast at the election. General Ibanez, it
may be recalled, brought about the resignation of
thetChilean Cabinet in February and the formation
of a new Ministry of which he was the Premier. As
such he announced his intention, early in March, of
ridding the country of the "Bolshevist menace,"
which he proceeded to do by deporting political malcontents of all persuasions., President FigueroaLarrain requested a two months'leave of absence on
April 7 and appointed Premier Ibanez Vice-President to function in his absence. A fortnight ago
Senor Figueroa-Larrain asked to be relieved of his
office and General Ibanez signed a decree convoking
the presidential election and announced his candidacy.
An Associated Press report dated May 23 from
Santiago, said of the elections: "Those who did
not cast their ballots in favor of Ibanez voted blank
or in favor of various persons who did not even announce their candidacy, including former President
Arturo Aless, the radical Deputy Santiago La Barco,
who was deported from the country recently, and the
Liberal Senator Ladislao Errazuriz. These votes,
however, did not reach a large total and the election
of Ibanez was assured." In a statement to the press,
General Ibanez said: "I am profoundly thankful
to the people of my country, who in such generous
form expressed the desire that I continue championing the cause of moral, economic and social improvement in Chile."
Severance of the ties that bind Cuba to the United
States was apparently hinted at by Senor Machado,
the Cuban Executive, on his recent visit to Washington, according to a dispatch of May 23 to the New
York "Times." Disclosure by President Machado of
the thought back in his head regarding the subject
seems to have been made in an address at the celebration of the quarter century of Cuban independence. While the State Department declined to comment on the matter, the dispatch adds, the understanding prevails in informed quarters in Washington that President Machado merely mentioned the
subject in an informal way in conversation with high
officials and that it has not taken on any official
status. The report continued: "The agitation in
Cuba aims to bring about the repeal of the agreement between Cuba and the United States embodied
in the so-called Platt Amendment. This provision,
which is incorporated in a treaty between the two
Governments and is part of the Cuban Constitution,
gives to the United States the supervision of Cuban
elections, the right to intervene in Cuba in the event
of disorder and certain supervision over the foreign
loans of the Cuban Government. Nothing has come
to light, however, to indicate that the agitation for
this repeal has gained any substantial headway
among Cubans,in spite of its apparent endorsement
by President Machado. No emphasis has been given
to the proposal by the Cuban Government in communications to the United States, and the impression
has not been created that the Cuban people have
been aroused in its favor."
[Vol.. 124.
precise duty, he declared, disclaiming the lust for
power. The comments were made by the Premier in
the course of a speech on internal affairs before the
Chamber of Deputies in Rome. Mussolini also
stated for the first time in the history of his regime
the definite goal at which he had been aiming in the
revolutionary transformation that has been going
on for five years in Italy. The Italian people, he
said, will be able to see their rights recognized and
make their voice heard at some time between 1935
and 1940, when they will have a strong navy, a huge
air force and be able to mobilize a well-equipped
army of 5,000,000 men. Within the years mentioned,
Italy, declared the Premier, must be fully prepared
in a military sense for any critical point in European history, and by 1950 the nation must have a
population of 60,000,000. (Italy's population is
something over 42,000,000.) Three great tasks lie
immediately ahead, Mussolini informed his hearers
—perfecting the military forces, reform of the constitutional machinery and continuance of the struggle for economic and financial rehabilitation. Revolutionizing the State machine will begin at the end
of this year with the transformation of the Chamber
of Deputies into an organ of the corporative State,
the members being elected by the national corporations created by the Charter of Labor, instead of by
the people directly. "To-day, May 26," exclaimed
the Premier, "we bury solemnly all the lies of universal democratic suffrage!"
Official discount rates at leading European centres have again continued unchanged and remain
2% in Denmark
1
at 7% in Italy; 6% in Austria; 5/
and Belgium; 5% in Paris, Berlin and Madrid;
2% in London; 4% in Norway and Sweden, and
1
4/
2% in Holland and Switzerland. In London open
1
3/
4@4%%, but closed
market discounts were up to 41/
at 35-16@3%% for both long and short bills,
8(4)3 15-16% for three months' bills on
/
against 37
Friday of last week. Money on call in London was
quoted at 334%,the same as on the previous Friday.
At Paris open market discount rates remain at
2% and in Switzerland at 31/
1
2/
8%.
The Bank of France in its weekly statement as of
May 26 reported a decrease in note circulation of
355,946,000 francs. Total note circulation now
stands at 51,800,565,060 francs, against 52,734,999,940 francs in 1926, and 42,702,859,315 francs the
previous year. Advances to the State declined 800,000,000 francs, the total of which now stands at 26,600,000,000 francs, compared with 35,900,000,000
francs last year, and 23,850,000,000 francs in 1925.
Gold holdings remain unchanged at 5,546,828,350
francs, against 5,548,485,533 francs last year and
5,546,562,706 francs in 1925. Four weeks ago 462,771,478 francs were transferred from gold held
abroad to the account of gold abroad "available,"
this representing the French gold released by the
Bank of England. Since then no further change has
occurred. Other important changes for the week
were: Bills discounted increased 100,947,000
francs; general deposits, 600,667,000 francs, and
silver, 1,064,000 francs. Trade advances declined
44,428,000 francs and Treasury deposits 13,448,000
May 25
Premier Mussolini informed the Italian people francs. Purchase of gold and silver coins to
2,139,600,Aug.
total
10
1926
now
of
governunder
law
the
of
task
the
assume
"must
Thursday that he
000 francs, as against 2,123,800,000 to May 18. Corning them for 10 or 15 years more." Such was his
MAY 28 1927.]
THE CHRONICLE
parisons of the various items in the Bank of France
statement back to 1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
May 25 1927. May 26 1926. May 27 1925.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
3,682.507,441 3,684.164,625 3,682,241,798
Unchanged
In France
1,864.320,907
1.401,549,4291 1,864,320,907
Abroad, non-avail_ Unchanged
462,771.4781
Abroad, available_ Unchanged
Unchanged
5,546,828,350
Total
Inc.
1,064,000
344,426.262
Silver
Bills discounted_Inc. 100.947,000 2.192,928.051
Trade advances_Dec. 44,428,000 1,594,019,500
Note circulation—Dec. 355,946,000 51,800,565.060
158,945,251
Treasury deposits_Dec. 13,448,000
General deposits Inc. 600,667,000 10,423.991,824
Advances to State-Dec.800,000,000 26,600,000,000
5,548,485,533
334,934,708
4.583.689,162
2,271,992.157
52,734,999.940
30,231.309
3,196.711,545
35,900,000,000
5,546,562,706
314,484,140
4,595,330,991
2.988.756.988
42,702,859,315
56,262,990
2.124,075,841
23,850,000,000
A decrease in gold holdings of £2,877,570 was reported by the Bank of England for the week ended
May 25. Total gold holdings now stand at £152,540,040, against £149,007,391 last year and £156,690,279
in 1925. The proportion of the bank's reserve to liability dropped to 30.82% from last week's high mark
of 34.22%. Two weeks ago it stood at 32.68%. Notes
in circulation expanded £366,000, while reserve of
gold and notes in banking department fell £3,244,000. Loans on Governn,lent securities rose £1,270,000 and loans on "other" securities £4,157,000. Public deposits expanded £4,074,000, but "other" deposits declined £1,891,000. Total notes in circulation
now amount to £135,859,000, compared with £140,581,930 in 1926 and £148,182,610 the previous year.
The Bank's official discount rate remains unchanged
at 4/
1
2%, to which it was reduced on April 20. Below we furnish comparisons of the various items of
the Bank of England return back to 1923:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
1924.
1925.
1923.
1927.
1926.
May 30.
May 26.
May 27.
May 28.
May 25.
Circulation b
135,859.000
Public deposits
19,760,000
Other deposits
98.356,000
Gov't securities
48,518,000
Other securities_
50,919,000
Reserve notes & coin 36,431.000
Coin and bullion_a_152,540,040
Proportion of reserve
to liabilities
30.82%
Bank rate
444%
140,581,930
20,220.399
103,041.828
41,035,328
71,816,648
28.175.461
149.007.391
148.182.610
15,778,615
106.715.868
37,038,733
75,041,509
28.257.669
156,690,279
125.731.915
15,490.091
104,551.347
42.332,467
73,30/.269
22.202.887
128,184.802
124.550,495
20.753,609
98.429.126
42,967.480
71.255.827
22,723.835
127,524.330
22.87%
5%
23%
5%
1834%
4%
19%
3%
a Includes beginning with April 29 1925 E27.000,000 gold coin and bullion, previously held as security for currency notes Issued and which was ttansferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for Aprli 29.1925. includes £27,000,000 of Bank
of England notes issued in return fur the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The German Reichsbank in its statement for the
week ended May 23 reported a decrease of 159,845,000 marks in note circulation. Other daily maturing
obligations rose 103,497,000 marks, while other liabilities fell off 28,530,000 marks. Circulation now
stands at 3,191,834,000 marks, against 2,663,041,000
marks the same time last year and 2,202,812,000
Marks in 1925. On the asset side of the account the
majority of the items showed decreases. Gold and
bullion records a loss of 32,677,000 marks, bringing
the total down to 1,816,469,000 marks, but comparing with 1,491,861,000 marks last year, and 1,015,292,000 marks in 1925. Deposits abroad decreased
32,123,000 marks, while silver' and other coin increased 4,226,000 marks. Notes on other German
banks increased 7,497,000 marks, but reserve in foreign currencies decreased 13,911,000 marks. Bills
of exchange and checks declined 31,820,000 marks
and other assets 22,109,000 marks. Advances increased 3,867,000 marks, and investments 29,000
marks. Below we give a detailed comparative statement for a period of three years:
3119
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
May 211927. May 22 1926. May 23 1925.
Assets—
Retchrmarks.
Retchsmarks, Reichsmarks, Retchsmarks.
Gold and bullion
Dec. 32,677,000 1,816,469,000 1,491,861.000 1,015.292,000
Of which depos. abr'd_ Dec. 32,123,000
69,126.000 260,435.000
65,534,000
Res've in Coen curr_ _ _Dec. 13,911.000
92,261,000 296,584,000 338,430.000
Bills of exch.& checks.Dec. 31,820,000 1,873,606.000 1,175.257,000 1,419.935.000
Silver dr other coin_ _ _Inc. 4,226,000 110,789,000 100,861,000
68.373,000
Notes on oth.Ger.bks_Inc. 7,497.000
24,712,000
27,975.000
33,589,000
Advances
Inc. 3,867.000
20,076,000
16,550.000
7.788.000
Inc.
Investments
29,000
92,889.000
89,022,000 200,370.800
Other assets
Dec. 22,109,000 485,747,000 769.059,000 1.160,967,000
Ltattiftes—
Notes in circulation Dec. 159,845,000 3,191.854,000 2,663,041,000 2,202,812,000
Oth.daily matur.oblig.Inc. 103,497.000 737,543,000 715,914,000 836,368,000
Dec. 28,550,000 229,873,000 225,173,000 820,966,000
Other liabilities
The Federal Reserve banks in their return issued
on Thursday for the week ending Wednesday showed
another big increase in their holdings of United
States Government securities. This is an item that
deserves careful watching, as pointed out by us a
week ago. During the week holdings of United
States certificates of indebtedness were increased
from $102,391,000 to $122,769,000; holdings of Treasury notes from $90,789,000 to $93,978,000, and holdings of United States bonds from 75,871,000 to $105,173,000. It will perhaps be recalled that for the
week ending May 11, when the.Reserve Board announced the purchase of $59,548,000 gold abroad,
holdings of Certificates of Indebtedness fell from
$155,724,000 to $92,313,000, and total holdings of
Government securities of all kinds from $316,279,000
to $253,896,000. The conclusion was naturally
drawn that the banks had sold United States Government securities in order to pay for the big purchase of gold in Europe, but in the two weeks since
then the Reserve banks have again been increasing
their holdings of Government securities—and very
heavily, too. The result is that now their holdings
of such securities are actually larger than they were
before and larger than at any time since April 20.
From $316,279,000 May 4 holdings of Government
securities fell to $253,896,000 May 11, then increased
to $269,051,000 May 18 and are now $321,920,000
May 25. Gold holdings during the past week were
reduced from $3,056,870,000 to $3,011,977,000. This
in view of the large purchases of Government securities during the same week would attract little or
no attention, but it appears from a statement given'
out by the Federal Reserve Bank of New York that
there is also a special reason for the shrinkage apart
from the further investments made in Government
securities. "It was explained at the New York Reserve Bank that the change during the week in total
gold reserves is in part due to sales of gold by the
Federal Reserve Bank of New York, the gold being
held earmarked for foreign accounts," so reads the
published announcement. The official announcement ends here, but the events of the week make it
clear that "foreign" account is synonymous with
French account. It remains to be said that no
change is, however, reported in the item of gold held
abroad, which still remains at $59,548,000, the same
as originally reported. Holdings of discounted bills
during the week fell from $458,235,000 to $428,620,000, but this decrease was in part offset by an increase from $225,493,000 to $236,170,000 in the volume of acceptances held. Owing to the big addition
to the holdings of Government securities total bill
and security holdings during the week ran up from
$954,579,000 to $988,510,000. This occurred in face
of a reduction in deposits from $2,353,390,000 to
$2,325,562,000, member bank reserve accounts having fallen from 2,295,042,000 to $2,267,762,000. The
amount of Federal Reserve notes in actual circula-
3120
THE CHRONICLE
tion decreased from $1,711,385,000 to $1,705,804,000.
Looking now at the return of the Federal Reserve
Bank of New York by itself, it might have been supposed, in view of the fact that the New York Clearing House banks and trust companies last Saturday
reported a deficiency in reserve, that the New York
Reserve Bank would show a decided expansion in the
volume of discounts granted. Not so; the discounts
have actually been reduced from $118,374,000 to $93,165,000. Holdings of acceptances, however, have increased from $59,675,000 to $74,323,000 and holdings
of Government securities from $41,109,000 to $64,311,000, while total bill and security holdings have
risen from $219,158,000 to 231,799,000. Member
bank reserve accounts of the local institution fell off
$903,980,000 to $883,030,000 and total deposits from
$934,408,000 to $910,393,000. Gold holdings decreased from $1,104,856,000 to $1,078,474,000, while
Federal Reserve notes in actual circulation increased
from $400,476,000 to $402,360,000. The reserve ratio
of the New York Reserve Bank declined from 85.3%
to 84.770, and that of the twelve banks combined
from 79.3% to 78.8%.
The New York Clearing House banks and trust
companies in their return for last Saturday showed
one of those deficiencies in reserve which have occurred of late with increasing frequency in these
weekly returns. As against excess reserves the previous Saturday of $38,557,710, the return for last
Saturday indicated a deficiency in required reserves
of $21,568,780, being a difference of $60,126,490. The
change followed in great part from the drawing
down of reserves at the Federal Reserve Bank by the
member banks of the Reserve System. The diminution in reserve reached no less than $50,811,000. At
the same time the Clearing House institutions enlarged their deposits, correspondingly adding to the
reserve iequirements. Net demand deposits increased $67,722,000 and time deposits $7,194,000.
Loans and investments expanded in amount of $44,199,000, which in part explains the increase in deposits. Cash in own vaults of members of the Federal Reserve decreased $592,000. State banks and
trust companies not members of the Federal Reserve
showed the usual small changes, that is $269,000 increase in reserve in own vaults, with $730,000 decrease in the reserve kept by these institutions with
other depositaries.
The money market ruled firm through most of the
past week, with little variation in the rate for call
1
27
funds from 4/
0. Renewals on Monday were ar0, but calling of $30,000,000 loans by the
ranged at 47
banks rapidly tightened the market on that day to
4/
1
270. At this figure the official rate remained
unchanged to yesterday's close. Further calling of
loans occurred on Tuesday and Wednesday, approximately $25,000,000 being called on each day. These
calls, with an additional $20,000,000 Thursday, held
the market firm. A slight relaxation became noticeable yesterday afternoon on freer offerings, which
overflowed into the unofficial or "Street" market,
1
47
0. Various reawhere some lending was done at 4/
sons were advanced for the firmness, chief among
them being the deficiency in reserves reported last
Saturday by the New York Clearing House banks
and the approaching month-end and week-end settlements. The financing of more than $440,000,000
[Vol,. 124.
in new bonds in the two previous weeks also was said
to be a factor. Time funds remained dull and steady
1
27
0. The expansion in brokers'
all week at 4% to 4/
loans, as shown in the Federal Reserve Board statement for New York member banks, was resumed this
week after a slight interruption last week. The loan
total increased $15,938,000, bringing the figure to a
new high record for 1927. A feature of the increase
was that it occurred in direct loans by New York
banks and not in loans by out-of-town banks.
With reference to the changes in the call loan rate
from day to day, it has already been indicated that
on Monday, after the renewal rate had been fixed at
47
0, the rate on new loans later in the day, as a result of extensive calling of loans by banks, advanced
to 4/
1
2%. On Tuesday the range for renewals was
1
2% and all other loans were put
also raised to 4/
1
2% quotation
through at the same figure. The 4/
again prevailed on Wednesday, both for renewals
and new loans, and no change from that figure occurred on either Thursday or Friday. Time money
also developed somewhat greater firmness. Very
little new business for large amounts was reported.
Rates are a fraction higher than a week ago. As
47
against 41/
0 per annum for 30-day maturities, and
4/
1
4@4%7
0 for 90 days and 4%@4/
1
27
0 for maturities running from four to six months, the rates
quoted on Friday of last week, the quotation now is
4%@4/
1
27
0 for all periods from 60 days to six
months.
The commercial paper market remained substantially unchanged. For four to six months' names of
choice character the range is still 4@41/
4%, with the
inside figure available in the case of exceedingly
choice paper. For names less well known the range
1
27
0, with an occasional transcontinues at 41/
4@4/
action at 43
47
0. Only moderate activity has prevailed. New England mill paper is usually quoted
at 41/
4@4/
1
27
0. For the shorter choice names the
rate now is generally 4/
1
47
0, with less well known
short dated paper commanding 4/
1
27
0.
Banks and bankers' acceptances have felt somewhat the influence of firmer money market conditions. Trading in acceptances has been rather limited. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
was on Tuesday advanced from 33
47
0, the figure
which has so long prevailed, to 47
0, and the rate has
been held at the latter figure the rest of the week.
This was in response to the advance in the call loan
rates on Stock Exchange collateral, which took place
on the same day. Some change was also made in the
discount rate on acceptances; here there was an
easing in the rate for 150 and 180 days. The Accelitance Council now makes the discount rate on prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks 3%7
0 bid and 3/
1
2% asked
for bills running 30 days;33
47
0 bid and 3%% asked
for 60 days and 90 days; 37
/8% bid and 334% asked
for 120 days and the same for 150 days and 180 days,
the only change for the week being in these last two
instances, where the quotation a week ago was.4%
bid and 37
/87
0 asked for both 150 and 180 days.
Open market quotations follow:
SPOT DELIVERY.
Days— —150 Days— —120 DaysAsked.
Bid.
Asked.
Bia.
Bid.
_180 Asked.
3Si
4
Prime eligible bilk.— 4
334
8%
3M
—30
Days—
—90Days— —80Days—
Asked.
Did.
Asked.
Asked.
Bid.
Bid.
34
3%
33
33(
34
bills-- 3,(
Prime
•
THE CHRONICLE
MAY 28 9271
/ FOR DELIVERY WITHIN THIRTY DAYS.
Eligible ember banks
,,,,,,B 7non-member banks
3% bid
,q bid
3,
/7There have been no changes this week in Federal
/ 'Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS 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
Rate in
Effect on
May 27.
Date
Established.
4
4
4
4
4
4
4
4
4
4
4
4
Nov. 10 1925
Aug. 13 1926
Nov. 20 1925
Nov. 17 1925
June 14 1924
June 18 1924
June 14 1924
June 19 1924
Oct. 15 1924
July 1 1924
July 16 1924
Nov.23 1925
Previous
Rate.
3%
3
3
4
40
4
4
4
415
3g
Sterling exchange displayed unexpected stren
the present week and, so far from showing further
declines in rates, actually recorded an advance.
Sight bills on London on Thursday, and Friday
touched 4.85, which compares with 84 13-16 on
Wednesday of last week, and the close yesterday was
off only 1-16 off from the'high figure. There were no
commercial bills of consequence pressing on the
market. Nevertheless that the rate should advance,
in face of the outflow of gold from London, was
looked upon by many as somewhat surprising. As a
matter of fact however the outflow of the metal seems
to have had a strengthening influence at least for a
time inasmuch as it was accompanied by higher
discount rates in the open market at London, though
yesterday there was again a sharp decline in discounts
The Bank of England in its return issued Thursday
for the week ending Wednesday showed a loss in
gold of no less than £2,877,570, but this reflected
withdrawals made the latter part of last week. As
noted by us in our issue of last Saturday £1,500,000
of gold was withdrawn from the Bank on Thursday
of last week. This was followed by a further sale of
£1,000,000 gold bars by the bank on Saturday. On
Monday the Bank released and set aside for account
of South Africa £250,000 in sovereigns and also
released £15,000 in sovereigns for the account in
Germany, besides actually exporting £8,000 in
sovereigns to Germany.
The two shipments on Thursday and Saturday of
last week were at firstinvolved in considerable mystery,
the Bank reporting them as being for an unknown
destination, but this mystery was cleared up on Thursday, when the Bank announced that these purchases
had been for the account of the Bank of France. It
also expressed the opinion that similar purchases,
but on a larger scale, were taking place in New York,
and that all these transactions appeared to form part
of France's monetary program. This view regarding
purchases in the United States, found confirmation
the same day in a statement issued Thursday afternoon by the Federal Reserve Bank of New York
bearing on the loss of $44,893,000 gold during the
week by the twelve Federal Reserve banks. As already indicated in an earlier paragraph above, it
was explained at the New York Reserve Bank that
the loss in gold reserve as in part due to sales of gold
by the Federal Reserve Bank of New York, the gold
having been earmarked for foreign account. The
name of the foreign purchases was not given, but all
the circumstances show that it was the Bank of
France. The gold movement at the Port of New
3121
York during the week ending May 25 was very small.
The imports were $137,000, all from Latin America,
and the exports $176,000, the destinations being
Mexico, Germany and Brazil. There was no movement to or from Canada.
As to the day-to-day fluctuations, sterling exchange on Saturday last was fractionally lower,
s@4.85 3-16. On
/
with sight bills quoted at 4.851
Monday there was an advance to 4.85 5-16%
4.857-16,and on Tuesday there was a further advance
2. On Wednesday rates moved
to 4.85%@4.853/
still higher with the range 4.85 7-16@4.853/
2. On
Thursday the rate got up to 4.85 7-16@4.853/
2,
while on Friday the range was again 4.85 7-16@
4.85. The rate for cable transfers yesterday was
4.8 13-16@4.85 25-32. Closing quotations were
5 7-16 for demand and 4.85 13-16 for cable
8,
/
transfers. Commercial sight bills finished at 4.853
sixty days at 4.81 9-16, ninety days at 4.79 13-16,
documents for payment (sixty days) at 4.81 7-16,
and seven-day grain bills at 4.84%. Cotton and
grain for payment closed at 4.85%.
Exchange rates on the Continental centres of
Europe during the week were without developments
of moment. The Italian lira was a trifle lower early
in the week, but manifested renewed strength the
latter part. The French franc pursued the same
even course as in other recent weeks and it is obvious,
from all the events and circumstances narrated
in different parts of this article, that the Bank
of France is abundantly able for the time being to
maintain French exchange at any figure it may
see fit to name. Greek exchange has at times
been a shade easier, while the German mark and
the Austrian schilling have shown no deviations of
consequence.
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
against 3.913; cable transcentre finished at 3.91
and commercial sight
4, against 3.91
fers at 3.913
Antwerp francs finbills at 3.90%, against 3.89
for cable trans13.90
at
and
ished at 13.89 for checks
week. Final
last
13.90
and
fers, as against 13.89
for
23.69
were
checks and
marks
quotations for Berlin
23.683'
with
comparison
in
transfers,
23.70 for cable
lire
Italian
earlier.
closed
at
week
a
and 23.69
for
at
cable
bills
5.463
and
sight
bankers'
for
5.46
transfers, against 5.45 and 5.453 last week. Austrian schillings have not been changed from 143'.
Exchange on Czechoslovakia finished at 2.96, as
/s; on Bucharest at 0.603z, against 0.61;
against 2.963
on Poland at 11.56, against 11.45; and on Finland at
2.52, against 2.52. Greek exchange closed at 1.3134
for checks and at 1.31% for cable transfers, against
1.31% and 1.323 a week ago.
Rates on the former neutral centres also were
without changes of any great consequence. Swiss
francs and Dutch guilders moved fractionally higher,
as did the Scandinavian currencies, though the Norwegian crown at one time took a slight downward dip.
Spanish pesetas were a little lower. Bankers' sight
on Amsterdam finished on Friday at 40.02, against
40.00 last Friday; cable transfers at 40.04, against
2, against
40.02, and commercial sight bills at 39.993/
bankers'
for
19.23k
at
closed
39.97. Swiss francs
in comtransfers,
cable
for
19.243
at
sight bills and
parison with 19.23 and 19.2334 a week earlier
3122
THE CHRONICLE
Copengahen checks finished at 26.71 and cable transfers at 26.72, against 26.68 and 26.66. Checks on
Sweden closed at 26.76 and cable transfers at 26.77,
against 26.74 and 26.75, while checks on Norway
finished at 25.86 and cable transfers at 25.87, against
25.85 and 25.86. Spanish pesetas closed at 17.56
for checks and at 17.57 for cable transfers, which
compares with 17.63 and 17.64 a week earlier.
Rates on South American points were no exception
to the rule and fluctuated within narrow limits.
Argentine paper pesos closed at 42.30 for checks as
compared with 42.22 last week and at 42.35 for
cables against 42.27. Brazilian milreis finished at
11.84 for checks and at 11.85 for cable remittances,
the same figures as a week ago. Chilean exchange
remained unchanged at 12.01. Peru closed at 3.68,
against 3.65 last week.
In rates on the Far East the Japanese yen manifested no great tendency towards recovery after
the severe break of last week. Cable adviees from
Tokio on Tuesday announced that the Japanese
Government had decided t3 cease temporarily '111
gold exports. The C iinese currencies moved higher
on
_ the rise in the price of silver, but were weaker
again yesterday. Clo.,ing quotations for yen were
against 46.25@46.50 on Friday of last
463 t eti46/,
3
week. Hong Kong closed at 49 9-16, against 49/;
5
2@62 15-16; Man5 s@63, against 623/
Shanghai at 62/
ila at 493'2@49/, against 49M@49/
58; Singapore
8 , against
at 56/3s, against 56%; Bombay at 36%
3.
3 ,and Calcutta, 36%, against 36%
36%
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary Of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 21 1927 TO MAY 27 1927, INCLUSIVE.
[voL. 124.
gained $3,633,667 net in cash as a result of the
currency movements for the week ended May 26.
Their receipts from the interior have aggregated
$4,757,067, while the shipments have reached $1,123,400, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended May 26.
Banks' interior movement
Into
Banks.
Out of
Banks.
$4.757,067
Gain or Loss
to Banks.
$1,123.400 Gain $3,633,69$
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, Wednescry, Thursday, Friday,
May 24. May 25. I May 26. May 27.
Saturday, Monday,
May 21. A fay 23.
Aggregate
for Week.
$
93.000,000 91.000,000 93.000 000 90,000.000 91,000,000 102,000000 Cr. 560,000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
May 26 1927.
May 27 1926.
Banks of
Gold.
E
England_.152,540,040
France a-- 147,300,268
Germany b 87,367.000
Spain
103,883,000
Italy
46,138,000
Netheri'd 34,734,000
Nat. Belg_ 18,236,000
Switzer'' d 18,371,111
Sweden.... 12,329,000
Denmark _ 10,706,0001
Norway __ 8,180,000
Myer,
Total.
Gold.
I
i
152.540,040 149,007,391
4
1
13,760,000 161,060,288 147.366,585
c994.600 88,361,600 53,446,400
27.964.000131,837,000 101,476,000
3,983,000 50,121,000 35.709,000
2,497,000 37,231,000 35,615,000
1,156,000 19,392,000 10,954,000
2,862,000 21,233,000 16,754,000
12,329,000 12,727,000
762.000 11,468,000 11,620,000
8,180,000 8,180,000
Silver.
I
Total.
£
4
I149,007,391
4
13.360.000 160,726.685
994,600 54,441,000
26,494,098127,970,000
3,421,000 39,130,000
2,202.000 37,817,000
3,631,000 14,585,000
3,586,000 20,320,000
12,727,000
833,000 12,453,000
8,180,000
Total week 639,784,308 53,968,600 93,752,908 582,855,3761 54,501.600637,356.976
Prey. week 842,656,728 53,645,600 96,302,328 582.806,47.3 54,454,000637,260,473
a Gold holdings of the Bank of Franoe are exclusive of gold held abroad, amounting
the present year to E74,572,868. b Gold holdings of the Bank of Germany
are
exclusive of gold held abroad, the amount of which the present year Is £3,456,300.
As of Oct. 7 1924.
A Diplomatic Breach Between Great Britain
and Russia.
May 21. May 23...May 24 May 25.1May 26. May 27.
The
decision
of
the
Baldwin Government on Tues$
$
$
$
EUROPE-'
$
$
.14064
.14063 .14059 .14062
.14071
14075
Austria, whining
day to ask the approval of the House of Commons
.1390
.1390
.1389
.1389
I .1389
.1389
Belgium, belga
.007255 .007918 .007218 .007218 .007233 .007218
Bulgaria.,RN,
for a rupture of diplomatic relations with Russia
Czechoslovakia, krone .029617 .029615 .029613 .029615 .029609 .029615
.2670
.2669
.2669
Denmark, krone
.2667
.
.2668
.2667
England. pound
brings to an acute stage a crisis which has long been
4.8574
4.8577
48581
48571
Hag
4.8565 .4.8572
Finland, markka
025203 .025191 .025196 .025195 .025199 .025197
developing
in England. Ever since the resumption
.0392
.0392
France. franc
.0392
.0392
0391
.0391
.2370
Germany, reichamark. .2389
.2369
.2369
.2369
.2369
of
diplomatic
relations between the two countries
Greece, drachma
013147 .013155 .013167 .013162 .013166 .013155
.4004
Holland, guilder
.4001
.4004
.4004
.4002
.4004
under
the
MacDonald
Government, accompanied by
.1745
Hungary, pengo
.1743
.1745
.1744
.1744
.1745
.0548
Italy, lira
.0546
.0547
.0543
.0547
.0543
the
establishment
of
a
Russian Trade Delegation at
.2585
Norway, krone
.2582
.2582
.2584
.2583
.2584
.1138
Poland, zloty._...
.1142
.1135
.1123
.1136
.1136
London, charges and counter-charges of bad faith
.0510
Portugal, escudo
0515
.0512
.0510
.0512
.0512
Rumania,leu
.006000 .006058 .008059 .006011 .006001 .006039
and political intrigue on the part of representatives
.1756
1761
Spain. peseta
.1757
.1755
.1757
.1754
.2676
Sweden,krona
.2675
.2675
.2675
.2675
.2875
of the Russian Government in England have been
.1924
Switzerland, franc.... .1923
.1924
.1923
.1924
.1924
Yugoslavia, dlnar-.._ .017576 .017574 .017577 .017576 .017578 .017579
ASIAbandied back and forth by Conservatives, Liberals
China.6538
.6527
Chefoo, tael
.6513
.6613
.6473
.6542
and
Laborites, and repeatedly discussed in the Brit.8450
6450
Hankow,tael
.6429
.6379
.6458
.6517
.6273
8253
.8245
Shanghai, tael
.6334
.6231
.6294
ish press. The immediate opposition to Russia in
6565
.6550
.6583
Tientsin, tael
.6650
.6523
.6583
.4941
.4914
.4920
.4904
.4927
Hong Kong, dollar_ .4921
England goes back to the Russian defection from the
.4631
.4581
.4672
Mexican dollar_ __ .4578
.4575
.4631
Tientsin or Pell,
Allied cause in the World War, following the over.4408
.4417
.4442
.4479
.4404
.4450
dollar
4383
.4388
' .4379
.4417
.4425
.4454
Yuan, dollar
throw
of the Czarist Government and the establish.3825
.3627
3825
.3627
.3627
.3630
India, rupee
4630
4647
.4650
4827
.4825
.4645
Japan, yen
ment
of
a Soviet regime on a professed Communistic
gingapere(S.S.),dol
.5600
.5600
.5600
.5600
.5600
.5598
NORTH AMER
basis. The opposition has been strengthened by the
1.000234 1.000391 1.000850 1.000988 1.000996 1.000855
Canada, dollar
.999250 .999406 .999406 .999344 .999158 .999031
Cuba, Peso
belief that Russia was seeking to break down British
464667 .464667 .464333 .464833 .464833 .464500
Mexico, Peso
Newfoundland. dollar. .997688 .997938 .998375 .998844 .998844 .998313
influence
SOUTH AMER.in the Near East, by the refusal of Russia
.9615
.9621
.9617
.9609
.9620
argentina, peso (gold) .9610
.1182
.1181
.1181
.1182
.1180
1181
to
join
Brazil, nillrels
the
League of Nations and its open disregard
.1200
.1204
.1200
.1200
.1200
.1204
Chile, peso
1 min
111(143
1.0057
1.0051
1.0077
1.0080
of that body, and, more recently, by reports of Russian activity in support of the Nationalist movement
in
China. Historically the political relations beThe New York Clearing House banks, in their
operations with interior banking institutions, have tween the two Governments have rarely been more
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York.
Value in United States Money.
MAY 28 19271
THE CHRONICLE
than outwardly friendly, and the conviction that
British and Russian policies in Asia as well as in
Europe were at bottom antagonistic was well
grounded in British public opinion long before the
World War.
A sudden descent by the police, on May 12, upon
Soviet House, the London quarters of Arcos, Limited, the chief of the companies through which Russian foreign trade is carried on, and also the headquarters of the Russian Trade Delegation, brought
the controversy to an unexpected and spectacular
climax. The raid appears to have been carried out
in an extremely drastic fashion, doors being forced,
safes and vaults drilled and opened, men and women
employees searched, and great quantities of documents carried off for examination by the police and
Government officials. In a speech in the House of
Commons on Tuesday, Mr. Baldwin, who had been
bitterly criticized in Liberal and Labor quarters on
account of the raid, declared that the Government
was in possession of information showing that the
offices of Arcos, Limited and the Russian Trade Delegation had been habitually used for the transmission of "subversive correspondence," which linked the
Russian Government with Communist propaganda
in Great Britain and other countries, and particularly with the reported activities of Borodin, some
time the Russian • representative in China. The information acquired by the raid appears to have been
confirmatory rather than wholly new, since for several months, Mr. Baldwin stated, the British police
and military authorities had been investigating the
operations of a group of secret agents "engaged in
endeavoring to obtain highly confidential documents
relating to the armed forces of Great Britain," and
it had become "increasingly difficult to resist the
conclusion that these agents were working in behalf
of the Soviet Government and obtained instructions
from members of the Russian Trade Delegation,
working in Soviet House."
As late as last February, Mr. Baldwin continued,
the British Government had renewed "in the most
solemn manner" its "protest and warning," but apparently without effect. He accordingly gave notice
that "unless the House expresses disapproval on
Thursday," the Government would "require the withdrawal of the Trade Delegation and the Soviet mission from London, and recall the British mission
from Moscow." "The legitimate use of Arcos," he
added, "will not be affected by these decisions, and
the Government is prepared, while terminating the
privileges conferred by Articles 4, 5 and 6 of the
Trade Agreement, to make all arrangements necessary for ordinary trade facilities between the two
countries." On Thursday night the House of Commons, by a vote of 367 to 118, rejected a Labor Party
motion for an investigation and gave its support to
the Government.
In the absence of the texts of the documents, admittedly only a small selection, which were published in a White Book on Thursday, it is, of course,
impossible to say whether or not the documents bear
out in all respects the interpretation which Mr.
Baldwin placed upon them. A severance of diplomatic relations, on the other hand, is always a serious matter, and it is reasonable to conclude,in the
lack of convincing evidence to the contrary, that Mr.
Baldwin would not have committed the Cabinet to so
grave a step as that for which he asked the approval
3123
of the Commons, or would have insisted upon regarding a resolution of the Labor Party calling for
an impartial inquiry as virtually a vote of censure,
unless the documents in his possession appeared to
justify his course. British press comment indicates
that while the Liberals were disposed to agree with
the Conservatives that the provocation was great,
there was much difference of opinion as to whether,
in view of the political situation in Europe and the
complicated problem of China, a displomatic rupture
might not in the end turn out to have done more
harm than good.
As tar as Russia is concerned, two things are to
be sail. The right of the Russian people to such
political or economic institutions as they choose to
establish is not open to question. However offensive
it may be to other nations or Governments to see The
accepted rights of private property infringed or a
political despotism enthroned, it is Russia itself that
must stand or fall by the success. or failure of the
experiment. In spite of the wide opposition to the
Soviet system, it has proved entirely practicable to
trade with Russia even where diplomatic relations
were in abeyance, and it is, apparently, Mr. Baldwin's hope that trade between Russia and Great
Britain may continue even though diplomatic relations cease. It is possible, indeed, that the Russian
Gove,t nment may have over-estimated the value of
diplomatic recognition as a help to the expansion of
Its foreign trade. But when a Government to which
diplomatic recognition has been extended permits
itself to interfere, either directly or through its
agents, in the political affairs of another, or uses
its missions or trade agencies abroad as bases of
political propaganda, it is hard to see upon what
ground it can complain if diplomatic relations are
broken off. Unfortunately for Russia, there is only
too much reason for suspecting that it has, in more
than one instance, been guilty of conduct similar to
that which the British Government has now resented, and that secret political activities, intended
ultimately to weaken so-called capitalistic States
and prepare the way for further extension of the
Soviet regime, are a part of its program.
There can be little doubt that the diplomatic
break which the raid on Soviet House preeipitated
will have important consequences both at home and
abroad. It has been difficult for the British Labor
Party, committed as it is in general to full political
fellowship with Russia, to press its advocacy too far
without seeming to approve Russian methods such
as no self-respecting Government could be expected
to tolerate, but that fact will not prevent Ramsay
MacDonald and his followers from making the most
of the incident to embarrass the Baldwin Government. The presence of Russian delegates at the recent Economic Conference at Geneva, and the general atmosphere of harmony with which the Conference closed, served to emphasize the conviction that
a nation of 138,000,000 people, incalculably rich in
natural resources and a vast present and potential
market for foreign trade, cannot be permanently excluded, because of its peculiar political or economic
system, from participation in European councils;
but the political rapprochement at least will be hindered, and the peace of Europe may be thrown seriously out of balance, if two of the greatest Powers in the world are to remain apart diplomatically
for an indefinite period.
3124
THE CHRONICLE
There is some reason for suspecting that what
weighed most with the Baldwin Government was the
desire to checkmate the activities of Russia in China,
and that even a violent diplomatic rupture, it was
thought, might be worth what it cost elsewhere if,
in consequence, British prestige in China were pre• served. Of this we shall, know more later. Meantime, a severance of'diplomatic relations does not
necessarily mean the complete cessation of RussoBritish trade, unless, of course, such trade is for• bidden by the Russian Government, nor does it necessarily jeopardize seriously the trade relations
which Russia has established with other countries,
Including the United States. It will, however, almost certainly increase suspicion of Russian political methods in countries where diplomatic recognition has been accorded, and intensify the opposition
which Russia still encounters in France, Italy, Poland and other States of eastern Europe. The
friends of Russia will deeply regret that. a break
with Great Britain should have occurred, and the
more because, if the documents which were seized
in London are all that they have been represented to
be, the trouble is one which the Russian Government
has obviously brought upon itself.
Lindbergh's Non-Stop Air Flight from
New York to Paris.
The extraordinary outburst of enthusiasm which
has greeted the successful completion of the first
non-stop flight by airplane from New York to Paris
is something for which history affords no parallel.
From the moment when Captain Charles A. Lindbergh, at 10.24 Saturday night (Paris time), brought
his plane to a perfect landing on the field at Le
Bourget, the hero of the flight has been the recipient
of au acclaim such as the greatest of monarchs or
statesmen might well have envied. Decorated by
the President of.the French Republic with the badge
of the Legion of Honor, greeted with applause by the
Chamber of Deputies and the Senate, formally welcomed by the City ofParis,praised and congratulated
by high military and civil officials of the French Government, felicitated by the President of the United
States and by spokesmen for nations as remote as
Paraguay and Turkey, dined and feted by societies
which, vied with each other for the privilege of having him as their guest, besieged wherever he went by
crowds struggling to get a glimpse of him, and with
a United States naval vessel waiting to bring him
home.whenever he is ready to come: such are the
scenes which, have pressed fast and furiously upon a
modest American aviator who set out on his memorable trip armed with a few letters of introduction
because he did not know any one in France, and who
had to borrow a change of clothing after his arrival
because, to save weight and encumbrance, he had
not-taken one with him.
Yet the feat and the man are alike worthy of this
• unrivaled demonstration. The successful accomplishment of a transatlantic flight involved the most
careful preliminary calculations, a perfect machine,
consummate skill in navigation, and extraordinary
physical endurance. Doubtless the element of luck
played some part in the successful outcome of the
great adventure; a gale might have been disastrous,
and the storm of sleet which Captain Lindbergh encountered might, if it had continued, have overweighted his plane and brought it down. No doubt,
V oL. 124.
too, it was easier to make the passage from west to
east than from east to west,for the winds were more
favorable and the North Atlantic fog less of a menace. But when all allowance for good fortune and
good weather has been made, the flight remains an
ever memorable example of skill and daring, and it
is as such that the world has applauded it. For
France, which has fairly let itself go with enthusiasm, the welcome has been a manifestation of chivalry all the finer because of the regrettable failure,
and probably the death, of the two French aviators
who only a few weeks ago essayed a similar flight
from Paris to New York.
The modesty and tact with which Captain Lindbergh has met the honors which have been showered
upon him are worthy of the highest praise. What is
simple, straightforward, friendly and courteous in
the American character has stood out in him at its
best. The fine sense of courtesy that led him first
of all to the home of Madame Nungesser touched
deeply the hearts of the French people, and his toast
to the French aviators as the bravest in the world
was a tribute as gracious as it was deserved. There
is no boastfulness in his account of his exploit, and
the brief speeches which he has been obliged to make
have been models of good taste. A word of hearty commendation is due also to Ambassador Herrick for the
part which he has played in the general rejoicing.
It fell to him, as the representative of the United
States, to take the unknown American,aviator under
his wing, to see that he was properly cared for, to
shield him as much as possible from the enthusiastic
crowds, and to pilot him through the round of ceremonies and social functions that was suddenly unrolled for him. The resourcefulness which Mr. Herrick has shown in a delicate situation for which it
was hardly possible to have made any preparation is
more than a proof of his diplomatic ability; it is a
large contribution to Franco-American good feeling,
and as such ought cordially to be recognized.
Borah vs. Wells on Democracy.
In the Magazine Section of the New York "Times"
of May 15 Mr. Borah confronts Mr. Wells with the
achievements of "democracy" in the United States,
as sufficient answer for its right to exist and as a
sufficient extenuation for its admitted shortcomings. He refers, of course, to our system of representative democracy and avers that there is nothing to
take its place and that Fascism and Communism are
far from being even tolerable substitutes. He contends that in the sovereignty of the people there
resides sufficient moral and intellectual force to preserve our republic through all the complex problems
of the modern advance notwithstanding that Mr.
Wells sees in it only a "government by legislators
and administrators appointed by popular vote." And
the Senator asks: "But what has become of the
rights and liberties and freedom of the people at
large" in these chimerical Governments hinted at by
the great English writer. Then he says: "After all,
there is only one thing sacred in all mundane affairs,
and that is the individual with his capabilities, possibilities and his aspirations; and no Government
that does not found its right to exist upon this principle or this consideration is worth defending. It
may glare out for a day or a decade, or during the
life of one individual, but the time has forever passed
when such a Government can long endure. We have
Mir
28 1927.]
THE CHRONICLE
3125
who toy with chimeras and theories
progressed too far to enable any force to crush the test. Those
or an important class among us.
large
a
not
are
emerged
he
which
from
average man back into the pit
a far larger class. The half-class
are
apathetic
The
he
;
government
in
say
his
have
long ago. He will
large
in
numbers put their trust in the
vote
that
."
government
in
say
his
should have
And it is true that the indiparties.
of
Mr. Borah makes a brave and true showing of the triumph
of the power of his
always
conscious
not
is
character of the men our electorate in a hundred and vidual
on his freedom
too
rests
Much
He
sm.
individuali
fifty years has "appointed by popular vote" to ofit.
If
we
exercise
real
have
dangers at
to
fails
and
fice, high and low. He contrasts conditions of life
e
and
—those
indifferenc
are
selfishness
they
hand
counattained under our freedom with those in other
of
the
that
be
in
must
even
it
nature
for
content,
tries under other forms of rule, and these conditions
let
the
t
to
Governmen
complaints,
their
of
midst
And
favor.
our
are undoubtedly, magnificently in
in
it
see
who
those
an
instruand
will;
it
as
swing
studious
many
are
there
yet it must be admitted that
to favor success in life, or
and powerful contentions to the effect that we are mentality they may use
benefit. Notwithstandclass
or
progress,
sectional
insidious
our
That
our
moorings.
from
slipping
our economic discontests,
party
divergences from our original constitutional form ing—under all our
of
theories
we are
for
perfection
flair
our
are receiving widespread attention is not only a sensions,
to
of
the
content
and
verge
satisfied
y
sign that the people are alert and capable, but it is patrioticall
have
as
and
about
Sovietism
Fascism
.
chauvinism
a promise of the perpetuity of the republic through
of the people as the flying
the voluntary correction of erroneous and discon- much hold on the masses
Individualism is so imday.
summer's
a
of
clouds
certing tendencies. And those who make bold to
and dictators and
kings
that
natures
our
in
bedded
not
therediscuss and evaluate these tendencies are
of almost forechoes
the
but
become
are
conquerors
enthus
they
fore pessimists but optimists. For
ive governrepresentat
our
if
And
centuries.
gotten
to
rule
of
effectually
the people
dorse the power
ever
people,
free
a
themselves. But it follows, as so forcibly stated in ment, as a collective expression of
the excerpt we have just quoted, that the hope of dies it will be by our own hands.
We have our problems; we will ever have them.
any representative republic lies in the individual,
exercising his devotional patriotism in a free, un- This is in the nature of things. Our Governmentally
labor
trammeled and individual or personal way, as pro- guaranteed initiative, enterprise, liberty and
and
our
immeso,
be
always
will
It
them.
vided in the original contract to create and preserve create
as they
a representative democracy. If but half the people diate and paramount duty is to solve them,
himthrough
and
in
individual
the
is
it
and
come,
vote and the other half continue to refuse to vote,
t
save
cannot
Governmen
them.
solve
must
who
self
then the voting half rules the other half.
is
under
born,
free
individual
A
tyranny.
through
Looking only at immediate consequences and prescannot give
ent conditions there is not in this vital fact more our theory, with inalienable rights. He
He is
free.
and
remain
t
Governmen
to
over
them
than a faint note of despair. Barring the difficulpower
The
to
road
creature.
is
t
Governmen
creator;
s
of
ties of contending lives and the complexitie
blocs and bureaus, is the
inter-acting social, economic and political forces through sections, classes,.
of the individual.
slavery
the
there is at least no danger seen of a dissolution. road to tyranny and
govern
himself then
cannot
There is nowhere in the United States any worth- And if this individual
himself. If
outside
forces
of'
while desire to forsake our form of republic. And he becomes the gave
then only
persist,
cannot
if in the future we do not maintain it in its original representative republieig
Can any
can.
form
some
in
tyranny
integrity, do not correct by voluntary return its autocracy and
itself,
perpetuate
oppression
of
one
but
errors and evasions, it will be more through apathy Government
the
is
the
individual
then,
If,
itself?
by
than any other cause. Even in our partial discon- in, of and
governand
liberal
free
all
of
,
government
tent we are in fact satisfied. Content that we may source of
express our criticism and discontent, confident in ment, then that government founded on his rights is
our strength and assured of success in our great the only one that can endure. But proclaiming
underlying principle that our Government was made these rights, resting inertly on them, is not enough.
by and for man and not man for and by it. This If the individual does not control Government, Govintegral freedom and right residing in the individual ernment, once constituted, will control the indiis our bedrock and cornerstone. But a natural vidual. And the danger -always exists, in a supine
right must be exercised to be preserved. Otherwise, satisfaction with the form of a free Government,
atrophy incapable of opposition to oppression. Even -that the Government in the exercise of its legislaparties which we use to define policies and instruct tive and administrative functions will usurp the
administration become incapable of good without rights of individuals. Vigilance, therefore, is the
the exercise of individualism by the voters. Legis- price of freedom.
latures become automatic when solely controlled by
Political problems grow out of the relations of
parties and become the opponents of representative free individuals. Slaves have none. Tyranny does
government when they submit to blocs and sections. not permit them. Government cannot solve them,
And if the individual cannot at times rise above for they do not grow out of political rule, save, of
party, or fails to exercise his personal freedom of course, by interference with natural rights and libexpression in affairs of State, or seeks self-aggran- erties. If, now, we are troubled, it is because our
dizement through law, he perforce becomes the in- natural relations, the relations that grow out of our
-the
strument of his own downfall.
rights to labor and acquire, to own and use,
are
us,
given
It may be that we are too much content with our things, commerce, industry, art, have
relaOur
determined.
own Government. If men who leave to the "appoin- confused and not yet fully
tees" in office all consideration of the forms and tions under Government are comparatively simple.
functions of government could see it slowly dissolv- Government, representative republic rule, is not our
ing away they might rouse themselves more in pro- guardian, our mentOr, aut•eitergizer. It is only our
3126
THE CHRONICLE
[vol.. 124.
protector. We must as a consequence solve our eco- led to offer the
city as a loan the services of men in
nomic and social problems outside of Government their employ to work
out for it desirable methods
and under the shield of its lawful protection. Pa- A new city administration
in May 1923 accepted
ternalism is alien to republics. Every appeal by the offer promptly
when its purpose was perceived
class, section or interest to Government is a sur- as for the common
good; a Commission of Effirender, a surrender of the individual and of indi- deny and Economy
was appointed, and some 150
vidualism. And while no one doubts the perpetuity expert managers, engineer
s and accountants were
of our republic, we are at the parting of the ways. welcomed and received
cheerful co-operation from
We are fast becoming suppliants at the throne of a the city's employees.
The public were kept well inGovernment that under our constitution does not formed as the work advanced
and gave hearty supexist, but is in danger of existing because it assumes port.
unwonted powers we ask it to assume by our petiThe first report of the Commission, which we retions. Legislatures which pass laws empowering ceived, covered
three years and embraced six Bupaternalism in a representative republic are chang- reaus, of the Payroll,
Receipts, Disbursements, Gening its form, are destroying its protective obligation eral Acounts,
Cost and Statistical Accounts, on
to the freedom of opportunity and the sacredness of which
a special committee had spent months of
individualism. Legislatures that heed the impor- labor. Details were first
given of their investigatunings of section, class and interest are foes of the tion of the Department of
Public Works, in which
individual. When does all the people ask for any- they were aided by the
advice of various technical
thing? What is representation if it be not all-com- managers of some
successful industrial companies.
prehensive?
The facts found in the department and the changes
Suggestion is made that material progress does made had led desirable
to
special ordinances secured
not prove our case as to the best form of Government. in the Legislatu
re and the City Council, and were
This may exist under other forms. This is true, but detailed
as indicative of work to be carried forward
does not go far enough. Material achievement in other departme
nts. The City Council at their
coupled with the conditions of average life and with request
had given full information of the work to
the free and augmented opportunities of free indi- the daily
papers for the benefit of the public, and
viduals to achieve—where in history will we go for. much
interest was awakened.
a parallel? It is this form of specialized individual
A year has passed and a seoud report is now
freedom, it is this variety of individuals freely work- issued,
and is in its origin and method one of the
ing according to initiative, that has produced this first,
if not the first, of its kind made in
material progress under the protection of a repre- any
American city. It is the result of three
sented republic which is limited in power to interyears of work by Henry J. Horn, engineer,
fere, control, restrict. To preserve this individual is
Secretary of the Commission, and deals with
to preserve and perpetuate the Government. Ma- the
actual property resources of the city as the
terial accomplishment is an incident. The citizen is proper
basis both of the city's credit and of its
more than his works. He may and does proceed taxing
power. Bankers charged with the sale Of
through the material to the ethical and spiritual. municipal securitie
s are urging the need of a balance
Government did not make our economic and social sheet of assets and liabilitie
s that is provable, delife; individuals working in a competitive but co- tailed and authentic.
Schedules made before the
operative freedom made our "civilization." This war were found to be disconnec
ted and incomplete.
individual is our common concern. Maker of Gov- The standard of values
since the war has so comernment, he is sovereign and superior. When he pletely changed that such tigures
as exist have little
ceases to exist our form of representative republic relation to the present
value of the city's propwill disappear. Our danger is in supplanting the erties.
individual by the Govervnment. It is trite to say, Resort was had
to the records of the Appeal Tax
education is our safeguard. It is. So is common Court for
details of real estate owned by the city.
sense recognition of individual inalienable rights!
These were found so incomplete as to exact area,
title, restrictions and encumbrances that ownership
Baltimore's Improved Methods of City Business. could
not be substantiated. Many pieces were eviA year ago we called attention to the success at- dently greatly involved.
Considerable city-owned
tained in the first three years of Baltimore's new real estate was also
found to lie outside the city limmethod of economical city administration. The plan its. In the appraisa
l of city structures both above
was the result of an idea in the mind of a business and below ground to be
of any value the standard
man, W.J. Casey, Vice-President of the Continental method in use in business must
evidently be applied,
Trust Co., that there was manifest connection be- as it has not been. A plan
was worked out for setween his tax bill and the steady increase of the curing such appraisal and with
the hearty co-operacity's evpenses. The idea was new simply because tion of certain department heads
this was done at a
it was not applied. He saw that the problem of bur- very small fraction of the cost for such
work.
densome local taxation would never be solved unless
Quantities were introduced into contracts for consome way was found to apply business methods. struction with details of the material
and work makRecognizing that in the successful business corpora- ing up a plant unit; and unit
prices were used in
tions the only expense the owners never attempted making payments. Quotations on present
price of
to control, large though it is, was the tax bill, he machinery and equipment were sought from manufelt sure that they would see the importance of facturers in fixing the unit prices; and when, for
having their methods of economic and efficient man- example, $26,000,000 was reached as the approxiagement applied to the business of the city.
mate value of the water mains it was known that
The idea was readily spread among the leading this could be readily checked and proved by any
business men, and a group of large taxpayers was competent person, Every item of construction,from
MAY 28 1927.]
THE CHRONICLE
3127
the cost of material to laying the pipes and repair- in any one of them would be too great to be ating the street, had been considered. The city had in tempted.
But in any smaller city the story of what this
the past tried to establish adequate land records
of large-minded and public-spirited gentlemen
group
of
because
job
the
abandoned
had
time
and each
no political or personal object, with the
having
do,
to
undertook
committee
the
This
difficulty.
its
of their fellow citizens and the goodapproval
warm
the
effect
that
such
carried
through
with
has
and
work has already paid for itself. It also called will and hearty co-operation of the officials immeattention to properties not needed by the city, for diately concerned, have accomplished in Baltimore,
which a large sum can be realized. City property may suggest to similarly minded gentlemen of influwas disposed of in 1922, for which no consideration ence in other places the desirability of like activity
had been received by the city, and the record of the in behalf of their fellow-citizens where the need is
transaction is not in the files. Properties no longer equally great, and very possibly little known until
useful or necessary for city purposes were early the investigation is made.
The total value of Baltimore's city-owned proprecommended for sale, and the City Council, on the
suggestion of the committee, instructed the Comp- erty is now fixed at a reproduction cost of $321,189,troller to keep separate account of such sales, which 429. What this may mean to the taxpayers is not
had not been the custom, as they would be useful to stated. But whatever the result and the investigation made in connection with it may mean in inthe city.
Full details of all transactions of the city in creased efficiency in every department of the city's
which property was involved, since its organization administration, which evidently is great, to the citiin 1797, were indexed and plotted, showing the in- zens it is a ground for new confidence in their pubdividual conveyances, with tracings to be made; and lic officials and for assurance that the best interests
a property ledger was designed to serve for admin. of the people will not be overlooked through neglect
istrative control as well as for accounting. This or perverted for private or political gain.
sets forth the location, area, title, restrictions, rental
Exceptional Crimes: And Their Trials.
received, terms, etc., of each transaction. A list
The trial, conviction and sentence, recently, of a
was also made of the leasehold properties owned by
and a woman, for a peculiarly revolting crime
man
the Mayor and City Council on which ground rents
universally recounted in the press, raises
murder,
of
were being paid by the city. This list disclosed and
of import. First, the effect upon the
questions
two
stopped erroneous payments of ground rents and sethe effect upon the press. Printing
second,
people;
cured refunds, and also made possible the buying
and even page after page, of
column,
after
column
City
these
the
of
ground
as
rents,
had been
up by
the testimony in a case of this character really places
recommended in a special report of the committee.
The report closes with a rather startling list of the people in the attitude of a jury. Thousands of
its work. It has made five separate indexes of spoken and unspoken verdicts are thus arrived at,
transactions in connection with property in which without any of the safeguards which the law throws
the City was concerned, as they are recorded in as around the selection of a jury. This general jury of
many different courts of Baltimore and adjacent all the people becomes, perforce, an irresponsible
counties. It has prepared Land Record books of the one, is swayed by emotion, gives little thought to the
transactions by which each parcel of city-owned. law in,the case, is bound by no oath to try the dereal estate was acquired. This is designed especially fendants impartially, its members talking freely
for administrative control of the properties. To among themselves during the trial and moving
this is added a Plot book of all city properties. It freely about their affairs in the world outside the
has prepared "Fixed Capital" books having detailed court room. By all the laws of procedure this jury
summaries of the valuations of the various city of the people is incompetent to try the case. Yet it
properties; and, finally, Photograph books showing does so without stint or hindrance. We do not know
pictures of city-owned buildings.
what subtle psychic influence this people's jury exTo this it appends the names of some twenty ex- ercises upon the men in the box sworn to try the case
perts and authorities whose aid was sought in es- according to the law and the evidence, but we believe
tablishing the land values and making the apprais- that lawyers, who are officers of the court, prefer to
have the sympathy of spectators in the court room
als embodied in the report.
When this is done, it adds,"Loose equipment, fur- on their respective sides rather than against them.
niture, tools, automobiles, materials and supplies Whatever this effect may be, if indeed there is any,
amounting to several million dollars in value have the effect upon the citizens at large, those who read
not been inventoried, as it is useless to do this until and discuss the case and those who do not read but
the General Accounting Bureau (which we believe continually hear the matter broached, can, we think,
is planned by the Commission) is established to be of no benefit. It begets that "familiarity" with
maintain the record." It says that when this fur- crime, which "seen too oft," ends in a species of
ther task is completed the information furnished acceptance as if crime were in the natural order of
by the report will be used in the establishing of cap- things.
And this is the effect, although there is general
ital accounts and the production of a balance sheet
showing assets and liabilities for the municipal cor- condemnation of the atrocities committed. One trial
poration.
succeeding another in the public prints fixes the dilaThe gentlemen of this Commission, headed by tory mind upon crime and tends to exaggerate its
Ezra B. Whitman as Chairman, are certainly to be prevalence among the people. We need not speak of
congratulated upon their intelligent and exceptional the maudlin sentimentality often exhibited in behalf
work. Although Baltimore is the eighth in size of of those charged with crime that is awakened. As
and through the
our cities public-spirited citizens of other great indicated before, there grows up by
and despicsordid
of
instances
of
similar
reviewal
a
that
constant
feel
possibly
undertaking
cities may
3128
THE CHRONICLE
[Vox. 124.
able crimes, an unconscious tolerance, not necessa- vice worker, or an officer of the law, what good can
rily of the one crime but of all crime. Yet millions the individual derive from such reading? It is true
of people go from birth to death without personally that students of society economics and politics may
coming in contact with murder. It is outside the derive benefits, but these have access not only to the
pale of the common and ordinary life experience. It courts but to their records which they prefer to other
is that exceptional, horrible thing one naturally and accounts. But few are constituted to dabble in these
instinctively turns away from. And when,perforce,it studies with benefit to themselves. And if the result
is met in the course of normal existence it is a hor- be not a tendency to magnify the part crime plays
ror that shakes the nerves. Normal men and women in normal life, then there is abundant loss in thus
do not desire to bass judgment. They have provided displacing more important studies and consideratribunals of justice for this purpose. And when jury tions. Would not the people have more faith in
duty is thrust upon them they seek to be excused themselves if they turned away from crime rather
upon both reasonable and unreasonable pleas. Not- than toward it?
ing, however, day after day publication of the trial,
It would be improper to say that custom influthey find themselves drawn into the formation of an ences our courts. Yet this broadcasting of evidence,
"opinion" of no good to themselves, find themselves by publicity outside the court room, may tend imsitting in judgment, contrary to the admonition: perceptibly to a feeling that curtailment may be an
"Judge not lest ye be judged."
infringement of liberty. If it can be construed as
The sweetness of life is poisoned by this unneces- the right of the public to try criminal cases instead
sary contact and this insidious process of rendering of a jury of peers then encouragement of the custom
a verdict. Our laws provide for an open trial by of printing evidence may be allowable. Otherwise it
peers. But there is no court room large enough to must be questioned. And there is a reaction upon
hold all the people. And it is not the intent of our the courts themselves. A public of divers judgments
criminal jurisprudence that the people at large shall will complain of the conduct of the trial and the
attempt to fix the guilt or innocence which the verdicts of sworn juries if contrary to its independcourts are established to do. Nor is it at all neces- ently formed judgments. "The defendant did not
sary. Therefore, these trials by and before the peo- have a fair trial." "The judge was too hard on the
ple engage them in a work they are not intended to criminal." "He showed bias in his charge." "He
perform. It is contended by some that publicity of has been too long on the bench and has grown to
this kind is needed as a deterrent to the commission think an indictment is evidence of wrongdoing."
of crime. On what ground can this be averred? "Men are guilty until proven innocent." "TechniSensationalism is aroused that is far from the calm calities evade justice." "Lawyers are no longer offithought required to pass a just judgment. Who cers of the court, they are engaged to get men free at
can tell what this vast jury thinks?
any cost." Or a contrary line of comment may obCircumstances not germane to the case may arouse tain: "It was a plain case, but what with easysympathy or induce prejudice. Violent discussions going judges and hired attorneys, nowadays, it is alsometimes ensue. The public mind becomes wrought most impossible to convict." "Prosecuting attorneys
to a high pitch of interest, and turns to praise or make grand stand plays for political effect." "The
condemnation of our courts without justification. object of 'choosing' a jury is to get some member
The effect upon the people at large is to make them thereof who can be influenced by the personality of
distrustful of their own agencies constituted espe- counsel." "Our laws are lax; there are too many
cially to deal with crime and criminals. And it is loopholes for escape." "Too many murderers are set
true, though they do not know it, that a part of the free—compare our system with that of the English
people come to a demand for the printing of these. in the number of convictions."
details. They come to believe that thus they are the
All these comments are unjustified and tend to
guardians of justice. And yet they gain nothing bring our administration of justice and our courts
advantageous in right living for themselves, all their and prosecuting officials into disrepute. They
lessons are in the normal planes of life, and they edu- would be very seldom made if published evidence
cate themselves into a distorted view of the prev- did not arouse the people into undue interest in a
alence of crime and the inadequacy of the police case with which, we contend, they have personally
power and of the courts.
nothing to do. There is a mean somewhere between
Why, then, poison the sources of peaceful life and a star chamber proceeding and a trial on published
living by dwelling upon these trials? Whatever the evidence by the readers of papers at large. If eviverdict of the people may be they have no power to dence is so salacious as to revolt the moral sense, it
enforce it. If the courts err they can do nothing. is a privilege of the court, and sometimes exercised,
And if the courts do sometimes err, how much more to "clear" the court room of spectators. To refuse
likely are the people to do so! The very time wasted or discountenance reporters from trials and records
in reading, to no purpose, voluminous testimony is may tend toward suppression of freedom of the press
a burden to the social and economic life. The courts —but it must be admitted that the opinion on this
are representative, they are trained, they will not tendency by the trial judge is superior to that of the
run away and cannot shirk their duties—in what reporter. If the judge can legally clear the court
way can the people at large aid them? Is not life room,logically he can prevent the publication of eviarduous enough already without thus engaging di- dence. While there is much debate over the right
rectly, though so ineffectually, in the prosecution of to print as a duty of the press, and while it may be
crime? Is it better to know of all the crimes, or as much the guardian of society in its field as is the
only of those that affect the neighborhood? Is not court, the court must be given the right of decision
the whole perspective distorted by reading of crimes or the press is greater than the law. But what gives
a thousand miles. away that ordinarily one would the people the right to put their judgments on a
never hear of? If he be not a lawyer, a social ser- plane with courts, juries and the law?
MAY 28 1927.]
THE CHRONICLE
What citizens are bound to do is to trust the
courts. In a representative democracy Legislatures
make the laws and executives enforce them. Constitutional conventions, revising sessions, provision by
vote for the temples of justice, are the prerogative of
the people. To the courts must be left procedure.
The people do not try criminal cases, and do not
elaborate the trial methods. The "Grand Jury" system of hearing behind closed doors evidence against
the suspected is at least an anachronism and a relic
of the star chamber method when self-constituted
bodies determined the guilt of the accused. In the
same way trial by jury of the people at large
3129
points back to the days when vigilantes heard the
evidence and executed their own verdict.
Our courts must be held competent to see justice
done or we are devoid of adequate means. We do
not hold that courts may not be criticized in the
interest of popular rule when the criticism is temperate and respectful. Nor can the people forget
their general duty to consider the state of crime and
its punishment as a whole. But both courts and press
can unite in all proper means for the discouragement
of popular discussion of particular exceptional
crimes and their trials in the interest of the dignity
and duty of these great agencies of our welfare.
Indications of Business Activity
steadily growing
THE STATE OF TRADE—COMMERCIAL EPITOME. especially as its statistical position is
stronger and stronger. The advance in oats has not been
Friday Night, May 27 1927.
have risen
The weather is still a drawback. It has been too cool and so marked as in other grain, but still prices
has been on a much
speculation
the
grain
other
all
in
as
and
irregular
for
makes
This
the
of
country.
most
over
rainy
conditions. On the whole it has had a bad effect. Spring larger scale. The oats crop is getting a rather poor start,
weather, and, besides,
trade is delayed. The planting of the grain and cotton owing to continuous rains and cool
of other grain as to
that
with
compared
low
so
is
price
the
is
circumstance
compensating
A
retarded.
crops has been
stimulated by
that prices for these commodities have advanced. It has excite comment. Provisions have been
trading.
heavier
and
corn
dollar
in
of
outburst
speculation
very
noticeable
a
to
rise
given
Coffee has advanced with the cables better and some hints
all kinds of grain and in most cases at rapidly rising prices.
has been
The export trade in wheat has suffered by the rapid advance that the market has become oversold. Everybody
Committee
Defense
Brazilian
the
that
confident
too
perhaps
of
any
if
buying
foreign
little
has
been
there
and
in prices
Howrye although Germany has taken some American barley. could not make head against the impendirg big crop.
latterly been
One of the events of the week is the reaching of "dollar corn" ever that may be, Brazilian markets have
so
in Chicago. This may have a very noticeable psychological stronger and the technical position here was evidently
effect in the West apart from its more practical bearing short as to be vulnerable. Raw sugar has been firmer for
futures have declined a couple
on the returns to farmers. In finished cotton goods there prompt and June shipments of
badly
trade
needs. is bright, warm,
the
What
points.
of
has been quite a good business for early shipment and in
new activity to the refined sugar
response tn the rise in raw cotton prices of various cotton seasonable weather to impart
at a decline of 10
goods have shown an upward tendency. Some fabrics have business. Rubber of late has been quiet
a week ago. The weather
advanced M to lc. On a single day Worth Street sold to 20 points as compared with
business.
100,000 pieces of print cloths. Wool has been in moderate has been bad for the tire
Cot on advanced owing at one time to heavy rains in
demand here and steady. In the Southwest the business
to drought in Western Texas.
has been better. Only a fair business has been done in the Central belt and latterly
floods in the Mississippi Valley
the
of
effects
the
that
said
is
It
Less
quiet.
woolens and worsteds. Dress.goods have been
crop have been much extrading has been done in printed silks. Raw silk has been io far as they affect the cotton
some reports that the
in
claimed
even
is
It
aggerated.
the
goods
cotton
from
Aside
quiet and somewhat lower.
the
flooded zone is 2%
of
outside
crop
the
of
condition
dry goods market has not shown much life. It is stated
this.
that at least 150 Southern hard wood mills have been idle better than a year ago, though other reports deny
was
however
Wednesday
last
statement
government
The
because of the great rains or floods in the Mississippi Valley.
This has resulted in an active demand at rising prices, but to the effect that outside of,the flooded districts the progress
deliveries will be retarded. Iron and steel have been quiet of the crop was for the most part favorable. Yet the season
and if anything prices show a downward tendency. Copper is late, boll weevil emergence is declared to be greater than
and other non-ferrous metals have declined with trade slack. that of last year, and now comes the drought in Western
Commodity prices as a rule during May have shown more Texas, just as the waters are retiring from the flooded lands
declines than advances. Car loadings increased for April, and rains have ceased in the Central belt. A force underneath the market quite as potent perhaps as anything
but gross railroad earnings are smaller.
12
to
10
risen
cents
this
has
week,
to
owing unfavor- else is the increasing demand, home and foreign, from
Wheat
able winter wheat crop reports and rains in Canada. Also trade interests and the almost chronic scarcity of
the Canadian acreage has been reduced somewhat. The contracts.
Stocks have continued to be very active at rising prices
American crops are late. A great influx of speculation has
been an outstanding feature. One cause of the rise in wheat and constantly reaching new high levels. Conspicuous among
was the breaking off of diplomatic relations between Great these examples was U. S. Steel, but it was only one among
Britain and 'Russia, which it is supposed may cause some many. Money latterly has been 43/% but there are hopes
decrease in the shipments of wheat from Russia. The Cur- of a lower rate next week. Sterling exchange has been firm.
ran bill has passed the Illinois House, a bill which was Bonds have been in larger demand, mostly for railroad
favored by the Chicago Board of Trade. There is therefore securities, in spite of the fact that some of the earning
less danger of mischievous interference by the State with reports for April were not altogether satisfactory. There
the trading at the Board. Meantime Argentina needs has been an advance in United States Liberty 4Xs on a
rain and it is intimated that Europe's needs for wheat are large demand. In stocks the enthusiasm for the buying
larger than some of its statisticians are inclined to admit. side shows no diminution in spite of talk from time to time
Indian corn has advanced 26 cents from the low level of the that the rise has reached its culmination, that there is no
season, including some 5 to 53, cents to-day. The seeding further room for price improvement, and so on.
An event of the week was the breaking off of diplomatic
of corn has been delayed by cold, wet weather and to-day
September touched 100o. The fly in the amber is that relations between Great Britain and Russia and the effect
prices of corn if driven much higher may attract importa- in the London stock market was very perceptible for the
tions from Argentina. There were hints that some business better, the demand for securities increasing and the tone
was under negotiation in Argentina corn at Chicago by way becoming distinctly firmer and more confident.
The Government's Labor Bureau average of prices shows
of Canada. Rye has risen 10 cents a bushel during the week,
only
partly as a response to the advance in wheat and partly that last month, while all commodities combined stood
deflation
the
of
average
monthly
supply.
The
visible
lowest
above
the
of
43%
export
smallness
the
the
because of
farmer
demand continues to be disappointing, but the ground swell period, farm products had risen 20%. The American
again.
own
with
his
rye
into
the
lifted,
rest,
coming
be
may
has
grain
markets
the
all
under
3130
THE CHRONICLE
Greenville, S. C., reports that the textile plants of Greenville County now have a weekly payroll of approximately
$190,000, or about $40,000 more than during the curtailment
season of last year. At the present rate, due to the fulltime production, Greenville County textile plants will have
a' yearly payroll of about $10,000,000. The curtailment
schedule was in effect in textile plants of that section for
16 weeks last year. Spartanburg, S. C., reports activity
among textile mills, especially in the Piedmont section,
where plants are operating a full night shift. During April
the State's spindles averaged 399 hours per spindle in place,
the nearest competitor being North Carolina, which averaged
321 hours.
The All-Russian Textile Syndicate, Inc., is reported to
have bought $35,000,000 worth of American cotton between
Oct. 1 1926 and April 30 last. The syndicate is said to be
negotiating for complete equipment for a cotton mill of 100,000 spindles from New England and purchasing ginning equipment for the Soviet cotton belt. The Belgian cotton industry is in good shape; that of Holland has improved and in
Austria a trifle; in Japan mills stocks of goods are accumulating. Manchester cabled that the Cotton Yarn Association recommendation for a further 5% curtailment in output
was having no effect on business.
It was a rainy and uncomfortable week here until late on
Thursday, when after a violent thunder storm in the afternoon it cleared. The wind at the height of the storm was
48 miles an hour. Not a little damage was done in New
York and nearby places. The temperatures fell here 13
degrees in ten minutes, from 68 to 55 at 5 p. m. These
were the highest and lowest temperatures here of the day.
Chicago they were 47 to 52; at Cincinnati 60 to 68, at Cleveland 54 to 60, at Milwaukee 48 to 58, at Minneapolis 48 to
66, at Pittsburgh 54 to 64, and at Philadelphia 62 to 74.
Abnormally warm weather prevailed in the interior of Texas.
To-day it was clear and cool with the temperature here 54
at 3 p. m. The prediction was for fair and light frost tonight, and warmer to-morrow with showers late on Sunday.
BANK CREDIT.
Volume of credit of weekly reporting member banks, as measured by
their total loans and investments,increased by more than $300,000,000 during the month ended May 18, and was on that date at the highest level on
record.
This growth represented for the most part an increase in the bank's holdings of investments and in the volume of their loans on stocks and bonds.
While commercial loans showed relatively little change.
At the reserve banks there Was a decrease during the month in total volume of credit outstanding, owing to the receipt of a considerable amount of
gold from abroad, in addition to the purchase abroad
by these banks of
about $60,000,000 of gold that is now held earmarked with a foreign correspondent.
The banks' holdings of acceptances and of Government securities declined
by about $85,000,000. while discounts for member banks increased by about
$45.000,000, apparently in response to the increased reserve requirements
arising from the growth in the member bank deposits.
Conditions in the money market were comparatively stable during the
first three weeks of May and there were no changes in
rates quoted on
prime commercial paper and on acceptances.
Wholesale Trade in New York Federal Reserve District
Below That of Year Ago.
The Federal Reserve Bank of New York in its June 1
"3jonthly Review of Credit and Business Conditions" reports that "sales of reporting wholesale dealers in this
district in April continued to average less than a year
ago, but the decrease was the smallest since last June." The
Bank adds:
Samller sales in value, though perhaps not in quantity in all cases, continued to be reported in groceries, men's clothing, women's coats and suits,
silk goods, drugs, machine tools, stationery, paper and jewelry, but substantial increases were reported in dresses, shoes and diamonds. Commisosin house sales of cotton yoods were also slightly larger than a year ago,
notwithstanding the decline in prices during the year, and hardware sales
were practically the same as a year ago.
Collections relative to receivables averaged the same in April as a year
previous, but conditions varied in the different lines. Better collections
were indicated by reports from the women's coats and suits, shoe, hardware, stationery, paper and jewelry and diamond trades, but slower collet,
Mons were reported in groceries, men's clothing, silk goods and drugs.
Commodity.
Federal Reserve Board's Summary of Business
Conditions In United States Decline In
Industrial Output and Prices.
Industrial output declined in April, reflecting reduced
activity both in mines and in factories, says the Federal
Reserve Board in its monthly summary of business conditions
in the United Ptates, made public, yesterday (May 27).
The Board states that distribution of commodities by railroads and retail trade increased, and the level of prices
showed a further slight decline. The Board's summary
eontinues:
PRODUCTION.
Decreased output of industry in April as compared with March, the
board stated, was due chiefly to the coal miners' strike, which caused a
large decline in the production of bituminous coal.
Among manufacturing industries, which as a whole were somewhat less
active in April than during the previous month when allowance is made
for usual seasonal changes, reductions were reported in the iron and steel
and textile industries. as 'well as in meat packing and in the production of
building materials.
The manufacture of motor cars, though it showed the usual seasonal
increase in April, continued at a lower level than a year ago. Petroleum
production continued in record volume, notwithstanding large stocks and
declining prices.
Value of building contracts awarded declined slightly in April from the
record high figure in March, but was larger than last year. The decline in
building between March and April reflected reduced activity in the construction of commercial industrial and educational buildings, while contracts
for residential and public buildings increased.
[vox- 124.
Percentage
Change
April 1927
from
March 1927.
PaCC11140.1
Change
April 1927
from
April 1928.
% of Accounts
Outstanding
March 31
Collected in
Elea
&oat
Na End of Na End of 1927.
Sales. Month. Sales. Month.
Groceries
-6.0 -9.0
--6.4
79.8
Men's clothing
--38.4
-6.5
36.7
Women's dresses
--9.7
+16.7
Women's coats and suite
--52.4
-14.9
68.7
Cotton goods-Jobbers
-13.4
35.9
Cotton goods Con.mindon
-22.5
+2.1
Silk goods
-31.8
-6.
46.9
Shoes
-7.3 -5.6 4-16.4 4-17.3
49.3
Drugs
-10.3 -14.4 --3.3 --I4.9
44.0
Hardware
+2.8
47.2
Machine tookm
--16.8
--6.
---Stationery
-9.6
--10.6
77.8
Paper
71.9
Diamonds
+12.1
+8.7(
29.4
Jewelry
-4.8 1
-1.7
Weighted average
-18.4
55.7
* Quantity, not value. Reported by the Silk Association of America.
Reported by the National Tool Builders' Association,
1926:
32.3
39.4
66.4
35.6
48.5
44.9
50.1
41.4
67.6
69.5
27.2
55.7
Marked Increase in Chain Store Sales in New York
Federal Reserve District During April.
Total sales of reporting chain store systems in the New
York Federal Reserve District showed an unusually large
Increase over a year previous In April, according to the Federal Reserve Bank of New York, which says that "sales of
variety stores were nearly 50% larger than in April 1926,
and the increases in grocery, ten-cent store, shoe and candy
chains were larger than in other recent months." The Bank
in its June "Monthly Review" also says:
Average sales per store showed the largest increase for any month in at
least three years. A considerable part of the increase was probably due to
TRADE.
Easter trade, but some of the increase reflected the leas rapid expansion in
Commodity distribution at retail was larger in April than at the same the
number of stores operated in several lines during the past year than in
season of any previous year, owing in part to the lateness of the Easter holi- the preceding
year. The largest increases were in variety and ten-cent
day. Department stores sales were approximately 7% larger than in April stores.
Shoe and candy chains reported considerably larger salmi per store
last year and sales of mail order houses and chain stores were also in large than a
year ago, following large decreases in March, and grocery stores
volume.
continued to show a .ubstantial increase.
Wholesale trade showed about the usual decrease between March and
April and continued smaller than in the corresponding month of last year.
percentage Change April 1927 from April 1926.
Inventories of merchandise carried by department stores were in about the
same volume at the end of April as in March, while stocks of wholesale firms
No. of &ores.
TYPe of &ore.
Total Sales. Sales per Blom
were smaller.
Grocery
+8.4
+18.6
Railroad car loadings were larger in April than is usual at that season of Ten-cent
+9.3
+8.3
+21.0
+11.7
the year, reflecting chiefly large shipments of iron ore, coke, grain and grain Drug
+22.5
+15.8
--5.5
products, but also increased movement of miscellaneous freight and of Tobacco
+3.8
+4.4
+0.4
+10.7
merchandise in less-then-carload-lots. Coal shipments were 27% smaller Shoes
+21.6
+9.9
Variety
+15.8
+49.0
+28.7
in April than in the preceding month.
Candy
+2.2
+8.5
+6.2
PRICES.
Total
+8.3
+20.4
+11.2
In April there was a further slight recession in the general level of wholesale prices, as measured by the index of the Bureau of Labor Statistics,
but in the first three weeks of May price conditions were firmer. The de- Substantial Increase in Department Store Sales in
cline in April reflected chiefly a decrease in the price of petroleum, lumber,
New York Federal Reserve District Shown
and several of the non-ferrous metals. There was little change in the level
During April.
of agricultural prices which have been fairly constant since the beginning of
the year. During the first three weeks of May prices of grain, cotton, iron
With
gain in department store trade durreference
the
to
and steel, petroleum, lumber and hides advanced, while those of livestock, ing
April the June 1 "Monthly Review of Credit and BusiOke and nonferrous metal declined.
3131
THE CHRONICLE
MAY 28 1927.]
But along with this increase in real expenditures for building purposes,
the national income has almost tripled, growing from 30.5 billions of dollars in 1914 to 89.7 billions in 1926. In addition, the nation has underpronounced change in the standard of living, calculated to proSales of leading department stores in this district in April showed the gone a very
the mote the expenditure of a larger proportion of the family income for houslargest increase over a year previous since last August, due largely to
purposes.
ing
Inthis
year.
April
fact that a larger part of the Easter trade came in
There is an almost universal demand for improved housing accommodaApril
creases in the first quarter were comparatively small, but the large
/
2% tions, and in the cities particularly many familes are now willing to pay
sales brought the total for the first four months of the year about 31
more than 25% of their income, formerly considered the maximum allowabove that for the corresponding period last year.
Apparel stores also reported a substantial increase in April and mail order ance for rental, etc., in order to secure a dwelling with the desired conveniences. There is also a well-founded tendency toward increased home
than
in
any
previous
a
year
sales compared more favorably with those of
ownership, with a resulting stimulus to new residential building.
month since last November.
This demand for more luxurious housing has simultaneously extended into
Stocks of merchandise on hand in department stores were smaller than
commercial world, so that business institutions are making proportionin April 1926, so that the rate of stock turnover was considerably higher. the
ately
larger allowances for offices much more elaborate than were considaverage
stocks
For the first four months of this year the ratio of sales to
carried was about 4% higher than in the corresponding period last year. ered requisite for an institution of equivalent income a few years ago.
The ratio of collections to accounts outstanding at the beginning of the Many office buildings that were structurally sound have been razed merely
month was slightly higher than a year ago for the second consecutive month, because they did not measure up to modern standards of convenience and
whereas in each month of the preceding year the ratio of collections had desirability. These large expenditures for improved accommodations are
not an unhealthy adjunct to national prosperity, since such improvements
been running lower than a year previous.
are all semi-permanent in nature, and partake of the advantages of an
investment.
Per Cent of Charge
With the continuance of national prosperity on the scale of recent years
Accounis Outstanding
Percentage Change
there are indications that these higher standards may even advance furMarch 31 Collected
April 1927 from
In April.
April 1926.
ther. There will undoubtedly be recurring vacancies in older office buildLocality.
ings as newer and more desirable structures draw tenants; there will also
Stock on
be vacancies in the apartment houses and tenements of the older types even
Hand End
1927.
1926.
Net
Month.
if rents in these structures are still further reduced, since many tenants
Sales.
of
are willing to pay a premium for more desirable living accommodations.
52.9
-0.1
51.0
+6.7
New York
Any pronounced reduction in rents on these newer structures is improb54.0
47.6
-10.6
+0.9
Buffalo
able, since there is no sign of a major decrease in building tests. What
+1.1
55.7
59.8
+3.6
Rochester
-19.5
+7.7
Syracuse
decrease occurs should be due primarily to the willingness of capital to take
4-7:13
4-7:i
+3.3
+17.2
Newark
a lower return on its investment, in a period when money rates are very
-9.4
+7.6
Bridgeport
and active competition for desirable investments exists on every hand.
easy
3-5:6
35.5
.-3.2
+7.7
Elsewhere
+21.6
This abundance of capital available for investment purposes-increased
Northern New York State
State
York
+6.6
New
IF Central
by the entry of the national banks into the metropolitan mortgage field+6.6
P Southern New York State
should tend to stimulate new building operations even in the face of com-5.0
P Hudson River Valley District
petition for tenants. Such competition will probably lead to the further
+11.6
w Capital District
+19.1
Westchester District
destruction of obsolescent buildings, in order to make room for structures
4-8-.i
5-0:1
+7.7
All department stores
that may be rented more readily, but it should not greatly affect those
44.5
41.0
+7.0
+5.9
Apparel stores
erected in the last ten years.
+5.0
Mall order houses
Reports on "vacancies" compiled in various cities have been found not
The apparel and shoe departments accounted for most of the increase in greatly indicative of real overbuilding, because these vacancies usually
gales, reflecting Easter business in the first half of the month, and an exist in obsolescent structures that have lost desirability. In a few secearlier spring than last year. Sales of furniture and of home urnishings tions of the country new building has probably reached a temporary saturaand supplies showed relatively small increases, and textile sales continued tion point, but this condition will change as soon as the necessary interval
smaller than a year ago.
is allowed for the inevitable shift of population from old quarters to new.
The present national income figures and changes in the standard of living
are more accurate gauges of future building operations than are the numNet Sales
Stock on Hand
Percentage Change Percentage Change ber of vacancies in outmoded apartment houses and office buildings.
April 1927 from April 30 1927from
April 1926.
April 30 1926.
ness Conditions" by the Federal Reserve Agent at New York
says:
p
Men's and boys' wear
Books and stationery
Shoes
Silverware and Jewelry
Toys and sporting goods
Men's furnishings
Hosiery
Women's and misses' ready-to-wear
Luggage and other leather goods
Women's ready-to-wear accessories
Home furnishings
Toilet articles and drugs
Furniture
Linens and handkerchiefs
Musical instruments and radio
Woolen goods
Silks and velvets
Cotton goods
Miscellaneous
+26.1
+23.1
+20.6
+18.6
+17.8
+15.7
+15.7
+14.7
+13.3
+7.4
+4.4
+2.8
+1.7
+0.8
+0.7
+0.4
-3.6
-10.7
-1.4
-0.5
+0.4
+6.0
-2.4
+1.9
+6.9
+10.8
+8.6
+1.4
-4.1
+0.6
-0.5
+4.9
+4.7
-16.1
-18.8
-7.7
-4.0
-3.0
No Prolonged Decline in Building Operations
Looked for.
That any prolonged decline in the volume of national
building operations is unlikely while the volume of national
production and income remains at present levels is the conclusion of an economic survey undertaken by the National
Mortgage Corporation for the purpose of determining its
Joan policy for the balance of 1927. The National Mortgage Corporation is affiliated with the New York Title &
Mortgage Co. at 135 Broadway. There are also indications,
it Is stated, that the decline in rentals which became evident
last year in some parts of the country will have only a limited influence on the extent of new building contracts.
"Any conclusions regarding future building activity, as
compared with past years, necessarily involve estimates of
what 'normal activity' should comprise," concludes the National Mortgage Corporation. "Widely expressed opinions
that we are emerging from a 'boom' period which may not
be repeated for an indefinite term of years are based on the
hypothesis that pre-war building operations should indicate
the extent of future activity. This seems doubtful. Contentions that the building shortage is now eliminated, and
that 1913 and 1914 must henceforth be taken as the standard years on which to base comparisons are not entirely
valid. In 1914, a year in which building operations declined, new contracts amounted to about $7.30 per capita, on
the basis of national population. Had building costs in 1914
been on 1926 levels, it would have been necessary to spend
about $16 per capita in order to finance the same volume of
building operation." It is then added:
The amount actually spent for new building in 1926 approximated $52
per capita, slightly more than four times the expenditure in 1914, if
allowances are made for changed building costs.
Loading of Railroad Revenue Freight Keeps in Excess
of 1,000,000 Cars a Week.
For the sixth week this year, revenue freight loading again
exceeded 1,000,000 cars for the week ended on May 14,
according to reports filed on May 24 by the rail carriers with
the Car Service Division of the American Railway Association. Total loading of revenue freight for that week amounted
to 1,029,126 cars. This was a decrease of 622 cars under
the corresponding week last year but an increase of 43,247
cars over the corresponding week two years ago. The total
for the week of May 14 was an increase of 4,710 cars over
the preceding week this year, due principally to increased
loading of coal while forest products, ore and coke also
showed increases. Decreases, however, were reported in
the loading of miscellaneous freight, merchandise and less
than carload lot freight, grain and grain products and live
stock. Coal loading for the week of May 14 totaled 163,150
cars. This was a decrease of 4,528 cars under the same
week last year. It was, however, an increase of 6,418 ears
compared with the same week two years ago. Additional
details are as follows:
Miscellaneous freight loading totaled 394,794 care, an increase of 8,216
cars over the corresponding week last year and 36,135 cars above the same
week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 261,946 cars, a decrease of 6,338 cars under the same week last
year but 2,501 cars above the corresponding week two years ago.
Grain and grain products loading totaled 40,147 cars, an increase of
444 cars over the same week in 1926 and 4,616 cars above the same week
in 1925. In the western districts alone, grain and grain products loading
totaled 23,776 cars, an increase of 1,964 cars over the same week last year.
Live stock loading amounted to 29,161 cars, an increase of 2,697 cars
over the same week last year and 2.742 cars above the same week in 1925.
In the western districts alone, live stock loading totaled 22.106 cars, an
increase of, 2,271 cars above the same week last year.
Forest products loading totaled 70,924 cars, 5,079 cars below the same
week last year and 4,884 cars under the same week in 1925.
Ore loading amounted to 58,107 cars. 3,866 cars over the corresponding
week in 1926 but 5,502 cars below the same week two years ago.
Coke loading totaled 10,897 cars, a decrease of 900 cars under the same
week last year but 1,221 cars above the same week two years ago.
All districts except the Eastern, Allegheny, Centralwestern and Southwestern reported increases in the total loading of all commodities compared
with the same week in 1926 while all except the Southwestern reported
Increases compared with the same period in 1925.
Loading of revenue freight this year compared with the two 'frevious
years follows:
Five weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Week of May 7
Week of May 14
Total
1927.
4,524,749
3,823,931
4.016,395
4,890,749
1.024.416
1.029,126
1926.
4,428,256
3,677,332
3,877.397
4,791,006
996,216
1,029,748
1925.
4,456,949
3,623,047
3,702,413
4,710.903
983,034
985,879
19,309,366
18.799.955
18,462,225
THE CHRONICLE
3132
Activity Below That of
March.
Real estate market activity for the month of April rated
166, according to the index of such activity compiled monthly
by the National Association of Real Estate Boards from
official records of transfers and conveyances recorded in 41
typical cities. The index takes the monthly average of April
for the years 1916-1923 as eclualitt 100 on its scale. In its
advices of May 24 the Association also says:
April Index of Real
Estate
The April index Is seven points lower than the index for March of the
present year, and seven points under the index for the month of April of
last year.
The index record of real estate activity for the past 12 months, as shown
by the Association's reports, is as follows:
170
1926-April
169 19274--Janutu7
173 1926-August
February..-_ _180
May
163
September -164
March
173
June
175
October
160
166
April
July
November- _160
176
December _ _ _155
Increase in Postal Receipts at Fifty Selected Cities.
Postal receipts at 50 selected cities throughout the country
for the month of April 1927 showed an increase of
999.87, or 2.91% over the same month in 1926, according
to figures made public May 6 by, Postmaster-General New.
The total .receipts for April 1927 were $31,750,459.99 as
against $30,851,460.12 for the corresponding month in
1926. Jersey City, New Jersey, with an increase of 17.48%
led the 50 cities in the greatest percentage of increase.
Los Angeles, Calif., came next with an increase of 14.64%,
while Atlanta, Ga., ranked third, 'showing an increase of
13.60%. The summary follows.
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH'OF APRIL 1927.
Per Ct. Per Ct. Per Ct.
1927 1926 1925
Over
Over
Over
%JimApril 1927. April.1926.
Increase. 1926. 1925. 1924.
$
$
%
%
%
$
New York, N.Y__ _ 6,363,946.92 6,303,197.31 60,749.61
.96 8.05 8.48
Chicago, lit
5.154.187.06 5 022 244.08 131,942.98 2.63 2.34 7.41
Philadelphia,Pa
1,729,073.96 1,740,916.55 •1l,842.59, •.68 7.98 9.62
Boston, Mass
1,449,441.22 1,393,174.09 56,267.13 4.04 5.94 10.00
51. Louis. Mo
7.80
1.204,366.03 1,075.055.84 12,310.19 12.03 *.26
Kansas City, Mo_ 899,611.91
922,455.90 22,843.99 *2.48 9.24 11.82
Detroit, Mich
938,432.60
888,197.11 . 50,235.49 5.66 13.39 9.63
Cleveland, Ohio_ _. 881,318.31
5.90 6.55 9.78
832,189.40 49,128.91
Los Angeles, Callf_• 812,623.15' 708,822.22 '103,800.93 14.64
.09 4.92
San Francisco,Calif 749,103.13
708,966.94 41,026.19 5.80 2.71 13.49
Brooklyn, N. Y
751,753.77 .700,179,03 51,574.72 7.37 8.85 2.44
.51
Pittsburgh, Pa-.
665,758.99
624,518.90 . 30,940.09 4.87 5.67
Cincinnati,Ohio
1.00 3.43 21.00
0,591.44
662.364.40
668,955.84
Minneapolis, Minn 518,842.06
556,516.61 *37,674.45 *6.77 2.87 4.57
Baltimore, Md
7,714.86
1.29 19.75 10.07
603,553.61 '505,838.75
Milwaukee. Wis.__ 477,292.23
457,106.72 20,185.51 4.42 4.23 8.57
Washington. D. C. 505,297.40 • 487,269.09 • .18,028.31
3.70 13.23 4.54
Buffalo. N.Y
.52 *4.81. 9.55
, 402,097.69
.2,077.21
400,020.48
St. Paul, Minn_ _ _ _ 390,686.83
5.03 6.40
11,429.78 3.01
379,257.05
Indianapolis. Ind
411,377.16
432,227.39 *20,850.23 *4.82 6.62 7.68
Atlanta, Ga
1.01
.367,818.60
323,794.60 .. 44,023.94 13.60 7.80
Newark, N. J
1.79 12.03
360,338.72
323,676.10 36,662.62 11.33
Denver, Colo
331;5371)2' 307,297.15 24,239.87 7.89 7.67 9.00
Dallas, Tex
1.86 12.77 5.33
302,316.28
296,782.32
5,533.96
2.79
Seattle, Wash
269,025.22
6,570.60 2.44 9.84
275,595.82
Omaha, Neb
2.00
2.91
*9,951.01 *3.81
250,936.29
260,887.30
Des Moines, Iowa_ 267,161.23' 277,766.86 *10,605.63 *3.82 8.51
9.17
Portland, Oregon
.40
259,279.29
244,528.12
14,751•.17 6.03 6.48
Louisville, Ky
259.156.45
242,193.16
16,963.29 7.00 5.41 4.81
Rochester. N. Y
.78
2.23 4.13
267,544.07
261,701.56 ' 5,842.51
Columbwa. Ohio.__ 253,485.48
1.29 5.59
230,648.76 22,836.72 9.90
New Orleans. La
229,876.18
240,660.11 *10,783.93 M.48 4.14 4.56
Toledo, Ohio
206,662.28
2,415.01
1.18 10.45 5.15
204,247.27
Richmond. Va_ _ _ _
190,681.91
186,751.97
3,929.94 2.10 12.00 8.98
Providence, R.I.._
179,236.70
2.25 3.81
9,960.91
5.88
169,275.79
Memphis, Tenn
174,864.71
190,371.28 *15,506.57 M.15 8.65 7.94
Dayton, Ohio
191,607.82
*.63 4.70 29.57
192,827.89 *1,220.07
Hartford. Conn_ _ _
9.26 9.84
186,166.26
1.81
182,864.45
3,301.81
Nashville. Tenn__. 143,996.01
150,158.13 *6 162 12 *4.10 4.10 9.12
Houston, Texas__ _
172,244.94
154,384.93
17,860.01 11.57 20.70 5.63
Syracuse, N. Y__ _ _
146,681.06
4.51 6.82
143,502.39
3,178.67 2.21
New Haven, Conn_
146,651.98
141,505.94
5,146.04
Grand Rapids.Mich 146,398.83
8.23 12
8.18
'
62
3..82
64 4.15
137,045.64
9,353.19 6
Akron, Ohio
139,148.63
132,214.27
6,934.36 5.24 11.28 8.95
157,785.44
Ft. Worth, Texas
141,751.55
16,033.89 11.31 28.29 9.69
Jersey City, N. J
130.932,78
.14
.35
111,446.05
19,486.73 17.48
Springfield, Mass
108,825.63
108,645.15
.17 *2.56 8.19
180.48
SaltLake City, Utah 112,700.00
.20 14.42
114,030.25 *1,330.25 •1.17
Jacksonville. Fla
102,420.64
111,367.37 *8,946.73 *8.03 30.36 14.17
Worcester. Mass._
110,689.07
100.190.70
10,498.37 10.48 5.65 2.73
Total
31,750,459.99 30,851,460.12 898,999.87 2.91 6.08 8.04
•Decrease. Jan. 1927 over Jan. 1926, 4.39; Feb. 1927 over Feb. 1926. 4.31;
March 1927 over March 1926, 3.39.
124'
STATEMENT OF' POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF APRIL 1927.
Per Ct. Per Ct. Per Ct.
1927 1926 1925
over
over
over
Increase. 1926. 1925. 1924.
OfficesApri11927. April 1926.
Springfield, Ohio- $188,836.20 $226,099.69 *$37,263.49 *16.48 16.36 48.93
127,444.84
6.426.64 5.04 3.08 20.08
Oklahoma, Okla.__ 133,871.48
132,240.52 12.505.40 9.46 3.84 5.39
Albany, N. Y
144,745.92
99,618.14
9,236.22 9.27 1.67 *3.16
Scranton, Pa
108,854.36
95,995.91
23,529.76 24.51 *10.38 29.37
Harrisburg, Pa_
119.525.67
7,403.47 7.63 2.43 9.46
San Antonio, Texas 104,424.42
97,020.95
94,105.54
5,839.60 6.20 6.18 8.56
Spokane, Wash__
99,945.14
146,729.01
15,404.24 10.50 6.58 27.30
Oakland, Callf
162,133.25
13'0,463.27 10,445.11
8.01 10.98 12.97
Birmingham, Ala
140,908.38
99,842.46
91,918.70
7,923.76 8.62 *10.97 449
Topeka,Kan
84,852.02
3,996.55 4.71
4.23 2.66
Peoria, Ill
88,848.57
74,465.94
3,110.37 4.18 4.90 8.15
Norfolk, Va
77,576.31
95.032.46 *26.251.60 *27.62 29.93 14.09
Tampa, Fla
68,780.86
95,382.76
99,193.51
*3.810.75 *3.84 6.38 8.59
Fort Wayne, Ind
72,632.06
5,372.99 7.40 2.75 5.10
Lincoln, Nebr
78,005.05
66,374.60
2,601.28 3.92 1.71
Duluth, Minn
68,975.88
1.64
Little Rock. Ark_
65,304.70
71,366.09 *6,061.39 *8.49 2.67 5.05
68,925.12
68,292.48
632.64
.
Sioux City, Iowa.53 2.19
85,257.16
74,454.57 10,802.59 14.51
Bridgeport, Conn
4.83 3.82
2,313.75 3.49 *12.91 25.90
Portland, Maine
68,548.55
66,234.80
2,058.32 3.56 •.72 3.92
St. Joseph, Mo.__ _
59,936.59
57,878.27
1,898.36 2.98 *19.26 34.87
Springfield, ill._
65.486.26
63,587.90
Trenton, N.J
69,731.97
65,568.17
4,163.80 6.35 2.07 14.74
4,069.09 6.11 16.52
Wilmington, Del
70,624.66
66,555.57
.26
*153.14 .1..23 7.09 4.40
Madison, Wis
67,265.27
67,418.41
86.268.62
South Bend,Ind
74,910.75 11,357.87 15.16 19.42 12.68
62,424.82
3,965.38 6.35 *.76 12.34
Charlotte, N. C
66,390.20
1.67 *7.68
Savannah, Ga
45,368.90
47,454.30 *2,085.40 *4.39
Cedar Rapids, Is_
51,560.47
49,544.90
2,015.57 4.07 6.08 8.77
Charleston, W.Va_
55,739.63
48,904.87
6,834.76 13.97 *1.29 *3.82
1.37 10.18
938.27
1.31
Chattanooga, Tenn
69,261.29
68,323.02
.12 6.06
*458.89
4..94
Schenectady, N.Y_
48,265.49
48,724.38
Lynn, Mass
35,172.94
46,616.34 *11,443.40 *24.55 17.70 *6.06
46,523.50
42,234.51
4.238.99 10.02 5.86 3.03
Shreveport. La__
*.61 *20.31
5.91
31,966.91
32,162.77
*195.86
Columbia,S. C
1,688.47 4.97 12.90 9.14
Fargo, N. Dak_ _
35,664.38
33.975.91
Sioux Falls, S. Dak.
34,316.36
35,916.66 *1.600.30 *445 *4.23 22.87
Waterbury, Conn._
43,089.60
34,262.40
8,827.20 25.76 *5.58 2.22
Pueblo, Colo
27,614.86
27.789.54
*174.68 *.63 *1.80 6.71
25,796.10
588.18 2.33 3.16 *7.39
Manchester, N. H.
25.207.92
Lexington, Ky
37,343.71
39,673.13
*2,329.42 *5.87 24.59 6.53
Phoenix, Ariz
38,890.58
7.538.52 24.04 10.34 14.08
31,352.06
1.29 *2.10
Butte, Mont
.85
22,828.08
22,635.59
192.49
Jackson. Miss
31,544.15
3,624.12 12.98 9.09 13.22
27,920.03
Boise, Idaho
18,792.00
19,580.00
788.00 4.19 *9.05 *12.14
Burlington, Vt
21,593.14
21,322.82
270.32 1.27 4.40 12.06
Cumberland, Md..
.11
15,551.20
16,352.97
*801.77 *4.90 18.50
Reno, Nev
9.76 *6.83
18,133.91
15,470.45
2,663.46 17.21
Albuquerque, N.M.
14,974.29
492.39 3.40 7.99 *2.03
14,481.90
Cheyenne, Wyo..
12,945.38
1.135.47 9.61 29.43 *19.48
11,809.91
Total
$3,338,120.68 $3,233,857.37 $104,263.31
3.22 4.05 11.02
•Decrease.
January 1927 over January 1926, 3.85%. February 1927 over February 1926.
3.54%, March 1927 over March 1926, 1.34%.
Steel and Iron Foundry Operations in Philadelphia
Federal Reserve District in April-Increase in
Unfilled Orders-Decline in Production and
Shipments.
The Federal Reserve Bank of Philadelphia states that
while unfilled orders for steel castings gained slightly from
March to April, production and shipments declined considerably and were about 49 and 35%, respectively, under the
volume in April 1926. Stocks of pig iron at the end of the
month were smaller than those of a month previous, while
supplies of scrap and coke were greater. Compared with
those on the same date last year, stocks of pig iron and scrap
were lighter while those of coke were materially heavier.
The statistics follow:
STEEL FOUNDRY OPERATIONS PHILADELPHIA FEDERAL RESERVE
DISTRICT.
April 1927.
Capacity
Production
Shipments
Value
Unfilled orders*
Value •
Raw stock-Pig Iron
Scrap
Coke
•Figures of one Plant omitted.
11,390 tons
4,131 tons
3,660 tons
3677.521
2.870 tons
$491,504
1,616 tons
7,450 tons
1,810 tons
Per Cent Per Cent
Change
Change
Year Ago. Month Ago
-34.5
-17.3
-69.7
-67.9
-38.7
-3.9
+38.1
-35.7
-32.3
+0.7
-2.2
-8.0
+4.3
+19.2
Regarding iron foundry operations the Bank says:
Unfilled orders for iron castings in this district increased over 12%
from March to April and were nearly 23% greater than in April 1926.
The total volume of production and shipments,whoever,declined noticeably
from that of the previous month and of a year earlier. Only the output of
malleable iron castings showed a gain over that for the same month last year.
IRON FOUNDRY OPERATIONS PHILADELPHIA FEDERAL RESERVE
DISTRICT.
April 1927.
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
11,561 tons
5,278 tons
634 tons
4,644 tons
3,556 tons
1,088 tons
4.872 tons
$641,685
5,368 tons
$846,981
6,489 tons
3,103 tons
2.757 tons
Per Cent Per Cent
Change
Change
Year Ago. Month Apo
+1.9
-9.4
-10.5
-9.3
-3.1
Increase in Postal Receipts at Fifty Industrial Cities.
-17.6
-25.2
-2.4 •
-7.5
According to figures made public May 7 by Postmaster-6.3
-8.8
+12.2
General New, the total postal receipts of the fifty industrial
+22.9
+0.2
+35.2
cities throughout the country for April 1 1927 showed an
-1.2
-11.3
+0.5 •
-20.5
increase of $104,263, or 3.22% over those for the same month
+14.0
+63.7
in 1926. The total receipts for the fifty cities for April 1927
were $3,338,120, as against $3,233,857. Waterbury, Conn., Further Seasonal Expansion in Automobile Trade in
Philadelphia Federal Reserve District.
with an increase of 25.76%, led the fifty cities in the greatest
A further seasonal expansion in the sale of automobiles
=ease. Harrisburg, Pa.,. came next with an increase of
24.51, while Phoenix, Ariz:, was third with an increase of in its district during April is reported by the Federal Reserve Bank of Philadelphia, whichrsays:
24.04%. The summary follows:
THE CHRONICLE
MAY 28 1927.]
$2,000 increased
Retail sales of cars costing under $1,000 and over
April, but trading in
considerably in number and value from March to
the same
medium-priced cars was materially smaller. Compared with
registered large gains
month last year, the less expensive automobiles
in smaller demand.
both in number and value, but cars of higher price were
and exceeded
Wholesale business was greater in April than in March
value. The call for used
the total of a year previous both in number and
appreciably
cars, while less active than in the previous month, increased
Deferred payment sales,
In value and number over that of a year ago.
the same
in
or
March
in
on the other hand, were smaller in April than
month last year.
Inventories of new cars at the end of the month were considerably
month and a year
smaller than those on the same date in the preceding
number and
earlier, whereas supplies of used cars were heavier both in
table.
value. Percentage changes are given in the accompanying
AUTOMOBILE TRADE-PHILADELPHIA FEDERAL RESERVE DISTRICT.
April 1927 Change fromThirteen Distributors.
Manufacturing Activities.in Chicago Federal Reserve
District-Midwest Distribution of Automobiles.
In summarizing manufacturing activities and output in itsdistrict, the Federal Reserve *Bank -of Chicago has the following to say in its June 1 "Monthly Business Conditions
Report":
Shoe Manufacturing,'Tanning and Hides.
Shipments during April by 32 shoe factories in the Seventh Diatriet exceeded their production by 6.2%, while both showed a seasonal recession
from March and a gain over a year ago. Stock shoes reported on hand
28 of the companies were equivalent in volume to 79.1% of their April
shipments. Unfilled orders gave assurance of practically five weeks' business at the current rate of distribution.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN APRIL1927 FROM PREVIOUS MONTHS.
by
Per Cent Change from-
April 1928.
March 1927.
3134'
Number. Value. Number. Value.
Marcia 1927. April 1926.
Consantla
/natural.
-14.1
.+13.9
32
+7.8% +5.3% +20.5% +6.6% Production
+8.0
-16.3
as.
+10.3% +11.2% +38.6% +38.2% Shipments
-4.1
-3.4
29"
hand
on
shoes
-41.8%
Stock
-43.0%
+5.4%
+6.6%
+3.2
-3.0
26'
-21.7% -17.7% +3.2% -10.8% Unfilled orders
+12.0% +10.1% +35.1% +20.6%
Seventh District declined in April from the
the
in
production
Leather
+43.8%
+12.8% +12.9% +43.5%
to this bank by repre-18.9% -15.4% -56.5% -50.2% preceding month, according to reports sent direct'
+11.3% +4.6% -6.3% -18.5% sentative tanners. In the year-to-year comparison, the gains slightly more
-1.9%
-26.5% -19.6% -9.6%
than offset the recessions. Sales billed to customers totaled a little below
-36.7% -36.4% -23.3% -24.2%
of April 1926. Demand for belting and harness,
-10.0% -6.7% -4.8% +1.1% March and somewhat ahead
-11.7% -12.9% +20.6% +9.7% was indicated less active than in the preceding month or a year ago.
-13.8% -14.2% +16.2% +9.5% Quotations advanced for cowhide leathers, while those for the remaining
+0.5% +2.9% +21.4% +15.0%
firmer tendencies.
-7.0% -11.4%-32.6% -39.3% lines showed slightly
A smaller number of packer green hides and calf skins were sold at
Chicago during April than in March; purchases by tanners located in this
district also declined. Quotations at Chicago advanced in April over the
Electric
of
n
Consumptio
prior month.
Increase During April in
Automobile Production and Distribution.
Power by Industries in Philadelphia
The fourth monthly increase in United States production of passenger'
Federal Reserve District.
automobiles took place in April, output totaling 853,071, or a gain of 3.8%
a
Stating that industrial consumption of electric power in over the preceding month. In the comparison with a year ago, however,
rate of output continues, the decline averaging 8.0% for April.
the district increased 5% from March to April and surpassed lower
a
April,
in
recession
44,495
totaled
Truck production in the United States
that for April of last year by more than 9%, the Federal of 1.5% from March and 4.5c below the corresponding month of 1926.
adds:
Philadelphia
Retail distribution of new automobiles remains considerably below the
of
Bank
Reserve
in the month-toPurchases by street railroads and municipalities, though smaller in April rate of a year ago, although continuing to show increases
of gain, wholesale disthan in March,also exceeded the total of a year before. Sales of electricity month comparison. After three successive months
the
corresponding
month
under
likewise
the
was
in
with
and
contrast
gains
tribution fell off in April
for lighting purposes, too, showed appreciable
preceding month and a year earlier, buying by cities alone registering of 1926. Used car sales were larger in both the month-to-month and yearly
further seasonal decline. Generated output by reporting central stations, comparisons, while stocks of salable used cars have declined and are under
while about 6% under that of a month before, was nearly 11% greater the number held on April 30 1926. New cars on hand at the end of the
than in April 1926. production by the hydro-electric plants showing the month were also less than on March 31 or the corresponding date a year
ago. Sales made during April on the deferred payment plan by 31 dealers
largest increase. Percentage changes are given below:
reporting the item, averaged 37.1% of their total retail sales, dropping from
Change
Change
43.1 in the preceding month and comparing with 45.8% in April last year.
Blearic Power.
from
from
April 1927.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Philadelphia Federal Reserve Maria.
April
1926.
1927.
March
Changes In April 1927 from Previous Months.
Thirteen Systems.
K.W.
+7.1%
0%
1,243,000
Rated generator capacity
Companies Included.
Per Cent Change from,
K.W.H.
+10.9%
-6.2%
388,785,000
Generated output
or. 1927. April 1926,
March 1927. April 1926.
+151.1%
+26.3%
32,726,000
Hydro-elearle
+0.5%
-7.6%
289,475,000
Steam
cars+49.8%
New
-11.8%
65,584,000
Purchased
+11.7% Wholesale+2.1%
326,362.000
Sales of electricity
35
38
• -8.7
-5.0
+13.3%
Number sold
+3.4%
70,330,000
Lighting
as
as
-20.4
-9.0
+7.1%
Value
-12.0%
7.542,000
Municipal
+14.1%
Retail+5.6%
62.788,000
Residential and commercial
86
93
-24.0
+12.7
Number sold
+8.3%
+2.3%
215,681,000
Power
83
86
.-16.2
+23.4
+4.9%
Value
-3.7%
1,844.000
Municipal
+5.0% On hand April 30-6.8%
44,547,000
Street cars and railroads
56
-21.5
-5.5
Number
+9.3%
54
+5.0%
169,290,000
Industries
66
-10.3
--6.4
+45.3%
Value
54
+3.8%
40,351.000
All other sales
Used Cars87
+7.6
+4.7
Number sold
84
Salable on hand
-13.5
as
63
-10.8
Number
53
56
-5.8
--4.5
Value
Activities of Hosiery Mills in Philadelphia Federal
Sales, new cars, wholesale
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Sales, new cars, at retail
Cars under $1,000
Cars $1,000 to $2,000
Cars over $2,000
Stocks of new cars
Cars under $1,000
Cars $1,900 to $2,000
Cars over $2,000
Sales of used cars
Stocks of used cars
Retail sales deferred payment
Reserve District.
The following table compiled by the Bureau of the Census, Building Construction in Illinois During Aprilshowing the activities of the hosiery mills in the Third
Falling Off as Compared with March-Gain
Over April of Last Year.
Federal Reserve District in April and a comparison with
those of March, is issued by the Federal Reserve Bank
Building as shown by permits issued in 28 Illinois cities
of Philadelphia:
feu off from $59,905,534 in March to $56,483,363 in April,
a decrease of 5.7%. April of this year represents a gain of
I
Women's
Women's
Men's
Men's
Seamless.
Full-fashioned.
Seamless.
Full-fashioned
8.2%, however, over April a year ago, when the total for
P. C. I
the 28 cities was $52,223,004. In making this statement
P. C.
P. C.
P. C.
In Dozen Pairs.
Change
Change
Chang
Change
on May 23 S. W. Wilcox, Chief,of the Bureau of Industrial
from
April
from
April
April from April from
1927. Mar.
1927. Mar.
1927. Mar. 1927. Mar.
Accident and Labor Research, of the Illinois Department of
1927.
1927.
1927.
1927.
•
ofth
In spi adds:
15,858 -6.8179,897 -8.7 577,67511 -7.2 134,577 +5.8 Labor,e
Production
decrease this month from the March figures. 16 of the 28
spite
14.233 -11.6174,062 -5.9 580,4431 -8.9
Shipments
Stock, finished &
in the gray_ 35.015 +2.4 327,135 +4.0 902,698,1 +0.2
Orders booked 14,156 -22.4 185,086 -18.1 576,472, +9.5
Cancellations re11,218 +74.4 10,693, -59.1
346
ceived
Unfilled orders
end of month 22,850 +3.4372.609 +2.1 1,384,6831 +2.1
Boys' and
Misses'
In Dozen Pairs.
Children's and
Infants'
P. C.
P. C.
Change
Change
April from April from
1927. Mar. 1927. Mar.
1927.
1927.
24,587 -15.9119,764 -12.5
Production
27,404 -27.3 166,188 -16.8
Shipments
Stock, finished &
• in the gray_ _ _ 34,797 -4.9230,841 -17.9
Orders booked_.24,657 -13.8108.909 +5.9
Cancellations re-1
950 +212.51 2,799 +743.1
ceived
Unfilled orders
It end of month__ 37,507 -9.31128.619 -10.4
Athletic and
Sport.
April
1927.
P. C.
Change
from
Mar.
1927.
123,75
-3.1
334.090 +1.6
147,002 -2.4
2,51 +114.0
134,187 +16.3
Total.
Apra
1927.
P. C.
Change
from
Mar.
1927.
76,452 -5.31,128,810 -6.7
80.413 -8.21,166.501 -9.7
70,607 -4.01,935,186 -1.7
56,177 -3.51,112.459 +0.2
7,626 +170.6
36,147 -2.9
61,065 -26.82.141,520
+0.7
cities reporting showed increases over March. These cities are Aurora
Bloomington, Blue Island, Cicero, Danville, Decatur. Elgin, Freeport.
Glen Ellyn, Highland Park, Murphysboro, Oak Park. Rockford, Rock
Island, Waukegan and Wilmette. Chicago building decreased from
$49,336.290 in March to $44,773,245 in April, a loss of 9.2%, but increased
by $3,680,510 over April 1926,a gain of9%. Twelve cities besides Chicago
which showed an increase this month over April a year ago are Aurora,
Bloomington, Cicero, Danville, Decatur, Glen Ellyn, Highland Park,
Murphysboro, Oak Park, Rock Island, Waukegan and Wilmette.
in
In the metropolitan area, outside Chicago, Evanston leads all cities
value of building planned during April, with a total of $2.357.800. of which
with $1,435.724.
$2.130.000 is in residential building: Waukegan is second
Oak Park is third
of which $1,027,874 is in non-residential building, and
including
building,
residential
with 81.142,014, of which $765,000 is for
housekeeping dwellone hotel. In the number of families provided for in
families, leads all cities in
ings during April Evanston, with plans for 278
planning accommodations
the metropolitan area except Chicago, which is
which provides for 141
Berwyn.
for 5.090 families. Next to Evanston is
families.
families, and third is Waukegan, with 103
with a total of $1,216,Decatur leads all domestic cities in April building
and of 196.5% over April
540, an increase of 98.4% over its March figures
third with $308.110.
Aurora
and
1926. Rockford is second with $587,680
3134
THE CHRONICLE
In home building outside the metropolitan area Rockford is first, with provision for 120 families; Decatur second, with 69 families: East St. Louis
third. with 49 families, and Aurora fourth. with 48 families.
The first 4 months of 1927 show a total of $183,531.633 (exclusive of
Joliet) as compared with $150,121.328 (exclusive of Joliet, for which no
figures were available before April 1926) for the corresponding months last
year. an increase of 22.3%. Chicago during the first 4 months of 1927
has authorized building to the value of $153,225,975, an Increase of 27.1%
over the corresponding period of 1926. Besides Chicago, 11 of the 27 cities
for which the comparison is made showed increases for the first 4 months
of 1927 over a year ago. These cities are Berwyn. Canton. Cicero. Danville, Decatur. East St. Louis. Evanston. Oak Park, Waukegan, Wilmette
and WInnetka.
For the first 4 months of 1927 Evanston leads all cities in the metropolitan area outside Chicago, with $6,849,700. Berwyn is second with
53.227.000. Oak l'ark third with $2,111.164 and Waukegan fourth with
$2,046,810. During this period Chicago has provided homes for 16,383
families, Evanston for 694 and Berwyn for 565.
Outside the metropolitan area East St. Louis, with $2,182,321, leads al
cities in value of building for the first 4 months of this year. Decatur Is a
close second with $2,165,315. Peoria is third with $893,570, Stringfield
fourth with $838,187 and Joliet fifth with 3837.350. In home hulloing
during this period Rockford leads with provision for 294 families, East St.
Louis is second with 233 families and Decatur Is third with 223 families.
[VOL. 124.
Principal Changes in Europe.
The outstanding changes in business conditions during 1926 are found
among the European nations. The labor troubles in England and the exchange difficulties of France and Italy limited the economic activity of these
countries, thereby indirectly benefiting the export business of Germany.
Austria, the Netherlands and Sweden.
Whereas the beginning of 1926 saw France and Italy prosperous and
Germany and Austria severely depressed, the end of the year found marked
recessions in the first two countries, and decided Improvement in Germany
and Austria. The British Dominions fared better than the mother country-Australia and Canada maintaining full prosperity and the Union of
South Africa being moderately prosperous. The Orient had a disappointing year. China, Japan and India all suffering from depression. Argentina
and Brazil also experienced serious economic reverses.
American Prosperity Continues.
The United States continued in 1926 the prosperity which it enjoyed In
1925. These two years constitute the longest period of uninterrupted prosperity in the country since the war. The recession in general business which
came with the Armistice gave way to an industrial revival early in 1919,
but the ensuing prosperity terminated in the spring of 1920. lasting approximately one year. Similarly, the recovery in 1922 became prosperity in
the summer of that year, but a mild recession developed in the following
summer, so that again the period of prosperity lasted but one year. The
revival
which came in the third quarter of 1924 had become full-fledged
We annex the following details:
prosperity by the beginning of 1925, and the same phase of the business
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PER- cycle is now entering on its third year. Excluding the years of war activity,
MITS ISSUED IN ILLINOIS CITIES IN APRIL 19278 BY CITIES.
the present period of prosperity is the longest since that which began early
in 1905 and continued until the autumn of 1907. The United States has
ACCORDING TO KIND OF BUILDING.
not enjoyed a period of prosperity lasting full three years since that which
commenced in the summer of 1879. nearly fifty years ago."
TOTAL.
Mies.
April 1027.
March 1927.
April 1926.
No. Estimated No. Estimated .Vo. Estimated
Rid98
Cost..
Cost.
Bldits
Cost.
Bldgs
Chicago
Outside Chicago
Aurora
Berwyn
Bloomington
Blue Island
Canton
Cicero
Danville
Decatur
East St. Louis
Elgin
Evanston
Freeport
Glen Ellyn
Highland Park
Joliet
Maywood.
Moline
Murphysboro
Oak Park
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Wihnette
Winnetka
Whole State
2 831 544,773,245 4,137 549.336,290 2,215 $41,092.735
2 437 11,710,118 2,436 10,569,244 2,605 11,130,289
102
308.110
273,882 150
405,138
153
707.400 244 1,465.500 216 1,042.200
23
77.8
18
64,500 26
68.250
157,892
47
65
251:,9%0
114,900
51
3
960
72,300
4
5
6.100
78
596,509 84
548,621
488,972 95
35
192,000
65,000
153,200
11
26
156 1,216.540 219
613,025 180
410,275
127
259,950 185 1,123.585 146
285.982
160
298,393 130
323.449
153,480 197
141 2,357,800 162 2,399.050 137 2,707,420
34
189,400
18
268.000
55.220
45
37
388.720
19
171,300
95,230
22
43
189,670 40
185,745
131,740
48
74
201.400
43
432,935
385.600
95
75
291.125 140
252,075
84
851.400
101
122,054
117,328
85,960 106
84
5
9,000
1
5.500
5,000
2
94 1.142,014 122
659.943
531.050 135
100
363.135
378.390 149
303,420 164
24
42
43,500
50
148,776
96.548
301
628,290
422,243 227
587,680 225
116
104,221
77
47,951
68,062
51
138
329.961
228,955
97
245,212 168
110 1,435,724 104
429,629
374,236 111
34
213,275
31
164,985
160,636
41
163,750
20
209.300
36
289,230
24
5,268 556.483.363 6,573 159.905,534 4,820 352.223,004
• Complete total figure exceeds detail totals by $252,075, since classified figure
are not available for Maywood.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN ILLINOIS CITIES
From January Through April 1927. by Cities. According to Kind of Building.
Total
Jan -April 1927.
Total
Jan.-Apr.'26
Residential Buildings
Jan -April 1927.
Cafes.
Estinsated
No.
Estimated
Cost.
Bldg:.
C°4*
Whole State
16,573 5184,308.983 2150.121,328
Chicago
9.882 153,225,975 120,580,545
Outside Chicago__- 6,691 31,143.008 29,540,783
Aurora
1,243,693
805,052
282
Berwyn
3,114,300
3,227,000
557
Bloomington
178.800
50
295,250
Blue bland
374,610
148
431,480
Canton
73,280
11,875
8
Cicero
215
1.489,107
1,527,759
Danville
73
448,200
377,800
Decatur
511
2,166,315
1.309,875
East St. Loula
448
2,182,321
1,017.876
Elgin
608,998
386
829.846
Evanston
457
6,849,700
5,182,620
Freeport
59
428,720
474,002
Glen Ellyn
73
578,950
834,200
Highland Park..
122
626,721
827.752
Joliet_a
184
837,350
a
Maywood_b
218
806,525
1,821.305
Moline
262
267,717
368.319
Murphysboro
7
17,500
57.300
322
Oak Park
2.111,164
1,870,794
P001111
488
893,570
2,273,800
98
216,221
Quincy
416,441
712
Rockford
1,347,908 • 1,391,535
273
384,504
Rock Island
443,845
318
Springfield
838,187
1.236,088
285
2.046,810
1,398,449
Waukegan
586,086
99
Wilmette
473,249
59
714 AAA
qA0onn
No. Estimated
Cost.
Bldgs.
Families..
6.329 $119,535,055 19,924
4,077 98,628,350 16,383
2,252 20,1)06,705 3,541
112
572,950
110
3,010,900
565
332
24
107,000
23
47
299.450
42
102
58
212
143
81
146
19
41
42
70
b
25
4
72
118
35
218
48
103
136
44
92
1,234.800
350.900
1,127,700
843,180
386.700
5,137,500
129,000
408,200
471,500
501,600
5
122.050
15,100
1,602,200
623,600
147,050
1,045,700
251,375
498.350
892.000
498,300
090 Ann
201
58
223
233
81
694
19
52
42
73
b
25
4
186
120
35
294
64
107
193
44
45
*Families provided for (housekeeping dwellings.
a Figures for Joliet not available before April 1926.
b Detailed figures for Maywood not available.
World-Wide Business Conditions in 1926 Pictured by
National Bureau of Economic Research, Inc.
Prosperity ruled in seven nations, depression in five, and
various stages of recession and revival in five others in 1926,
according to a survey of world-wide business conditions just
completed by !Willard L. Thorp, author of "Business Annals." Publication of this survey is authorized by the executive committee of the. National Bureau of Economic Research, Inc. The Bureau in its bulletin of May 20 has the
following to say in its account of the survey:
The countries experiencing prosperity in 1926 are given as
the United States, France, Russia, Canada and Australia;
mild prosperity is credited to the Netherlands and South
Africa; uneven prosperity is reported for Sweden. Italy and
Argentina are referred to as suffering a recession, while England, Brazil, India, Japan and China are the countries in
which there was depression. In Germany and Austria depression in the forepart of the year was followed later by a
revival.
Merchandising Conditions in Chicago Federal Reserve
District-Wholesale Trade •Lower but Department
Store Trade Gains.
Gains in retail trade and a decline in wholesale trade is
indicated by the Federal Reserve Bank of Chicago In its
une 1 "Monthly Business Conditions Report," from which
we quote the following:
Wholesale Trade.
Heavy rains which made roads impassable and delayed spring planting in
many sections of the district restricted sales which, according to dealers in
five reporting lines of wholesale trade, were smaller in April than in
March, and likewise below a year ago for all except hardware and shoe
firms. Collections were larger than in the preceding month and, as compared with April 1926, increased for all except drugs and shoes; outstanding
accounts at the end of the month were larger for groceries and hardware,
and smaller for all other lines in both comparisons.
Groceries.
Sales of 39 wholesale grocers decreased 0.4 and 0.04% in the respective month-to-month and yearly comparisons. Stocks advanced 6.9% over
March 31 and were 8.6% under the same date a year ago; outstanding
accounts increased 1.5 and 0.8%, and collections during the month gained
1.8 and 3.8%, respectively.
Hardware.
Seventeen hardware dealers with total sales 6.0% in excess of April 1926,
represented one of the two wholesale lines reporting increases in that comparison; a dcline of 4.0% from March was indicated. Stocks on April 30
declined somewhat from both March 31 and a year ago; outstanding accounts
increased 7.2 and 1.4%, respectively, while collections were larger by
12.7 and 9.3% in the two comparisons.
Dry Goods.
Respective sales declines of twelve reporting dry goods dealers as corn.
pared with March and a year ago were 22.4 and 7.1%; stocks increased
1.3% over March 31 and decreased 25.6% from last April ; outstanding
accounts on April 30 aggregated 1.4 and 4.7% less, respectively; and collections advanced 4.7 and 0.2% in the two comparisons.
Drugs.
Twelve drug dealers reported total sales as 7.6 and 8.0% smaller in the
month-to-month and yearly comparisons. Stocks at the end of April were
3.4 and 3.8% larger, respectively; accounts outstanding on April 30 declined 2.4 and 11.3%, and collections showed an increase of 6.3%
over
March and a decline of 2.9% from April 1926.
Shoes.
Sales reported by nine shoe dealers contracted 5.3% from
March and
advanced 7.0% over a year ago. Stocks decreased 5.4% in both
comparisons; outstanding accounts fell off 0.3 and 6.2%, and
collections, while
increasing 16.1% over the preceding month, showed a total decline
of 8.7%
from last year.
Department Store Trade.
April sales of 84 reporting department stores showed an
advance over
March of 8.5% and in the yearly comparison a gain of
9.7%. Aggregate
sales for the first four months of 1927 were 3.4% in
excess of the same
period in 1926. Stocks at the end of April showed little
change from either
the preceding month or the end of April last year; the
ratio of total sales
to average stocks was 32.6%, as compared with 29.5 a
year ago. Collections and accounts outstanding at the end of the month
increased overbo1
March 1927 and April 1926, the former by 0.1 and 11.9
and the latter by
3.2 and 9.6%, respectively. Outstanding orders
on April 30 represented
7.2% of total 1926 purchases, as compared with 7.3% at the
end of March.
April collections averaged 42.2% of accounts outstanding on March 31;
the figure a year ago was 41.2.
Retail Furniture Trade.
According to reports of 27 retail furniture dealers and the furniture departments of 22 department stores, total sales for April increased over
MAY 28 1927.]
THE CHRONICLE
March and a year ago by 13.7 and 5.1%, respectively, while stocks changed
but little in the former and were slightly less in the latter comparison.
Installment sales, as reported by 20 furniture stores, increased 22.4 and
8.2%, respectively. Collections, on both installment and total sales, and
accounts outstanding were larger than for either the preceding month or a
year ago.
Retail Shoe Trade.
Total sales of 43 retail shoe dealers for April averaged 25.8% more than
in March and 8.9% over a year ago, with sales for the first four months
of the year aggregating 3.0% above the same period in 1926. Individually,
all firms reported Increases over March and nearly three-fourths over April
last year. Stocks gained 0.5 and 1.2% in the two comparisons; outstanding accounts declined 14.7 and 26.3%, respectively, while collections were
larger by 2.2 and 2.0%. The ratio of outstanding accounts to sales was
53.1% in April, as compared with 81.7 for March and 76.3 a year ago.
3135
educator in this respect. It has stamina and power. It was the car
that ran before there were good reads to run on. It broke down the
barriers of distance in rural sections. brought people of these sections
closer together and placed education within the reach of everyone. We
are still proud of the Model T Ford car. If we were not we could not
have continued to manufacture it so long.
"With the new Ford we propose to continue in the light car field which
we created on the same basis of quantity production we have always worked.
giving high qu.lity, low prke and constant service. We began work on
this new model several years ago. In fact, the idea of a car to succeed the
Model T has been in my mind much longer than that. But the sale of the
Model T continued at such a pace that there never seemed to be an opportunity to get the new car started. Even now the business is so brisk that
we are up against the proposition of keeping the factory going on one model
while we tool up for another. lam glad of this because it will not necessitate
a total shut-down. Only a comparatively few men will be out at a time
*while their departments are being tooled up for the new product. At one
time it looked as if 70,000 men might be laid off temporarily, but we have
now scaled that down to less than 25.000 at a time. The lay-off will be
brief, because we need the men and we have no time to waste.
"At present I can only say this about the new model—it has speed.
style, flexibility and control in traffic. There is nothing quite like it in
quality and price. The new car will cost more to manufacture, but it vrill
be more economical to operate."
Business Summary of Bank of Montreal—Early Opening
of Navigation Help to Trade—Declining
Commodity Prices.
According to the May 23 "Business Summary of the Bank
of Montreal," "business conditions are satisfactory, taken
Dodge Brothers, Inc.,' have made public further details
in the large." "At this period, as throughout the summer,
crop prospects," says the bank, "become important and concerning their new six-cylinder cars, which will embody
these are not discouraging." Continuing, the bank says an L-head engine. The bore is 33 inches by 4 inches,
with a rating of 25.35 horse power. Hydraulic internal
in part:
Following an early commencement in April, cool and rainy 'weather has expanding type brakes have an automatic supply tank to
normal,
to
the
East
but
the
kept the progress of farming operations in
full at all times. The new models, it is
advantages of the early spring break-up have remained and seeding is well keep the system
advanced. In Western Canada the spring has been later than usual, but rep).ted will be available in a novelty body finish to be known
a late season has produced a rich harvest in past years and this experience as"moire", involving a new process of combining lacquers
may be repeated. In the Prairie Provinces there is abundant moisture in
and oils. List price of the six-cylinder sedan is $1595
the ground, and with warm weather quick germination will occur.
Railway earnings, bank clearings, bank debits and bank note circulation f. o. b. Detroit.
all indicate a widening circle of business activity. Production of autoWillys-Overland, Inc., has announced the price of $2495
mobiles keeps pace with last year; the output of iron and steel is large:
its seven-passenger touring car.
for
sign
trades
no
abatement,
subsidiary
of
and
shows
construction
building
are correspondingly active. Mining, now become an industry of imStudebaker Corp. is introducing a de luxe limousine in the
portance. is being steadily developed with increasing output. Commodity
Comint.nr1 er line listing at $1,785 and a deluxe limousine in
prices slowly decline.
In the industrial field a feature of the month has been the announcement the President line listing at $2,495. A.R.Erskine, pros:dent,
of plans for the establishment of industrial coking plants in various centres, declares: "Rumors of price cuts are without foundation.
notably at Montreal and St. John, N. 13., under the subsidy scheme of the
of the kind is in contemplation by us or, as far
Federal Government for the encouragement of the use of coal from the Nothing
Maritime Provinces. It is anticipated that the coke produced will partly as we know, by our principal competitors."
replace imported anthracite coal for domestic heating and that valuable
subsidiary industries in the manufacture of by-products will result.
A help to trade has been the early opening of navigation. There were
in the Port of Montreal on the 19th inst. 52 ocean tessels awaiting cargoes.
and the activity of the Port is shown in a great increase of exports. The
store of grain at Fort William and Port Arthur on May 14 was 13.200,000
bushels less than a year ago, and it Is probable that Interior stocks from the
last harvest have now come forward. Duo to the early opening of navigation, the lake and river carriers transported over 5,000.000 tons of freight
In April es compared with none in April 1926.
The foreign trade of Canada in April was substantially larger than a
year ago, both imports and exports contributing to the gain. For many
months imports have risen in value and volume, but the increase in exports
value makes an exception to recent records. Compared with a year ago
the value of April exports is greater by $17.000,000. or nearly 30%. and
to this increase agricultural products contributed E16.000.000. The other
important item in export trade is wood, wood pulp and newsprint. There
may be no significance in the decline of the aggregate of the export value
of these commodities since lumber does not move rapidly abroad, but an
export value of $16,811,000 in April was $750.000 less than in the same
month a year ago. On the import side iron and steel products constitute
much the largest item, and of an increase of $6,300.000 Iron and steel
account for the whole.
Manufactures and Shipments of Automotive Parts and
Accessories Continue at High Levels.
Manufacturers of automotive parts and accessories operated on heavy schedules in April and shipments so far in
May are running close to the April level, paralleling the high
activity in the car and truck division of the industry, according to the Motor and Accessory Manufacturers Association. The association's advices May 23 state:
The grand index of April shipments of all members reporting for the
association's "Business Bulletin" nearly reached the high March level,
which was greater than any month since October 1925, the peak of the past
two years for the industry. Business of manufacturers of garage machinery
and tools was the best in the history of the industry, scoring a further
impressive gain over the record made in March, while shipments to customers by accessory makers showed a similar substantial increase.
Parts and accessory makers' shipments to car and truck manufacturers
for original equipment and shipments of manufacturers of replacement parts
to the trade in April declined only slightly from the high March level, a
seasonal trend, though original equipment shipments were well ahead of
.
Aprilgrle9g2a6te
volume of shipments of members in all groups in April was
175% of the January 1925 index, as compared with 181% in March and
161% in April a year ago. Shipments of parts and accessory makers for
original equipment aggregated 185% of January 1925, as compared with
195% in March and 160% in April last year, Shipments of shop equipment manufacturers, that is, garage repair machinery and tools, to the
trade were 223% of January 1925, as compared with 210% in March and
208% in April last year. Accessory makers shipped 156% of their January
1925 business as compared with 135% in March and 176% in April last
year. Replacement parts makers' business aggregated 117% of January
1925 as compared with 120% in March and 141% in April last year.
New Models of Automobiles and Price Changes. IV
Early production of a new Ford car superior in design and
performance to any now available in the low-priced light-car
field was announced May 25 by the Ford Motor Company
through its advertising counsel, N. W. Ayer Sc Son. Henry
Ford, designer of the car, and Edsel Ford, President of the
company, both stated that within the next few weeks they
will give a complete description of the now model.
The famous Model T Ford, which still leads the automobile
industry after 20 years of manufacture, will continue to be a
Automobile Production Still Running Below
substantial factor in Ford production, in view of the fact that
a Year Ago.
about ten million cars of this model are still in use and will
April production (factory sales) of motor vehicles in the
require replacement parts and service. The statement then
continued:
United States, as reported to the Department of Commerce,
"The Model T Ford car was a pioneer," said Henry Ford to-day.
was 397,566, of which 353,071 were passenger cars and 44,495
"There was no conscious public need of motor cars when we first made it.
There were few good roads. This car blazed the way for the motor industry were trucks, as compared with 386,841 passenger cars and
and started the movement for good roads everywhere. It is still the trucks in March and 430,523 in April 1926. The totals
pioneer car in many parts of the world which are just beginning to be
July 1921 to
motorized. But conditions in this country have so greatly changed that heretofore published have been revised from
further refinement in meter car construction is now desirable and our new date because of corrections made by some manufacturers.
model is .recognition of this.
The table below is based on figures received from 156
"Besides the Model T itself, another revolutionary element 'which the
manufacturers in the United States for recent months, 53
Ford Motor Co. introduced 20 years ago was the idea of service. Some
of the early manufacturers proceeded on the theory that once they had making passenger cars and 121 making trucks (18 making
induced a man to buy a car they had him at their mercy; they charged both passenger cars and trucks). Data for earlier months
him the highest possible price for necessary replacements. Our company
now out of business,
adopted the opposite theory. We believed that when a man bought include 95 additional manufacturers
one of our cars we should keep it running for him as long as we could and while March data for 23 small firms, mostly truck manuat the lowest upkeep cost. That was the origin of Ford service.
facturers, were not received in time for inclusion in this
"The Model T was one of the largest factors in creating the conditions
cars include taxicabs and
which now make the new model Ford possible. The world-wide influence report. Figures for passenger
cars, fire appaof the Ford car in the building of good roads and in teaching the people those for trucks include ambulances, funeral
the use and value of mechanical power is conceded. Nowadays everybody ratus, street sweepers and buses. Canadian figures have
motor
of
kind
ago
years
but
only
power,
20
the adventurous
runs some
supplied by Dominion Bureau of Statistics since
few could be induced to try an automobile. It had a harder time winning been
public confidence than the airplane has now. The Model T was a great January 1926.
•
3136
U vol.. 124
UTE CHRONICLE
AUTOMOBILE PRODUCTION (NUMBER OF
MACHINES).
United States.
1921.
• July
August
September
October
November
December
Total
1922.
January
February
March
April
May
June
July
August
September
October
November
December
Canada. a
Total.
Pass.
Cars.
176,870
181,270
158.760
148,009
116,644
79,455
165,616
167,756
144,670
134.774
106,081
70.727
11,254
13,514
14,090
13,235
10.563
8,728
4,314
2,845
2,938
2,093
1,846
1,639
4,006
2,561
2,634
1,799
1.537
1,355
308
284
304
294
309
284
861,008
13,892
1,783
Trucks.
Total.
Pass.
Cars.
Tru.
eks.
789,624
71,384
15,675
89,743
80,194
117.871 104,936
171.487 152,311
219,394 197,903
255,622 232,439
278,876 252,704
245,755 223.823
270,838 246,867
203,927 184,485
232.823 211,164
232.923 210,955
225,285 205,142
9.180
12,935
19,176
21,491
23,183
26,179
21,932
23,971
19,442
21,660
21,968
20,143
5,050
7,423
10,538
11.472
13,024
11,069
7,192
6.874
7,117
6,504
7,729
8,061
4,629
6,907
9,892
10,640
12,195
10.423
6,731
6,266
6,671
5,868
7,145
7,537
421
516
646
832
829
646
461
608
446
636
584
524
Total
1923.
January
February
March
April
May
June
July
August
September
October
November
December
2,544,176 2,302,923
211,253
102,053
94,904
7,149
239,302 219,885
271,601 249,971
351,426 318,415
371,460 335,143
385,525 344,038
371,301 332,760
323,815 295,320
340,240 311.958
321,819 295,815
358,698 330,700
30.8225 281,951
300,843 273,980
19,417
21,630
33,011
36,317
41,487
38,541
28.495
28.282
26.004
27,998
26,274
26,863
10,130
12,039
15,124
15.948
18,701
14,915
11,882
10,356
9,617
9,403
9,171
9,252
9,341
10,910
13,742
14,331
1,6705
13,299
10,475
8,742
8,272
7,964
7.602
7,845
789
1,129
1,382
1,617
1,996
1,616
1,407
1,614
1,345
1.439
1,569
1,307
Total
1924.
January
February
March
April
May
June
July
August
September
October
November
December
3,944,255 3,589,936
354,319
146,438
129,228
17,210
283,983
331,388
341,841
331.957
271,033
214,322
235,925
249,796
256,940
254,524
198,381
174,899
28,299
30,374
33,503
35,067
32,666
27,495
24,568
27,172
30.416
30.459
25.701
24,625
11.588
13.751
17.234
1,6381
17,044
11,707
9,726
6,316
7,939
7,627
7,043
8,890
9,841
12.072
1.5194
14.448
15,291
10,757
8,619
5,436
6,588
6.357
5,962
7,200
1,747
1,679
2,040
1,933
1,753
950
1,107
880
1,351
1,270
1.081
1,690
Total
1925.
January
February
March
April
May
June
July
August
September
October
November
December
3,495,345 3,144,999
350,346
135,246
117,765
17,481
230.887 205,550
274,373 243,176
362,116 321,200
421,993 377,747
406,259 366,197
386,887 352,261
387,214 348,984
250,574 216,087
319,770 263,855
436,225 394,096
364,347 328,694
308,711 278,643
25,337
31,197
40,916
44,246
40,062
34,626
38,230
34.487
55.915
42,129
35,653
30.068
9,866
12.472
15.103
17,091
20,239
16,043
12,985
8,916
12,852
15,615
10,978
9,229
8,301
10,779
13,014
15,515
18.351
14,249
11.140
7,430
10,372
13,921
8,741
7,498
1,565
1,693
2,089
1,576
1,888
1,794
1,845
1,486
2,480
1,694
2,237
1,731
Total
1926.
January
February
March
April
4.149,356 3,696,490
452,866
161,389
139,311
22,078
272,922
319,763
381,116
383,907
26,690
34,668
41,612
46.616
15,479
18,838
22,374
21,502
11,781
14.761
17,989
17.929
3,698
4,077
4,38.5
3,573
Total (4 months)
May
June
July
August
September
October
November
December
1,508.294 1,357,708
417,211 373.140
380,372 339,570
354,394 317,006
422,294 380,282
393,356 350,923
329,142 289,365
250,950 219.504
163,429 137,361
150,586
44,071
40,802
37,388
42,012
42,433
39,577
31,446
26.068
78,193
24,934
21.751
15,208
15,285
17,495
14,670
9,828
7,752
62.460
21,429
18,818
12,953
12.782
12.624
10,595
6,774
6,052
1,5733
3,505
2,933
2,255
2,503
4.871
4.075
3,054
1.700
Total (year)
1927.
January
February
March
April
4,219,442 3,765,059
454,383
205.116
164,487
40.629
.234,228 .196,986
*298,759 .260,641
*386,841 *341,675
397,566 353.071
.37,242
*38,118
*45,166
44,495
15,376
18,655
22,623
24,611
11,745
14.826
19,089
20,890
3,631
3,829
3,534
3,721
Total (4 months) 1.317,394 1,152.373 165,021
81.265
66.550
a Reported by Dom nion Bureau of Statistics since January 1926.
• Revised figures.
14,715
312,282
361,762
375,355
367,024
303,699
241,817
260,493
276.968
287,356
284,983
224,082
199.524
300,612
354,431
422,728
430.523
Little Change in Softwood Lumber Industry-Hardwood Continues to Be Affected by Floods.
There is apparently little change in the softwood lumber
industry for the week ending May 21, when compared with
reports for the previous week, according to telegraphic reports received by the National Lumber Manufacturers'
Association. Allowing for the smaller number of reporting
mills, the volume of new business for the week was probably
considerably larger, with shipments and production somewhat more. The corresponding period last year still shows
considerable decreases in all three factors.
The hardwood operations continue to show heavy decreases in production in the lower Mississippi Valley, compared with last year, duo to the floods. Shipments record
a heavy inclease and new business a nominal decrease from
last week's figures, while as compared with last year shipments are heavier and new business less, states the report of
the National Association,from which we add the following:
Unfilled Orders.
The unfilled orders cf 173 Southern Pine and West Coast mills at the end
of last week amounted to 519,904,983 feet, as against 522,761,276 feet for
174 mills the previous week. The 103 identical Southern Pine mills in the
group showed unfilled orders of 222.079.995 feet last week, as agcinst 222,431,028 feet for the week before. For the 70 West Coast mills the umilled
orders were 297,824.988 feet, as against 300,330.248 feet for 71 mills a week
earlier.
Altogether the 282 comparably reporting softwood mills had shipments
106% and orders 109% of actual production. For the Southern Pine mills
these percentages were respectively 103 and 102; and for the. West Coast
mills 111 and 114.
Of the reporting mills, the 259 with an established normal production for
the week of 181,481.900 feet gave actual production 96%,shipments
101%
and orders 104% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood and two hardwood regional associations,
for the three weeks indicated (000's omitted):
Past Week.
Corresponding
Week 1926.
Preceding Week
1927 (Revised).
Softwood. Hardwd. Softwood. Hardwd. Softwood. Hardwd.
'Mills
Production
Shipments
Orders
282
184,224
195,303
200.957
169
17,842
26,643
202M
372
251,744
286,233
994 9xn
162
25,184
23,612
aln
97
299
190,813
204,592
174
18,117
24,208
9AI 797
90900
•Fewer West Coast mills are reporting this year; to make a lowance for
this, add
24,000,000 to production, 27.000,000 to shipments and 27,000 000 to orders in comparing softwood with last year.
The following revised figures compare the lumber movement of the
same
regional associations for the first twenty weeks of 1927 with the same period
of 1926 (000's omitted):
Production.
Shipments,
Orders.
Softwood. Hardwd. Softwood. Hardwd, Softwood. Hardwd.
1927
1926
*3,781,898
4,515,708
564,200 3,955.248 611,088 4,069,758 639,359
561,449 4.700.135 535.744 4.721.371 543.210
• Softwood totals not comparable because of smaller number of reporting mills
this year.
The mills of the California White & Sugar Pine Association make weekly
reports, but not being comparable, are not Included in the foregoing tables.
Eighteen of these mills, representing 52% of the cut of the California
pine region, gave their production for the week as 21,780,000, shipments
19,435,000. and new business 16.290,000. Last week's report from 17
mills, representing 49% of the cut, was: Production 15,137,000 feet,
shipments 20,012,000, and new business 27.364.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 70 mills reporting for the week ended May 21 was 14%
below production, and shipments were 11% above production. Of all
new business aken during the week 47% was for future water delivery.
amounting to 37,890,141 feet, of which 28,292,700 feet was for domestic
cargo delivery and 9.957,441 feet export. New business by rail amounted
to 40,544,792 feet. or 50% of the week's new business. Forty per cent
of the week's shipments moved by water, amounting to 3,215,525 feet,
of Which 24,220,925 feet moved coastwise and inter-coastal, and 7,894,600
feet export. Rail shipments totaled 44,511.278 feet, or 56% of the week's
shipments, and local deliveries 2,814,754 feet. Unshipped domestic
cargo orders totaled 112,280.515 feet. foreign 70.939.180 feet, and rail
trade 114,605,293 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
103 mills reporting, shipments were 2.92% above production and orders
were 2.33% above production, and 0.58% below shipments. Now business
taken during the week amounted to 60,666,246 feet (previous week 56,304,544); shipments 61,017.i95 feet (previous week 61.985.876): and
production 59,286,549 feet (previous week 58.043.303). The normal
production of these mills is 68.301,426 feet. Of the 102 mills reporting
running time, 74 operated full time, 16 of the latter overtime. Six mills
were shut down, and the rest operated from two to 5% days.
The Western Pine Manufacturers Association of Portland, Ore., with
two more mills reporting, shows slight increases in production and shipments, and a good gain in new business.
The California Redwood Association of San Francisco, Calif., with
fewer mills reporting, shows a nominal decrease in production, a marked
decrease in shipments and new business slightly below that reported
fo
the week earlier.
The North Carolina Pine Association of Norfolk. Va., with eight fewer
mills reporting, shows notable decreases in all three items.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
with one less mill reporting, shows a considerable decrease in production,
a material increase in shipments and a fair gain in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two more mills reporting,
shows production about the same, and nominal increases in shipments and
now business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from 16 mills (two more mills than reported for
the week earlier) production about the same, and substantial Increases in
shipments and new business.
Tho Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 160 mills (seven more than reported for the previous week) production
about the same, a notable increase In shipments and new business ccasiderably oelow that reported for the preceding week. The normal production
of these units is 25.703.000 feet.
West Coast Lumbermen's Association Weekly Report.
Seventy-one mills reporting to the West Coast Lumbermen's Association for the week ended May 14 manufactured
74,265,525 feet, sold 86,257,337 feet and shipped 82,600,778
feet. New business was 11,991,812 feet more than production and shipments 8,335,253 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS
SHIPMENTS AND UNFILLED ORDERS,
Week EndedMay 14.
May 7.
April 30.
April 23.
Number of mills reporting
71
72
72
72
74,265.525
Production (feet)
76,794,228
62,455,044
71,977,134
New business (feet)
86.257,337
58,875,297
78,011.872
76,699,141
Shipments (feet)
82,600,778
74,147,640
89,714,2511
87,369,292
Unshipped balances:
Rail (feet)
119.697,099 123,578,790 126,749,611
129,626,037
Domestic cargo (feet)._ 110,147,960 105,612,798 109.935,389 104,802,553
70,485,189
Exports (feet)
67,525.672
66,697,439
78,583.587
Total (feet)
300,330,248 296,717,260 303,382,439 313,012,177
First 19 IVeeks of1927.
1926.
1924.
1925.
Average number of mills..
77
105
128
120
1,391,205,688 1,938,105,860 1,934,434,455 1,916,456,967
Production (feet)
New business (feet)
1,481,890,858 2,039,497,138 1,960,139,823 1,813,864,730
Shipments (feet)
1 431,226,333 1,990,327,039 1,966,044,811 1,978,108,039
•
3137
THE CHRONICLE
MAY 281927.]
Henderson, President of the Rubber Exchange, issued the
Sales of Cotton Standard Cloth in First Four Months following statement, explaining the proposed changes:
Year
Last
Period
Those
for
Same
of 1927 Exceed
The membership seemed unanimous in the opinion that deliveries should
-Increase in Production-Stocks Decline.
be made from warehouses when buyers so desire. The proposed change
would give the sellers the privilege of delivering from the dock if buyer
More than a billion yards of standard cotton cloth were agrees.
With rubber deliveries from the warehouse, certificate of quality
sold during the first four months of 1927, according to a is to be issued by graders licensed by the Exchange. It was also the
Cotton
Textile
unanimous
opinion that qualities should be so graded as to conform with
of
Association
May
24
by
the
published
review
those established in the outside market, with a view of establishing
Merchants of New York in the current issue of the Cotton international
types.
Textile "Bulletin." "The volume of sales in this period
The membership voted that the unit of trading be increased from the
the
correspondpresent
21
/
2
tons
to a 5-ton contract, and that prices for trading be on the
volume
in
38%
larger
than
the
was more than
basis of 5 points of 1-20 of a cent rather than the prevailing basis of 10
ing period last year," the review states. "Production has points.
been slightly larger up to May 1, but stocks have declined
A revision of the commission rate was also voted for, and a sliding scale
unfilled orders on May 1 had accumulated in record volume. adopted on a one-way basis, representing a reduction from the old average
rate
of approximately 40%.
During the first four months of last year stocks increased
The members favored increasing the clearance charge from $1.50 to $2,
slightly and unfilled orders declined." The improved though the contract was doubled in unit of trade. The clearance charge
statistical position of the industry is indicated in the following was also recommended at $10 per contract for members, to cover transacin and out during trading hours, even though absent from the floor.
comparative summary (000's of yards omitted) based on tions
There were various other matters of lesser importance discussed, and
Association:
combined yardage reports compiled by the
generally speaking, the membership approved the recommendations of the
894.157
866.348
890.834
268.716
272,069
261,317
236.831
Production
Sales
Shipments
Stock on Hand: Jan. 1
May 1
Unfilled Orders: Jan. 1
May 1
1927.
976,057
1,196,197
1,046,610
247,234
176.681
324,943
474,530
board. The purpose of the meeting was to bring about a fuller discussion
before definite by-laws and rules were drawn up. While every effort is
being made to increase activity, the primary object of the board is to
facilitate deliveries and to encourage hedging on the part of consumer,
producer and trader, keeping in mind always its responsibility to the
rubber industry as a whole.
The reports compiled by the Association are based on
yardage statistics on the manufacture and sale of more than Newsprint Exports from Canada During April and
200 classifications of standard cloths, and represent a large
Four Months.
part of the production of these goods in the United States.
According to the report issued by the Canadian Pulp &
Paper Association, the exports of pulp and paper in April
Activity in the Cotton Spinning Industry for April 1927. were valued at $11,140,169, a decrease of $6,094,689 from
The Department of Commerce announced on May 20 that the previous month. The Montreal "Gazette" of May 21,
according to preliminary figures compiled by the Bureau of in announcing this, added:
Exports of wood pulp in April were valued at 32,656,240, and exports
the Census, 36,943,340 cotton spinning spindles were in
of Paper at $8,483,929. compared with $4,407.371 and $12,827,487. replace in the United States on April 30 1927, of which 32,892,- spectively,
in the month of March.
442 were operated at some time during the month, comFor the various grades of pulp and paper, details are as follows:
pared with 32,919,288 for Mardi, 32,872,102 for February, 32,April 1927.
April 1926.
633,550 for January, 32,496,250 for December, 32,586,770
Tons.
Value.
Tons.
Value,
Pulp
for
April
1926.
The
for November and 32,890,594
aggregifte
$288,822
10,299
11,882
$346,185
number of active spindle hours reported for the month was Mechanical
13,876
1,074,467
13,303
Sulphite, bleached
996,834
8,804,518,361. During April the normal time of operation Sulphite, unbleached
11,140
612,381
17,654
999,037
661.849
10.862
Sulphate
13,142
821,717
was 252-3 days (allowance being made for the observance Screenings
724
18,721
of Patriot's Day in some localities), compared with 27 for
46,901
$1,656,240
55,981
$3.183.773
PaperMarch, 23 2-3 for February, 25% for January:26 for Decem- Newsprint
123,449
$7,374.021
88,055,336
112,828
843
ber, and 25% for November. Based on an activity of 8.78 Wrapping
1,217
137,816
96,388
25,742
5,356
38,340
Book (cwts.)
2,980
hours per day the average number of spindles operated Writing (cwts.)
8,077
11,997
1,376
962
526,457
240,440
during April was 39,070,417, or at 105.8% capacity on a All other
$8,483,929
$7,830,685
single shift basis. This percentage compares with 109.7
For the first four months of the year the total exports of pulp and paper
for March, 106.8 for February, 102.3 for January, 100.3 for
valued at $54,801,009, as compared with a total of $55.036,460 in
December, 101.2 for November, and 98.2 for April 1926. The werecorresponding
four months of 1926, a decline for this year of $235.451.
the
average number of active spindle hours per spindle in place
The total value of wood pulp exports in the first .our months of the
for the month was 238. The total number of cotton spin- year was $13,968,427 and exports of paper of $40,832,582, as compared
and $38,371,117, respectively, in the corresponding
ning spindles in place, the number active, the number of with $16,665,343
months of 1926.
active spindle hours and the average spindle hours per
Details for the various grades are as follows:
spindle in place, by States, are shown in the following stateFour Months 1927.
Four Months 1926.
ment:
PulpSpinning Spindles.
State.
Active Spindle Hoursfor April
In Place
April 30.
Active
During April
Total.
Avg.perSpin.
in Place.
Cotton-growing States_ _
New England States
All other States
18.135,989
17,136,594
1,670.757
17,672,178
13,760,186
1.460,078
5,654.797,584
2,840.946.549
308.774,248
312
186
185
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
Now York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,511,130
1.171,372
2,972,154
1,122,736
10,782,092
177,788
1,427,862
387,044
871,693
8,190,329
2,487,724
5,375,672
588,044
268,868
711.378
897,454
1,463,218
1,058,744
2,914,570
930,556
8,418,568
141,036
1,112.084
364,444
729,342
6,016,600
2,123,970
5,331,214
567,408
247,440
691,302
781,946
429,243,513
219,457,067
892.325.565
182,947,960
1,703,737,477
39,885,178
253,412,175
63,379,639
165,525,655
1,986,971,919
455,845,060
1,824,707,206
162,766,682
81,098.448
158,833,886
186,380,931
284
187
300
163
158
224
177
164
190
321
183
339
.277
302
220
208
United States
36,943,340
32,892,442
8,804,518.361
238
Members of Rubber Exchange of New York Approve
Amendments to By-Laws--Increase in Unit of
Trading and Reduction in Commission Rates.
Members of the Rubber Exchange of New York on May
23 approved a number of important changes in the by-laws
and rules designed to increase the activities of the Exchange.
The proposed changes were referred to the Rules Committee for drafting into form for submission to the Board of
Governors and later for ratification by the membership.
Two of the changes approved by the members call for an
Increase in the unit of trading from 2% to 5 tons and an
average reduction In the commission rates of 40%. P. R.
Mechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
PaperNewsprint
wrapping
Book (cvrts.)
Writing (cwts.)
All other
Tons.
Value.
Tons.
58,102
75,848
59,467
51,660
724
$1,585,733
3,935,357
8,273.858
8.154.758
18,721
96,598
65,360
92,233
56,500
$2,811,865
5,117,475
5,227,530
3,508,473
243,801
$13.968,427
310,691
$16,665,343
591,479
5,925
17,644
5,222
$38,732,675
672,235
146,219
42,821
1,238,632
540,963
6.797
12,348
5,002
$35,689,797
885,596
112,860
40,154
3,642,710
840,832.582
vable.
838,371.117
Exports of pulpwood for the first four months amounted to 583,957
cords, valued at $5,374,679, compared with 433,615 cords valued at
$3,966,043 for the first four months of 1926.
Louisiana Cane Sugar Production only 47,000 tons
from the 1926 Crop-Smallest Production
Since 1873.
Only 47,000 short tons of sugar were made from the 1926
cane crop of Louisiana according to reports received from
all operating factories by the Bureau of Agricultural Economics, United States Department of Agriculture. This says
the Department of Agriculture on May 24 is the smallest
production since 1873 when only 46,000 short tons were
made. Production of sugar from the 1925 crop was 139,000
short tons and 88,000 short tons were made from the 1924
crop. The Department also states:
A relatively large part of the cane crop was made into molasses and
syrup,thereby reducing the amount of actual sugar made. The total acreage
of cane harvested was also considerably less than in the two preceding years.
Low yields of cane per acre, and a small yield of sugar per ton of cane also
helped to reduce the production of sugar as well as the amount of molasses
and syrup made.
THE CHRONICLE
3138
Nearly 192.000 acres or 97% of the 198,000 acres of sugar cane grown in
Louisiana in 1926 was in the so-called "Sugar Belt," which lies in the low
Delta of the Mississippi River below the mouth of the Red River. About
70,000 acres were west of the Atchafalaya River; 36,000 acres were between
the Mississippi and the Atchafalaya above Bayou Lafourche; and 50,000
acres were farther south along Bayou Lafourche and a number of other
small bayous.
Small Decrease Marks the Week's Crude Oil Output.
A further decrease amounting to 8,700 barrels per day was
reported by the American Petroleum Institute, which estimates that the daily average gross crude oil production
in the United States for the week ended May 21 was 2,478,000
barrels, as compared with 2,486,700 barrels for the preceding week, while the current output is a decline of 28,400
barrels under the daily average during the week of May 7
1927, when a peak of 2,506,400 barrels was produced, it
is still greatly in excess of the output of 1,987,300 barrels
during the week of May 22 1926. The current daily average
production east of California was 1,85 ,300 barrels, as
compared with 1,851,400 barrels during the preceding week,
a decrease of 1,100 barrels. The following are estimates of
daily average gross production by districts for the weeks
mentioned:
Mt Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West central Teilifl
East central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
May21'27. May 14'27. May 727. May 22'26.
460,650
735,550745,250
736.700
106,500
115,110
113,900
114,500
21,400
134,900
135,500
134,100
80,700
88,850
88,400
89.450
79,500
185,200
191,150
188,000
55,150
40,400
39.850
39.350
36,500
35,750
35,200
34,900
60,200
45,650
48,600
48,450
176,850
110,050
113,550
113.400
80.400
138,400
135,000
132,550
12.700
16,200
15,200
15,600
106,500
112,000
113,500
115,000
72,450
62,850
60.900
64,550
27,900
15,100
14,050
13,750
7.100
9,550
7,900
7,450
3,800
7,250
3,150
2,550
599,000
643,900
635,300
627,700
2478,000 2,486,700 2,50E3.400 1.987,300
The estimated daily average gross production of the Mid -Continent
field, including Okiahoam, Kansas, Panhandle, north, west central, east
central and southwest Texas. north Louisiana and Arkansas. for the week
ended May 21 was 1.498.850 bbis., as compared with 1.501.700 bbla.
for the preceding week, a decrease of 2,850 bbls. The Mid-Continent
production, excluding Smackover, Arkansas, heavy oil, was 1,409,400
bbls., as comuared with 1,412.450 bbls., a decrease of 3,050 bbls.
In Oklahoma, production of North Braman is reported at 5.900 bbla.
against 6,050 bbls.; South Braman, 3.500 bbls.. against 3,400 bbls.
Tonkawa, 23.000 bbls., against 22,800 bbla.; Garber. 15,050 bbls., against
15,750 bbls.; Burbank, 43.150 bbls., against 43,500 bbls.; Bristow-Slick,
27,050 bbls., no change; Cromwell, 12,750 bbls.. against 13,000 bbls.;
Papoose. 7,050 bbls., against 7.300 bbls.; Wewoka, 19,500 bobs- against
19,800 bbls.; Seminole, 285,850 bbls., against 286,650 bbls., and Earlsboro.
65,650 bbls.. against 62,400 bbls.
In Panhandle Texas. Hutchinson County is reported at 107,500 bbls..
against 108.800 bbls., and Balance Panhandle. 26,600 bbls., against
26,700 bols. In east central Texas. Corsicana Powell. 19,150 bbls..
against 19.350 bbls.; Nigger Creek, 4,300 bbls., against 4.350 bbls.; Reagan
County. west central Texas, 26,950 bola., against 27,150 bbls.; Crane &
Upton Counties. 59,650 Ws.. against 64,650 bbls.; Brown County, 26.050.
bbls., against 26,400 bbls., and in the southwest Texas field, Luling
16,750 bbls., against 16.900 bbls.; Laredo Distalct, 14,150 bbls.. against
14,300 bbls.; Lytton Springs, 2.150 bbla., no change. In north Louisiana.
Haynesville is reported at 7,750 bbls., against 7.800 obls.; Urania, 8,500
bbla., against 9.700 bbls.; and in Arkansas, Smackover light, 10,950
bbls.. against 11,200 bbls.; heavy, 89,4E0 bbls., against 89,250 bbla., and
Lisbon, 3.850 bbls.. against 3,950 bbls. In the Galt Coast field, Hull
is reported at 18,300 bbls., against 19.950 bbls.; West Columbia. 10.250
bols., against 10,500 bbls.; Sdindletop. 51.150 bbls., against 51,950 Ms.;
Orange County, 5,250 bbls., against 5,550 bbls., and South Liberty. 3,700
bbls., against 3.510 bbls.
In Wyoming, Salt Creek Is reported at 46.800 bbls., against 99.750
bbls., and Sunburst. Mont., 11,200 bbls.. against 11.500 bbls.
In California, Santa Fe Springs is reported at 42.000 bbls., no change;
Long Beach. 94,000 bbls.. against 93,000 bbls.; Huntington Beach, 75.000
bbls., against 74,000 bbls.; Torrance, 24.000 bbls., no change; Dominguez.
17,000 bbls.. against 17,500 bbls.; Rosecrans, 10,000 bbls.. against 10.500
bbls.; Inglewood, 36,000 bbls.. no change; Midway Sunset. 91.000 bola.,
no change; Ventura Avenue. 39,500 bbls.. against 40,100 bbls.. and Seal
Beach. 46,000 bbls., against 51,000 bbls.
Vivi.
1 29
station prices of gasoline lc. throughout Ohio when the State
gasoline tax became 3o. a gallon.
On May 26, the Standard Oil Co. of New Jersey reduced
fuel oil 10 cents a barrel, effective as of May 25,at New York
Baltimore, Charleston and Norfolk, to $1,65 a barrel.
Standard Diesel oil was also reduced 10 cents a barrel to
$2.20 a barrel at New York, Baltimore and Charleston and
$2.40 a barrel at Norfolk. Standard distillate fuel 'oil was
reduced X cent a gallon at New York,Baltimore and Charles3 cents a gallon
ton to 53's cents a gallon, and X cent to 5%
at Norfolk. Standard gas oil was reduced X cent at the same
points, new price at New York, Baltimore and Charleston
being 53' cents and at Norfolk 6 cents a gallon.
Reduction of 10 cents a barrel in bunker fuel oil to $1.65
in New York harbor is first price change in that product
since September, 1926; prior to that there was a 10-cent
advance last August, so the new price is on the same level
as ten months ago.
Overproduction of crude oil and unusually large gain in
gasoline storage have resulted in some refiners rdducing
cracking operations. This has left a larger proportion of the
crude for fuel oil. Increased shipments from Venezulea
have also augmented the fuel oil supply in recent months.
The price of kerosene was reduced 1 cent per gallon, tank
wagon, on May 26 by the Continental Oil Co. The reductra was effective throughout Colorado, Wyoming and New
Mexico.
On May 27, reports from Philadelphia declared that the
Atlantic Refining Co. had advanced the tank wagon price of
gasoline lc. a gallon to 17c. in that city only.
In the Chicago wholesale markets on May 27, prices were
quoted as follows: United States motor grade gasoline 634
5 @,4%c.; fuel oil
/
@)61H3c.; kerosene, 41-43 water white, 43
24-26 gravity,95@97c.
Total
Gasoline Prices Show Further Reductions-Fuel Oil
Cut, But Crude Remains Unchanged.
Few prices were changed in the gasoline markets of the
country throughout the week but those revisions which took
place were in the nature of reductions in practically every
instance. Crude oil prices remained stable but fuel oil in
the East suffered a reduction of 10 cents a barrel late in the
week. Previous to that, however, the Continental Oil Co.
in Denver, Colo., on May 19 reduced tank wagon prices of
gasoline lo. and service station 2c., making the new price
16c. for both, including 3c. State tax. This was the outgrowth of a war started by an independent station at Pueblo,
which brought prices as much as 4c. below those posted, according to available information.
In Memphis, Tenn., on May 23 the Standard Oil Co. of
Louisiana reduced the price of gasoline 4c. a gallon. Gulf
25 the
Oil and other companies followed. Effective May
Standard Oil Co. of Ohio advanced tank wagon and service
Conference of Secretary Work with Representatives of
'Oil Companies on Overproduction-New York
Conference-Withdrawal of G. S. Davison of
Gulf Oil Corporation from Committee of
Oil Companies.
At the confqrence between the Committee of Oil Company
Executives and Hubert Work, Chairman of the Federal 011
Conservation Board, held in Washington on May 23 (and to
which reference was made in our issue of a week ago, page
2098), Secretary Work reminded the delegation that legal
powers have not been conferred on the Board "to prescribe,
approve, or disapprove any definite plan, or fix limitation
upon legitimate private initiative, We are," he said,
"what might be termed an advisory or co-operative agency."
The committee representing the oil companies was created,
as has heretofore been indicated, for the purpose of drafting plans to cope with the problem of over-production of oil
in the Seminole field in Oklahoma. "Clearly," said Secretary Work, "the oil industry needs its business. stabilized
and the public should be assured of adequate supply and
freedom from price fluctuations. Conservation measures
will be justified and become popular with both producer and
constuner if they are directed toward lowering cost of production and effecting savings in oil, in labor and in capital
expenditure." Walter C. Teagle, President of the Standard
Oil Co. of New Jersey, indicated at the conference that thecommittee would keep the Board fully informed of its
efforts to control production and advised Mr. Work that
whatever action was taken at the meeting of the committee
scheduled for May 25 in New York would be communicated.
to the Board, The plan of restricting the drilling of unnecessary.pools In the Seminole district, and the retention of
Ray Collins as umpire was approved at the meeting on May
25. The resolutions adopted at the meeting are indicated
further below. In his statement to the Committee of Oil
Company Executives, on May 23, Secretary Work said:
There is little need for me to explain why this conference has been,
called. The oil industry is confronted with over-production of crude petroleum. Economic conditions are disarranged, temporarily at least, and the
chief executives of the larger oil companies have indicated a desire to present to this Board certain facts and tentative plans which they feel likely
will ameliorate present conditions. I regret that the full membership of the
Board is not present. But you are welcome to express your views and leave
with us such material as you feel will contribute to our better understanding of your problems. These facts will be laid before the full board,
which will weigh the minutes of this meeting and endeavor to render such
help as may be possible.
What is proposed for discussion is an involved problem that has now
become acute. It is the much talked of theory of conservation brought to
a test. The Board is concerned as Individual administrators of Government activities: the Army and Navy as necessary consumers, the Department
of Commerce in stable markets, and the Department of the Interior in locating and conserving deposits and in supervising the production of one-
MAY 28 1927.]
THE CHRONICLE
tenth of our national petroleum output. Collectively, the Board has a moral
responsibility in safeguarding the interest of some 30,000,000 actual consumers of oil products.
You gentlemen understand, of course, that legal powers have not been
conferred on the Federal Oil Conservation Board to prescribe, approve or
disapprove any definite plan, or fix limitation upon legitimate private
initiative. We are what might be termed an advisory or co-operative
agency. Fundamentally this Board is a conservation body, primarily interested because of the Government's responsibility for the best interests of
all the people. It was created for the specific purpose of conducting an
intensive study into national petroleum conditions with a view to laying
before the President and the Congress the facts as they seemingly exist in
relation to the present and potential natural oil resources of the country.
The Board has rendered one report based upon a general survey of conditions which indicated the necessity for practical and constructive conservation in the production of oil as well as through intelligent use. Certain
specific suggestions were incorporated in that report. The Board believed
at the time the report was rendered to the President, and it still believes,
that the oil industry should be encouraged to employ more constructive and
economic principles in the conduct of its drilling operations. There has
been haste, waste and disregard for the laws of economics. The industry
to-day is being penalized for neglect of these precautions, particularly as
to haste in production.
The Federal Oil Conservation Board is concerned with the stabilization
of all factors involved. If it can assist the industry as a whole to more
satisfactorily meet its obligations to the public and the Government, and
at the same time to improve and protect its own structure, it will have
performed a real service.
I hope you gentlemen understand that this Board is ready and willing to
co-operate not only with the heads of the oil industry, but with the various
State reguatory commissions, with independent operators and "wildcatters,"
the consumers of petroleum and its by-products—the man who may buy
one gallon of gasoline, as well as the concern which may buy a million
gallons. The machine of the Government is equally open to all for the
refining of this question. The Board has no field or traveling representative or any one authorized to forecast its probable findings; it must first
hear the matter.
This meeting was called at your request. We are pleased that you were
moved to do so and we should like a free discussion of any phase of the
subject at issue so that all of us may better understand just what may be
done to protect the Government, the public and the industry alike. I
believe there is a community of interest.
With the idea that general and widespread benefits outweigh individual
and scattered advantages there is naturally linked the idea of subordinating
temporary advantages to long-term benefits. This in a way is what oil
conservation means—considering the industry as a whole rather than a few
Individual units and over several decades instead of a few months. It is
the future welfare of your whole industry that means more to the general
public than the ups and downs of a single year. And the whole industry
Includes small units of production along with large—both the little companies and the big corporations. The Federal Oil Conservation Board is
cognizant of the fact that over-production brings in its train results much
more serious in losses which small operators are suffering than in any burdens placed on the larger and stronger companies. Indeed, the competition
In an over-supplied market, between oil from new flush pools and oil from
small wells in old fields may cause the abandonment of producing wells of
the type that constitutes stable production, destroying small producers
widely distributed and inflicting a serious loss to the nation. Prices below
cost, if long continued, have that result, and the privilege of profitable
operation must be secured, if possible, to the small producers, whose aggregate output is large and will tie needed by the consumers when the present
period of surplus is past.
That the land owner, as distinguished from the oil operator, has not
yet
been mentioned may seem strange, inasmuch as the Secretary of the
Interior represents two fee owners, the largest in the country:
the Indians and
the Federal Government itself. As the administrator
in charge of the
publicly-owned oil lands, the Secretary's authority is greater
than as trustee for the Indians. During this period of over
-production, the policy of the
Interior Department has been to meet the operator
on Government land more
than half way in any effort he wishes to make in
helping the situation.
As the administrator of Government oil
leases the Secretary of the Interior has believed it to be to the Government's
interest to conserve oil In
the ground, at a time when over-production
contributes to waste of that oil
above ground. In that respect the Government
lessor and operator lessee
have much the same interest and petitions for
relief from operating requirements in Government leases have been sympathetically
received and promptly
granted. The Government has also refrained from
putting its oil-land
holdings on the market when production is unneeded
and unprofitable, so
far as the law permits this type of conservation. It
may interest you
to hear that on public oil lands there is to-day an actual
shut-in production
of 120,000 barrels a day—production practically all of which
Can be immediately made available when the market needs it. In other
words, the wells
on Government lands are at present producing less than half
capacity.
At the Washington conference Mr. Teagle's
statement
dealt with the progress made by the producers in
the Seminole field in developing plans to curb production.
The New
York "Times" account states that he indicated
that if the
leaders
oil
are able to adopt a practicable plan
as to the
Seminole field it would be applied to other
districts and
In this connection mentioned California and
western Texas.
The "Times" advices added:
The over-production, which he said now amounted to
every barrel that
was going into storage, would not be solved if the
movement were limited
to the Seminole field, but, he explained, a start had to be
made somewhere
and the Seminole was viewed as now being a heavy offender.
The position of the Gulf company, one of the largest
operating in oil, as
reflected by Mr. Davison's retirement from the
committee, was taken as
showing a lack of accord in what the industry's
leaders propose to acecmn.
plish or the means they have in mind to bring about a
curtailment in production. The plans under consideration also are being
opposed by some of
the independent producers and refiners.
At the present time the whole attention of the industry is
directed to
conditions in the Seminole area, which since its opening
a year ago has
produced something like 49,000,000 barrels of oil, and last
week
reached
Its peak of 365,000 barrels daily.
Accompanying Mr. Teagle to Secretary Work's offices
were A. L. Beaty
of the Texas Co.; Henry Dawes of the Pure Oil Co., and R. W.
President of the Standard Oil Co. of Indiana. It was announced Stewart,
that G. S.
Davison of Pittsburgh, representing the Gulf company, had
resigned from
the committee, but no explanation was given for his action.
3139
The "Times" also said:
Refusal of G. S. Davison, Vice-President of the Gulf Oil Corporation, to
participate in yesterday's oil conference in Washington means, according to
information received here, that the Mellon interests, who control Gulf 011,
are out of harmony with the tentative plan for artificial restriction of crude
oil production through the co-operation of Federal agencies.
The Gulf Oil Corporation is opposed, it was learned, to any movement
that may have the effect of placing the oil industry, even temporarily,
under any Government direction or supervision. The Secretary of the
Treasury, Andrew IV. Mellon, whose family owns almost all of the Gulf Oil
stock, expressed the opinion last week that there was little the Goveyrnment
could do to help the oil industry solve the problem df over-production. He
said he felt any effort in that direction should be Made by the various
States interested.
An agitation has been begun, according to reports here yesterday, for the
designation of an unofficial arbiter for the entire oil industry, but prominent executives expressed the opinion that any such plan that promised
actual results would be illegaL
At the meeting on May 25 at the offices of Walter C.
Teagle, President of the Standard Oil Co. of New Jersey, the
oil operators adopted a resolution approving the report of
Ray Collins regarding the plan of restricting the drilling and
completi9n of "unnecessary wells in the Seminole pool and
vicinity." It was also decided to continue the services of
Mr. Collins as umpire. The resolution, unaminously
adopted, was drafted by the Committee composed of H. M.
Dawes, W. S. Fitzpartick, E. B. Reeser and umpire Collins;
it reads as follows:
Be it Resolved, That we approve the report of Umpire Ray Collins regarding the plan of restricting the drilling and completion of unnecessary welts
in the Seminole pool and vicinity, and that the services of Mr. Collins as
umpire be continued.
Be it Further Resolved, That all questions of appeal, to the Corporation
Commission for the exercise of any authority vested by law in said Commission, be left to the determination of the operators in the Seminole pool
or their lbcal representatives, in a meeting called for such purpose.
Be it Further Resolved, That these resolutions continue in force until such
time as ten or more of the operators subscribing to this resolution shall
have served notice upon the Umpire in writing of their withdrawal herefree.
Be it Further Resolved, That we are committed to the policy adopted by the
Seminole producers, insofar as our operations extend throughout the State
of Oklahoma, and will do all that we reasonably and lawfully can in the
interest of conservation of oil as a national resource, to the end that waste,
as defined by the Statutes of Oklahoma, may be avoided.
The •following is Mr. Collins report which the meeting
approved:
Tulsa, Oklahoma, May 20 1927.
To the Seminole Operators:
The undersigned having been appointed umpire in the greater Seminole
area at a meeting of Seminole producers held in New York, May 12th, and
requested by resolution of such operators to make a survey of the greater
Seminole area and assemble such data as might bear on the further restriction of drilling therein and report his recommendations in this respect to
another meeting of the Seminole operators to be held in New York May 25
1927, report as follows:
Since my appointment I have made a personal survey of conditions existing in the greater Seminole area and have interviewed a majority of the
producers operating there for the purpose of obtaining their views as to a
method of meeting the condition existing in this field, I find that the
producers are divided in their opinion as to the effect of curtailing production
from existing wells. Some believe that such a program would not only
seriously damage their walls but would reduce the ultimate recovery
therefrom, while other producers take the contrary view. It is my opinion
that the only program that would be considered by the Seminole operators
is something along the line suggested in this report:
1. There is a general feeling among the Seminole operators that the condition of over-production now existing in the industry is due as much to the
West Texas and California field as it Is to Seminole. At any rate, that the
potential production in West Texas is as much a menace to the industry as
Seminole.
2. At present there are 450 wells drilling in the Seminole area. With the
exceptions I shall note, all of these should be drilled in due to drainage and
loss of pressure conditions. It is my opinion that the following wells are
so located that they may be limited in production without substanial
drainage or lot of pressure. I would put that limitation as follows: 22
wells in Sections 1, 2, 14 and 24. Township 9 North, Range 5 East, these
wells to be limited to 1,000 barrels from the Wilcox sand to each 40-acre
tract. 49 wells drilling in Sections 11,12 and 13. Township 9 North, Range
5 East, to be limited to 2,000 barrels from the Wilcox sand to each 40-acre
tract. The following two sets of wells are located in what may be termed
undeveloped territory and therefore the production therefrom may be considerably curtailed because of there being no drainage or loss of pressure:
13 wells now drilling in Sections 1. 4. 5.8, 17. 21, 26. 28k 30 and 31, Township 8 North, Range 6 East. I would limit the production to 100 barrels
per well. Four wells drilling in Sections 31. 29 and 20. and Section 2,
Township 9 North, Range 6 East, I would limit the production to 100 barrels per well. In addition to the wells described above there are 96 rigs
and drilling wells in Townships 7 toll North, Ranges 3 to 7 East,inclusive.
Practically all of these are in undeveloped territory, but which have prospects of opening up new pools. Most of these wells are being. drilled under
time contracts or are necessary to protect lease titles. Therefore they
should be permitted to drill in, but the production should be limited to 100
barrels per well, because here again there will be no drainage or loss of pressure. Should my recommendation under this paragraph be considered, I
will have with me a map showing location of the wells indicated here so that
each producer will know how he is affected by these recommendations.
3. rpon the basis of the facts stated in the preceding paragraph. I recommend that this limitation on production be agreed to by the Seminole operators in general and in particular by the operators whose wells are included
in this recommendation, the details thereof to be worked out between the
operators affected and myself as umpire.
4. It is my opinion that the above recommendations should be carried out
by agreement among the producers owning the wells to be affected thereby.
5. I further recommend that a committee of five Seminole operators
be appointed to advise with me concerning the application of the program
recommended here and that the drilling restrictions suggested in this report
terminate when this committee shall so decide.
RAY COLLINS,Umpire
Okmulgee (Oklahoma) District Oil and Gas Association
Asks Federal Oil Conservation Board to Investigate
Overproduction by Twenty-eight Companies.
According to resolutions of the Okmulgee District Oil
and Gas Association of Oklahoma, (representing 200 independent producers) "the major part of the over-production
3140
THE CHRONICLE
now menacing the industry has accurred in the Seminole
field where more than 50,000,000 barrels of unneeded oil
was produced by 28 companies in the period between Feb.
1 1926 and May 14 1927." The resolutions of the Association, forwarded to the Federal Oil ConservatIon Board, and
made public by the latter under date of May 24, state that
the Board "can render valuable assistance to the industry in
determining whether the present conditions have been
brought about by•a small number of companies either with
or without a deliberate attempt to affect the price structure
of the crude market." "What is most needed in the industry
to-day" the resolutions state "is honest and sincere effort
toward permanent stabilization of the industry." The
resolutions represent the views of independent oil operators,
who in advices to Secretary Work on May 18(as we indicated
last week page 2998) requested the Board to defer action
until the presentation of their statement. The following
are the resolutions:
Whereas, The Okmulgee District Oil and Gas Association representing
more than 200 independent producers residing in or owning oil properties
in five eastern Oklahoma counties which are now producing more than
400,000 barrels per day,recognizes and believes that the oil industry,second
in rank among the great industries of the country, is facing a crisis in its
history that will result in great financial loss to the majority of persons
engaged directly in the oil business and will eventually greatly increase the
cost of finished products of this industry to the great mass of consumers;
and in additioa to these facts the Government is receiving diminished returns
in taxes, the farmer and land owner reduced royalties, and the owners and
operators of some 275,000 wells in the United States having an average
daily production of not more than five barrels per day-such wells being
the very backbone of the petroleum supply of this country-are operating
under such ruinous conditions as will ultimately lead to the abandonment.
of these wells if the present situation continues for a protracted pegiod and:
Whereas. The price of crude oil paid to the producer is below tfie cost of
production in many areas, yet no similar reduction in the price of refined
products sold to the consumer has been put in effect and;
Whereas,The major part of the overproduction now menacing the industry
has occured in the Seminole field of Oklahoma where more than 50,000,000
barrels of unneeded oil was produced by 28 companies in the period between
Feb. 1 1926 and May 14 1927, of which amount 12 companies produced
more than 25.000,000 barrels and;
Whereas, The majority of these companies are engaged in a drilling
campaign in the greater•Seminole area which will result in continuing the
condition of overproduction which now afflicts the oil industry and;
Whereas, These same operating companies who are solely and wholly
responsible for the overproduction of crude oil are now appealing to the
various governmental agencies for aid in correcting the condition brought
about by unnecessary haste in the development of their properties, by
useless rivalry between companies and cut-throat competition in an effort
to secure increased production and;
Wherea* Representatives of these same companies are flooding the
country with propaganda which seeks to lay the blame for the present
sitaation on the industry as a whole and not on the few companies which
have developed and are maintaining the over supply of crude oil and;
Whereas, There were more than 400 wells producing in the greater Seminole area on May 14 1927; the gross production of these wells being above
350,000 barrels per day, and the same companies owning these producing
wells were on that date drilling 467 additional wells in this same area with
no apparent sincere effort being made to curtail either production or new
development in this area.
Now,therefore, be it resolved by the Okmulgee District Oil ccv Gas Association,
That this association pledge its co-operation to any practical measures
that the industry may take for the conservation of petroleum; that we
believe that such conservation should be effected within the ranks of the
industry by a reform of the methods used by the operators and producers
themselves; that the Federal Oil Conservation Board can render valuable
assistance to the industry in determining whether the present conditions
have been brought about by a small number of companies either with or
without a deliberate attempt to affect the price structure of the crude
market; that the Board can render a service to the industry and the consuming public by investigating the causes of the present crisis and giving
publicity to the facts so obtained. and:
Be it further resolved, That in all measures for conservation taken or
proposed by the industry first consideration be given to the small and
so-called independent producers largely operating in the non-gusher fields
of the United States, which group furnishes the consumers of refined
products the best protection against the non-competitive practices which
will follow if the small producer is eliminated from the industry, and:
Be it further resolved, That it is the well-considered opinion of this
association that what is most needed in the petroleum industry to-day Is
honest and sincere effort toward permanent stabilization of the industry
which will give to those engaged in the industry the same opportunity
for the successful and continuous operation of their business as is enjoyed
by those engaged in other major industries in the United States.
Unanimously adopted May 14 1927.
OKMULGEE DISTRICT OIL Sr GAS ASSOCIATION,
OKMULGEE, OKLA.
M.C. French
W.B. Pine
J. H. Thacher C. I. O'Neill
Committee.
[VOL. 124
sellers have consistently kept out of the market, but no one
seller can be accused of the entire responsibility for the
slashing of prices. Most of the business placed earlier in the
week went through at 125
/- cents. Producers are plainly
getting impatient at the slow market, says the "Engineering
and Mining Journal." The recent sharp decline has scared
buyers, and has also had a bad effect, so it is said, on brass
and wire business. The export market is dull.
Little change has occurred in the zinc market, both the
prices and the volume of sales being about the same as a
week ago. Tin prices are somewhat firmer, with a scarcity
in prompt delivery Straits metal. Estimates place the
world's visible supply at the end of May at about 1,000 tons
above the April figure, due to an increase in shipments from
Banka. A fair volume of lead changed hands during the
week, but at lower prices.
World Zinc Stocks Gained 5,600 Tons-Sharpe Puts
Total May 1 at 58,500 Tons-Points Out Folly of
American Overproduction.
A. J. M. Sharpe, Honorary Secretary of the American
Zinc Institute, estimates world stocks of zinc May 1 at 58,500
metric tons, compared with 52,900 April 1, increase of
5,600 tons, according to the "Wall Street Journal" of May 21.
From that paper we also take the following:
Stocks March 1 came to 50.800 tons; Feb. 1, 50,800; Jan. 1, 143,600:
33,100 Dec. 1,31,500 Nov. 1, 30.100 Oct. 1. 3,200 Sept. 1, 33,200 Aug. 1.
37,200. July 140,600, June 149,200,Jan. 11936. 2,150;Jan. 11925, 26.130.
and Jan. 1 1924, 53,050 metric tons.
Following table gives in metric tons Mr. Sharpe's estimates of zinc
stocks in the various countries:
1927.
1925.
1925.
May 1. Aprit 1. Jan. 1. Oct. 1. July 1. Jan. 1.
United States
Canada
Australia
Germany and Poland
Belgium
France
Great Britain
Scandinavia
Far East
Elsewhere
Total
37,500 33,000 19,800 14.200 23,400 8,450
3,200 3,000 3,200 2,200 2,100 1,209
2.800 2,500 2.400 2,200 2,200 2,000
6,600 6,800 9,500 5,000 6,500 10,400
3,100 3,000 4,000 2.100 1,800 1.800
1.500 1,200 1,500 1,000 1,200
800
1,400 1.200 1,000 1,000 1,200
300
200
200
200
200
200
200
500
500
500
500
500
200
1.700 1,500 1,500 1.500 1,500 6,000
58.500 52,900 43,600 30.100 40,600 26,150
In reviewing the situation throughout the world as of May 1 Mr. Sharpe
says:
"Since a month ago the Chinese situation has brightened, although trading
with that country, and also with Japan since the financial crisis arising out
of the failure of one of the largest Japanese merchant houses, continues to
be paralyzed. This Far Eastern business effects zinc to a much smaller
extent than lead because there is not nearly as much zinc imported as of
the softer metal. Nevertheless, markets in both are so allied that a slump in
one is immediately reflected in the price-movement of the other. Thus,
when lead became topheavy, through the diversion of supplies to Europe
which would ordinarily have been absorbed in the Far East, the zinc market
could not stand alone.
"Slab zinc was quoted in London at £29 13s. 9d. for current month's
shipment and £30 5s. for the third month's shipment, and April 30 the
respective quotations had declined to £29 2s. 6d. and £29 5s. At these
reduced rates the downward movement was arrested and the tone since
the turn of May has been distinctly better. Indeed, several factors and
most of the producers are confident that the prices ruling at the end of April
are as low as slab zinc is likely to sell at for some time to come. Probably
the smelters are influenced in adopting this view by producing cost considerations.
"European production of zinc is certainly being maintained, but so is
consumption. That this is evidenced by the fact that stocks are not
increasing.
"Zinc interests in Europe are amazed at the course of events in the
United States, in that they cannot understand why producers do not come
together and agree on a common policy of curtailment so that domestic
output is kept strictly within bounds of domestic consumption. After
the arrival of each monthly set of statistics from New York there come cables
to London intimating that such a policy is already in vogue and that the
statistics at end of the month will afford proof. Actually, this regular
cabled advice is stultified by the monthly details.
"British dmelters last month produced 3,750 long tons, this output passing
regularly in to consumers' hands as they are favorably situated geographically to consuming centres; but they are, of course, not happy with the low
price level now ruling."
Increase in Zinc Stocks May 1-15.
Zinc production for the period from May 1 to 15 amounted
to 25,341 tons, according to the American Zinc Institute.
Copper Sells in Volume at 123/2c.-Lower Price Brings Stocks on hand May 15 amounted to 45,407 tons, as compared with 41,208. The following is the statement of the
Out More Buying Interest-Fair Sales of Lead.
The general feeling in the non-ferrous metal market this Institute issued 1V1,ay 25:
ZINC ALL COMPANIES MAY 1-15 1927 (TONS 2,000 LBS.)
week is not one of optimism, as silver is the only metal that
Stock, May 1 _______________________________________________ 41,208
has given a good account of itself. Copper prices have Produced,
25,341
May 1-15
been driven down 1234 cents a pound by forced selling, but a
secured,
"Engineering
and
66,549
good amount of business was
21,142
Mining Journal" reports. Lead prices have declined further. Shipped, May 1-15
Zinc has refused to break through 6 cents, but cannot be said
45,407
Stock, May 15
tin, though Shipped from plant for export
2.020
to be particularly firm. There is little change in
136,644
retort capacity at end of period
platinum sagged a little further. Copper sold in good volume Total
54,911
Number of idle retorts available within sixty days
80,382
when the price reached 123' cents a pound, which compares Average number of retorts operating during period
81.733
with 12% cents, delivered in the East, a week ago. Some Number of retorts operating at end of period
MAY 28 1927.]
TH if
CHRONICLE
3141
finished steels are a shade firmer in the East and somewhat softer at Pittsburgh. Specifications for steel b-rs at Chicago have declined about the
extent they have improved at Pittsburgh. Tin plate, long at $5.50, is now
quotable at $5.25 to $o-50. Scrap prices are easier in all districts. Beehive
furnace coze has dipped to $2.65 on spot sales at Pittsburgh, a new low since
bituminous coal strike, and this grade is now quoted at $2.65 to $3. Blast
furnaces. whose last half business was wanted as backlog by coke makers,
contend that $3 is the mist the pig iron market will support for this delivery, ant coke makers assert such contract level would entail a reduction in
wages and complicate ttle labor situation, which the union has made more
aggravating in the past week. Last half contracts are being solicited by
New Enciand and New Jersey by-product producers at current prices.
Third quarter pig iron interest is relatively the greatest at this time at
Buffalo, one inquiry being for 4,500 tons and another for 2,500 tons. A
Delaware River pipemaker has placed a tonnage with a Troy, N. Y., furnace for barge delivery. A Virginia furnace has sold 3.000 tons to a pipe
Several measures of the status of the steel market were afforded by figures
interest. The market at Pittsburgh is dull. A melter at Indianapolis
given to the American Iron & Steel Institute by Chairman Gary of the
tons. Blue annealed sneets seem to be holding generally
United States Steel Corporation. Shipments of the corporation for the closed on 2,200
at the level of $2.25. Pittsburgh, but a few sales of black at $2.90 and galyear to date represented over 87% of capacity. Bookings, which were
in both cases $2 below the advanced levels, are noted.
vanized
at
$3.75,
over 8% ahead of the same period last year. were a call on 77%. Shipthese grades is toward strength, especially in the East.
ments for the first half of May were 47.768 tons per day, or slightly more The tendency in
forirally opened for third quarter, but the test of
than the average of the 434 months. Bookings in May, meanwhile, had Books have not teen
$4.25 level on auto body sheets is rapidly approaching.
dropped to 30.133 tons, or 55% of cpaacity, compared with 30,300 tons
Review's"
composite price on 14 leading iron and steel
The
"Iron
Trade
in the same period of May 1926. Both bookings and shipments compared
This compares with $36.80 last week and
favorably with the like period of 1926, but May a year ago, when com- products this week is $36.36.
the previous week.
pared with April, showed a slight increase in new business, while this year $36.85
there is an apparent falling off from April of over 20%•
It is becoming increasingly clear that miscellaneous unclassified uses for Dulness Prevails in Bituminous Coal Markets—Demand
steel are in the aggregate taking added tonnages that are almost sufficient
for Anthracite Is Active.
to offset the losses in the leading channels of consumption,such as the railroads, automobiles, the oil industry and agriculture. A sustained demand
Seasonal dulness prevails in the market for bituminous coal.
in steel bars comes from many small users, and consumption of sheets is
Bargain inducements are necessary in most instances to
keeping some makers at an 85 and even 90% scale of operations.
The handicap of scheduling mills on orders of warehouse proportions is entice backward buyers, and, with accumulations of "no
expected to continue until the opening of fall demand. Prices promise to bills" heavy, such offers are far from exceptional, "Coal
be held well in the intervening relatively slow period on the score that little
review of the status of the markets.
business can be developed by cuts and that a fair volume at a small margin Age" reports in its May 25
The labor situation, if anything, has shrunk in importance as
of profit is better than a larger volume at a doubtful profit or none at all.
Little change in the rate of operations has occurred except in the Pitts- an element in the market. The railroads, utilities, and a few
burgh region, where steel ingot production is by 2 points closer to a 70%
other industries are taking tonnage on existing contracts, but
basis than a week ago.
In pig iron there is a lack of interest in third quarter requirements and spot business is scarce. The movement of coal to the Lakes
current buying is limited. Shipping orders from the automobile industry continues heavy, observes the "Age," from which we quote
are beginning to slow down, suggesting a summer slump,although the order
of a leading motor car company, which has expanded its foundry capacity. further as follows:
Production of bituminous coal registered a slight gain during the week
Is for increased requirements up to 50.000 tons for one year. Some steel
foundries, benefiting from railroad equipment orders, report an improve- ended May 14, when, according to the Bureau of Mines, the total was
ment in business. In the Philadelphia district three sales oflow phosphorus 8,384.000 net tons. "Coal Age" index of spot bituminous prices—which
iron totaled 4,800 tons. At Pittsburgh there continues to be pressure to has been revised to allow for change in distribution of production brought
about by the suspension of operations at union mines—on May 23 was 154,
sell basic iron at the expense of prices.
Purchases of 20,000 tons of scrap by a Pittsburgh district steel company and the corresponding weighted average price was $1.86. The sofening
and of 6,000 tons by a Cleveland steel works failed to strengthen prices, tendency in prices spread qaite generally throughout the Midwestern
which are weak in all markets. A year ago when heavy melting steel reached markets. Prices are declining in Kentucky. Sellers are forced to use
$15.50 at Pittsburgh, it marked the end of a decline. Although the same pressure in Pittsburgh. The Atlantic seaboard markets are dull.
The advance in company circulars scheduled for June 1, as well as unPrice prevails to-day, the trade is not convinced that bottom has been
reached. Dealers hesitate to place scrap on the ground and consumers seasonable weather, has held up demand for anthracite. Production of
anthracite continues at a high rate and the output is moving with freedom.
await developments.
In the face of sharp curtailments of coke production, available spot sup- All domestic sizes but nut are in good request. The steam sizes are somewhat easier, with a small surplus of No. 1 buckwheat due to increased outPlies are more than ample to satisfy the demand.
Structural steel contracts reported In the week will take 26.000 tons of put. Indeoendent prices are almost on a level with company quotations.
steel and new projects pending, 16.000 tons, the latter including 6,100 tons
Another 8,500,000 ton week with a million tons more in
for an athletic club in New York and 4,500 tons for two New York shool
that can be produced when needed, declares the
reserve
buildings
Railroad equipment buying consisted mainly of 500 box cars for the "Coal and Coal Trade Journal" in reviewing the market
Delaware Lackawanna & Western. Orders for 4,500 freight cars for the this week. A considerable portion of this from the openIllinois Central are expected soon.
mines goes into the home or should-be markets of the
Concrete reinforcing steel awards totaled 6,500 tons and 7,600 tons ap- shop
peared in new projects under negotiation.
closed-shop mines now idle, says the "Journal" on May 26,
Bookings of commercial steel castings reported in April were 5% off in
from which we add further extracts as follows:
tonnage from March, while those of malleable castings were 5% more than
Will they get back the trade they are losing? Not unless they quickly
March.
is happening and offer to co-operate with their employers on a
The recent reduction of ferromanganese from $100 to $95. seaboard. realize what
wage basis, to preserve what is left of their home market and
having failed to produce business for the English makers, offers of $90 have competitive
their own bread and butter.
been made. Domestic producers have first half contracts with their cus- to preserve
Little or no improvement in prices except for high-grade, low-volatile,
tomers, protecting against a decline.
sizes of high-volatile; and the profit on these will not pay
Exports of iron and steel in April increased and imports declined, accord- and the prepared
replacement. Stocks continde to decrease slowly with probably
ing to Government sttistics. The total exported was 192.339 tons, com- for
yet
in storage. Allowing for a maximum consumption of
tons
60,000,000
pared with 171,094 tons in March, while imports were 60,374 tons against
tons weekly all over our country, there would be still several
61,872 tons in March. An exportation of 24,393 tons of scrap accounted 11,000.000
months'supply before needs became acute. But there should be 40,000,000
for some of the export gain last month.
tons in storage as a safeguard, which only leaves less than sixty days'
Both of the "Iron Age" composite prices remain at last week's levels.
play safe, and that not available for all sections.
that for pig iron at $19.07 a ton and that for finished steel at 2.367c, a lb.. supply to
In the western part of the Eastern territory mines that have charged
as indicated in the following table:
from closed to open shop are reported as running smoothly, supplying the
Finished Steel.
Pig Iron.
present demand and able to produce much more with men available and
May 24 1927, 219.07 Per Gross Ton.
May 24 1927, 2.367 Cents per Pound.
2.367o.
One
week ago
One week ago
$19.07 willing to work. Have they not set a good and courageous example to
2 339c. One month ago
One month ago
19.21 some of the weaker sisters to follow, as the Wages being paid are fair, re2.4030. One year ago
One year ago
20.46 munerative, and, while not as low, on a nearer competitive basis that
1 6890. 10-year pre-war average
10-year pre-war average
15.72
Based on steel bars, beams, tank plates. Based on average of basic iron at Val- affords steadier and more profitable work to all involved?
open-hearth
rails,
black
ley
wire,
pipe
furnace
and
foundry
plain
irons at Chicago,
In the Western markets there is no change of consequence except some
and black sheets, constituting 87% of the Philadelphia, Buffalo, Valley and Bir- increase in tonnage from shippers that are working and the few operations
mingham.
United States output.
in Ohio. Indiana and Illinois who are reported as having departed from the
High.
Low.
High.
Low.
1927_2.4530., Jan. 4 2.3390., Apr. 26 1927_519.71, Jan. 4 218.96, Feb. 15 "straight and narrow path," borrowing trouble for themselves when all
1926_2.4530., Jan. 5 2.4030., May 18 1926_ 21.54, Jan. 5 19.46, July 13 mines have again resumed: and their temporary profit will be quickly
19252.560c., Jan. 6 2.3960., Aug. 18 1925__ 22.50. Jan. 13 18.96, July 7
1924_2.789c., Jan. 15 2.4600., Oct. 14 1924_- 22.88, Feb. 26 19.21, Nov. 3 absorbed in losses should their brother operators fail to win their equitable
30.86, Mar. 20 20.77, Nov.20 contention for a competitive wage scale.
1923-2.824c., Apr. 24 2.446c., Jan. 2
Steel Production Remains High, but Market Shows
Less Activity—Pig Iron Trade Recedes.
May has not shown, as have all recent months, a decided
increase in buying on the turn into the last half, declares the
"Iron Age" in its review of conditions in the market as given
in its May 26 issue. As yet the recession from April gives
signs of being slight as compared with the decline in April
from March. Production has been slowed up but little,
but instead matches closely the large volume of specifications
which round out each uncertain week, says the "Age,"
adding further items of interest, as follows:
Iron and steel markets present many cross currents and
the tendency in demand is progressive by easier yet week
to week buying by the general run of consumers, which
brings the mills a sufficient tonnage to keep them almost
abreast of last year's record, observes the "Iron Trade
Review" this week. Most producers have scaled down
their operations moderately and now look to the last half
of the year. Automotive interests are shaping up their
third quarter requirements and heavier purchases, especially
for new models, are in prospect. In point both demand and
prices for sheets look better, declares the "Review" on May
26. From this issue we quote additional facts as follows:
Coke users display more interest in their last half needs, but trading thus
ar has not been measurable. Typical of irregular market prices, heavy
Production of Bituminous Coal Shows Slight Increase
—Anthracite Also Gains but Coke Recedes.
During the week of May 14 the output of bituminous coal
rose from 8,185,000 to 8,384,000 net tons while anthracite
also showed a gain from 1,866,000 to 1,990,000 net tons,
reports the United States Bureau of Mines. Coke output,
on the other hand, declined from 155,000 to 148,000 net
tons, continues the Bureau's weekly estimates, from which
we further quote:
Production of bituminous copl increased during the week ended May 14.
The total output, including lignite and coal coked a the mines, is estimated
at 8,384,000 net tons, a gain of 199,000 tons, or 2.4%. over the output in
the preceding week. The average daily rate for the first two full weeks
in May is about 2% higher than the daily average for the month of April.
3142
THE CHRONICLE
Estimated United pot.. Production of Bituminous Coal (Net Tons).
Includino Coal Coked.
1927
1926
Cal. Year.
Cal. Year.
Week.
to Date.
Week.
to Date.a
April 30
8,424,000 204,624,000
9,125,000 185,621,000
Daily average
1,404,000
2,008,000
1,521,000
1,822,000
May lb
8,185,000 212,809,000
9,039,000 194,660,000
Daily average
1,364,060
1,972,000
1,805,000
1,507,000
May 14 c
8.384.000 221,193,000
9,299,000 203,959.000
Dally average
1.397,000
1,942,000
1,550,000
1,791,000
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 amount of soft coal produced during the calendar year 1927
to May 14 (approximately 114 working days) amounts to 221.193,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1926
203,959,000 net tons 1924
182,042.000 net tons
1925
1Z6,116,000 net tons 1923
206,764.000 net tons
Weekly Production of Soft Coal by States.
Production of soft coal in the week ended May 7 as indicated by revised
figures, amounted to 8,185,000 net tons, a decrease of 239.000 tons, or
2.8%,from the output in the preceding week. The following table apportions this tonnage by States, and gives comparable figures for other years.
Estimated Weekly Production of Soft Coal by States (Net Tom).
Total Production for Week Ended.
May 7
1927.
April 30
1927.
May 8
1926.
Alabama
340,000
355,000
356,000
Arkansas, Kansas & Okla_
59,000
67,000
111,000
Colorado
122.000
150,000
145,000
Illinois
98.000
89,000
923,000
Indiana
83,000
81,000
333,000
Iowa and Missouri
30,000
27,000
114,000
Kentucky-East
980,000 1,045,000
821,000
West
414,000
440,000
214,000
Maryland
44,000
47.000
53,000
Michigan
11,000
9,000
8,000
Montana
27,000
37,000
31,000
New Mexico
52.000
56,000
45,000
North Dakota
25,000
27.000
13,000
Ohio
112,000
122,000
435.000
Pennsylvania
2,195,000 2,225,000 2,419,000
Tennessee
92,000
91,000
93,000
Texas
37,000
37,000
14,000
Utah
58,000
70,000
59,000
Virginia
275,000
267,000
223,000
Washington
39,000
38,000
34,000
West Virginia
3,016,000 3,060,000 2,504,000
Wyoming
74,000
82,000
88,000
Others b
2,000
2,000
3,000
511125 AM fa
AOA AAA
A wm.nnn
May 9
1925.a
May 12
1923.
w
"
b to
i4 A.
1.30
14
MO.O.-.0..W.I.W
ik..00...N.A....
Pe'""5.
'55"..FP.7
4PPS''PPP
§§M§§1§§t§t§§§8§§§§8§
State.
401,000
148.000
144,000
1,254,000
367,000
142,000
684,000
184,000
46,000
10,000
40,000
60,000
15,000
837,000
3,439,000
124,000
22,000
66,009
241,000
45,000
2,149,000
110,000
5,000
BEEHIVE COKE.
The total production of beehive coke during the week ended May 14
Is estimated at 148,000 net tons, a decrease of 7.000 tons, or 4.5%, when
compared with the output in the preceding week. Accumulated output
since Jan. 1 amounts to 3,513,000 tons,32% less than during the corresponding period in 1926.
According to the "Weekly Courier." production in the Connellsville,
District declined to p total of 10b,000 net tons.
Estimated Production of Beehive Coke (Net Tons.)
Week Ended
1927
May 14 May 7 May 15
to
1927. b 1927. c
1926.
Date.
Pennsylvania and Ohio
112,000 119,000 166.000 2,798,000
West Virginia
16,000
13,000
14.000
316,000
Ala., Ky., Tenn. and Ga
5,000
8,000
10,000
108,000
Virginia
7,000
7,000
5,000
139,000
Colorado and New Mexico
4,000
4,000
6,000
76,000
Washington and Utah
4,000
3,000
3,000
76,000
ANTHRACITE.
The total production of anthracite during the week
ended May 14 is
estimated at 1,990,000 net tons, a gain of 124.000 tons,
or 6.6%, over the
output in the preceding week.
The accumulated production of anthracite during 1927 to May 14 amounts
to 29,494.000 tons, a gain of 26% when compared with the corresponding
period in 1926.
Estimated United Stales Production of Anthracite (Net Tons).
1927
1026
Cat. Year
Cal. Year
Week EndedWeek.
to Date.
to Date. a
1Week.
April 30
1,921,000 25,638,000
2,098,000 19,567,000
May 7 b
1,866,000 27,504,000
1,985.000 21,552.000
May 14
1,990,000 29.494.000
1,904,000 23,456,000
a Minus one day's production first week in January to equalize number of days
n the two years. b Revised since las treport.
1928
to
Dates
4,323,000
302,000
348,000
168,000
112,000
70,000
United States total
148,000 155,000 203,000 3,513,000 5,323,000
Daily average
25,000
26,000
34,000
31,000
46.000
a Minus one day's production that week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
Domestic Exports of Grain and Grp,in Products.
The Department of Commerce at Washitigton gave out on
May 24 its monthly report on the exports of principal grains
and grain products for April and the ten months ending
with April, as compared with the corresponding periods a
year ago. Total values show a very substantial increase
over the same month of 1926, being $34,010,000 in April
1927, against $16,692,000 in April 1926. Wheat exports in
April this year were 11,263,000 bushels, as against only
2,533,000 bushels a year ago;exports of wheatflour amounted
to 1,016,000 barrels, against 834,000 barrels; barley exports
were no less than 1,151,000 bushels, against but 734,000
bushels; rice exports, 38,166,000 pounds,against only 2,213,000 pounds,and rye exports 4,498,000 bushels,against 1,415,000 bushels. Corn, oats and malt, however, went out in
smaller quantities in April 1927 than in April 1926. The
details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
Aprtt.
1926.
Q 001 nnn In nq, nnn
a Revised. b This group is not strictly comparable in the several
years.
[Vut.. 124
Barley, bushels
Value
Malt, bushels
Corn, bushels
Value
Cornmeal, barrels
Hominy and grits, pounds
Oats, bushels
Value
Oatmeal, pounds
Rice, pounds
Value
Rice. broken, pounds
Rye, bushels
Value
Wheat, bushels
Value
Flour, barrels
Value
Biscuit, unsweetened, pounds-.
Biscuit, sweetened, pounds
Macaroni, pounds
Total value
10 Months Ended April.
1927.
1926.
1927.
734,000 1,151,000 24,833.000 14,489.000
$534,000
$997,000 822.022.000 $11,331,000
343,000
237.000
2.897,000
2,291,000
2,077,000 1,387,000 19,709.000 15,033,000
31,720.000 $1.082,000 $18,402,000 $12,065,000
33,000
40,000
344,000
508,000
2,606,000 2.192,000 21,684,000 28.346,000
2.650.000
845,000 26,377,000
4.397,000
31.366,000
$380,000 $13,889,000 $2,125,000
7,531,000 4,807,000 135,973.000 94,113,000
2,213,000 38,166,000 23,657.000 201,701.000
$116,000 31.586.000 31.389.000 $8,285,000
1,380.000 7,350,000 16,942,000 66,307.000
1,415,000 4,498,000
8,239.000 12,186,000
1,462,000 5,256,000
8,085,000 13,410,000
2,533,000 11,263,000 45,746.000 139,731,000
$3,966.000 $16,458,000 $71,890,000 $201,607,000
834,000 1,016,000
8.196,000 11,419,000
$6,077,000 36.708,000 359.897.000 $77.530,000
764,000
617,000 } 12,955,000 16,910,000
594,000
472,000
15.139,000
702,000
628,000
6.855,000
7.225,000
$16,692.000 334,010.000 $213,025.000 $342,416,000
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 25, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows an increase for the,
week of $33,900,000 in bill and security holdings, and declines
of $45,300,000 in cash reserves, $27,300,000 in member
bank reserve deposits, and $5,600,000 in Federal Reserve
note circulation. Increases of $52,900,000 in holdings of
Government securities and of $10,700,000 in acceptances
purchased in open market were partly offset by a decline of
$29,600,000 in holdings of discounted bills.
The Federal Reserve Bank of New York reports a decline of $25,200,000
in discount holdings and the San Francisco bank of $11,300,000, while the
Federal Reserve Bank of Chicago reports an increase of $10,100,000 in
discounts and Boston an increase of $5.600,000. Open-market acceptance
holdings increased $15,600,000 at the New York bank and $4.000,000 at
Boston, and declined $3,400,000 at San Francisco. Holdings of all classes
of Government securities were above the previous week's totals-bonds by
$29,300,000, certificates by $20,400,000, and Treasury notes by $3,200.000.
The principal changes in Federal Reserve note circulation during the week
comprise declines of $3,600,000 and $2,600,000, respectively, reported by
the San Francisco and Atlanta Reserve banks, and an increase of $3,000,000
by Cleveland.
The statement in full, in comparsion with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 3177 and 3178.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 25 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations_
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members reserve deposits
Government deposits
Increases(+)or Decreases(During
Year.
Week.
-$45.300,000 +$202,400,000
-44,900,000 +195,900,000
+33.900,000 -130.600,000
-29,600,000 -45,300.000
-20.500,000
-4,800,000
-9.100.000 -40,500,000
+10.700,000
-2.700,000
+52,900,000 -73,100,000
+2,200,000
+29.300.000
+3.200.000 -67.500,000
-7,800,000
+20,400,000
-5.600,000
+33,000,000
-27,800,000
+82,400,000
-27.300.000
+72,600,000
-1.200,000
-100.000
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
in New York City.
The Federal Reserve Board's condition statement of 668
reporting member banks in leading cities as of May 18 shows
increases for the week of $11,000,000 in loans and discounts,
$73,000,000 in investments, $19,000,000 in net demand
deposits, $41,000,000 in time deposits and $17,000,000 in
borrowings from the Federal Reserve banks. Member banks
in New York City reported increases of $8,000,000 in loans
and discounts, $21,000,000 in investments, and $43,000,000
and $18,000,000 in net demand and time deposits, respectively, and a reduction of $26,000,000 in borrowings from
the Federal Reserve Bank.
MAY 28 1927.]
THE CHRONICLE
Loans on stocks and bonds, including United States
Government securities, were $57,000,000 above the total
rereported on May 11, banks in the New York district
Chicago
porting an increase of $36,000,000 and those in the
and
district an increase of $9,000,000. "All other" loans
in
was
0
$17,000,00
which
of
0,
$46,000,00
discounts declined
disChicago
the
in
0
and
$15,000,00
district
York
New
the
and
trict. Loans to brokers and dealers, secured by stocks
City
bonds, made by reporting member banks in New York
were $16,000,000 above the May 11 total, loans for account
0, while
'of out-of-town banks having declined $24,000,00
loans for their own account and for others increased $15,000,000 and $25,000,000, respectively. As previously explained, the figures for these member banks are always a
week behind those for the Reserve banks themselves. The
statement goes on to say:
during the
Holdings of United States securities increased $23,000,000
district. Holdweek, of which $15,000.000 was at banks in the St. Louis
the total
above
ings of other bonds, stocks and securities were $34,000,000
and $50,000,000
reported a week ago at banks in the New York district
above at all reporting member banks.
total on May 11,
Net demand deposits were $19,000,000 above the
York and Chicago
increases of $49,000,000 and 812,000,000 in the New
in other districts,
reductions
districts, respectively, being offset in part by
Louis and Dallas.
principally Boston, Philadelphia, Richmond, St.
was in the New
Time deposits increased $41,000,000, of which $19,000,000
Chicago districts.
York district and $7,000,000 each in the Cleveland and
larger than
$17,000,000
Borrowings from the Federal Reserve banks were
York district being more
on May 11, a reduction of $22,000,000 in the New
banks in the Philadelphia
than offset by an increase of $11,000,000 at
other districts.
district and relatively small increases in most of the
On a subsequent page—that is, on page 3178—we give the
figures in f u'l contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
(—)
Increase (+) or. Decrease
During
Year.
Week.
+$564.000,000
+811,000.000
Loans and discounts, total
—10.000.000
Secured by U. S. Govt. obligations
+57,000,000 +359,000.000
Secured by stocks and bonds
—46,000,000 +215,000,000
All other
+73,000.000 +333,000,000
Investments, total
+85,000,000
+23.000.000
U. S. securities
+50,000,000 +248,000,000
Other bonds, stocks and securities
+30,000,000
Reserve balances with Fed. Res. banks..... +26,000,000
—16.000,000
—8.000,000
Cash in vault
+249,000,000
+19,000,000
Net demand deposits
+41.000.000 +618.000,000
Time deposits
—98,000,000
—35,000,000
Government deposits
+17,000,000 +16,000,000
Total borrowings from Fed. Res. banks
Summary of Conditions in World's Market According
to Cablegrams and Other Reports of the
• Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (May 28) the following summary of congginkabroad, ba7;7011-=ices by cable and other means
of communication:
CANADA.
General trade in Canada has been steady with no outstanding change.
Industrial activity is well maintained and agricultural conditions are improving with wheat seeding well advanced. Grocery chain store systems
continue to expand. Storage stocks of creamery butter, cheese and condensed milk on May 1 were lower than a year ago. There is a good demand
for sole leather. Reductions averaging 10% have been made in the prices
of domestic cotton goods.
The value of Canadian exports in April exceeded $77,000,000, nearly 29%
more tha nin April 1926, owing to heavy grain shipments which included
20,000,000 bushels of wheat. The total value of imports also increased by
about 10% because of the increased consumption of industrial materials,
particularly iron and steel products. Imports from the United States for
the first quarter of the year increased about 11% over the total for the
first quarter of 1926.
Iron and steel production figures for April are 2% over the March output, and substantially larger than production of April of last year. Revenue
car loadings continue to expand and the cumulative total to date is 1,149,555 tons.
The appreciation of several industrial stocks on the Montreal and Toronto exchanges advanced the index number of security prices 3.6 points,
to 317.6, for the .week ended May 14.
UNITED KINGDOM.
In so far as revealed by the unemployment registers, the number of
work-people totally unemployed in the United Kingdom ies now less than at
any other time within the past twelve months. The register aggregate for
May 18 was 998,000 persons, as against 1,022,000 on May 2 and 1,034,000
at the end of April 1926. However, there is considerable part-time working
in the coal pits, owing to the continuing tendency for supply to exceed
demand. In an effort to stimulate business, the prices of Cleveland pig iron
have been reduced 55. a ton. Structural steel continues in fairly good demand. There have been heavy withdrawals of gold bullion from the Bank
of England.
THE NETHERLANDS.
Business in the Netherlands is generally fair, although the demand for
some lines of merchandise is dull. The index of wholesale prices in April
at 147, was one point below that of the preceding month. The retail price
index was 145. Ordinary State revenues for the first four months of the
present year totaled 167,000,000 florins, exceeding estimates by 9,300,000
florins. As compared with the similar period of last year, revenues increased by 6,400,000 florins. Imports of merchandise in April were valued
at 204,000,000 florins and exports at 151,000,000 florins. Both items
3143
registered a decline as compared with trade returns for March, the drop
'tieing especially marked in the case of imports.
FRANCE.
The Chamber of Deputies has passed, with some amendments, articles
tariff
law. Action on the tariff schedules has
2 to 28 of the proposed new
been deferred, pending their re-examination by the Chamber. Committee
on Customs Tariffs, but discussion on these items is expected to begin on
June 1. Imports during the first four months of this year totaled 17,571,000,000 francs, a decline of about 11.5% as compared with the similar
period of 1926. Exports increased by 3.8% to 18,254,000,000 francs. The
fourth months' trade accordingly shows an export surplus of 683,000,000
francs. However, this favorable balance was acquired during the first
quarter only, as imports in April exceeded exports by 43,000,000 francs.
GERMANY.
The German budget, for the operating expenses of the Government during
the ensuing fiscal year, which has been adopted by the Reichstag, is balanced at 9,131,854,000 marks; taxes are expected to provide 5,305,000,000
marks of the total revenue, while 2,445,000,000 marks are expected to be
derived from customs and consumption levies. The index of wholesale
prices at the middle of May stood at 137, marking an advance of 1 point in
two weeks. The stock exchange is slowly showing recovery from the recent
depression.
AUSTRIA.
The Austrian business situation which was generally favorable in April
showed a further improvement in May in most industries except coal. Domestic and foreign trade have increased and the outlook for the immediate
future is generally regarded as promising. Business circles express confidence in the new Seipel Cabinet which was formed after the recent general
elections. Fruit crops were damaged by the recent cold weather, but the
cereal crops and meadows are in good condition. Savings deposits declined
and the money market stiffened somewhat in recent weeks. The volume of
total trade in March was substantially larger than in February.
RUMANIA.
Rumania's foreign trade for the first quarter of 1927, according to data
published by the Ministry of Finance, amounted to 8,533,091,000 lei (average exchange rate for the period $0.0057) of imports and 8,309,703,000 lei
of exports, thus leaving an unfavorable balance of 243,388,000 lei. This
compares with an unfavorable balance of 3,297,837,000 lei (average rate
$0.0043) for the first quarter of 1926, and a favorable balance of 3,910,000,000 lei (average rate $0.0046) for the entire year of 1926. The decline in
exports was caused by the high prdoduction and transport costs, resulting
from the high rate of exchange of the leu and the considerable decline in
world prices of grain and petroleum products. Customs revenues for the
first quarter of 1927 totaled 2,209,668,000 lei, against 1,824,595,000 lei for
the same period of 1926. Compared with the budgetary estimates-7,150,000,000 lei—of customs revenues for the entire year of 1927, actual collections for the first quarter exceeded the estimates by 422,168,000 lei, or
about 24%. The increase accrued to import duty only-1,458,139,700 lei
in 1927, against 931,451,000 lei in 1926—as a result of increased imports
in anticipation of higher import duties, and the appreciation of the rate of
exchange of the leu. Collections of export taxes and other charges decreased from 893,144,000 lei in 1926 to 761,628,000 lei in 1927, chiefly as
the result of reduced export taxes on agricultural products.
SPAIN.
The Spanish Bourse reflects, considerable trading in the new amortizable
debt issues. These issues, which at the time of their emission two months
ago were quoted at 85.50 for the taxables and 98 for those exempt from
taxation, were during the early part of May going at 92.40 for the former
and 102.80 for the latter. The amount of trading in these issues is probably the result of the present favorable condition of Spanish financial markets.
FINLAND.
At the end of April commercial conditions in Finland continued fairly
quiet, with a general seasonal revival taking place. Labor unrest seems
in the paper
to be growing but employment in general is good. The strike
industry has been practically averted. Slight labor troubles have occurred
The
in the metal working industries following demands for higher wages.
employers threaten a lockout, but it is generally believed in Finland that
has
of
stoppage
work
great
no
the trouble will be amicably settled. So far
occurred as a result of the strikes.
SWEDEN.
Conditions in Sweden during April remained satisfactory. The financial
indices continued to show signs of satisfactory progress. Clearings of the
Bank of Sweden during April decreased further; the note circulation declined and the metallic reserve remained unchanged. During the month
the official discount rate was lowered, following a reduction of the rate in
London, and the long anticipated Government loan of 50,000,000 crowns
2%. Unseasonable weather
/
was floated on May 20 at the interest rate of 41
occurring during April affected the growing crops. Domestic markets
remain quiet, but the Swedish pulp producers have expressed noticeable dissatisfaction, following the action of the Finnish interests in accepting lower
prices on the American market for future delivery. The labor situation has
clarcfiiioeddsn etaoinetaoinshrdluef aoinshrdluetaohoihrdluctaoinshr ludeth
clarified considerably. Preliminary figures indicate that an import surplus
of about 15,000,000 crowns was returned in the foreign trade for April.
All of the leading import items except iron and steel and cotton registered
substantial volume increases. The clarification of the labor market with
indications of greater stability, easier financial conditions, and the improving trend of trade, cause considerable optimism over prospects for the summer months.
LITHUANIA.
According to Lithuanian official statistics, Lithuania's imports of American products in 1926 amounted to 10,611 metric tons, valued at $1,064,240,
or 4.42% of Lithuania's total imports, as compared with 28,605 metric tons
valued at $1,831,080, or 7.25% of the total Lithuanian imports durina
1925. This decline was due largely to the fact that no imports of American
rye was
rye were made in 1926, while in 1925, owing to the crop failure,
the
imported in large quantities. The principal items of import from
United States were sewing machines, kerosene, automobiles, tobacco, dried
receipts
fruit and tractors. All the leading items showed increases except
of kerosene, which were about 10% lower than in 1925.
POLAND.
surplus of revePreliminary data on State finances for April indicate a
exchange, about
nues over expenditures of 36,500,000 zlotys (rate of
the first
$0.115). Final figures on receipts from taxes and monopolies for
thre months of 1927 show a total of 482,800,000 zlotys,against 310,000,000
zlotys for the same period of 1926, or an increase of about 60%. The
excess of actual receipts from these two chief sources of revenues over
3144
THE CHRONICLE
budgetary estimates for March amounted to 31% (182,900,000 zlotys, as
against 139,300,000 zlotys). The improvement in the condition of the
Bank of Poland continues, in spite of the diminishing favorable foreign
trade balance. While bank notes in circulation reached a new high of
694,600,000 zlotys, which represents an increase of more than 10% since
the latter part of March, the gold and foreign exchange cover against the
notes declined for the period by less than 1%—to 52.2%. As a result of
the marked improvement in the money and credit situation, the Bank of
Poland again reduced the official discount rate, from 81
/
2 to 8%. This is
the third reduction by the Bank of its discount rate in 1927 and the fifth
one since August 1926, when the rate was 12%. Rates of interest of other
banks have also been correspondingly reduced.
(VoL. 124.
30 at $0.505 sight. The official exchange rate on that date was 12.90 francs
per piaster.
BRITISH INDIA.
Business in India is experiencing the usual between-season dulness. Old
crops have been well disposed of and new ones have not yet begun moving.
To maintain exchange during this season of dulness the Government is continuing its policy of deflation. Commercial bodies are objecting to the
Reserve Bank Bill, pointing out that it will place the Government in competition with private banking institutions. A return of confidence in
India's industrial enterprises is indicated by appreciable rises in tea,
cement and cotton mill shares. The position of cotton mills, however, is
still uncertain and cotton mill owners are anxiously awaiting publication
of the Textile Committee's report which is now due. Automobile business
is seasonally fair, with keen competition between dealers showing new
models.
AUSTRALIA.
Cool autumn weather has brought a fair demand for seasonable goods, and
retail trade, particulatly in automobiles, is reported to be brisk. The end
of summer was marked by a moderate amount of rain, continuing into the
first three weeks of May, and making conditions favorable for plowing and
sowing for the new season. Parts of Queensland, however, are still dry and
in need of rains. The current wool season is rapidly nearing its close and
but small quantities of wool remain to be disposed of. Wheat shows some
Improvement, but shipments are still slow and storage facilities are being
taxed. The export movement of apples from the present crop is almost
complete. To May 7 about 1,439,000 bushels had been exported, all but
600,000 bushels going to the United Kingdom.
GREECE.
Business conditions arc improving gradually, although the improvement
is slow because of the shortage of ready funds and prevailing high rates of
interest. The financial outlook is more promising, because of the recent
debt settlement with England. Difficulties, however, are still being encountered in the attempt to balance the budget Certain tax increases have
been proposed toward this objective, including one on cigarettes. The cost
of living, which has laternately risen and fallen during the last three
months, is expected to increase as a result of the higher bread prices. The
unemployment situation continues unsatisfactory and the efforts of the
Government to relieve this condition have thus far been unsuccessful. The
outlook for the cereal, currant and cotton crops is reported to be good, in
view of the favorable weather.
JAPAN.
All lines of business in Japan continued depressed following the financial
crisis, although there has been improvement over conditions during the
ARGENTINA.
moratorium period. Banks in Tokio and Yokohama which cksed during the
General business continues to improve slowly and the credit situation is
crisis still delay reopening and the feeling prevails in Japan that there is
•immediate prospect for improvement in the exchange situation. Govern- better, but lack of rain retards plowing and planting. The wool movement
ment purchases abroad are still being discouraged, as well as purchases is slow: the cattle market weak; that of hides active and steady; that of
abroad of iron and steel and machinery. Due to the slump in the cotton meat active and firm, and that of all cereals steady. It is rumored in some
trade, large stocks of cotton and cotton yarn are piling up. An increase in trade quarters that a sugar pool will be formed in Argentina to control local
the spring cocoon crop is predicted, but silk prices have not reacted to the prices and raise them to world's sugar price level. The pool, it is said,
decline of the yen, and filatures are reported to be losing heavily. The will endeavor to sell the existing surplus understood to amount to 50,000
national debt registered a total of .5,172,000,000 yen at the end of April, tons. Congress opened on May 18.
and the note issue on that date was 2,009,000,000 yen.
BRAZIL.
General business conditions in Brazil are slightly improved. In the
CHINA.
There was no improvement of conditions in the Yangtze Valley during northeast, where the economic situation depends largely upon sugar and
April and all effort-, taken to establish conditions favorable to normal cotton, business is going through the second half of the crisis• which began
business at Hankow have failed. The latter centre reported surrounded by early this year as a result of low prices for these principal products. The
various contending factions causing further stagnation to trade. Large State of Ceara is the greatest sufferer. New crops begin to arrive in June,
decreases were registered in both exports and imports, and a quantity of July, August, but a portion of the returns from these will be needed to
staple import commodities held at Yangtze River ports for interior destina- liquidate outstanding long-term obligations, unless prices drop further. It
tions are being returned to Shanghai on account of disturbed conditions is geaerally believed that the situation will probably adjust itself, although
and unlikelihood of safe deliveries. Construction of building projects in it is expected in Brazil that there will continue to be sonic minor failures.
The new directIr of the "Obras Contra Seccas" (Work Against Droughts)
Shanghai was resumed, and there were indications of improvement of conin Fortaleza, capital of the State of Ceara, states that the Federal Governditions there.
ment, will complete the Oros dam, claimed to be one of the largest irrigaPHILIPPINE ISLANDS.
tion dams in the world, and will again operate the cement plant in FortaApril trade continued the upward trend of recent months and compared
leza. The State of Pernambuco has been instructed by the Federal Govfavorably with business of the corresponding period last year. Early May
ernment to continue dredging the harbor to provide sufficient depth for
was seasonally quiet, with completion of sugar grinding. April copra prices
all steamers, but the State has not yet purchased a tug to hold the large
idvanced, with decreased production. Abaca trade was generally quiet,
ships against the tide. Funds for this purpose have been provided by the
but has since become more active, with higher prices. Tobacco exports inAmerican loan of $6,000,000 floated in March.
creased substantially over the low levels of recent months. Prospects for
sugar cane continue favorable and a bumper rice crop is anticipated. ImMEXICO.
port trade continued excellent in automotive lines and the textile market
No improvement has been noted in the depressed business situation in
showed scme improvement, especially in staple lines.
Mexico. As a result of the decreased traffic the National Railways on May
15 reduced Pullman service on their trains. Prices of native provisions
HAWAII.
are low, with foodstuffs markets very dull.
High temperatures and torrential rains have prevailed throughout the
Hawaiian Islands during the past 30 days, making growing conditions for
PORTO RICO.
crops exceptionally favorable. The sugar cane harvest continues, with the
General business conditions in Porto Rico are somewhat below those of
crop about two-thirds complete. Tonnage is reported to be heavy, but the last year, particularly in the smaller towns and rural districts,
principally on
yield subnormal. It is estimated in Hawaii, however, that the current crop account of the delayed marketing of the tobacco crop. Rainfall
has been
output will equal the last one. March retail trade was reported to be below normal in the north, and although the drought has
been somewhat
about 11% greater than that of March a year ago; wholesale trade was nor- relieved in the northern districts, it is intense in the
Aquirro-Guayama
mal. Automobile sales have declined somewhat. Collections during May district on the southeast coast and threatens serious
damage to crop. Colwere moderate. The city of Honolulu will offer in June a water and sewer lections are still rather slow and slightly below those of
the same period
bond issue of $1,000,000 to carry out projects already begun. Building and of 1926, with transactions in San Juan better than in
the other towns,
construction are active, but the supply of skilled labor is sufficient to care among which Guayama and Managuez offer the least
difficulty.
In the
for all demands.
Ponce district the slowness is particularly noticeable, especially in
the
BRITISH MALLYA.
drug, hardware and furniture trade. Short-term commercial loans
are
British Malayan rubber trade, which is the criterion of local conditions, active, but normal. Provision merchants report sales to be slightly
above
was very dull in April anJ speculation was slight. Malayan exporters and those of last month and about equal to those of 1926, while the
cotton piece
traders are much less optimistic than in the early part of the year, since the goods movement is normal. Business is dull in the electrical
equipment
rubber market has not reacted to increased restrictions with material ad- lines and there is little activity in both the wholesale and retail
shoe trade
vance in price. The average price for April of .6997 Straits dollars ($0.39) especially in the interior, where the retailer lacks the means to
finance his
per pound of rubber was practically the same as that of March. Total ex- purchases. San Jan bank clearings for the first 20 days of May
amounted to
ports of rubber in April amounted to 29,041 long tons, compared with 41,346 $17,359,000, as compared with $22,428,000 for the corresponding
period
tons the previous month.
of 1926.
Due largely to the fall in rubber exports, April's foreign trade was 22%
under that of March and below the value of trade in April 1926. Exports
totaled 83,012,000 Straits dollars ($46,445,000), compared with 116,073,000 English Cold Sale Braces Exchange—Financial Circles
dollars ($64,954,000) in March, and imports were valued at 77,099,000
Puzzled to Explain Purpose of Latest Transdollars ($43,137,000), against 88,918,000 dollars ($49,758,000) the preaction, However.
vious month. Tin prices in April were lower than in March, the average
falling to 152.6 Straits dollars ($85.38) per picul of 133 1.3 pounds.
Commenting on the recent gold movements, the New York
Exports for the month totaled 5,563 long tons, also a decrease compared "Times," of May
22, said:
with March. Of the April shipments, 69% went to the United States; 23%
The withdraway of £1,500,000 of gold from the Bank of England
last
to Great Britain, and 8% to Japan. Exchange rates on New York and week added
a new and confusing factor in the situation surrounding interLondon continue steady. The average value of the Straits dollars in April national
gold movements, whica for the last three weeks have been one
cf
was $0.5595, compared with $0.5596 for March. The par value is $0.5678. the chief
subjects of discussion in financial circles. It is understood that
New York is to be the destination of the gold, but no official
NETHERLANDS EAST INDIES.
announcement
With excellent crop prospects, especially sugar and rice, business con- of its disposition has been made.
The immediate eject of the sale of the gold was an advance
ditions continue favorable. Harvesting has begun and as crop returns are
.n sterling
marketed, increased trading activity in general is expected. Due to unusual exchange and a strengthening of rates in the London money market. This
resulted
in the belief that the transaction had been permiLed in order to
building activities, local lumber prices have advanced materially. April's
textile trade was active and business is expected locally to increase as rice protect the sterling rate, w.eich had been under pressure recently. Among
bankers and foreign exchange dealers, however, there was no comprehensive
harvesting advances. Sugar trade was dull, as shipments of the old crop
explanation of the transaction. The opinion was advanced that the sale of
ended, but the rubber market firmed, with improved prices.
the gold in London might have acme connection with
the recent purchase of
INDO-CHINA.
$59,548,000 of French gold by the Federal Reserve Banks, although the
Indo-China trade is rather quiet, with a calm rice market. The harvest- exact nature of the link-up was not made clear. Forecasts also were made of
ing season closed with April, but deliveries of paddy at the mills have been further transactions of a similar nature.
scant. In consequence, prices are well maintained, with an upward tenEarlier Sale of Gold.
dency. First quality rice was offered on April 30 at ship side in gunnies,
Earlier in the week 1500,000 of gold was
shipment
at 11.29 piasters per 100 kilos, or approximately $5.17 per 220 pounds. to New York as a straight commercial engaged In London for
Shipments of rice in April totaled 201,504 metric tons, of which about of its kind in months. This transaction exchange transaction, the first
was made possible by s temporary
49,000 tone consisted of white rice for Japan. The piaster sold on April combination of exchange rates, shipping
charges and gold prices in London.
MAY 28 1927.]
THE CHRONICLE
Sterling had been weakened by selling, principally abroad, although it
was still appreciably above the level usually calculated as the British
gold export point. The recent heavy movement of gold to the United
States, however, had resulted in a reduction in transportation charges by
the steamship companies and the price of gold in London took a sudden
dip, which enabled the purchase of the gold for shipment to America on
a basis that will yield a small profit. Such transactions, however, are not
representative and occur few times in the course of a year.
The purchase of the French gold in London, following the shipment of
$30,000,000 of the metal to the United States, continued to afford the
basis for much discussion in Wall Street. The $59,548,000 of the metal
which constituted the latest purchase by the Reserve banks will be held
in an ear-marked account in London and, according to authorities here,
has ceased to figure as a factor in the money market. Secretary Mellon
explained last week that such purchases did not constitute a precedent.
and that possession of the gold in London would simplify procedure in
the event that this country was called on to ship gold abroad. Such
shipments occasionally are made, although recently the gold movement
has been heavily in favor of the United States.
Purpose of French Balance.
The suggestion that the tremendous balances being built up by France
through the sale of gold may be used in connection with a debt payment
to the United States was heard in Wall Street last week, but was not
generally credited. The report, which came from London, said France
might pay off in cash the commercial debt incurred after the Armistice
in the purchase of American supplies, leaving the main body of the war
debts open to new negotiations. A more logical use of the balances,
however, is believed to be the protection of French exchange in the event
of a definite stabilization program being undertaken. Other countries
under similar circumstances have obtained large international credits for
the protection of exchange.
The gold movements have directed new attention to the mounting
supplies of the monetary metal held by the United States. On May 1
the American holdings were at a record high point of $4,609,305,000.
and it is expected that the June report will shows total of $4,700,000.000.
The total holdings of central banks and Governments of the world are
$9,181,785,000, showing that the United States now hold more than
half of the world's supply. Imports here from many parts of the world
since the first of the year have been an important factor in maintaining
easy money rates and an abundance of credit.
London Market Disconcerted by American Gold Purchases and Mysterious Withdrawal From Bank—
French Activities Blamed.
The British attitude toward the recent gold movements
is the subject of a cablegram from London May 22 (copyright), appearing as follows in the New York "Times" of
;•
May 23:
- :61
3145
by inland loans. There has been no inclination to increase the foreign
loans which so greatly strengthened Berlin's position during 1926; German
Industry has, instead, been turning to the German inland market. This
is considered here the wholly adequate explanation of the Berlin bankers'
plan to cut down speculation loans by 25%. It also explains the fall in
the Reichbank's holdings of foreign bills from 192,000,000 marks on April
7 to 106,000.000 marks on May 18.
The situation seems to have been officially recognized by restoration of
the measures for facilitating foreign borrowings, which had previously been
withdrawn. Apparently, therefore, Germany has discovered that she cannot yet, without large new foreign credits, manage to pay for her import
of raw materials, her remittances on reparation account and the interest on
her foreign loans. As Judged by Amsterdam, the Berlin Stock Exchange
crisis was itself a sign of the precarious economic situation in Germany
and the country's exceptional dependence on foreign help.
Bank of France Puts Curb on Speculation—New
Foreign Exchange Policy Makes Continued Absorption of Currencies Unnecessary—New
York Proceeds of Gold Sold to Federal
Reserve Counted in French Bank's
Reserve.
In a "Herald-Tribune" cablegram May 22, (copyright)
it is stated that the Bank of France, co-operating with
Premier Poincare, has initiated a new exchange policy:
that of discontinuing its sales of foreign currency and
buying exclusively. In part the account also says:
This measure was undertaken to hamper speculation, which during the
past fortnight has forced the bank to absorb 38,000,000 francs worth of
foreign currencies—a situation which it would be impossible to continue
without forcing a new issue of banknotes. Since December 1923 the bank
has been buying all foreign money at the rate of 23.55 to the dollar and
reselling at 25.57.
Under the new system legitimate, outright sales may continue, but
speculation on the market ceases. At present the Bank of France and
the French Treasury together hold approximately $800,000,000 worth
of foreign currencies.
Bank Proper Holds $673.000,000.
In the so-called miscellaneous account the bank has at least 15.000.000.000
francs in addition to 51,000.000 worth of foreign money held abroad and
2,123,000.000 francs in gold and silver collected in the country which
had been exchanged for foreign cash, or a total of $673.000,000 in the
bank proper, and at least $140.000,000 held by the Treasury.
With such available funds Premier Porncare could , if he so desired,
negotiate for the further refunding of French gold* held in London and the
repayment of $408.000,000 owing to the United States for war stocks.
The Premier's financial situation is entirely due to the steady flow of money
from abroad, much of it being reratriated. Large sums in pounds and
dollars continue to return to France in exchange for parper francs, which
are then demsited in current accounts or utilized for the purchase of
Treasury bonds. Hence the Government has been able during the last
week to refund to the Bank of France 1,500.000,000 francs and the bank,
though obliged to buy up nearly two billions in foreign cash, was able to
reduce its note circulation by 460.000.000 francs.
At the beginning of last week, hopes of a further reduction in the Bank
of England rate were growing in the London financial markets. The/
seemed to be warranted by the large influx of gold from South Africa and
Germany, which had been taken into the Bank and which increased the
Bank's gold holdings, as shown in its weekly statement, by the unusual
amount of £1 ,459,000.
The prospect became admittedly uncertain when nearly the whole of the
gold arrived on the open market Tuesday was unexpectedly taken for
America. and any expectation of a lower Bank rate was completely exA Paris cablegram on the same date (May 22) to the New
tinguished when the Bank on Thursday announced its very large sale of
gold oollion. That outgo, which in two days reached £2,505,000. the York "Times" (copyright) regarding the building up by
market at the close of the week ascribed to Russian withCraw els, çrobaoly France of American balances stated in part:
due tr) the situation arising from the raid on the Arcos Tra 'irg Co. It
Foreign markets have commented upon the bank's purchases of francs
much more than cancelled at one stroke the whole of the lar. e addition and dollars in foreign markets, while it was selling francs in the Paris market,
which had been made to the Bank's reserve during the week ending Wednes- as an anomalous procedure. There purchases at London and elsewhere.
day, when the Bank statement is made up.
however, were paid for to a great extent with sterling bills already in the
bank's bands. But the Bank of France wished to place its cnief exchange
Gold Movement Perplexing.
the United States the country
Conditions in the gold and exchange market have r-rely been more reserve at New York, because it considers
whenever needed.
puzzling. The circumstances which made possible the purchases of open where it will be surest of obtaining the gold at par
into dollars on the foreign
conversion
the
explanation
for
That is the simple
market gold for New York as a profitable exchange operation were the fall
recently
bought. The same
sterling
the
of
large
proportion
of
a
markets
in sterling, the decline in the price of gold to 84 shillings 10 pence 1 farthing
per ounce, the low freight charge of only 3 shillings 1 penny, and the avail- reason applies to the sending to New York of gold released to French
ability of a fast steamer which mould diminish the loss of interest. Yet. account by the Bank of England. Part of this gold was sold to the Federal
The Bank of
with 11 these incidental circumstances favoring the outflow, the London Reserve, but the proceeds are to be kept at New York.
market blames France for what it considered irritatingly disturbing features France, however, has assurance thaw the resultant deposit can instantly be
converted into gold if desired. Therefore, the deposits in New York
in the financial situation.
It is fully recognized that the only influence which forced down exchange figured in last week's bank return smong gold reserves. The gold described
was French pressure to purchase dollars; but why France should wish to In the statement as as the bank's "free disposal" is the remainder of the
acquire such remittances under all existing circumstances is not understood. £18,000,000 still in the Ba ilc of England;the amount described as "available
It is felt that either the situation has not been handled skillfully by the slaw d"represents that part of the £18,000,000 which was sent to New York.
It should be pointed out that in the latter amount the dollars available
French or else that it still wished to send gold to America but had encountered unexpected difficulties because New York, for its own reasons, are calculated in the bank statement at their par value in gold, not at the
rate quoted for dollars in Paris. This is contrary to the practice pursued
did not want more gold.
witn regard to excnange bought by the bank on the open market, which is
No More Gold Expected from Germans.
entered in the bank statement under the beading "sundries account" on
The situation is not expected to oe relieved by further gold imports from the asset side, at the price paid for it in France.
Germany. The half-million sterling in gold sent by the Reichsbank to
London last week was a sequel to the Berlin Etoerse panic, Berlin exchange
on London rising well above the gold point even after the stock panic had
subsided. Until last week the Reichsbank had relied on its own sales of Berlin Approves Gold Exports—Considered as Forced
foreign currencies to control the exchange market, but Its holding of such
by Heavy Foreign Payments and Shrinking
bills had decreased so heavily during recent months that the exchange could
Exchange Reserves—More Will Go If Needed.
not be sustained without releasing gold. The Berlin rate is now down to
the point at which it stood before the Stock Exchange panic.
The Reichsbank's surrender of gold for export last week,
£500,000 going to London, represented the first withdrawal
Many Cross-Currents in Gold Market—Flow of Gold of the kind since the currency was stabilized. In stating
to New York Considered Unavoidable, Also Outflow
this a cablegram (copyright) to the New York "Times" from
From Berlin.
Berlin, May 22 adds:
It caused no surpr;se, however, and in the best financial circles is even
The international gold market is full of interesting crosswelcomed as proving to foreigners the reality of the gold basis of the German
currents says a cablegram (copyright) from Amsterdam, currency.
May 22 to the New York "Times" continuing it states:
The Reichsaarxk's own return last week, covering the position of May 14,
The present stream of gold flowing to the United States is discussed here showed a further shrinkage of the foreign exchange reserve to 106,000.000
and
as unavoidable. It is believed to indicate that America's position as marks; it had been 520,000,000 at the beginning of the present year
creditor nation on a very large scale, which had long been obscured through 296,500,000 a year ago. But tne gold export is considered as due even more
exchange,
non-legal-cover
the volume ofcredits advanced to Europe,is making itself more strongly and to the fact that the Reichsbank's holdings of
irresistibly felt. This aspect of the international movement is illusteted which is not shown in the bank return, has also shrunk heavily.
President Schacht of the Reichsbank makes no secret of the fact that he is
In another way by events in Germany. •
Notwithstanding the rise of the Berlin open discount market to a level determined to export gold without limit if the drain on exchange supplies,
repayments offoreign credits,
with the bank rate and notwistanding the Reichsbank's very large increase resulting from the large import excess and the
preferable to attempting to attract forn loans, the German market for capital seems to be continuously drained continues. He considers loss of gold
3146
THE CHRONICLE
(VOL. 124
sign money by raising the Berlin discount rate, because a higher rate would
Reports of Spanish Loan Said to Be Without
injure trade rotival.
Meantime, and largely as a result of the exchanges in the security, gold
Foundation.
and money markets, the home market for new capital issues has become
In its issue of May 21 the New York "Times" stated:
almost lifeless. The statement is now ascribed to important financial
authorities that the placing of any consideraole home loan by the Federal
A report that Dwight W.Morrow of J. P. Morgan & Co. was in Spain arGovernment is at present impossible.
ranging for a $50,000,000 loan to that country was received in Wall Street,
Before the recent collapse occurred on the Stock Exchange, various large but proved to be without foundation. Mr.
Morrow,it was learned, is nearindustrial corporations had proposed to take advantage of the boom by ing New York on the Olympic on his way
back from a vacation in Europe.
Issuing new shares at home. It is now considered far more probable that There have been no discussions in New
York of a loan to Spain. The loan
they Will attempt to raise the money by floating bond issues in New York report, however, was responsible for a sharp
advance in the Spanish peseta
In the foreign exchange market. The Spanish currency was run up to a
French Bank's Huge Purchase of Foreign Exchange. high point of 17.72 cents before reacting and at the close, at 17.64 cents, was
still 14 points higher on the day.
A Paris message (May 22) to the New York "Times"
A reference to the report appeared in these columns last
(copyright) states:
week, page 3009.
The French Treasury's payment of 1,500,000,000 francs in reduction of
its debt to the Bank of France, as shown by Thursday's bank statement,
attrac.ed attention because no such repayments had oeen made during
the six preceding weeks. The explanation of last week's large payment
was that the private banks, from which the Bank of France had made large
purchases of foreign exchange during the period, had now brought the proceeds of such sales to deposit on current account with the Treasury.
The same bank return showed "sundries account" to have increased
nearly 1,900.000,000 francs. It is positively known that a great proportion
of this increase represents exchange bought by the Bank with its own circulating notes. Furthermore, the Bank bought gold and silver coin frcm
the public last week to an amount for which it paid 17,500,000 francs in
notes. The total purchases of coin to date have involved the Issue of
2,123,000,000 francs in notes, representing purchase of something short of
400.000,000 francs gold.
Germany Plans 850,000,000 Farm Loan to Increase
Production and Reduce Food Imports.
Germany is determined to reduce the importation of foods
to a minimum, according to recent advices to the New York
"Times," which stated that it was announced on May 2
that the Reichsbank and the Ministry for Food and Agriculture had agreed to raise a loan of $50,000,000 for the
increase in production of foodstuffs. The advices (copyright) added:
The money will be advanced to farmers desiring to improve their lands
at the low pre-war interest rate of 4%.
The Got ernment belies es that the tillable area and the productivity of
the acreage under cultis ation are capable of large increase by the draining
of lowlands and the Irrigation of Cry high sections. Flans for work in this
direction already have been fully worked out.
The Reichsbank will try to obtain the necessary funds in the domestic
money market.
Government of Japan Halts Gold Exports—Suspension
Announced Pending Readjustment at Home—
Yen Likely to Be Protected.
From the New York "Times" of May 25 we take the
following:
The Japanese Government yesterday decided to cease temporarily all
gold exports, according to cable advices received here. Japan had been
sending regular shipments of $4,000,000 a month to the United States for the
protection of Japanese exchange, with the plan of eventually returning to
the gold standard. The cessation of the movement was attributed to the
financial disturbance which has developed in Japan and which is being adjusted through the co-operation of the Government and the Bank of Japan.
The announcement that the cessation would be temporary was construed
here to mean that gold shipments would be resumed if undue pressure on
the Japanese yen should develop in the foreign exchange market. The yen
was firm yesterday at 46.65 cents. Earlier in the year, when the plans for
a return to the gold standard were actively under way, the yen reached
49.21 cents, within a small fraction of its parity with the dollar.
Japan in September, 1925, modified an embargo against gold exports,
which had been in existence since the War,and shipments, usually in 2,000.000 lots, began coming to the United States to be stored in the vaults of the
Federal Reserve Bank for the account of Japan. These shipments to date
are estimated at more than $50.000.000.
Resignation of Japanese Financial Commissioner.
The following is from the "Wall Street Journal" of May 24:
Kengo Mori. Japanese financial commissioner in London. Paris and New
York, has resigned, because of his appointment to the Japanese House of
Peers. Announcement of his successor is expected within a week or ten
days.
Berlin 'Booms' Fish to Cut Living Costs—Municipality F. J. Lisman & Co. Purchase Additional Bonds of
Hungarian Savings Bank.
Has Become in Effect Largest Sea Food Dealer in
F. J. Lisman & Co., it is announced, have purchased an
Germany.
A cablegram (copyright) from London May 23 to the additional block of $500,000 7 % secured sinking fund gold
bonds, series A, of the National Central Savings Bank of
New York "Times" says:
•
The city of Berlin has become the largest fish dealer in Germany. despite Hungary; and will offer them shortly. An issue of $1,500,the fact that certain kinds of sea food, such as oysters, are dearer here
000 of these bonds was recently successfully placed by the
than anywhere else in the world. To reduce the cost of living and increase
the consumption of fish the authorities started propaganda some time ago same bankers. The present financing is of special interest
and established municipal sales stations in all public markets, with exceller.t in view of the bank's financial record since its inception in
results.
1872. The success of its policy, it is pointed out, is shown by
A large part of the fish sold is brought to the market alive from the
seashore and inland risers and streams in especially constructed oars. auto the fact that it has suffered no losses whatsoever on mortgage
trucks and boats, while dead fish is kept fresh by transportation in re- and communal loans and its
bonds have always enjoyed a
frigerator cars.
Prices are kept down to the lowest possible level by auctions conducted by ready international market, being largely purchased in Austhe city officials on certain days every week. Fish not sold at once are tria, Germany, Holland and other countries. Since the bank
smoked or pickled to p rev eat waste. There is also an enormous frying commenced issuing
its bonds, 39 years ago, it has, it is stated,
establishment which furnishes 90,000 portions of excellently prepared sea
food daily, 30.000 portions being taken over by the city for the municipal always punctually paid principal and interest on all of its
eating houses.
outstanding mortgage and communal bonds.
To encourage the consumption
of fish still more, houseerives' societies
arrange special cooking courses and the authorities continue the propaganda
through the press and radio, distributing posters and cookbooks, by lectures
in the schools and the showing of films demonstration the cooking and
conservation of fish in moving picture theatres.
Report on Foreign Investments in Germany, by
Dr. Paul Liverkuehn, Vice-President of American
and Continental Corporation—List
Loans in Foreign Countries.
Federal Advisory Council Urges Federal Reserve Board
Will Germany be able to transfer abroad $60,000,000 in
to Devise New Plan Concerning Cuban Agency.
interest and amortization on her private borrowings in addiThe Wall Street "Journal" of May 26 had the following to tion
to her payments of $625,000,000 a year hi the standard
Washington
in
advices:
say
Federal Advisory Council has recommended to the Federal Reserve Board years of the Dawes Plan? Dr. Paul Leverkuehn, Vice-Presithat a study of the problem of the Cuban agency of the Federal Reserve dent of the American and Continental Corporation, and forBank of Atlanta be made in an effort to devise some different arrangement. merly of the staff of the German
-American Mixed Claims
Council opposes establishment of agencies of the Federal Reserve banks
Commission, puts this question in a survey of foreign inoutside the United States.
Council recommendations were made to the Federal Reserve Board at vestments in Germany which has just been published
by the
the joint meeting here last week. It follows:
Foreign Policy Association, 18 East 41st Street. In answer
The Federal Advisory Council recognizes that it is not advisable to
discontinue the Cuban agency at this time. The council, however, wishes to to the question which Dr. Leverkuehn raises as to whether
reiterate the view to which it has given expression on several occasions in
the past, to wit: That it does not believe it to be good policy for the Federal Investments in Germany are safe, he points to the balance
Reserve banks to establish agencies of the character of the Cuban agency sheet of several German industries
and reviews the genoutside of the continental United States. The council, therefore, suggests
to the Federal Reserve Board that it study the whole system to the end eral industrial situation, stock and money market, and the
that if possible, some plan be devised which may be an effective substitute
large German gains resulting from the export trade in 1926,
for the present arrangement.
Cuban agencies of the Federal Reserve System have been a subject of which resulted especially from the British coal strike.
controversy since their establishment in 1923.
There Is no reason to fear for the safety of German investIn June 1923, tho Federal Reserve Board authorized the Reserve Bank of
Atlanta and the Reserve Bank of Boston to establish separate agencies in ments, according to the tenor of Dr. Leverkuehn's report.
Havana. In general terms the Atlanta agency was to handle the transfer The report specifically repudiates the suggestion that Gerof currency to and from Cuba, and the Boston agency was to engage in man industries are falling under
the control of foreign
buying and selling bills and bankers' acceptances.
On Jan. 1 1927, the Reserve Board effected a merger of the two agencies money lenders. Dr. Leverkqehn declares:
by granting to the Reserve Bank of Atlanta the authority for its Havana
agency to assume all the functions previously performed by the Boston
agency.
It can safely be assumed, however, that none of the more important German industries are at present under the control or influence of foreign
minority holders. The fear that has frequently been expressed in Ger-
MAY 28 1927.]
THE CHRONICLE
hands is not borne
many that control of industries would pass into foreign
connection between loan
out by the facts. There is certainly much less
was generally
than
transactions and the acquisitions of equity holdings
anticipated, particularly in German publications.
Since the stabilization of the mark and the adoption of the
Dawes Plan, Germany has borrowed from five to six billion
marks' (close to one billion dollars) worth of foreign capiprotal, according to Dr. Leverkuehn. By far the larger
borrowed
been
has
71%,
more
than
amount,
this
of
portion
from the United States. Other lenders to Germany are as
91/2%; Switzerfollows: Holland, 111/4%; Great Britain,
21/2%. Ameri2
/
11
countries,
other
Sweden,
%;
land, 4%;
can borrowings have been used in almost every type of German enterprises and used for almost every purpose, from the
building of a stadium in one of the German cities to financing the United Steel Works Corporation. Americans have
helped finance the German States of Bavaria, Prussia, Hamburg, Bremen, Baden, Oldenburg and Saxony. Americans
have loaned to the municipalities of Berlin, Cologne, Munich,
Dresden and Frankfort-on-the-Main. American capital has
also been borrowed in large quantities to finance almost
every type of German industry, and Americans have invested heavily in German real estate. A feature of Dr.
Leverkuehn's report is a summary of German loans in foreign countries from the 1st of January 1925 to the end of
1926, which includes the name of the borrower, the amount
of the borrowings, the syndicate manager, under which appear,the names of many prominent American bankers, the
rate of interest, the period for ivhich the loan was granted,
and the selling price of the bonds.
W
3147
"The Labor Charter lays down for all producers a sure and stable basis
on which to regulate their mutual relations while performing their daily
task in common. Sometimes a one-sided view of the interests involved may
obscure the common goal; and it is essential that we be certain that justice and equity, guaranteed by the State in the interest of the nation and of
the future greatness of the race, ensure not only peaceable relations but the
active collaboratior of all concerned in productive effort, For this reason
the Confederations of Employers have given their spontaneous and active
support to the head of the Government in this work, confident that the
workers will not be behind them in giving it practical efeet."
In the financial world the upward movement of the lira has been a marked
feature of the month of April. With the considerable inflow of dollars and
sterling consequent on the loans floated for productive purposes by Italian
Industries in New York and London and secured for municipal developments
by the cities of Rome and Milan, the price of the lira has risen steadily.
Italian business enterprise has borrowed on the foreign market during the
first quarter of 1927 a sum of $161,000,000. The readiness with which
these loans are taken up shows the confidence felt by the creditor countries
In the financial and political stability of Italy.
The annual reports of the leading Italian banks published in April all
strike the same note—the soundness of national finance, and the reaction of
currency deflation on industry, moderated, however, in its effects by other
favoring factors, foremost among which the steadiness of the labor market
and the joint efforts made by public authorities, manufacturers, and workers to eliminate waste and friction in all fields of •production and trade.
The scanty use made of the check in continental Europe always strikes
the English-speaking visitor, Undoubtedly a wider use of deposit accounts
and payments by check would afford relief to the lurreney situation, and
this has induled the Minister of Finance to appoint a committee to study
means for familiarizing the public with a system which has acquired such
well deserved popularity in the Anglo-Saxon countries. Meantime a step
in this direction has been made by authorizing Government departments to
make payments by orders on the Bank of Italy or by postal orders, and by
accepting such orders in payment of taxes.
The importance of rapid and reliable official statistics in the scientific
organization of production and trade is now thoroughly recognized in Italy,
where that science has always had eminent exponents. A recent decree
orders a general census of industrial plants and factories, commercial con.
cerns, banks, transportation and • all other economic activities to be taken
during the current year. This census will not include agricultural production, for which returns will be made in connection with the international
agricultural census to be taken under the auspices of the International Institute of Agriculture in 1930-31.
Italy's Labor Charter Approved by Grand Fascist
Council—Economic and Financial Situation
in April.
Italy's Loan Conversion—Avoidance of Disturbing
The monthly survey issued by the Association of Italian
Exchange Rate Sought in Transferring Funds to
Corporations, dealing with the economic and financial situaLira.
tion of Italy during April has come to us from Romolo
its Washington bureau the "Wall Street Journal'
From
Angelone, Commercial Attache of the Royal Italian Em- on May 25 reported the following:
Mechanism employed for converting into lire the rroceeds of the loan
bassy. We are quoting herewith in detail from the survey
has been negotiating abroad , and the transfer of the amount
since it makes available desirable information regarding which Italythe
borrower, has been explained recently in Italy, according
realized to
which
to
reference
previous
a
Charter,
Labor
Fascist
the
to a special report to the Commerce Department from Rome.
following
The
2836.
The nrincipal problem is that of transferring funds to Italy from the lendappeared in our issue of May 14, page
ing country without unduly disturbing the exchange market. The borrower
received:
just
survey
May
the
from
is
does not enjoy freedom to make the transfer at any time that may be con-
April 1927 will be remembered in the annals of the Fascist regime as venient. Instead the Institute of Exchange and the Bank of Italy arrange
"Labor Month," for on the 21st, when the foundation of Rome is com- for the transfer by instalments. Until transferred, the amount lent remains
memorated by reviewing each year the productive forces of the nation as at the disposition of the borrower in a foreign market, but cannot be conincorporated in the national unions and guilds, the Grand Fascist Council verted into another currency. The difference between the interest received
approved and published the Labor Charter.
on such deposits and that accruing to the lender, as well as fluctuations in
This docuMent sets forth the basic principles of Italy's labor policy. It exchange, are borne by the borrower.
declares the nation a moral, political and economic unit of which the State
He is protected against the disturbances which might be caused in the
is the concrete expression. To the State, therefore, belongs the duty of exchange market if he were free to purchase lire with rroceeds of the loan.
a
and
duty
individual
over to the Institute of
safeguarding production, which is proclaimed an
On fixed dates the foreign currencies are turned
supreme national interest. The guild State considers private initiative in Exchange, which requests the Bank of Italy to place at the disposal of the
the field of production the most effective and valuable instrurnent of borrower the equivalent of the lire at the current rate of exchange.
national progress. The development and improvement of production is
Danger of increasing the note circulation as a result of this transfer is
normally secured by the private initiative of the business world aided by partially avoided in the following manner: Private banks owe the Bank
demands
'the
when
occasion
but
labor
unions,
and
professional
efforts
of
the
of Italy large sums for loans and discounts.
State steps in to safeguard national, which must always have precedent
Acting as a sort of clearing house,the Bank of Italy may offset one obligaover individual, interests. As the even partial paralysis of productive
with the other and authorize a private bank from which a payment is
tion
activities Nils counter to national interests, all disputes between the sevdue to make this payment from its account to the firm which has borrowed
are
settled
must
not
which
engaged
amicably
in
be
production
eral factors
abroad. Furthermore, it may be that this firm is, in turn, indebted to the
brought before the Labor Courts whose judgment is final. The State does private bank,in which case the latter need only cancel such indebtedness.
not substitute itself for private Initiative; it eschews the doctrines of colRelations between the Institute of Exchange and the Bank of Italy are
lectivism ; it respects property rights; it only intervenes in the industrial regulated as follows: When the Institute of Exchange holds dollars, and has
field when private initiative fails or when national interests are at stake.
the Bank of Italy place the equivalent amount of lire at the disposal of the
The relations between capital and labor are regulated by collective agree- borrower, it incurs a debt to the Bank of Italy for this amount. However,
ments freely entered into by the legally recognized unions of employers and when a need for foreign exchange arises in connection with interest and
workers, agreements which become binding on all concerned. In these amortization charges on foreign loans, or for the payments due on Italy's
agreements class collaboration finds concrete expression by conciliating war debt, this is met by the Institute with the funds at its disposal, its
the interests of employers• anti workers, both of whom must subordinate Indebtedness to the Bank of Italy being correspondingly reduced.
their private advantage to the superior needs of the industry. In drawing
Fluctuations in exchange rates must naturally be borne by the Institute,
up these agreements the consequences of industrial depression and monetary and in the final analysis by the Treasury. However, this may be reduced
phenomena, as revealed by State and guild statistics and inquiries, must be by converting into other currencies, which the Institute may do. Furthertaken into due consideration and the burden equitably distributed over all more, when the rate Is guaranteed to the borrower,in so far as the exchange
the factors of production. The worker is entitled to a weekly day -of rest is retained by the Institute,there is, of course, no loss. Thus far,it appears
and a yearly holiday. Illness, unless prolonged, and military service do not that the transfer problem has not been a serious one.
justify dismissal, and when in permanent employment he is entitled to fixed
compensation if dismissed for no fault of his own. The worker is entitled
Past Ten Months—Survey
to a system of contributory insurance against accidents, sickness and un- Hungary's Recovery During
by Baker, Kellogg & Co.
employment. The guilds are required to provide educational opportunities
and vocational training for their members and to organize employment
Hungarian economic conditions have shown pronounced
bureaus for the workers engaged in the branches of production which they
improvement during the past ten months, according to a
respectively represent.
Declarations of principles have their importance even when they are "survey made by Baker, Kellogg & Co., a condition which,
platonic. But there is nothing platonic about this manifestation of the
it notes, confirms the statement by Jeremiah Smith on reFascist regime. It does not merely herald ideas, it crowns practical achieveHungary was
ment. The guild organization of all categories of producers is an accom- linquishing control of Hungarian affairs, that
plished fact; class collaboration has guided capital and labor in drawing now able to stand on its own feet and economic recovery
up the collective wage and work agreements now in force throughout Italy; would be rapid. The reserve ratio of the National Bank
no labor troubles has disturbed production for the past two years, critical
survey states, had
though they have been in many ways; and the Labor Courts are ready to which stood at 58% in June of 1926, the
act on any dispute which may fail to be settled in conference.
increased to 71.9% as of April 15 1927. In spite of tax
Commenting on the Labor Charter, Sig. Benni, President of the General
reductions the budget surplus has been maintained and
Fascist Confederation of Industries, now the legally recognized representaorganic
first
the
statement
is
of
"It
totaled $15,000,000 for the eight months period ending
labor,
says:
employers
Italian
tive of
published on the relations which should prevail between the several cate- Feb. 28 1927. It is estimated that the fiscal year closing
a State and a
gories engaged in production. It could only be issued by
June 30 1927 will show a total budget surplus of about
regime with a comprehensive vision of national life in all its various aspects
vision.
that
to
power
$18,000,000. It is further noted:
materialize
the
and possessed of
3148
THE CHRONICLE
Hungarian manufacturing interests, as the result of various commercial
treaties and the reduction of customs duties on imported raw materials,
as well as expanding markets occasioned by the increased pdrchasing
power both in Hungary and throughout Central Eurone, have shown
decided improvement in recent months. The iron and steel and allied
Industries are well employed. Manufacturers of building materials are
receiving substantial orders. Unemployment has decreased and railroad
tonnage for the nine months ending March 31 1927 was 18% greater
than for the same period of last year. This increased activity in industry
has also been reflected in improvement in the stock market.
Agricultural conditions during the past two years have greatly imrroved,
yields of the principal crops being approximately the same as the pre-war
average. As a large portion of the Hungarian population is engaged either
directly or indirectly in agricultural pursuits, this imrrovernent is allImportant for Hungarian economic rrogress.
The banking situation Is excellent and the discount rate which was
lowered in August 1926 from 63 to 6%,has been maintained at this level
without undue credit expansion.
With the prospect of a further reduction of taxes and increasing prosperity
in agriculture and industry, sound currency and banking conditions,
together with the benefits to trade and commerce which may be expected
as a result of the closing of several important commercial treaties within
the past few months, Hungarian conditions seem fundamentally sound
and likely to improve still further in the coming months.
[Voi,. 124
of a young and vigorous country. These mutual needs will do much for our
two countries in the future as they have in the past. As a Canadian, I
can assure you that you will always find us willing and able to meet you
more than half way in furthering the mutual understanding and the hearty
co-operation upon which the growth of our future business relations must
depend.
Total Wealth of Canada Put at 22 Billions—Population
Estimate Placed at 9,389,300, an Increase of
600,817 Over 1921.
From the Montreal "Gazette" we take the following
Canadian press advices from Ottawa May 10:
Canada's national wealth is officially estimated at twenty-two billion
dollars, which works out on the average of $2,525 per head. This is apart
from undeveloped natural resources. There are no accurate figures available as to what the national wealth was at confederation, but it is estimated
at under one and a half billions. It is now therefore around fourteen times
What it was when Canada became a dominion. Agricultural values make
up about eight billions of the present total; urban real estate nearly six billions, and the railways considerably over two billions.
Ontario owns about one-third, Quebec one-quarter, Saskatchewan
about one-eighth.
By provinces Canadr's estimated national wealth is distributed:
Per Capita.
Oversubscription ofT Swedish State Loan.
Prince Edward Island
6119,912,060
61,353
Nova Scotia
752.697,986
1,437
Associated Press advices from Stockholm May 24 state:
597,596,369
1,541
A new Swedish State loan of 50,000.000 kroner (about $13,000,000) New Brunswick
Quebec
5,541,819,967
2,347
'teas almost immediately oversubscribed to-day. The rate is
%, and
Ontario
7,353.397,816
2,507
the loan was issued on a basis of 98.75 kroner per 100.
Manitoba
1,650,495,868
2,705
Saskatchewan
2,845,642.985
3,757
Alberta
1,950,973,479
3.317
Dr. Zimmermann, Former League Official, Elected British
Columbia
1,365.896.120
2,604
Chairman of Industrial Discount Co. of AmsterYukon
16,869,792
4.058
dam—Concern Negotiating Loan Here.
$2,525
822,195,302,443
Dr. Alfred Zimmermann, late High Commissioner of the
The estimate is based on returns taken In the last census.
League of Nations for Austria and late Mayor of Rotterdam,has been elected Chairman of the Board of the Industrial
Discount Co. (Industrieele Diseonto Maatschappij) of British Pig Iron Prices Cut—Yorkshire Plants Put
Then Below Production Cost to Keep Busy.
Amsterdam, Holland, it is announced in connection with
Associated Press advices from Cleveland (Yorkshire,
negotiations now under way with American bankers looking
to the flotation of a loan for the company. The company, England) May 20 are announced as follows in the New York
which was incorporated in Amsterdam in 1923 under the laws "Times":
Pig iron prices here are oeing cut even below the cost of production in
of the Kingdom of the Netherlands, conducts various kinds order
to avoid closing down the blest furnaces and increasing unemployment.
of banking business, and its main field of operations is in
The drastic reduction was ordered by the ironmongers as a bid for trade
in
the
face of nig decreases in export business, besides importation of cheap
Holland, Germany and Denmark. Dr. Zimmermann will
iron. The price cut, which amounts to 5 shillings a ton, brings
take up his duties upon his return from the Economic Con- foreign
pig irm down to the prices which prevailed before the coal strike.
ference at Geneva.
tt Housing Loan Lottery Proposed by Soviet.
Amer can Investments in Canada Half as Great Again
Associated Press advices from Moscow May 15 state:
as British, According to Case R. Howard, of The
To raise funds for construction of dwellings and thus relieve to some
Canadian_Bank_of Commerce, New York.
extent the existing abnormal housing conditions in this overcrowded city,
the
All-Union Council of Co-operative Housing is promoting a "housing loan
Addressing the National Foreign Trade Convention at De- lottery,"
in which drawers of lucky numbers will receive apartments.
troit on May 25 on the subject of "Industrial and FinanThe loan will consist of 20,000 shares of 5 rubles each, and to winners
allotted
will
be
apartments in one of 30 or 40 cities of the union. The apartcial Investments in Canada," Case R. Howard, Manager of
ments will be valued at from 3,000 to 25,000 rubles each and the fortunate
the Foreign Business Department of the Canadian Bank of ones
will have the option to take an apartment or its cash equivalent.
Commerce of New York, stated that "American business men
In view of the fact that Moscow has more than 2,000,000 inhabitants ocdo not fully realize the financial interest the United States cupying virtually the same housing space as did 1,000,000 in 1912, so that
thp modest dream of every Moscow citizen is just to have a room of his
has in Canada. "According to recent figures," lie said,"60% own,
it is anticipated that the lottery idea will hit the popular fancy.
of all foreign investments in Canada represents American
A similar lottery recently launched, the winners in which are to be
capital. In round amounts, of the $5,300,000,000 of foreign financed for tours in Russia and Europe and includes among its prizes twie
round-the-world junkets, was over-subscribed in advance.
investments in Canada, $3,600,000,000 came from the United
States. According to the same authority British investments in Canada represent only $2,111,000,000. Mr. How- Increase in Exports of Nitrate of Soda from Chile-—
ard went on to say:
Loweringlof Price.
L
This information was given to me by my good friend,
Mr. Frederic Rudd,
Canadian Trade Commissioner to the United States, who is just completing
tour of the Dominion. We take is as a compliment
that Canada is regarded in the United States as the best outside
field of investment and
we interpret it as an indication of the estimate
placed by the United States
upon the character and ability of Canadians.
When this fact that the United States is the largest foreign investor in
Canada is placed side by side with the fact that Canada absorbs more
American goods than any other country in the world, we gain some appreciation of the closeness of the financial and commercial relations between
Canada and the United States.
Perhaps one of the most interesting developments arising from this flow
of American capital to Canada has been the establishment of scene 1,400
branch plants in the Dominion. Although a large number of American
manufacturers had plants in Canada before the war, it was not until
1919
that any very large annual increase in number of American plants in Canada occurred. In 1919 over 200 plants were established in that one year
alone. Since then the number has increased steadily until we have plants
representing a great variety of American industries.
Many reasons may be given for the belief that this flow of American
capital into Canada will continue. Canada is still a country of great
undeveloped resources. Although in recent years, thanks largely to the
investment of large amounts of American capital in Canadian enterprises,
the value of Canadian manufactured products now exceeds by a wide margin the value of her production of agricultural products. This development is by no means ended. In 1925 the value of Canada's manufactured
products ran close to $3,000,000,000. In 1926 and 1927, due to the industrial revival which has been under way since the beginning of last year, the
value of Canadian manufactured products will probably run close to
$3,500,000,000.
It is the belief of many Canadians, and most far-sighted Americans, that
financial and trade relations between our two countries will increase immeasurably in the next few years. We need American capital, American
technical skill, and you need cheap raw materials, cheap power and the help
a
Exports of nitrate of soda from Chile amounted to approximately 120,000 tons for the month of April as compared with 112,380 tons in April a year ago. Stock of nitrate
on the coast of Chile declined from 992,000 tons on May 1
1926 to 953,000 tons on the same date this year. Kissel,
Kinnicutt & Co., in noting this on May 18, add:
This is the first sign of improvement in the Chilean nitrate situation.
The nitrate year ends on June 30, and although the yoar's production on
that date will show a decline, a marked expansion is expected from that
time on. As a result of the abrogation of the 25-year-old agreement between the Chilean Government and the nitrate producers, an unlimited
export of nitrate will be permitted after July 1 1927. Sales of nitrate on
this basis for the new season began on April 14 and are now being consummated at a price which is approximately $9 a tea less than the price
for the current year.
The lowering of the price of nitrate is expected to stimulate the demand
and make possible very much greater exports for the last half of 1927. For
this reason the free selling of next season's nitrate was urged by Premier
Carlos Ibanez, the present Chief Executive of Chile, in the expectation that
as a result of larger exports the Government revenue frora the nitrate duty
will be greatly increased. Since the United States is the largest customer for
Chilean nitrate, the lower prices for fertilizer will be particularly beneficial to the farmers in this country.
Offering of $20,000,000 6% Bonds of City of
Budapest (Hungary)—Books Closed.
Considerable interest centred in the announcement a week
ago that an international banking group headed by the
Bankers Trust Co. of New York had successfully bid for the
MAY 28 19271
THE CHRONICLE
new $20,000,000 City of Budapest (Hungary) external
sinking fund 6% gold bonds (loan of 1927). Reference to
the announcement appeared in these columns last week,
page 3009. Public offering of the bonds was made yesterday (May 27) by a banking syndicate headed by the Bankers
Trust Co. and including Brown Brothers & Co.; Blyth,
Witter & Co., and Marshall Field, Glore, Ward & Co.
The bonds were offered at 92 and accrued interest to yield
about 6.60%. The closing of the books was announced
yesterday afternoon. It was announced that $925,000 bonds
of the issue had been withdrawn for distribution in Europe
by foreign associates and others, of which $3,500,000 bonds
are to be offered in Holland and $5,750,000 bonds in Great
Britain and other European markets. The proceeds of the
issue are to be used for additions and betterments to the
City's public utility properties above mentioned, for the
construction of public buildings, dwelling houses and public
works, and to refund $3,000,000 of notes already issued
for these purposes. The bonds will be dated June 1 1927
and will mature June 1 1962. They will be redeemable as
a whole or in part on any interest date it the option of the
city at par on six months' published notice (except that two
month's published notice only may be given for bonds redeemable through the first sinking fund payment). A
cumulative sinking fund, payable semi-annually beginning
Nov. 15 1927 and calculated to be sufficient to retire the
entire issue by maturity, is to be applied to the redemption
of the bonds by semi-annual call by lot at par and accrued
interest unless bonds purchased at or below par and acrrued
interest are tendered in lieu thereof. The bonds will be in
coupon form in denominations of $1,000 and $500, registerable as to principal only. Principal and interest (June 1 and
Dec. 1) will be payable in New York City at the office of
Bankers Trust Co., fiscal agent, in United States gold coin
of the present standard of weight and fineness without deduction for any present or future tax or taxes now or hereafter
imposed by the Kingdom of Hungary or any taxing authority
thereof or therein, and payable in time of war as well as in
time of peace, irrespective of the nationality of the holder.
Mayor Sipoecz of Budapest, in information supplied to the
banking syndicate, says in part:
Security.
These Bonds will, in the opinion of counsel, be a direct obligation of the
City of Budapest, which has pledged its full faith and credit for payment
of principal and interest, and which has agreed that if, while any of these
Bonds are outstanding, it shall secure any funded debt (except funded
debt (except funded debt now entitled to security to the extent of its present
rights thereto) by a specific pledge of or charge upon any assets or revenues
of or controlled by the City, the Bonds of this loan shall be secured by such
pledge or charge equally and ratably with any other indeatedness thereby
to be secured.
The Royal Hungarian Government has approved this issue of Bonds and
as provided by law has control over its service. The Bonds are legal investments for trust funds in Hungary.
Debt and Finances.
The budget of the City of Budapest has been balanced for the past three
years. The total estimated revenue for 1927 is approximately $26.000,000,
of which of Which about 60% is derived from taxes, fees and duties. The
total charges on the City's funded debt as now constituted including the
interest and sinking fund on this issue, amount to approximately $2.829.000
per annum. It is expected that the investment of the larger part of the proceeds from this loan will result in substantial increhses in revenues. The
City estimates that such increases will, after the third year, be sufficient
to meet annual interest and sinking fund requirements on this issue.
The external funded debt of the City, consisting of sterling. French
franc and German mark bonds, and of these bonds upon issuance, but
after deducting the $3.000,000 of notes to be repaid from the proceeds
of this issue, will be approximately 565,650.000, or about $69 per capita.
During the war the city suspended the service on its external debt issued
in francs and pounds sterling, and the disturbed financial condition of
Hungary immediately following the war did not permit it to meet its external
debt service until 1923 when partial service was resumed. In 1925 an agreement with the bondholders was made at Ostend, whereby service upon such
debts was resumed upon an adjusted basis for the period July 1, 1026 to
1934, after which full service is to be resumed.
The internal funded debt (except $2,686,000 due the Government,
principal and interest payable in installments commencing in 1931 and extending until 1961). was called in 1925 and 1926 and funds for the payment
thereof set apart. In the event of any reiralorization being made, it is not
expected that additional obligations of the city which might result therefrom
would materially affect its financial condition.
The assets owned by the city are all free from mortgage, and the only
revenues of the city which are specifically charged in favor of any debt are
the gross revenues from the gas, electric light and power, and water works,
which are charged in favor of the present outstanding franc, mark and
sterling loans.
The conversion of Pengoe into dollars has been made at
8.1745 per Pengoe, and conversion of other currencies at
approximately the current rates of exchange. Application
will be made to list the bonds on the New York Stock Exchange. It is expected that temporary bonds, or interim
receipts of Bankers Trust Co., exchangeable for temporary
or definitive bonds, will be available for delivery on or about
June 15.
3149
$1,500,000 Treasury Notes of Province of Santa Fe
(Argentine Republic) Sold by Chase Securities Corporation and Blair & Co., Inc.
A new issue of $1,500,000 Province of Santa Fe (Argentine
Republic) one-year 6% Treasury gold notes has been sold by
the Chase Securities Corp. and Blair & Co., Inc., at100 and
interest to yield 6%. The notes, which are to be dated May
1 1927, and will become due May 1 1928, amy be called as
a whole or in part at any time after Nov. 1 1927 at 100 and
interest.
They will be bearer notes in the denomination of $LOW.
Principal and semi-annual interest Nov. 1 and May 1)
will be payable in United States gold coin of the present
standard of weight and fineness at the principal office of the
Chase National Bank of the City of New York or of Blair
& Co., Inc. in New York City, without deduction for any
present or future taxes of the Government of the Argentine
Nation or of any taxing authority thereof or therein.
These notes will be the direct obligation of the Province of
Santa Fe, which pledges its good faith and credit for the
punctual payment of the principal and interest thereof.
The proceeds of these notes, which are being issued in anticipation of tax collections are to be used for the general
purposes of the Province. Advances from the Minister of
Finance of the Province of Santa Fe state:
The revenues of the Province of Santa Fe are well diversified and have
increased from 18,185.000 paper pesos in 1921 to 34,473,700 paper pesos
in 1926. As a result of the rapid development taking place in the Province
and the extraordinary expenses incurred for public works during this period,
expenditures have averaged more than revenues. A new budget has just
been sanctioned, and after giving effect to the increase in taxes, revenues
in 1927, officially estimated at 39,430,000 paper pesos, are expected to
exceed expenditures.
Including the present issue of notes and $8,160,000 contingent guaranteed
obligations, the total public debt of the Province of Santa Fe (at par o
exchange) amounts to approximately $43,000,600. The Constitution of
the Province limits the total amount of loans which the Province may
contract to an amount, the service of which shall require not more than
25% of its annual revenues.
French Consolidated Loan Closed with Over
5,500,000,000 Francs National Defense Bonds
Bonds Figuring in Exchange.
From its Paris office the "Wall Street Journal" reported
the following May 26:
Officials are satisfied with results of consolidation loan which closed on
Wednesday (May 25). Total is provisionally estimated at 15,500,000,000
francs, but eventually will probably total 16,000.000,000. Of total 9,500,000,000 francs represent conversion of four internal debts maturing 1928-29
whose total is 18,500,000,000 francs, but three of these are merely optional
maturities while the fourth, totaling 7,200,000.000 maturing in May, 1920,
is now reduced to 2,500,000.000 francs national defense bonds have also
been exchanged for the new loan. Under the law the limit of defense
bonds must be reduced at the end of each year by amount consolidated.
Limit originally fixed in August was 49,000.000,000 francs, which Was reduced in January to 46,000,000,000 and must now be reduced to around
40,000,000,000 at the year-end irrespective of temporary 6% excess permitted by law. For the moment, however, bonds consolidated have been
more than offset by fresh subscriptions and further measures to reduce
the volume are expected either through a reduction in interest or lengthening
of terms.
Drawing For Sinking Fund of Hungarian Consolidated
Municipal Loans.
announce
that the first drawing for the sinkCo.
Speyer &
ing fund of the Hungarian Consolidated Municipal 7%
Loan has taken place and that the drawn bonds, represented
by interim receipts bearing identical serial numbers, will be
payable on and after July 1, 1927, at par, at this office,
24 & 26 Pine Street. The bankers also announce that the
fourth drawing for the sinking fund of the Hungarian Consolidated Municipal 7M% Loan has taken place and that the
bonds so drawn will be payable on and after July 1, 192 7
at par, at their office.
German Artificial Silk Co. Forms American Glanzstoff
Corporation—Securities to Be Placed in Amsterdam—Speyer & Co. and Lehman Brothers
Financially Interested.
The United Glanzstoff Manufacturing Corp. (Vereinigte
Glanzstoff-Fabriken Akitengesellschaft), Elberfeld, Germany, the leading producer of artificial silk in Germany, has
organized the American Glanzstoff Corp., and will erect a
plant at Elizabethton, Tenn., near the plant of the American
Bemberg Corp. (organized and controlled by the same interests) now in successful operation. The unit now to be constructed will have a capacity of between 10,000 and 15,000
pounds of artificial silk per day, and will use the viscose
process, while the Bemberg Corporation uses the coppe..oxide ammonium process.
3150
THE CHRONICLE
The German parent company, whose share capital has a
present market value of over $57,000,000, will be the owner
of a large amount of the common stock of the American
Glanzstoff Corp. This company will have exclusive rights
to use in the United States all patents and processes for the
manufacture of viscose silk now owned, or hereafter developed or acquired, by the German parent company.
The American eompany will have a capitalization of
$7,000,000 7% cumulative preferred stock and 300,000 shares
of common stock of no par value. The German company
will guarantee the dividends on the 7% preferred stock until
1931, before which time it is expected that the new plant
will be in successful operation.
The preferred shares will be offered for public subscription in Amsterdam shortly through the banking firms of
Teixeira de Mattos Bros. and Deutsche Bank, Filiaal Amsterdam.
Speyer & Co. and Lehman Bros. of New York are financially interested in the American company and will be represented on its board of directors; but no public issue of
securities is contemplated in this country.
Isarco Hydro-Electric Bond Issue Oversubscribed.
As a means of financing the construction of the largest
hydro-electric generating station in Europe, Hallgarten &
Co. and Halsey, Stuart & Co. on May 28 announced the sale
of $5,000,000 Isarco Hydro-Electric Co. (Societa Idroelettrica dell' Isarco) first mortgage 25-year 7% sinking fund
gold bonds, at 93% and interest, to yield about 7.60%. The
plant will have total installed capacity of about 227,000 h.p.
with an average annual output of more than 500,000,000
kilowatt hours. The bonds will be secured by a closed first
mortgage on hydro-electric works now in the process of
construction on the Isarco River in Trentino, Italy. Upon
completion of the plant the bonds will be guaranteed by the
Banco di Roma, one of the leading Italian banks. The proceeds from the issue will be applied to the construction of
the plant, for which the company will also have available
the amounts paid in on its capital stock now outstanding to
the amount of $5,750,000, and the subsidy granted by the
Italian Government to hydro-electric enterprises. The bonds
are to have the benefit of a cumulative sinking fund with
semi-annual payments commencing Nov. 1 1930. This fund
is calculated to be sufficient to retire the entire issue at or
before maturity.
According to estimates made by H. E. Grunner, an independent hydro-electrical engineer of Basle, Switzerland, the
cost of production at the plant will be the lowest in Switzerland or Italy. Further data in connection with the offering will be found under "Investment News," page 3207.
Changes7Among Ccommittees and Officers of New York
Curb Exchange.
Harvey C. Young has been elected a member of the Board
of Governors of the New York Curb Exchange to fill the
vacancy caused by the resignation of E. W. Van Vleck. Mr.
Young, who is senior partner of Young & Co., 71 Broadway,
will serve until the next annual election in February 1928.
He has been a member of the Exchange since Feb. 27 1918.
George Scott Whiting was appointed Assistant Treasurer of
the Exchange and Edwin M. Posner was appointed by the
President to serve as a'member of the Committee on Listing.
Larger-LOffices for Listing Department of New York
Curb Exchange.
The Listing Department of the New York Curb Exchange
moved into larger offices in the Trinity Court Building
May 16. This step was made necessary by reason of the
broadening of the trading list and the accompanying expansion in the volume of clerical work coincident with the
growth of business.
Philadelphia Stock Exchange Suspends Two Members
for Insolvency.
On May 19 and May 20, respectively, William C. Smith
and David A Waber, both Philadelphia Stock brokers, were
suspended from the Philadelphia Stock Exchange for insolvency. Mr. Smith, it is understood, had been a member
of the exchange since May 20 1890, while Mr. Waber was
admitted to membership on June 3 of last year. The
following with reference to the suspensions is taken from
the Philadelphia "Ledger" of May 21:
',VOL. 124
The Committee of Insolvency of the Philadelphia Stock Exchange
yesterday (May 20) announced the suspension of David Weber, a floor
trader, for insolvency. Ile was admitted to the Exchange June 3 1926.
W. C. Smith, also a member of the Philadelphia Stock Exchange, who
made an assignment Thursday,said yesterday that Mr. Waber's announced
insolvency probably was a reflection of his assignment.
Mr. Smith said that accountants were at work on his books and that to
the best of his knossiedge he has more money owed to him than he owes
to his creditors. Ile said this fact had been established by the accountants.
but that the question at this time is whether he will be able to collect
all the money due him.
Bank of Nova Scotia on "Strength of Britain and
Canadian Prosperity."
"The Strength of Britain and Canadian Prosperity" is
discussed in the May "Monthly Review" of the Bank of Nova
Scotia, which observes that "it would be most unfortunate,
not only for the British Empire at large, but more especially
for Britain itself if London were to remain a dear money
market." The Bank adds:
The recent reduction of the bank rate has been welcomed, therefore, as
the end of a period of restriction. Britain's pressing need for a lessening of the great annual debt charge is itself a decisive factor influencing
policy. Her people are under the strongest of incentives to bring down
the rate of interest and maintain it at a lower level—a level which will
at the same time enable her to carry more easily the load of debt, and to
play her part in the world's money markets more effectively. When once
this is achieved, we need not doubt that Canada will again become an
outlet, and on a large scale, for the funds of the British investor.
• Leading up to the above comments the Bank stated:
Recent discussions in the press have emphasized our dependence upon
Europe. It is not, of course, one-sided, for Europe is increasingly dependent upon Canada for wheat and flour, nickel and asbestos, newspring and
a dozen other things. But we are dependent upon Europe in this sense,
that we have a vast interest payment to make each year—$300,000,000 it
is estmiated—upon British and foreign capital investments in Canada. For
the money to finance these interest payments abroad we depend in large
measure on our sales of exported goods. Nearly half of these goods are
sold in Europe; and the price even of such as are marketed elsewhere
depends to no small extent on the strength of the European demand for
things of the same kind. The wool of Nova Scotia may go to the Boston
market; but the bidding at the London wool sales is an important factor in
determining its price. The dependence of wheat prices in Winnipeg upon
the Liverpool demand is so well understood as scarcely to need mention.
Other things being equal, when the purchasing power of Europe is adequate,
the financing of our interest payments abroad is the more easily arranged;
when the purchasing power of Europe is inadequate, its financing may constitute a problem of some intricacy. When Europe was prostrate in 1924,
conditions in Canada were inevitably depressed. When conditions in
Europe improved Canada was benefited also. Our immediate concern is
with Canadian conditions; but, we cannot afford to lose sight of conditions
in Europe. Are these conditions sound to-day?
An attempt to answer this question by means of an exhaustive analysis
of the chief European countries would absorb more space than is available
in this "Review"; but England herself furnishes an answer direct and
reassuring. If Napoleon could call her people a nation of shopkeepers a
hundred years ago, that description is far more apt to-day; for to-day,
more than in any previous century, England must live by trading. Her
largest single group of customers is still on the continent of Europe. As
they prosper, so does she prosper. Her mood is the key to their condition.
To judge by much that has been said and written of her on this side of
the Atlantic, England has an almost overwhelming task and is facing it with
patience but without illusions. The picture of the Weary Titan is a
familiar one. Nevertheless it is not in accord with the reality. Not that
she fails to appreciate the gravity of her problems. Her budget difficulties
are appreciated clearly. The Chinese deadlock with all its uncertainties
is well understood. The fact that more than a million and a quarter of her
workers are still unemployed forms a background to most political discussions. She realizes fully the great uncertainties even now connected with
the reparations payments and the tremendous burden of inter-Allied debt
which lies upon herself and her neighbors. England, however, is not bending her knees under the load. The visitor to London is conscious to-day not
of tension but of an absence of tension. No country faces her problems in
a spirit so tranquil. Thip is the cardinal fact. Those who neglect it only
misread the situation.
In the years immediately preceding 1914, Britain was enriching large
areas of the Dominion with her savings, and hundreds of thousands of her
workers came out here to help in its development. Immigration, alike of
capital and labor, was daily forging fresh ties, sentimental and economic,
between the two countries. These were enormously strengthened in the
war, when Canadians and Britons maintained a brotherhood in arms, and
when the manufacturing industries of Canada contributed a volume of munitions as welcome and valuable as it was unexpected when hostilities began.
But from 1919 onwards the stream of emigration from Britain has not been
on the pre-war scale; and it has been diverted in large measure to other
parts of the British Empire. Moreover, the London money market has
been on the whole a dear market, and it is from New York that the great
bulk of our later imports of capital have come. The links that had already
been forged are as strong as ever. Circumstances have hampered of late
years the formation of new tie&
Is our association with Britain to be happily more intimate in future?
On both of these counts there is every reason to hope that it will.
Wilbert Ward of National City Bank of New York on
Substitutes for the Bank Acceptance—Bank
Guaranty Supplied by Buyer to Dealer.
That "there are numerous substitutes for the bank acceptance as a means of financing foreign trade, and the American exporter is inclined to consider them," was the statement made by Wilbert Ward, Assistant Vice-President of
the National City Bank of New York in treating of "Substitutes for the Bank Acceptance" before the National Foreign
Trade Convention at Detroit on May 27. The American
exporter, said Mr. Ward, "appreciates that competition is
MAY
28 1927.]
TH 114 CHRONICLE
growing daily more keen, and he wonders whether, in a buyer's market, he can continue to ask for reimbursement by
bank acceptance. He shrinks, on the other hand, from
assuming both the credit risk and the burden of finding the
funds to carry goods for months after shipment, by drawing
time drafts on his buyers. So he searches for alternatives.
One often proposed is that the buyer will arrange a form
of credit insurance by supplying the seller with a bank
guaranty. The phrase 'bank guaranty' is often linked with
'bank acceptance' as though they were kindred, if not indeed synonymous, terms. That is an unwarranted and
dangerous assumption." Mr. Ward added:
3151
"At the time we accepted this guarantee our information on the bank
was very good and we received favorable recommendations on them from
every quarter."
I can see no legitimate place in the finance of foreign trade for the bank
guarantee as a substitute for the bank acceptance. Its use cannot be justified in the plea of expense, because the buyer's bank purports to assume
the, credit risk and pledge its credit, in either event. By avoiding the
payment of an acceptance commission of 1% per annum to the American
bank, the cost is that much less to the buyer—but as the rate of discount
for foreign bills customarily runs, at a minimum, more than 1% ,per
annum above the rate for prime bank bills, the seller loses more than the
buyer gains, and it all goes into the cost of the goods.
If the buyer finds his bank—as buyers often plead they do—more willing
to supply its guaranty than an American bank acceptance, that fact has a
strong credit significance. Every bank is aware that there is a limit beyond
which the open discount market will not go in absorbing its acceptances.
That limit reflects the extent to which fellow bankers and the investment
market deem it advisable for that bank and commit itself in commodity
operations. The very fact that a bank is willing to undertake such operations in the form of a guaranty, which removes them from such scrutiny,
more freely, and at a lower rate than through the medium of its acceptance,
is evidence both of its own appreciation of the relative inferiority of such
an arrangement, and of its willingness to expand its credit beyond limits that
its nighbors rgard as salutary.
The bank guaranty is but one of the substitutes for the bank acceptance
credit. Some of our exporters have sought to overcome the buyer's resistance to the establishment of bank credits, by drawing on the buyer, and
insuring the risks. That method is open to the same objection as the bank
guaranty, in that it imposes upon the seller the burden of marketing his
own bills, at his own bank, at relatively high rates, with the additional
disadvantage of having to pay a credit insurance premium of from 1 to 3%
for incomplete protection.
As conditions in the countries to which we export become more normal,
the ease of supplying reimbursement for purchases through the medium of
the American bank acceptance credit increases. The request for such a
credit is, of course, a test of the buyer's financial standing, but it is not
an unfair, or unreasonable test. A refusal to supply it, in the face of
improved credit conditions, evidences either that the buyer does not appreciate the advantages of the bank acceptance, or that some obstacle stands
In the way of supplying it. In the first case, it is worth while to reason
it out with the prospective buyer; and in the second, it is essential to
learn why his local bank is willing to forego the business. When this has
been done—and only then—should the American exporter consider whether
he should content himself with a substitute.
The right of the bank guaranty to range alongside the bank acceptance
as an instrument of finance depends upon the degree to which it can perform the services rendered by the bank acceptance. The buyer's bank may,
true enough, give him as much in the way of a self-securing, self-liquidating credit by offering the seller its guaranty as by offering its acceptance.
The buyer's bank cannot, however, in this way give its custcener more.
And it gives the seller much less.
Contrast the bank acceptance and the bank guaranty, first, as security.
The bill of exchange is the most cosmopolitan of all legal instruments.
It developed in international trade, and its basic principles are alike recognized by civil code and common law. The act of acceptance places the
burden of disproof of the indebtedness upon the acceptor, and there is so
little likelihood of a bank acceptance being refused payment at maturity
by a solvent institution that the risk is not considered, as a practical matter, to exist. The sole consideration is the credit standing of the accepting
bank. The bill is as good as the bank—but what of the guaranty of the
same institution?
Take a simple form: "We hereby guarantee the due payment of any
bills accepted by our customer, Johann Doe, G.m.b.H., up to the amount of
40,000 Reichsmarks in all, which guaranty holds good until the end of
1927."
In considering the security afforded by this guaranty, the first question
must be, if the guarantor is a corporation, whether, under its charter, it
has the power to bind itself by such a guaranty. Corporations commonly
lack power to snake guaranties—it is settled law, for example, that banks
chartered under our National Banking Act do not possess it. Involved in
this general question of authority is also the query whether the persons
purporting to sign to bind the principal for whom they sign—whether corporate or not—are authorized so to commit it.
Assuming that the authority exists, or that the general reputation of the Annual Report of Northern New Jersey Clearing House
bank justifies the belief that it would not seek refuge in a plea of lack of
Association.
authority, we come to the more serious question of just what is guaranteed.
Is it a guaranty of punctual payment, under which the shipper can proceed
For the year ending May 18 1927 the Northern New Jersey
Immediately in case of default, or is it only a guaranty of collection, which
Clearing House Association reports total transactions of
necessitates exhausting his remedies against the buyer before proceeding
under it? What are the seller's rights if his drafts are refused acceptance $3,615,128,187 compared with $3,272,122,673 for the preby the buyer; if he allows any extension of time or other change in the vious year. The details for the two years follow:
terms of the bills drawn; or consents to the release or substitution of colANNUAL REPORT—CLEARING HOUSE TRANSACTIONS FOR
lateral? Is the guaranty continuous, covering all transactions with the SEVENTH
THE YEAR MAY 19 1926-MAY 18 1927.
buyer named, never at any one time exceeding the principal sum named,
1926-1927.
1925-1928.
92,070.294,310.59 $1,885,258,416.97
or is it exhausted by the first drawings which aggregate the principal Exchanges
1,544,833,876.36
1.388,868,256.07
sum? Must the drafts mature, or is it sufficient that they are a r.cepted, Balances
within the stated life of the guaranty? What will be the consequence of
93,815,128,186.95 93,272,122,673.04
Total transactions
failure on the part of the seller to give prompt notice, of his acceptance of Average daily transactions:
$6,878,054.18
56,263,310.36
Exchanges
the guaranty, or any drafts drawn in reliance thereon, or of any oefault
5,132,338.45
4,607,529.09
Balances
of the buyer? Must the bills be forwarded by the seller to the guarantying
bank for presentment for acceptance and payment to the ouyer? Are any
912,010,392.63
910,870,839.45
Total average daily transactions
defenses arising out of alleged breach of the contract of sale, which may Largest exchange on any one day during year:
817,051,430.66
Jan. 3 1927
be interposed by the buyer in an action brought by the seller, also avail335,163,668.19
AprU 1 1926
able to the guarantor?
year:
one
day
during
the
any
balance
on
Largest
Then there are the questions of conflict of laws, and of jurisdiction. Is
14,425,014.81
Jan. 3 1927
33.445.908.27
the guaranty to be interpreted according to the law of the State in which
April 1 1926
the seller resides, or by that of the place in which the buyer resides, or Largest transactions on any one day during year: 31,478.445.47
1927
3
Jan.
perhaps that of the guarantor? Will it be possible to obtain service
68,609,576.46
April 1 1926
against the guarantor outside of his own domicile, and what will be the Smallest exchange on any one day during year:
4,058,454.00
status of the seller as plaintiff there?
Aug. 30 1928
3,520,522.92
July 27 1925
These questions—and they are suggestive rather than inclusive—are not
balance on any one day during year:
enumerated to mystify, but to enlighten the seller concerning the nature Smallest
2,809,454.84
Aug. 30 1926
2,453,411.94
of the inquiry he must make before he can correctly appraise the security
July 27 1925
afforded by a bank guaranty. If there is spread between him and the solid Smallest transaction on any one day dur. year:
6,867,908.84
1928
Aug. 30
ground of the guarantor's solvency a legal labyrinch, it is better to find
5,973,934.86
July 27 1925
at the outset just how hard it will be to plot a path through it, if need Average time for making exchanges
22 minutes
23 minutes
301
301
arise to do so.
Total number of days exchanges made
conclusion
If the
finally arrived at is that the guaranty affords reasonexchanges and balances for the
records
of
months
the
By
able security, the seller is brought to consideration of its liquidity. Is his
bill, drawn against a buyer on the strength of such a guaranty, of the year 1926-27 has been as follows:
Balances.
Exchanges.
character that passes freely in the open discount market? The only market
940,398,849.89
$55,544,229.34
he will find for the bill will be at his own bank, against the line of credit 1926—May
138,713,083.36
188,964.838.67
June
held at his disposal for the purchase of foreign bills, and at the relatively
126,195,017.16
177,026,246.56
July
112,316,284.53
148,417,601.36
higher rate charged for the purchase of trade paper. Concretely, the use
August
119,785,720.77
157,595,688.38
September
of the bank guaranty, rather than the bank acceptance, penalizes the seller
132,043,030.71
177,339,435.04
October
both through a substantially higher rate of discount, and the necessity of
119,988,084.35
161,040,721.48
November
157,138,121.94
arranging and utilizing a discount line at his bank.
210,181,351.08
December
149.157,920.56
197,657.644.59
Though the bank guaranty gives the buyer no more, and the seller dis- 1927—January
110,816.789.80
146,969,849.01
February
tinctly less, than the bank acceptance, there seems to be an increasing
134,999,283.99
179,293,490.00
March
tendency on the part of foreign buyers to proffer it. In my own experience,
132,793,587.95
175,119,857.37
April
70,490,101.35
during the past few weeks, I have been requested by four automobile manu97,163.357.75
. May
facturers and one tire manufacturer, to advise them whether to accept for91,544,833,878.36
92,070,294,310.59
eign bank guaranties. I have felt under the necessity of advising them
that I could not recommend bank guaranties, because my own experience
J. Heemsath is Manager of the Clearing House.
had been that in case of difficulties foreign banks had been inclined to
interpose technical pleas suggested by their clients. From one manufacturer, to whom I gave this advice, came this reply:
Prices of New York Bank Stocks Show Large Advances
"You may be interested in our recent experience. We had a guarantee
—Stocks of Financial Institutions Continue
from a foreign bank giving us complete assurance that the bank would
guarantee the payment under any and all conditions of our account with
to Rise.
our distributor, as indicated by drafts drawn on him. Yet, when our disTwenty-four representative New York City bank stocks
tributor refused to take up our drafts, even after we had made numerous
and fairly large concessions in the way of reductions, the bank refused absovalue of more than
lutely to live up to their guarantee and notified us that they would pay us show an average increase in market
the amount of the drafts less certain further deductions, which our dis- 48 points per share in less than a month, according to an
tributor was claiming, but which were not at all justified and which were not
admitted by us. Our distributor had not sold any of the merchandise cov- analysis made by Clinton Gilbert, bank stock specialist.
ered by the drafts and when we tried to force payment, lie claimed that he
with those on
should be reimbursed for various expenses he had incurred in preparing to Quotations as of May 24 1927 compared
National
sell the merchandise.
Bank, of
First
the
stock
of
the
April
27
show
"Another point in connection with this guarantee was that it had no time
limit, but as soon as we attempted to collect, the bank arbitrarily established which George F. Baker is Chairman, leading with a gain
Feb. 15 as the date of expiration, thus forcing us to accept their terms iraof over 200 points. Manufacturers Trust Co. stock, which
mediately, or to adopt the alternative of going to court with them.
3152
THE CHRONICLE
[VOL. 124
shows the second largest gain, was closely followed by the
Bank of New York & Trust Co. and Central Union Trust
Co. stock. Large amounts of funds available for investment, it is claimed, have been diverted from other channels
to this type of security. The recently enacted McFadden
bill, broadening the powers of national banks and affording
them opportunities for profitable expansion hitherto unavailable, has also added, it is contended, to the buying
movement in this type of investment. The recent advance
in the stocks of the banks is shown in the following table:
storage facilities of the Bureau, and vault space in the Treasury
and Federal
Reserve Banks will then be adequate to accommodate the
Bureau's output.
For all these reasons, the Director of the Bureau of Engraving
and Printing has been ordered to proceed with the preliminary arrangemen
ts for the
production of notes in the reduced size. In considering the program
for the
introduction of currency in the reduced size, it has been decided
that the
intital production shall be confined to bills of the one dollar denominati
ons,
and to accumulate a sufficient stock of the new bills so that
upon some
future given date, later to be announced, all of the one dollar bills
of the
larger size, then ii circulation, can be redeemed upon demand.
For this
reason, the public should understand that no requests for specimens of
the
new currency can be considered until the smaller one dollar bills make their
initial appearance simultaneously in all parts of the country.
As soon as the work upon the preparation of designs and plates for the
Increase in
manufacture of the One dollar notes is under way. work will be undertaken
Quotation
Quotation Since
to
produce the larger denominations in the new s4e. As the period required
May 24 1927. April 27 1927.
to complete the program for the one dollar currency will require possibly
Bankers Trust
1.812
7
12 months, no estimate regarding the time required to produce the larger
Bank of New York & Trust
977
127
Central Union Trust
denominations can at the present time be made.
1,130
120
Chase National
473
11
Chatham Phenix National Bank & Trust__ _
441
31
Chemical National
Deputy Comptroller of the Currency Charles W. Collins
965
80
Corn Exchange Bank
590
22
to Retire.
Equitable Trust
340
21
Farmers Loan & Trust
Charles W. Collins, Deputy Comptroller of the Currency,
610
40
First National Bank
3,085
205
Guaranty Trust
has announced that on July 1st he will retire from the Govern472
17
Hanover National
1,270
20
ment service to resume the private practice of law with offices
Lawyers Mortgage Co
293
8
Lawyers Title & Guaranty
in Washington, D. C.
294
4
Manufacturers Trust
785
135
National Bank of Commerce
Mr.Collins is a legal resident of Chicago and was appointed
492
6
National City Bank
545
7
to his present office in 1923 by Secretary Mellon upon the
National Park Bank
550
26
New York Trust
660
65
recommendation of Comptroller Henry M. Dawes. At
New York Title & Mortgage
455
15
Public National Bank & Trust
the time of his appointment as Deputy Comptroller, Mr;
610
40
Seaboard National
830
25
Title Guaranty & Trust
Collins was holding the office of Counsel for the Bureau
740
40
United States Trust
2,050
90
of the Budget, was legal adviser to Gen. Charles G. Dawes,
•• _
Secretary Mellon Approves Recommendations For
Reduction In Size of Paper Currency—Smaller
Dollar Bills Will Be First In Circulation,
a Year Hence.
Secretary of the Treasury Mellon announced on May
26 that he had approved the recommendations submitted
to him by Assistant Secretary Dewey for a-reduction in the
size of paper currency. The present size of the currency is
7-7-16 by 31 inche
*sta it Secretary Dewey's recommen a ion calls for a reductio o 63/i by 25A inches, which
is approximately the size of the Philippine currency. Secretary Mellon's announcement also said:
The currency has been issued in its present size since
1861 and the Treasury's decision to reduce the size is, therefore, a very
Important step.
The Treasury's desire to reduce the size of the currency
is the result of an
exhaustive study and investigation covering a period
of several years.
Currency in the reduced size, as proposed, has been
used in the Philippine
Islands for a number of years; and money handlers,
such as bank tellers,
paymasters, and others,find that it is more convenient in
every respect than
the larger size. The size will not be reduced in such an extent,
however,
as to make obsolete either money counting machinery or cash
registers
now in use throughout the country. In their smaller size
the notes will generally fit into pocketbooks without being folded, which is not
possible with
currency in its present size. This frequent folding and creasing eventually
breaks the fibre of the paper and hastens its deterioration and retirement
from circulation. Furthermore, the protection afforded by
the smaller
notes against imitation and alteration will, it is believed, be
greater than in
the case of the present larger design of the currency.
In connection with the change in size, it will be necessary to make some
changes in the design of the notes. These changes will not, however,
be
material, the new notes retaining practically all the major characteris
tics
of the present currency. Portraits now appearing on the notes will
be
reallocated in some instances, in order to avoid repetition, the plan
being
to restrict the use of a particular portrait to a given denominati
on of currency, so that the presence of Washington's portrait, for example,
will
immediately identify the note as being of a given denomination,
irrespective
of class.
From the standpoint of convenience to the public, the
Treasury believes
that the change in the size of the currency would be made.
From the standpoint of the Government, the change is justified
because the proposed
reduction in size will create substantial savings
in the expense of marmfacturing, as well as in the cost of handling the currency.
From the time the paper is delivered by the mill
until the notes are paid
into circulation, an estimated gross saving amounting
to almost 33% will be
derived from the change in size. Each note will
require one-third less paper
and ink, its shipping weight will be reduced by one-third,
and 50% more
notes will be produced by the same operation. An additional
savings, the
amount of which cannot be definitely estimated, will undoubtedl
y be accomplished as a result of increased life of the smaller
size notes due to the
fact, as above stated, that they will be less frequently creased
and folded.
The normal increase in the population and wealth of this country
has
resuded in a constantly growing demand for currency which
has now reached
such proportions as to make the matter of replacement a very
serious
problem. The increase in this demand for currency
is perhaps best illustrated by the delivery figures of the Bureau of Engraving and
Printing.
In 1917, the Bureau of Engraving and Printing delivered 128.672,045 sheets
of currency; in 1920, 163.860,748 sheets; in 1923, 171,955,335 sheets; in
1924, 195,931,340 sheets; in 1925, 206.059,563 sheets; and in
1926. 227.566.949 sheets. The building now occupied by the Bureau of Engraving
and Printing was completed in 1914, and at the time of its erection it was
contemplated that this building would be adequate to meet
the Bureau's
requirements for an extended period. The factors above mentioned,
however, at the present time not only compel the Bureau to run at its full capacity during the day, but require that certain sections be operated on double
shifts. The normal increase in the demand for currency would, within
the very near future, force the Bureau to obtain additional manufacturing
equipment and build a large extension to the present plant.
The introduction of the new size currency will solve the production dll'ficulties of the Bureau, for the reason that the size being reduced by about
one-third, or in other words, 12 subjects to the plate instead of 8. each
printing operation will produce 50% more notes. For the same reason,
its first Director, and to Gen. Herbert M. Lord, the second
and present Director, during the period of the organization
of the Bureau and the first two years of its operation.
Mr. Collins has played a leading role as Government Counsel in the enactment and putting into effect two of the most
important post-War financial measures, namely, the Budget
and Accounting Act of 1921 and the Pepper-McFadden
Bank
Act of 1927.
Before there appeared to be any practical possibility of
getting a budget system adopted by Congress he intereste
d
Medill McCormick in the proposition and drafted the
McCormick Budget Bill which was the first budget bill ever
introduced in Congress. Later when McCormick was elected
to the Senate he introduced the bill there. After the Armistice the heavy national taxation aroused an intense interest
in governmental expenditures and both the House and the
Senate appointed select committees to study and adopt a
budget system. James W.Good was made Chairman of the
House Committee. Mr. Collins was selected as Counse,
for both committees and followed the bill through from its
inception to its final enactment. When the new Bureau
of the Budget thus came into being under the administr
ation
of President Harding, Mr. Collins was appointe
d by Gen.
Dawes as its first Counsel.
The experience of Mr. Collins with recent banking
legislation follows similar lines. He was appointe
d Deputy
Comptroller of the Currency and Counsel for the
Comptroller
at a time when there was a great need of
constructive national
banking legislation. Mr. Collins, under
the direction of
Comptroller Henry M. Dawes, immediately
set to work to
draft a banking bill. It was introduced
in Congress—in
the House by Congressman McFadde
n and in the Senate
by Senator Pepper—early in 1924.
During the long and
bitter controversy over many features of
this bill covering
a period of three years Mr. Collins was
the legal adviser of
both the House and Senate Committe
es on Banking and
Currency. The bill as finally enacted and approved
by the
President on February 25, 1927, and known
as the PepperMcFadden Act is recognized as the most importan
t piece of
banking legislation since the Federal
Reserve Act in 1913.
Mr. Collins was well known as a constitut
ional lawyer
before entering upon the work involved in the
two measures
mentioned above. By virtue of his intensive
study of the
legal aspects of Government financial policy
and his executive experience in bank supervision he has
become an authority upon Government procedure and
banking law.
Forthcoming Offering of Treasury Certificates.
The intention of the Treasury Departm
ent to issue, the
coming month, a new issue of U. S. Treasury Certifica
tes
has been made known by Secretary
Mellon, who, however,
indicates that the details of the issue have
not yet been
completed. The Federal Reserve Bank of New York has
addressed the following preliminary notice to
the banking
institutions in the district regarding the filing of subscriptions to the forthcoming offering:
MAY
28 1927.]
THE CHRONICLE
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 786—May 20 1927.]
New Treasury Issue.
Preliminary Notice of Offering and Methods of Filing Subscripcions.
To all Member Banks, Slate Banks, Trust Companies and
Savings Banks in the Second Federal Reserve District'
United
From advices received from the Treasury Depaetment of the
in this
States, this bank is enabled to transmit to banking institutions
district the following informetion:
1. That a Treasury offering may be expected shortly.
Treasury without
2. That the subscription books may be closed by the
advance notice, and therefore.
as to the
3. That each subscribing bank, upon receipt of information
the mails or
terms of the Treasury offering (either in the press, through
Bank any
by telegram) should promptly file with the Federal Reserve
subscriptions for itself and its customers. This is important, as no guarremain
may
antee can be given as to the period the subscription books
open, and subscribing banks, even before receipt of official subscription
blanks, may file their subscriptions by telegram or by mail with the Federel
Reserve Bank. Any subscriptions so filed by telegram or mail in advance
of receipt by subscribing bank of subscription blanks furmished for the
particular issue should be confirmed* immediately by mail, and on the
blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be tendered
in other securities, the subscribing bank should prepare its subscriptions
in such manner as to indicate the method by which it proposes to make
payment and the respective par amounts of securities, if any, to be tendered
in payment.
3153
The matter is of real importance because of the i resent widest read investment in cor-orate stock on the Fart of millions whose income is strictly
limited. Falling as their income does in the lower brackets, they would not
be taxe I, where it is derived from persol al exertiors, from real ]roperty or
from other sources, at more than 1% or 2%; bat through the corperation
their rroportiorate share in the income of the latter Is now taxed at 13% %•
Formerly, when the normal tax rate and the ccrr cration rate were the same,
the exemption of divideads from normal tax took care of this situation.
But this is no longer true.
Classification of Subscriptions, &c.
to
Bank Customers' Subscriptions.—With regard to issues, subscriptions
Which the Treasury determines for the purpose of allotment shall be considered as on a cash basis irrespective of whether or not payment is to be
made in cash or in securities, the following classification will be required
number of
of subscriptions made for account of customers, stating the
subscriptions in each class.
Class A—Subscriptions for $1,000 or less for any one subscriber;
$10,000:
$1,000, but not exceeding
Class B—Subscriptions for over
860,000;
$10.000, but not exceeding
Class C—Subscriptions for over
exceeding
not
but
$100,000:
for
s
850,000,
over
Class D—Subscription
$500,000;
Class E—Subscriptions for over 3100,000, nut not exceeding
Class F—Subscriptions for over $500,000, but not exceeding $1,600,000;
Class 0—Subscriptions for over $1,000.000.
Where the maturing securities are not by the instructions accompanying the offering given a preference they shall be treated as cash and
such subscriptions to be paid for in securities should be included in the
classification.
Bank Subscriptions.—A subscription for a bank's own account should
not be included is the above classification of subscriptions for account of
customers but should be clearly indicated as for the bank's own account
and in addition to subscriptions for customers.
Subscriptions Not Classified.—Where under the terms of an offering or
under instructions accompanying an offering, the Treasury agrees to
date
allot new securities in full for any of its securities maturing on the
such
of the new Issue or on any later date, subscriptions to be paid for in
securities should not be classified.
Application Forms to be Furnished.
together
When the terns of the offering are announced, notice thereof,
banking
with subscription alanks, will be mailed promptly by this bank to
blanks for
Institution .in this district. Should notice and subscription
neverwill
bank
this
any reason be delayed in reaching such institutions
theless receive subscriptions either by letter or telegraph. It is suggested
that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be confirmed immediately either by letter or on subscription blank, setting
forth the classifications indicated above and method of payment, and
clearly stating that the confirmation is not an original subscription so
that duplication may be avoided.
Very truly yours,
BENJ. STRONG, Governor.
Commenting on the Treasury position in the matter of
surtax rates, Mr. Mills says:
The reduction of the very high surtax rates was followed immediately by
a notable increase in the number of individuals rerortirg in each class.
Thus, the numberof returns of income in excess of $100,000 Increased 68%,
in excess of $300.000, 101%, and in excess of $1.000,000 01 er 179%. This
was accompanied by an increase In taxes paid by these groups. Incomes of
$100,000 and over raid $58,000,000 more at the low rate than at the high
one, of $500,000 and over paid $31,000,000 more,and incomes of $1,000,000
and over $20,000,000 more at 20% than at 40%.
It is too early to say, "we told you so," since the growing prosperity of
the country was an unquestionable and weighty factor, but certainly the
charge that the interests of the Treasury were being sacrificed in the interests of the rich, has collapsed ander the weight of its absurdity.
Mr. Mills contends that a further increase in exemptions
or lowering of the normal rate, would tend to limit the
application of the income tax. He points out "that some
two million fewer individuals pay Federal income tax than
did under the 1924 Act. Income tax payers are becoming
a comparatively limited company—some 2,400,000 out of a
population of approximately 116,000,000, and of these
2,400,000, ten thousand pay half the tax. According to
preliminary returns, 0.29% of our population pay over 95%
of the individual income tax, 17% pay less than 5%,and the
remaining 82% pay no income at all.
Moreover, the rates in the lower brackets are very low
indeed. According to the returns for the calendar year
1925, the average tax upon those returning net income of
from $5,000 to $10,000 was 0.58%. It is possible to visualize
the steady reduction of taxes by a comparison of the amounts
paid under each of the last three revenue Acts. Under the
1918 Act, a married man without dependents and without
deductions, with a net income of $4,000 a year, paid $80 in
taxes; under the 1921 Act he paid $60; under the 1924 Act
$22.50, and under the 1926 Act $5.63." Defending the
Administration's economy claims, Mr. Mills says:
There is one large figcre that tells the tale, that is, for all expenditures
other than public debt retiremeats, but including it terest on the public
cisbt. That total is a verital le barometer. In 1923 they were $3,294,000,000; in 1924, $3,048,000.000; in 1925. $3.063,000,000; in 1926, 83,097,000.000: in 1927, estimated, $3,077.000,00&. in 1928. estimated, $3.008,000,000.
When it is recalled that during this reriod there were all manner of new
b-rdens to be shouldered, including oi.e item of $200,000,000 a year for
veterans of the World War; another adding $37.000,000 to Civil War and
Spanish War ;•edsions: another of $15,000,000 increase for constriction.and
this by no means exhausts the list—and that total expenditures still hover
near the $3.000.000.000 mark and will probably reach It by next year, it
becomes at once apparent that economy in Washington Is no fiction.
L. C. Andrews Resigns as Assistant Secretary of Treasury in Charge of Prohibition and Customs—
Seymour Lowman Recommended as Successor.
Lincoln C. Andrews, Assistant Secretary of the Treasury
in charge of the Bureau of Prohibition, the Bureau of Customs and Coast Guard, tendered his resignation to Secretary
Mellon on May 19. Secretary Mellon announced on May
20 that he had recommended to the President the appoint-,
ment of Seymour Lowman, former Lieutenant Governor of
New York, as Mr. Andrews' successor. Mr. Mellon also
made known at the same time the appointment of Dr. J.
M. Doran, the Chief of the Division of Industrial Alcoho
and Chemistry, Bureau of Prohibition, as Commissioner of
Prohibition in place of Roy A. Haynes, Acting Commissioner.
According to the "United States Daily" of May 21 Mr.
Mellon stated orally that it was the "understanding" that
Mr. Haynes was preparing to tender his resignation as
Assistant Commissioner, to which post he was named April 1
1897, when the Bureau of Prohibition was created. That
paper Added:
Under Secretary of Treasury Mills Declares Anew
Corporation Tax Rate to Be "Out of
Survey and Revision of Taxation Advocated.
Under Secretary of the Treasury Ogden L. Mills, expressing his views on the subject of Federal taxation, has stated
anew that the corporation tax is "out of line." Mr. Mills'
previous utterances to this effect were noted in our issue
of April 16, page 2230. In an article in the current number
of "The Nation's Business," Mr. Mills urges a survey of
corporation taxes, with a view to "working out a permanent
system of corporation taxation in the next session of Congress." The purpose of such a survey, says Mr. Mills,
would be to ascertain "whether the burden is excessive from
the standpoint of the prosperity of our industries; whether
it is distributed with some degree of equity; where it ultimately rests; whether it is wise to tax all corporations, irrespective of their character, on the same basis and at the same
Mr. Haynes has been identified with prohibition eaforcement about
rate; the extent of the discrimination between incorporated eight
years. No decision had been reached, the Secretary said, relative
and,
finally,
whether the to Mr. Haynes' successor as assistant commissioner. The Secretary said.
and unincorporated businesses;
high rate of the corporation income tax doesn't constitute however, that there was no plan for further changes in the organization of
Bureau as it is now constituted.
serious discrimination against the small stockholder of theConcerning
the policies of the Bureau of Prohibition under the new regime,
moderate means." In stating that the corporation tax rate Mr. Mellon said orally:
"It is the intention to give Dr. Doran the full rower and responsibility
is out of line, Mr. Mills explains that he is "not reasoning
is adis r rovided by the Act which created the Bureau. I think he
that
the
corporations,
of
which, on mirably
so much from the viewpoint
equipped for the wcrk, and he will carry to the office an experience
wcrk."
rohibition
I
the whole, appear to be prosperous, though if we include of same 20 years in the Bureau of Internal Revenue and
The resignation of Assistant Secretary Andrews will take
taxes paid States and local units, they are undoubtedly
bearing a heavy burden." In 1923, for every dollar paid effect August 1. In tendering his resignation to Secretary
stockholders, the various governments received 62 cents. Mellon, Brig. Gen. Andrews said:
May 19 1927.
"But," he continues, "I am thinking of the small stockholder
Secretary.—With the setting up of the organization of the
Mr.
My
Dear
and the iroof moderate means, and of the stockholder even if his stock Bureau of Prohibition under Dr. Doran-as Conunissioner,
and manuals which are
=ligation of the revised reculations, instructions
holdings in a small corporation are large." He adds:
3154
THE CHRONICLE
[VOL. 124
now being prepared, I believe I will have practically complet
ed the work
of organization which you asked me to come to
undertake—not to mention Our Foreign Trade and Our Foreign Inves
tment Policy.
the establishment of the long-needed Bureau of Custom
s.
Meanwhile. I have tried to lay sound
"The welfare of our investors and of both
foundations for the administration
our domestic
of the prohibition laws, in determining policies
and methods of procedure, and foreign trade will best be served by keepi
ng
our capital
in perfecting international agreements and the
machinery to make them ef- market as nearly free
fective, in establishing practical co-oper
as is practical," James S. Alexander,
ation not only between my three
bureaus within the department, but betwee
Chair
man
of
the
Board of the National Bank of Commerce
n the Treasury Department and
the Departments of State and of Justice, and
in negotiating practical work- n New York, declared in a speech
delivered in Detroit
ing arrangements for law observance with the
industrial and trade associa- before the Fourt
eenth National Foreign Trade Convention.
tions affected by the prohibition laws.
There remain uncompleted certain negotia
He
points
out that:
tions with two Foreign Offices
which are progressing satisfactorily, certain
With the exception of the initial limitat
negotiations with the present
ion arising from the request of the
owners of medicinal spirits looking to a better
control of the present supplies State Department concerning information with respect
to contemplated
In the interest of law enforcement, and also my
contemplated visit to certain foreign loans, we have been enjoying a free capital market.
European capitals to perfect practical workin
The existence
g arrangements looking to the of this market has been of tremendous assistance to revivin
better control of the smuggling of narcoti
g Europe and
has contributed in no small measure to
cs into the United States.
the
develo
pment
of
our foreign trade.
• I believe, Mr. Secretary. that I will have
Why should we wish to change this
completed all this work, except
policy_ Three reasons dictated by
the trip abroad, by Aug. 1, and I can do
the latter, if desired, as a special as many different motives have been advanced:
commissioner for the purpose. Therefo
(a) Protection of the American investor.
re, if it meets with your approval
I shall be glad if you will plan to relieve me
(b) Protection against foreign capital
as Assistant Secretary on Aug. 1
restrictions.
1927; and, in fairness to the personnel of
(c) Protection against foreign monopolies
my organization, make timely
or international combinations.
announcement of this change.
My reply is: The protection of Americ
an investors requires not governmental control but the exercise ofsound
Respectfully.
Judgment on the part of the banker.
Foreign capital restrictions to maintain
L. C. ANDREWS.
the
help resuscitate languishing trade certain stability of the exchanges or to
Assistant Secretary.
ly should not cause us anxiety.
Combinations abroad to divert trade
Secretary Mellon's letter of acceptance follow
from us while possibly affecting
s:
particular classes of commodities are not
likely
materially to affect the total
May 20 1927.
of our export trade. If combinations
My Dear General Andrews,—I have receive
against,our export trade, or domestic
d your letter of May 19 1927. trade
or our sources of necessary raw materia
asking to be relieved of your duties as
Assistant Secretary on Aug. 1. I
ls
should accomplish restrictions seriously affecting any branch of
realize, as you state in your letter, that the
our industry, we would, of course,
work of organizing the Bureau have
of Prohibition which!asked you to underta
to meet them. In the event ofsuch
developments it should be demonke,is now practically completed strated
and that you have succeeded in laying
before restrictions upon export of capital
a sound foundation for the work
were imposed that such
limitations would accomplish the desired
of administering the prohibition laws.
end,and that if so, the cost would
not exceed the benefit derived.
In working out the policies and perfect
ing the machinery of enforce11111
I am sure that in their larger aspects the
ment, your experience and great ability
welfare of our investors and of
along administrative lines have both
our domestic and foreign trade will
been of inestimable value to the Treasur
best be served by keeping our
y Department. You have been
capital market as nearly free as is practicable.
particularly successful in securing practical
co-operation, not only among
Our foreign loans have been criticised
the various bureaus inside the depart
with respect to the amounts which
ment but with the Department of we
have lent, the governments or private
State and Justice and with foreign nations.
institutions to which credits have
been
extended, and the uses to which some
The work has been difficult and exactin
of these funds have been put.
g, and it has been only at my
As a result of the consideration of the facts
earnest solicitation that you have consent
responsible for these criticisms,
ed to stay on longer than your attemp
ts have been made to formulate more
own wishes or your personal interests dictate
d.
or less general policies with
respect to the investment of money
I realize that I cannot ask you to make
abroad. Chief among those may be
this sacrifice, but in accepting mentio
ned the proposed policy that no
your resignation, to take effect Aug. 1,
I wish to express to you my deep citizens
government should permit its
appreciation of the valuable service which
to lend to foreign countries except for
productive purposes: that we
you have rendered to the cause ought
of prohibition and to the Treasury,
not to lend money that would benefit
and my sense of obligation for the assistour foreign competitors; that
in order to meet the practices of some
ance which you have given me persona
foreign lenders of conditioning the
lly.
extension of credit upon expenditure
You carry with you my warm regards
by the foreign borrower of all or part
and best wishes and the hope that of the
funds in the lending country, we
there may often be occasions when
should adopt a similar policy.
we shall meet in the future.
I do not believe in the principle that
our Government, except under unSecretary of the Treasury.
usual conditions which may raise
Honorable Lincoln C. Andrews, Assista
questio
nt Secretary of the Treasury.
should restrict the exportation of capital. ns of broad national interest,
Treasury Department.
I do believe in the principle that
loans to foreign countries should be
made only for
Brig. Gen. Andrews was appointed Assist
ive purposes
ant Secretary providing that the term "productive" is construed to product
include all purposes
of the Treasury on April 1 1925, primarily
are essential to the increase of the
productivity of the, borrowing
for the purpose of that
country
.
reorganizing the old prohibition unit, to the
head of which
With the second of these proposed policies,
namely, that in making our
Roy A. Haynes was appointed by President Hardi
ng in June investments abroad, we should attempt so to discriminate among borrowe
rs
as to exclude those who are or may become
1921.
our competitors, I am not in
accord, and in much of our most important trade
it
is
impossi
ble to distinguish between customers and competitors. Our
Federal Trade Commission Moves for Dismi
two greatest competitors
ssal of in foreign markets for many years, Great Britain and
German
y,
have been
Actions Against Bethlehem and Republic
our two best European customers. Europe as
Iron
a whole has taken in the
past from 50 to 60% of our exports, and yet
Europe has been our great
& Steel Companies.
competitor in many markets. It Is impossible to
lend money for the purpose
It was announced yesterday (May 27) that
of rehabilitating our customers without at the same
the Federal same
time strengthening the
countries as competitors.
Trade Commission has requested the Attorney-Gener
al to
If credit is needed by one country or by one
industry it will usually get
dismiss the actions instituted in 1920 agains
it
t. the Bethlehem somewhere at a price. If,for example, we were to refuse to extend
credit to
Steel Co. and the Republic Iron & Steel Co. for
great German manufacturing corporation because
it manufactured goods
writs of man- a
compet
ing with those of an American manufacturer,
damus to compel these companies to file certai specia
the money which we
n
l lend in London or Amsterdam or Zurich
or in some other money
monthly reports which the Commission had deman
centre,
ded to or that which it displaces, would eventually reach the German
company,
Unless we are to put an absolute embargo
obtain information in an investigation into the
upon all foreign lending
then exist- cannot prevent
, we
our foreign loans from benefiting foreign
ing high cost of living, the further prosecution
competitors. To
of the suits put an end to assistance to our competitors it would
be
necessa
ry
having been stopped at that time by the injunc
not only to
tion issued in shut off exportation of capital, and to limit our export trade, but
also to
prevent the diffusion of knowledge concerning
the Claire Furnace case recently decided by
advanced methods in inthe Supreme dustrial organiz
ation.
Court of the United States. The Commission
The third policy to which I have referred rests
's announceupon a different basis. I
ment says:
refer to the suggestion that in making our foreign
loans we should establish
The information required by the reports, which
the condition that all, or at least part, of the
proceeds should be expended
included prices, production, stocks on hand, quantities sold and costs
for American-made products. Due to the active
of producing certain iron
and urgent demand for
and steel products, was sought by the Commis
sion in connection with an investments in this country, there exists keen competition among bankers
investigation instituted in 1920, which was
for
issues,
and
because
of the large number of issuing houses,
suggested by the House Comit would be
mittee on Appropriations, and specially appropr
extremely difficult to adopt any general plan for
iated for that year. The
limiting the use of the
object both of Congress and of the Commission
was to ascertain the causes proceeds of the loans that are placed in our market.
I appreciate that because of the possible
of the then existing high cost of living, and to
attitude of some foreign Govern
publish the facts with rements in the future or of the practices of some
spect thereto which might be secured in the investig
foreign business and finanation, for such correc- cial
tive effect as it might have. The Commission
institut
ions
it
may
necessa
be
to
ry
hold in reserve our potenti
also had in mind the pos- of
al
control
foreign investments as a means of protecting
tale disclosure of violations of law as one of
our
the causes of existing high
combinations. I believe, however, that because position against foreign
prices.
of our very important
position in the international capital market and
The decision of the Supreme Court in the Claire
increased industrial strengt
Furnace case holding at home,
h
we have less to fear from these combina
that the Supreme Court of the District of Columbi
tions than perhaps has
a, sitting as a court of been
frequently believed. It would be unfortunate
equity, had no jurisdiction to entertain the injunct
for the various capital
ion suit since the steel lending
countri
companies had an adequate remedy by way of
defense to such actions for to the control es to enter upon a series of artificial regulations with respect
of export trade by means of restricting
mandamus as might be instituted by the Attorne
foreign credits. Until,
y-General at the request of therefore, it
should become clear that we were not
the Commission, or to suits for the recovery of penaltie
to gain through the
s, leaves the Govern- maintenance of
ment free to proceed with the actions in mandam
a fairly free capital market, I believe
that our policy should
us instituted against the be in this
direction.
Bethlehem and Republic Steel companies.
The appropriation of $150,000 made
by the Congress on Nov. 4 1919 for Efforts
to Hold Mississippi Floods in Louis
the purpose of defraying the expense
s of this investigation has long since
iana Fail—
lapsed, and the Commission is without
"Sugar Bowl" Completely
funds at this time to pursue the
Inundated—Secretary
investigation further.
Hoove
r
Outli
Plans
nes
for Rehabilitation as
Moreover, while the question
of the Commission's power to require reports of the character involve
Floods Recede in North.
d in these suits is of vital importance, the
Commission prefers to raise this questio
A break in the levee at McCrea, La., on
n in some investigation where there
is immediate present require
the east bank of
ment for the information, either as a part of a the Atchafalaya River
occurred Tuesday morning and
general plan of requiring reports
from corporations, or in connection with an
allowe
investigation instituted on its
d the flood waters of the Mississippi
own initiative, under authority of the statute
to sweep over
or to comply with the directio
n of the President or either Rouse of Con- the rich sugar parishes between the two rivers
gress, to investigate and report
. The parishes
matters to them as provided by the Fed- affected are Pointe Coupe
e, West Baton Rouge, Ibervllle,
eral Trade Ccsnmissioa Act.
Assumption, Terre Bonne and part of wester
n La Fourche.
MAY 28 1927.]
T H I4 CHRONICLE
More than 1,000,000 acres of land were in the path of the
waters and almost 100,000 people were forced to leave
their homes for the refuges established on high ground. Two
thousand men labored valiantly to stem the flood at McCrea,
and victory seemed in sight when tell-tale "muddy water"
began to seep through the levee. In a few minutes more
than 700 feet of the embankment crashed and the flood
roared through, completing the inundation of the famous
"Sugar Bowl" of Louisiana. The warning cry of "Crevasse.
crevasse." was sent out and by nightfall Tuesday thousands
of men, women and children crowded the roads leading to
high land. Observers at the newest of the Mississippi flood
disasters estimated the speed of the torrent at the crevasse
at 30 miles an hour. The waters, it was said, would flow
due south and cover most of the area west of the Mississippi
and east of the Atchafalaya. It was estimated that 50
towns and villages would be submerged before the waters
were lost in the Gulf.
A report from a staff correspondent of the New York
"Times" said:
Practically the entire parish of Coupee will be submerged and the same
It is hoped that
is true of West Baton Rouge, lberville and Assumption.
and St. Charles
the parishes of St. James, St. John the Baptist, Jefferson
will escape the deluge, as they are behind protection levees.
Sugar Crop Now Lost.
the destrucThe inundation of the eastern half of the Sugar Bowl means
of the State. Seven
tion of the cane crop in eight of the ten sugar parishes
Fourche, may be
will be almost totally submerged while the eighth, La
seven parishes,
saved to a considerable extent by private levees. The
Assumption, Iberia, Iberville, St. Martin, St. Mary, Terrebonne and West
Baton Rouge furnished two-thirds of the total amount of molasses produced
by the State last year, which was 6,614,435 gallons.
The parishes in the "Sweet Ten" that may be spared the flood are La
Fayette and St. John the Baptist. La Fayette is above the flood line.
The eight doomed parishes produced last year more than 50,000,000 pounds
of the finest cane sugar, most of it used in the making of candies and other
delicacies. They also produced more than 4,000,000 gallons of cane syrup.
In addition a large proportion of the Louisiana rice crop is grown in the
sugar parishes, as well as thousands of bales of cotton, and fruits of all
kinds, including oranges, peaches, plums and strawberries, that command
the highest prices in the American markets. Thousands of the farmers own
their farms.
3155
"The water is seven to eight feet above the top of the rails at Cortableau
on the Gulf Coast line about five miles east of Port Barre, indicating an
average depth of flood waters approaching ten feet along the line from Port
Barre to Kritz Springs, nine miles south of Port Barre the water is five feet
above the rails, and Arnaudville reports a rise of five and a half feet in
the 12 hours ended last night. The gauge at Breaux Bridge showed 13.8
feet this morning, a rise of 1.4 feet in 24 hours, and water is reported rising
east of Breaux Bridge to Grossete. The rise along this line shows the advance of the crevasse waters.
"Flood waters will probably enter St. Martinsville May 25 to 30, and
residents in low lands on both sides of the Teche in the vicinity of St. Martinsville and in the Atchafalaya bottoms of St. Martin and Iberia parishes
should be evacuated as soon as possible.
Advices regarding conditions to be expected along the Teche from New
Iberia southeastward will be covered in later bulletins, but judging from
the unprecedented height of water over the 20-mile line from Melville to
Beggs, it appears possible that parts of the lower Teche may be overflowed
to some extent.
"The flood stage at New Orleans to-night is 20.4 feet. This is the same
as the gauges registered yesterday."
A further report by Dr. Cline on the following day gave
more detailed information as to the situation in the southern
Louisiana district. The Bayou Teche, Dr. Cline said, was
running at peaks of record proportions and rising everywhere. The report continues: •
"It is estimated from water now in sight that the flood will reach a
depth of not less than two feet above the rails of the Port Barre branch
of the Southern Pacific Railroad at Breaux Bridge and two to four feet
over the rails at St. Martinsville by June 1 or soon thereafter. At the same
time the water will probably come down west of Bayou Teche and cause
flood stages in the Vermilion River near Lafayette.
"It appears that the Teche will have more water than it can carry and
will probably overflow its banks in the vicinity of New Iberia by June 1.
"The lower Atchafalaya Basin will fill at a much slower rate than the
channel of the Teche. At Morgan City precautions should be continued
against stages of eleven to thirteen feet, representing water levels eight to
ten feet above mean Gulf level.
"The Mississippi River below Vicksburg will continue to fall. The
change below Old River will be slow, as there was still, at last report, a
flow of water from the Tensas Basin through Old River into the Mississippi,
which is expected to continue for some time."
Herbert Hoover, Chairman of the Cabinet Flood Relief
Committee, organized by the Administration in Washington
continued all week to make arrangements for the flood
sufferers. Mr. Hoover was interviewed in New Orleans
Saturday and expatiated on the need of reconstruction or
rehabilitation. He told the staff correspondent of the
New York "Times" that he wants every farmer returned to
his farm and that he intends to see to it that each of them is
given the chance to get a new start in life. The immediate
duty, Mr. Hoover pointed out, was that of rescue and of
caring for the refugees, but after that, he added, the necessary
credit arrangements would have to be made, and these were
already receiving attention. The report of the interview
read in part as follows:
The width of the flood sheet as it plunges south will be
50 miles in places, or about 25 miles on each side of the
Atchafalaya. Along part of the way the eastern edge of
the flood waters touch the levees on the west bank of the
Mississippi. The inundation of the eastern portion of the
"Sugar Bowl" will increase the total area submerged in the
course of the present floods to approximately 15,000,000
acres, of which about 4,500,000 acres are normally in crops.
The number of people who have been obliged to leave their
homes with such moveable property as they could take with
them will be increased to nearly 600,000. Nevertheless, the
McCrea break is taken to mark a turning point in the floods
as further areas are not likely to be inundated. Flood stages
in the Mississippi all the way from St. Louis to New Orleans
were reported as diminishing Tuesday. This,it was assumed,
meant that the parishes east of the Mississippi below Baton
Rouge, La., would escape the flood. That area is the only
remaining one in danger from the floods and, if saved, it will
be the sole instance in all the sad chronicle of this destructive
inundation where man-made barriers kept the waters in
bounds. In the flooded districts other than the Sugar Bowl,
the attention of the relief agencies is already directed towards the long and painful work of rehabilitation. Fears
were expressed in some quarters late last week that the
Mississippi River might change its course and cut a new
and shorter channel to the Gulf of Mexico through the
Atchafalaya Basin, permanently flooding the Louisiana
"Sugar Bowl" and depriving New Orleans of port facilities.
Such fears were scouted by engineers who pointed out that
it would be a comparatively simple matter to re-divert the
stream back into its old bed even if such a thing did occur.
The floods at the beginning of the week were still progressing southward through the Tensas Basin in northeastern
Louisiana. The vast accumulation of water made its way
slowly over the Red River levees and into the Atchafalaya
Basin. A summary of the situation, issued May 20 by
Dr. I. M. Cline of the U. S. Government Weather Bureau
in New Orleans, said:
"The problem of reconstruction," said Mr. Hoover, "is all important. Its
economic importance to the State is second only to that of the individual
himself. As fast as the waters recede we want these farmers and their famileast possible delay. Then what I
lies to return to the farms—with the
must be provided.
may term the first group of wholly emergency measures
Alt to Be Put on Their Feet.
"This means that we must provide the seed the farmer requires to make
with a temporary supply of food
a new crop possible. He must be supplied
of forage for
for himself and family. Ile will need a temporary supply
be provivded with the implehis livestock. Thousands of farmers must
ments necessary in planting. If necessary the flood victims must be aided
in obtaining needed additional livestock.
"If a farmer's house is entirely gone, he must be put in a position to
build a new one. If his old one still stands and can be repaired, a way to
repair it must be found. If he has lost his furniture—and countless thousands undoubtedly have—we are going to help him get furniture.
"These are some of the essential things that will have to be done immediately the flood has receded. And in every State and every county in.
those States organizations are now being formed to carry into effect this
part of the program of rehabilitation.
"In carrying into effect the reconstruction program the major responsibility is a State responsibility and after that a local responsibility. The
people of a particular community are the ones who know their own needs
better than any other community can know thern. And when these victims
of the flood are put back on their lands and given the necessary emergency
of
aid to which I have referred, the next phase of the problem will be that
credit.
Arrangements for Farm Credits.
"Will they be able to get credit? They will. This is where the Agricultural Finance Corporation, which we have organized in Arkansas, Miesissippee and Tennessee, will begin to function. Once these farmers get their
crops growing they can go to the finance corporations and the money will
beforthcoming to finance them. In New Orleans to-day we spent much of
our time laying the groundwork for the finance corporation that will tunetion in Louisiana.
"Just now the duty of rescue and provision of sustenance is uppermost
in Louisiana, and we shan't be able to give adequate attention to reconhighlands and pro"The level of the water in the upper Tensas Basin has fallen by two or struction until every person now in dange is safe in the
the recession of the
three inches and in the central and lower regions by one inch in 24 hours," vided with the care and comforts needed pending
waters."
says the summary. "The Mississippi continues to fall slowly.
and by
"Just how will this vast reconstruction machine be managed,
"Water in the Atchafalay Basin continues to rise. About 20 miles south
the
Alexandria
of
tracks
is
of
branch
the
the
crossing
water
whom?" Mr. Hoover was asked.
the
of Bunkie
flood
zones," he
"Largely through county organizations in the several
Southern Pacific Railroad. The height of the flood is estimated to have
county units, and have about comattained a level of 41 feet above mean Gulf level along a line due west of replied. "We are now organizing the
Louisiana. Louisiana will be organized
Melville to the vicinity of Beggs, with four feet of water in the town at pleted them in all States except
it is now facing is met and solved.
Beggs. Reports state that Beggs had no water in the flood of 1882, and the moment the vast relief problem
already attained a depth more
"The plan calls for the appointment of a committee with complete control
this would indicate that the present flood has
in that vicinity, with the of the reconstruction program in each county, the personnel of each corn.
than four feet higher than any previous record
mittee to be composed of leading citizens of high character approved by the
rise still contniuing at a rapid rate.
3156
Red Cross and by the Agricultural Finance Corporation.
bring together and unify all the forces of reconstruction.
THE CHRONICLE
In this way the
[Vox.. 124.
Flood relief plans were set in motion in Washington also
during the past week.
A program for the raising of funds
Requirements Surveyed.
"We are now calling on these county committees for estimates for the by bankers and business men was presented to President
needs of all flood victims in their respective counties—what will be
re- Coolidge Monday by Lewis E. Pierson, President of the
quired in the way of seed, food and shelter for the fanners, farm equip- Chamber
of Commerce of the United States; Edwin B.
ment, livestock and the other emergency essentials. When these reports
come in they will be checked up in the State headquarters. A Red Cross Parker, Chairman of the board, and Robert R. Ellis, Viceofficial attached to the headquarters will scrutinize the reports, as will also President for the Southern States. The Presiden
t comexperts detailed for service in the reconstruction work by the Departmen
t mended the efforts of the business men and approved the
of Agriculture.
plan, which will be semi-official in that it will be under the
"The whole thing will be handled with a minimum
of delay and without
any red tape. The committee report having received the approval of the
State supervision of the Farm Loan Board.
headquarters, the Red Cross and the finance corporatio
The general program, it was said, contemplates obtaining
n, the County Committee will be directed to purchase the supplies in
the local market, be- subscriptions to a fund
which will be used to supplement
cause we want every cent possible expended in the communities
themselves, so as to maintain the economical life to that extent
in the flood local subscriptions made in the affected Southern States by
centres.
investing in the capital stock of agricultural and other
"When the committee has completed the purchase of the supplies,
the bill finance corporations where an
equal amount of local capital
goes to the Red Cross and the Red Cross pays the bill. What
I am saying
now applies only to what I termed the 'wholly emergency' phase
of the stock is subscribed and where the need exists and where
problem. And I want to say, and I want it printed, that
the men who are sound business management is assured, committees will
be
directing this splendid work in the flood-stricken counties
in these South- set up in various cities
to assist in the effort and an executive
ern river States are a fine, upstanding lot and they
can be depended upon
to do a big job in a big, fine way."
committee will be named to co-ordinate the work.
"Where does the credit phase come in and how will it be managed?
Mr. Pierson, in outlining the plan, said that the flood
"
"By the County Committees,' Mr. Hoover answered.
"This part of the problem divided
itself into three parts. The first, imwork starts when, or perhaps before, the first or 'wholly
emergency' leature is completed. The committee will take up
this problem of credit in- mediate relief, had been provided by the Red Cross. The
dividual by individual. Every farmer will be visited by the
committee or second, economic rehabilitation, was the problem of the
its representatives. It will be determined, on
the fairest possible basis, business men,
the third involved measures to prevent
what each individual farmer needs; the things he must have,
the extent of
the credit to which he is entitled. Those questions settled,
the Agricultural future disasters and rested with the Federal Government.
Finance Corporation will extend the credit recommend
ed.
A Washington dispatch of Monday quoted Mr. Pierson
''I may add that the County Committees also have
wide authority in the as saying further:
matter of sanitation and health conservation generally.
They will have
"The opportunity exists for such a solution because the economic organifull charge of the sanitation and medical phases
of the problem and if it zation of the flooded regions
is intact at every point," said Mr. Pierson. "The
should develop that any county is short of doctors
nurses or medicines, Chambers of Commerce in the
flooded areas which have done so much in
the Red Cross is prepared to supply the personnel and
the medical supplies the relief work are functionin
g agencies which can greatly aid in the rethat may be required.
habilitation of these sections. When the flood came the banks
of these
300,000 Under Care Now.
regions were in good condition. The officers of •these banks
possess an
"Every committee will be in direct contact with State
headquarters and intimate knowledge of their districts, which should be utilized
with the central Red Cross headquarters in
in
handling
Memphis. For instance, if it new funds which may be needed for agricultura
l as well as business purshould develop that supplies that are immediatel
y necessary are not to be poses. The merchants will return to their places
of business.
had in the local markets, all that will be necessary
will be for some mem"The local banks, however, must extend their facilities
ber to call the Red Cross at Memphis on the telephone,
to make loans for
say what is wanted, agricultural purposes, and the merchants must
have existing credits exand the supplies will be promptly sent forward.
The County Committee is tended and also be provided with new stocks of merchandis
to be the unit through which everything
e and with funds
, under Red Cross supervision, will with which to carry on. For the accomplishment
of bath of these purposes
be directed."
the assistance of business men and their institutions
in
other
"How many people, in your opinion, will need
parts of the
the aid of the Red Cross coubtry is needed in co-operation with the efforts
of local business men."
and the Agricultural Finance
Corporation?"
"I do not know what the answer is,"
While
these
plans were being formulated the floods in
Mr. Hoover replied, "but I don't
think I am exaggerating when I say
that the population involved in the the more northerly districts of the Mississippi Valley
reported
fliod—those whose homes have been
actually under water—has not been less continued drops
in river stages. The statement was also
than 500,000 to date, and it may
be increased by another 100,000 before
this disaster has passed into history.
made at the New Orleans Weather Bureau that there would
"Right now we are caring for 149,000
flood victims in six camps and be no more increased flood stages of consequence in
the
150,000 other victims are being fed in
the upper stories of buildings, on Mississippi 'River.
A survey of crop prospects in the
roofs, and other high places. The flood
waters now racing through the
Atchafalaya basin will probably add another 50,000.
inundate
d areas was issued in Washington Tuesday by C. W.
If the East Atchafalaya
levees break, many more thousands will
undoubtedly be added to this al- Warburton, Director of Extension Work of the Departm
ent
ready staggering total.
of Agriculture. A summary of Mr. Warburton's report,
"And now as to flood control. That problem
must and can be solved. It
Is one to test the best engineering brains
reprinte
d in the New York "Journal of Commerce," said:
of the country. What form the
solution wil ltake I sin not now prepared
Indications are that in Missouri crop acreage reduction, due
to say. The President has dito the flood,
rected engineers of the army and the Mississippi
will
not
be
large. Farm work is in progress in Mississippi on high
Flood Commission to go
lands
into every phase of the problem and submit
from
which
flood
waters
have
receded,
and it is expected a large part of
to him in time for submission
to Congress a complete, detailed report which can
form the basis of the Mississippi's flooded area will be clear in time for planting cotton. Flood
necessary legislation that Congress will be called
waters entering eastern Arkansas continue to cover a
on to pass.
considerable territory
in that State, not all of which may be clear in time for
Solution For All Problems.
planting. Replanting
has
been
started
in
higher
the
portions of
"Given the money necessary, there is a solution
for every engineering ana, but parishes now being flooded probably the flooded area of Louisiproblem, and no matter what the cost of flood
will not be clear in time for
control it will not be nearly planting of cotton, but these parishes
so much as the loss suffered as a result
are devoted primarily to corn and
of this flood, which has devastated sugar cane.
so many hundreds of thousands of acres
of the most fertile land on earth
Sugar Cane Lost for Year.
and rendered hundreds of thousands of
good citizens homeless and destitute.
Farmers on land from which the flood waters have
"The Mississippi has been here a long
receded in Louisiana
time. It has a flood every are
spring and sometimes a super-flood
dropping
cotton
seed
in the mud, without waiting for the soil
like this one. We can see it at this
to dry
moment surging through the crescent of
enough
cultivation
for
This
.
method
has given good results after previous
New Orleans. Until the coming of
white men the Mississippi had 30,000
floods. In this area most of the land was planted
before the flood. Farmsquare miles of basins and the river
when flooding spilled over into these
ers in the southern Louisiana parishes, where the flood
is still running high,
basins. Then came the white man
and he began to reclaim the fertile lands
will be without an important cash crop, for sugar cane is
lost for the year.
along the river. To do this the
Corn will be planted as late as July 15 and it will be possible
early settlers built dikes and the dikes they
followed with levees. The sysalso to plant
tem had increased year by year until now we
cowpeas, soy beans and other hay crops after the flood
must carry the Mississippi in
waters recede.
a trough all the way from Cairo in the north
Agricultur
al
conditions
deemed
are
likely
to
be
worse
here than in any
to New Orleans in the south.
other part of the flooded region, Mr. Warburton reported.
Must Give People Security.
"To-day the Mississippi is running from 15
While
the
torrent
rushing
was
over the Sugar Bowl of
to 20 feet above the land
levels, and behind the levees live a million
and a quarter people. In 1922 lower Louisiana, Secretary of Commerce Hoover
Congress took cognizance of the flood problem
directed
and adopted a policy based the evacuation of
the tells of thousands of farmers in the
on the highest flood levels known up to that time.
Now comes a flood with
path
a crest higher than ever, and we must revise the
of
the water. Areas believed "safe" until a week
whole program.
ago
"We cannot contemplate moving 1,200,000 people
from behind these were rapidly swept by the flood. The southern
levees. What we most contemplate is putting
most of the
1,200,000 more people parishes, Assumpt
ion and Terre Bonne, were already being
behind them. We must give these people security and
not permit them to
live in peril. And it can be done for a whole lot less
vacated yesterday. The care of the 100,000
than we have lost in
additional
this flood.
refugees puts a severe further strain upon the
relief organization headed by Mr. Hoover and more
assistance will be
required. Accordingly, Mr. Hoover will
broadcast to-night
another of his graphic descriptions of the
floods and the
Mr. Hoover started from New Orleans Monday on his steps taken to minimize their damage.
His appeal for conthird swing through the flood zones in ten days. He stopped tributions to the Red Cross will be
made at 0.30 p. m. over
off in Baton Rouge to set in motion the rehabilitation 35 associated broadcasting stations
covering the entire
machine for Louisiana, conferring for that purpose with the country.
Louisiana State Reconstruction Commission. As a result,
a farm relief organization with $700,000 capital will be ready New York Life Insurance Co. Extends Time
for Payment
of Premiums by Policy Holders in Flood
when the waters begin to recede, to start the rehabilitation
District.
of every victim in the State. Mr. Hoover announced that
The New York Life Insurance Company
has
issued the
the resources of the Commission will exceed $5,000,000.
following announcement:
"I expect to see brought forward a perfectly competent
workable plan
of Mississippi flood control. It is a magnificent problem
and it can and
will be, I am convinced, solved in a magnificent and thoroughly
American
way."
MAY 281927.]
THE CHRONICLE
Payment of Premiums by
Policy Loans, and Extension of Time for the
Mississippi Valley.—On recPolicy-Holders in the Flooded District of the
voted to extend to our
ommendation of Assistant Secretary Brasier, it was
in the Mississippi Valley the
policy-holders affected by the recent floods
holders similarly stricken in
same privileges that we granted other policyi. e., to extend the time
the past by flood, fire, tornado and earthquake,
etc., and to grant them policy
for the payment of their premiums, interest,
through our local branch
loans not to exceed $200 in any individual case
offices.
our offices in the
Assistant Secretary Brasier was authorized to notify
Little Rock, Shreveport
affected districts—St. Louis, Memphis, Jackson,
and New Orleans accordingly.
3157
Senator Adams of Colorado: "Mr. Sinclair, I believe in an earlier hearing you testified in answer to a question that you had in no way, and none
of your companies had in any way, given or loaned anything to Secretary
Fall. Is that correct?"
United States Supreme Court Upholds Constitutionality of Criminal Syndicalism Act of California—
Ruling Regarding Kansas Syndicalism Act.
The constitutionality of the Criminal Syndicalism Act of
California was sustained on May 16 by the United States
Supreme Court in two decisions. In still another decision,
- bearing on the syndicalism law of Kansas, the Supreme
Imprison
Months
Three
to
d
Sentence
Sinclair
H. F.
Court without passing on the validity of the Act, remanded
ment and to Pay $500 Fine for Refusal to Answer
back to the State courts the case of Harold B. Fiske on a
Questions in Senate Investigation of Naval
question of procedure; the Supreme Court in the Kansas
Oil Leases.
and case held that "the Syndicalism Act has been applied in this
On May 20 a sentence of three months' imprisonment
case to sustain the conviction of the defendant, without any
SinF.
Harry
on
imposed
was
$500
the payment of a fine of
charge or evidence that the organization in which he seHitz,
William
clair, of New York, oil operator, by Justice
cured members advocated any crime, violence or other unThe
C.
D.
on,
Washingt
at
Court
Supreme
of the District
acts or methods as a means of effecting industrial or
lawful
last
16
March
on
n
sentence follows Mr. Sinclair's convictio
changes or revolution. Thus applied the Act is an
political
t
on the charge of contempt of the Senate. The indictmen
and unreasonable exercise of the police power of
arbitrary
to
put
questions
four
answer
was based on his refusal to
unwarrantably infringing the liberty of the deState,
the
its
during
him by the Public Lands Committee of the Senate
violation of the due process clause of the Fourin
fendant
investigation of naval oil reserves in Wyoming, especially
t. The judgment is accordingly reversed,
Amendmen
teenth
was
who
Fall,
the Teapot Dome lease granted by Albert R.
for further proceedings not inconremanded
is
case
the
and
Secretary of the Interior, and Edwin B. Denby, then Secreopinion." It is poInted out in the New York
this
with
sistent
Oil
Mammoth
the
given
tary of the Navy. The lease was
g a copy of the
the imposi- "Times" that Fiske was accused of possessin
Co., of which Mr. Sinclair was President. With
l Workers of
Industria
the
of
011
COnstithir
the
an appeal preamble of
tion of the sentence, counsel for Mr. Sinclair noted
for the I. W. W.
members
soliciting
of
and
World
the
of
bail
gave
Sinclair
to the District Court of Appeals. Mr.
The Supreme Court's conclusions relative to the Califor$5,000 pending a heariNg and decision by the higher court,
syndicalism law were given in the actions in which
nia
Court.
Supreme
the
to
carried
and it is likely the case will be
Anita Whitney and William Burns were the plainCharlotte
The Associated Press dispatches from Washington on May
in
tiffs. With reference to the Supreme Court's finding
20 said:
from the Washington adfollowing
the
quote
we
many
in
cases,
expected
been
these
had
it
as
inasmuch
The sentence caused surprise,
of one
vices to the New York "Times":
quarters that the court would impose the minimum jail sentence
1896.
month. This was imposed in the Elverton R. Chapman case in
Peyton
When the eourt convened this morning United States Attorney
of New
Littleton,
W.
Martin
Gordon moved that sentence be imposed.
He said
York, of counsel for the defense, followed with a brief statement.
COngress had no
he advised Mr. Sinclair that as the law stood in 1924
to testify.
power to compel attendance of witnesses and to require them
dismissed the
He said this was the view of Judge Cochran in Ohio when he
service of the Senate subpoena on Mal Daugherty.
than two
The Supreme Court, he said, wrestled with the proposition more
of Congress. He
years before giving the decision which upheld the power
the misdemeanor of
said there was no moral turpitude involved, and that
irregularity."
which Sinclair had been convicted was technical and a "mere
"bring the blush
would
He asked the court not to impose a sentence which
of shame" to Sinclair or reflect on his family.
the court if
George P. Hoover, also of defense counsel, when asked by
nothing to
he desired to add•to the remarks of Mr. Littleton, said he had
but he said he
say. The court then gave Sinclair an opportunity to speak,
had nothing to add. Justice Hits then imposed sentence.
dissent, JusAlthough the validity of the statute was sustained without
case was not so
tices Holmes and Brandeis regretted that Miss Whitney's
the State law
presented as to permit a ruling on whether her acts violated
court's procedure in the
and Justice Prandeis filed a dissent to the lower
conviction of Burns.
Miss Whitney's Plea Anted Out.
statute the term criminal syndicalism is defined
California
the
Under
or aiding and abetting the
as any aoctrine or recert advocating, teaching
terrcrism as a means
commission of crime, sabotage or unlawful methods of
or control or affecting any
of accomplishing change in industrial ownership
organizes or assists
political change. The law provides that any person who
member of any organization formed to
in .organizinft or is knowingly a
guilty of a felony.
is
syndicalism
advocate, teach or aid and abet criminal
in orgarizing the
Miss Whitney was charged with having in 1919 assisted
a society affiliated with
California branch of the Conamupist Labor Party,
to advocate and abet criminal
the Communist International of Moscow,
her intention that the
syndicalism. She testified, however, that it was not
of terrorism or violence, and that
California party should be an instrument
that of the convention in which she participated to
A statement was issued as follows by Mr. Sinclair on May it was not her purpose
violate any known law.
"political
was
sentence
the
20, in which he asserted that
did not Join and assist in organizing
It was argued in her behalf that she
unlawful purpose. The Supreme Court
rather than Judicial":
the party with a knowledge of its
by the verdict of the lure.
I was to-day sentenced for having refused to answer certain questions holds that this question was foreclosed
of the State law the Court, in an •
In sustaining the constitutionality
propounded by a committee of the Senate. The sentence of the court was
said:
fore-ordained. As a citizen I should have liked better if the sentence had opinion delivered by Justice Sanford,
legislation: it affects all alike, no matter
shown to be more openly of the Senate and less of the court, but it was
The Syndicalism Act is not class
who come within its terms and
calling,
or
s
association
a clever mixture. My testimony before the investigators of the Senate what their business
apparently fails to satisfy political curiosity. Whether I serve a day or a do the things prohibited.
that the Legislature
contention
the
for
basis
substantial
no
And there is
advocating
year is not of general interest, but it is of general interest that the judicial has
arbitrarily or unreasonably limited its application to those
in industrial and
branch of our Government, long thought to be independent of the legisla- the use of violent and unlawful methods to affect changes
apprehend
to
ground
any
nothing
indicating
being
political conditions; there
,
tive, shoula be proved to be dominated by the latter.
desiring to maintain existing industrial and political condition
It should be known that I appeared six times before the Senate committee thatorthose
methods.
such
advocate
would
do
of
legislation
for
all
the
necessity
of
and
produced
private
and
papers
books
all
questions
and fully answered
That there is a widespread conviction
statutes in several
asked of me. It was only when the matter had been referred to the courts this character is indicated by the adoption of similar
other States.
by an Act of Congress that I refused to answer.
to the due
repugnant
case
Nor is the Syndicalism Act as applied in this
I am sentenced as an experiment to justify political expediency. In my process
clause as a restraint of free speech, assembly and association.
sentence is involved not merely my personal rights but the rights of every
unbridled
The Court held that freedom of speech did not constitute
decent, high-minded, liberty-loving citizen who cherishes principle above
Gitlow case
license for every possible use of language, as was held in the
self-interest.
In my opinion the sentence was political rather than judicial. It must from New York.
ruling on
Justice Brandeis joined Justice Holmes in concurring in the
be reviewed finally under independent judicial principles.
not have power
the Whitney case, saying that the Supreme Court did
in the State court
At the time of Mr. Sinclair's conviction the Associated to inquire into the errors said to have been committed
guaranteed
could only inquire into the question whether tne right
and
16,
on,
March
had
the followPress accounts from Washingt
by the Federal Constitution was denied.
ing to say regarding the questions which he declined to
Proof of Sabotage in Burns Case.
answer:
California Syndicalism
In the Burns case, deferse counsel attacked the
Sinclair was subpoenaed and sworn on March 22 1924, when he refused law as contrary to the due rrocess and equal rrotectien clauses of the
to answer the questions. Four of ten questions deemed pertinent to the case Fourteenth Amendment. It was charged that Burns, on or about April
and assisted in orwere laid before the jury. These were as follows:
10 1923 at the Yosemite National Park, organized
Senator Walsh of Montana: "Mr. Sinclair, I desire to interrogate you ganizing and was a member of the Industrial Workers of the World. and
about a matter concerning which the committee had no knowledge of or that the purpose of this orgar-ization was to teach, aid and abet criminal
reliable information at the time when you had heretofore appeared before syndicalism.
because the charge
the committee and with respect to which you must have then had knowledge.
Burns argued that he was entitled to a new trial
advocated
I refer to the testimony given by Mr. Bonfils (F. G. Bonfils, Denver pub- of the State court said, among other things, that the I. W. W.
work."
lisher) concerning a contract that you made with him touching the Teapot what is known as "slowing down" on the job, "slack or scamped
deliberate atteml t to reduce
Dome. I wish you would tell us about that?"
The lower court instructed the jury that any
Senator Walsh: "Since you were on the stand last, John C. Shaffer (Chi- the profits in the manner described would constitute sabotar e.
showed that Burns had for
cago publisher) told us about an agreement between yourself and Secretary
Justice Butler pointed out that the record
was its authorized
Fall, under which Mr. Shaffer was to receive from you a certain portion Years belonged to the I. W. W. and when arrested
of the organiration in
of the territory covered by the lease which you secured from the Mammoth delegate and had a large amour.t of the literature working class and emthe
Oil Co. Will you tell us about that?"
his possession. This literature declared that
it is the mission of the
Senator Walsh: "Mr. Sinclair, will you tell the committee where and ploying class have nothing in common and that
when you met Secretary Fall during the months of November and Decem- working class to do away with capitalism.
Jusctice Butler said
In upholding the instructions to the it ry,
ber last?"
3158
THE CHRONICLE
"The evidence shows that the organization advocated, taught and
aided various acts of sabotage that are plainly within the meaning of the
word, as defined by the Act.
'Some examples are: Injuring machinery when employed to use it,
putting emery dust in lubricating oil damaging materials when
using
them in manufacture or otherwise, scattering foul seed in fields, driving
tacks and nails in grapevines and fruit trees, to kill them, using acid to
destroy guy wires to hold up poles provided to support grapevines,
putting
pieces of wire and the like among vines to destroy machines used to
gather
grapes, scattering matches and using chemicals
to start fires to destroy
property of employers.'
In filing a dissent on the Burns case, Justice Brandeis declared the charge
of the lower Court erroneous in that "It plainly directed the jury that
'slowing down on the Job' and 'scamped' work constituted sabotage within the
meaning of the statute."
[VOL. 124.
to the record, shows that it was made and entered pursuant
to a stipulation of the parties, approved by the Court, and that contains
it
the following statement:
The question whether the California Criminal Syndicalis
m Act . . .
and is application in this case Is repugnant to
the provisions of the Fourteenth Amendment to the Constitution of the
United States, providing
that no State shall deprive any person of life,
or property, without
due process of law, and that all persons shallliberty,
be accorded the equal protection,of the laws, was considered and passed
upon by this Court.
In Cincinnati Packet Co. vs. Bay, 200 U. S. 179,
182, where it appeared
that a Federal question had been presented in a petition
in error to the
State Supreme Court in a case In which the judgment
was affirmed without
opinion, it was held that the certificate of that Court
to the effect that it
had considered and necessarily decided this
Views of Justices Brandeis and Holmes.
question, was sufficient to
show its existence. And see Marvin vs. Trout,
Although Justice Holmes and Brandeis concurred in the affirmation
199 U. S. 212, 217, et ceq ;
of Consolidated Turnpike
vs. Norfolk., &c., Railway, 228 U.
the lower court's finding in the Whiteey case, they did not accept
S. 596, 599.
the
majority opinion as to syndicalism and on this point Justice Brandeis
Court Acquires Jurisdiction Under the Writ of Error.
made the following statement in which Justice Holmes Joined:
So—while the unusual course here taken to show that Federal
questions
"Fear of serious injury can not alone justify suppressio of free
speech were raised and decided below is not to be commended—we shall give
and assembly. Even imminent danger can not justify nresort
effect
to the order of the Court of Appeals as would be
to
prohibitions of these functions essential to effective democracy
done
if
the
stateunless the ment had been made in the opinion of that
evil apprehended is relatively serious.
Court when delivered. See
"I am unable to assent to the suggestion in the opinion of the
Gross vs. United States Mortgage Co., 108 U. S.
Court
477,
484-486; Philathat assembling with a political party formed to advocate the desirabilit
y delphia Fire Association vs. New York, 119 U. S. 110, 116; Home for
of a proletarian revolution by mass
at some date necessarily far Incurables vs. City of New York, 187 U. S.
In the future is not a right withinaction
155, 157; Land & Water Co.
protection of the Fourteenth vs. San Jose
the
Amendment.
Ranch Co., 189 U. 8. 177, 179-180; Rector vs. City
Deposit
"In the present case, however, there was other testimony which tended Bank, 200 U. S. 405, 412: Haire vs. Rice.
204 U. S. 291. 299: Chambers
to establish the existence of a conspiracy
vs.
Baltimore, &c, Railroad. 207 U. S. 142, 148; Atchison,
on the part of members of the
I. W. W. to committ present serious crimes;
&c..
Railway
likewise to show that vs. Sowers, 213 U. S. 55, 62; Consolidat
such a conspiracy would be furthered by the and
ed Turnpike Co. vs. Norfolk,
of the society of &c., Railway,
which Miss Whitney was a member. Under activitycircumstan
228 U. S. 596. 599; Miedreich vs. Lauenstein, 232 U. S.
ces the
Judgment of the State court cannot be disturbed."these
236. 242: North Carolina Railroad vs. Zachary,232 U.S. 248. 257; Chicago,
On May 16 Associated Press dispatches from Oakland, &c., Railway vs. Perry. 259 U. S. 548, 551.
And here,since it appears from the statement in the order of the
Court of
Cal., said:
Appeal that the question whether the Syndicalism Act and its application
The "Oakland Tribune" to-day quoted Miss Charlotte Anita Whitney, in this case was repugnant to the due process and equal protection clauses
of the Fourteenth Amendment, was considered and passed upon by that
whose attack on the constitutionality of the California syndicalis
m law Court—this beings
Federal question constituting an appropriate ground for
failed in the United States Surpeme Court, as saying that she would
not a review of the Judgment
—we conclude that this Court has acquired
ask Governor C. C. Young for a pardon.
Miss Whitney faces a prison sentence of from one to fourteen years for jurisdiction under the writ of error. The order dismissing the writ for want
of jurisdiction will accordingly be set aside.
violation of the California statute.
We proceed to the determination, upon the merits, of the constitutio
"I have done nothing to be pardoned for," Miss Whitney. who
nal
was
reached at her Carmel, Cal., home, was quoted as saying. "I have no question considered and passed upon by the Court of Appeal. Of course
intention of asking for a pardon. My plans are Indefinite until lean confer our review is to be confined to that question, since it does not appear.
either from the order of the Court of Appeal or from the record
with my attorneys.
otherwise,
"I have nothing to complain of in comparison with Sacco and Vanzetti." that any other Federal question was presented in and either expressly or
District Attorney Warren of Alameda County said he could take no action necessarily decided by that Court. National Bank vs. Commonwealth,
9 Wall. 353, 363: Edwards vs. Elliott, 21 Wall. 532, 557; Dewey
to rearrest Miss Whitney until he has received a copy of the Supreme
vs. Des
Court Moines,
173 U. S. 193. 200; Keokuk & Hamilton Bridge Co. vs.
decision. She is at liberty on $10.000 bond.
Illinois,
175 U. S. 626, 633; Capital City Dairy Co. vs. Ohio,
183 U. S. 238, 248:
The text of the Supreme Court decision affecting Miss Haire
vs. Rice, 204 U. S. 291, 301: Selover, Bates & Co. vs.
Walsh. 226
Whitney is given as follows in the "United States Daily":
U. S. 112, 126. Missouri Pacific Railway vs. Coal Co..
256 U. S. 134. 135.
It is not enough that there may be somewhere hidden
Charlotte Anita Whitney, Plaintiff in Error, vs. the People
In
the
record
a question
of the State which, if it had been raised,
would have been of a Federal nature. Dewey
of California, No. 3: Supreme Court of the United States.
vs.
Des
Moines.
supra,
199;
Keokuk & Hamilton Bridge Co., vs. Illinois.
The State of California by legislative enactment made
it a crime know- supra. 634. And this necessarily
ingly to be or to become a member of or to assist
excludes from our consideration a question
in organizing an association sought to be raised
for the first time by the assignments of error here—
to advocate, teach or aid and abet the commission
of crimes or unlawful not presented in or
passed upon by the Court of Appeal whether apart
acts of force, violence, or terrorism as a means of accomplish
ing industrial from the constitutio
nality of the Syndicalism Act, the judgment of the
or political changes.
Superior Court, by reason of the rulings of that Court on questions of
The conviction of the defendant under this Criminal Syndicalis
pleadm Act was ing, evidence and the like,
sustained in this case,in error to the District Court
operated as a denial to the defendant of due
of Appeal, First Appel- process of law. See
Oxley Stave Co. vs. Butler County, 166 U. S. 648.
ate District, Division One, of the State of California, as
a valid exercise of 660; Capital City Dairy
Co. vs. Ohio, supra, 248; Manhattan Life
the police power.
Ins. Co. vs. Cohen. 234 U. S. 123, 134; Bass, &c., Ltd. vs.
Mr. Justice Sanford delivered the opinion of the court.
Tax ComMr. Justice mission. 266 U. S. 271.
283.
Brandeis delivered a concurring opinion in which
Mr. Justice Holmes
joined.
Facts Are Established by Undisputed Evidence.
The full text of the opinion of the court follows:
The following facts, among many others, were established on
By a criminal information filed in the Superior Court of Alameda County,
the trial
by undisputed evidence: The defendant, a resident of Oakland.
California, the plaintiff in error was charged, in five counts,
in Alameda
with violations County,Calif.. had been a member of the Local Oakland
of the Criminal Syndicalism Act of that State.
branch of the SoStatutes, 1919. chapter cialist Party. This local sent delegates to the
national convention of the
188. page 281. She was tried, convicted on the first count, and sentenced
Socialist Party held in Chicago in 1919, which resulted
in a split between
to imprisonment. The judgment was affirmed by the
District Court of the "radical" group and the old-wing-Socialists.
The "radicals"—to whom
Appeals. 57 Cal. App. 449. Her petition to have the case heard by the
the Oakland delegates adhered—being ejected,
Went to another hall, and
Supreme Court (Statutes, 1919, Chapter 58, Page 88) was denied.
lb. 453. formed the Communist Labor Party of America.
• And the case was brought here on a writ of error which
Its Constitution provided
was allowed by the for the membership of persons subscribing
to the principles of the Party and
Presiding Justice of the Court of Appeals, the highest court of the State in
pledging themselves to be guided by its Platform,
which a decision could be had. Jud. Code, Section 237.
and for the formation of
State organizations conforming to its Platform
as the supreme declaration
of the party. In its "Platform and Program"
Rehearing Granted on New Petition. .
the Party declared that it
On the first hearing in this Court, the writ of error was dismissed for. was in full harmony with "the revolutionary working class parties of all
countries" and adhered to the principles
want of jurisdiction. 269 U. S. 530. Thereafter, a petition
of
Communis
m laid down in the
for rehearing Manifesto of the
Third International at Moscow, and that
was granted. lb. 538: and the case was again heard and reargued
its purpose was
both as "to create a unified
to the jurisdiction and the merits.
revolutionary working class movement in America,"
organizing the workers as a class, in a
The pertinent provisions of the Criminal Syndicalism Act
revolutionary class struggle to conquer
are:
the capitalist state, for the overthrow
of capitalist rule, the conquest of
Section 1. The term "criminal syndicalism" as used
• in this Act is political power and the establishm
hereby defined as any doctrine or precept advocating
ent
of a working class government. the
teaching or aiding
and abetting the commission of crime, sabotage (which
Dictatorshi
p
of
the
Proletariat, in place of the State machinery of the
word is hereby
defined as meaning wilful and malicious physical damage
or injury to capitalists, which should make and enforce the laws, reorganize society on
physical property), or unlawful acts of force
and violence or unlawful the basis of Communism and bring
methods of terrorism as a means of accomplishing
about the Communist Commonwealth—
a change in industrial advocated,as the
ownership or control, or effecting any political change.
most important means of capturing State power,the action
of the masses, proceeding from the
Sec. 2. Any person who: . . . 4. Organizes or assists in
shops and factories, the use of the
organizing, or is or knowingly becomes a member of,
any organization, political machinery of the capitalist state being only secondary;
society, group or assemblage of persons organized or
tho organizacate, teach or aid and abet criminal syndicalism. . .assembled to advo- tion of the workers into "revolutionary industrial unions;" propaganda
pointing out their revolutionary nature and
Is gullty..of a fdiony and punishable by imprisonment.
possibilities; and great industrial
battles showing the value of the strike as
a political weapon—commended
The first count of the information, on which the conviction was had, the
propaganda and example of the Industrial
charged that on or about Nov. 28 1919, in Alameda County, the defendant, their
Workers of the World and
struggles and sacrifices in the class war—pledg
es support and coin violation of the Criminal Syndicalism Act: "did then and there un- operation to
"the revolutionary industrial proletariat of
lawfully, wilfully, wrongfully, deliberately and feloniously organize
America" in their
and struggles against the capitalist class—cited
the Seattle and Winnipeg strikes
assist in organizing, society, group and assemblage of persons organized and the
numerous strikes all over the country "proceeding
without the
and assembled to advocate, teach, aid and abet criminal syndicalism."
authority of the old reactionary Trade Union
officials," as manifestations of
It has long been settled that this Court acquires no jurisdiction to review the new
tendency—
recommend
and
ed
that
strikes
of
national importance
the judgment of a State court of last resourt on a writ of error, unless it be supported
and given a political character, and that propagandi
affirmatelvely appears on the face of the record that a Federal question
sts and
organizers be mobilized "who can not only teach,
but actually help to put
constituting an appropriate ground for such review was presented in and In
practice the principles of revolutionary industrial
unionism and
expressly or necessarily decided, by such State court. Crowell vs.1Randell, Communism."
10 Pet. 368, 392; Railroad Co. vs. Rock, 4 Wall. 177, 180; California
Send Delegates to Form California Branch of Party.
Powder Works vs. Davis, 151 U. S. 389, 393; Cindnnati, &c., Railway
Shortly thereafter the Local Oakland withdrew
vs. Slade, 216 U. S. 78, 83; Hiawassee Power Co. vs. Carolina- Tenn. Co..
from the Socialist Party,
and sent accredited delegates, including the
252 U. S. 341, 343; New York vs. Kleinert, 268. U. S. 646, 650.
defendant, to a convention
held
in
Oakland
in
November
1919,
for
the purpose of organizing a California
Constitutionality of Law Brought into Question.
branch of the Communist Labor Party. The
defendant, after' taking out a
Here the record does not show that the defendant raised or that the temporary
membershi
p
Communist
the
in
Labor Party, attended this
State courts considered or decided any Federal question whatever excepting convention as a delegate and took an
active
part in its proceedings. She
order
made
and entered by the Court of Appeals after was elected a
as appears in an
member of the Credentials Committee, and, as its Chairman.
it had decided the case and the writ of error had issed and been returned made a report to the convention upon which
the delegates were seated.
to this Court. A certified copy of that order, brought here as an addition She was also appointed a member of the Resolutions Committee, and as
MAY 28 1927.]
THE CHRONICLE
3159
application
action, among This statute presents no greater uncertainty or diffulcty, in 373, 377:
such signed the following resolution in reference to political
sanctioned by this Court. Nash vs. United States. 229 U. S.
fully
California
of
P.
L.
C.
"The
Committee:
U.
the
239
S.
by
,
426 434."
Miller vs. Stahl,
others proposed
recognizes the value of political action as a means of spreading communist
So, as applied here. the Syndicalism Act required of the defendant no
propaganda;it insists that in proportion to the development of the economic "prophetic" understanding of its meaning.
its
strength of the worldng class, it, the working class, must also develop
Similar Statutes Judged to be Valid.
that the
political power. The C. L. P. of California proclaims and insists
working
And similar criminal syndicalism statutes of other States, some less
capture of political power,locally or nationally by the revolutionary
of
struggle
specific in their definitions, have been held by the State courts not to be
class can be of tremendous assistance to the workers in their
emancipation. Therefore, we again urge the workers who are possessed of void for indefiniteness. State vs. Hennessy, 114 Wash. 351. 364; State
represents vs. Laundy, 103 Ore. 443, 360; People vs. Ruthenberg, 229 Mich. 315. 325.
the right of franchise to cast their votes for the party which
being And see Fox vs. Washington, 236 U. S. 273, 277; People vs. Steelik, 187
their immediate and final interest—the C. L. P.—at all elections,
of justice Cal. 361. 372; People vs. Lloyd, 304 Ill., 23, 34.
fully convinced of the utter futility of obtaining any real measure
the
by
controlled
and
3. Neither is the Syndicalism Act repugnant to the equal protection
or freedom under officials elected by parties owned
capitalist class." The minutes show that this resolution, with the others clause,on the ground that as its penalties are confined to those who advocate
proposed by the Committee, was read by its Chairman to the convention a resort to violent and unlawful methods as a means of changing industrial
before the Committee on the Constitution had submitted its report. Accord- and political conditions, It arbitrarily discriminates between such persons
of
ing to the recollection of the defendant, however,she herselfread this resolu- and those who may advocate a resort to these methods as a means
tion. Thereafter, before the report of the Committee on the Constitution maintaining such conditions.
It is settled by repeated decisions of'this Court that the equal protection
had been acted upon, the defendant was elected an alternate member of
to classify in the adoption of
the State Executive Committee. The Constitution, as finally read, was clause does not take from a State the power
the
named
be
should
police laws, but admits of the exercise of a wide scope of discretion, and
then adopted. This provided that the organization
Communist Labor Party of California; that it should be "affiliated with" avoids what is done only when it is without any reasonable basis and
that one who assails the classification
the Communist Labor Party of America, and subscribe to its Program. therefore is purely arbitrary; and
rest upon any reasonable
• Platform and Constitution, and "through this affiliation" be "Joined with must carry the burden of showing that it does not
Lindsley vs. National Carbonic Gas
for
arbitarry.
qualifications
the
essentially
basis, but is
the Communist International of Moscow," and that
membership should be those prescribed in the National Constitution. The Co., 220 U. S. 62, 78, and cases cited.
proposed resolutions were later taken up and all adopted, except that on
Sundicalism Act Not Class Legislation.
Political action, which caused a lengthy debate, resulting in its defeat and
A statute does not violate the equal protection clause merely because
the acceptance of the National Program in its place. After this action, the
ing. Zucht vs. King, 260 U. S. 174, 177; James-Dickindefendant, without, so far as appears, making any protest, remained in the it is not all-embrac
Co. vs. Harry, Jan. 10 1927. A State may properly
convention until it adjourned. She later attended as an alternate member son Farm Mortgage
legislation against what it deems an existing evil without covering
one or two meetings of the State Executive Committee in San Jose and direct its
field of possible abuses. Patsone vs. Pennsylvania. 232 U. S.
San Francisco, and stated, on the trial, that she was then a member of the the whole
Bank vs. Federal Reserve Bank, 262 U. S. 649, 661.
Communist Labor Party. She also testified that it was not her intention 138, 144; Farmers
of James-Dickinson Mortgage Co. vs. Harry, surra.
that the Communist Labor Party of California should be an instrument
The statute must be presumed to be aimed at an evil where experience
terrorism or violence,and that it was not her purpose or that of the Convenshows it to be most felt, and to be deemed by the Legislature co-extensive
tion to violate any known law.
need; and is not to be overthrown merely because other
In the light of this preliminary statement, we now take up, in so far as with the practical
may be suggested to which also it might have been'applied;
they require specific consideration, the various grounds upon which it is instances
a matter for the Legislature to determine unless the case Is
here contended that the Syndicalism Act and its application in this case is that being
vs. Taylor. 234 U. S. 224. 227.
repugnant to the due process and equal protection clauses of the Fourteenth very clear. Keokee Coke Co.
And it is not open to objection unless the classification is so lacking
Amendment.
In any adequate or reasonable basis as to preclude the assumption that
Denies Intention To Promote Terrorism.
it was made in the exercise of the legislative judgment and discretion.
1. While it is not denied that the evidence warranted the Jury in finding Stebbins vs. Riley, 268 U. S. 137, 143; Graves vs. Minnesota, Nov. 22
that the defendant became a member of and assisted in organizing the Com- 1926; Swiss Oil Corp. vs. Shanks, Feb. 21 1927.
munist Labor Party of California, and that this was organized to advocate,
The Syndicalism Act Is not class legislation; it affects all alike, no matter
teach, air or abet criminal syndicalism as defined by the act, it is urged what their business associations or callings, who come within its terms
that the act, as here construed and applied, deprived the defendant of her and do the things prohibited. See State vs. Hennessy, supra. 361; State
liberty without due process of law in that it has made her action in attending vs. Laundry. supra, 460.
the Oakland convention unlawful by reason of "a subsequent event brought
And there is no substantial basis for the contention that the Legislature
about against her will, by the agency of others," with no showing of a has arbitrarily or unreasonably limited its application to those advocating
specific intent on her part to Join in the forbidden purpose of the association, the use of violent and unlawful methods to effect changes in industrial
and merely because, by reason of a lack of "prophetic" understanding she and niftiest conditions; there being nothing indicating any ground to apprefailed to foresee the quality that others Would give to the convention.
hend that those desiring to maintain existing industrial and political
The argument is, in effect, that the character of the State organization conditions did or would advocate such methods.
That there is a wide-spread conviction of the necessity for legislation
could not be forecast when she attended the convention; that she had no
purpose of helping to create an instrument of terrorism and violence; that of this character is indicated by the adoption of similar statutes in several
she "took part in formulating and presenting to the convention a resolution other States.
Restraint Not Directed at Freedom of Speech.
which, if adopted, would have committed the new organization to a legitimate policy of political reform by the use of the ballot:" that it was not
is the Syndicalism Act as applied in this case repugnant to the
Nor
4.
assembly, and
until after the majority of the convention turned out to be "contrary
due process clause as a restraint of the rights of free speech,
minded, and other less temperate policies prevailed" that the convention association.
this
as
could have taken on the character of criminal syndicalism; and that
That the freedom of speech which is secured by the Constitution does
Was done over her protest, her mere presence in the convention, however not confer an abselute right to speak, without responsibility, whatever
crime.
a
become
giving immunity
thereby
not
could
therein,
expressed
violent the opinions
one may choose, or an unrestricted and unbridled license
This contention, while advanced in the form of a constitutional objection for every possible use of language and preventing the punishment of those
to the Act, is in effect nothing more than an effort to review the weight of who abuse this freedom; and that a State in the exercise of its police power
the evidence for the purpose of showing that the defendant did not join and may punish those who abuse this freedom by utterances inimical to the
assist in organizing the Communist Labor Party of California with a knowl- public welfare, tending to incite to crime, disturb the public peace, or
edge of its unlawful character and purpose. This question,. Which is fore- endanger the foundations of organized government and threaten its overclosed by the verdict of the jury—sustained by the Court of Appeal over the throw by unlawful means, is not open to question. Gitlow vs. New York,
specific objection that it was not supported by the evidence—is bne of 268 U. S. 652, 666-668, and cases cited.
Act the State has declared,
fact merely which is not open to review in this court, involving as it does
By enacting the provisions of the Syndicalism
not constitutional question whatever.
through its legislative body, that to knowingly be or become a member
And we may add that the argument entirely disregards the facts that the
teach or aid and
of or assist in organizing an association to advocate,
defendant had previously taken out a membership card in the National
terabet the commission of crimes or unlawful acts of force, violence or
Party; that the resolution which she supported did not advocate the use of rorism as a means of accomplishing industrial or political changes, involves
the ballot to the exclusion of violent and unlawful means of bringing about
the
these
of
that
security
State,
the
and
peace
such danger to the public
the desired changes in industrial and political conditions; and that, after
acts should be penalized in the exercise of its police power.
the constitution of the California Party had been adopted, and this resolushe
Program
the
down
accepted,
and
National
not
voted
only
been
Offense Is Association for Inciting to Crime:
had
tion
remained in the convention, without protest, until its close, but subsequently
That determination must be given great weight. Every presumption
manifestedd her acquiescence by attending as an alternate member of the Is to be indulged in favor of the validity of the statute. Muster vs. Kansas.
State Executive Committee and continuing as a member of the Com- 123 U. S. 623. 661; and it may not be declared unconstitutional unless
vested
munist Labor Party.
it is an arbitrary or unreasonable attempt to exercise the authority
In the State in the public intrest. Great Northern Ry. vs. Clara City.
Vagueness Declared Not to Annul Law.
246 U. S. 434. 439.
2. It is clear that the Syndicalism Act is not repugnant to the due process
The essence of the offense denounced by the Act is the combining with
clause by reason of vagueness and uncertainty of definition. It has no subothers in an association for the accomplishment of the desired ends through
stantial resemblance to the statute held void for uncertainty under the Fourthe advocacy and use of criminal and unlawful methods. It partakes
teenth and Fifth Amendments in International Harvester Amendments in
of the nature of a criminal conspiracy. See People vs. Steelik, supra, 376
International Harvester Co. vs. Kentucky, 234 U. S. 216. 221; and United
That such united and Joint action involves even greater danger to the
States vs. Cohen Grocery, 255 U. S. 81, 89, because not fixing an ascertainpublic peace and security than the isolated utterances and acts ofindividuals,
able standard of guilt. The language of Sec. 2, subd. 4, of the Act under
Is clear. We cannot hold that, as here applied, the Act is an unreasonable
which the plaintiff in error was convicted is clear the definition of "criminal
inor arbitrary exercise of the police power of the State. unwarrantably
specific.
syndicalism"
those
fringing any right of free speech, assembly or association, or that
The Act, plainly, meets the essential requirements of due process that a persons are protected from punishment by the due process clause who
penal statute be "sufficiently explicit to inform those who are subject to it
abuse such rights by Joining and furthering an organization thus menacing
what conduct on their part will render them liable to its penalties," and be
peace and welfare of the State.
the
men
of
that
common
vague
"so
not
that
are
terms
intelligence
this case
couched in
We find no repugnancy in the Syndicalism Act as applied in
Fourteenth
must necf,..tarily guess at its meaning and differ as to its application."
to either the due process or equal protection clauses of the
here
Connally vs. General Construction Co., 269 U. S. 385, 391. And see
been
has
validity
Amendment on any of the grounds upon which its
United States vs. Brewer. 139 U. S. 278, 288: Chicago, Ste., Railway vs.
challenged.
United
vs.
35
C.)
Tozer
aside,
Fed.
Fed.
52
866,
876;
and set
States, (C. C.)
DeY, (C•
The order dismissing the writ of error will be vacated
917, 919.
and the judgment of the Court of Appeals affirmed.
In Omaechevarria vs. Idaho, 246 U. S. 343, 348, in which it was held
May 16 1927.
that a criminal statute prohibiting the grazing of sheep on any "range"
Daily"
previously occupied by cattle "in the usual and customary use" thereof,
We also take as follows from the "United States
was not void for indefiniteness because it failed to rrovide for the ascer- the opinion of Justice Brandeis, concurring in the opinion
tainment of the boundaries of a "range" or to determine the length of
of
lower court; Justice Holmes joined in the opinion
time necessary to constitute a prior occupation as "usual" one, this Court of the
Justice Brandeis:
said:
of observing the
assisting in organizing, in
"Men familiar with range conditions and desirous
Miss Whitney was convicted of the felony of
have little difficulty in determining what is prohibited by it.
of California, of being a member
law willexpressions
are common in the cirminal statutes of other States. the year 1919,the Communist Labor Party
Similar
3160
THE CHRONICLE
of it. and of assembling with it. These acts are held to constitute
a crime,
because the party was formed to teach criminal syndicalis
m. The statute
which made these acts a crime restricted the right
of free speech and of
assembly theretofore existing. The claim is that
the statute, as applied,
denied to Miss Whitney the liberty guaranteed
by the Fourteenth Amendment.
[Vol,. 124
difference between advocacy and incitement
, between preparation and attempt, between assembling and conspiracy
, must be borne in mind. In
order to support a finding ofclear and present
danger it must be shown either
that immediate serious violence was to be expected
or was advocated, or that
the past conduct furnished reason to believe
that such advocacy was then
contemplated.
The felony which the statute created is a crime very
unlike the old felony
Only An Emergency Can Justify Repression.
of conspiracy or the old misdemeanor of unlawful
assembly. The mere
Those who won our independence by revolution
act of assisting in forming a society for teaching
syndicalism, of becoming a
were not cowards. They
member of it, or of assembling with others
did not fear political change. They did not exalt
for that purpcse, is given the
order at the cost cf liberty.
dynamic quality of crime. There is guilt,
although the society may not To courageous, self-reliant men, with confidence in the power of free and
contemplate immediate promulgation of the
fearless reasoning applied through the processes
doctrine. Thus the accused
of popular government,
no danger flowing from speech can be deemed
is to be punished, not for attempt, incitement or
clear and present unless the
conspiracy, but f'.r a step
in preparation, which if it threatens the public
incidence of the evil apprehended is so imminent
order at all, does so only
that
it may befall before
remotely. The novelty in the prohibitio
n introduced is that the status there is opportunity for full discussion. If there be time to expose through
aims, not at the practice of criminal syndicalis
discussion the falsehood and fallacies, to avert
m, ncr even directly at the
the evil by the processes of
preaching of it, but at association with those
education, the remedy to be applied is more speech,
who propcse to preach it.
not enforced silence.
Despite arguments to the contrary which
had seemed to me persuasive, Only an emergency can justify repression. Such must be the rule if authorit is settled that the due process clause of the
Fourteenth Amendment applies ity is to be reconciled with freedom. (Compare Z. Chafee, Jr., "Freedom
to matters of substantive law as well as to
matters of procedure. Thus all of Speech," pp. 24-39. 207-221, 228, 262-265; H. J. Laski, "Grammar of
fundamental rights comprised within the term
liberty are protected by the Politics," pp. 120, 121; Lord Justice Scrutton in Rex vs. Secretary for Home
Federal Constitution from invasion by the States.
Affairs, Ex parte O'Brien, [1923] 2 K. B.
The right of free speech.
361, 382: "You really believe in
the right to teach and the right of assembly
are, of course, fundamental freedom of speech, if you are willing to allow it to men whose opinions seem
rights. See Meyer vs. Nebraska, 262
to
you
wrong
and
even
dangerous; . . ." Compare Warren, "The New
U. S. 390; Pierce vs. Scciety of Sisters, 268 U. S. 510; Gitlow vs. New Yerk,
Liberty under the Fourteenth Amendment,"
268 U. S. 652, 666; Farrington as.
39 Harvard Law Review,
Tokushige, No. 465, decided Feb. 21 1927.
These may not be denied or 431, 461.) Such,in my opinion, is the command of the Constitution. It is
abridged. But, although the rights of free
speech and assembly are funda- therefore always open to Americans to challenge a law abridging free speech
mental, they are not in their nature absolute.
Their exercise is su3ject to and assemoly by showing that there was no emergency justifying it.
restriction, if the particular restriction proposed
Moreover, even imminent danger cannot justify resort
is required in order to proto prohibition
tect the State from destruction or from serious injury,
of these functions essential to effective democracy
, unless the evil apprepolitical, econon ic or
moral. That the necessity which is essential to a
hended is relatively serious. Prohibition of free speech
valid restriction does net
and assembly
exist unless speech would produce, or is intended
is a measure so stringent that it would be inappropri
to produce, a clear and
ate as the means for
imminent danger of some substantive evil which
averting
a
relatively
trivial
harm
to society. A police measure may be
the State constitutionally
may seek to prevent has been settled. See Schenck
unconstitutional merely because the remedy, although effective
as means
vs. United States,
249 U. S. 47. 52.
of protection, is unduly harsh or oppressive. Thus,
a State might, in the
exercise of its police power, make any trespass upon the land
Legislature Has Right to Decide on Needfor Law.
of another
a crime, regardless of the results or of the intent
It is said to be the function of the legislature to
or purpose of the tresdetermine whether at a passer. It might, also, punish an
attempt, a conspiracy, or an incitement
particular time and under the particular circumstances,
the formation of or to commit the trespass. But It is
hardly conceivable that this Court
assembly with a society organized to advocate cilia:imp
syndicalism consti- would hold constitutional a statute which
tutes a clear and present danger of substantive evil;
punished as a felony the mere
and that by enacting voluntary assembly with a society formed
to teach that pedestrians had
the law here in question the Legislature of Califcrnia
determined that the moral right to cross unenclosed,
question in the affirmative. Compare Gitlow
vs. New York, 268 U. S. their doing so, even if there was unpcsted, waste lands and to advocate
imminent danger that advocacy would
652, 668-671. The Legislature must obviously decide,
in the first instance, lead to a trespass. The fact that speech
is likely to result in some violence
whether a danger exists which calla fcr a particular
protective measure. or In destruction of property is not
enough to justify its suppression.
But where a statute is valid only in case certain conditions
exist, the enact- There must be the probability of
serious
ment of the statute cannot alone establish the facts which
injury to the State. Among
are essential to its free men, the deterrents ordinarily
to be applied to prevent crime are
validity. Prohibitory legislation has repeatedly been held
invalid, because education and punishment for
violations of the law, not abridgement of
unnecessary, where the denial of liberty involved was that
cf engaging in the rights of free speech and
assembly.
a particular business. (Compailb Frost vs. Railroad Commissio
n of CaliThe California Syndicalism Act recites in Section
fornia, 271 U. S. 583; Weaver vs. Palmer Bros. Co., 270
4:
U. S. 402; Jay
"Inasmuch as this Act concerns and is necessary
Burns Baking Co. vs. Bryan, 264 U. S. 504: Pennsylva
to the immediate
nia Coal Co. vs. Preservation of the public
peace and safety, for the reason that at the
Mahon, 260 U. S. 393; Adams as. Tanner, 244 U. S.
Present time large numbers of persons are going from
590.)
place to place in
The power of the courts to strike down an offending law
this
State
advocatin
g, teaching and practicing crimial syndicalis
are no less when
m,
the interests involved are not property rights, but the
fundamental personal this Act shall take effect upon approval by the Governor."
rights of free speech and assembly.
Inquiry
into
Question
not Precluded by Law.
This court has not yet fixed the standard by which to determine
This legislative declaration satisfies the requirement
when a
of the Constitution
danger shall be deemed clear; how remote the danger may
be and yet be cf the State concerning emergency legislation. In re McDermot
t, 180
deemecl present: and what degree of evil shall be deemed
sufficiently sub- Cal. 783. But it does not preclude enquiry into the question whether,
stantial to justify resort to abridgement of free speech and
assembly as the at the time and under the circumstances, the conditions existed
which
means of protection. To reach sound conclusions on
these matters, we are essential to validity under the Federal Constitution. As a statute.
must bear in mind why a State is, ordintwily, denied the
power to prohibit even if not void on its face, may be challenged because invalid as applied.
dissemination of social, economic and political doctrine *which
a vast major- Dahnke-Walker Milling Co. vs. Bondurant, 257 U. S. 282, the result of
ity of its citizens believes to be false and fraught with evil consequen
such an enquiry may depend upon the specific facts of the
ces.
particular case
Those who won our independence believed that the final end of
the State Wherever the fundamental rights•of free speech and assembly are alleged
was to make men free to develop their faculties; and that
to
have been invaded. it must remain open to a defendant
in its government
to present
the deliberative fcrces should prevail over the arbitrary.
They valued the issue whether there actually did exist at the time a clear danger; whether
liberty both as an end and as a means. They believed courage
to oe the the danger, if any, was inuninent; and whether the evil apprehend
ed
secret of happiness and courage to be the secret of liberty. They
believed was one so substantial as to justify the stringent restriction
interposed
that freedom to think as you will and to speak as you think
are means in- by the Legislature. The legislative declaration, like the fact
that
the
dispensable to the discovery and spread of political truth;
that without free statute was passed and was sustained by the highest court of the
speech and assembly discussion would be futile: that with
State,
them, discussion creates merely rebuttable presumpticn that these conditions
have
affords ordinarily adequate protection against the disseminat
been
ion of noxious satisfied.
doctrine; that the greatest menace to freedom is an inert people;
Whether in 1919, when Miss Whitney did the
that public
things complained of. there
discussion is a political duty:and that this'should be a fundament principle was in California such
clear and present danger of serious
al
evil, might have
of the American gowernment.
been made the important issue in the case. She
might have required that
(Compare Thomas Jefferson: "We have nothing to fear from
the demoral- the issue be determined either by the court or the jury.
She claimed below
izing reasons of some, if others are left free to demonstra
te their errors and that the statute as applied to her violated the Federal
Constitution; but she
especially when the law stands ready to punish the first criminal
act produce did not claim that it was void because there was no clear and
present danger
by the false reasonings; these are safer corrections than the
conscience of the of serious evil, nor did she request that the existence of
these conditions of
judge." Quoted by Charles A. Beard."The Nation."
July 7 1926. vol. 123. a valid measure thus restricting the rights of free speech
and assembly be
p.8. Also in first Inaugural Address:"If there be any among us who would passed upon by the court
or a jury. On the other hand, there was
wish to dissolvelhis union or change its republican form,
evidence
let them stand un- on which the court or jury might have found that
such
disturbed as monuments of the safety with which error
existed. I
danger
of opinion may be am unable to assent to the suggestion in the opinion
of
tolerated where reason is left to combat it.")
Court
the
that
assembling with a political party, formed to
advocate the desirability of a
Hazards to Human Institutions Recognized.
proletarian revolution by mass action at some
date necessarily far in the
future, is not a right within the protection of the
They recognized the risks to which all human institution
s are subject. In
Fourteenth Amendment.
the present case, however, there was other
But they knew that order cannot be secured merely through
fear of punishtestimony
which tended to
establish the existence of a conspiracy, on the part
ment for its infraction: that It is hazardous to discourage thought,
of memoers of the Interhope and national
imagination; that fear breeds repression; that repression breeds hate;
Workers of the World, to commit present
that likewise
serious crimes; and
to show that such a conspiracy would be
hate menaces stable government; that the path of safety
lies in the oppor- of
furthered by the activity
the society of which Miss Whitney was a
tunity to discuss freely supposed grievances and proposed remedies;
member. Under these cirand cumstance
s the judgment of the State court cannot
that the fitting remedy for evil counsels is good ones. Believing the power
be disturbed.
in
Our power of review in this case is limited not
of reason as applied through public discussion, they eschewed silence coerced
only to the question whether
a
right guaranteed by the Federal Constituti
by law—the argument offorce In its worst term. Recognizing the occasional
on was denied. Murdock vs.
tyrannies of governing majorities, they amended the Constitution so that City of Mempnis, 20 Wall. 390; Haire vs. Rice, 204
U. S. 291.301; but to
the particular claims duly made below, and
free speech and assembly should be guaranteed.
denied. Seaward Air Line
Fear of serious injury cannot alone justify suppression of free speech and Ry. vs. Duval, 225 U. S. 47.. 485-488. We lack here the power
occasionally
assembly. Men feared witches and burnt them. It is the function of exercised on review of judgments of lower Federal courts
to correct in crimspeech to free men from the bondage of irrational fears. To justify sup- inal cases vital errors, although the objection was not
taken
in the trial
pression of free speech there must be reasonable ground to fear that serious court. Wiborg vs. United States, 163 U. S. 632,658-660;
Clyatt vs. United
evil will result if free speech is practiced. There must be reasonable ground States, 197 U. S. 207, 221-222. This is a writ of error
to
a
State
court.
Because we may not enquire into the errors
to believe that the danger apprehended is imminent. There must
now alleged, I concur in affirmbe reasonable ground to believe that the evil to be prevented is a serious one. ing the judgment of the State court.
Mr. Justice Holmes joins in this opinion.
Every denunciation of existing law tends in some measure to increase the
May 16 1927.
probability that there will be violation of it. (Compare Judge Learned
Hand in Masses Publishing Co. vs. Patten, 244 Fed. 535, 540: Judge Amidon in United States vs. Fontana, Bull. Dept. Justice No.
148. PP• 4-5: Railroads One of Principal Contributors to National
Chafee. "Freedom of Speech," pp. 46-56. 174.) Condonation of a breach
Prosperity, According to W. G. Besler—Over a
enhances the probability. Expressions of approval add to the probability.
Billion and a Half Dollars Spent in 1926 for
Propagation of the criminal state of mind by teaching syndicalism increases
it. Advocacy oflaw-breaking heightens it still further. But even advocacy
Fuel, Materials, &c.
of violation, however reprehensible morally,is not a justification for denying
The railroads of this country are one
free speech where the advocacy falls short of incitement and there is nothing
of the principal conto indicate that the advocacy would be immediately acted on. The wide tributors to our
national prosperity, W. G. Besier, First
MAY 28 1927.]
THE CHRONICLE
3161
change in detail as in
that is desired or whether it can be made with some
Vice-President of the American Railway Association and the Sweringen case.
JerNew
of
Railroad
Central
the
of
Board
In his message to Congress and on other public occasions the President
the
Chairman of
has indicated his position in the consolidation of railroad mergers. When
sey, told the annual convention of the Purchases and Stores they
are just and fair mergers he believes that the policy of consolidation
on
Division of the American Railway Association at Chicago
will be of benefit to the public. He hopes that the decision in the Loree
the
by
supplies
and
materials
case will further clarify the rules the I.-S. C. C. wish to follow in the
May 24. "Purchases of fuel,
and approving of railroad consolidations.
railroads of this country in 1926 alone," said Mr. Besler, making
conclusions of the Commission in the Loree case were
The
amount
greatest
the
was
This
331.
$1,559,032,
"amounted to
our issue of last Saturday, pages 2980-2987.
in
given
United
the
of
railroads
ever spent for that purpose by the
1923."
of
exception
the
with
year
on
record
one
any
in
States
Investigation of Freight Rates on Live Stock in Western
Continuing he said:
welfare
The railroads are one of the controlling factors in the economic
important commodities
of the nation. Not only with regard to a number of
a vital serare they among the largest purchasers, but they also render
time they
vice to the public in the form of transportation. At the same
distribute nearly three billion dollars a year in the form of wages, which
of
products
the
are largely paid out by railroad employees in purchasing
industry.
Replies just received by the Bureau of Railway Economics to a questionnaire sent to all railroads for the purpose of ascertaining the amount
of purchases made by the carriers during the past year show that the rail
carriers fully maintained in 1926 their record as large purchasers of fuel,
forest products, iron and steel articles and other items, thereby substantially contributing to the national prosperity. This was incident to moving
in that year the largest tonnage ever handled by them in any one year on
record.
The total of $1,559,032,331 in the amount of fuel, materials and supplies purchased by the railroads in.1926 was an increase of $166,989,000
compared with the total purchases in 1925 and an increase of $215,977,000
compared with 1924. It was, however, a decrease of $179,671,000 compared
with 1923.
Expenditures of the railroads in 1926 for coal and other fuel for the
first time failed to hold first place as has been the case in previous years.
Instead, expenditures for iron and steel products went into the lead, amounting to $507,302,186, the greatest sum ever spent in any one year for those
products. Ranking second was fuel to the amount of $473,353,928. While
this was somewhat larger than in 1924 and 1925, it was a reduction of
$144,446,000 under the fuel bill for 1923, in which year the railroads
bought 154,902,000 tons of bituminous coal compared with 140,083,885
tons in 1926, although the railroads in 1926 carried nearly 7% greater
freight traffic than they did in 1923. This indicates a material increase
in fuel efficiency during 1926. Purchases of steel rail in 1926 amounted
to 2,503,991 gross tons at a cost of $111,000,000. This is the greatest
amount of steel rail that has been purchased by the railroads in any recent
year.
The railroads also purchased 93,759,913 cross ties at a cost of $101,000,000. This was an increase of approximately six million ties compared
with last year but a decrease under the two previous years. Including not
only cross ties but switch and bridge ties, as well as other timber and
lumber, expenditures of $186,291,234 were made for forest products during
the past year by the railroads, which amount exceeded the corresponding
expenditures for 1924 and 1925.
These statistics of rail purchases cover only those items that are directly
bought and paid for by railroad companies. In addition, they are indirect
purchasers of many commodities, large quantities of which go into railway
equipment and into new construction work that is contracted for in lump
sum agreements and is not classified under the head of materials•purchased
directly.
That the railroads are an important factor in the industrial life of the
nation is shown by the fact that in 1126 they bought about 22% of the
total coal output of the United States and some 20% of the fuel oil production. They also took about 15% of the total annual lumber and timber
cut in the United States, while their direct and indirect consumption was
close to 25%. In addition, railroad purchases accounted directly and
indirectly for a quarter of the total iron and steel output of the country.
Reports show that the rail carriers also bought 3,126,500 barrels of
cement in 1926 and 25,421,831 cubic yards of ballast, purchases of both
items during the past year having exceeded any previous year on record.
Territory Ordered by Inter-State Commerce Commission—Live Stock Rates in Southeast
also to Be Investigated.
On May 23 a general investigation of railroad rates on live
stock throughout the Western half of the United States was
ordered by the Inter-State Commerce Commission. Examiners will take evidence at Salt Lake City on June 30, at
Portland, Ore., on July 5 and at Los Angeles on July 15.
By a supplemental order the Commission arranged for an
investigation into live stock rates in the Southeast, with
hearings at Montgomery, Ala., on July 27 and Louisville,
Ky., on Aug. 1. As to the Western rates, the Commission
said:
is
It
the
The whole situation is one requiring constructive treatment.
Intention of the Commission to deal comprehensively with the whole system
bringing
to
a
about
view
a
with
district,
of livestock rates in the western
more hormonious adjustment.
Earnings of Class I Railroads In 1926 For First Time
Since Passage of Transportation Act Reached
Level Guaranteed Them By Government—
Correction.
The following letter corrects an error contained in a
statement issued by the National Industrial Conference
Board and published in these columns May 21, page 3016.
Mr.Parmelee rightly states that the Government makes no
More than 600 members of the Purchases and Stores Division representing railroads throughout the United States,
Canada, Mexico and Cuba, attended the opening session of
the annual convention. Other speakers included D. C. Curtis of Chicago, Chief Purchasing Officer of the Chicago Milwaukee & St. Paul Railroad, who is Chairman of the Purchases and Stores Division and who presided; Samuel 0.
Dunn, Editor of the "Railway Age," and J. H. Waterman of
Galesburg, J11., Superintendent of Timber Preservation of
the Chicago Burlington & Quincy Railroad. The convention
remained in session until Thursday, May 26.
Views of President Coolidge on Rail Mergers—Consolidation Policy Not Checked by Rejection of Van
Sweringen and Loree Proposals.
President Coolidge is convinced that when railroads are
consolidated in a fair and just manner such mergers will be
to the benefit of the public. The "United States Daily" of
May 21, from which the foregoing is taken, adds:
guarantee of return to the railroads; his letter follows:
Washington, D. C., May 25 1927.
The Commercial& Financial Chronicle,
138 Front Street, New York. N. Y.
editorial
Dear Sir:—I note in your issue of May 21st, page 3016, an
Passage
entitled "Earnings of Class I Railroads in 1926,for First Time Since
by Government."
of Transportation Act, Reached Level Guaranteed Them
editorial
You refer in the title of this editorial, and also in the text to the
railways by the government.
to "the level guaranteed" to the
been
has
nothing
as
is
inaccurate,
"guaranteed"
This use of the word
the close
guaranteed to the railways by the United States Government since
six months, which ended on August
to the so-called "Guaranty Period" of
31, 1920.
Very truly yours,
JULIUS H. PARMELEE. Director.
'
F. J. Lisman Sees Mergers Impeded by Promoters
'
,
mmission
Lines—Co
Short
for
Provide
to
Failure
He Believes, Will Not Ratify any Scheme
which Overlooks Rights of Small Communities.
short lines proposed in both the
acquiring
of
Methods
Kansas City Southern merger and the original Nickel Plate
plan proved serious stumbling blocks to their acceptance
by the Inter-State Commerce Commission, F. J. Lisman,
railroad authority, thinks. Mr. Lisman is also of the
opinion that the application by the Van Sweringens to build
a greater Chesapeake & Ohio system will not satisfy the
Commission in this respect. In the Chesapeake & Ohio
plan, he says, the Van Sweringens have requested the
Commission to suggest what short lines should be allotted
to it and the price to be paid. The Commission is reluctant
to act as the arbiter of values and the Van Sweringens have
not agreed to submit this question to a board of arbitration
as proposed by the Amerian Short Line Railroad Association. "The adverse decision of the Inter-State Commerce
Commission in the Loree Southwestern case," said Mr.
Lisman, "is based more on the capital structure, which is
unsatisfactory to the Commission, and on the fact that the
interest of the minority stockholders is not properly provided
for, than on the question of the absorption of short lines.
Nevertheless the short line question is referred to, the same
as it was in the adverse Nickel Plate decision renderld
in March 1926." Mr. Lisman adds:
This statement was authorized orally at the White House on May 20 on
behalf of the President in commenting on the refusal of the Inter-State
Commerce Commission to permit the Van Sweringen (Nickel Plate) and
Loree (Kansas City Southern) proposed mergers. The President, it was
purely as a
Wan Street is prone to think of the railroad consolidation
said, hopes that the Commission's decision in these cases will further
entirely overlooks the
problem affecting security holders and generally
clarify the Commission's rules.
entirely dependent
rights or necessities of communities adjacent to and
The President's views on the subject were outlined orally as follows:
President Coolidge does not understand that the policy of railroad con- upon the short lines for transportation service.
was extremely
1920,
of
Congress, in framing the Transportation Act
solidations has been given any definite check by the Inter-State Commerce
all communities and not only
Commission because it has refused the merger proposals in the Van Swer- Particular about guarding the rights of
since on every occasion
expressed this intent in the Act itself, but has
ingen and Loree cases.
there is
have filed a new Indicated its intent in that direction. Under the Constitution,
The President understands that the Van Sweringens
unwilling buyer to purchase any
an
force
to
in
do
the
first
can
rendered
The
case.
Congress
nothing
opinion
the
with
petition in accordance
It; therefore there
an unwilling seller to dispose of
President is not familiar with the Loree decision so that he cannot judge given iroperty. or [twee
any particular short
to make the merger is no legal way of compelling jarge systems to acquire
whether the decision indicates whether it is impossible
3162
THE CHRONICLE
"01
124
line, except by pressure on the part of the Commission expressed in the is necessary to make this great area a safe place for people to live and
earn
refusal to permit the acquisition or consolidation of strong lines, unless their livelihood.
the appurtenant short lines are taken in at the same time at a value comWe most heartily endorse the recommendations of Mr. P. S. Wiseman,
mensurate with their earning capacity and their necessity to the adjacent Comptroller of the Union Trust Co., Cleveland,
and Mr. Leo Belden, Vice.
communities. In the Nickel Plate case the Commission stated that if President of the Bank of Italy-Nationa
l Trust Sr Savings Association, San
every other feature of the plan had been satisfactory, consent wiould still Francisco, as presented to this convention, that
have been refused because the short lines had not been adequately pro1. Banks extend and amplify their systems of accounting so as better to
vided for.
reflect their income and expenses, thus obtaining a complete picture of
It is true the Commission has power to fix divisions of rates on business their operation from month to month
and year to year; and
interchanged between the different railroad companies and this power
2. To institute budgetary control of costs over every department, funccan be used to help the weak and take away from the strong; in fact, this tion and activity of the institution.
was done in the case of the New England carriers when they were hovering
We heartily endorse the recommendations of Mr. W. F. Augustine, Viceon the edge of bankruptcy some years ago. It was also used to keep in President National Shawmut Bank
of Boston, Mass., and Mr. 0. Howard
operation the Kansas City Mexico & Orient RR., which threatened to Wolfe, Vice-President PhiladelphiaGirard National Bank, Philadelphia, Pa.,
abandon the operation of about 750 miles of railroad in the Southwest.
that banks adopt a uniform system of interest calculation on balances main.
In the proposed Loree Southwestern consolidation the attorneys for the tabled by corresponden
t banks.
companies agreed to take over those short lines which might be allotted
We concur in the recommendations of Mr. Fred Brenchley, Vice-President
to them by the Commission, provided the short lines were considered of the
Marine Bank & Trust Co., New Orleans, that great care should be
tributary to this system. This raised the question as to whether any
exercised by banks in seeing that commodities fonning the basis of loans
given line might better be allotted to the Loree System or to some other
be insured and that proper legislation as to insurance coverage should be
system like the Missouri Pacific, Frisco or Santa Fe. As the other comenacted protecting banks loaning on trust receipts.
panies were not before the Inter-State Commerce Commission in the case,
We concur in the views of Mr. Guy Emerson, Vice-President of the Bankproper allotment of the short lines could not be passed upon then and there.
ers Trust Co., New York, and Mr. F. F. Florence, First Vice-President
of
as extensive hearings are necessary in each and every case in order to
the Republic National Bank of Dallas, Texas, as expressed by them to
this
develop the point of view of the adjacent communities and the different
convention, that relationships between banks have, since the establishment
connecting railway systems.
of the Federal Reserve Act, become more, rather than less, important.
In the pending Chesapeake & Ohio-Erie-Pere Marquette consolidation The
growing complexity and importance of the problems presented to bankthe same problem is arising. Mr. Harahan, President of the C. & 0..
ers, together with the constantly increasing contacts arising from nationIn his testimony, while under cross-examination, stated that the system
wide business operations, make the close co-operation of bankers in
differwould take in such short lines as might be allotted to it by the Commission
ent cities a matter of prime business necessity.
at a price to be fixed by the Commission. The Commission naturally is
We believe that business conditions are at present sound, and that the
extremely loath to act as arbiter of values and thus far has declined to
assume this responsibility which many people believe it will have to accept continuance of that condition depends to a Marked degree upon the ability
and willingness of the bankers of the country to properly counsel with
their
sooner or later.
customers on the problems of production, sales policies and conservative
The American Short Line Railroad Association has suggested that the
financing. We point out to our members that upon you, to a very large
value of the short lines should be arbitrated but thus far the spokesmen
for the Van Sweringens have not agreed to this proposal. Assuming that degree, rests the responsibility for keeping business in safe channels.
We urge the proper supervision of finance companies by
the financial structure of the greater C. & 0. system were satisfactory
our member
banks, both in the matter of the character of their loans and the
handling
and that the Commission would be willing to permit the increase of C.& 0.
of
the collateral behind their obligations, to the end that installment
stock by 50%, to be sold at par to the present stockholders and were also
credit,
which
is
in
itself
sound, shall not become a menace through its improper
willing to permit the payment of profits on Pere Marquette and Erie
use.
stocks as suggested in the application, the method of acquiring the short
We believe that in our trustee relationships with finance
lines would surely still be a serious stumbling clock.
companies there
should be a greater uniformity of practice and that
in general a closer
check of collateral should be insisted upon.
We endorse the issuance of bonds secured by mortgage
on real estate and
Employees of Pere Marquette RR. Agree to Arbitration buildings
when essential to the physical growth of our communities.
We
for Adjustment of Differences on Working and
urge upon our members their constant insistence
that their customers limit
their activities in this regard to obligations
Wage Conditions—Strike Averted.
which are not only sound in
themselves from the standpoint of security, but which
are issued in the
A threatened strike of members of eight crafts employed financing of an enterprise
for which a real need exists.
We reiterate our confidence in the fundamental
by the Pere Marquette RR. was averted on May 20—the
soundness of American
date when the walkout was to have become effective—with banking institutions and American banking methods. At the same time we
deplore the record of bank failures over the past seven
years. As correcthe decision of the employees and the railroad management tive thereof, we urge the constant consideration
of the following principles:
1. More effective administration of the existing methods
to abide by a ruling of a board of arbitration in the matter
of Governmental
including increased power to restrict issuance of unnecessary
of wages and working conditions. From the Detroit "Free supervision,
bank charters, the elimination of politics in the selection
of bank superPress" of May 20 it is learned that announcement of this was intendents and examiners, and more thorough and
more frequent examinations.
made by Frank H. Alfred, President of the Pere Marquette,
who said:
In our effort to compose our differences we have resorted to the third
of three recourses provided by the Watson-Parker Mediation Act. This
law stipulates, first, a board of adjustment; second, a board of mediation;
and third, a board of arbitration.
The men and the management were divided on one matter regarding
the settlement of the issue: The men wanted a regional board of adjustment
to dispose of the matter, while the railway management contended for a
ocal board of arbitration. Arbitration is the compromise.
.
The same paper says:
The groups involved in the wage and working rule controversy are engineers, firemen, conductors, trainmen, telegraphers, longshoremen, clerks
and switchmen—about 6,000 in all.
The clerks, telegraphers and longshoremen ask a wage increase averaging 6%. The demands of the other groups involve working rules and the
time at which wage increases already granted should be effective. The
men ask that they be made retroactive over a period of several months.
Announcement that the employees had voted overwhelmingly to strike was made on May 18 by W. A. Paddock,
Assistant Grand Chief of the Brotherhood of Locomotive
Engineers, who said that national officers of the unions involved had been informed of the result of the vote and that
a strike had been sanctioned if efforts at mediation failed to
accomplish anything within a "reasonable time."
Annual Meeting of Association of Reserve City Bankers
—Resolutions Adopted—Record of Bank Failures
Deplored—Correctives Proposed.
At the annual meeting of the Association of Reserve City
Bankers, held at Pittsburgh, May 19-21, confidence in the
fundamental soundness of American banking institutions
and American banking methods was expressed; the record
of bank failures during the past seven years was, however,
deplored, and the consideration of certain corrective measures, enumerated further below, was urged. The following
resolutions, adopted at the final session of the convention,
indicate the tenor of the discussions and the findings, touching as they do the most vital problems of American banking,
are of considerable interest:
We extend our sympathies to the residents of the great Mississippi Valley
who have suffered as a result of the recent flood conditions. We believe
that the prevention of a recurrence of this catastrophe should not be left
solely to the communities involved, but Is a matter of such national importance that the Federal Government, which owns and controls our navigable
waterways, should promptly and effectively* carry out whatever program
2. The installation of a system of clearing house examination
in additional cities and country communities which would provide
continuous supervision and thorough and complete examinations by privately
paid examiners and under the leadership of clearing house committees.
3. Better self-supervision of banks by directors
and officers including a
clearer definition of the duties and responsibilities of
bank directors and
a more thorough understanding on the part of
bank officers of the importance of building credit files, maintenance of secondary
reserves and diversification of assets.
4. The establishment of additional educational
facilities for the better
training of bank officers and prospective
bank officers with the object of
increasing the available supply of trained bank
executives.
John R. Downing, Vice-President of the
Citizens Union
National Bank of Louisville, was elected
President of the
Association of Reserve City Bankers at the
annual meeting.
John F. Flournoy Jr., Vice-President
of the Whitney Central National Bank of New Orleans,
was elected Vice-President, and Fred Brenchley, Vice-President
of the Marine
Bank & Trust Co. of New Orleans, was
elected Treasurer.
New Orleans was selected as the next
meeting place. The
following were elected directors of the association:
Clark
Hammond, Vice-President, Keystone National Bank,
Pittsburgh ; Harris C. Kirk, Vice-President American
Trust Co.,
San Francisco; Dan W. Jones, Vice-President
Mississippi
Valley Trust Co., St. Louis; Stewart McGinty,
Vice-President Fourth National Bank, Atlanta, and Charles
M. Ransdell, Vice-President, Manufacturers & Traders
-Peoples Trust
Co., Buffalo. Hal Y. Lemon, retiring Pre§ident
of the association, Vice-President of the Commerce Trust
Co., Kansas
City; William F. Augustine, Vice-President
National Shawmut Bank, Boston; Joseph R. Kraus,
Vice-President and
Executive Manager Union Trust Co.,
Cleveland, and W. M.
Massie, Vice-President of the Ft. Worth
National Bank, are
hold-over directors. Joseph J. Schroeder,
Chicago, continues
as Secretary. The report of the Secretary
showed a full
membership, which is limited to' 400 by the
by-laws, and a
considerable waiting list.
Wage Demands of Engineers on Eastern
Roads Referred
to Board of Mediation.
The "Sun" of last night (May 27) stated:*
With only a mutual agreement to submit their
differences to the Federal
Board of Mediation, locomotive engineers of
Eastern railroads and the subcommittee of the conference committee of Eastern railway
managers have
1
MAY 28 1927.]
THE CHRONICLE
concluded their conversations over the 15% increase in wage demanded
by the employees. Mediation of the firemen's demands earlier this year
resulted in the award of a 7%% increase, which would mean $6,500,000
more wages annually if the same raise were granted to the engineers.
The request of firemen in the Southeast for increases approximating 81 a
day is now argued before a board of arbitration in Washington. This week
also saw the conclusion of arguments over the requests of conductors and
trainmen of Western railroads for a 734% Wage advance, which is now in
the hands of an arbitration board for final decision, probably within a
month. This increase would mean 883,000,000 annually added to the
payrolls of Western carriers.
The wage negotiations between the Eastern railroads and
the Brotherhood of Locomotive Engineers began in this
city last Monday (May 23).
Death of Howard F. Beebe of Harris, Forbes & Co.
3163
and outdone in the great gathering of the clans of the Bank
of Ita137on the evening of Saturday, May 14, in the Palm
Court of the Palace Hotel. "The Message of the Bank of
Italy" was both the motive and the theme of the meeting,
and it was delivered with a preliminary impetus and fervor
that will surely carry it to every nook and cranny of the
State, no matter how remote, where there might be a trader
or a counting house." This is the glowing way in which the
publicity department describes a dinner given by the Bank
of Italy two weeks ago. The occasion was planned to acquaint the branch managers and advisory board members
in the 159 branches of the San Francisco Division of the
bank and those invited included also the ranking officers in
Los Angeles and San Diego. In telling of the aspirations of
the bank's management, James A. Bacigalupi, President
of the Bank of Italy, advised the gathering that he shares the
belief that "the day of Nation-wide branch banking is not
far off; and" he added,"I am not at all apprehensive of the
result." He went on to say:
Howard F. Beebe, a Viee-President and director of Harris,
Forbes & Co., New York, died on May 23, after a short illness, at his home in Brooklyn. Mr. Beebe was born in
Brooklyn on May 14 1881. He was widely known, both in
this country and abroad, as an investment banker. His
association with Harris, Forbes & Co. dates from 1904, and
Let us have fewer, but stronger and more helpful banks, and the Nation
he had been for many years head of their municipal bond
will fare immeasurably better than has been its doleful banking experience
department. He exerted a wide influence in the field of in
many of its sections, particularly during the past few years. When
municipal financing. His counsel was sought in the initial that day comes—may I venture the hope that our institution, then enjoying
stockholders, will—if it
stages of the Federal Farm Loan Act, and he had continued the backing of one hundred thousand California
then be deemed to be the prudent thing to do spread not from the East to
the
Land
Federal
touch
of
with
development
the
close
in
the West but from the Pacific to the Atlantic, and hold its own with the
Bank system and the distribution of Farm Loan bonds. He best the country will then afford.
Incidentally, he remarked:
also devoted much attention to foreign financing in this
Sound human progress comes in general and sweeping waves of public
country.
sentiment. At first the wave is almost indiscernible,save to those of keener
Mr. Beebe was very active in the work of the Investment perception and of steuter heart, but once it gathers volume and momentum,
Bankers Association of America, serving for many years the frenzied sties and feeble efforts of the stand-patters are as chaff in the
hurricane, before its irresistible advance. This is the age in our country
as a member of its Board of Governors. He became Presi- of
quality, economy and service. People want the best, as cheaply and as
dent of the association in 1921. He served as Chairman of easily as possible. It is the day of quantity production, of rapid turnovers.
the Municipal Bond Committee for several terms and had of concentration and economy in overhead. It is the hour of specializat.on
of big capitalization. This spells but two things in business—Mergers
been Chairman of the Foreign Securities Committee for sev- and
and Branches. If this is true in practically all lines of industry and comto
prior
his
Chairman
the
As
of
death.
Legislayears
eral
merce—then banks cannot escape the necessity of keeping pace with the
tive Committee he sponsored many reforms in taxation and instrumentalities which must be financed by them.
President Bacigalupi described the bank as "Democratic—
legislation in the interests of the investing public.
conscious of its origin and its purposes and always ready
Ever
Mr. Beebe's first employment was with the foreign exmeasure of banking service to large
change house of J. S. Cole & Co., this city, which position and eager to render a full
he referred to it as "ProFurthermore
alike."
small
and
1895.
In 1896 he and George Reilly, with
he took in 1894 or
saying:
gressive,"
whom he was associated, left this company and went with
The pioneer in state-wide branch banking in the country, operating 278
the New York office of Rudolph Bleybolte & Co. of Cincin- offices in 164 of the most important cities and towns of California; thus
nati, Ohio, a municipal bond house of considerable promi- bringing itself to the people,scattering its investments far and wide throughstate, and as helpful in the smallest hamlet where it functions as it
nence. Mr. Beebe served this company in various capaci- out the
is in the various metropolitan areas where it operates; thus, at once, making
ties—bookkeeping, attending municipal sale and active sell- for its major service to the public at large,and also for its own greater safety
ing of municipal bonds, which required his traveling in in the wide-spread diversification of its loans.
In depicting the institution as "one of the most resoureefu
New England and New York State. In 1904 he went with
entire nation," President
the firm of N. W. Harris & Co., now Harris, Forbes & Co., and conservative banks in the
condensed statewhere he had served continuously since. Mr. Reilly, now Bacigalupi called attention to the printed
23
Mar.
of
1927, citing the
as
condition
bank's
the
of
of Reilly, Brock & Co., preceded Mr. Beebe by a few months ment
in locating with N. W. Harris & Co. Mr. Reilly was largely following outstanding facts:
real estate, totaling $231,264,000, are
(1) Its first mortgage loans onCalifornia,
responsible for Mr. Beebe making the change. N. W. Har- scattered
thereby making for greater
all over the State of
ris & Co. at the time were important factors in the distribu- security in their wide diversification—all of our eggs being scattered in many
securities, $181,000.000.
other
and
tion of municipal bonds in the Middle West, but to Mr. Beebe baskets. (2) Total United States
cash and due from bank:. 871.327,000. (4) Bonds,securities and
Total
(3)
is largely due the credit for the important position which
dollars, as against the total decash total upwards of a quarter of a billion
the present firm of Harris, Forbes & Co. occupies in the posit liability of $569,000,000, which, plus the 818,500,000 due the Federal
a liquidity of better than 43%. (5)
municipal bond field. Upon him rested the chief responsi- Reserve on Liberty bonds, represents
The working capital of the bank, amounting in round numbers to 360,000.bility of not alone buying such bonds upon proper market 000,
including the good-will cost
charge-offs,
all
for
deduction
after proper
terms, but selling them as well. The selling was accom- of the business of 178 banking offices of the Liberty Bank of America and
consolidated and merged into our
plished, as a rule, through other men of the organization, the Italians-American Bank, recently
Institution, plus the $40,000,000 of working capital of the National Bank
but Mr. Beebe had to largely educate such men in the of Italy Company,the affiliated corporation of the Bank of Italy owned by
municipal selling business and give such stimulus as was exactly the same stockholders in exactly the same proportion, represents a
of upwards of $100,000,000. (6) Our more than
necessary. In those days practically the only purchasers combined invested capital us
far in the lead of any other bank in the country
1,000,000 depositors place
of municipal bonds were banks and insurance companies. n the matter of patronage.
Mr. Beebe's passing is a loss not alone to the house with
Finally, said President Bacigalupi, "may I also point out
which he has been so many years associated, but to the to you, as an added element of strength and backing, that
whole country and the investment banking fraternity par- When the 1,000,000 shares of Bancitaly Corporation now on
ticularly. There is probably no man in the country who has sale are fully disposed of, that affiliated corporation will have
more jealously and conscientiously fought for proper pro- a working capital of upwards of a quarter of a billion dollars,
tections to the buyers of municipal bonds. To him, it is said, and will constitute a private 'Federal Reserve' for our instican largely be attributed the now almost country-wide prac- tution upon which we might lean should such an improbable
tice of retiring municipal issues by serial maturity and the situation ever arise."
requiring of proper sinking fund provisions where term
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
bonds are issued. Mr. Beebe was a trustee of the Teachers'
Insurance and Annuity Association of America, an organiThe New York Stock Exchange membership of Howard C.
zation connected with the Carnegie Foundation. He was a Hirsch was reported posted for transfer this week to William
member of the Bankers Club of New York and several other E.Fackert,the consideration being stated as $215,000. This
clubs.
compares with $217,000 the last preceding sale.
Bank of Italy's Aims and Aspirations—to Constitute
with the Affiliated Bancitaly Corporation a
"Private Federal Reserve."
"The heraldry of Medieval times that marshalled many a
glittering array to the field of honor for the determination of
issues upon which the fate of nations rested, was outmatched
York
The membership of George W. F. Green in the New
Curb Exchange has been sold to Walter Levenson forTa
consideration of $33,000. This is an increase of $2,000
over the last previous sale of a Curb seat which took place
Friday(May 20), this latter being the membership of Remsen
T. Williams transferred to Frank B. A'Hearn for $31,000.
3164
THE CHRONICLE
The San Francisco Stock and Bond Exchange at a special
meeting held May 17 purchased the corporation membership
in the Exchange upon the offer of E. H. Rollins & Sons, who
held that membership since 1904. The price paid for the
corporation membership was $50,000. At the same time the
Exchange amended its constitution by retiring the corporate
membership, and added a provision creating an additional
individual membership, which membership the Exchange
Governing Board is authorized to sell at a price to be fixed
by it. The Governing Board contemplates the sale of the
seat within the near future.
The "Wall Street Journal" states that private wire advices say, a membership on San Francisco Stock & Bond
Exchange has been sold for $70,000, a new high price, comparing with $45,000 on the last previous sale six weeks ago.
Some of the Exchanges wi- ll be open to-day (Saturday)
while others will remain closed so that their members may
take advatage of a three-day holiday over Decoration Day
(Monday, May 30). The Governors of the New York
Stock Exchange on May 26 denied the petition of members
for the closing of the Exchange to-day, hence it will conduct
its session as usual. Other exchanges which will remain
open are the New York Curb Market Exchange,grain futures
market of the New York Produce Exchange and the Chicago
Board of Trade. The exchanges which have decided to
close to-day include the New York Cotton Exchange, New
York Rubber Exchange,New York Coffee & Sugar Exchange,
and New York Cottonseed Oil Market.
Charles J. Liebmann has b- een elected a director of the
Public National Bank & Trust Co. of New York.
! The Marine Share Corporation announces the opening of
a New York office at 100 Broadway on July 1 by William A.
Strong, Assistant Vice-President of the Marine Trust Co.,
who has also been appointed New York representative of
the Marine Trust Co. of Buffalo.
Ogden L. Mills, Under Secr- etary of the Treasury, was the
Guest of Honor at a luncheon of the Bond Club of New York,
held at the Bankers Club yesterday (Friday, May 27) at
12:15 p. m.
A cable to the Bankers Tru- st Co. from its Paris office at
3 & 5 Place Vendome, May g4, says that CaptainCharles
Lindbergh has just given the following singned statement to
the Associated Press:
I have been the recipient of so much kind attention since I have been in
Paris and there have been so many letters and telegrams constantly arriving
that the Staff of the American Embassy and the Personal Staff of the
American Ambassador, who has extended his hospitality to me, have
been literally overwhelmed. The volume of correspondence has grown too
large for the Ambassador to take care of and I have requested the Bankers
Trust Co. to handle my personal and business affairs while I am in Europe.
All communications in future, therefore, should be addressed to me care of
Paris office of Bankers Trust Co., 3 & 5 Place Vendome, I wish to take
this opportunity to thank my friends for all their kindnesses to me which
I shall hope to acknowledge more personally later. Charles A. Lindbergh.
In accordance with the above request all future communications for Captain Lindbergh while he remains in
Europe should, either by cable or letter, be addressed in care
of Bankers Trust Co., 3 & 5 Place Vendome, Paris, and the
company will take care of forwarding them. The cable to
the Bankers Trust Co. of New York from its Paris office
stated that Captain Lindberg at present plans to remain in
Europe three or four weeks.
John G. Lonsdale, Presiden- t of the St. Louis Clearing
House Association and head of the National Bank of Commerce in St. Louis, it is said, was among the first to send a
special cablegram of congratulations to Charles Lindbergh,
the St. Louis flyer who made the successful flight from New
York to Paris a week ago. When Mr. Lonsdale felt certain
from the reported progress of the flyer that he would be
successful in his undertaking, he sent a cablegram directed
to Le Bourget Field in Paris. This message, which was
waiting for the aviator when he arrived, read as follows:
Spirit of yourth and spirit of St. Louis invincible combination which
bankers of St. Louis proudly proclaim. Congratulations.
It was signed by Mr. Lonsdale as head of the Clearing
House Association and therefore spoke for all of the member
banks of the city.
For his personal expenses Capt. Charles A. Lindbergh,
who successfully made the trip by aeroplane from New
York to Paris, carried a draft payable in francs on the
Equitable's Paris office. at 23 Rue de la Paix. The Paris
branch was immediately informed by cable and officials
were all ready to receive the Captain and honor what was
[VoL. 124.
probably the first draft of a New York bank to be carried
in a trans-Atlantic flight. The draft, by the way, purchased
soon after Lindbergh arrived from San Diego, was dated
Friday, the 13th. When the Captain cashed his draft in
Paris he endorsed it at the suggestion of one of the Equitable
officials—Charles A. Lindbergh, New York to Paris. The
day Capt. Lindbergh purchased his draft, a representative
of the Equitable's Publicity Department went to Curtiss
Field and secured the young flyer's permission to use both
his name and photograph in the company's advertising.
Only one condition was exacted and that quite in keeping
with the Captain's character. No use of the business
connection should be made except in the most dignified and
conservative character. Speaking with reference to this
request, the Equitable Trust Co. says:
That the Equitable faithfully held its trust is evidenced by the fact
that with this most valuable means of publicity in its possession for days,
nevertheless it waited until the triumphant landing in Paris before boardcasting its proud announcement of serving the world's most daring traveler.
Nelson H. McKernan of the American Exchange Irving
Trust Co. of New York, who has for many years been
active in the affairs of New York Chapter, American Institute of Banking, and during the past year served in the
capacity of First Vice-President, has been elected to the
Presidency of the Chapter. In addition to Mr. McKernan
the board of directors elected the following officers for the
year ending May 31 1928: Walter H. Monsees, Farmers
Loan & Trust Co., First Vice-President; Clifford L. Lundgren, Chase National Bank, Second Vice-President; Payson
G. Gates, Bankers Trust Co., Treasurer; and Mortimore F.
Hill of the Equitable Trust Co. of New York, Chief Consul.
Subsequent to the meeting of the Board of Governors,
the chapter elected the following to membership on the
Board of Governors for the three-year term expiring May 31
1930: William J. Ahern, First National Bank of Brooklyn;
Edward H. Andel, Bankers Trust Co.; William H. Isaac,
Williamsburgh Savings Bank; Walter F. Kearns, First
National Bank, New York; Townsend T. McWilliam,
Guaranty Trust Co.; Irving H. Meehan, Farmers Loan &
Trust Co.; Wilfred L. Peel, Farmers Loan & Trust Co.;
Alfred E. Schneider, Chemical National Bank; Charles H.
Schoch, State Banking Department, and George A. Way,
Fifth Avenue Bank. Raymond B. Beach of the American
Exchange Irving Trust Co., was elected a governor to serve
the unexpired term of Edward E. Vincent, deceased.
Lawrence B. Anderson was appointed an Assistant Vice
President of the Guaranty Trust Company of New York
at a meeting of the executive committee on May 26. He
has been engaged in investment work for the Guaranty
Company and Guaranty Trust Company since 1921.
I,
The Interstate Trust Co., with the permission of the
Superintendent of Banks, has taken over the banking business of Bloomingdale Brothers, it is announced by George S.
Silzer, President of the Trust company.Combined (esources
of the two institutions are approximately $20,000,000.
The
plans provide for acquisition by the Interstate Trust Co.
of the banking business which for more than thirty years has
been operated in the department store of Bloomingdale
Brothers. The latest statement of Bloomingdale Brothers,
(bankers,) showed resources of $3,018,061, total deposits
of $1,670,783, capital and surplus of $1,275,000 and undivided profits of $72,277. The Interstate Trust Co.,
which was organized last Fall it is stated has total resources
in excess of $17,000,000, deposits of $12,050,955 and captial
surplus and undivided profits of $3,958,746. Samuel J.
Bloomingdale, in a letter to depositors of the Bloomingdale
Brothers bank, said that the merger was designed to benefit
customers since it would afford them extensive banking
facilities and the additional large capital and surplus of the
Interstate Trust Company. The institution taken over will
be operated as a branch of the trust company. Mr. Bloom=
ingdale was one of the founders of the Interstate Trust
Co. and Will continue as one of its directors. Other directors
are: E.N.Brown, Chairman of the St. Louis & San Francisco
and Chicago, Rock Island & Pacific Railway companies;
Eugene P.Thomas,President of United States Steel Products
Company; DeWitt Millhauser of Speyer & Co.; John W.
Doty, Chairman of the Foundation Co.; A. Curtin Fetterolf,
Vice President of the International Mercantile Marine Co.;
George S. Silzer, William V. Griffin, Carleton H. Palmer,
Ralph Wolf, James A. Kenny, John W. Burrows, Herbert
C. Lakin and Isaac Alpern.
MA y 28 192i.]
3165
THE CHRONICLE
On May 10 E. Waring Wilson was elected a Vice President
city.
and a director of the Liberty National Bank of this
George U.Harris a member of the New York Stock Exchange
director of
firm of Harris, Winthrop and Co. was elected a
date.
same
the
the bank on
As indicated in our issue of May 7, page 2703, the stockholders of the Bronx County Trust Co. of this city approved
to
on May 3 plans to increase the capital from $1,000,000
stock
new
of
$250,000
only
that
understand
We
$1,500,000.
s to be issued at th is time and that the outstanding capital
on June 1 will be $1,250,000.
tioo on May 9. The institution was recently Wien over by
the Highland National Bank & Trust Co. of Newburgh.
The death occurred in Providence, R. I., on May 18 of
Edward A. Havens, Vice-President of the Mechanics' National Bank of that city and connected with the institution
for 51 years. Death was due to heart disease from which
he had suffered for some time. Mr. Havens was born in
Providence on April 29 1857 and received his education in
the public schools of that city. He entered the employ of
the Mechanics' National Bank as a messenger and worked
his way up to the Vice-Presidency. The deceased banker
was one of the founders, and the Secretary at the time of
his death, of the Rhode Island Bankers' Association.
Another "cageless counter bank" has been opened by the
Hamilton National Bank in its thrift department in the main
Advices by the Associated Press from Worcester, Mass.,
office of the organization, 130 West 42d Street. The in- on May 26, stated that the Merchants' National Bank of
stallation of the counter system of banking was first inaugu- Worcester, Mass., and the Fitchburg Bank & Trust Co. of
rated in this city by the Hamilton at its University Branch, Fitchburg, Mass., are to be consolidated as the Worcester
606 West 110th Street. The adoption of the counter bank County National Bank. The respective directors of the two
has proven unusually successful, said Archibald C. Emery, banks have already approved the proposed consolidation,
President, as it has engendered a spirit of friendliness between it is stated, and meetings of the stockholders have been
the bank and its customers. This was demonstrated at the called for June 25 to ratify the union. Immediately after
University Branch, which opened on Dec. 3 1926, and now the consent of the stockholders has been secured, it is underhas deposits of approximately $1,250,000. It is possible that stood, the consolidated bank will open in the present quarthe counter system of banking, which is an innovation in ters of each of the institutions, with deposits of approxiNew York banking circles, may eventually be installed in mately $32,000,000. The dispatch furthermore stated that
other branches of the institution. The counter bank does the new bank will be the first county national bank to be
away with the traditional marble, steel and bronze cages established in New England under the McFadden Banking
built like fortresses, which are so familiar in all of the bank- Act.
ing quarters of the country. The new counters have two
The Hartford National Bank & Trust Co., Hartford,
levels, one on the exterior, which is below the level of the
main counter, built for the convenience of depositors for the Conn.—the institution resulting from the consolidation of
counting and sorting of money. On the interior, which is the United States Security Trust Co.and the Hartford-Aetna
one wide sweep from end to end, are the tellers with their National Bank,opened auspiciously on Monday of this week,
records and machines for entering deposits or withdrawals May 23, in the Hartford-Aetna Building at the corner of
and the counting of money. The system does away with Main and Asylum streets, according to the Hartford "Courant" of the following day. Quantities of flowers, the gifts of
the waiting lines often found alongside of the cages.
banks, insurance companies, investment houses, commercial
An application to organize the Maritime National Bank of concerns and individuals, were sent to mark the occasion,
Brooklyn was received by the Comptroller of the Currency many of the congratulatory offerings coming from Boston,
on May 10. It is planned to organize the institution with a New York and Chicago. The principal executives of the
capital of $300,000 and surplus of $200,000. The selling new bank are as follows: John 0. Enders, Chairman of the
board of directors; Robert B. Newell, President; Alfred
price of the stock is fixed at $166.66 per $100 share.
Spencer Jr., Chairman of the executive committee; Henry
The application to organize the First National Safe Deposit T. Holt, Vice-Chairman of the board of directors, and
n
Co. of Brooklyn was approved by the New York State Francis Parsons, Vice-Chairma of the trust department.
of these institutions
proposed
consolidation
Deposit
the
Safe
to
The
Reference
18.
May
on
Banks
of
nt
Superintende
company has a capital of $100,000 and a surplus of $10,000. appeared in our issues of April 9 (page 2071), April 23 (page
It was organized on May 13 1927 and has already begun 2385) and April 30 (page 2542).
operations. - Wm. S. Irish is President and Ansel P.Verity
Clarence G. Appleton, President of the Guardian Trust
is Secretary and Treasurer.
Co. of New Jersey at Newark, announced this week the
as a Vice-President of the
A charter was issued by the Comptroller of the Currency election of William B. Harding
his new duties June 1
to the National City Bank of Long Beach,N.Y.,on May 11. institution. Mr. Harding will assume
the
which
Trust Co. will
Guardian
branch
the
of
head
has
as
The
institution
14.
May
business
began
and the bank
a capital of $100,000 and a surplus of $25,000. Wm. F. open in the Union Buiilding at 9 Clinton St. Mr. Harding
Ploch is President, Murdoch Lind and Howard V. Snow are resigns as Vice-President and Credit Manager of the Merchants Trust Co. of Newark. Mr. Harding joined the old
Vice-Presidents, and John G. Weekerle is Cashier.
Merchants National Bank over twenty years ago, when he
was 19 years of age. In 1920 when the. Merchants National
New
time
with
the
one
associated
at
Steele,
Alfred C.
s
York Trust Co. and more recently with the Farmers Loan Bank and the Manufacturer Trust Co. consolidated, Mr.
by
chosen
the
was
directors of the consolidated
Harding
the
Peoples
of
Cashier
appointed
been
has
Co.,
Trust
&
National Bank & Trust Co. of Lynbrook, Long Island. organization to fill a more important position, and early
Mr. Steele served for six years as a member of the Board of in 1926 he was elected Vice-President and Credit Manager.
Governors of the New York Chapter of the American Having been born and educated in Newark and a resident of
Institute of Banking and has just been nominated as Presi- South Orange for the past six years, Mr. Harding is well
known in Newark banking and business circles. In addition
dent of the Nassau Chapter for the ensuing year.
to being Vice-President of the Guardian, Mr. Harding is
ViceFranklin D. Locke, for many years prominent in legal, also a director of the South Orange Trust Co. and
Bank.
of
the
Hayes
President
National
Circle
of
died
in
Buffalo,
city
circles
that
industrial
banking and
on May 24 at the age of eighty-three. after a prolonged
On May 20 Charles G. Linck was elected a Vice-President
illness. Mr. Locke was born in Gowanda, N. Y., and was
the Jefferson Title & Trust Co. of Philadelphia, according
of
in
1864.
College
The
following
graduated from Hamilton
the Philadelphia "Ledger" of May 21.
to
year he was admitted to the bar and immediately entered
of
Rogers
&
Bowen
which
Buffalo,
of
Rogers,
firm
law
the
An application to organize the National Bank of Mt. Airy
he soon rose to the senior partnership. In 1904 he effected in Philadelphia, Pa., was approved by the Comptroller of the
a reorganization of the firm. Mr. Locke was a director of Currency on May 10. The institution will have a capital of
the Manufacturers & Traders Trust C3. of Buffalo (since $100,000 and surplus of $25,000. The $50 shares of the bank
May 16 the Manufacturers & Traders-Peoples Trust Co.), will be placed at $62.50. The bank is scheduled to begin
the Buffalo Abstract & Title Co., the Farmers' Loan & business about Aug. 1. Joseph W. Henderson of PhiladelTrust Co. of New York, and many other institutions.
phia is identified with the movement.
-4.--
Richard V. Mattison Jr., for the past three years President
The Quassaick National Bank of Newburgh, N. Y., the
capital of which was woo,went into voluntary liquida- of the Ambler Trust Co., Ambler, Pa., and Vice-President
Nmol
3166
THE CHRONICLE
of the Keaskey & Mattison Co., asbestos manufacturers,
died on May 23 in the Germantown Hospital, Philadelphia,
after an illness of six weeks. Mr. Mattison devoted many
years to the development of Ambler and at the time of his
death was engaged in the organization of a tile manufacturing
corporation there. He was forty-nine years of age.
[VOL. 124.
Trust Co. of Illinois. Frank Curda, Standard Trust
Sz
Savings Bank,the retiring President,reported 3,500members,
a new record, with expansion in all lines of activity.
The voluntary closing on May 25 pending the arrival of
a national bank examiner of the First National Bank of
Grafton, N. D., with deposits of
The Broadway Merchants' Trust Co. of Camden, N. J., was reported in a press dispatch approximately $1,000,000,
from Grafton on that date,
will increase its capital from $500,000 to $1,000,000 and its appearing in the "Wall Street
News"
of the same day.
surplus from $1,000,000 to $2,200,000 through the issuance of
5,000 additional shares of stock which will be offered at
Closing of the People's Exchange Bank of Charleston, Mis$375
per $100 share. Albert M. Greenfield and a group of Phila- sissippi County, Mo., by order of its
directors on May 11,
delphians will, it is understood, take over such of the new was reported in a special
dispatch from Jefferson City on
stock as may not be subscribed by the present shareholders. that day to the St. Louis "Globe-D
emocrat." The closed
The stockholders will meet on June 15 to authorize the new institution, which was formed
by the consolidation of the
stock. The increased capital is to become available July 1.
Farmers' Exchange Bank and the People's Bank in November of last year, according to its last statensent, the disAt the annual meeting of the stockholders of the Norris- patch said, was capitalized at $50,000, with surplus of
$10,town-Penn Trust Company of Norristown, Pa., on May 24, 000, and had deposits of $330,000 and total resource
s of
the following directors were elected for a period of three years: $513,672.
George R. Ralston, Joseph S. Rambo, H. K. Regar, Adam
Scheidt, Daniel A. Skelly, Freas Styer, Frank B. Wildman,
A special dispatch from Jefferson City, Mo., on May 16
Franklin L. Wright, Stewart Nase and Raymond S. Kriebel. to the St. Louis "Globe-Democrat" reported the closing on
The stockholders also elected William A. March a director that date of the Lewis County Exchange Bank of Lewiston
,
to fill an unexpired term caused by a vacancy on the board.
Mo., by order of its directors. The last statement of the
institution, made April 14, the dispatch said, showed deAccording to the Pittsburgh "Post" of May 19, John A. posits of $133,000 and resources of $170,000. The capital
Bell, former President of the defunct Carnegie Trust Co. was $10,000.
of Carnegie, Pa., who in February 1926 was sentenced to
The First-American Bank & Trust Co. of West Palm
six and one-half years in the Allegheny County jail and to
pay fines aggregating $19,000 for irregularities in connection Beach, one of the Florida banks which failed last March,
with the affairs of the failed bank, was committed to the has reopened. A special dispatch from West Palm Beach,
above-mentioned prison to serve his sentence on May 18, yesterday, May 27, to the "Wall Street Journal" stated
his appeals to the higher courts having failed. A few hours that the bank's capital had been increased from $300,000 to
after his commitment, however, the former banker, who is $500,000 and its surplus would be $100,000. The dispatch
now partially paralyzed, was transferred to the Allegheny further stated that Ed. Cornish of Little Rock, Ark., a
General Hospital on an order handed down by Judge Thomas banker of 24 years' experience and former President of
J. Ford. A petition for the transfer, it was stated, signed several Little Rock banks, is President of the reopened
by Dr. C. J. Ellis, jail physician, was presented to the court institutions, while E. M. Brelsford, the former President, is
by District Attorney Samuel H. Gardiner. It was indicated, Chairman of the Board.
The following concerning the reopening of the
it was said, that should Bell's health improve sufficiently
Firstwithin the period for which he was sentenced, he will be American Bank & Trust Co. was contained in a communicareturned to the jail. The Carnegie Trust Co. and the tion to us on May 25from 0.H.Breidenbach, Vice-President
First National Bank of that place (its affiliated institution), -and Bond Officer of the Palm Beach Guaranty Co. of West
Beach:
as reported in these columns on May 2 1925, closed their Palm
It is generally believed that two other of the closed banks will
reopen
doors on April 27 1925 and on May 12 the Burgettstown shortly. No definite announcem
ent has yet been made, but the reopening
National Bank, Btugettstown, Pa., of which Mr. Bell had of the banks is expected.
The First-American Bank & Trust Co. will continue
to serve as trustee
been President up to a few months previously, also closed. for those
bond issues on which its name appears as trustee.
At the time of the failure of the banks Mr. Bell, who conUntil other announcement is made by us, clients may send
their coupons
trolled the Carnegie Coal Co. and other large mining opera- and bonds to us as they mature or to the First-American Bank & Trust Co.
Coupons only may be sent to the American Trust Co., 135
Broadway, New
tions, was reputed to be a multi-millionaire. Our last York City, where they will be paid, charged
to our account and forewarded
reference to the affairs of the Carnegie Trust Co. appeared to us; we shall pay bonds there by special arrangement only.
The closing here in March of four banks brought about
in the "Chronicle" of May 8 1926, page 2603.
serious financial
difficulty in the Palm Beaches; this has resulted in a quick
Stockholders of both the Second National Bank of Warren,
Ohio, and the Western Reserve National Bank of Warren,
on May 20 ratified a proposed merger of the institutions,
according to a press dispatch from Warren on that date to
the Cleveland "Plain Dealer." The new bank will continue
the title of the Second National Bank and will have resources
of $10,000,000. The officers will be as follows: S. C.
Iddings, Chairman of the board of directors; E. J. Boyd,
President; Robert M. Brown (and Cashier), Fred W. Adams
and S. R. Russell, Vice-Presidents.
On May 5 the First National Bank of Tipton, Ind., with
capital of $100,000, was placed in voluntary liquidation, the
institution having been absorbed by the Citizens' National
Bank of that place.
Mark E. Trumbull of the First National Bank of Chicago,
was elected President of Chicago Chapter, American Institute
of Banking, at the annual meeting on May 24; Ernest L.
Johnson, Harris Trust & Savings Bank, was elected VicePresident, and Charles L. Pennell, Peoples Trust & Savings
Bank, was elected Treasurer. Thirteen hundred votes were
cast in what proved to be one of the closest elections in the
history of the Chapter—four defeated candidates coming
within 30 votes of election, the closest needing only 12.
The following were the successful candidates: David M.
Sweet, National Bank of the Republic; George Kuehn,
Foreman National Bank; E. S. Clark, Union Trust Co.;
Mark A. Lies, Federal Reserve Bank; Fred W. Roth,
Schiff Trust & Savings Bank, and Wm. Kokemuller, Central
end to Inflation
and boom conditions, and a return to sound values in real
reopening of the Firsf-American Bank and Trust Co. with estate. The
large amounts
of new cash is the first important advancement toward a
return of normal
conditions.
The closing of the First-American Bank & Trust Co.
was
reported in our issue of March 12, page 1467.
Announcement was made on May 18 by John D. Dyer,
President of the Guaranty National Bank of Houston, Texas,
that Walter B. Hilliard, until. recently Cashier of the
First
National Bank of Great Neck (L. I.), N. Y., has been
elected a Vice-President of the Guaranty National
Bank
and would assume his new duties on June 1,
according to
the Houston "Post" of May 19. Mr. Hilliard,
who is a
native of Texas, began his banking career in 1907
in the
old South Texas Bank of Houston (now the South
Texas
Commercial National Bank) as a runner and
stenographer.
After four years' experience with that instituti
on, during
which time he was promoted through its
various departments, he was appointed an Assistant Cashier of
the
National Bank. In 1913 Mr. Hilliard became Houston
associated
with the Mechanics & Metals National Bank
of New York
(now merged with the Chase National) as
Texas representative, and at the outbreak of the World War
returned to
Houston and enlisted as a private in the air
service, from
which he emerged as a First Lieutenant. Upon
his discharge
from the service he became national bank
examiner for the
New York State District, holding the post
until 1925 when
he resigned to assist in the organization of
the First National
Bank of Great Neck, L. I. from which
institution helhas
now resigned as Cashier.
MAY 28 1927.]
3167
THE. CHRONICLE
Cal. and the Whittier
The first National Bank of Whittier,
consolidated on May 16
were
place
that
of
Bank
Savings
Trust & Savings Bank
under the title of the First National
0.
$250,00
of
of Whittier, with capital stock
ing back to 1943 and ending the day with a fractional gain.
Mack Truck improved about 2 points and Chrysler sold up
to 47g.
The market was somewhat mixed on Tuesday, some of the
more prominent issues moving up from 3 to 8 points, though
there were frequent downward reactions in which the declines
about balanced the earlier gains. Baldwin Locomotive was
the outstanding strong stock of the day and bounded forward
to a new high record with an advance of 9 points to 2193..
The demand for this stock was particularly strong and the
ng in the "Wall
Advices from San Francisco, appeari
the French-American
that
stated
20,
May
of
"
Journal
Street
of the United Bank &
Co., a newly-organized auxiliary
purchased the Security
Trust Co. of San Francisco had
and its affiliated instiCal.,
Jose,
San
of
Co.
Trust
Bank &
place—institutions turnover for the day was more than 84,000 shares. In the
that
of
Bank
tution, the Security Savings
00.
railroad list Bangor & Aroostook had a further advance of
having deposits of approximately $5,000,0
3% points to a new high record of 102%, though it later lost
(capitalized
this gain. Pittsburgh & West Virginia lifted its previous
The First National Bank of Pittsburgh, Cal.
on May 4,
ion
liquidat
ry
volunta
in
high 5 points to 174, but lost all its gain in the afternoon
at $75,000) was placed
the Liberty Bank recessions. Rock Island also moved to a new top at 107%
the institution having been taken over by
consolidated with and the Erie issues were the strong feature of the closing
of San Francisco, which institution later
the Liberty hour. United States Steel corn. moved to the front as the
forming
Angeles
the Bank of America of Los
institution then in feature of the market on Wednesday, and again lifted its
This
o.
Francisc
San
,
America
of
Bank
Still more re- high record to a new top at 174%. Railroad stocks also
turn was absorbed by the Bank of Italy.
converted into the were in strong demand, Nickel Plate advancing nearly 13
was
Italy
of
Bank
the
1)
(March
cently
Association."
points to a new peak at 233, followed by Chesapeake & Ohio,
"Bank of Italy National Trust & Savings
new top at 185%. Baldwin Locomotive moved into
ion capitalized with a
The First Bank of Joseph, Ore., an institut
ground at 222, but lost part of its gain in the rehigh
new
$269,696, closed its
of
es
resourc
total
with
and
$50,000,
at
action in the closing hour. General Electric, following the
dispatch from Ent.r,doors on May 13, according to a special
announcement that the stock had been placed on a regular
"Oregonian." Slow
prise, Ore., on that date to the Portland
dividend basis, with an extra cash payment of $1 in lies
accounts were $4
paper and demands for payment of outside
stock dividend of that amount, moved briskly forward
a
of
ssment. The disgiven as the cause of the bank's embarra
to 101%.
points
4
reported to have
patch furthermore stated that the bank was
y speculative activity was again directed toThursda
On
portion of
sufficient assets to pay the depositors a goodly
ward the railroad stocks, Chesapeake & Ohio leading the
their money when liquidated.
upward swing with a gain of four points to a new high above
Pere Marquette advanced 2 points to 140, but lost
190.
South
of
Bank
d
The New York agency of the Standar
its gain later in the day:Kansas City Southern com,
of
most
advice
Africa, Ltd., announces the receipt of the following
ng the climbed up 2% points to 57%, and St. Louis Southwestern
by cablegram from its head office in London, regardi
bounded forward 5% points to 80%. Erie issues continued
Mar. 311927:
operations of the bank for the year ended audit,
to
d
recommen
to
to
In strong demand at improving prices, and such issues as
• The board of directors have resolved, subject
March 31 last at the rate Lehigh Valley, Missouri-Kansas-Texas, Gulf Mobile & Norththe shareholders a dividend for the half-year ending
6d. per share, both subject
of 14% per annum, together with bonus of 2s.
Western Maryland, Atlantic Coast Line and
of 163. % for the year; to appro- ern, Wabash,
to income tax, making a total distribution
and to add £125,000 to the Norfolk & Western moved vigorously upward and closed
premises
bank
down
writing
to
priate £75,000
balance of about £128,315. The with gains ranging from 3 to 5 points. In the industrial
officers' pensions fund, carrying forward a
than market value as at
bank's investments stand in our bo6ks at less
included General Railway Sigprovisions have been made. group the important changes
March 31, and all other usual and necessary
rgh Coal, which improved 6%
Pittsbu
points;
next.
2%
20
July
up
on
nal,
held
be
will
meeting
The general
American Car Foundry, which made a net gain of
Banque de points,
A condensed statement of condition of the
points, and International Nickel, which moved forward
2%
Dec. 31 1926
Paris et des Pays Bas (head office, Paris) as of
points to 68. Radio continued to surge forward and
s of 3,192,- 4
resource
total
shows
It
.
received
been
has just
with a net gain of nearly two points, and American
closed
ac887,656 francs, of which the chief items are: Current
International broke into new high ground for the year at
from
counts, 1,133,103,109 francs; cash on hand and due
48%. Collins & Ackman crossed 100 and General Electric
bonds
y
Treasur
French
and
bills
francs;
banks, 704,768,446
advanced more than a point to 101%. Oil stocks displayed
eligible for rediscount with the Banque de France, 586,- marked improvement, Marland Oil moving briskly forward
608,872 francs; foreign bills, 245,106,823 francs, and bonds nearly 2 points to 38%, followed by Phillips Petroleum,
and stocks, 234,690,250 francs. On the debit side of the with a gain of 114 points. The weak stocks included, among
statement sight deposits and current accounts stand at 1,373,- others, American Woolen, Baldwin Locomotive and Com265,091 francs and time deposits at 1,113,948,713 francs. mercial Solvents B, all of which ended the day with net
The capital of the institution is 200,000,000 francs, surplus losses ranging from 3 to 5 points. Railroad shares were
account 145,399,807 francs and undivided profits,26,548,272 again the dominating feature of the market on Friday, New
francs.
York Central leading the upswing with a new top at 154%,
d by Pennsylvania, which moved into new ground
followe
NGE.
THE WEEK ON THE NEW YORK STOCK EXCHA
New Haven also was active at a point or more
64%.
at
In the stock market the trend of prices has again been above its previous close, and Atchison and Wabash both adstrongly upward. Interest centred largely in railroad stocks vanced to within a fraction of their record highs. United
though industrial issues and public utilities have also scored States Steel corn. sold up to 173% and Nat. Distillers Prodsharp advances. In the two-hour session on Saturday the ucts advanced 8 points to 34%. The outstanding strong
market was strong and many prominent issues among the stocks of the day included Nash Motors, Allied Chemical &
railroad stocks and industrial securities moved upward
Dye, Bangor & Aroostook and General Electric, the latter
from 1 to 5 points. Interest centred especially around the
moving forward nearly 2 points to 102%.
railroad stocks, Pittsburgh & West Virginia lifting its top 6
points to 159, followed by Rock Island with a 3 point
advance to *above 106 and Pere Marquette, which rose 6
points to 134. New York Central moved up with the
leaders and sold above 154, its highet point in 20 years.
8,
United States Steel common advanced 2 points to 173%
and the "when issued" stock 2 points to 1243.
Houston Oil, after making a new high record in the early
trading, slipped back over 4 points and closed at 138. On
Monday the general tendency of prices was toward higher
levels. Railroad stocks continued to attract a large share of
the speculative interest, several issues, including such stocks
as Bangor & Aroostook and Pittsburgh & West Virginia,
scoring large advances. The latter had has an advance of
about 45 points since last week. Western Maryland was in
sharp demand all through the day and advanced 6 points to
55. Some of the motor stocks were in good demand early in
but later slippthe day, General Motors selling up to 1953,
GE
TRANSACTIONS AT THE NEW YORK STOCK EXCHAN
DAILY, WEEKLY AND YEARLY.
Week Ended Mag 27.
Saturday
Monday
Tuesday
Wednesday
Thursday
FrklaY
Total
Sates at
New York Stock
Exchange.
Stocks—No, of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
State,
Municipal and
Foreign Bonds.
United
States
Bonds.
Stoat,
Number of
Shares.
Railroad.
ate..
Bonds.
1,308,075
2,154,091
2,090,295
2,285.110
2,641,160
2,441,000
$3,197,000
6,624,000
7,882,000
7,485,000
8,810,000
7,329.000
$1,285,000
2,252,500
2,547.000
2,450,000
2,566,500
1,627.000
$223,350
2.111,400
655.950
462,400
1,547,050
3.347,000
12 010 721
x41 227.000
512.728.000
38.347.150
Week Ended Mag 27.
1927.
1926.
Jan. 1 to May 27. "
1927.
1926.
12,919,731
7,243.619
220.805,996
181,151,690
$8,347,150
12,728,000
41,327,000
$4,972,300
13,216,000
41,255,000
$133,948,750
389,126.900
990,355,550
$127,063,050
266,008,850
953,382,200
$62,402,150 $59,443,300 21,513,431,200 $1.346,454,100
3168
Tui141 CHRONICLE
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
May 27 1927
3aturday
Sfonday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Baltimore.
Philadelphia.
Shares. IBondSalea. Shares. Bond Sales. Shares. ilkind Sales
13,550!
$3,800
15,173
$13,500
1,236! $29,000
28,3291
10,150
35,437
29,500
4,360
222,000
*31.786 ' 12,300
36,267
68,700
3,6731 158,600
*26,082
23,700
31,443
35,900
4.414
128,000
*31,646
21,150
23,476
33,100
2,878
96,200
17,031
13,000
17,258
24,000
1.816
122,000
148.424 $118,300 159.054 $205,700
18,377 $755,800
?rev. week revised 146.786 6193.470 226.079 $219.600
19.064 $334.600
* In addition, sales of rights were: Tuesday, 6,991; Wednesday, 3,840: Thursday, 2.394.
VOL EM
Imports-ExportsBelgium
£6.367 Hong Kon
£16,950
France
22,962 British In
84.666
United States of America-- 82,442 Other
countries
6,710
Other countries
80
Total
£111,851
Total
£108,326
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Apr.
22.
Apr.
30.
May 7.
Notes in circulation
17830
17371
17112
Silver coin and bullion in India
10398
10,439
10,380
Silver coin and bullion out of India
Gold coin and bullion in India
2976
Wiii
Gold coin and bullion out of India
Securities (Indian Government)
4046
3746
3546
Securities (British Government)
210
210
210
Bills of Exchange
200
No silver coinage was reported during the week ending
the 7th inst.
The stock in Shanghai on the 7th inst. consisted
of about 72,300,000
ounces in sycee, 76,800,000 dollars and 5,320 silver bars, as
compared with
about 71,200,000 ounces in sycee, 76,800,000 dollars and
5,920 silver bars
on the 30th ult.
-Bar Silver, Per Oz. Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Oz. Fine.
May 5
26d.
25 15-16d.
84s. lid.
6
26 1-16d.
26d.
84s. lid.
7
2574d.
2534ii.
84s. lid.
9
26 1-16d.
25A d.
84s. 11d.
10
25 15-16d.
25 13-16d.
84s. 1034d
11
25 15-16d.
25 13-16d.
84s. 1134d
Average
25.979d.
25.864d.
84s. 10.9d.
The silver quotations to-day for cash and two months' delivery
are
respectively 1-16d. above and the same as those fixed a week ago.
Nvie
THE CURB MARKET.
Curb Market trading was in large volume this week and
broadened considerably at times with advances being
recorded in a long list of issues. Bancitaly Corporation
was an outstanding feature, advancing from 1163 to 1195
%
%.
Borden Co. corn, moved up from 1095
% to 116, reacted to
114 and closed to-day at 115. Celanese Corp. of America
old corn. jumped from 186 to 262, the new com. advancing
from 4734 to 65. The close to-day was at 257 and 649.,
respectively. The first pref. stock rose from 1393
% to 143%
and ends the week at 14234. Davega, Inc., sold up from
ENGLISH FINANCIAL MARKETS-PER CABLE.
five points to 533. Deere & Co. corn. improved from
The daily closing quotations for securities, &c., at London,
1444 to 151, but reacted finally to 1463
4. Fajardo Sugar as reported
by cable, have been as follows the past week:
from 154 reached 1593
4 and sold finally at 1593.. JohnsLondon,
Sat.,
Mon., Tues., Wed., Thurs., Frt.,
Manville, corn., advanced from 73 to 76 and ends the week
Week Ended May 27.
May21. May23. May 24. May25. May 26. May 27
at 74. National Sugar Refg. was up.from 14434 to 155 Silver, per oz
d 2634
26 1-16 2634
2634
26 7-16 2634
with the final transaction at 154. Among utilities South- Gold, per fine ounce
s 84.1134 84.1134 84.11
84.1134 84.1134 84.1134
Consols, 234 per cents......
55%
5434
54 13-16 54 15-16 55
eastern Power & Light corn. sold up from 3538 to 37 and down British 5 per cents
10034 10034
10034
10034
10034
to 3634. Oils were more active than of recent weeks. British 434 per cents
9534
9534
9534
9531
9534
Vacuum Oil made a sensational advance from 11034 to 1247g, French Rentes (In Paris)_fr_
55.60
55.05
55.65 Holiday 55.90
French WarLoan(inParis)_fr. _ _
74.90
74.50
73.85 Holiday 74.80
closing to-day at 1233
4. Buckeye Pipe Line sold up from
The price of silver
53 to 58. Ohio Oil advanced from 553
4 to 57, closing to-day Silver in N.Y., per oz.(eta.):in New York on the same days has been
at 567. Prairie Oil & Gas improved from 465
Foreign
% to 483.
5634
5654
5634
57
5734
5634
and finished to-day at 48.
A complete record of Curb Market transcations for the
COURSE OF BANK CLEARINGS.
week will be found on page 3195.
Bank clearings the present week will again show a satisDAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
factory increase compared with a year ago. Preliminary
STOCKS(No. Shares).
BONDS (Par Value).
figures compiled by us, based upon telegraphic advices from
Week Ended May 27.
Ind&Misc
OS.
Mining. Domestic. Foreign Govt. the chief cities of the country, indicate that for the
week
Saturday
104,195
23.605
35,300 $1,366,000
8157,000 ending to-day (Saturday, May 28), bank exchanges for all
Monday
210,950
84.385
48,530
1,655,000
319,000
Tuesday
230,870
51,510
46,670
2,139,000
340.000 the cities of the United States from which it is possible to
Wednesday
202,300
51,105
38.830
2,021,000
399,000 obtain weekly returns will be 3.4% larger than those
for the
Thursday
191,190
29,152
76,180
2,206,000
357,000
Friday
45,220
153,760
37,940
2,452,000
271.000 corresponding week last year. The total stands at $9,702,Total
1,093,265
307,165
241,262 $11.839,000 61,843,000 690, 441, against $9,379,676,553 for the same week in 1926.
At this centre there is a gain for the five days of 11.8%. Our
comparative summary for the week is as follows:
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Clearings-Returns by Telegraph.
Per
Samuel Montagu & Co. of London, written under date of
IVeek Ended May 28.
1927.
1926.
Cent.
May 11 1926:
New York
$4,666.000,000 $4,172,000,000 +11.8
GOLD.
Chicago
552.181,217
534,130,424
The Bank of England gold reserve against notes amounted to £151,935,650 Philadelphia
+3.4
432,000,000
463,000,000
-6.7
on the 4th inst. as compared with £152,511,675 on the previous Wednesday. Boston
407,000,000
409,000,000
-0.5
About E612,000 bar gold was available in the open market this week. Kansas City
109,215,230
104,284,165
+4.7
110,900.000
E100.000 was taken for a destination undisclosed, £34,000 for Egypt, St. Louis
124,800,000 -11.1
Francisco
147,388,000
145,800,000
£33,000 for India and E30,000 for the Continental trade. The balance was San
+1.1
Los Angeles
143,073,000
130,624,000
+9.5
secured by the Bank of England as shown in the figures below. The follow- Pittsburgh
150,627,123
145,091.868
+3.8
ing movements of gold to and from the Bank of England have been an- Detroit
145,291,080
150,634,683
-3.6
Cleveland
98,030,310
nounced:
93,610.621
May 5. May 6. May 7. May 9. May 10. May 11.
+4.7
Baltimore
87,704,592
92,648,964
-5.3
Received
£415,000
New Orleans
47,644,143
49,502,422
Withdrawn
-3.8
£5,000
£51,000
The receipt yesterday was in bar gold from South Africa. The withTotal 13 cities, 5 days
$7,097,054,695 46,615,127,147
+7.3
drawals, £56,000, were in sovereigns destined for India. During the week Other cities, 5 days
1,048,108,540
993,696,080
+5.5
under review 1359,000 on balance has been received by the Bank,
increasing
Total all cities,
68,145,163,235 67,608,823.227
+7.0
the net influx this year to £2,194,000. and decreasing the net efflux since All cities, 1 day 5 days
1,557,527,206
1.770.853,328 -12.1
the resumption of an effective gold standard, as set out in the daily bulletins
Total all cities for week
$9,702,690,441 69,379,676,553
at the Bank, to £3,130.000. The Transvaal gold output for the month
+3.4
of April last amounted to 824.014 fine ounces, as compared with 860,511
Complete
details
for the week covered by the
and exact
fine ounces for the previous month and 803.303 fine ounces for April 1926.
The following were the United Kingdom imports and exports of gold foreging will appear in our issue of next week.
We cannot
during the week ending the 4th inst.:
furnish them to-day, inasmuch as the week ends to-day
Imports.
Exports.
France
E3,600 Germany
£54,956 (Saturday) and the Saturday figures will not be available
Other countries
556 Netherlands
11,100 until noon
to-day. Accordingly, in the above the last day
Switzerland
25,500
Spain
23,000 of the week has in all eases had to be estimated.
Austria
14,400
Egypt
In the elaborate detailed statement, however, which we
13,600
British India
47,430
Straits Settlements
25,300 present further below, we are able to give final and complete
Other countries
2,275 results for the week previous-the
week ended May 21. For
£4,156
1217.561 that week there is an increase of 9.6%, the
1927 aggregate
SILVER.
•
The market recently has been singularly devoid of interest. Movements of clearings being $10,614,612,097, and the 1926 aggregate
of the price have been dictated more by the need of prolonging commit- $9,684,000,524. Outside of New York
City, the increase
ments-either of bears or bulls-than fresh buying or selling. The present
is only 2.2%, the bank exchanges at this centre having
maintenance of prices within narrow limits, notwithstanding that the
undertone is still generally considered as poor, suggests that the full weight increased 15.6%. We group the cities now according to the
of the world's production is not being allowed to press upon the market. Federal Reserve districts in which they
are located, and
If the inference be correct, unless some demand-at present unforeseenfrom this it appears that in the Boston Reserve District
should arise, the value of silver may be expected to find eventually a lower
level. It may be gathered from the above remarks that America has not there is 6.3% improvement, in the New York Reserve
been much of a seller in London during the past week. Demand for India District (including this city) 15.2%
and in the Philadelphia
has been small, and mostly at lower prices.
Reserve District 8.1%. In the Cleveland Reserve District
The following were the United Kingdom imports and exports of silver
there is a gain of 8.7%, but the Richmond Reserve District
during the week ending the 4th inst.:
MAY 28 1927.]
THE CHRONICLE
shows a loss of 7.7% and the Atlanta Reserve District of
10.1%, the latter due mainly to the falling off at the Florida
points, Miami showing a decrease of 67.5% and Jacksonville
of 28.3%. In the Chicago Reserve District the totals are
2.5% lower, in the St. Louis Reserve District 0.7% and in
the Minneapolis Reserve District 4.9%. The Kansas City
Reserve District shows 5.7% increase, the Dallas Reserve
District 2.7% and the San Francisco Reserve 7.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK C,LEARINGS.
Week End. May 21 1927.
Federal Reserve Dists.
1st Boston_ _ _ _12 chiefs
2nd New York_1 1 "
3rd Thlladelphlal0 "
4th Cleveland _ _ _8 "
5th Richmond__ 6 "
6th Atlanta_ __ _13 "
7th Chicago __ _20 "
5th St.Louis__ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
11th Dallas
5 "
12th San Fran_ _17 "
1927.
$
603,119,360
6.271,874,115
631,012,550
434,909,818
193,303,607
203458,137
1,034,653,305
226,304,019
116,575,823
256,861,499
75,143,515
567,695,549
129 cities 10,614,612,097
Total
4,459,162,857
Outside N. Y. City
,ts•lerio
90 ritian
Inr.or
Dec.
1928.
2A0 aaa WM
$
567,096,319
5,444,264,039
583,711,665
400,054,049
209,495773
226033,722
1,060,676,480
327,848,419
122,606,907
243,063,446
73,143,603
526,006,103
1925.
1924.
8
%
485,532,762
+6.3
+15.2 5,323,926,997
+8.1
612.327,524
390,132,941
+8.7
-7.7
195,835,141
-10.1
231.212,140
-2.5
979,724,374
-0.7
209,624,707
-4.9
121,970,120
+5.7
236,352,375
63,367,363
+2.7
+7.9
501,997,330
$
412,493,319
4,523,950,978
521,091,452
350,835,301
178,680,672
182,660,273
838,015.399
206,949,509
102,179,353
210,981,601
56,112,256
437,608,098
9,684,000,525 +9.6 9,352,003,784
4,361,430,958 +2.2 4,149,576,180
8,021,558,221
3,609,356,359
its 117 WA -1-11 a
sac R.ma
1171,0 ARri
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Streak Ended May 21.
Clearings at
Inc. or
1927.
1926.
.
$
First Federal Reserve Dist rict-Boston
766,014
Maine- Bangor_
691,217 +9.3(
689.257
Portland
3,573,713
3,659.100 -2.8
2.907.825
Mass.-Boston_ _ 545,000,000 510.000,000 +6.9 432.000,000
Fall River_ _ _
2,191,228
2,116,029 +3.5
2.291,569
Holyoke
a
a
a
a
Lowell
1,305,213
1,065,778 +22.5
1,156,176
Lynn
a
a
New Bedford..
1,279,188
1,547,741 -17.3
1,572,058
Springfield._ _ _
6,038.224
5,955,403 +1.6
5.884,942
Worcester
3,625,274
3,696.063 -1.9
4,090.701
Conn.-Hartford
16,486,979
15,322,698 +7.6
14,089,246
New Haven..
7,212,190
6,995,979 +3.1
6,625,237
R.I.-Providence
14,840,200
15,353.200 -3.4
13.587.000
N. H.-Manche'r
811.137
693,111 +17.0
658.751
Total(12 cities)
603,119,360
567,096.319
+6.3
485.532,762
694,183
*2,500,000
368,000,000
1,770,920
1,153,370
a
1,091,514
5,160,415
3,472,245
10,854,262
6,625,764
10,463,900
706,746
412,493,319
Second Feder al Reserve D 'strict-New YorkN. Y.-Albany_ _
7,725,419
6,085,351 +26.9
7,372,429
4,571,202
Binghamton_ _ _
1,134,502
1.170,100 -3.0
1,068,000
• 852,200
Buffalo
54,295.411
517256,057 +5.9
56,521,209
46,397.306
Elmira
1,182,879
1,059,000 +11.7
911,586
734,422
Jamestown..
c1,438.492
1.475,258 +4.3
1,315,731
1,245,249
New York
6,155,449.2%0 5,322,569,567 +15.8 5,202,427,604 4,412,291,862
Rochester
13,418,229
13,703,860 -2.1
12,978.708
11,105,078
Syracuse
6.502,551
6,109.253 +6.4
5,108.869
4,603,202
Conn.-Stamford
c4,189,960
4,205,118 -0.4
2,568,327
3,165,849
N. J.-Montclair
963,797
769,352 +15.3
615,666
472,676
Northern N.I.
35,573,635
35,861,123 -0.8
32,038,876
38,511,932
Total(11 cities) 6,271.874,115 5,444,264.039 +15.2 5,323,928,997 4,523,950,978
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona_ _ _
1.687.724
1,676,901
+0.6
Bethlehem
4,210,305
4,154,535 +1.3
Chester
1,356,063
1.341,220 +1.1
Lancaster
2,017,066
2,355.501 -14.4
Philadelphia__ _ 597.000,000 550,000,000 +8.5
Reading
4,651,808
4,589.533 +1.3
Scranton
6,173,408
6,314.605 -2.2
Wilkes-Barre_.
4,985,771
4.353.208 +14.5
York
1,763,454
2,023,806 -12.9
N.1.-Trenton._
7,166,951
6,882,356 +4.1
Del.-Wilming'n
a
a
a
Total(10 cities)
631,012,550
583,711,665
+8.1
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron._
d7,584,000
6,456.000 +17.5
Canton
4,316.682
3,939,263 +9.6
Cincinnati.
80,389,096
74.188,424 +8.3
Cleveland
131,346,001 114,217.425 +15.0
Columbus
17,963,300
15,545,700 +15.5
a
Dayton
a
a
Lima
a
a
Mansfield
2,392,512
2,223,251
+7.6
Springfield_ --a
a
a
a
Toledo
a
e
Youngstown _ _
5,487,142
4,231,882 +29.7
Pa.-Erle
a
a
Pittsburgh...
185,431,085 179,252,104
+3.4
1,404,179
4.260,961
1,363,848
2,586,535
580,000.000
3,566,748
6,179,587
4.511.161
1,671,516
6,782,999
a
1,358,841
3,540,638
1,435,006
2,403,701
494,000,000
3,593,022
5,156,680
3,764.906
1,486,294
4,352,366
a
612,327,534
521,091,452
6,053,000
4,443,209
71,979,067
117,515,992
13,987,100
a
a
2,045,804
a
3,848.416
a
170,260.353
7,492,000
4,026,192
65.821,808
99,078,692
12,038,800
a
a
1,893,861
a
a
3,443,042
a
157,040,906
+8.7
390,132,941
350,835,301
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n
1,259,078
1,506.422 -18.4
Va.-Norfolk
d5,367,078
7,754,324 -30.8
Richmond __
46,164,000
48,382,000 -4.6
8.0.-Charleston
d2,104,171
2,032,565 +3.5
Md.-Baltimore_ 110,533,454 121,852,904 -9.3
D. C.-Wash'ton
27,875,826
27,967,558 --0.3
1,548,799
7,673.953
48.644,000
2,194,863
107,797,509
27,976,017
1,954,247
8,149,817
47,298,000
2.383,255
94.692,353
24,203,000
-7.7
195,835,141
178,680,672
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga.
d9,488,848
9,087,936 +4.4
Knoxville
3,300,000
3,074,896 +7.3
Nashville
24,043,793
21,981,443 +9.4
-Atlanta
Georgia
53,134,630
59,655,812 -10.9
Augusta
1,810,197
1,723,116
+5.1
Macon
1,808,395
1,814,760 -0.5
Savannah
a
a
a
Fla.-Jack'nvIlle.
21,898,270
30,535,155 -28.3
5,952,967
Miami
14,006,469 -67.5
Ala.-131r1ning'm.
25,429,447
26,136,458 -2.7
1,974,775
Mobile
1.970,812 +0.2
ML3s.-Jackson._
1,510,446
1,558.000 -3.1
329,879
Vicksburg
309,173 +6.7
La.-NewOrleans
52,478,492
54,179,694 -3.2
7.421,336
2.594,290
22.156,341
62.071,709
1,798,193
1,318,025
a
25,488,482
18,913,144
21.052,050
1.730,483
1,145,000
276,305
65,246,782
6,875,751
3,470,840
19,545,202
54,171,109
1,618,621
1,298,461
a
15,149,188
3,959.594
25,333,398
1.739,509
1,055,236
284,200
48,159,164
231.212.140
182,660,273
Total(8 cities)-
Total(6 cities)-
Total(13 cities)
434.909,818
193,303,607
203,158,137
400,054,049
209,495,773
226,033,722 -10.1
3169
Week Ended May 21.
Clearings at1927.
1926.
Seventh Feder al Reserve D 'strict-Chi
Mich.-Adrian __
255.102
253,057
Ann Arbor_ _ _
1,224,150
961,938
Detroit
185,059,005 200,321.245
Grand Rapids8,130,696
9,752,681
Lansing
2,670.554
2,734,465
Ind.-FortWayne
3,377,811
3,679,440
Indianapolis_ _ _
22.956,000
25,598,000
South Bend_ _ _
3,513,300
3,164,400
Terre Haute_ _ _
6,134,201
6,122,168
Wis.-Milwaukee
43,496,996
42,724,549
Iowa-Ced. Rap_
2,899,375
2,563.562
Des Moines...
9,863,810
10.904,257
Sioux City- 5,883,859
6,428,452
Waterloo
1,449,901
1,398,604
I11.-Bloomington
1,712,386
1,733,307
Chicago
721,963.369 729,266.929
Danville
a
Decatur
1.507,407
1,354,096
Peoria
5,524,555
5.004.955
Rockford
4,142,921
3,853,415
Springfield_ _ - _
2,887,907
2,856,962
Inc. or
Dec.
1925.
ago+0.8
204,958
+27.3
832,590
-7.7 188,327,690
-16.6
7,928,962
-2.3
2.342,170
-8.2
2,906,442
-10.3
17.336,000
+11.0
3,160.000
+0.2
5,256,647
+1.8
38,208,163
+13.1
2,692,017
-9.5
12.407,628
-8.5
6,497,296
+3.7
1,398,443
-1.2
1,616,084
-1.0 676,492,827
a
a
+11.3
1,473,43'6
+10.4
4,680.831
+7.5
3.239.262
+1.1
2,722,930
1924.
238,405
686,380
163,952,518
6,889,795
2,235,000
2,352,488
18.445,000
2,598,500
5,224,115
34,018,574
2.245,462
12,302,732
5,616,715
1,518,862
1,069,260
568,482,722
a
1,221,853
4.221,528'
2,319.819
2,375,693
Total(20 cities) 1,034,653,305 1,060,676,480 --2.5
Eighth Federa I Reserve Dia trict-St. Lo uisInd.-Evansville.
6,252,453
5,881,741
+6.3
Mo.-St. Louis
142,900,000 150,200,000 -4.9
Ky.-Louisville_
37,699,670
35,386,607
+6.5
Owensboro
270,580
293,961 --8.0
Tenn.- Memphis
24,187,376
20,919.475 +15.6
Ark.-LIttle Rock
13,137,932
13,212,695 --0.6
Ill.-Jacksonville
389,337
458,382 --15.1
Qubacy
1,467,491
1,495,558 --1.9
979.724.374
838.015,399
5.650,999
140,100,000
31,894,325
280,969
18,450,869
11,413,643
379.176
1,454,786
5,258,161
137,300,000
35,031,837
323,817
16.603.942
10,845.455
306,012
1,280,285
Total(8 cities)_ 226,304,819 227.848,419 -0.7
Ninth Federal Reserve Die trict-M inn eapolis
Minn.-Duluth..
d8,196,547
8,284,933 --1.1
Minneapolis.._
72.902,191
76.146,160 --4.3
St. Paul
29,362,628
31,599,739 --7.1
No. Dalt.-Fargo
1,867,708
1.847,427 +1.0
S. D.-Aberdeen
1,188,707
1,476,662 --19.5
Mont -Billings.
540,042
482.738
Helena
2,518,000
2,769,248 --9.1
209,624,707
206,949,509
8.042.583
78,364.737
29,155,204
1,735.562
1,271.330
644,292
2,756,412
6,272,421
63,664,262
26,907,033
1.463,082
1,170,332
492.124
2,210,109
Total(7 cities). 116,575,823 122.606.907 -4.9
Tenth Federal Reserve Die trict-Ka n a as City
Neb.-Fremont
d446,439
347,328 +28.5
Hastings
408.358
442,578 -7.7
Lincoln
4.776,999
4.230,371 +12.9
Omaha
40,348,039
40,592,831 -0.6
Kan.-Topeka
2,995,139
3,321.906 -9.8
Wichita
d8,637,874
7,457,865 +15.8
Mo.-Kan. City. 143;148,203 130,922,449 +9.3
Joseph__
_
_
St.
d6,289,606
7,518,607 -16.4
a
Okla.-Muskogee
a
a
Okla. City....
28,539,601
26,678,571
+7.0
Tulsa
a
a
1,087,541
Colo.-Col. Spgs.
1,052,075 +3.4
Denver
18,881,283
19,220,017 -1.8
Pueblo
1,302,617
1,278,848 +1.9
121.970,120
102,179,363
445,365
524,852
4,749,050
40,756,750
3,230,015
7,471,021
125.746,657
6,845,788
a
24.585,377
a
1,138,423
19,722,898
1,136,179
358.594
447,703
3.509,202
37,170,178
2,776,780
6,436,000
44,325,312
6.348,836
a
21,038,534
a
937.924
16,786,691
845.847
236,352.375
210,981,601
1.729,572
40,554,496
10,222,974
6,118,606
a
4,741,715
1,005,542
36,687,773
9,775,381
4,458,699
+2.7
63.367,363
Franci SCO-+3.5
40,006.7.53
+0.6
10.675,000
a
+13.7
1,388.924
+13.5
39,293,039
-1.2
15,844,119
a
a
a
-19.2
2.669,867
+9.6
6.627,731
+17.4 153,408.000
-11.1
19,798,568
+11.1
5,790,159
-13.0
8,293,599
-15.2
4,367,532
+5.2 185,471,739
-13.3
2.274.930
+5.5
1,166,724
-13.5
1,990,34
+6.5
2,930.30
56,112,258
Total(12 cities) 256,861,499 243,063.448
+5.7
Eleventh Fade ral Reserve District-Da U08Texas-Austin
1,641,196
1,447.529 +13.4
48,440,831
45.565,434 +6.3
Dallas
13,682,313
12,362,567 +10.7
Fort Worth_ _ _
Galveston
7,002,000
8,968,000 --22.0
a
a
Houston
a
La.-Shreveport.
4,377,175
4,800,073 -8.8
75,143,515
73,143,603
Total(5 cities).
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle..
45,122,998
43.720,204
Spokane
12,373,000
12.452,000
Tacoma
a
Yakima
1,261,444
1,433,358
39,991,831
45,391,990
Ore.-Portland _ _
17,512,580
Utah.-S.L. City
17,717,468
Nev.-Reno
a
a
Ariz.-PhoenLx _ _
3,239,098
4,010,073
Calif.-Fresno_
7,718,288
Long Beach _ _ _
7,041.559
Los Angeles... 197.201.000 167,978,000
18,645,128
Oakland
20,974,888
Pasadena
7,415,708
6,673,708
Sacramento _ _ _
7,085,522
8,143,171
4.808,009
San Diego_ _ _ _
5,667.934
San Francisco. 189,372,000 179,924,000
2,213,708
San Jose
2.554.135
1,398.013
Santa Barbara_
1,325,424
Santa Monica_
2,164.543
2,501,070
Stockton
2,924,400
2,745,400
4,184.861
37,827,339
10,356,000
a
1,027,947
39,236,747
14,278,221
a
a
2,496,631
7,005.050
137,694,000
14,518,924
6,064,791
9,029,783
3.448,252
148,100,000
2,007,879
1,188,827
1,995.607
2,432,100
Total(17 cities) 567,695.549 626,006,103
Grand total (129
10614,612,097 9,684,000,525
cities)
+9.6 9,352.003,784 8,021.558,221
Outside NewYork 4.459,162,857 4.361,430,958
+2.2 4,149,576,180 3,609,266,359
+7.9
501.997.330
437.608.098
Week Ended May 19.
Clearings al1927.
1926.
Inc. or
Dec.
1925,
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William..._
New Westminster
Medicine Hat.,.
Peterborough_ _._
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
125,281.355
131,570,241
44,695,375
17,704,370
8,324.125
6,252,129
2.999,106
5,733,088
6,649,731
2,863,837
2,478,451
3,344,296
5,408,456
4,288,522
628,012
564,850
1,948,950
1,123,987
1,171,025
1,000,659
828,324
321,810
887,531
1,018,472
1,135,289
5,686,733
377,077
815,982
866,289
$
107,871,184
105.024,000
53,810.860
16,191,511
7,385,074
6,293,908
2,857,694
5,183,547
6,404,324
2,579.992
2,489,676
3,125,882
4,624,454
4,456,155
640,024
537,624
1,830,716
1,066.912
1,038,768
1,197,855
692,908
288,755
802,476
1,010,907
1,021,429
4,937,046
403,611
885,061
705,643
%
+16.1
+25.3
-16.9
+9.3
+12.7
-0.7
+4.9
+10.6
+3.8
+11.0
+0.3
+7.0
+17.0
-3.8
-1.8
+5.0
+6.4
+5.3
+12.7
-16.5
+19.2
+11.4
+10.6
+0.7
+11.1
+15.2
-6.6
-7.8
+22.8
$
91,095,461
92.273,808
42.727,536
14,982,826
6,929,690
4,677.694
3,895,017
4,837,432
5,418,627
2,494,926
1,987,355
2,509,299
4,420,549
3,097,391
639,043
513.985
1.409,179
1,096.243
1,203,172
1,022.280
647,315
289.949
1,815.996
660,382
899.524
3.386.296
309,888
818.053
575,120
5
103.953,210
97,483,580
45,558.088
16,164,642
6,553,568
4,988,297
2,753,284
5,182,049
6,121,263
2,525,721
1,953,493
2,521,736
3,897,812
2,973,395
499,034
427,404
1,426,513
942,883
988,900
975,081
628,086
289,634
784,724
776,279
966,210
3.866.105
320,534
825,543
692.982
Teltsd (90oltipa9
260 OAR 079
2418 207 006 4-11.6
296.634.036
317.039.6511
a No longer report clearings. b Do not respond to requests for figures. c Week
ended May 18. d Week ended May 19. e Week ended May 20.
Estimated.
3170
Public Debt of United States-Completed Returns
Showing Net Debt as of March 31 1927.
The statement of the public debt and Treasury cash holdings of the United States as offic W issed March 311927,
delayed in publication, has now been received,and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1926.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Mar. 31 1927. Mar. 31 1926.
Balance end month by daily statement,&o
$423,336,087 $486,941,847
Ada or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-1,374,326
-1.797,215
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificate,
de ttiement warrant checks
Total
Balance. deficit(-)or surplus(+)
[VoL. 124.
THE CHRONICLE
$421,538,872
$485,567,521
43,346.934
77,436,565
8.257,395
2,404,140
47,752,072
77,694.634
11,829,785
1,813,796
$131.445,034
$139,090,287
Exports fromNew York
Boston
Philadelphia
Baltimore'
Norfolk
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,725,507
20,050 190,970 244,003
87,680
160,000
4.000
17,000
13,000
316,000
16,000
L1,000
9,000
646,000
1,000
233,000
24,000
11,000
23,000
57,000
350.000
423,000
16,000
72,000 395,000 3,172,000 635.000
4,461.000
80,000
Total week 1927- 8,394,507
Same week 1926.- 5,809,926
79,000
290,000
219,680
201,495
426,050 3,403,970
68,248
413,253
890,003
321.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
+290,093,838 +346.477.234
INTEREST-BEARING DEBT OUTSTANDING.
Interest Mar. 31 1927, Mar. 31 1928.
Tate of LoanPayable.
25, Consols of 1930
599,724.050
Q.4. 599,724,050
Is of 1916-1936
Q.-F.
48.954.180
48.954,180
Is of 1918-1938
25,947.400
25,947,400
Q.-F.
Is of 1961
49,800.000
49,800.000
Q.-M.
28,894,500
28,894,500
3e Conversion bonds of 1946-1947
Q.-J.
J.-J. 1,123,235,000
821,002,000
Certificates of indebtedness
J.-J. 1,397,687.100 1,402,143,100
3)0 First Libtrty Loan, 1932-1947
J.-D.
5,156,850
5,155.700
46 First Liberty Loan, converted
J.-D. 532,874.350
532,874,200
44tI First Liberty Loan, converted
3.492,150
3,492.150
414s First Liberty Loan, second converted-_-J.-D.
M.-N.
20,851,950
20,848,250
de Second Liberty Loan, 1927-1942
44111 Second Liberty Loan converted
1,751.292,550 3,083,681,350
M.-e. 2,158,008,900 2,573,633.450
Cie Third Liberty Loan of 1928
A.-0. 8,314,463.950 6,324.474,450
aka Fourth Liberty Loan of 1933-1938
763.948.300
44e Treasury bonds of 1947-1952
763,948,300
41 Treasury bonds of 1944-1954
1,047,087,500 1,047,087,500
494,898,100
494,898.100
354s Treasury bonds of 1946-1956
Matured 335,961,163
362.218,810
41 War Savings and Thrift Stamps
12,540,040
13,229,660
J.-J.
2.s Postal Savings bonds
J -D. 2,011,259,150 1,612,403,600
1144s to 534s Treasury notes
Capital.
$100.000
May 17-The First National Bank of Hewlett, N. Y
Correspondent, Arthur E. Ellison, Hewlett, N. Y.
50,000
May 17-National Bank of South New Berlin, N. Y
Correepondent, Truman B. Parker, South New Berlin, N. Y.
600,000
May 21-The Third National Bank of Nashville, Tenn
Correspondent, Frank M. Farris, 210 Independent Life
Bldg., Nashville, Tenn.
CHARTERS ISSUED.
$25,000
May 16-The First National Bank of Big Sandy, Tann
President, J. M. Moses; Cashier, A. S. Justice.
100,000
May 19-The Pioneer National Bank of Duluth, Minn
Conversion of Citizens State Bank, Duluth, Minn.
President, J. N. Peyton, Cashier, S. M. Strain.
25.000
May 20-The First National Bank of Fallbrook. Calif
Conversion of Citizens Commercial Bank of Fallbrook,
Calif.
President, Geo. L. McKeehan; Cashier, L. Hansen.
CHANGES OF TITLES.
to "The
May 19-The Merchants National Bank of Elmira, N.,
Merchants National Bank & Trust Co. of Elmira.
May 21-The Highland National Bank & Trust Co. of Newburgh
N. Y., to "Highland-Quassaick National Bank & Trust Co. of
Newburgh.'
VOLUNTARY LIQUIDATIONS.
$50,000
May 16-The Hurricane National Bank, Hurricane, W. Va
Effective May 14 1927. Litt. Agents, Board of Directors of the liquidating bank. Absorbed by Putnam
County Bank of Hurricane, W. Va.
May 18-The Broadway National Bank of Newburgh, N. V... 100,000
Aggregate of interest-bearing debt
18,726,759,953 19,813,725,980
Effective May 9 1927.
Bearing no interest
248,365,359
240,036,359
Liq. Agent, The Highland Nat. Bank & Trust Co. of
Matured, interest ceased
20,678,870
Newburgh, N. Y. Absorbed by The Highland Nat.
41,588,780
Bank & Trust Co. of Newburgh, No. 1106.
Total debt
19,008,385,092 20,082,770,008 May 19-The Farmers National Bank of Sheridan, Ind
60,000
Deduct Treasury surplusor add Treasury deficit
Effective May 9 1927. Liq. Agent, A. R. McKinney.
+290.093,838 +346,477,234
Kirklln, Ind. Absorbed by The Sheridan National
Bank, Sheridan, Ind., No. 13050.
818,718.291,254 19,736,292,774
Net debt
125,000
May 20-The State National Bank of Honey Grove, Tex
a The total gross debt Feb. 28 1927 on the basis of daily Treasury statements was
Effective May 7 1927.
$19,008,196,451.58 and the net amount of public debt redemption and receipts
Liq. Agent, 11'. W. Underwood, Honey Grove, Tex.
In transit. &c.. was 5188,640.75.
Succeeded by The American Nat. Bank of Honey
Grove. Tex., No. 13019.
0 No deduction is made on account of obligations of foreign Governments or
seer investments
CONSOLIDATIONS.
$259,600
First National Bank of Whittier, Calif
-The
16
May
250,000
and Whittier Savings Bank, Whittier, Calif
Consolidated under the Act of Nov. 7 1918 as amended
Feb. 26 1927, under the charter of The First National
Bank of Whittier. No. 5588, and under the corporate
title of "First National Trust & Savings Bank of
Breadstuffs figures brought from page 3241.-All
Whittier." with capital stock of 1250.000.
May 21-The Hartford-Aetna National Bank,Hartford. Conn_ _$2,000,000
the statements below regarding the movement of grainand United States Security Trust Co.of Hartford.Conn 2,090,000
Consolidated under the Act of Nov.7 1918,as amended
receipts, exports, visible supply, &c., are prepared by us
Feb. 25 1927, under the charter of The HartfordAetna Nat. Bank, No. 1338, and under the corpofrom figures collected by the New York Produce Exchange.
rate title of "Hartford National Bank & Trust Co."
with capital stock of $4,000,000.
First we give the receipts at Western lake and river ports
BRANCHES AUTHORIZED UNDER THE ACT OF FEB.25 1927.
for the week ending last Saturday and since Aug. 1 for
May 17-The First National Bank of Plainfield, N. J.
each of the last three years.
Location of branch, vicinity of corner of Park Ave. and 7th St.,
Plainfield.
17
May
Rye.
-The
American National Bank of Richmond, Va.
Barley.
I
Oats.
Corn.
Wheat.
Receipts at-- Flour.
Location of branch, vicinity of corner of Hull St. and Cowardin
.
.561bs
Richmond.
Ave.,
.bush
.Ibtuh.S8lbs
Os
32
h.
lbs
543
hush.
lbs.
60
bls.1A6lbs bush.
41,000
639,000 1,182,000 121,000
996,000
229.000
Chicago
44.000
218,0001 162,000
83,000
1,030,000
Minneapolis-95,000 616,000
11,0001
867.000
Duluth
Auction Sales.-Among other securities, the following,
15,000
92,000
193,0001
7.000
17.000
83,000
Milwaukee-6,000 not actually dealt in at the Stock Exchangez were sold at auction
102.0001
73,000
129.000
Toledo
35,000
24,000
6.000
44,000
Detroit
in New York, Boston and Philadelphia on Wednesday of
260,000
264,000
43.000
Indianapolis-this week:
3,000
357,000
457,000
327.000
113,000
St. Louls---34,000
184,000
287.000
11,000
42,000
Peoria
By Barnes & Lofland, Philadelphia:
35.000
135,0''
990,000
Kansas Cfty__
136,000
254,000
163,000
Omaha
Shares. Stocks.
$ Per sh. Shares. Stocks.
$ per sh.
28,000
165,000
301,000
St. Joseph
10 Darby Bank, par $50
8034 4 Penna. Co. for Ins. on Lives, &e_89441
10,000
11,000
339,000
Wichita
40 Darby Bank, par 850
2
80
(deposited)
Com'wealth
Tr.
&
T.
.52834
16,000
96,000
44,000
Sioux City
15 Woodland Ave. State Bank, par
13 Com'wealth T.& Tr.(deposited)62534
$50
1382
79
1 Girard Trust Co
757,000
507,000
2,756,000
437,000
2.477,000
5,301,000
Total wk. '27
50 General Mortgage Financing Cor19 Girard Trust Co
1370
Same wk. '26 392.000 3.600,000 1,752,000 3,310.000 728,000 364.000
pref.. par $10
10
970
11 Northern Trust Co
527,000 1,378,000 10poration,
Same wk. '25 430.000 5,192,000 2,734,000 3.313,01 1
Robert Filter Mfg. Co., pref..
25 &cur. Title & Tr. Co., par $50.- 50
par $50
4 Integrity Trust Co.. par $50
50
5$0
Since Aug.1
122 Old Colony Club, pref., par 8101325 10 Integrity Trust Co., par $50
550
185,121,000123,908,00018,417,00027.877,000
•
•
19,721,000297.074,$
1926
12 Old Colony Club.. corn., no pail lot 4 Integrity Trust Co., par 350
550
18,558,000296,130,000195.320,000194,485.00065,293.00021.420.000
1925
11. S. Gasoline Mfg. Corp., par
24 Delaware County Trust Co. of
10 150 non iss 411 nnn 200 arm nnn 222 ill32 nnn A7 725.000;54.556.000 60$25
4110A.
$41 ot
Chester, Pa
255
Gilmore Townsite Co. (Lembi
10 Glenside Trust Co., Par 350
55
Total receipts of flour and grain at the seaboard ports for 250County,
1
33 West Phila. Pass. Ry
Idaho)
120
21 Southwestern National Bank_ _ _230
10 13th & 15th Streets Pass. Ry_ _ _151
the week ended Saturday, May 21, follow:
10 General Manifold & Printing Co..
15 13th & 15th Streets Pass. By_.A50
par $50
$5 lot 20 2d & 3d Streets Pass. Ry
155
Rye.
Barley.
Corn.
Oats.
Wheat. I
Flour.
3 Tioga National Bank
Receipts at-159
84 Frankford & Southwark Pass.
3 National Bank of North Phila_ _ _301
Ry
230
Bushels. Bushels.
Bushels.
Bushels. I Bushels.
Barrels.
2 National Security Dank
1130 10 Phila. Bourse, corn., par 350-- 2834
164,000 336,000 166,000 6 National Security Bank
102,001
1126 4 Phila. Bourse,•com., par 350-- 2634
New York... 215,000 1,552,000,
18,000 18 First National Bank of Phila 476
609,000,
12,000
8.000
28,000
Philadelphia..
7 Phila. Bourse, pref., par $25____ 2434
3,000
20,000
,
18,000
675,000
22,000
25 Phila. Girard National Bank-684
Baltimore10 Commonwealth Casualty Co.,
233,000
par $10
22 Union National Bank
I
303
Norfolk
22
38,000
96,000
94,000,
63,000
1 Penna. Academy of the Fine Arts_ 3334
Brotherhood of Locom. Engineers:
New Orleans•
177,000,
I
Title & Trust Co.. par $25, as folGalveston_ _._
27 8.8. White Dental Mfg. Co_ _ 115
607,000 359,000 1,275,000
91,000
60.000 3,337,000
lows: 10 at 70, 20 at 6734, 20 at
10 Manufacturers Casualty Ins. Co. 37
Montreal ____
1,000
18,000,
20,000
17,000
25,000
66it, 10 at 65.
11 Manufacturers Fire Insur. Co__ - 2734
Boston
4 West Phila. Title dx Trust Co,
24 American Dredging Co
127
313,001
713,000
859,000
1,483,000
8.694.000,
413,000
par $50
'27
240
10 Franklin-Fourth St. Nat./3ank_585
Total wk.
7.882.00014,550.000
8,113,000
4,652,000
5 Industrial Trust, Title& Say.Co.,
Per tent.
Bonds.
Since Jan.1'27 8,685,000 96,749,000
par $50
155
$4,000 Shupe Terminal Corp. fat s.
585.000 1,730,000 639,000 477,000 3 Mutual Trust Co., par $50
500,000 8,784,000
181
65
f. 63-6s, 1939
Week i926._ a .14.1
. .nnn As 075 000 7.803.000 16.284.000 9.285.000 8.236.000 5 Oxford Bank & Tr. Co., par $50-195
$2,000 Borough of Dunmore, Pa.,
•
funding 416s, series of 1909($1,000
through New Orleans for foreign ports 6 Bank of North America & Tr. Co_390
passing
grain
Include
not
do
Receipts
*
3 Fidelity Philadelphia Trust Co-.-700
due April 1930. $1,000 due April
8 Land
817
on through bills of lading.
& Trust Co
1931, and 21,000 due April 1938)- 95
for the week 5 Land Title
Title & Trust Co
81731 $5.000 Mercer County Trac. Co. 1st
The exports from the several easboard ports
17
Logan
so
&
Bank
9534
1150
par
Co..
Trust
55,
1944
the
in
shown
annexed
20 Girard Ave. Title & Trust Co ,
ending Saturday, May 21 1927, are
330
Par $50
statement:
Sommercial andAlitscella-rumsp,ews
MAY 28 1927.]
THE CHRONICLE
By Adrian H. Muller & Sons, New York:
$ per oh. Shares. Stocks.
Shares. Storks.
$ per oh.
94 Tennessee Eastern Electric Co.,
150 N. Y. Alaska Gold Dredging
common, no par
75
Co., common
4
200 Wm. Cramp & Sons' Ship &
Engine Bldg. Co., ex-rights..1460 lot
Bonds.
Per Cent.
$1,300 Dry D. East 13'way & Batt.
$1,500 Valencia Corp. 1st M. 88.
ref. mtge. Inc. bond, ser. C, due $152
July 1 1932; Jan. 1926 and sublot
Jan. 1 1960, registered
sequent coupons attached...8250 lot
20 8th & 9th Ave. Rye. Co., no par'
By R. L. Day & Co., Boston:
$ per ch.
Shares. Stocks.
100
30 Citizens National Bank
50 First National Bank
435-436%
43$
3 First National Bank
285
66 Atlantic National Bank
15 Worcester Bank & Trust Co__ 335%
10 Naumkeag Steam Cotton C0...193%
4 Nashawena Mills
82%
4914
2 Lancaster Mills, pref
67
20 Arlington Mills
30 Granite Mills
5%
8 Chace Mills
4%
10 Natimkeag Steam Cotton Co_ 193%
10 !loosen Cotton Mills, pref
66%
Co
1 Otis
44
4 Connecticut Mills. 1st pref
38
2 York Manufacturing Co
261.(
36
50 American Glue Co., corn
15 American Glue Co., pref
115%
2 Union Twist Drill Co.. pref_104 & div.
5 units First Peoples Trust
68
25 Internat. Seeur. Trust of Amer..
cons
5534-55%
4 The Collins Co., CollinsvIlle,Conn115
Shares. Stocks.
$ per oh.
15 Second Internat. &cur. Corp.,
pref., par $50
37
7 The Smythe Mfg. Co., Hartford,
Conn
350
4 U.S.Expreas Co.(in liquidation). 2
31 Amer. Trading Co., Ine., N.Y..
non-cum. pref
55e.
6 units First Peoples Trust
5834
20 Carr Fastener Co.. corn., par $25 28
25 Plymouth Cordage Co
110
1() Nicholson File Co
253
16 Groin Desk Co., pref.. par $50
10%
71 J. It. Whipple Corp., corn
18
1 Columbian Nat. Life Ins. Co---21651
50 Walter Baker & Co., Ltd
140'
American
3
Glue Co., coin
36%
5 Quincy Market Cold Storage &
Warehouse Co., coin
38
No. Rights.
$ per right.
60 National Shawmut Bank
84%
Bonds.
Per cent.
$17,000 Lockwood, Greene & Co.,
Inc.. Is. March 1933, ctf. dep.50 & int.
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per oh.
341
10 Old Colony Trust Co
10 Franklin Co., Lewbston, Me.. 248
5 Bates Manufacturing Co
133%
150 Naumkeag Steam Cotton Co 193%
119%
5 Pepperell Manufacturing Co
84
10 Gluck Mills
22 Boston Mfg. Co., 634% Pret
68%
10 Farr Alpaca Co
158%
37
15 Nyanza Mills
16 Boston Revere Beach & LynnRR 75%
140
5 Walter Baker & Co.. Ltd
50 Mass. Lighting Cos., 6% pref-.114%
25 New Bedford Gas & Edison Light
Co.. par $25
10134
50 Heywood Wakefield Co., 1st pt. 845,
10 North Boston Ltil. Pron.. com 183
10 Graton & Knight Co., pref
60
25 Orator]& Knight Co., corn
12
16 United Elec. Lt. Co.,Springfield,
par $25
149
100 Western Mass. Companies.... 56
9 Central Maine Power Co..7% p1_104%
9 Kidder Participations. Inc., corn_ 30
10 units First Peoples Trust
5834-68
17 Kansas City Joint Stock Land
Bank
18
10 Dedham & Hyde Park Gas &
Elec. Co., V. t. c., par $25
55
15 Mass. Ltg. Cos.,6% pref
114%
9 Kidder Participations, Inc., corn. 30%
20 Fall River Elec. Lt. Co.. par $25 59%
207 American Stay Co., pref
2.75
200 Union Lockstitch Co
2.75
25 Powdrell & Alexander, Inc
42%
11 Springfield Gas Lt. Co., oat $25- 75
50 Commonwealth Gas& Elec. Co.,
corn. v. t. o
27
Shares. Stocks.
$ per sh.
1,000 Amal. Zinc & Ld. Co., par $1
941 Amer. Min. dr Day. Co., Par $1
3,000 Boston-Arkansas Zinc & Lead
Corp., par $1
5 Cochiti Gold Mining Co., par $10
200 Majestic Mines Co., par $5__
65 Pollock Pen Co
•i$ 5
226% Troy-Manhattan Copper Co. lot
Co., par $10
2,260 Troy-Arizona Copper Co.,
par $1
35 Utah Cons. Mining Co. of N.J.,
par $5
70 Utah Cons. Corp. of Del. (sub.
warrant)
250 Wakefield Mfg. Co., par 310
750 Western Utah Exten. Copper
Co. par $1
1 Colombian Nat. Life Ins. Co. -215H
6 Quincy Market Cold Storage--dr
Warehouse Co., corn
35
5 Columbian Nat. Life Insur. Co_ _216
5 Mass. Lighting Companies, corn A49
50 Mass. Lighting Cos.. 8% pre _134%
7 Hood Rubber Co., 734% prof... 97
150 Attleboro Steam & Electric Co.,
v. t. c., par $25
95-99
25 United Elec. Light Co., Springfield, par $25
146
10 New England Power Assn., 6%
prof
93%
No. Rights.
$ Per right.
32 National Shawmut Bank
3434
Bonds
Percent.
$2,000 Middlesex & Boston Street
Ry. 1st & ref. 4345, Jan. 1932.-- 4014
By A. J. Wright Sr Co., Buffalo:
Shares. Stocks.
$ per oh.
100 March Gold. Inc., par
40.
1 Buff. Niag.& East., Pow., no par 32%
1,000 Cense!. West Dome Lake,
par $1
5e.
1,000 Columbus Kirkland, par $1._ 3e.
Shares. Stocks.
$ per M.
1 Buff. Niag. & East. Pow., pref.,
par $25
26
18 Prisms, Inc., no par
$1 lot
500 Buffalo General Laundries
21%
By Weilepp Bruton & Co., Baltimore:
Shares. Stocks.
$ per :h.
Bonds.
Per Cent.
08% Credit Finance Co.. no par___ 35c. $2,000 Toledo
Canada Southern &
3,000 Congo Rubb.. pf., par $10_1514.50
Detroit 45. 1956
90%
3,000 Congo Rubb., com.,par $10J
lot $1,000 Fruit Growers Express,
euip. 5%s, 1937
104%
DIVIDENDS.
-Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced
current week. Then we follow with a second table,the
in
which we show the dividends previously announced, but
Which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
Boob Closed,
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, corn. (guar.)
75c. July 1 Holders of rec. June 3
Preferred (guar.)
151 July 1 Holders of rec. June
Boston Revere Beach & Lynn (guar.)
.5151 July 1 *Holders of rec. June 3
15
Buffalo & Susquehanna, pref
*2
June 30 *Holders of rec. June 15
Chesapeake & Ohio. corn. (guar.)
4.2% July 1 *Holders of rec. June 8
Burlington
Chicago
& QuRicY
*5
June 25 *Holders of
Consolidated Rita. of Cuba, pref.(guar.) 1% July 1 Holders of rec. June 18
rec. June 100
Cuba Railroad, common
$1.20 June 28 Holders of rec. June 28a
Brie & Pittsburgh (guar.)
8734e. June 10 Holders of rec. May 31a
Fonda Johnstown & Gloversv., pf. (qu.) 1% June 15 Holders Of rec.
Gulf Mobile & Northern, pref. (guar.)... *134 July 1 *Holders of rec. June 10a
June 15
Hocking Valley. eom.(guar.)
*234 June 30 *Holders of rec.
Reading Company, 2d Pref. (quar.)---- *50c. July 14 *Holders of rec. June 8
June 20
Name of Company.
Public Utilities.
Arkansas Power & Light. $7 pref. (qu.) $1.75 July 1 Holders of rec.
Atlantic Public Utilities, class A (quar.). *500. June 1 *Holders of rec. June 15
May 16
Bell Telephone of Canada (guar.)
2
July 15 Holders of rec. June 23
Bell Telep. of Penna., pref. (quar.)
4.1% July 15 *Holders of rec. June 20
Brooklyn Union Gas (guar.)
111.25 July 1 *Holders of rec. June 9
Cleveland Railway, corn.(guar.)
4.1% July 1 *Holders of rec. June 11
Coast Valleys Gas & Elec.. 7% 50. (qu.) 1% July 1 Holders of rec. June 15
Six per cent preferred (guar.)
1% July 1 Holders of rec. June
Community Water Service Co., Df.(qu.) $1.75 June 1 Holders of rec. May 15
20
Connecticut Power Co., corn.(guar.)
2% June 1 Holders of rec. May 200
Preferred (guar.)
134 June 1 Holders of rec. May 20a
Consolidated Gas, New York, pref.(qu.) 411.25 Aug. 1 *Holders of rec. June
30
Continental Passenger Ry., Philadelphia 413
June 30 *Holders of rec. May 31
2
Detroit Edison Co. (guar.)
July 15 Holders of rec. June 200
•151 July 15 *Holders of rec. June 20
Diamond State TeleP.. Pref. (guar.)
Eastern Texas Electric Co., pref.(guar.) 151 July 1 Holders of rec. June 60
Electric Power & Light Corp., pref.(qu.) $1.75 July 1 Holders of rec. June 15
Foshay (W. B.) Co.. corn. (monthly)_ _ _ 67c. June 10 Holders of rec. May 31
Seven per cent preferred (monthly)... 58e. June 10 Holders of rec. May 31
Eight per cent preferred (monthly)... 67c. June 10 Holders of rec. May 31
Name of Company.
3171
Per
When
Cent. Payable.
Books Closed.
Days Inclusive
Public Utilities (Concluded).
General Gas & Elec. Corp., corn. A (q11.) z37%c July 1
Holders of rec. June 11
$8 preferred class A (guar.)
$2
July 1 Holders of rec. June 11
$7 preferred class A (guar.)
21.75 July 1 Holders of rec. June 11
Preferred class B (guar.)
$1.75 July 1 Holders of rec. June 11
Illinois Bell Telephone (guar.)
*2
June 30 *Holders of rec. June 29
Indiana Service Corp..6% pref. (quar.)_
151 June 1 Holders of rec. May 145
Seven per cent preferred (guar.)
1% June 1 Holders of rec. May 140
•1%
Indianapolis Power & Light, pref. (qu)
July 1 *Holders of rec. June 6
Interstate Power Co., pref. (guar.)
$1.75 July 1 Holders of rec. June
Memphis Power & Light. pref. (guar.)
$1.75 July 1 Holders of rec. June 8
Montana Power Co., corn. (guar.)
1% July 1 Holders of rec. June 18
10
°Preferred (guar.)
1% July 1
National Power & Light, pref. (quar.)-- 11.75 July 1 Holders of rec. June 30
National Pub. Serv., corn., class A (qu.) 40c. June 15 Holders of rec. June 15
New England Pub.Serv.. corn.(quar.)... .450. June 30 Holders of rec. May 27
*Holders of rec. May 31
Prior lien preferred (guar.)
*$1.75 June 15 *Holders of rec. May 31
New England Telep. & Teleg. (guar.)._
2
June 30 Holders of rec. June 10
•15.1 July
New York Telephone, pref.(guar.)
15 *Holders of rec. June
Niagara Falls Power, corn. (guar.)
600. June 30 Holders of ree June 30
Northwestern Telegraph Co.
*1.50 July 1 *Holders of rec. June 150
15
Northwestern Telegraph Co
$1.50 July 1 *Holders
Ohio Public Service 6% pref.(monthly). 50c. June 1 Holders of rec. June 150
of rec. May I40
Ottawa dr Hull Power. pref. (quar.)._
June 15 Holders
Public Serv. Corp. of N. J., corn. (quar.) 50c. June 3 °Holders of rec. May 31a
of rec. June 3
Six per cent preferred (monthly)
50c. June 3 °Holders of rec. June 3
Seven per cent preferred (guar.)
June 3 °Holders of rec. June 3
Eight per cent preferred (guar.)
2
June 3 °Holders of
Pub. Serv. Elec. & Gas,7% pref.(guar.) 1% June 3 °Holders.of rec. June 3
rec. June 3
Six per cent preferred (gar.)
1% June 3 °Holders of rec. June 3
Roanoke Gas Light. preferred
334 July I Holders of rec. June 15a
San Joaquin Light & Power, pref. A(qu.) 1% June 15 Holdein of rec.
May 3Ia
Preferred series B (guar.)
1% June 15 Holders of n5c. May 31a
Prior preferred (guar.)
181 June 15 Holders of rec. May 31a
Prior preferred series A (guar.)
1% June 15 Holders of rec.
Southern Canada Power, pref. (guar.).. 1% July 15 Holders of rec. May 316
June 250
Southern Cities ULU., prior pref. (guar.) $1.50 June
Holders of rec. May 14
Union Passenger Hallway, Philadelphia. *$4.75 July
*Holders of rec. June 15
United Gas & Electric Corp., corn. (qu.) $1
June
Holders of rec. May 31
Utica Gas & Electric, pref. (guar.)
*1
May I *Holders of rec. May 5
Utilities Power & Light, class A (guar.) 050c. July
Holders of rec. June 6
Class B (guar.)
0250. July
Holders of rec. June
Preferred (guar.)
181 July
Holders of rec. June 6
West Ohio Gas Co., pref. A (guar.)
151 June
Holders of rec. May 14a
West Philadelphia Passenger Ry
515
July
*Holders of rec. June 15
Banks.
Bank of Abyssinia
5
May 30 Holders of coup. No. 6
Commerce (National Bank of) (quar.)
4
July I Holders of rec. June 170
Public (guar.)
1,4
July I *Holders of rec. June 25
Miscellaneous.
American Bank Note, corn.(guar.)
*50e. July 1 *Holders of rec. June 13
Preferred (quar.)
*750. July 1 *Holders of rec. June 13
American Home Products (monthly)... 20c. July 1 Holders of rec. June 144
American Plano, new corn. (guar.)
*75e. July 1 *Holders of rec. June 15
Preferred (guar.)
*1
July 1 *Holders of rec. June 15
American Safety Razor, corn. (quar.)... *75c. July 1 *Holders of rec.
June 10
Common (payable in common stock).. *1
July 1 *Holders of rec. June 10
American Tobacco, pref. (guar.)
135 July 1 Holders of rec. June 10
Armour dr Co. (III.). pref. (guar.)
134 July 1 Holders of rec. June 10
Armour & Co. of Delaware, pref.(guar.) 181 July 1 Holders of rec. June 10
Associated Dry Goods, first pref.(guar.) 134 Sept. 1 Holders of rec. Aug. 13
Second preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 13
Atlantic Terra Colts, pref. (guar.)
1% June 16 Holders of rec. June 6
Autocar Co., preferred (guar.)
2
June 15 Holders of rec. June 40
Baldwin Locomotive, com, and pref.... *334 July I *Holders of rec. June 4
Barnsdall Corp., class A and B (guar.).- *6234 July 15 *Holders of rec. June 24
Corporation,
Bendix
class A (gear.).... *50c. July 1 *Holders of rec. June 15
British-Amer. Tob., ordinary (interim).. (I) June 30 Holders of coup.No. 118
Bush Terminal, preferred
July 15 *Holders of reg. June 30
Debenture preferred (guar.)
*1
July 15 *Holders of rec. June 30
Bush Terminal Building. pref. (guar.)._ *151 July 1 *Holders of rec. June 17
Co.,
Byers (A. M.)
preferred (guar.)... *151 Aug. 1 *Holders of rec. July 15
By-Products Coke Corp., corn.(guar.)._ *50c. June 20 *Holders of rec. June 6
Special preferred (guar.)
*251 July 1 *Holders of rec. June 20
Central Alloy Steel, corn. (guar.)
*50c. July 10 *Holders of rec. June 13
Preferred (guar.)
•1% July 1 *Holders of rec. June 13
10
Chelsea Exchange Safe Deposit Co
May 81 Holders of rec. May 280
Chicago Fuse Manufacturing (guar.)
.562510 July 1 *Holders of rec. June 16
*151 July 1 *Holders of rec. June 22
Chicago Mill dr Lumber, pref.(guar.)
Cooksville Shale Brick, prof.(guar.)---June 15 Holders of rec. May 81
Cooper Corporation, common (quar.)..' $1.8712 June 15 *Holders of rec. June 1
.111
Preferred (guar.)
July 15 *Holders of rec. July 1
Crows Nest Pass Coal (guar.)
134 June 1 Holders of rec. May 10a
Curlee Clothing. pref. (guar.)
1% July 1 Holders of rec. June 1
Dictaphone Corporation, corn. (gear.).. 250. June 1 Holders of rec. May 200
Common (extra)
500. June 1 Holders of rec. May 200
Preferred (quar.)
2
June 1 Holders of rec. May 200
Dinkier Hotels Co., class A (guar.)
500. June 1 Holders of rec. May 200
Dominion Glass, com,and pref. (quar.)_
194 July 2 Holders of rec. June 15
Draper Corporation (guar.)
I
July 1 Holders of rec. May 28
Eisenlohr (Otto) & Bros., Inc., pf. (qu.) *1% July 1 *Holders of rec. June 20
Electric Vacuum Cleaner, corn.(extra).. El
July I Holders of rec. June 20
Ely-Walker Dry Goods, core. (guar.)
3151e. June 1 May 22 to May 31
First preferred
334 July 15 July 4 to July 14
Second preferred
3
July 15 July 4 to July 14
Fidelity dr Financial Corp.. corn. (guar.) *100. June 15 *Holders of rec.
May 31
Preferred (guar.)
*50c. June 15 *Holders of rec. May 31
Finance Corp. of America, pref.(guar.)_ 412
June 1 *Holders of rec. May 21
Folmer Graflex Corporation, pref
334 June 1 Holders of rec. May 26
Formica Insulator (extra)
10o. July 1 Holders of ree. June 15
Extra
100. Oct. 1 Holders of rec. Sept. 15
Extra
10c. Jan.118 Holders of rec. Dec. 15
Gabriel Snubber Mfg., coin. A & B (qu.) 41734e July 1 *Holders of rec. June 13
General Electric (guar.)
111
July 28 *Holders of rec. June 27
Extra
*SI
July 28 *Holders of rec. June 27
Special stock (guar.)
*150. July 28 *Holders of rec. June 27
General Railway Signal, corn.(guar.)._ *$1.25 July 1 *Holders of rec.
June 10
Preferred (guar.)
*151 July I *Holders of rec. June 10
Gleasonite Products (guar.)
250. June 10 Holders of rec. May 27
Globe SoapFirst, second and special pref.(guar.)_
June 15 June 1 to June 15
Granby Consol. MM., Sm.& Pow,(gU.)
July 1 *Holders of rec. June 15
Great Western Sugar, corn.(guar.)
July 2 *Holders of rec. June 15
Preferred (guar-)
July 2 *Holders of rec. June 15
Grinnell Manufacturing (guar.)
June 1 *Holders of rec. May 26
Hanes(F. H.) Knitting. pref.(guar.).
July 1 Holders of rec. June 30
Hathaway Baking, pref. (quar.)
June 15 Holders of rec. June la
Heywood-Wakefield Co., corn
June I *Holders of rec. May 27
Hobart Manufacturing (guar.)
June 1 *Holders of rec. May 21
Houston Gulf Gas, pref.(guar.)
June 1 May 21 to May 31
Hydrox Corporation, pref. Omar.)
June 1 Holders of rec. May 21
Indiana Limestone, pref. (guar.)
June 1 May 21 to May 31
Internat. Business Machines (guar.)
July 1 *Holders of rec. June 23
Internat. Milling, pref.(guar.)
June 1 Holders of rec. May 210
Internat. Paper, 7% prof. (quar.)
July 15 Holders of rec. July 1
Six per cent preferred (guar.)
July 15 *Holders of rec. July 1
International Silver, pref. (guar.)
July 1 Holders of rec. June 13a
Jones & Laughlin Steel, pref.(quar.)
July 1 *Holders of rec. June 15
Kelsey Wheel. Inc., corn.(guar.)
July 1 Holders of rec. June 6
Keystone Watch Case(guar.)
July 1 Holders of rec. June 40
Kraft Cheese, corn.(guar.)
July 1 *Holders of rec. June 10
Common (in common stock)
July 1 Holders of rec. June 10
Lake Shore Mines, Ltd.(guar.)
June 15 Holders of rec. June 1
Bonus
June 15 Holders of rec. June 1
Liggett & Myers Tobacco. pref.(qua?.).
July 1 Holders of rec. June 10
Long Bell Lumber, corn. cl. A (qu.)._..
June 30 Holders of rec. June 10
Lucky Tiger-Combination Gold Mining_
May 20 Holders of rec. May 10
Matson Blanche (New Orleans), pref.__
July 1 Holders of rec. June 29
Mathieson Alkali Works, corn. (guar.)_ _
July 1 Holders of rec. June 17
Preferred (guar.)
July 1 Holders of rec. June 17
Name of Company.
When
Per
Cent. Payable.
Books Close.
Days Imitates.
Miscellaneous (Conclude).
134 June 1 Holders of rec. May 206
McCall Corporation, pref.(guar.)
20e. June 1 Holders of rec. May 206
McColl Bros., Ltd., corn. (guar.)
134 June 1 Holders of rec. May 20a
Preferred (guar.)
134 June 1 Holders of rec. May 21
Mead pulp & Paper, pref. (guar.)
134 June 1 Holders of rec. May 21
Special preferred (guar.)
•25e. July 1 *Holders of rec. June 18
Midvale Company
June 15 Holders of rec. June 106
25c,
corn
Corp.,
Picture
Capital
Motion
July 15 Holders of rec. July la
2
Preferred (guar.)
•15e. June 15 *Holders of rec. June 1
Munyon Remedy (guar.)
135 June 1 May 18 to May 22
National Baking, pref. (guar.)
July 1 Holders of rec. June 15
$1
National Breweries, corn. (guar.)
134 July 1 Holders of rec. June 15
Preferred (guar.)
National Cash Register, class A (guar.)_ *75e. July 15 *Holders of rec. June 30
National Enamel & Stamping, pf. (qu.) "134 June 30 *Holders of rec. June 15
*75c. July 1 *Holders of rec. June 20
National Standard Co.(guar.)
250. June 15 Holders of rec. May 31a
National Transit (guar.)
May 17
135 June 1
Newberry (J. J.) Co., pref.(guar.)
July 9 *Holders of rec. June 20
"2
New Jersey Zinc (extra)
North American Provision, pref. (cm)._ '134 July 1 *Holders of rec. June 10
134 Aug. 1 Holders of rec. July 126
011 Well Supply Co., pref.(guar.)
•1 5.1
uly 1 *Holders of rec. June 15
Otis Steel, preferred (guar.)
June 1 'Holders of rec. May 20
"$2
Package Machinery, corn. (guar.)
1 *Holders of rec. July 20
Aug.
"134
First preferred (guar.)
*134 Nov. 1 *Holders of rec. Oct. 20
First preferred (guar.)
Park-Utah Consol. Mines Co. (guar.)._ *200. July 1 *Holders of rec. June 25
250. July 1 Holders of rec. June 8
Peoples Drug Stores, Inc., corn.(guar.)June 1 *Holders of rec. May 26
"$8
Pierce Manufacturing (guar.)
_
(guar.)
corn.
34 June 1 Holders of rec. May 276
Mfg.,
Port Hope Sanitary
134 June 1 Holders of rec. May 276
Preferred (quar.)
July 1 *Holders of rec. June 10
*2
Pure 011, 8% preferred (guar.)
*134 July 1 *Holders of rec. June 10
Six per cent preferred (quar.)
uly 1 'Holders of rec. June 10
•1 yi
5M% preferred (guar.)
uly 1 *Holders of rec. June 15
Real Silk Hosiery Mills, corn. (guar.). *El
•154 uly 1 *Holders of rec. June 15
Preferred (quar.)
*75e. uly 1 *Holders of rec. June 20
Reid Ice Cream Co., corn.(guar.)
Reis (Robert) Co., first pref. (quar.). s151 uly 1 *Holders of rec. June 15
4.1 34 uly 1 *Holders of fee. June 30
Reliance Mfg., pref.(guar.)
uly 15 *Holders of rec. Julyi 1
Remington Noiseless Typewr.. pf.
Remington-Rand Co., corn. (guar).--- "400. July 1 *Holders of rec. June 10
July 1 *Holders of rec. June 10
*I
Common (payable In common stock)
*134 July 1 *Holders of rec. June 10
First preferred (guar.)
July 1 *Holders of rec. June 10
*2
Second preferred (guar.)
50e. July 1 Holders of rec. June 206
Sheffield Steel, corn,(guar.)
30 Holders of rec. June 156
June
com.(qu.)134
Sherwin-Williams of Canada,
134 June 30 Holders of rec. June 156
Preferred (guar.)
June 15
Shreveport Eldorado Pipe Line (guar.).- *50e. July 1 *Holders of rec. June 30
July 11 Holders of rec.
Smith (Howard) Paper Mills, pref. (qu.) 2
*50c. June 30 *Holders of rec. June 14
South Penn 011 (quar.)
South Porto Rico Sugar Co.. corn. (qu.) 134 July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
2
Preferred (guar.)
July 1 Holders of rec. June 15
South West Penna. Pipe Line (guar.).-- 1
June 30 Holders of rec. June 17
134
(guar.)
Standard Milling, corn.
134 June 30 Holders of rec. June 17
Preferred (guar.)
July 1 *Holders of rec. June 18
"El
Stanley Co. of America (quar
July 1 "Holders of rec. June 15
.$1
Stern Brothers, class A (guar.)
31
Sun Maid Raisin Growers Assn.. pf.(qu.) 134 May 31 May 17 to May 10
June 30 *Holders of rec. June
•150.
(guar.)
011
&
Coal
Texas Pacific
18
June
ree.
of
Holders
$2.40 July 1
Thompson-Starrett Co., new stock
June 20 'Holders of rec. June 6
*El
Todd Shipyards Corp. (guar.)
4a
June
rec.
of
Holders
1
July
$1.50
Union Carbide & Carbon (guar.)
United Art's Theatre Circ., pf. allot. ctf. $1.75 June 15 Holders of rec. June 1
*155 July 1 'Holders of rec. June 13
United Dyewood, preferred (guar.)
p134 July 15 *Holders of rec. July 1
United Paper Board, pref. (guar.)
'13.4 Oct. 15 "Holders of rec. Oct. 1
Preferred (guar.)
'134 Jan16'28 *Holders of rec. Jan. 2'28
Preferred (guar.)
'134 Apr16'28 *Holders of rec. Apr. 2'28
Preferred (quar.)
July 15 Holders of rec. June 156
United Profit-Sharing, corn.(in stock)_ _ f5
pref
334 July 1 Holders of rec. June 11
old
Distributing
Corp.,
U. S.
334 July 1 Holders of rec. June 11
New preferred (No. 1)
U. S. Industrial Alcohol, pref. (guar.)._ *134 Ju.y 15 *Holders of rec. June 30
USL Battery Corp., pref. A (quar.).. *25c. July 1 *Holders of rec. June 15
*1734c July 1 *Holders of rec. June 15
Preferred B (quar.)
•75c. July 15 *Holders of rec. July 1
V. Vivaudou, Inc., corn. (guar.)
"134 Aug. 1 *Holders of rec. July 15
Preferred (quar.)
*30c. June 15 *Holders of rec. June 1
Walworth Company, core. (guar.)
"750. June 15 *Holders of rec. June 1
Preferred (guar.)
Holders of rec. June 15
July 1'
,
*2
West Point Manufacturing (guar.)
234e. June 20 June 16 to June 20
Western Exploration (guar.)
May 21 to June 1
1
June
Western Maryland Dairy, prior 1/1. (qu.) 8734c.
July 1 *Holders of rec. June 11
*2
Wheeling Steel Corp., pref. A (guar.)_
of rec. June 11
*Holders
1
July
iii234
B
. Preferred
c. June 30 Holders of rec. June 15
Woodley Petroleum (guar.)
June 14
Youngstown Sheet & Tube, corn. (guar.) •$1.25 June 30 *Holders of rec.
•134 June 30 *Holders of rec. June 14
Preferred (guar.)
weeks
Below we give the dividends announced in previous
dividends anand not yet paid. This list does not include
table.
nounced this week, these being given in the preceding
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
334 June 28 Holders of reo. May 24
Alabama Great southern, ordinary
June 28 Holders of rec. May 24
3
Ordinary (extra)
11
Preferred
334 Aug. 15 Holders of ree. July 11
Aug. 15 Holders of rec. July
Preferred (extra)
ea
May
roe.
of
Atchison Topeka & Santa Fe. eom.(qu.) 135 June 1 Holders
75o. June 1 Holders of rec. May fla
Common (extra)
20
June
roe.
of
Holders
30
June
4
Atlanta & West Point
334 July 11 Holders of rec. June 154
Atlantic Coast Line RR., corn
1% July 11 Holders of ree. June 15a
Common (extra)
June 1 Holders of rec. Apr. lea
Baltimore & Ohio, corn. (guar.)
June 1 Holders of rec. Apr. lea
1
Preferred (guar.)
(guar.)
Albany
&
Boston
234 June 30 Holders of rec. May 31a
Canadian Pacific, corn (quar.)
234 June 30 Holders of rec. June la
Chesapeake & Ohio, pref. (euar.)
334 July 1 Holders of ree. June 80
1% June 4 May 21 to June 3
Chestnut Hill (guar.)
2
June 30 Holders of rec. June la
Chicago & North Western. common____
Preferred
334 June 30 Holders of rec. June la
1% June 30 Holders of rec. June 3a
Chic, R. I. & Pacific, common (guar.)._
Seven per cent preferred
334 June 30 Holders of rec. June 30
June 30 Holders of rec. June 36
preferred
Six per cent
Cincinnati N.O.& T.PVC., pref. (gu.).... 134 June 1 Holders of rec. May 14a
Cleveland & Pittsburgh, guar. (guar.)._ 87340. June 1 Holders of rec. May 10a
50c. June 1 Holders of rec. May 10a
Special guaranteed (quar.)
June 30 June 19 to June 80
2
Colorado Southern, first preferred
2% June 20 Holders of rec. May 286
Hudson
Co.
&
(quar.)
Delaware
134 June 1 Holders of rec. May lea
Hudson dr Manhattan RR.. coin
134 June 1 Holders of rec. May ea
Illinois Central, common (quar.)
July 1 June 12 to July 4
Leased lines
July 1 Holders of rec. June 15
Maine Central, corn.(guar.)
1% June 1 Holders of rec. May 16
Preferred (quar.)
$1.25 June I Holders of rec. May 24a
Midland Valley RE.. preferred
2
July I June 2 to June 30
Mobile & Birmingham, preferred
1% June 1 Holders of rec. May 140
&
Texas
Mexico
(guar.).
New Orleans
of rec. May 160
N. Y. Chicago & St. Louis, corn.(guar.). 2% July 1 Holders of
rec.May(t)31
Holders
Common (in Chesapeake Corp. stock) (a)
rec. May 160
of
Holders
1
1%
July
Preferred (guar.)
June 18 Holders of rec. May 310
Norfolk & Western,common (guar.)._ 2
May 2a
reo.
of
Holders
May
31
87%o.
Pennsylvania RR.(quar.)
of rec. Sept. 7
yPere Marquette. corn. (in corn, stock). *20 Oct. 1 *Holders
21 to June 3
May
4
June
/3i.60
(au.)_
Norristown
&
Germantown
Phila.
11.50 Juno 1 Holders of rec. May 14
Pittsb. Bessemer di Lake Erie, pref
1 Holders of rec. May 200
PIttab. Youngst. dr Ashtabula, pf.(au.). 1% June
500. June 9 Holders of rec. May 23a
_
(guar.)._
pref.
first
Reading Company,
Aug. I Holders of reit. July lea
St. Louis-San Francisco. preferred (:1U.) 134 Nov. I Holders of rec. Oct. 15a
134
Preferred (guar.)
(Vol,. 129
THE CHRONICLE
3172
Name of Company.
Railroads (Steam) (Concluded),
St. Louis Southwestern, pref. (quar.).__
Southern Pacific Co. (quar.)
Union Pacific, common (guar.)
Western Railway of Alabama
Per
When
Cent. Payable.
134
134
2.%
4
June 30
July 1
July 1
June 30
Books Closed.
Days Inclusive.
Holders of rec. June ha
Holders of rec. May 270
Holders of rec. June la
Holders of ree. June 20
Public Utilities.
oAmer. Light & Tree..com.(pay.in corn.) 150 June 20 *Holders of reo. May 20
Amer. Power & Light, common (guar.). 250. June I Holders of reo. May lea
Corn. (one-fiftieth share corn. stk.).. (1) June 1 Holders of rec. May 160
Am.Superpower Corp..corn. A & B (qu.) 30c. July I Holders of rec. June 1
31.50 July 1 Holders of ree. June 1
First preferred ((Mar.)
134 June 1 Holders of rec. May 310
Amer. Telegraph & Cable (attar.)
2% July 15 Holders of rec. June 206
American Telep. & Teleg. (quar.)
3
June 1 Holders of rec. May 150
Ry.,
Androscoggin & Kennebec
mOdatea Gas & Elec., 16 met (quar.)_ 41% June 1 Holders of rec. Apr. 30a
rtl% June 1 Holders of ree. Apr. 30a
$015 preferred (attar.)
Associated Telep. UHL, prior pref. (qu.) $1.75 June 15 Holders of rec. May 31
ord. (interim) •50e. June 30
Barcelona Tr.. L.&
(interim)
•50e. June 30
Pow.,
Participating preferred
1% June 1 Holders of rec. May lea
Baton Rouge Elec. Co., pref. A (qu.)
Blackstone Val ,G.& El., corn, (qu.)._ 81.25 June 1 Holders of rec. May 100
3
June 1 Holders of rec. May 100
Preferred
1% July 1 Holders of rec. June 10a
Boston Elevated Ry., corn.(guar.)
3% July 1 Holders of rec. June 10a
Preferred
4
July 1 Holders of reo. June 10a
First preferred
Brazilian Trite., U.& Pow., ord.(quar.) 115 June 1 Holders of reo. Apr. 30
2
June 1 Holders of reo. May llo
Co.
(quar.)
Brooklyn Edison
Central Arkansas Ry.& Lt., pref (qu.). 1% June 1 Holders of rec. May 16a
May 16
Central Gas & Electric. pref.(quar.)---- 81.75 June 1 May 15 to
Central III. Public Serv., pref. (guar.).* $1.50 July 15 *Holders of rec. June 30a
1% June 1 Holders of rec. May 200
Central Indiana Power, pref. (guar.)_ _
Chicago Rap.Tran., prior pref. A(mthli) 65e. June 1 Holders of rec. May 17a
60e. June 1 Holders of rec. May 17s
Prior preferred B (monthly)
Cleveland Electric Ilium.. Prof. (guar.). 134 June 1 Holders of rec. May lea
rartic.
June 1 May 22 to June 1
pf.(qu.)
82
Lit,
&
Power
Community
Cons. G., E. L. & P., Balt., corn. (qu.)_ 6234c July 1 Holders of ree. June 150
2
July 1 Holders of rec. June 15a
Eight per cent pref., series A (quar.)__
Seven per cent pref., series B (guar.). 15( July 1 Holders of rec. June 150
1% July 1 Holders of rec. June 150
634% preferred, series C (guar.)
Six per cent preferred, series D (quar.) 134 July 1 Holders of rec. June lba
Consolidated Gas, New York, corn.(qu.) 31.25 June 15 Holders of rec. May 10a
134 July 1 Holders of rec. June 16
Consumers Power,6% pref. (quard _ _
1.65 July 1 Holders of rec. June 15
6.6% preferred (guar.)
Seven per cent preferred (guar.)
134 July 1 Holders of rec. June 15
50e. June 1 Holders of rec. May 16
Six per cent preferred (monthly)
50c. July 1 Holders of rec. June 16
Six per cent preferred (monthly)
55c. June 1 Holders of rec. May 16
6.6% preferred (monthly)
550. July 1 Holders of rec. June 15
6.6% preferred (monthly)
Duquesne Light, 1st pref., series A (qu.). 1% June 15 Holders of rec. May 140
East Kootenay Power, ord. (quar.).... 1% June 15 Holders of reo. May 31
Eastern Shore Gas & El.. pref. (quar.)__ 500. June 1 Holders of reo. May 140
Empire Gas & Fuel,8% pref.(monthly). 66 2-3c June I Holders of rec. May 120
68 1-3c June 1 Holders of rec. May 120
Seven per cent preferred (monthly)
Engineers Public Service, pref. (guar.)_ _ $1.75 July 1 Holders of rec. June fics
h4
May 31 May 21 to May 30
English Electric Co. of Canada, prof. _
Federal Light & Traction, com.(quar.)._ 20e. July 1 Holders of rec. June 130
Corn.(In corn.stk [1-100 of a share')_ _ 1150. July 1 Holders of rec. June 130
1% June 1 Holders of rec. May 14a
Preferred (guar.)
Federal Water Serv. Corp.. class A (qu.) 500. June 1 Holders of rec. May 200
)5 June 1 Holders of rec. May 14a
Gas & Electric Securities, corn.(mthly.).
Common (payable in common stock).. 1,1 June 1 Holders of rec. May 146
7-12 June 1 Holders of rec. May 14a
Preferred (monthly)
Hackensack Water, common (guar.).-- 75c. June 1 Holders of reo. May 240
8734c. June 1 Holders of rec. May 240
Preferred (guar.)
81.50 June 1 Holders of rec. May 10a
Havana Electric Ry., riref. (guar.)
1% July 1 Holders of rec. June 15
Illinois Power,6% preferred (quar.)_
1% July I Holders of rec. June 15
(guar.)
preferred
Seven per cent
134 July 1 Holders of rec. June 150
Indianapolis Water Co., pref.(guar.)._
1% July 2 Holders of rec. June 15
Jamaica Public Service, pref. (guar.)...
Kansas City Pow.& Lt. 1st pf. A (guar.) *11.75 July 1 Holders of rec. June 14
Kentucky HAro-Eled Co., pref. (quar.) 134 June 20 Holders of rec. May 31a
June 1 Holders of rec. May 180
Keystone Telep. of Phila.. pref. (guar.). 11
134 June I Holders of rec. May 15
Laclede Gas & Elec., prior lien (guar.)- June 15 Holders of rec. June la
3
Laclede Gas Light, corn. (guar.)
234 June 15 Holders of rec. June la
Preferred
Louisville Gas & Elec., class A (qua?.).. 4334c June 25 Holders of rec. May 310
1% July 1 Holders of ree. June 40
Mackay Companies. common (guar.)
1
July 1 Holders of rec. June 4a
Preferred (guar.)_ _
June 1 May 15 to May 31
32
Massachusetts (las Companies, pref
June 15 Holders of rec. May 31
Middle West Utilltle', prior lien (qu.).. 2
Milwaukee El. Ry.& Lt..6% Pref.(qu.) 1% Aug. I Holders of rec. July 200
Mohawk & Hudson Pow., 2d pref.(M) $1.75 Jtme 1 Holders of rec. May 200
National Power & Light. corn. (qua?.).. 200. June 1 Holders of rec. May 140
National Public Service Corp., cl. A(qu.) 40c. June 15 Holders of rec. May 27a
Nebraska Power, preferred (guar.)
1% June 1 Holders of rec. May 16
Niagara Falls Power, pref. (guar.)
43540 July 15 Holders of rec. June 300
North American Co.. corn. (quar.)
:2% July 1 Holders of rec. June 60
Six per cent preferred (quar.)
75e. 'July 1 Holders of rec. June (3a
North American Edison Co., pref.(qu.). 11.50 'June 1 Holders of rec. May 160
Nor. Am. ULU. Sec. Corp., 1st pf.(qu.). 81.50 June 15 Holders of rec. May 31a
North Carolina Pub. Serv., pref. (qu.).. $1.75 June 1 Holders of rec. May 160
Northeastern Power Corp., corn.(No. 1) 15c. July 1 Holders of rec. June 150
Class A (quar.)
$1.50 July 1 Holders of rec. June 15a
Northern States Power, pref.((Man)-- 1% June 1 Holders of rec. May 20
Northwestern Public Service, pref. (go.) 1% June 1 Holders of rec. May120a
Ohio Edison,6% pref. (quar.)
I% June 1 Holders of reo. May le
6.8% preferred (quar,)
1.65 June 1 Holders of reo. May le
1% June 1 Holders of rec. May le
7% Preferred (quay.)
d% preferred (monthly)
500. June 1 Holders of coo. May le
d.e% preferred (monthly)
550. June 1 Holders of reo. May 16
Ohio Public Serv.,7% 1st pf.(monthly). 581-3c. June 1 Holders of rec. May 14a
1% June 15 Holders of rec. May 31
Oklahoma Gas & Elec., pref. (guar.)...Penn Central Light & Pow., pref. (qu.). 81.25 July 1 Holders of roc. June 15a
Penn-Ohio Edison1% June 1 Holders of rec. May 21
7% prior preferre I (guar.)
Pennsylvania Gas .S, Elec., class A (qu.). '373.4c June 1 *Holders of rec. May 20
Class A (extra)
.354c. June 1 *Holders of rec. May 20
Penn.-Ohio Pow. & Lt., 8% prof.(qu.). 2
Aug. 2 Holders of reo. July 20
1% Aug. 1 Holders of reo. July 20
Seven per cent preferred (qua?.)
7.2% preferred (monthly)
60o. June I Holders of reo. May 20
60e. July 1 Holders of reo. June 20
7.2% preferred (monthly)
60o. Aug. 1 Holders of reo. July 20
7.2% preferred (monthly)
55e, June 1 Holders of reo. May 20
8.6% Preferred (monthly)
55e. July 1 Holders of roe. June 20
6.6% preferred (monthly)
550. Aug. 1 Holders of fee. July 20
6.6% Preferred (monthly)
Penna. Water & Pow., new stock (guar.) 50c. July 1 Holders of rec. June 17,5
July 1 Holders of rec. June 15
3
Peoples Gas Co.,(N. J.) preferred
50o. June 15 Holders of rec. May 170
Philadelphia Electric (quar.)
1% June 1 Holders of rec. May 110
Phila. Suburban Water, pref. (quar.).__
Portland Electric Power, 2d pref.(guar.) 1% June 1 Holders of reo. May 20a
Public Service Corp.of N.J.,6% pf.(qu)
M May 31 Holders of reo. May 6
Radio Corp. of America, pref. A (guar.). 873.40 July 1 Holders of rec. June la
873.4c Oct. 1 Holders of reo. Sept. 1
Preferred A (guar.)
Rochester Gas & Elec., 7% pf. B (guar.) 134 June 1 May 15 to May 31
134 June 1 May 15 to May 31
Six per cent pref., series C (guar.)_
134 June 1 May 15 to May 31
Six per cent pref., series D (guar.)_
Southern Calif. Edison,sec A pref.(qu.) 4331o. June 15 Holders of rec. May 20
373.4e. June 15 Holders of rec. May 20
Series B preferred (quar.)
31
Southern Colorado Power, pref. (quar.). 1% June 15 Holders of rec. May 300
2
July 15 Holders of rec. June
Southern N.E.Telep.. corn.
July 1 *Holders of rec. June 15
Southwestern Gas & Elec.. pref.(quar.). .2
•1% July 1 *Holders of rec. June 15
Eight per cent preferred (guar.)
May 14
Southwestern Power & Light, pref. (qu.) 1% June 1 Holders of reo. May 314
(cm).
pref.
11
June 15 Holders of rec.
8%
Electric.
&
Gas
Standard
18
June
rec.
of
Holders
2
June 30
Standard Gas Light, New York, corn__
3
June 30 Holders of reo. June 18
Preferred
15
June
reo.
of
Holders
155
1
(go.).
July
6%
PT.
134
Tennessee Elec. Power
15.1 July 1 Holders of coo. Junelle
Seven per cent first prof. guar.)
1.80 July 1 Holders of roe. June 15
7.2 per cent first pref. (quar.)
500. June 1 Holders of res. May 16
Six per cent first pref.(monthly)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Tennessee Electric Power (Conducted).
50e. July 1 Holders of rec. June
Six per cent first pref.(monthly)
60o. June I Holders of rec. May
7.2 per cent first pref. (monthly)
(monthly)
July 1 Holders of rec. June
pref.
60c.
first
cent
7.2 per
Utility Shares Corp. tattle. pref.(quar.) 30e. June 1 Holders of rec. May
Virginia Electric & P:ower,6% prof.(qu.) 11.4 June 20 Holders of rec. May
134 June 20 Holders of rec. May
Seven per cent preferred (guar.)
May
Washington Ry.& Elec., com.& pf.(qu.) 14 June 1 May 15 to
1% June 15 Holders of rec. May
West Penn Rye., pref. (guar.)
Wisconsin Power & Light, pref.(gnarl-- $1.75 June 15 Holders of rec. May
Wisconsin Public Serv.6%% pref.(qu.). 1% June 20 Holders of rec. May
1% June 20 Holders of rec. May
Seven per cent pref. (quar.)
15
16
15
13
31a
31a
17
25
3I0
31
31
Banks.
American Colonial of Porto Rico-(quar.)
Extra
Port Morris (quar.)
Standard Bank (guar.)
Standard National Corp., corn.(quar.)_ _
Preferred (gear.)
2
2
2%
3
3
13.4
June
June
June
July
July
July
16
16
25a
250
250
25a
Joint Stock Land Bank.
Denver
4
July
Trust Companies.
Bank of New York & Trust Co.(In stock) 150
3
Equitable (quar.)
Fire Insurance.
North River
Holders of rec. May
Holders of rec. May
Holders of rec. May
Holders of rev. June
Holders of rec. June
Holders of rec. June
1 Holders of rec. June 250
May 12 Apr. 29 to May 11
June 30 Holders of rec. June 20
$1.25 June 15 June 11
to
June 14
Miscellaneous.
Abbotts Alderney Dairies. 1st pref.(qu.) 134 June 1 Holders of rec. May 20a
Acushnet Mills (guar.)
134 June I May 20 to May 31
$1.50 June 30 Holders of rec. June 15a
Adams Express (guar.)
50e. July 1 Holders of rec. June 156
Adams Royalty (guar.)
Aluminum Manufacturers. corn. (quar.) .50e. June 31 *Holders of rec. June 15
*50c. Sept.30 *Holders of rec. Sept. 15
Common (quar.)
*50o. Dec. 31 *Holders of roe. Dec. 15
Common (guar.)
334 June 1 Holders of rec. May 200
American Arch Co
American Art Works,corn.& pref.(au.). 1 Si July 15 Holders of rec. June 30
Amer. Brit. & Cont. Corp., lot pf. (qu.) $1.50 June 1 Holders of rec. May 16
I% June 1 May 8 to June I
American Candy, preferred (quar.)
75e, July 1 Holders of rec. June 15a
American Chicle, common (guar.)
134 July 1 Holders of rec. June 15a
Prior preferred (guar.)
•134 July 1 *Holders of roe. June 15
Six per cent preferred (Ouar.)
*50o. July 1
'American Druggists Syndicate
•19134 June 1 *Holders of rec. May 17
American Felt, pref. (guar.)
American Home Products Corp.(mthly) 200. June 1 Holders of rec. May 140
June 1 Holders of roe. Ma, 23
Amer. Laundry Machinery, corn. Wu.). SI
June 30 Holders of rec. June 13a
American Locomotive. common (guar.). $2
134 June 30 Holders of rec. June 13a
Preferred (guar.)
1% July 1 Holders of rec. June 160
American mfg. Co.. com. (quar.)
1 Si Oct. 1 Holders of rec. Sept. 160
Common (guar.)
lyi Dec. 31 Holders of reo. Dec. 160
Common (quar.)
134 July 1 Holders of rec. June Ilia
Preferred (quan)
I% Oct. 1 Holders of rec. Sept. 160
Preferred (quar.)
144 Dec. 31 Holders of roe. Dec. 16a
Preferred (lum%)
75e June 1 Holders of rec. May 200
American Metal, com.(guar.)
Preferred (guar.)
154 June I Holders of rec. May 2I0
40e, June 1 Holders of rec. May 14a
Amer. Multigraph coin. (quar.)
$1.25 June 30 Holders of rec. June 150
American Radiator. com. (quar.)
$1.50 June 30 Holders of rec. June 15a
Amer. Railway Express (quar.)
60o. July 15 Holders of rec. June 300
Amer. Rolling Mill, com. (quar.)
July 30 Holders of rec. July la
Common (payable in common stock). fb
13.4 July 1 Holders of rec. June 15a
Preferred (quar.)
75e. July 1 Holders of ree. June 20a
American Seating, com.(quar.)
25e. July 1 Holders of roe. June 2t0
Common (extra)
25c. Oct. I Holders of rec. Sept 20
Common (extra)
134 June .1 Holders of rec. May 6a
(guar.)
pref.
Refining,
&
Amer. Smelting
50c. July 1 June 16 to July 1
American Stores (quar.)
American Sumatra Tobacco, pref.(au). 13.4 June 1 Holders of rec. May 16a
American Sugar Refining,cam.(guar.)
134 July 2 Holders of rec. June la
134 July 2 Holders of rec. June la
Preferred (guar.)
1214c. July 1 Holders of rec. May 31a
American Thread, preferred
June 1 Holders of rec. May 10a
American Tobacco, com.& com. B (au.) $2
Anglo-American Oil, Ltd
60e. May 31 Holders of coupon No.34
'13.4 July 1 *Holders of rec. June 18
Armstrong Cork, com.(guar.)
Preferred (guar.)
•154 July 1 *Holders of rec. June 18
Artloom Corporation, con. (guar.)
75c. July 1 Holders of rec. June 170
Preferred (guar.)
134 June 1 Holders of rec. May 180
Associated Dry Goods, corn.(quar.)63e. Aug. 1 Holders of rec.Quly 9a
First preferred (quar.,
154 June 1 Holders of roe. Apr 30a
Second preferred (guar.)
134 June 1 Holders of rec. Apr 30a
Associated 011 (guar.)
50o. June 25 Holders of rec. June 40
Extra
400. June 26 Holders of rec. June 40
Atlantic Refining, common
'1
June 15 Hal era of rec. May 21a
Atlas Portland Cement (guar.)
50e. June 1 Holders of rec. May 20a
Atlas Powder, common (guar.)
$1
June 10 Holders of rec. May lb
Babcock & Wilcox Co.(wer.)
1% July 1 Holders of rec. June 20a
Quarterly
Holders of rec. Sept 200
13.4 Oct. •
Quarterly
154 Janl'2 Holders of rec. Dec. 20a
Quarterly
134 Aprl'2 Hold. rec. Mar. 20 '28a
Balaban & Katz,corn.(monthly)
250. June
Holders of rec. May 20
Common (monthly)
The. July
Holders of rec. June 20
Preferred (guar.)
134 July
Holders of rec. June 20a
(quar.)_
pref.
Co.,
&
(L.)
144 June
Bamberger
Holders of rec. May 14a
Preferred (guar.)
Holders of rec. Aug. I3a
134 Sept.
134 Doe.
Preferred (guar.)
Holders of rec. Nov. 120
July 1 Holders of rec. June 30
Bankers Capital Corp., prof.(quar.)-- - $2
Oct. 1 Holders of rec. Sept. 30
$2
Preferred (guar.)
Jan16'2 Holders of rec. Dee II
$2
Preferred (guar.)
60e. July
Holders of rec. June 25a
Beech-Nut Packing, com. (ouar.)
134 July 1 Holders of rec. July la
Preferred (quar.)
134 June 1
Holders of rec. May 3Ia
Belding Cortieelli. preferred (quar.)
Holders of rec. June 20a
Belding Heminway Co.. common (qua?.) 500. July
Holders of rec. June 3
Belgo Canadian Paper, pref.(guar.)_
134 July
20e. June
Holders of roe. May 206
Beneficial Loan Society (quar.)
134 july
Holders of rec. June 3a
Bethlehem Steel, preferred (guar.)
*1234 May 2 *Holden of rec. May 23
Big Lake Oil
Block Bros. Tobacco, common (quar.)_ _ 373.4e Aug. 1 Holders of tee. Aug. 10
373.4c Nov. 1 Holders of rec. Nov. 10
Common (quar.)
Preferred (quar.)
is June 30 Holders of rec. June 28
154 Sept. 30 Holders of rec. Sept 26
Preferred (quar.)
Preferred (quar.)
114 Dee. 31 Holders of rec. Dec. 26
Borden Company, com.(quar.)
$1.25 June 1 Holders of roe. May 160
Borg & Beck (quar.)
July 1 Holders of ree. June 20a
$1
Boston Wharf
June 30 Holders of rec. June la
3
Boston Woven Hose & Rubber,com.(qu) $1.50 June 15 Holders of rec. June 1
Preferred
June 15 Holders of rec. June 1
3
700. June 1 solders of roe May 20
Brach (E. J.) & Sons, common (quar.)
Brading Breweries, Ltd.. pref. (guar.)_. 134 June 1 Holders of rec. May 31
Brandram-Henderson Ltd.. pref. (guar.) 134 July 2 Holders of rec. June I
•134 June 1 *Holders of rec. May 13
Brill Corporation, pref. (guar.)
13.4 June 1 Holders of rec. May ba
Bristol Manufacturing (guar.)
20e. July 4 June 12 to July 3
British American Oil (guar.)
British Columbia Fishing, com. (guar.). $1.25 June 10 Holders of rec. May 31
Common (guar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
Common (guar.)
$1.25 Dee. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
Preferred (guar.)
134 June 10 Holders of rec. May 31
154 Sept.10 Holders of rec. Aug. 31
Preferred (quar.)
154 Dec. 10 Holders of rec. Nov.30
Preferred (guar.)
134 3-10-'28 Holders of rec. Feb. 28 '2
Preferred (quar.)
50e. June 1 Holders of rev. May 20a
Brown Shoe, emu (guar.)
June 15 Holders of rec. Apr. 23
$I
Buckeye Pipe Line (guar.)
750. July 1 Holders of rec. June 20
Bucyrus Company. COM.(guar.)
134
July 1 Holders of rec. June 20
(quar.)
Preferred
134 July 1 Holders of rec. June 13a
Burns Brothers, preferred (guar.)
1M Aug. 1 Holders of rec. July 15a
Prior preferred (quar.)
3173
THE CHRONICLE
MAY 28 1927.]
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (rorufnued).
Burroughs Adding Mach. (guar.)
75e. June 10 Holders of tee. May 270
$1
Special
June 30 Holders of rec. May 276
California Packing (oust.)
$1
June 15 Holders of rec. May 31a
50c. June 1 Holders of too. May 146
California Petroleum (guar.)
$1.50 June 20 Holders of rec. June 30
Calumet & Arizona Mining (guar.)
Calumet & Reda Consul. Copper (guar.) 50o. June 15 Holders of rec. May 31a
h2
Canada Foundries & ForgIngs, pref
June 1 Holders of rec. May 186
e30e. June 30 Holders of rec. May 20
Canadian Westinghouse
155 June 30 June 21 to July 4
Canfield Oil, common (guar.)
154 Sept. 30 Sept.21 to Oct. 4
Common (guar.)
1% Dee. 31 Dec. 21 to Jan. 4
Common (guar.)
134 June 80 Jan. 21 to July 4
Preferred (11111.1%)
154 Sept.30 Sept. 21 to Oct. 4
Preferred (quar.)
154 Dee. 31 Dec. 21 to Jan. 4
Preferred (quar.)
Carter (William) Co., preferred (quar.)_ 1% June 15 June 11 to June 14
Case (J. I.) Thresh. Mach., com.(qu.)_. 1% July 1 Holders of rec. Juned13a
1% July 1 Holders of rec. Juned13a
Preferred (guar.)
Celanese Corp. of Amer., lot panic. pref. 334 June 30 Holders of rec. June 15
5.33.4 June 30 Holders of rec. June 15
First partic. pf. (acct. accum. div.)
nentury Ribbon Mills peel. tquar.)
134 June 1 Holders of rec. May 200
$1 June 30 Holders of rec. June 106
Chesebrough Mfg. Cons.(guar.)
Chicago Flexible Shaft Co.. pref.(quar.) •1% June 1 *Holders of rec. May 21
Chicago Yellow Cab Co.(monthly).. 33 1-3o June 1 Holders of rec. May 200
•33 1-3c July 1 *Holders of rec. June 30
Monthly
•33 1-3e Aug. 1 *Holders of rec. July 20
Monthly
•33 1-3c Sept. I *Holders of ree. Aug. 19
Monthly
Childs Company, eon), no par (qua?.).. 60e. June 10 Holders of tee. May 270
154 June 10 Holders of rec. May 270
Preferred (qua?.)
July 1 Holders of ree. May 270
Co..com.(pay.in no par oom.stk.) fl
Oct. 1 Holders of rec. Aug. 26a
Common (payable in no par corn. stk.) 11
Dec. 30 Holders of rec. Nov 250
Common (payable In no par com.stk.) fl
623.4e June 30 Holders of rec. June 3a
Chile Copper Co.(quar.)
750. June 30 Holders of rec. June 15a
Chrysler Corporation, corn.(quar.)
June 30 Holders of rec. June 156
$2
Preferred A (guar.)
Sept.30 Holders of rec. Sept. 15a
$2
Preferred A (guar.)
Jan 3'28 Holders of rec. Doe. lba
$2
Preferred A(,uar.)
•;4 June 1 *Holders of rec. May 16
Cities Service, common (monthly)
;.4 July 1 *Holders of rec. June 15
Common (monthly)
Common (payable in common stock).. .1.13.4 June 1 *Holders of rec. May 15
Common (payable In common stock). '134 July 1 *Holders of roe. June 15
Preferred & preference B (monthly).. *Si June 1 *Holders of rec. May 15
Preferred and preferred BB (monthly) •Si July I *Holders of rec. June 15
'Sc. July 1 *Holders of rec. June 16
Preferred B (monthly)
•163.4c June 1 Holders of rec. May 16
Bankers shares (monthly)
,uty ice & Fuel (qua?.)
Sue. June 1 Holders of rec. May 10a
50c. Sept. 1 Holders of rec. Aug. 106
Quarterly
5
June 1 Holders of rec. May 27a
City Investing, common
2% July 1 Holders of rec. June 27a
Common
1% July 1 Holders of rec. June 27
Preferred (guar.)
50c. June 15 Holders of rec. June ba
Cleveland Stone (guar.)
25e. June 15 Holders of rec. June 5a
Extra
50c. Sept.15 Holders of rec. Sept. 56
Quarterly
Coca-Cola Co., new no par stock (qua?.) $1.25 July 1 Holders of rec. June Ila
$2.50 July 1 Holders of rec. June 110
Coca-Cola International (quar.)
134 June 1 Holders of rec. May 2
u Colonial Steel. pref.(quar.)
Commercial Solvents class B (quar.)- -- $2 July 1 Holders of rec. June 200
Conde Nast Publications, Inc.(No. 1)._ *50e. July 1 *Holders of rec. June 17
June 30 Holders of rec. June 140
El
Congress Cigar (guar.)
July 30 *Holders of rec. July 20
Conlon Corporation (guar.)
1% June 1 Holders of rec. May 140
Consolidated Cigar, pref. (qua?.)
154 July 1 Holders of rec. June 200
Continental Can, inc., pref.(guar.)._
25c. June 15 Holders of rec. May 140
Continental Oil (guar.)
1% June 15 Holders of rec. May 310
Cosgrave Export Brewery (guar.)
1% July 1 Holders of rec. June 270
Coegrove-Meettan Coal. pref. (quar.)
154 Oct. 1 Holders of reo. Sept. 28a
Preferred (guar.)
154 Dec. 21 Holders of rec. Dee. 19a
Preferred tquar.)
$1.25 June 30 Holders of rec. June 15a
Coty Inc. (qua?.)
1%
June 15 Holders of rec. June la
common
Company,
(quar.)
Crane
134 June 15 Holders of rec. June la
Preferred (ouar.)
134 June 30 Holders of rec. June 15a
Crucible Steel, Prof. (qua?.)
75e. June 1 Holders of rec. May 28a
Cuba Company (quar.)
Cuban-American Sugar, corn. (qua?.)-.. 25c. July 1 Holders of rec. June 40
154 July 1 Holders of rec. June 40
Preferred (guar.)
June 15 Holders of rec. May 31
2
Cumberland Pipe Line (quar.)
June 15 Holders of roe. June 1
$1
Juneo Press class A (guar.)
June 1 Holders of rec. May 166
$I
com.
Inc.,
Sous,
(guar.)
Cushman's
441 61 Sept. I Holders of roe Aug. 15a
cononon (payable In la Prof stock)
Holders of rec. May 16a
134 June
Seven per cent preferred (guar.)
June 1 Holders of rec. May 16
52
$8 preferred (guar.)
1% June 1 Holders of rec. May 9a
Dartmouth Mfg., com. (guar.)
134 June 1 Holders of rec. May 9a
Preferred (guar.)
June 25 Holders of rec. June Ila
1
Davis Mills (guar.)
Decker (Alfred) & Cohn,com.(oman)._ 50e. June lb Holders of rec. June 4a
June 1 Holders of rec. May 204
1%
Preferred (quar.)
1% June 1 Holders of rec. May 140
Deere & Co.. pref. (guar.)
75c. June 1 Holders of rec. May 144
Preferred (wet accum. diva.)
June 15 June 2 to June 14
2
Derk Manufacturing, pref. (guar.)
lone 15 Holder* of rec. \la 31a
2
,'now no Ni styli (clam. I
June 1 May 24 to May 31
144
(qu.)_
pref.
Boller,
&
Radiator
Dominion
50c. June 30 Holders of rec. June la
Douglas-Pectin Corp.(guar.)
250. June 30 Holders of rec. June la
Extra
June 15 Holders of rec. June la
Du Pont(E.I.) de Nem.& Co.,com.(qU)
$1.60 July 6' Holders of rec. June la
Common (extra)
July 25 Holders of rec. July 9a
13.4
(quar.)
stock
Debenture
134 May 31, Holders of rec. May 21a
Eagle(C. K.) & Co., pref.(guar.)
40c. June 1 Holders of rect. May 14a
Eagle-Picher Lead, corn. (quse.)
40o. Sept. 1 Holders of rec. Aug. I5a
Common (quar.)
40o. Dec. 1 Holders of rec. Nov. 15a
Common (quar.)
134 July 15 Holders of rec. June 30a
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 30a
Preferred (quar.)
134 Jan15'2 8 Holders of rec. Dec. 31
Preferred (quar.)
62340 July 1 Holders of roe. June 200
Early & Daniels. common (quar.)
256. July 1 Holders of rec. June 200
Common (extra)
623.40 Oct. 1 Holders of rec. Sept. 200
Common (qum.)
256. Oct. I Holders of rec. Sept. 206
Common (extra)
623.4e Jan 1'28 Holders of rec Dec. 206
Common (quar.)
25c Jan 1'28 Holders of res. Dec. 200
Common (extra)
$1.75 July 1 Holders of rec. June 200
Preferred (guar.)
$1.75 Oct.I Holders of rec. Sept.200
Preferred (quar.)
SI.75 Jan 1'28 Holders of rec. Doe. 206
Preferred (guar.)
$1.25 July 1 Holders of rec. May 310
Eastman Kodak, corn. (quar.)
75c. July 1 Holders of rec. May 310
Common (extra)
Preferred (guar.)
134 July 1 Holders of rec. May 316
6250. May 31 Holders of rec. May 146
Eitingon-Schild Co. (guar.)
Electric Storage Batt.. corn.& pf.(qu.). $1.25 July 1 Holders of rec. June 80
June 30 Holders of rec. June 20
Electric Vacuum Cleaner, corn. (guar.). $1
&referred (quar.)
13.4 June 30 Holders of roe. June 20
50c. June 24 Holders of rec. June la
Emporium Corporation (guar.)
$1.75 July
Holders of rec. June 15
Equitable Office Bldg., Common (guar.)
lftl July
Holders of rec. June 15
Preferred (quer.)
Holders of rec. May 16a
6234c June
Erie Steam Shovel, corn. (guar.)
13.4 June
Holders of rec. May 16a
Preferred (guar.)
June
Holders of rec. May 9a
Essex Company
$3
Kureka Vacuum CleanerHolders of rec. July 2ti,/
CIan mon (payable in common stock) _
Aug.
15
Fairbank,, Morse & Co., COIN (quar.)._ 75e. June 30 Holders of rec. Julie 151
Holders of rec. My 14,1
134 June
Protorrea Maar 1Holders of rec. May 210
200. June
Falr (The). common (monthly)
Holders of rec. June 200
200. July
Common (monthly)
Holders of rec. July 2I6
Common (monthly)
20e. Aug.
Holders of roe July 21a
Preferred (guar.)...
134 Aug.
Holders of rec. Apr. 30
June
Famous Players Can'n Corn., 1st pf.(111.) 2
Fay (J. A.) & Egan Co., pref.(quar.)
134 May 3 May 25 to May 31
Federal Mining dr Smelt., pref. (guar.). 134 June 15 Holders of rec. May 256
200. July 1 Holders of rec. June 18
Federal Motor Truck (quar.)
Stack dividend
e234 July 5 Holders of rec. June 18
Flfth Avenue Bus Securities (guar.) _ _ 16c. July 16 Holders of rec. July 26
June I Holders of rec. May 16
Finance Service Co.(Baltimore). corn._. 4
134 June 1 Holders of rec. May 16
Preferred (guar.)
Holders of rec. June 130
July
2
First Nat. Pictures. 1st pref. (quar.)
11
3174
THE CHRONICLE
Per
When
Cons. Payable.
Books Closed.
Days Inclusive.
[VoL. 124.
Books Closed.
Per
When
Name of Company.
Days Inclusive.
Cent. Payahk.
Miscellaneous (Cont(nued).
Miscellaneous (Continued).
Fisk Rubber, 2d pref. (quar.)
141 June 1 Holders of fee. May 16
Madison Square Garden Co. (quar.)___ 25e. July 15 Holders of rec. July 5
Fitzsimmons dr Connell Dredge & Dock
Quarterly
25e. Oct. 15 Holders of rec. Oct. 5
(quar.)
.5500. June 1 *Holders of roe. May 20
Mahoning Investment (quar.)
$1
June 1 Holders of rec. May 26
Foote Bros. Gear & Mach..com.(qu.)
30e. July 1 June 21 to June 30
Mandel Brothers, Inc.(No. 1)(quar.)_
6214c July 1 Holders of rec. June la
Common (quar.)
300. Oct. 1 Sept. 21 to Sept.30
Manhattan Shirt, corn. (quar.)
3714c June I Holders of rec. May 16a
Common (quar.)
300 Jan1'28 Dee. 21 to Dec. 30
Marmon Motor Car, corn.(quar.)
Si
June I Holders of rec. May 16a
Preferred (quar.)
131 July 1 June 21 to June 30
Martin-Parry Corp. (guar.)
500. June 1 Holders of roe. May 16a
Preferred (quan)
131 Oct. 1 Sept.21 to Sept.30
Marvel Carburetor Co
80e. July 1 Holders of roe .June 20
Preferred (quar.)
131 Jan 1'28 Dec 21 to Dee. 30
May Department Stores, corn.(quar.)
$1
June 1 Holders of rec. May 16a
Ford Motor Co. of Canada
$15 May 28 Holders of res. May 216
Common (quar.)
$1
Sept. 1 Holders of rec. Aug. 15a
Forhan Company, corn. (quar.)
25e. July 1 Holders of rec. June 15a Maytag Company (quar.)
50e.
June
1 Holders of roe. May 14a
Class A (quar.)
400. July 1 Holders of rec. June 15a
Extra
25e. June 1 Holders of rec. May 140
Formica Insulation (quar.)
250. July 1 Holders of rec. June 15
McCahan (W.J )Sugar Refining &
Quarterly
25e. Oct. 1 Holders of rec. Sept. 15
Molasses Co., pref.(quar.)
131 June I Holders of rec. May 21a
Quarterly
250. Jan1'28 Holders of rec. Dec. 15
McCrory Stores Corp., class A dc B (qu.) 40c. June I Holders of roe. May 20a
Foundation Co.(quar.)
$1.25 June 15 Holders of rec. June la
Preferred (quar.)
151 Aug. 1 Holders of reo. July 20.
Gamewell Company, common (quar.)_ _ $1.25 June 15 Holders of rec. June 4a
Preferred (quar.)
134 Nov. 1 Holders of roe. Oct. 204
Preferred (quar.)
154 June 1 Holders of rec. May 21a McIntyre Porcupine Mines Man).
25e. June 1 Holders of rec. May 20
General Asphalt, prof. (quar.)
134 June 1 Holders of rec. May 166 McLellan Stores, corn. A and B (quar.). 250. July 1 Holders of roe. June 20
General Box, pref. A and B (quar.)
50e. June 1 Holders of roe. May 20a
Common A and B (quar.)
250. Oct. 1 Holders of roe. Sept.20
General Cigar. pref. (quar.)
1M June 1 Holders of rec. May 290
Common A and B (quer.)
250. Jan 2'28 Holders of roe. Dec. 20
Debenture preferred (quar.)
151 July 1 Holders of rec. June 240 Mengel Company, pref. (quar.)
154 June 1 Holders of rec. May 16
General Motors Corp., common (quar.)_ $2
June 13 Holders of rec. May 21a Mergenthaler Linotype (quar.)
$1.25 June 30 Holders of rec. June 40
Common (extra)
July 5 Holders of rec. May 21a
$2
Extra
25o. June 30 Holders of rec. June 40
Six per cent preferred (quar.)
114 Aug. 1 Holders of rec. July 50 Merrimac Manufacturing. corn.(quer.). 151 June I Holders of roe. Apr. 27
Six per cent debenture stock (guar.)._
114 Aug. I Holders of rec. July 5a Metro-Goldwyn Pictures, pref. (guar.)._
131 June 15 Holders of rec. May 28
Seven per cent debenture stock (quar.) 131 Aug. 1 Holders of rec. July 5a Metropolitan Paving Brick, corn.(quar.) 50c. June
1 May 16 to
May 31
Gillette Safety Razor (quar.)
June 1 Holders of rec. May 2
$1
Preferred (quar.)
154 July 1 June 16 to June 30
Extra
1231c June 1 Holders of rec. May 2
Mid-Continent Petroleum, pref.(quar.). 134 June 1 Holders of rec. May 14a
Glidden Company, pref. (usar.)
131 July 1 Holders of rec. June 16a Miller Rubber, prof. (quar.)
2
June 1 Holders of rec. May 10
Globe Democrat Publishing. pref. (qu.). 131 June I Holders of rec. May 20
Mohawk Mining (qua?.)
$I
June 1 Holders of rec. Apr. 30
Golden Cycle Mining & Reduction
4o June 10 Holders of rec. May 31a Montgomery Ward dr Co., corn.(quar.)_ $1
Aug. 15 Holders of roc. Aug. d4a
Goodrich (B. F.) Co.. corn.(quar.)
June 1 Holders of roe. May 16a
$1
Class A (quar.)
$1.75 July 1 Holders of rec. June 200
Preferred (quar.)
151 July 1 Holders of roe. June 15a
Class A (quar.)
$1.75 Oct. 1 Holders of roe. Sept. 20a
Goodyear Tire & Rubber, prior pref.(qu.) 2
July 1 Holders of rec. June 13a Montreal Cottons, Ltd., corn. (guar.)._
114 June 15 Holders of rec. May 31a
Seven per cent preferred (quar.)
131 July 1 Holders of rec. June la
Preferred (quar.)
131 June 15 Holders of rec. May 310
Gorham Mfg., 1st pf.(aceLaccum.dIv.)- 8831 June 1 Holders of tee. May 16a Motor Wheel Corp.. corn. (quar.)
50e. June 20 Holders of rec. June 10a
Gossard (H. W.) Co., corn. (mthly.)
331-Sc June 1 Holders of rec. May 200 Munsingwear. Inc. (quar.)
750. June 1 Holders of roe. May 17a
Common (monthly)
33 1-3e July 1 Holders of rec. June 200 National Belles Hess Co., pref. (quar.)
$1.75 June 1 Holders of reo. May 200
Gotham Silk Hosiery (quar.)
6234c July 1 Holders of rec. June 15a National Biscuit, corn.(quar.)
81.25 July 15 Holders of rec. June 300
Great Atlantic dr Pacific Tea, corn. (qu.) 60e. June 1 Holders of rec. May 190
Preferred (quar.)
154 May 31 Holders of roe. May 170
131 June 1 Holders of rec. May 19a National Dairy Products, corn
Preferred (quar.)
133 1-3 June 17 Holders of rec. June 7.
Great Northern Paper (guar.)
*75e. June I *Holders of rec. May 20
Nat'l Department Stores. 2d pref. (qu.)
134 June 1 Holders of rec. May 160
Greenfield Tap & Die Corp.,6% pf.(qu.) 114 July 1 Holders of rec. June 15
/National Lead, new corn. (quar.)
154 June 30 Holders of rec. June 106
8% preferred (quar.)
2
Class B corn.(quar.)(No. 11
July 1 Holders of rec. June 15
154 Aug. 1 Holders of rec. July 8a
Guantanamo Sugar, preferred (quer.). _
2
July 1 Holders of rec. June 15a
Seven per cent preferred (quar.)
154 June 15 Holders of rec. May 20a
Guenther Publishing Cu.
National Sugar Refining (quar.)
154 July 1 Holders of rec. June 6
5
Preferred (quar.)
Aug. 20 Holders of rec. Jan. 20s National Surety (quar.)
24 July 1 Holders of rec. June 170
Preferred (quar.)
Nov. 20 Holders of rec. Jan. 200 Nelson (Herman) Corp. (guar.)
30o. July 1 Holders of rec. June 20
Gulf States Steel, corn. (quar.)
114 July 1 Holders of rec. June 15a
Stock dividend
el
July 1 Holders of roe. June 20
First preferred (quar.)
Quarterly
131 July 1 Holders of rec. June 154
30e. Oct. 1 Holders of rect. Sept. 4
First preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 16s
Stock dividend
el
Oct. 1 Holders of roe. Sept. 19
First preferred (guar.)
151 Jan.3'28 Holders of rec. Dee. 150 Neptune Meter. class A common (qu.) 50c. June 15 Holders of rec. June la
Hamilton Bank Note
•5
60. Aug. 15 Holders of roe. Aug I
New Bedford Cordage. com
June 1 *Holders of rec. May 20
Hamilton-Brown Shoe (monthly)
1
June 1 May 24 to May 31
Preferred (quar.)
*$1.75 June 1 *Holders of rec. May 20
Harbison-Walker Refrac.. eo.n ,quar.)_
131 June 1 Holders of rec. May 200 New York Transportation (quar.)
50c. July 15 Holders of rec. July la
Preferred (quar.)
114 July 20 Holders of roe. July 90 North Atlantic Oyster Farms. Cl. A (qu.)
50e. June 1 Holders of rec. May 25a
Hart, Schaffner & Marx. corn. (quar.)
114 May 31 Holders of rec. May 17a North Central Texas 011 (quar.)
150, June 1 Holders of roe. May 10
Hartman Corporation. class A (quar.).. 50e. June I Holders ot roe. May 17a Northern Pipe Line
3
July 1 Holders of rec. June 100
Class B (quar.) In class A stock
(o) June 1 Holders of roe. May I7a Ogilvie Flour Mills (quar.)
151 Juno 1 Holders of rec. May 20a
Hathaway Manufacturing (quar.)
$1.50 June 1 Holders of rec. May 19a Ohio 011 (quar.)
50e. Juno 15 May 15 to June 5
Hayes Wheel, pref.(quar.)
1)4 Junedl1 Called for paym't Junell
Extra
25e. June 15 May 15 to June 5
Hecht Mining (quar.)
25e. June 15 Holders of roe. Mayd15a 011 Well Supply (quar.)
50o. July 1 Holders of roe. June lla
Hibbard. Spencer, Bartlett Co.(monthlY) 300. June 24 Holders of rec. June 17
Omnibus Corporation, pref. (quari_ _ 2
July 1 Holders of rec. June 17a
Higbee Co.. 2d pref. (quar.)
2
June I May 21 to June 1
Orpheum Circuit. corn.(monthly)
I62-3c. June 1 Holders of rec. May 200
Hires (Charles E.). class A (quar.)
50e. June 1 Holders of tee. May 146 Otis Elevator, preferred (qua?.)
134 July 15 Holders of rec. June 300
Hood Rubber ProductsPreferred (qual.)
114 Oct. 15 Holders of rec. Sept. 804
151 June I May 21 to June 1
Preferred (quar.)
Preferred (quar.)
1
Jan15'28 Holders of res. Dee.
Hbrn & Harden of N. Y.. pref. (quar.)_ •1M June I *Holders of rec. May 12
Overman Cushion Tire. Inc.. corn.(WO $1.75 July 1
Household Products (Qum.)
87140 June 1 Holders of rec. May 16a Owens Bottle, common (quar.)
75o. July 1 Holders of rec. June 150
Hudson Motor Car (quar.)
8714c July 1 Holders of rec. June 11
Preferred (quar.)
131 July 1 Holders of roe. June 15a
(w)Illinois Brick (quar.)
60e. July 15 July 3 to July 15
Packard Motor Car, monthly
20e. May 31 Holders of rec. May 14a
Payable In stock
125 June 15 June 5 to June 15
Monthly
20c. June 30 Holders of rec. June 15a
(10)Quarterly
60e. Oct. 15 Oct. 5 to Oct. 16
Monthly
20e. July 30 Holders of rec. July 15a
Illinois Pipe Line
6
June 15 May 17 to June 13
Monthly
20c. Aug. 30 Holders of roe. Aug. 15a
Illinois Wire & Cable (guar.)
50c. July I Holders of rec. June 15a Page-Hershey Tubes, corn. (quar.)
750. July I Holders of rec. June 18
Imperial 011 (quar.)
250. June 1 1May 15 to May 30
131 July 1 Holders of rec. June 18
Preferred (quar.)
Extra
1214c June 1 1May 15 to May 30
Paraffin° Cos., new stock (No. 1)
•75c. June 27 *Holders of rec. June 17
Imperial Royalties (monthly)
134 May 31 Holders of rec. May 25
Paramount Famous Lasky Corp.
Ingersoll-Rand Co.,corn.(quar.)
75o. June 1 Holders of rec. May 90
Common (quar.)
$2
July 1 Holders of roe. June 15a
Common (extra)
El
July I Holders of rec. June 10a Patchogue Plymouth Mills. corn
June 1 Holders of rec. May 18a
$1
k Preferred
*33
July 1 Holders of rec. June 10a Pathe Exchange, Inc., pref. (quar.)
2
June 1 Holders of rec. May 11
Inland Steel, common (guar.)
6231c June 1 Holders of roe. May 130 Peabody Coal. common (monthly)
Sc. June 1 Holders of rec. May 210
131 July 1 Holders of rec. June 15a
Preferred (quar.)
Preferred (monthly)
58c. June 1 Holders of rec. May 2I0
International Cement, common (quer.). $1
June 30 Holders of rec. June ha Pender (David) Grocery, class A (quar.) 8734c June 1 Holders of
rec. May 20
141 June 30 Holders of rec. June Ila Phillips-Jones Corp., corn. (quar.)
Preferred (quar.)
51 June 1 Holders of rec. May 200
Internat. Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 20a Phillips Petroleum (qua?.)
75e. July 1 Holders of rec. June 14a
International Harvester. common (qu.)_
131 July 15 Holders of rec. June 25a Phoenix Hosiery, first pref. (quar.)
131 June 1
Common (payable in common stock). 12
Julya25 Holders of rec. June 25a Pines Winterfront, class A Or B (guar.). 50e. June 1 Holders of rec. May 170
Holders of rec. May 16a
154 June 1 Holders of rec. May 10a Pittsburgh Steel. Preferred (quar.)
Preferred (guar.)
134
June 1 Holders of reo. May 140
International Salt (quar.)
114 July I Holders of rec. June 15a Plymouth 011
*25e. May 31 *Holders of rec. May 23
Internat. Securities Trust A. corn.(quar) 48e. June 1 Holders of rec. May 14
Plymouth Plan Finance Corp. (annual). 6
July 1 Holders of roe. May 31
151 June 1 Holders of rec. May 14
Seven per cent preferred (quar.)
Polar Wave Ice dr Fuel. A (quar.)
6214e. June 1 Holders of roe. May 14a
654% preferred (quar.)
131 June 1 Holders of roe. May 14
Porto Rican Am.Tob., el. A (au.)(No.1) $1.75 July 11 Holders of rec. June 20a
114 June 1 Holders of rec. May 14
Six per cent preferred (quar.)
Prairie Oil & Gas (qua?.)
50e. May 31 Holders of rec. Apr. 30a
International Shoe, pref. (monthly)--- 34 June 1 Holders of rec. May 15
Pressed Steel Car, preferred
154 June 30 Holders of reo. June la
International Silver, corn. (quar.)
131 June 1 Holders of rec. May 13a Procter & Gamble.6% pref.(quar.)
114 June 15 Holders of rec. May 250
(quar.).
Interstate Iron & Steel, common (quar.) $1
July 15 Holders of roe. July 8
Pro-phy-lac-tic Brush. pref. (quar.)-51.50
June 15 Holders of rec. May 3I0
Common (quar.)
$1
Oct. 15 Holders of roe. Oct. 8
Pure Oil, common (quar.)
37510 June 1 Holders of roe. May 10a
Common (qua?.)
Jan.I6'28 Holders of reo. Jan. 928
$1
Common (extra)
12140
June
1 Holders of rec. May 100
Preferred (quar.)
154 June I May 21 to May 31
Purity Bakeries, class A (quar.)
75c. June 1 Holders of rec. May 14a
Jaeger Machine (quar.)
62140. June I Holders of rec. May 20
Class B (quar.)
50e. June 1 Holders of rec. May 14a
Jewel Tea. pref. (quar.)
131 July I Holders of rec. June 17a
Preferred (quar.)
151 June 1 Holders of rec. May 14a
Preferred (acct. aecum. dividends).- 87
July 1 Holders of rec. June 17a Quaker Oats, common (quar.)
31
July 15 Holders of rec. July la
Johnson-Stephens-Shinkle Shoe (quer.).
50e. June I Holders of rec. May 16a
Preferred (quar.)
114 May 31 Holders of rec. May 2
Jones ar Laughlin Steel, corn. (guar.)._
1% June 1 Holders of rec. May 16a
Preferred (quar.)
1% Aug. 31 Holders of rec. Aug. la
Kennecott Copper Coro.(quar.)
$1.25 July I Holders of rec. June XI Q. R. S. Music (monthly)
150. June 15 Holders of rec. June la
2
Kinney (G. It.) Co., pref. (qua?.)
June 1 Holders of rec. May 21a
Monthly
•15c. July 15 *Holders of roe. July 1
Kirby Lumber, common (qua?.)
Hi June 10 Holders of roe. May 31
Reld Ice Cream Corp., Prof. (Quar.)151 June
Holders of rec. May 20
151 Sept. 10 Holders of rec. Aug. 31
Common (quar.)
Reliance Manufacturing. Pref. (quari-131 July
Holders of rec. June 20a
154 Dec. 10 Holders of rec. Nov. 30
Common (quar.)
Remington Typewriter, corn. (guar.).
$1.25 July
Holders of rec. June 15
Knox Hat, Inc., prior pref. (guar.)
$1.75 J1119 1 Holders of roe. June 15
First preferred (quar.)
151 July
Holders of rec. June 15
$1.75 Oct
1 Holders of tee. Sept. 16
Prior preferred (guar.)
Second preferred (quar.)
2
July
Holders of roe. Juno 15
$3.50 Aug. 1 Holders of roe. July 16
Second preferred
Republic Iron & Steel, corn, (:Mar./- $1
June
Holders of roe. May 140
30c. June 30 Holders of roe. June lla
Kresge (S. S.) Co., corn.(War.)
Preferred (quar.)
131 July
Holders of rec. June 140
151 June 30 Holders of rec. June Ila Royalite 011 Co
Preferred (quar.)
*40.3. June
*Holders of rec. May 14
Kroger Grocery & Baking, corn. (quar.)_ 50e. June 1 Holders of rec. May 16a St. Joseph Lead (quar.)
50o. June 20 June 10 to June 20
June 1 Holders of roe. May 160
Common (payable in common stock)_ _ 15
Extra
25e. June 20 June 10 to Arne 20
July 1 Holders of rec. June 24a
Kuppenhelmer (B.) rfc Co., Inc., com
$1
Quarterly
50e. Sept. 20 Sept. 10 to Sept. 20
151 June 1 Holders of rec. May 24a
Extra
Preferred (quar.)
25e. Sept.20 Sept. 10 to Sept.20
June I Holders of roe. May 2Ia
Lake of the Woods Milling, corn.(qu.)- 3
Quarterly
50c. Dee. 20 Dec. 10 to Dec. 20
13( June 1 Holders of roe. May 21a
Preferred (quar.)
Extra
25o. Dee. 20 Dec. 10 to Dec. 20
Lanston Monotype Machine (quer.).
134 May 31 Holders of roe. May 21a Savage Arms, common (quar.)
51
June 1 Holders of roe. May lea
Lehigh Coal & Navigation (quar.)
May 31 Holders of rec. Apr. 300
$1
First preferred (altar.)
•134 July 1 *Holders of rec. June 15
Extra
250. May 31 Holders of rec. Apr. 30a
Second preferred (quar.)
•134 Aug. 15 *Holders of rec. Aug. 1
May
160 Schulte Retail Stores, common (quar.). 873.4e June 1 Holders of rec. May 15a
Lehn &Fink (quar.)
75e. June 1 Holders of rec.
Libby, McNeil & Libby, preferred
314 July 1 Holders of rec. June 17a
Common (quar.)
8734c Sept. 1 Holders of roe Aug. 15a
Libby-Owens Sheet Glass, common (au.) 50c. June 1 Holders of rec. May 21a
Common (quar.)
8714c Dec. 1 Holders of ree. Nov 150
Preferred (quar.)
131 June 1 Holders of rec. May 21a
Preferred (quar.)
*2
July I *Holders of rec. June 15
Liggett&M yers Tob.,com. & com.B(q11.) 75c. June 1 Holders of roe. May 16a Sheffield Steel (quay.)
50c. July 1 Holders of roe. June 20
Lima Locomotive Works, corn.(quar.)
June 1 Holders of roe. May I40 Shell Union 011, corn. (quar.)
$1
35c. Juno 30 Holders of rec. June 2a
Loblaw Groceterlas, common (quar.) - - 25c. June 1 May 19 to May 31
Sherwin-Williams Co.. pref. (quar.)- 131 June 1 Holders of roe. May 140
Prior preferred (quar.)
May 31
131 June 1 May 19 to
Shippers Car Line Corp., claw A (quar.)
50c. May 31 Holders of rec. May 20
Loew's, Incorporated (quar.)
50c. June 30 Holders of rec. June 17a
Preferred (quar.)
$1.75 May 31 Holders of roe. May 20
Loose-Wiles BiscuitShubert Theatre Corp., common (quar.) $1.25 June 15 Ilolders of rec. June la
Old corn.(one share of new no par corn) 25 July 1 Holders of roe. June xis simon (Franklin) Co., pref. (quar.)-31 June I Holders of rec. May 180
New no par common (quar)(No. 1)_ _ 40e. Aug. 1 Holders of rec. July la Skelly Oil Co. (quar.)
50o. June 15 Holders of roe. May 160
Lord & Taylor. common (quar.)
231 July 1 Holders of roe. June 17a Sloss-Sheffield Steel & Iron, corn.(au.)_ _
134 June 20 holders of rec. Juno 10a
First preferred (quar.)
114 June 1 Holders of roe. May 170
Preferred (quar.)
131 July 1 Holders of rec. June 200
Ludlow Mfg. Associates (quar.)
$2.50 June 1 Holders of rec. May 4
Solar Refining
5
June 20 June 1 to June 10
Name of Company.
MAY 28 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Spalding (A. G.)& Bros., first prof.(qu.) 15( June 1 Holders of rec. May 14a
Second preferred (guar.)
June 1 Holders of rec. May 14
2
Spear & Co., pref. & 2d pref.(guar.)
151 June 1 Holders of rec. May 16a
Standard 011 (California) (Uttar.)
62340 June 15 Holders of rec. May 16s
Standard 011 (Indiana) (guar.)
62590 June 15 Holders of rec. May 16a
Extra
25o. June 15 Holders of tee. May 16a
Standard 011 (Neb.) (guar.)
62c. June 20 May 29 to June 30
Standard 011(N.J.). corn., par $100(qu.) 1
June 15 Holders of rec. May 26
50c. June 15 Holders of rec. May 26
Common (Par $100) (extra)
Common ($25 par) (guar.)
25c. June 16 Holders of rec. May 26
Common ($25 Par) (guar.)
12340 June 15 Holders of rec. May 26
Standard 011 of N.Y.(guar.)
40o. June 15 Holders of rec. May 27a
Standard Oil (Ohio), common (quar.)_
6214c July 1 Holders of rec. May 276
Preferred (guar.)
15( June 1 Holders of rec. Apr. 29
5thx-Baer-Fuller Co.(guar.)
87590 June dl May 16 to May 19
Studebaker Corp.. corn. (quar.)
$1.25 June 1 Holders of rec. May 100
Preferred (guar.)
15( June 1 Holders of rec. May 10a
Sun 011 (guar.)
25c. June 15 Holders of rec. May 250
Swan dc Finch Oil Corp., pref. (guar.)._
15( June 1 Holders of rec. May 100
Taunton & New Bedford Copper (guar.) 2
May 31 Holders of rec. May 12
Tennessee Copper Sc Chem.(guar.)
1259c. June 15 Holders of rec. May 31a
Texas Corporation (guar.)
75e. July 1 Holders of roe. June 3a
Texas Gulf Sulphur (guar.)
$1
June 15 Holders of rec. June la
Thompson (John rt.) co.(monthly).--- 300. June 1 Holders of rec. May 23a
Thompson Products, common (guar.).- $3
July 1 Holders of rec. June 200
Preferred (guar.)
134 June I Holders of rec. May 210
Timken-Detroit Axle. pref. (guar.)
May 31
134 June 1 May 21 to
Timken Roller Bearing (guar.)
$1
June 4 Holders of rec. May 180
Extra
250. June 4 Holders of rec. May 18a
Truscon Steel, pref. (guar.)
15( June 1 Holders of rec. May 21a
'rubble Artificial Silk, cemreon (guar.)_ $2.50 July 1
Tuckett Tobacco, corn. (guar.)
1
July 15 Holders of rec. June 30a
Preferred (guar.)
154 July 15 Holders of rec. June 30a
Ulen & Company,8% preferred
July 1 Holders of tee. June 20
4
734% preferred
354 July 1 Holders of rec. June 20
Underwood Comput. Mach., pref. (got.) 15( July 1 Holders of rec. June 220
Underwood Typewriter,common (go.). _ $1
July 1 Holders of rec. June 40
Common (guar.)
Oct. 1 Holders of rec. Sept. 3a
81
Preferred (guar.)
15( July 1 Holders of rec. June 4a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 3a
Union Mills, corn. (guar.)
50c. June 1 Holders of rec. May 20a
Preferred (guar.)
$1.60 June 1 Holders of rec. May 200
Union Storage (guar.)
62340 Aug. 10 Holders of roe. Aug. la
Quarterly
62590 Nov. 10 Holders of rec. Nov. is
Union Tank Co. (guar.)
$1.25 June 1 Holders of rec. May 16a
United Biscuit, class A (guar.)
$1
June 1 May 11 to
May 18
United Cigar Stores, corn.(quar.)
50e. June 30 Holders of rec. June 10
Common (payable in common stock)._ ./154 June 30 Holders of rec. June 100
United Drug, corn.(guar.)
254 J1112e
Holders of rec. May 160
First pref. (guar.)
154 Aug. 1 Holders of rec. July 150
United Fruit(guar.)
$1
July 1 Holders of rec. June 40
U.S.Cast Iron Pipe & Fdy corn.(qu.). 234 June 15 Holders of rec. June la
Common (guar.)
234 Sept. 15 Holders of rec. Sept. la
Common (guar.)
234 Dee. 15 Holders of tee. Dee. la
Preferred (guar.)
154 June 16 Holders of tee. June la
Preferred (guar.)
15( Sept. 16 Holders of rec. Sept. la
Preferred (guar.)
154 Dec. lb Holders of rec. Dec. la
U.S.Dairy Products, 1st pref.(gust.)
81.60 June 1 Holders of rec. May 20a
Second preferred (guar.)
$2
June 1 Holders of rec. May 200
U.S. Gypsum. corn.(guar.)
40c June 30 June 16 to June 30
Preferred (guar.)
154 June 30 June 16 to June 30
U.S. Hoffman Machinery (guar.)
11
June 1 Holders of roe. May 20a
U.S. Realty & Development (quar.)._.. $1
June 15 Holders of rec. May 250
United States Steel Corp.
Common(payable in common stock)
90
June 1 Holders of rec.May(n)2a
Common (quar.)
154 June 29 Holders of rec. June 7a
Preferred (guar.)
13( May 28 Holders of tee. May 26
Universal Pipe & Radiator, corn. (guar.) •500. July 1 *Holders of rec. June 15
Common (extra)
•25e. July 1 *Holders of rec. June 16
Preferred (guar.)
154 Aug. 1 Holders of roe. July 15a
Preferred (guar.)
15( Nov. 1 Holders of rec. Oct. 16a
Vacuum 011 (guar.)
5003 June 20 Holders of rec. May 31
Extra
500. June 20 Holders of rec. May 31
Valvoline 011. corn.(quar.1
134 June 17 Holders of rec. June 100
Preferred (guar.)
2
July 1 Holders of rec. June 200
Van Raalte Co., first pref.(guar.)
15( June 1 Holders of tee. May 18a
Vesta Battery Corp. preferred (guar.).15( June 1 Holders of rec. May 216
Viau Biscuit Corp.,
'
Ltd., 1st pt.(qua. 15( June 1 Holders of too. May 25
Virginia-Carolina Chem., prior pf.(qu.)_
134 June 1 Holders of roe. May 170
Virginia Iron, Coal & Coke, preferred.
234 July 1 Holders of rec. June 15a
VulcanDetinning. preferred (gear.).
154 July 20 Holders of rec. July 90
Preferred (account accumulated diva.) 2
July 20 Holders of rec. July 9a
Preferred A (guar.)
154 July 20 Holders of rec. July 90
Wabasso Cotton, Ltd. (guar.)
El
July 2 Holders of rec. June 15
Bonus
500 July 2 Holders of rec. June 15
Waldorf System, corn. (guar.)
37590 July
Holders of rec. June 20a
Preferred (guar.)
20o July
Holders of roe. June 20
Warnsutta Mills(guar.)
1
June 1 Holders of rec. May 150
Ward Baking Corp.. corn. cl. A (guar.).- $2
July
Holders of rec. June 15a
Preferred (quar.)
154 July
Holders of rec. June 15a
Wayagamact Pulp & Paper (guar.).- 750. June
Holders of tee. May 16
Weber & Helibroner. pref. (guar.)
15( June
Holders of tee. May No
Welch Grape Juice, corn.(guar.)
250. May 3 Holders of rec. May 20
Preferred (guar.)
15( May 3 Holders of rec. May 20
Oil
&
Snowdrift. pref.(guar.)... 81.75 June
Wesson
Holders of rec. May 16a
White(J. G.)Engineering Corp..pf.(qua
15( June
Holders of rec. May 15
White (J. G.) Managl Corp., Pref.(gu.) 154 June
Holders of roe. May 15
White (.1. G.) Co-, preferred (guar.)._
159 June
Holders of tee. May 15
White Motor (guar.)
$1
June 30 Holders of rec. June 15a
Wire Wheel Corporation, preferred
83.50 July
Holders of rec. June 20
Woolworth (F. W.) Co.(guar.)
81.25 June
Holders of tee. Apr. 28a
Wright Aeronautical Corp. (guar.)
250. May 3 Holders of rec. May 16a
Wrigley (Wm.) Jr. & Co.(monthly).- 250. June
Holders of rec. May 20a
Month',
250. July
Holders of tee. June 200
Yale & Towne Mfg. (guar.)
$1
July
Holders of rec. June 10
* From unofficial women t The New York Stock Exchange nu ruled that
will not be quoted ax-dividend on this date and not until further notice. Istock
The
Nor York Curb Market Association has ruled that stock will not be
quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e
in stock.
f Payable In common stock. •Payable in scrip. h On accountPayable
of accumulated
dividends. es Payable in preferred stock.
Cushman & Sons sorunion stuck dividend Is Payable In $8 preferred
stock on the
valuation of 8100 for preferred stock
I Declared at meeting on May 19.
k Erroneously reported last week as common stocks.
I Payable to holders of coupon No. 10.
n N. Y. Stock Exchange rules that U. S. Steel, common, be ex the
40% stock
dividend on June 1.
o Subject to approval of stockholders.
p Subject to ratification.
g Called for redemption June 30 at 11110.
r Payable either in cash or class A stock at rate of 4-100 of a share of class A
stock
for each share of $6 pref. and 4 33-100% class A stock for each share of 36.50 Prof.
s N. Y. Chicago & St. Louis dividend is 1 7-10 shares of Chesapeake Corp. stock.
subject to approval of Inter-State Commerce Commission.
t North American Co. dividend is payable in stock at rate of 14.0 of a share of
Common stock for each share held.
u Called for redemption June 1 1927 at $110 per share.
o Called for redemption July 1.
W payable also on Increased capital.
o New York Stock Exchange rules ex-dividend on July I.
y Subject to approval of Inter-State Commerce Commission.
z Payable in cash or class A stock at rate of one-fortieth share of class A for each
share held and on class 13 stock one-fortieth of a share of class B for each share held. ,
(1)Dividend is ten pence per share. All transfers received in order in London
on or before June 8 will be in time for payment of dividend to transferees.
3175
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 21. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of dollars-that is, three ciphers (000) erattged.)
New
Capital. Profits Loans,
R
Week Ending
Discount, Cash
with
Net
Tints Bast
May 21 1927, Nat'l, Mar.23 Investin
Legal Demand
De- MirState, Mar.23 ments. Vault. Depot Deposits. posits. largos
(000 omitted.) Tr.Cos.Mar.23
c4c.
tortes.
Members of Fed. Res.Bank.
Bank of N Y &
$
Trust Co_ ___ 6.000
50000 12,401
Bk of ManhaVn 10.7
16,204
Bank of Americ
6,500 5,412
National City- 75,000 68,126
Chemical Nat__ 5.000 18,91
Nat Bk of Com_ 25,000 42,88
ChatPh NB &T 13,600 13,65
Hanover Nat- 5.000 26,81
Corn Exchange_ 11,000 16.550
National Park-- 10.000 24,98
Bowery &E Ft_ 3,000 3,63
First National_ 10,000 77,69
Am Ex Irving T 32,000 29.17
Contthental____ 1,000 1,28
Chase National_ 40,000 38,76
Fifth Avenue__
500 3.21
Commonwealth. 1,
2.50
Garfield Nat'l__ 1,000 1,887
Seaboard Nat'l_ 6,000 11,445
Bankers Trust_ 20,000 38,945
US Mtge & Tr. 3,000 5,053
Guaranty T
30,000 31,854
Fidelity Trust__ 4,000 3,285
New York T
10,000 22,550
Farmers L &
10,000 20.260
Equitable True 30,000 23.927
Average. Averag. Averag
$
$
$
74,926
475 7,155
170,650 3,051 18,185
89,582 1,09 11,369
821,548 3,928 80,174
138,009 1,210
,
372,985
463 43,778
221,520 2,581 23,512
140,923 1,955 16,557
212,653 5,025 25,627
158,735
80. 15,70
71,638 1.936 7.695
313,690
563 24,788
440,674 3.806 52,404
8,141
127
849
613,471 6,703 73,750
27,439
718 3,406
15,870
461 1,328
17,350
469 2,700
121,599
767 15,998
340,961
827 35,762
60,428
739 7,171
448,370 1,304 48.416
42,865
649 5,031
167,412
581 17,650
145,539 ' 545 14,855
275,925 1,670 29,022
Total of average:1369,700557,4795,520,90
Average. Aver
g
$
52,820 8,534
131,218 26.851
.
4,032
'812,339173,426
121,606 3.044
332,034 19,280
167,498 45,060
127.032 2.81
180,879 31,365
120,202 7.43
53,021 21,624
184,857 25,508
393,708 38,483
5,931
410
*570,628 46,122
27,005
j
9,052 4,496
16,963
68
122,54
2,7
.304,950 39,7
54,144 8,479
*423,998 51,875
37,637 4.048
128,381 26,675
•111,037 21,419
.314,008 27,614
ANS.
11
__ _
96
347
8,144
4,711
2,976
6,521
2,484
48
42,461 598,935 c4,420.144639,75223,307
Totals, actual orindition May 21 5,534,253 43.736 572,425 c4,425,231642,054 23,459
Totals, actual coludition May 14 5,488,152 44,328623,236c4,354,213635,050 23,315
Totals, actual condition May 75,540,729 45.134562,708c4.390,484 619,226 13,286
State Banks Not Me mbers of Fed4 Res've Bank.
State Bank_ --.1 5,000 5,817 107,624 4,849 2.321
Colonial Bank_ 1.400 3,270
36,213 3,739 1,840
39,142 63,515
30,657 6,063 .._
Total of mem
6.400
9,088
143,837
8,588
4,161
69.799 69,578
Totals. actual condition May 21 143,434
Totals, actual o ndttion May 14 146,258
Totals, actual co naltion May 7 143,099
8,685
8,480
8.705
4,243
4,874
4,592
89,591 69,587
72,710 69.550
69,644 69.568
Trust Comps° les NotMembers of Fed'1Re," e Bank
Title Guar &
10.000 20,237
68,097 1.810 4,211
Lawyers Trust_ 3,000 3.463
24,095
979 2,011
40,032
19,300
____
1,212
1,054
Totalofaoeragesfii.000 23,701
90,192
2,789
6,222
59,332
2,266
Totals, actual 00jion May 21
Totals, actual condition May 14
Totals, actual co ndition May 7
90,778
89,856
91,533
2,740
2,676
2.832
6,377
6,476
6.385
59.805
59.982
60.614
2,362
2,209
2,148
Geri aggr., aogs.389.100 590,2695,754.932 53.838609,318 4,549,275711,596 23,307
Comparison wl h prey.week _ _ +14.729-1.913+6.599 +45.404
+14438[_±
Ged aggr., act' cond'n May 21 5,768,465 55.161583,045 4,554.627714,00323,459
Comparison wi 11 prey.week _ - +44,19 -323-51,541 +67,722 +7.1
+144
Gr'd
Gr'd
or'd
Gr'd
Gr'd
fled
aggr., act' cond'n
aggr., acticond'n
aggr., actl cond'n
aggr.. act'lcond'n
aggr., aelcond'n
seer.. actlicond'n
May 145,724,266
May 75.775,161
Apr. 805,769,701
Apr. 235,657,848
Apr. 165,636,263
Apr. 95,647.595
55,484634,586
66,671 573.685
54.460613.617
53,764616,949
51,228593,577
55.027660.561
4,486,905706,80923,315
4,520,742690,94223,288
4.592.341691,132 23,187
4,476,650701,032 23,188
4,456,592711.690 23,338
4.429.489682.468 23.364
Note.-U. B. deposits deducted from net demand deposits in the general total
above were as follows: Average total May 21, $25,633,000. Actual totals, May 21,
323,703,000; May 14. 829,299.000: May 7, 833,717.000; April 30. $43,026.000:
April 23.$43,392,000; April 16,849,762,000. Bills payable, rediscounts. acceptances
and other liabilities, average for week May 21, 3652,373,000; May 14, 8889.822.000:
May 7, 8665.761.000; April 30, $636.518,000; April 23, 8616,046,000: Apr. 16,
8648,947,000. Actual totals May 21, $634,280,000; May 14, $712,175,000; May 7.
$691.596,000; April 30,8655,976.000; April 23.5659.792,000; April 16, $619,584,000.
'Includes deposits in foreign branches not included In total footings, as follows:
National City Bank, $247,428,000; Chase National Bank, $12,214,000; Bankers
Trust Co.. 539,188,000: Guaranty Trust Co., $70,521.000; Farmers' Loan & Trust
Co.. 32.660.000: Equitable Trust Co., $97.458,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Banks.$41,755.000:
Chase National Bank, $2,127.000; Bankers Trust Co.. $2.153.000: Guaranty Trues
Co.. 54,218,000; Farmers' Loan & Trust Co., $2,660,000; Equitable Trust Co..
89,940,000.
c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND rattErr COMPANIES.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank_
State banks.
Trust companies_ ___
Total
Total
Total
Total
Reserve
in
Depositaries
I
Total
Reserve.
b
Reserve I Surplus
Required.
$
598,935,000 598,935,000 593.811,280
4,161,000 12,749.000 12,563.820
6,222.000 9.011,000 8,899,800
5,123.720
185.180
111,200
May 21_ _ _ 11,377,000 609,318,000 620,695,000 615.274,900
May 14-- 11,408.000 602,719.000 614.127.000 809.008.170
May 7___ 11,224.000 606.520,000 617,744.000 816.016.440
April 30.___ 11.023.000 804,884,000 815,892,000 611,083.760
5.420.100
5.118.830
1,727.560
4.808,240
8,588,000
2,789,000
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank.
Includes also amount of reserve required on net time deposits, which was as follows:
May 21, $19,192,560; May 14, 818,763.410; May 7, 518,642,510; Apr. 30, 118.684.600: Apr, 23. 818,902,910; Apr. 16. $18,787,530.
Actual Figures.
Kamm
case
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_ _ _ _
State banks.
Trust companies_ __ _
Total
Total
Total
Total
May 21_ _ _ _
May 14_-_
May 7---Anril 30____
[Dor,. 124.
THE CHRONICLE
3176
$
8.685,000
2,740,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
s
$
$
$
572,425.000572,425,000 594,541,650 -22,116,650
401,620
4,243,000 12,928,000 12,526,380
146,250
6,377,000 9,117,000 8,970,750
11,425,000 583,045,000 594,470,000 616,038,780 -21,568.780
11.156,000 634,586,000 645.742,000 807,184,290 38,557,710
11,537,000573,685,000 585,222.000 610,987,720 -25,745,720
11.1M000 R12 5570110 524 772 nnn 52n 222 510 4.440.300
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
May 21, 119,261,620; May 14. 819,051,500; May 7, 518,576,780; Apr. 30, 318,583.260; Apr. 23, 318,877,440; Apr. 16, $19,199,670.
BOSTON CLEARING HOUSE MEMBERS
May 25
1927.
May 11
1927.
May 18
1927
Changes from
Previous Week.
s
5
$
$
71,900,000
71,900,000
71,900,000 Unehanged
Capital
96.062,000
96,062.000
96,062,000 Unchanged
Surplus and profits__ _
Loans, disc'ts & invest_ 1,015,921,000 Dec. 2,764,000 1,018,685,000 1.011.974,000
Individual deposits-. 666,372,000 Dec. 5,818,000 672,190,000 666,628,000
140,533.000 Dec. 11,776,006 152,309,000 154,673,000
Due to banks
236.098,000 Inc. 1,651,000 234,447,000 234.717.000
Time deposits
13.639,000
11,207,000
9,699,000 Dec. 1,508,000
United States deposits_
37,241,000
33,784,000
29,587,000 Dec. 4,197,000
Exchanges for Cl'g H'se
88,032,000
80.435,000
83,393,000 Dec. 4,639,000
Due from other banks_
80.065,000
80,162,000
79,672,000 Dec. 490,000
Res've in legal deposles
9,438,000
9,249,000
305,000
8,944,000 Dec.
Cash In bank
19.000
305.000
236.000
541.000 Inc.
Res've excess in F R Bk
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House.-The State Banking Department reports weekly
comparative figures
figures showing the condition of State banks and trust com- return for the week ending May 21, with
below. Reserve
given
is
preceding,
weeks
for
two
the
follows:
as
panies in New York City not in the Clearing House
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differences from is not a part of legal reserve. For trust companies not
May 21.
Previous Week.
Reserve System the reserve required
$1,326,276,600 Inc. 34,839,700 members of the Federal
Loans and investments
113,200 is 10% on demand deposits and includes "Reserve with
5,191,700 Dec.
Gold
25.377,200 Dec. 2,816,600
Currency notes
110,944,900 Inc. 3,876,290 legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
1,381,280,100 Inc. 7,940,900
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City exchange, and U.S.deposits_1,300,186,000 Inc. 8.410,000
844,400
184,412,000 Inc.
Reserve in deposits
Percentage of reserves. 20.6%.
RESERVE.
- -Trust Companies-state Banks
898,025,200 15.23%
543,488,600 17.51%
Cash in vault*
4.65%
29.954,900
5.21%
12,943,300
Deposits in banks and trust cos
$56,431,900 22.72%
Total
$127,980,100
19.88%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on May 21 was $110,944,900.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedIan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar 25
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Reserve in
Depositaries.
Total Cash
in Vaults.
Loans and
IntgestmealS.
Demand
Deposits.
$
6,755,555,500
6.710,870,100
6.728,899,400
6,670.129,400
6.657,735,000
6.682.585,900
6.770,284.900
6.769,161.600
6,932.195,300
8.947,733,100
6,054,724.700
6,981,549,800
6.921.592,500
6.938.221.200
6,997,642.400
7,073,334,000
7,061,639,900
7 081 000 50(1
$
5.801,064.500
5,714,684.400
5,721,854,900
5,642,353,800
5.545,046.000
5,549.193.800
5,645,318,300
5.635.476.400
5.793,224.500
5,788,391,100
5,799,657,600
5.757,598.200
5,691.228,400
5.748,649.000
5,795.187.800
5,841,843,700
5.795,647.000
A 040 451 Ann
$
81,093,000
85.754,700
83,192,800
56,676,800
84,366.800
86.470,300
83.732,500
83.956,400
82.581,000
82.657.800
83,196,200
83,475,800
83,546,900
83.285.000
83.996,400
82,302.800
89 252.700
84400.000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers MO]omitted.)
Week Ending
May 21 1927.
Members of
Fed'I Res've Bank.
Grace Nat'l Bank_ _
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Wks.
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech. Tr., Bayonne
1,940
4001
1,060
500
693
Gr'd
Gr'd
Gr'd
Gr'd
aggr., May 14
aggr., May 7
aggr., Apr. 30
aggr., Apr. 23
1.900
1,900
1.900
1.900,
68,818,0
9,704,0
78.528,0
68,431,0
10.091.0
1,387.0
5,342,0
4,105,0
1.237.0
55,225,0
172.727,0
983,752,0
40,180,0
106,032,0
141,897,0
656,111,0
153,375,0
951,383,0
3,955,0
68,818,0
11,091,0
83.864,0
72,536,0
11.398.0
May 7
1927
$55,225,0
172,727.0
988,428,0
34,818,0
101,671.0
140,947,0
651,075,0
156,157,0
948,179,0
3,721.0
68,674.0
11,354,0
83,749,0
73,006,0
10.743.0
$55,225,0
172,727,0
986,843.0
38,745,0
101,218,0
138,370,0
655,851.0
156,503.0
950.457,0
4,103.0
70,494.0
10,864,0
85.461,0
73,412,0
12.049,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the.close of business May 25 1927 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp fund with U. R. Treasury
397,027,000
9,085.000
387,095.000
10,782.000
368,362,000
11,408,000
fluid held exclosively atut F. R. notes_
Gold settlement fund with F. R. Board__
(mid and gold eertificates held by bank__
406,112,000
170,122,000
502,240,000
397,877,000
222,610,000
484,369,000
379,770,000
246.805,000
387,555,000
royal gold reserves
Reserves other than gold
1,078,474,000 1,104,856,000 1,014,130,000
43,868,000
33,834,000
33,966,000
rota! reserves.
Non-reserve rash
Bills discounted-Secured by IT. S Govt.. onligationS
Other hills discounted ..
1,112,308,000 1,138,822,000 1,057,998,000
14,183,000
14,919,000
14,592,000
61,577,000
31.588,000
76,322,000
42,052.000
74,078,000
30,414,000
.
Total buds Miscounted
Bills bought in open snorkel
P. ri. Government securttleBonds
Treasury notes
Certilleatea of tortehtednevit
93,165,000
74,423,000
118,374,000
59,675.000
104,492,000
65,392,000
19,235,000
16,067.000
29,009,000
8,709,000
12.937,000
19,463,000
11,762,000
39,532,000
24,802,000
Total 11.8. flovernment securities..
Foreign loans on WWII
64,311,000
41,109,000
76,096,000
2,028,000
Total bills and securities See Mtge)
231.799,000
219,158.000
248,008,000
hell abraad
IJue
o•toe I. 0 to•MV :UP NOM)
Uncollerred Item A
Batik premise._
All other resitiorves........
16,495,000
660,000
171,728.000
16,276,000
3,328,000
16,495.000
660,000
194,111.000
16,276,000
2,880,000
679,000
147,746,000
16,715,000
5,790,000
Cash
in
Vault.
4,194
5,821
1,335'
-77
1,854 219,950
+276
+91
13.328
+44
1,412
1,322
1,356
1,311i
1,763
1,785
1,817
1.723
19,674
18,846
18,580
17,872
13,284
13.335
13,273
13.043
9,602
320
3.60335,770
+419
5,351
3,693
4,381
3,693
3,693 34,049
3,693, 33,586
210
a United States deposits deducted, $18,000.
Bill, payable. rediscounts. acceptances and other liabilities, $2,699,000. De kit
In reserve, $36,210 decrease.
5,000,0
17,849,0
48,763,0
417,0
17,0
989,0
26,011,0
2,434,0
29,434.0
3.955,0
May 14
1927.
•Cash in vault not counted as reserve for Federal Reserve members.
Touh liablittlea
1,900
Gr'd aggr., May 21
Comparison with prey, week
$50,225.0
154.878,0
936,989,0
39,763,0
106,015,0
140,908,0
630,100,0
150,941,0
921,949,0
1927
Total.
Reserve
Total remeirves
I
1,566,780,000 1.603,321.000 1,491,528,000
Net
Net
with
Legal Demand Time
tars
,
Deposi- Deposits.Deposits.
Fell Reserve notes lu arlual etreulation 402,360,000 400,476,000 392,001,000
tortes.
I Deposits-Member hank re4e-ve ane't
883,030,000 903.980,000 862,475,000
2,303,000
tioverumetut
3,954,000
7.327.000
1,281,000
Foreign hank (gee .Voun
2,423,000
1,855,000
Average. Average AverageJ .4 veraye.
Other
10,063,000
20,988,000
21,246,000
dalnAta
$
$
$
3,942
7,883
1,184
14,859
65
1
910,393,000 934.408.000 876,122,000
TWA/deposits
, Dc'erred avallatillIty Items.
150,109,000 164,636,000 124,771.000
35,292,000
1 Ottani paid In
38.767,000
38,745,000
59,964,000
61,614,000
61,614.000
Surplus
1
3,565
7,873
11,309
950 . 460
All 10tier liabilities
3,378.000
3,537,000
3.442,000
Loans,
DisNet
counts,
Profits. Investments,
rte.
1,000
Capital
Surplus and profits
Loans, disc'ts de investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits_
Reserve with F. R.Bank
Cash in vaults
Total reserve & cash held
Reserve required
Excess res. & cash in vault_
Trust
Membersof
F.R.Systent Companies
May 25 1927. May 18 1927. May 26 1926.
5
746,207,200
731,499,000
731,203,500
721.361.700
728,327.800
715.260,100
732,128,700
731,343,200
757,650.300
751.432,100
755.811,600
750.173,400
745.625.300
743.109.500
752.031,000
753.215,800
75 t.785.9011
763.161.100
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
CLEARING
NON-MEMBERS Capital.
Week Ended May 21 1927.
Two Ciphers (00)
omitted.
1,566,780,000 1,603,321,000 1,491,528.000
Ratio of total reserves to deposit And
33.4%
Fedi Ites•ve onto liabilities rotoblned
85.3%
84.7%
ute,•,,,,:ent IlahllIty on Woo nuteha.et)
for foreign correspondence
16,011.000
43,295.000
44,758,000
NoT18.-litiginnitig with the statement of Oct 7 1925. tieu sew items were adtiet
0 order to show separately the amount of balanees neld ahroad aud ,tuoulite due 1,
pie
foreign correepundeute. In addition, the caption, "Ail other earning assets, PS
°
svimiety made of Federal Intermediate credit bank debentures. was changed to -Lama
eruritien"and the caption -Total earning assets" to "l'otal Mile and aeouri ties
The!htter term was adopted ati a more accurate description of the total of the Mt
•
may. tirairtitaticea alai aeouritleAcquired under the provtplons of election. IS and'
of the i•ovii. kr..v. Art a 14.1 II Say atateo , are the onl) items included therein.
MAY 28 1927.]
THE CHRONICLE
3177
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 25 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3142 being the first item in our department of "Current Events and Discussions."
comatNED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 23 1927.
May 25 1927. May 18 1927. May 11 1927. May 4 1927. Apr. 27 1927. Apr. 20 1927. Apr. 13 1927. April 6 1927. May 26 1926.
RESOURCES.
S
$
$
$
5
$
$
5
5
Gold with Federal Reserve agents _.
... 1,651,246,000 1.637,863,000 1,631,543,000 1,571,158,000 1.628,235,000 1,658,165,000 1.628,860.000 1.630,855.000 1,455,119,000
Gold redemption fund with U. S. Treas.
47,130.000
50.294,000
49,235.000
50,456,000
40,618,000
51,299,000
48,740,000
45.304,000
52,701,000
Gold held exclusively agst. F. R. notes 1,698,376,000 1,688.157.000 1,680.778.000 1,621,614,000 1,668,853,000 1,709,464,000 1,677,600,000 1.676,159,000 1,507,820,000
Gold settlement fund with F. R. Board__ 552,216,000 628,496,000 640,522,000 694,657,000 638,802.000 598,325,000 622.994,000 613,278,000 659,899,000
Gold and gold certificates held by banks. 761,385,000 740,217,000 748.854,000 727,632,000 733.202,000 727.539.000 730,049.000 733,509,000 648,347,000
---Total gold reserves
3,011,977,000 3,056.870,000 3.070,154,000 3,043,903.000 3,040,857,000 3,035,328,000 3,030,643.000 3,022.946.000 2,816,066,000
•teserves other than gold
165,848,000 166,281,000 164,199,000 162,728,000 166.501,000 167,852,000 160,280,000 160,490,000 159,375,000
Total reserves
3,177,825,000 3.223,151,000 3,234,353,000 3,206,631,000 3.207,358,000 3.203.180.000 3,190,923,000 3,183,436,000 2,975,441,000
Non-reserve cash
63,724,000
63,106,000
60,197,000
60,430,000
65,769,000
66,089,000
61,480,000
59.972.000
53,234,000
Bills discounted:
Secured by U.S. Govt. obligations__ 228,715,000 249,203,000 257,083,000 308,583,000 256.588,000 246.820,000 248,722,000 213,306.000 233,530,000
Other bills discounted
199,905,000 209,032,000 184,894,000 199,059,000 186.965,000 167,623.000 177.045,000 188,642.000 240,413,000
Total bills discounted
Bills bought In open market
13 8 Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
428,620,000
236,170,000
458,235,000
225,493,000
441,977,000
233,051,000
507,642,000
244,220,000
443.553,000
241,899,000
414.443.000
247,396,000
425.767,000
256,724,000
401,948.000
239,221,000
105,173,000
93,978,000
122,769,000
75,871,000
90.789,000
102,391,000
71,214,000
90,369.000
92,313,000
69,598.000
90,957.000
155,724,000
70.673,000
89,311,000
158.341,000
73,911,000
93.626,000
165,292.000
78,099,000
88.836,000
188,409.000
74,870,001) •102,990,000
85.377.000 •161,497,000
181.688.000 130.578,000
Intel U. S. Government securitles__.
Other securities (see note)
Foreign loans on gold
321,920,050
1,800,000
269,051,000
1.800,000
253,896,000
1,800,000
316,279,000
1,800,000
318,325,000
1,800.000
332,829.000
1,500,000
355,344,000
2.500.000
341,935,000
2.500.000
Total hills and securities (see note)___.
Gold held lib oa'L.
cue from ()reign banks (see note)
Uncollected items
Bank premises
ill other resources
988,510,000
59,548,000
660,000
639,383,000
58,882,000
13,509,000
954,579,000
59,548,000
660,000
742,211,000
58,883,000
13,520,000
930,724,000 1,069,941.000 1.005,577,000
59,548,000
660,000
660,000
660,000
656.512,000 676.857.000 653,714.000
58,883,000
58.614.000
58,588.000
12,743,000
12,954,000
12,998,000
473,943,000
238,828,000
395,065,000
3,885,000
7.401,000
996,168,000 1,040.335.000
985,604.000 1,119.122,000
659.000
725.306.000
58,567,000
12.753,000
659.000
643.961.000
58.558,000
12,982,000
659,000
734,298.000
58,561,000
13,022,000
679,000
628,953,000
59.661,000
17,392,000
Total resources
4,998,514,000 5,116,276,000 5,016,529.000 5,086,087,000 5,004.664,000 5,062,722,000 5,099,278,000 4.945,172.000 4,854,482,000
LIABILITIES
F. R. notes In actual circulation
1,705,804,000 1.711,385,000 1,718,345,000 1,720,754,000 1,718,257,000 1,729,751.000 1,743.827,000 1,727.429,000 1,672,817,000
DepositsMember banks-reserve account____ 2,267,762,000 2,295,042,000 2,271,491,000 2,326,222,000 2.269,513,000 2,249,695.000 2,264,762.000 2,231,951.000 2,195,200,000
Government
24,185,000
25,373,000
17,432,000
13,445,000
24,138.000
29,360,000
22.842,000
13,527,000
24,269,000
Foreign banks (see note)
5,757,000
5.188,000
4,494,000
4,945,000
4,913.000
6,013,000
4,697,000
4.925,000
4,798.000
Other deposits
27,858,000
27,787,000
44,684,000
32,352,000
15,296,000
14,538.000
14.966,000
15.064.000
18,870,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,325,562,000 2,353.390,000 2,325,7139,000 2,389,296,000 2,313,800,000 2,299,606,000 2,307,267,000 2.265,467,000 2,243,137,000
595,189,000 680,228,000 601,162.000 605,250.000 601,649,000 663.162.000 678,127,000 582.633.000 578,476,000
129,030,000 128,878,000 128,888,000 128,962.000 128,806,000 128.410.000 128,280.000 128,212.000 122,557,000
228,775,000 228,775,000 228,775.600 228,775,000 228,775,000 228,775,000 228.775.000 228,775.000 220.310,000
14,154,000
13,620,000
13,050,000
13,317.000
13.018,000
13,590,000
13,002,000
12,656,000
17,185,000
Total liabilities
. 4,998,514,000 5.116,276,0005.016.529,000 5,086,087,000 5,004.664,0005,002.722.000 5,099,278,000 4,945,172,000 4,854,482,000
-lino of gold reserves to deposit and
F. R note liabilities combined
74.2%
75.1%
74.1%
75.4%
75.3%
75.9%
74.8%
76.7%
71.9%
Ratio of total reservs to deposit and
F R. now liabilities combined
79.3%
78.0%
79.5%
79.5%
78.8%
80.0%
78.8%
79.7%
76.0%
Contingent liability on bills purchased
for foreign correspondents
159,674,000 161,137,000 158,828.000 148,990,000 146.943,000 146,069,000 148,269.000 147.819.000
61,347.000
Distribution by Maturities1-15 days bills bought In open market
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
16-30 days bills bought In open market.
16-30 days bIlls discounted
16-30 days U. S. certif. of indebtedness
18-30 days municipal warrants
31-60 days bills bought In open niarket
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness
81-80 days municipal warrants
81-90 days bills bought In open market
81-90 days bills discounted
01-90 days U. S. certif or Indebtedness
111-90 days municipal warrants
Over 90 days bills bought In open market
Over ill) days bills discounted
Over 90 days certif. of indebtednese..._.
Over 90 days municipal warrants
s
s
$
a
3
3
S
132,322,000
329,889,000
5,524,000
127,839.000
364.381.000
301,000
123,201,000
352,486.000
300.000
129,307,000
416,986.000
121,147,000
351.538.000
119.831.000
324.707.000
8,105,000
122,602,000
337,315.000
8,490.000
$
107,296.000
312,414.000
370,000
3
108,875,000
323.614,000
650,000
58,539,000
24,429,000
61,584,000
48,906,000
22,044,000
58,029,000
52,939.000
21,260,000
59,553,000
20,942,000
68,003,000
21.037.000
68,368,000
20,360,000
84,950.000
21.980.000
68,371.000
23.799,000
49,15 ,000
30,644,000
57,835,000
32,390,000
36.602,000
36.401.000
34.988,000
43.831,000
34.265,000
55,774,000
41.594,000
35,094,000
53,877,000
38,412.000
36.778,000
50,387,000
43.282.000
35,084,000
49,208,000
50.274,000
32,717,000
200.000
48.143.000
34,724,000
60,064,000
62,144,000
10.016,000
20,797,000
8.654,000
19,480,000
9,424,000
18,764,000
570,000
10,906,000
19.205.000
10,815,000
21,561,000
12,263,000
21.930,000
50,000
15,152,000
21.983.000
74,454,000
12.820.000
19.695.000
74.064,000
19,490,000
27,698,000
2,903,000
16,903,000
55,661,000
3.693,000
17,342,000
44,061,000
3,656,000
15,202.000
35,669,000
2,860,000
15.415,000
111,847,000
3.522,000
12,639,000
107,954,000
3,652.000
12,362,000
107,931,000
3,746,000
11,792,000
107,265,000
2,591.000
11,316,000
107,254,000
1,242,000
29.843,000
72,093,000
F. R. notes received from Comptroller_
F. R. notes held by F R Agent
0
2,953,818.000 2,959,293.000 2.962,273,000 2.967.460,0002.978,801,000 2.975,025,000 2,970.910,000 2,947,635,000 2,953,818,000
852,523.000 862.553,000 860.978,000 857,388,000 859.783,000 838,658.000 845,364,000 835,133,000 854.523,000
Issued to Federal Reserve Banks.._.. 2,099,295,000 2,096,740,000 2,101,295,000 2,110,072.000 2,119,018,000 2.136,367,000 2,125,546,000
2,112,502,000 2,099,295,000
------How SecuredBy gold and gold certifleates
390,400,000 411,604,000 411.604,000 409,605.000 409,605,000 406.606,000 404,605,000 401.604.000 304,152,000
Gold redemption fund
99,284,000 100,410,000 107.624.000
92,139,000 101,375,000
96.986,000 100,683,000
99.834.000 105,832,000
Gold fond-Federal Reserve Board-_-. 1,161,562,000 1,125,843,000 1.112.315,000 1,069,414,000 1.117.255.000
1.154,573,000 1.123.572,000 1,129,417,000 1.045,144.000
Br eligible paper.
631,963,000 853,181,000 649,557,000 715,324,000 654,902,000 641.656,000 650,279,000
820,052.000 677.848,000
Total
2.293.200,0002 291.044.000 2.281.100.000 2.286.482.000 2,283.137.000 2,299.821.000 2.279.139.000
2.250 907 ono 2.132.967.000
NOTE.-Beldaning with the statement of Oet. 7 1926, two new tame were
in order to show separately the amount of Distances held abroad and amounts due
foreign correspondents. In addition, the caption,'All other earning assets,"schwa
previously made up of Foreign Intermediate Credit Bank debentures, was changed 0
“Other securities, and the caption," "Total earning assets" to "Total bills and
The latter item was adopted as a more accurate description of the mud of
the discounts, acceptances and securities acquired under the Provisions of Sectionssecuritlee.
13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included
therein,
WEEKLY STATEMENT OF RESOIIRCes Anin LIABILITIES Off EACH OW THE u PitOgq I. cutigH v0
R•oiKs k.r r.n.oss
cipasrs (00t mninful.
Boston
New York. Plata
Federal Reserve Bank ofCleveland. Richmond Atlanta. Chicago, Si. Louis. Minium). Kan. Chs
-RESOURCES.
3
$
$
S
3
3
$
3
$
$
Gold with Federal Reserve Agents 117,157.0 397,027,0 114.342,0 197,259,0 57.692,0 155,390,0 244,111.0
13,106,0 55,050,0
Gold red'n fund with 11 5 Tress
7,725,0
9.085,0 9,711,0 2,399,0 2,578.0 2,205,0 3,396,0 2,100,0 2.584,0 56,854.0
1,746,0
Gold neld excl agst. F.R. note. 124,882,0 406,112,0 124,053,0 199,658,0
60,270.0
247,507,0 15,206,0 57,634,0 58.600,0
Gold settle't fund with F.R.Board 40,645,0 170,122.0 45.173,0 51,115,0 23,432,0 157,595.0
10,642.0 117.728,0 17,670,0
Gold and gold certificates
29,802,0 502.240,0 28,761.0 59,373,0 5,418,0 4,850,0 55,752.0 17,054,0 11,192,0 24,147,0
8.251,0 7,759,0
Total gold reserves
195,329,0 1,078,474,0 197,987,0 310,146,0 89.120.0 173.087,0 420,987,0
49,930,0
77,077,0
90,506,0
than
gold
Reserves other
33,834.0 4,970,0 9,229,0 9,492,0 14,610,0 24,393,0 19,127,0
22,101,0
4,261,0 6.062.0
Total reserves
217,430,0 1,112,308,0 202,957,0 319,375,0 98.612,0 187,697,0 445,380,0
81,338,0 96,568,0
Non-reserve cash.
1,514,0 3.254,0 7,006,0 5,379,0 8,674,0 69,057,0
5,682,0
14,186,0
3,695,0 1,665,0 2,497,0
Rills dthoounted:
Govt.
1.1
it.
mnigations 25,016,0
See, by
61,577,0 31,545.0 42,613.0 8,668,0 2.330,0 29,253,0
8,903,0 3,451,0 6,172.0
Outer bills discounted
19,806.0
31,588.0 12.079,0 9,504.0 14.970.0 29,006,0 25,719,0 15,288,0
3,586,0 12,017,0
Total ni is discounted
44,822,0
93,165,0 43,624,0 52.117.0 23,638.0 31,336,0
53,972.0 24.191,0 7,307,0 18,189,0
Ut Is bought In °pep market
25,837,0
74,323,0 13,071,0 17.850,0 8,849,0 9,577,0 27,573.0 12.6630 8,185,0
9,364,0
(lovernment securities
19,235,0 2,847,0 13,113,0 2.823,0
2,910.0
Sonde
1.327,0 27,709,0 6,238,0 6,338,0 11,806,0
rrssegury notee
16.087,0 5,186,0 116,769,0
2.080,0
1,433,0
4120 6,838.0
5,159,0 5,008.0
ceri neates of indebtedures
5.184,0
29,009.0 14,427,0 7,731,0 3,560,0 5,653.0 14,111,0 10,136,0
9,431,0 4,229,0 8.943,0
ors) el. et II, 5., iwor.tleni
10.174.0
64.311.0 22.260,0 37.613.0 7 816 n 7 100 n elQ ftr,J3 0 9s ens 0 15 79R n 25 757 0
OP IDISINILSS MAY 25 1927
Dallas, San Fran.
Total
$
3
$
25,952,0 217.306,0 1,651.246.0
47,130,0
1.614,0 1.987,0
27,566,0 219,293,0 1,698,376,0
16,566,0 23.784,0 552,216,0
9,133.0 32.992.0 761,385,0
53,265,0 276.069,0 3,011,977.0
7.905,0 9,864,0 165.848,0
61,170,0 285.933,0 3,177,825,0
60,197,0
2,855.0 3.790,0
1,711,0 7.476,0
3,211,0 23,131,0
228,715,0
199.905,0
4.922.0 30.607,0
13,898,0 14,980,0
428.620,0
236,170,0
5,855,0 5,172.0
9,182,0 15,708,0
7,615.0 12.876,0
105,173,0
93.978,0
122.769.0
22.652.0 33.756.0
321.920.0
T.ELE CHRONICLE
3178
laeSOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
$
$
80,833,0
4,466,0
62,376,0
3,946,0
40,0
Cleveland. Richmond Atlanta. Chicago. Si. Louie. Minneap. Kan. City Dallas. San Fran.
$
$
1,500,0
Other securitieL
Total bills and securities
Gold held abroad
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
PhUa.
[Vet,. 124.
$
3
300,0
5
$
$
$
Total.
$
$
3
1,800,0
231,799,0 80,455,0 107,580,0 40,303,0 48,605,0 131,203.0 62,659,0 30,948,0 53,310,0 41,472,0 79,343,0
16,495,0 5,717,0 6,312,0 3,097,0 2,441,0 8,218,0 2,561.0 1,786,0 2,203,0 2,034,0 4.168,0
660,0
171,728,0 54,887,0 62,401,0 52,302,0 25,258,0 75,847,0 30,195,0 11,555,0 35,359,0 22,029,0 35,446,0
16,276,0 1,737,0 7,118,0 2,302,0 2,898,0 8,176,0 3,957,0 2,774,0 4,459,0 1,752,0 3,487,0
3,328,0
173,0 1,192,0
304,0 1,769,0 1,455,0
882,0 1,796,0
850,0
460,0 1,260,0
988,510,0
59,548,0
660,0
639,383,0
58,882,0
13,509,0
Total resources
374.773,0 1,566,780,0 347,440,0 507,232,0 203,926,0 274,047,0 678,053,0 173,006,0 131,862,0 195,246,0 131,822,0 413,427,0 4,998.514,0
LIABILITIES.
F. R. notes In actual circulation_ 134,895,0 402,360,0 124,821,0 212.673,0 64,109.0 166,644,0 221,040,0 41,675,0 60,746,0 63,511,0 35,352,0 177,978,0 1,705,804,0
Deposits:
Member bank-reserve acc't.- 151,322,0 883,030,0 134,840,0 192,708,0 67,552,0 65,002,0 334,702,0 82,398,0 47,906,0 84,339,0 57,337,0 166,626,0 2,267,762,0
Government
3,954,0 1,571,0 1,345,0 2,619,0 3,096,0 2,039,0 1,762,0 1,247,0 1,765,0 1,934,0 2,186,0
24,185.0
667,0
Foreign bank
161,0
323,0
5,757,0
2,423,0
443,0
489.0
240,0
189,0
636,0
198,0
138,0
171,0
346,0
69,0
145,0
113,0
20,0 3,939,0
27,858,0
Other deposits
20.986,0
121,0 1,049,0
252,0
53,0
71.0 1,040,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
152,388,0
60.241,0
9.139,0
17,606,0
504,0
910,393,0
150,109,0
38,767,0
61,614,0
3,537,0
195,591,0 70,480,0 68,358.0 338,417,0 84,610,0 49,436,0 86,388,0 59,452,0 173,074,0 2,325,562,0
59,887,0 50,134,0 23,669,0 68,035,0 30,424,0 10,145,0 31,368,0 24,015,0 36,242,0 595,189,0
13,849,0 6,209,0 5,102,0 17,009,0 5,293,0 3,003,0 4,217,0 4,251,0 9,242,0
129,030,0
23,746,0 12.198,0 9,632.0 31,881.0 0,939,0 7,527,0 9,029,0 8,215,0 16,121,0 228,775,0
537,0
770,0
1,486,0
733,0
706,0
642,0 2,571,0 1,065,0 1,005,0
14,154,0
136.975,0
50,920,0
12,949,0
21,267,0
508,0
Total ILIbilitles
374,773,0 1.566,780,0 347,440,0 507,232,0 21,3,926,0 274,047,0 678,953,0 173,006,0 131,862,0 195,246,0 131,822,0 13,427,0 4.998,514,0
Memoranda.
64.4
Reserve ratio (Per cent)
84.7
78.2
64.5
81.5
77.5
73.3
54.7
73.8
78.8
79.9
75.7
79.6
Contingent liability on bills pur43,295,0 15,453,0 17,062,0 8,370,0 6,600,0 22,213,0 6,922,0 4,829,0 5,956,0 5,634,0 11,268,0 159,674,0
chased for foreign corresponerts 12,072,0
E. notes on hand (notes ree'd
from F. R. Agent less notes in
circulation)
22,149,0 131,762,0 38,521,0 25,978,0 15,819,0 28,818,0 57,348.0 3,286,0 6,018,0 10,040,0 5.000.0 48,752,0 393,491,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 25 1937
Boston. New York.
Fideral Reserve Agent at-
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
(Two ciphers (00) omitted.)
$
F.R.notes rec'd from Comptroller 242,044,0
VaLnotes held by F. R. Agent__ 85,000,0
$
$
3
$
$
$
$
$
3
$
$
$
820,602,0 194,642,0 274,591,0 103,652,0 273,292,0 461,188,0 67,701,0 85,436,0 100,391,0 59,149,0 271,130,0 2,953,818,0
286,480,0 31,300,0 35,940,0 23,724,0 77,830,0 182,800,0 22,740,0 18,672,0 26,840,0 18,797,0 44,400,0 854,523,0
F.R.notes issued to F. R.Bank 157,044,0
Collateral held as security for
11'. R. notes issued to F. It. Bk.:
Gold and gold certificates___ 35,300,0
12,857,0
Gold redemption fund
69,000.0
Gold fund-F.R.Board
70,659,0
Eligible paper
534,122,0 163,342,0 238.651,0 79,928,0 195,462,0 278,388,0 44,961,0 66,764,0 73,551,0 40,352,0 226,730,0 2,099,295,0
187,816,0
Total collateral
215,150,0
8,780.0 36,468,0 16,457,0
7,750,0 12,267,0
18,228,0
21,877,0 8,265,0 13,479,0 4,224,0 7,433,0 2,111,0 1,056,0
783,0 4,994,0 2,724,0
160,000,0 106,077,0 175,000,0 17,000,0 131,500,0 242,000,0 4,300,0 42,000,0 51,860,0 .5,000,0
156,050,0 49,556,0 68,967,0 30,791,0 40,679,0 82,043,0 36,483,0 15,128,0 27.438,0 18,762,0
40,000,0 390,400,0
99,284,0
19,481,0
57,825,0 1,161,562,0
45,409,0 641,063,0
553,077,0 163,898.0 266,228,0 88,483,0 196,069,0 326,154,0 49,589,0 70,176,0 84,292,0 44,714,0 262,715,0 2,293,209,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 668 member banks from which weekly returns are obtained. These figures are always a week behind
Chose for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussione," on page 3142.
1. Data for all reporting member banks in each Federal Reserve DIstr cc at close of business May 18 1937
Boston. New York
Federal Reserve District.
Number of reporting banks
Leans and discounts. gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts..__.
Totalloans and discounts
Investments:
D. S. Government securities-Other bonds, stocks and securities
36
Phila.
91
49
71
67
$
$
6,765
60,945
329,391 2,356,896
631,962 2,898,711
$
10,030
391,567
388,305
$
20,997
621,956
790,534
968,118 5,316,552
151,859 1,074,349
281,177 1.281,569
108,054
279,976
AI 064
Total.
31
24
65
45
S
4,551
156,711
354,617
3
$
5,325
20,158
104.277 894,080
390,507 1,261,135
$
4,412
192,159
292,962
$
4,102
75,838
147,691
$
4,272
113,715
297,999
$
2,715
81,231
231,805
789,902 1,433,487
515,879
500,100 2,175,373
489,533
227,631
415,986
315,751 1,311.766 14,460,087
270,005
386,948
72,197
75,112
97,619
124,660
65,310
56,901
111,419
96,689
90 090
20 621
34
Dallas. San Fran.
97
433,036 2,355,918 388.030 656,953
Total Investments
_
Total loans and Investments_ - 1,401,154 7,672,470 1,177,932 2,090,440
96,673 792,794
82,372 132,816
Reserve balances with F. R. Bank__
29,627
18,781
15,343
69,983
Cash in vault
895,601 5,813.813 768.432 1,051,455
Net demand deposits
435,845 1,420,109 262,111 910.540
Time deposits
6,630
29.411
11,219
9,699
Government deposits
59,952 107.902
Due from banks
58,206 142.965
144,934 1,175,213 177,530 239,801
Due to banks
Bills Pay. & redis. with F. R. Bk.:
30.939
14,436
15,600
Secured by U.S.Gov't obligations
63,414
7,582
All other
13,764
30,540
5,320
9t900
(Three ciphers (000) omitted.)
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
55,354
59,589
327,447
461,729
147,309
114,943
789.176
222,279
122,211
208,108
663,188
41,519
13,626
374,069
223,397
3,548
56,810
113,294
615,052 2,964,549
40,139 250,364
10,680
44,565
334,134 1,828.619
238,465 1,087,691
5,040
9,567
69,547 256,500
113,136 514,329
711,812
44,225
7,891
398,914
238,306
2,688
59,704
136,877
349,842
23,496
5.724
202,827
126,373
759
44,473
81,223
624,094
56,023
11,840
486,191
151,421
1,299
103,635
197,070
668
$
3
9,507
153,779
327,788 5,645,609
974,471 8,660,699
58
59,589
26,767
265,461 2.653,663
241,762 3,372,879
86,356
507,223 6,031,542
402,107 1,818,989 20,491,629
29,592 111,201, 1,701,213
9,206
20,973
258,239
274,988 787,726 13,216,769
108,149 963,335 6,165,742
3,162
11,628
04,650
60,740 149,379 1,169,813
94,054 226,396 3,213,857
4,411
5,775
1,882
17,204
18,607
8,526
6,422
8,763
4,245
289
5,803
7,155
1,245
320
17,571
14,995
184,575
120,233
10.186
1900))
97 1.1.1
1,
1100
A kgA
10 nmo
1 non
.,n Eon
.2,1A OAQ
2. Data of reporting member banks in New York City, Chicago. and for the whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in CMcago.
May 18 1927. May 11 1927. May 19 1926. May 18 1927. May 111927. May 19 1926. May 18 1927. May 11 1927. May 19 1926.
703
Number of reporting banks
669
668
54
59
54
Loans and discounts, gross:
$
$
$
3
$
$
153,779,000
153,939,000
Secured by U. S. Gov't obligations
163,699,000
58,409,000
51,272,000
16,378,000
Secured by stocks and bonds
5.286,940.0002,020,307,000
5.588,559,000
5,645,609.000
1,996,835,000 1,980,311,000
All other loans and discounts
8,660,699,000 8,706,483,000 8,444,975,000 2,545,617.000 2,562,938,000 2,342,746,000
45
$
13,734,000
672,420.000
697,733,000
45
$
14,569.000
664,465,000
708,018,000
46
$
20.708,000
603,105,000
703,423,000
Total loans and discounts
14,460,087,000 14.448,981,000 13,895,614,000 4,624,333,000 4,616,151,000 4,374,329.000 1,383,887,000 1,387.052,000 1,327,236,000
Investments
2,658.663,000 2,635,222,000 2,573,651,000 972,093,000 979,098,000 916,222,000 192,764,000 187.778,000 170,838.000
U. S. Government securities
Other bonds, stocks and securities- 3,372,879,000 3,323,290,000 3,125,102,000 950,263,000 921,899,000 903,836,000 215,871.000 208,533,000 198,767,000
Total Investments
6,031,542,000 5,958,512,000 5,698,753,000 1,922,356,000 1,900,997,000 1,820,058,000
408,635,000
396,311,000
369,605,000
20,491,629,000 20,407,493,000 19,594,367,000 6,546,689,000 6,517,148,000 6,194,387.000 1,792,522,000 1,783,363,000 1,696,841,000
Total loans and Investments
Reserve balances with F. R. Banks._ 1,701,213,000 1,674.887,000 1,671,444,000 729,528,000 708,197,000 689,277,000 176,026,000 172,841,000 173,236.000
273,811,000
218,239.000„
56,414,000
63,061,000
Cash in vault
58,993,000
18,985.000
20,430,000
19,574.000
13,216,769,000 13,197,785,000 12,967,669,000 5,196,938,000 5,154,341,000 ,043,375,000 1,233,665,000 1,213,094,000 1,173,869,000
Net demand deposits
6.165.742,000 6,124,342,000 5,547,254,000 967,688,000 949,614,000 819,394,000 532,299,000 528,191,000 501,000,000
Time deposits
94.650,000
192,914,000
129,473,000
Government deposits
27,760,000
34,178,000
7,398.000
37,427.000
5,607,000
8.020,000
1,169,813,000 1.176,179,000
103,856,000 101,691,000 103,832,000 172,093,000 169.454,000 159,069,000
Due from banks
3,213,857,000 3,235.475,000
1 114,832,000 1,103,584,000 1.055.65.5,000 372,316,000 376,170,000 368,162.000
Due to banks
Bills payable and rediscounts with
Federal Reserve Bank:
184,575,000 *189,356,000
179,921,000
47,350,000
Bemired by U.S. Gov't obligations
73,425,000
9,089,000
77,350,000
11,285,000
9,895,000
120,233,000
98,351,000
108,656,000
5.080.000
4,542,000
30,500,000
26,374,000
3,194.000
All other
2,402.000
Total borrowings from F. R. bks
304,808,000
*287,707,000
288,577,000
103,724,000
78,505,000
Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
924,240,000 909,632,000
For own account
1,192.403,000 1,216,510,000
For account of out-of-town banks
814.240,000 788,803,000
For account of others
894,171,000
963.751,000
550,773,000
Total
On demand
On time
77,850,000
2,930,883,000 2,914,945,000 2,408,695,000
2,218,539,000,2,195.283,000 1,688.735,000
712,344.0001 719,662,000 719,960,000
14,479,000
12,297,000
*Revised figures.
13,631,000
MAY 28 1927.]
THE CHRONICLE
STOCKS.
Week Ended May 27.
fa/titers' Gazette.
Wall Street, Friday Night, May 27 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3167.
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.
1Veek Ended May 27.
Sales
for
1Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share.
per share. $ per share.$ per share.
RailroadsButt Koch & Pitts pf_100
10 1074May 231074May 23 103
Feb 110
Mar
Buff & Susquahana_ _100
200 51 May 25 513-May 26 45
Apr 5311 May
Preferred v t e_ _ _100
160 5134May 23 53 May 25 40
Apr 53
May
Carol Clinch & Ohio. 100
20 904May 24 904May 24 83% Jan 9015 May
Stamped
100
20 10134May 26 1014Afay 26 98% Feb 10254 May
Chicago & Alton ctfs 100
100, 7 May 24 7 May 24 5
Jan 7
May
Chic Indian & Lout pflO
70 74 May 26 74 May 26 704 Jan 74
Feb
Chic St Paul MM & 0100
100 6115May 24 614May 24 55
Jan 66
Feb
Preferred
100
20132 May 21 132 May 21 110
Jan 132
May
Duluth S S & A pref_10
200 54May 24 554May 26 4
Mar 74 Apr
Great North Pr etts_100 1,900 8834,May 26 894May 21 8534 Mar 89% May
Hocking Valley
100
100249 May 24257 May 25 200
Jan 26115 Slay
Iowa Central
100 1,250 234May 25 5 May 27 1
Jan 64 Feb
Min&StLctfs
100
800 34May 26 351 NIay 26 1
Feb 34 May
20 84 May 21 84 May 21 82
Morris & Essex
5
Feb 85
May
180 172 May 27 182 May 23 1684 Afar 185 AprH
N Y & Harlem
50
100 1064May 26 1064May 26 10334 Jan 107
Y Lack & Western 100
Afar
20 844May 25 8454May 25 81
Northern Central_ _ _ _5
Mar 8431 May
North Pacific ctfs_.100 4,200 87 May 24 88% May 21 8451 Apr 88% May
40
Chic
Pitts Ft W &
p1_100
1534May 24 154 May 24 147
Mar 154
May
30 103 May 24 105 May 23 99
Twin City lip Tr pf_100
Apr 1064 Afar
Industrial & Misc.
500 95 May 23 96 May 25 95
Amalgaled Leath p1_100
May 108
Feb
610 105 May 25 10515May 23 10114 Jan 1104 Afar
Amer Plano prof_ _ _ _10
Am Seating v t c
6,2'0 46)-(May 21 4754May 23 4554 May 48
May
50 10054May 23 10051May 23 9434 Jan 1004 May
Amer Snuff pref_ _100
800 914May 26 94May 26 94 May 93.4 May
Am Type Founders Rts_
Preferred
100
101114May 27111%'May 27 1074 Feb 113)4 May
Am Writing Paper ctfs..• 2,200 934 May 26 104May 23 934 May 12
Apr
Preferred ctfs
900 274May 26 294May 23 2551 Apr 32
100
Apr
Bamberger 144:Co pf100
70010815May 231084May 25 1064 Mar 1104 May
Barnet Leather
•10,900 54 May 23 58 May 26 40
Jan 593-4 Feb
Bayuk Bros 1st pref_100
1801064May 231074Alay 27 101
Jan 10811 May
Beacon Oil
• 1,3001 16 May 23 164May 24 16
May 1715 May
Beech Nut Pack pref.100
160,1164May 26 11734May 23 1144 Jan 119
Afar
Blumenthal & Co pf_100
60 59 May 27 65 May 26 44
Jan 65
May
Brit Emp Steel 2d pf_10
100, 2 May 25 2 May 25 1
Apr 34 Feb
Brooklyn Edison Rts_ _ _ 24,0001 11%May 21 1334May 24 9
Apr 1331 May
Byers & Co prof__ _ _100
301108 May 23109 Slay 27 105% May 109
Feb
Centrill Leather etfs_100 13,300 104May 21 1515May 26 731 Jan 15% May
Preferred MN
100 14,3001 65 May 21 6735May 26 54
Jan 6755 May
Cert-Teed Prod 2d pf 100
100,10154May 25 10155Afay 25 1004 Apr 101% May
City Stores cl A
• 300 484May 23 49 May 27 41
May 494 Apr
Class B
• 5,6001 41%May 23 454May 27 41% Apr 454 May
Colo Fuel & Iron pf_100
130,131 May 26 131 May 26 116
Jan 13214 Slay
Commonwealth Power_•21,2001 48I May 25 52 May 23 4894 May 52
May
Consolidated Gas pref •11,coo, 97 May 25 9754May 23 93
Mar 9715 May
Continental Can prat 100
140 1234May 25 12454May 25 120
Jan 125% Mar
Crown W mtte let pref.*
600 8711May 23 88 May 23 8731 May 91
Jan
Deere dc Co pref
470114 May 25 115 May 25 1054 Jan 11611 Mar
100
Devoe & Reyn 1st pf _100
5010751May 2310754N1ay 23 101
Jan 108
Apr
Diamond Match_ _ _ 10I
630 126 May 23130 May 23 115
Feb 133
May
Eastman Kodak pref _100
10 124 May 23 24 May 23 1194 Jan 124
May
Eisenlohr & Bros pref100
100 9215May 24 9234May 24 89
Jan 9531 Feb
Elk Horn Coal Corp_ _ _• 5,800 104Afay 21 1554May 27 9
Jan 15% May
Preferred
Apr 2751 May
50 680 23 May 27 2731May 27 20
Emerson-Brahtingham
Class 13
*
100 5 May 21 5 May 21 3% Mar 5 Apr
Emporium Corp
200 3354May 25 34 May 25 32% May 374 Mar
Fairbanks Co
100 5 Ma 27 5 May 26 331 Feb 8
25
Mar
Preferred
20 1234MaY 26 1214NIay 26 12
100
May
Mar 15
Gen Banking prof
•
501264May 24 130 May 23 1184 Jan 130
May
Gen Gas & Elec class B • 1,100 41 May 25 43 May 27 354 Apr, 43
May
Gen Fly Signal prof_ _100
10
110 May 26 824 Jan 110 Slay
Glidden Co prior pf_ _100
100 88 May 21 90 Slay 27 88
May 94
Mar
Guantanomo Sugar pf100
120101 May 23 103 May 27 9554 Jan 103
May
Gulf States St'l let pf.100
380 105 May 26 107 May 23 993-4 Jan 108% Mar
e me(0 5V) pref_ _ _100
20 127 May 24 127 May 24 1184 Jan 128
May
Hollander & Son (A) * 1,4001 324May 27, 33%May 24 32
Apr 35% May
Indian Motorcycle, pf100
10 94 May 26' 94 May 26 92
Jan 96
Apr
Indian Refill, pref_..J00
200102 May 26 1024May 26 102
Feb
Mar
Internat'l Paper rights_ _ 9,200 934May 26; 104May 24 9% May 112
11
May
International Salt__ _100
110 6834Afay 27, 70 May 25 64% Mar 72
Jan
International Silver_ _100 2,800161 May 25 1724May 21 1354 Mar175
May
Island Creek Coal
1
7
594May 211 61 May 27, 484 Afar 61
May
Jones & L Steel, pref_100
120 1214May 24 12251May 21 117
Feb 1224 May
Kelsey Wheel, Inc, pf100
9 1114May 27111115May 27 1064 May 1163-4 Jan
Kinney Co, pref
100
80 May 23 82 May 21 70
Apr 86% Jan
Kress Co, new
400 664May 24, 6714May 26 59
Jan 74% Mar
Laclede Gas, pref._ _100 120 117 May 24,11914May 26 95
Jan 130
May
Loose-Wiles B, 1st pf.100, 300121 May 26 1214May 27 118
Jan 1214 May
McCrary Stores C A._*1
10 684May 271 684May 27 55
Mar 75
Jan
700 1014May 211014May 21 97
McCrory Stores, pref.100
Mar 1164 Jan
Macy Co
• 1,100175 May 26,182 May 23 124
Jan 182
May
Mathieson Alkali, pf_100
2010954May 26 1094May 26 103
Jan 110
May
Mexican Petroleum_ _100
60200 May 241200 May 24 200
Apr 215
May
Montana Power, pref.100
500 121 May 23 121 Slay 23
Apr
Mullins Body, prof_ _100
7 933iMay 23 97 May 24 18
18
0
j
Jan 123
97
May
• 3,400 364ay 25 3714 May 23 364 May 444 A
Nat Bell ltess
Preferred
100 1,300 91 May 26 93 May 27 91
May 964 Apr
14,100 624May 24 644Nlay 23 5931 May 6434 May
Nat Dairy new w
Nat Lead, pref 13_._100 1,400107 May 271094May 26 107
May 1094 May
_
_100
PrefNat SuPPIY,
3 1184May 2711851May 23 114% Jan 120
May
National Surety
100 1,430262 May 26
51 aY 23 238
Feb269
May
NY Steam, pf (6)
• 200 98 May 23 981.5May 26 9315 Feb 9
May
834
Preferred (7)
*
200 10931May 26 109 May 26 105
Jan 110
Northwestern Taloa_ _52
230 51 May 25 524May 23 4791 Jan 624 May
Afar
Norwalk T & R. pref_100
1 50 May 24 50 May 24 4331 Apr 75
Jan
011 Well Supply. pref.100
110 1074May 231074Nfay 23 10251 Mar 10831 Jan
Omnibus. Prat A____100 3,9
96 May 24 994May 23 81
Jan 994 May
Pacific Mills
100 20 41 May 25 41 May 25 39
Jan 41
Jan
Pacific Telep & Teleg.100
690 1284May 231324N1ay 23 124
Mar 140
Jan
Preferred
100
40 10954May 27110%May 27 1034 Mar1124 Afar
Paige Bet Mot Car rights
400
% May
%May 27
34 May 27
51 May
Patin() Min & Ent, pf_25 1,500 22 May 27 23 May 24 20
Mar 2714 Feb
Penick & Ford, pref_100
40 105 May 21 1054May 27 100% Apr 106
May
Nina co. 5% pref_ _ _ _50
10 434May 27 4354May 27 90
Jan 45
Apr
Pittsb Term Coal _100 8,700 38 May 24 54 May 27 304 Apr 54 Slay
Preferred
100
120 764May 21 804May 27 74
Apr 83
Mar
100 76 May 23 76 Ma 23 75
Porto Ric Am Tob A_100
Apr 914 Jan
Class B
• 300 20 May 24 21314Alay 23 20
May 25
May
Pullman Co Certits_100 12,500 1864May 21 1934May 26 75
May 19334 May
Remington-Rand
*21.600 4134May 25 43 May 21 3794 Apr 48%. Apr
_100
preferred_
_
_
500 100 May 2110054May 27 99
First
Apr 102)4 Apr
100 1474May 25 l523.4May 25 1344 May 152% May
Reynolds Tobacco A..25
50 1074May 23 1074May 23 '053.4 Feb110
Sherwin (Vim 5) pf....100
Jan
Slomi-Sheff S & I, p1-100
ay
107 May
1
ar 108
Jan
• 1,600 1354May 26 144May 23, 1314 May 14w May
Snider Packing
2,900
4134May 27, 4234 Alay 23, 4134 May 42% May
So Porto Rico Sug, new •
2,400 434May 26, 44May 23; 434 May 491 May
Rights
%May 211
South Calif Edison rights 45,100
%may 26'
% Apr
74 Apr
pf_100
10 110 May 27 110 May 27 103
spalding Bros, 1st
Jan 110
Mar
Jan 2400 May
Tex Sac I.and Trust_100, 146 2010 May 232400 May 27 1500
3179
Sales
for
Ireck
Rance for Week.
Lowest.
I
Range Since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares 3 per share. $ per share.
per share.$ per share.
Indus. & Misc. (Conc1
Tidewater Assoc Oil__ 12,800 1531May 25, 17 May 27 154 May 174 May
Preferred
100
600 90 May 211 904May 21 90
May 9015 May
Underwood Typew,pf100
20 1224May 23 123.34Alay 23 20
Jan 12334 Slay
United Dyewood, p1_100
410 40 May 21 4014May 21 40
Jan
US Distributing, new._* 53,600 1534May 21 184May 27 144 Apr 49
May 1834 May
Preferred new
100 20,200 84 May 21 93 May 27 81
May 93
May
Van Raalte
• 100 1151May 27 114May 27 1031 Apr 1494 Feb
First preferred_ _....100
40, 5814May 26 584May 26 50
Apr 6734 Jan
Victor Talk Machine...*,35,600 3534 May 26 3814Nlay 21 324 Feb 41
Apr
6% preferred
2,200, 904May 25 93 May 21 90
Jan 964 Apr
7% prior preferred_100, 3,500, 98 May 21 984Alay 26 97
Feb 100)4 Apr
Vulcan Detinning_ _ _100'
22 May 24 22 Slay 24 1614 Jan 294 Apr
Preferred...,-----100
30 1054May 25 10555May 24 90
Jan11184 Apr
Warner Quinlan
• 1,000 27 May 25 2845fay 26 2614 May 2814 May
Washburn-Crosby,pf.100
10,10831May 24 1084May 23 074 Jan 109
Feb
Wells Fargo & Co
1
200' 24May 23 24May 23 234 May 24 May
Westing'se Elec 1st p1.50
200, 88 May 23 89 May 25 82
Mar89
May
West Pa Pow,6% p1_100
60 106 May 24,1064May 25 10054 Jan 107
May
White Sewing Maching_* 47,300 33 May 231 3954May 26 2115 Marl 39% May
* No par value.
*1
1
For New York City Banks and Trust Companies see page 3198.
New York City Realty and Surety Companies.
All prices dollars per share.
Bid. Ask
48
53
242 248
345 352
300 304
Alliance WIty
Amer Surety.
Bond & M 0_
Lawyers Mtge
Lawyers Title
& Guarantee 298
Mtge Bond_
Nat Surety..
N Y Title &
Mortgage_ _
US Casualty.
Bid.
146
262
Ask
155
268
445
320
462
340
302
Bid.
Realty Assoc's
(Bklyn)com 242
1st pref... _ _ 92
2d pref_ _ _ _ 88
Westchester
Title & Tr_ 550
Ask.
247
95
91
625
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
.1faturity.
lot.
Rate.
BM.
June 15 1927_ _ 315% 99,512 100
Sept. 15 1027... 334%
Sept. 15 1927_ _ _ 334% 991512 9951,2 Mar. 15 1928... 314 %
Dec. 15 1927._ 414% 100152, 1001,21 Mar. 15 1930-'32 334%
9978
995,2,
99512,
Asked.
991512
9955 22
1001n
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Rand Prices. May 21 May 23 May 24 May 25 May 26 May 27
IHIgh 100552, 100"sa 100"a, 101'n
First Liberty Loan
334% bonds of 1923-47._ Low 100552, 100552, 100552, 100552,
Close 100" 100.13. 100.1,1 101
(First 315s)
2
56
Total sales in $1,000 units__
1
31
Converted 4% bonds of{High
__------ - _
____
__-1932-47 (First 4s) _ _ Low_
---_
---_
____
100.4, 101
100552, 100,0,2
100.1,s 101
3
38
101
101
_ _._
- --____
____
__
____
Total sales in 81,000 units_ _
6
---103,a, 103'n
as
103,
Converted 411% bondsIHigh
_103'n 103"sa 103"ri
of 1932-47 (First 44s) Low_ 103'as 103'n 103'ss 103',, 103,,, 103'n
Close 10352, 10332, 103.22 10351, 10352, 103'as
66
3
Total sales in $1,000 units__ _
3
32
4
107
Second Converted 4q% High
____
____
____
bonds 01 1932-47 (First Low.
__
____
____
Second 434s
Close
Total sales in $1,000 units _ __
--____
____
___
{nigh
Second Liberty Loan
____
4% bonds of 1927-42_ _ _ Low_
------- 10052,
. (Second 410
____
__ _ _
____
Total sales in $1,000 units_ __
Converted 411% bonds High 100"a, 100"as 100"a, 100":: 100-"sa 10-0-",,
Low. 1005,2, 10050,2 100•22 10052, 100"ss 100'n
of 1927-42 (second
Close 1005,2, 1005,,, 1005,2 1005(2, 100552, 100":,
494s)
50
148
140
Total sates in $1,000 units__ _
200
127
197
High 1005in 1005,2, 100552, 100512, 100552, 101
Third Liberty Loan
434% bonds of 1928_ _ Low_ 100552, 100552, 100552, 100552, 100"as 100",1
Close 100552, 100552, 100",, 100"as 100"as 101
(Third 41(s)
103
Total sales in 21,000 units_ __
28
55
792
24
296
High 104'as 10452, 1045,, 104
Fourth Liberty Loan
10452, 1045:,
104
434% bonds of 1933-38_ Low_ 104
103"ss 103 0as 103002, 104'as
Close
104'n 104,as 103"ss 103"as 103",, 104'n
(Fourth 44s)
48 1,712
Total sales in $1.000 units_ __
112
43
275 2.532
1110h
Treasury
---- 114", 114"ss 11411,1 114",, 114'n
11.0w.....114',, 114,a, 114'n 114
411s, 1947-52
114'n
Close
--_ 114,
,, 114"as 114'as 114,,, 114'st
Total sales in $1,000 units _ __
12
6
19
68
107
(High
____ 10952, 1095.2, 10952, 109'n 109'n
Low
4s, 1944-1954
____ 109,2, 1095,, 10952, 10952, 10952,
Close
- -_ - 10952, 109102, 109',, 10952, 109522
Total sates in $1,000 units_ _
____
11
4
15
3
1
High 106"ss 106"aa 106"aa 106", 106",, 106'ss
314s, 1946-1956
jLow_ 106"aa 106,a, 106"ss 106", 106"as 106'ss
Close 106552, 106"as 106"as 106", 1061111 106',,
Total sales in $1.000 units
1
1
211
1
I
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 2d 4s
12 1st 4315
367 2d 411s
100
to 100
3 3d 431s
102552, to 102",a, 23 4th 411s
10052, to 10052,
1 Treasury 431s
10025,, to 100"2,
103552, to 1035522
11350,, to 113",,
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.857-16©
4.8534 for checks and 4.85 13-16®4.85 13-16 for cables. Commercial on
banks, sight. 4.853-4; sixty days, 4.81 9-16; ninety days. 4.79 13-16, and
documents for payment, 4.81 7-16. Cotton for payment, 4.853-4; and
grain for payment. 4.8554.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.913.6 for
short. German bankers' marks are not yet quoted for long and short bills
Amsterdam bankers' builders were 40.02 for short.
Exchange at Paris on London, 124.02; week's range, 124.02 high and
124.01 low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Checks.
High for the week
4.85 9-16
4.8554
Low for the week
4.8534
4.8554
Paris Bankers' FrancsHigh for the week
3.9131
3.9131
Low for the week
3.92
3.91%
Germany Bankers' Marksnigh for the week
23.70
"3.69
Low for the week
23.6834
23.6934
Amsterdam Banker.s' Guilders'
Nigh for the week
40.02%
40.04%
Low for the week
40.02
40.00
31SO
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING sr
PACKS
For sales during use eeeek of etocks usually inactive, see preceding pegs
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 21.
Monday.
May 23.
Tuesday,
May 24.
Wednesday, Thursday,
May 25.
May 26.
Sales •
' for
Friday,
the I
May 27.
Week.
Per share $ per share $ Per share $ per share 8 per share $ per share
STOCKS
NEW YORK STOCK
EXCHANGE
Shares I
Par
Railroads.
18212 18378 18218 183
18114 1824 181 18212 1823s 18378 18312 18512 49,300 etch Topeka & Santa Fe._ 100
*10212 103
10212 10212 10212 103
10212 10278 10212 10212 10212 10212
900 Preferred
100
Atlanta Birm & Atiantio_100
18434 111i- 181ly 185
18414 18.5
10 18412 184 188
18738 188781 12,500 Atlantic Coast Line RR__ _100
12312 12438 1234 124
1234 124
12234 1234 12212 12312 123 124
24,900 Baltimore & Ohio
100
7814 784 •78
7914 7812 79
79
79
1,600 Preferred
79
7914 79
79
100
92
9112 92
9914 99 10234 97 1004 97
9834 984 10312 33,500 Bangor & Aroostook
50
*11034 11114 11118 11114 .11034 111
112 11434
111 11178 11134 113
310
Preferred
100
617 6212 6154 6212 6112 62
6138 62
82181 11,100 Bkin-Manh Trae v t a-No Par
6112 6178 62
8618 8613 8634 87
*8618 87
*8618 864 8612 8812
600 Preferred v t o
8612 87
..No Par
•1014 11
*1014 11
1088 11
1112 1112' 3,9001Brunewick Term & Ry Seo-100
1112 1214 1118 1218
105 108
107 107 *103 106
103 . 103
103 108 *103 104
250 Buffalo Rochester & Pitta-100
*6078 6234 *6078 6234 •604 6234 *6078 6234 *607818234 *6078 6234
'Canada Soutnern
100
184 18434 18312 186
18378 18538 18338 18378 11,300 Canadian Pacific
18414 18534 183 184
100
•308 315 *305 31212 1'300 312 *300 312
311 314
312 312
500 Central 1111 of New Jersey _100
182 18212 18138 184
18312 18514 18114 186
18618 18712 102,500 Chesapeake & Ohio
18614 190
100
*758 8
74 814
838 978 29,800 Chicago & Alton
8
8
8
8
81
812
100
*1178 1214
1134 1338 1212 1314 12
1214
1214 1312 134 15
45,400 Preferred
100
*270 295 *270 295 *272 285 *272 295 *272 295 *272 295
0 C C & St Louis
100
*37
3812 3812 41
3978 41
3978 4178 10,800 Chic & East Illinois RR_-.100
40
404 *3912 40
5712 5712 5712 6114 59
61
587s 13078 8018 6134 5914 61
17,600 Preferred
100
1734 18
1778 2014
1912 21
20
1834 1978 1912 207
2114 62,700 Chicago Greet Weetern-100
3358 34
3378 3812 • 3818 4018 374 3938 3912 414 3934 43 241,900 Preferred
100
1418 1411
14
1478
1418 1438 1414 15
1418 15
1412 15
12,000 Chicago MIlw 451 Paul__ _IM
1378 14
1378 1412 1418 1434 14
14
147
1414
1378 1414 6,900 Certificates
100
24
2418 2414 2514 244 254 244 2518 2412 251
244 25
24,800 Preferred
100
244 2418 24
25
2418 2434 14,100 Preferred certifloates
2434 254 2414 2434 2414 25
100
88
8878 8714 884 8712 88
8634 8734 8638 871
8638 874 32,600 Chicago & North Western_ 100
*13412 139
13834 13834 *138 139 *137 139
13812 139
139 139
500 Preferred
100
10334 10638 105 1064 10512 1674 10538 10714 1054 1063 10512 108
59,500 Chicago Rock Isl & Paelflo_100
10914 10914 10978 1094 1094 110
10934 10934 10934 10934 110 110
800 7% preferred
100
*102 10412 *102 10412 *102 10278 103 103 *102 103
102 102
300 6% preferred
100
*118 120
11978 11978 119 11912 11714 11714 11812 11912 11914 11912 1,200 Colorado & Southern
100
*76
77
76
*76
76
77
76
76
76
76
*7614 7712
300 First preferred
100
*7112 73
*72
*72
73
73
*72
*72
73
73
73
73
100 Second preferred
100
74
7412 7234 734 73
741
74
7412 734 7414 5,100 Consol RR of Cuba pref__100
74
74
209 210
20834 21012 20814 20912 20714 2104 209 214 520912 21112 19,600 Delaware & Hudson
100
16312 164
164 18512 185 186
16214 164
164 167
186 18612 7,300 Delaware Lack .8 Western. 50
8234 13338 6212 6312 6212 8534 8334 64'1 64
653
644 8538 11,900 Deny & Rio Or West pm_ _100
5274 5338 5312 5414 54
5534 5518 5818 5514 56'4 554 5534 136,000 Erie
100
584 594 59
614 66.000 First preferred
5934 594 611
61
6034 617
62'4 61
100
57
57
57
57
57
594 60
9,100 Second preferred
5812 611
5714 5712 583
100
8934 90
8938 90
8934 904 89
9018 904 24,200 Great Northern preferred 100
893
8914 901
1912 1912 1938 2012 20
1934 1934
1938 2038 1934 204 11,900 Iron Ore Propertlee.-NO Pa
20
73
7514 73
74
74
7334 761
7534 7214 74
7412 7034 22,900 Gulf Mobile & Northern-100
110 110 *10978 112
400 Preferred
10912 10912 *109 112 *109 112
110 110
• 100
60
601
,
8 824 6038 614 5838 6038 5714 59
5934 614 29,600 Hudson & Manhattan____100
58
8812 8612 86
89
88
700 Preferred
86
861 •86
88
8612 8612 86
100
12718 12734 12714 12738 12614 12612 128 126
2,900 Illinois Central
127 1271 12712 128
100
•12612 121 *125 1291 *125 129 *125 129 •124 128 *124 128
Preferred
100
•7812 79
7814 7814 *7814 79
210
79
79
7834 783
•784 79
Railroad See Series A1000
*27
28
*27
700 Int Rya of Cent Amerlea_100
2733 27
2718 271 •284 27
27
2712 *28
*6312 65
•8411 65
190 Preferred
65
65
65
65
*8412 65
65
65
100
37
3733 374 3712 3634 3812 38
38
3734 3838 3738 3912 6,600 Interboro Rapid 'Fran *1 o_100
5318 5378 53
5538 54
554 5514 5734 5712 584 40,400 Kansas City Southern
100
5573 54
*67
6814
69
4
*67
600 Preferred
883 69
69
*68
8812 6812 8812 6814
100
12312 1234 123 12318 12212 123
121 12212 123 12638 12412 1254 8,100 Lehigh Valley
50
143 14334 142 14318 14212 1424 *1414 14238 14218 14438 143 14378 5,800 Louisville& Nashville
100
.87'4 89
•8714 89
*8714 89
Manhattan Elevated guar-100
*8714 89
*8714 89
*8714 89
47
49 •47
4812 3,800
47
4834 48
100
Modified guaranty
4712 4718 473
4812 47
*5
6
Market Street Railway _ _ _ -100
51
*5
*5
512
534 *5
*5
*5
6
6
*20
25
30
.100
Preferred
*20
•20
23
•20
23
•18
30
*18
30
400 Prior preferred
100
*44
46
461 *4412 46
*4412 46
461 *45
45
451 •45
100
*12
Second preferred
18
*1212 18
•12
*12
18
19
*1212 16
*12
19
378 412 34,300 Minneapolis & St Louis_ _ _ 100
334 41
34 314
314 33
318 34
314 338
4,200 Minn St Paul ASS Marie 100
34
37
38
84
35
3512 3738 35
351
3412 341
36
500 Preferred
100
5212 5212
52
*55
531
5812 *54
*54
58
55
*54
58
100
90 Leased lines
6212 6278 *6214 63
831
63
63
*63
631 *63
831 •63
53 102,100 Mo-Kan-Texas RR___.No par
444 4434 4434 46
50
4612 50
4534 4834 4514 461
100
10338 10312 10333 1034 10333 1034 1033.1 10412 10412 10514 105 10512 8,000 Preferred
74;500 Missouri Paelflo
100
534 55
5414 5514 544 5814 5413 56
54
5414 53
53
100
10533 10878 10814 10712 10514 10612 1034 10514 10312 10438 10434 10512 43,100 Preferred
Nat Rye of Max let pref-100
*312 5
*312 5
*312 5
*312 5
*312 5
*312 5
Second preferred
100
17
*158
178 *14
178
*138
178 .14
134 *138
178 *138
90 New On Texas & Mexico.A00
14234 1423
138 138
14234 14234 140 140 *138 14234 138 138
100
15234 15414 15134 15314 15112 15284 15014 15238 11514 1543s 15338 1551 178,500 New York Central
100
235 24012 233 2361 32,500 N Y Chic & St Louis Co
22012 22178 219 22112 22018 222
21912 233
600 Preferred
100
107 10718 107 107 *10634 107
10834 10834 10634 10678 *108 1083
100
494 4978 4938 5212 5012 5173 4934 5078 50
5134 5034 52 175,800 N Y N II & Hartford
.28
2818 2812 2978 29
8 12,900 N Y Ontario .8 Western._ _100
2912 2738 2838 2818 294 2873 29,
200 N Y Railways pref otfs-No Par
9
*8
9
*8
*712 10
*812 9
9
8
812 *8
16
'New York State Rallwaye-100
•13
16
*13
15
*13
16
15
*13
•13
*13
16
7,000 Norfolk Southern
100
*4912 5012 50
514 5034 5114 54
5178 5112 5338 5112 523
100
18012 18114 1804 18078 18034 182
184 18714 18414 1884 38,900 Norfolk & Western
17914 183
100 Preferred
100
*8412 8612 *8412 8612 *8412 8612 8412 8412 *85
*8734 88
88
100
89
8912 8838 8934 8838 89
874 8812 878 8834 8778 883 22,000 Northern Pacific
•15
18iy 1812 *17
21
2,000 Paollio Coast
100
20
*15
20
19
18
16
18
62
Bo
6238 62
8278 8234 634 6214 6312 6238 6318 6314 847 89,400 Pennsylvania
34
34
34
100
3134 3812 3712 35
374 354 367 19,800 Peoria & Eastern
3712 36
100
12914 1351 1 135 13812 136 139
137 1387 55,800 Pere Marquette
135 13738 13714 140
96
1,200 Prior preferred.....
95
98 .95
95
9634 9612 974 *9612 98
100
954 *96
*93
9312 93
95
9312 93
1,900 Preferred
*94
96
9312 94
94
100
94
154 15978 154 16934 168 174
57,600 Pittsburgh & West Va__ _ _100
166 17178 167 1711 16212 170
11834 11912 11734 11938 11712 11834 11612 119
68,400 Reading
do
1173
,1194 1174 119
*4178 42
*413s 42
42
200 First preferred
*4138 42
4138 4138 .41
.4138 42
60
41312 4612 47
700 Second preferred
4634 47
461
47
4612 4612
•46
4812 •46
50
69
14,800 Rutland RR prof
*5212 544 5414 5738 59
88
64
100
8012 8278 6114 66
11318 11438 112,2 11378 11234 11378 11238 11314 11212 1134 113 11478 41,800 St Louis-San Frandseo
100
200 Preferred A
*9934 100
*9934 10014 *994 100
9934 100
*9912 10014 *9912 101
100
73
7412 7414 7511 7512 76
7412 7512 7612 804 7912 8134 31,800 St Louie Southwestern __ _100
1,100 Preferred
*84
8634 *8412 8634 *8412 8634 8512 8512 8512 86s 8878 87
100
3312 31,300 Seaboard Air Line
314 3138 3234 3138 3238 3138 331
3012 31
31
33
100
35
3514 3578 36
35
3812 384 8,700 Preferred
37
37
100
383
3712 37
81,000 Southern Pacific Co
11338 11414 11314 11414 11314 1134 11318 11418 11334 11638:114 115
100
12518 12514 12518 12714 12612 1274 12618 12838 1284 1301s 12914 13012 76,400 Southern Ra11WaY----.----100
97
97
2,400 Preferred
9714 9712 9712 9712 9712 98
97
9712 98
97
100
814 8134 8112 8318 7858 8118 7814 8038 80
8178 26,900 Texas et Pulite
89
79
100
88
3334 01
33
*31
32
32
3312 •31
32
3112 3112 1,000 Third Avenue
100
179 17934 17618 17818 17718 17838 17718 17812 21,700 Union Pacific
17934 18012 179 181
100
.8313 8
400 Preferred
8334 8334
*8312 84
100
*8214 8412 8319 831 *8312 84
704 674 69
8918 7013 69
6834 7218 704 7534 176,800 Wabash
6938 70
100
95
95
95
95
95
95
95
954 9514 9634 8,500 Preferred A
95
100
95
'9812 96
95
*93
*93
96
95
95
*93
*93
95
95
400 Preferred B
100
5378 5638 5233 5834 5818 8314 6178 6414 399,500 Western Maryland
4912 551
49
100
44
61
6012 6314 6212 6412 60.700 Second preferred
100
5414 5812 5712 6054 5814 604 57
30
31
304 3078 3012 3138 7,100 Western Pacific new
294 3038 3012 31
100
30
30
5954
5812 5912 59
5938 601
59
5914 3,300 Preferred new
100
5914 5934 5914 591
00
90
*75
100 Wheeling & Lake Erie Ry _RV
*70
9712 *75 100
90
90
*70
*70
90
*92
96
*9218 95
9412 97
500 Preferred
*9218 95
98
100
*9218 9412 *92
*89
*7314
*11212
*175
139
114
9238 9134
91
90
9038 93
90
90
7434 7478 •734
7378 7712 771 *734 76
11212
113 *11212 113 *11212 113 •112l2 113
*175
_ *175
____ *174
*175
138
13712
139
13712
*1313
1393
4
1393
4
139
121 i 1314 *1214
144 134 14
14
14
•Bld and asked Prices
96
96
7712 *7338
11212 •112
__ •175
138 •13712
13
12'2
s Ex-dixidetid. a Ex rights.
PER 3114811
Range Since Jan. 1 1927
On basis of l00-ehare tots
Lowest
Per share
16154 Jan 6
9938 Jan 5
58 Jan 3
17478 Apr 6
10612 Jan 4
734 Jan 3
44 Jan 8
1014 Jan 10
59 May 19
8558 Apr 2
912 Jan 25
8014 Jan 8
59 Jan 18
165 Jan 6
285 Jan 4
15154 Jan 25
454 Jan 8
712 Jan 5
275 Jan 31
3012 Jan 10
43 Jan 6
812 Jan 6
2314 Jan 7
9 Jan 4
9 Jan 4
1858 Jan 3
1878 Jan 3
7858 Jan 27
12414 Jan 3
6812 Jan 4
10254 Jan 4
9514, Jan 28
84 Jan 3
70 Jan 4
68 Jan 14
6878 Apr 6
17118 Jan 28
14014 Jan 27
4118 Jan 5
3912 Jan 3
5238 Jan 4
49 Jan 4
7938 Jan 4
19 May 12
3518 Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
12118 Jan 10
12078 Jan 12
74 Jan 4
23 Apr 20
62 Apr 29
33 May 19
414 Jan 4
6478 Jan 7
9934 Jan 6
1.2814 Jan 14
85 Jan 28
4412May 19
4.g Feb 2
18 Feb 10
4138 Feb 7
114Mar 15
14 Jan 13
27 Jan 6
50 Apr 28
5814 Mar 25
3112 Jan 6
9554 Jan 4
3778 Jan 4
9018 Jan 4
4'8 Mar 9
14 Apr
121 Jan
13714 Jan 27
186 Jan
102 Mar
41,
8 Jan
2314 Jan 1
8 May 24
14 May 3
3718 Jan 14
155 Jan 4
84 Feb 3
78 Jan 3
1514 Feb 3
5654 Jan 3
20 Jan 25
11412 Jan 6
93 Jan 22
8954 Jan 4
12212 Jan 18
94 Jan 4
401: Jan 13
4354 Jan 12
43 Jan 7
10054 Jan 6
96 Jan 25
61 Jan 6
7678 Jan 8
2818 Mar 31
ggia Apr 28
1004 Jan 28
119 Jan 28
94 Mar 10
537,1 Jan 7
30 May 19
15912 Jan 27
77 Mar 5
40,2 Jan 4
78 Jan 3
85 Jan 15
1354 Jan 6
23 Jan 7
2518 Apr 28
55 Apr 26
2712 Jan 3
4712 Jan 7
Highest
PER S161111---Range for Protons
Year 1926
Lowest
$ per share I Per share
181338 Apr 23
103 Apr 25
178 Feb 3
205 Jan 3
1244May 20
7914May 19
10312May 2/
1144May 27
7078 Jan 20
88 Jan 4
1518 Jan 7
115 Mar 10
6234May 11
192., Feb 28
31512May 20
190 May 26
1058 Feb 9
15 May 27
302 Feb 16
4178May 27
6154May 26
22.2May 2
4958 Feb 8
1738 Feb 9
1714 Apr 6
2614 Apr 6
26 Apr 6
8938May 9
139 May 23
108 May 27
110 May 13
103 May 25
121 May 18
76 Apr21
73 May 27
77 May 8
21534 Apr 26
173 Mar 23
6638 Apr 21
5614 Apr 21
6214May 26
6114May 26
91 3 Feb 19
2314 Feb 4
7612May 28
11214 Apr 27
6578May 10
9012May 10
13054 Apr 8
129,2 Apr 8
80 Apr 12
271:May 24
65.: Feb 9
52'4 Feb 26
6212 April
70 Apr 18
12812 Apr 23
14438May 28
90 Feb 11
5478 Febr28
618 Mar 25
2112May 4
4812May 4
16 Mar 30
e Feb 3
4,
10 Feb 4
5814 Feb •8
631: Apr 14
53 May 27
10512May 27
62 Apr 23
11112 Apr 23
0,2 Feb 3
218 Feb 2
1481:Apr 4
15512May 27
24012May 26
8May 14
107,
5838 Feb 16
3414 Feb 18
1554 Jan 14
22 Feb 3
565, Mar i 2
1871458ay 26
8612May 6
915, Feb 18
2714 Feb 15
644May 27
37,
8May 28
140 May 26
9712May 28
96 May 26
174 May 24
11912May 19
4212 Feb 16
50 Feb 16
69 May 27
11614 Apr 23
10014May 12
8134May 27
88 Apr 6
4114 Feb 17
4354 Feb 4
11638May 26
13012May 27
98 May 5
8312 Apr 23
41 Feb 8
18114May 20
412May 20
7554 Feb 28
0614May 27
95 May 27
6414May 27
6412May 27
39 Feu
7638 Feb 7
130 Feb 8
97 May 13
Industrial & Miscellaneous
9754 27,500 Abitibi Power h Paver-VD pa
83 Jan 27 9734May 27
77
300 Abraham & Straus_ _No pa
6214 Mar 26 8214 Apr 20
113
10
100 ildls Feb I l3. Feb 31
Preferred
____ ...... All America Cables
101 I 3934 Feb liS 182 Apr 20
139
600 Adams Express
100 124 Jan 5 1393iMay 23
1212 3,900 Advance Butoely
100
9.: Jan 3 1514 b'ef0 9
122 Mar
9418 Mar
1: May
1814 Mar
834 Mar
6718 Jan
33 Mar
9778 Feb
5418 Mar
78 Mar
81: Mar
6954 Mar
58 Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
17314 Mar
30 Dec
3612 mar
754 Mar
1614 Mar
814 Dec
754 Dec
1418 Mar
14 Apr
6514 Mar
1181: Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
Jan
59
16508344 Nov
Mar
129 Ma
3712 May
221: Mar
30
3%
6812
18
9
2518
MOM
per share
Dee
172
Dec
102
10
Jan
26212 Jan
1094 8e91
737e Aug
46 Feb
103 Dec
7778 Dec
8914 Dec
1858 Nov
8754 July
61 June
17014 Dec
305 Jan
17858 Sent
1158 Feb
1814 Feb
275 Aug
37 Feb
5154 Feb
1218 Sept
314 Sept
1412 Jan
Jan
14
24 Aug
2358 Aug
8334 Beet
12612 Apr
7114 Dec
108 Dee
98 Noe
9614 Oet
Os
74
72 Ren
ne
582
3312
122
17
Sep'
47
42
Jan
Deo
Ma
a
50
434
4:
D
M
Mar 8418 Dee
Dec2714 Feb
Sep
pt
2 se
M
A:
10
49
1,
4
Jan 4112 Dec
Mar 80 Dec
Mar 131 Sent
Mar 12912 Sept
Jan 77 June
Dec31
Feb
Mar 6E1 June
Jan 5354 Dee
Ms
6
58%8 Sept[1
Mar
751: Ma 106 Der
118 Mar 144 8eP1
84 Mar 9254 Apr
381s Jan 6178 May
Feb
191
4%
2 O
ae
ly
t 4
10
° F'eb
3918 June 5138 Feb
1114 Oct 221
: Feb
118 Dec
378 Jan
2578 Dec 5211 Feb
50 Dec 79
Feb
60
Oct 6678 Feb
2912 Oct 4718 Feb
82 Mar 9638 Dee
27 Mar 45 Sept
7112 Mar 95 Sept
434 Apr
834 Jan
144 Oct
412 Jan
120 Mar 1321
: Jan
117 Mar 14712 Sein
130 Mar 2041: Sept
93 Mar 106 July
3058 Mar 4838 July
1954 Mar 283* Feb
6
Jan 2014 Feb
13 Dec, 2812 Jan
2778 Apr 4458 Sept
13914 Mar 17078 Oct
8312 Nov 8538 Aug
6554 Mar 8212 Aug
15
Oct 48
Jan
484 Mar 5718 Oct
1578 Oct 2638 Jan
67 Mar 122 Dec
79 Mar 96 July
7054 Mar 9178 July
85 Mar 13514 Dec
79 Mar 10114 Dec
3954 Dec 42 Apr
40 Mar 4554 Dec
42
Apr 6114 Aug
85 Mar 10312 Dec
8312 Apr 9712 Dee
5712 Mar 74 Feb
72 Mar 8014 July
2712 Mar 51
Dee
we mar 4838 Feb
11111, Mar 1124 Dee
10358 Mar 13114 Sept
871
:Apr 9512 Aug
42,8 Mar 6158 Jan
1312 Jim
43 Apr
14112 Mei* 16858 Oct
7434 Jai
81 14 Aug
Jan
337k Mar 52
68 Mar 7854 Ian
Jan
57 Mar 72
1658 Jan
II Ma
1658 Mar 2458 Sept
2712 Des. 3914 Jae
72 De, 8654 Sent
Jan
18 Mar 32
37 Mar 5012 Jan
3458
6734
11312
11512
7114
24
62
2412
6
30%
414
704 May US
43 May 72
i0418 Ma 112
Jai 155
131
Q91
. Ma 136
22
8
De
dein
pee
Den
ieut
.4ept
New York Stock Record-Continued-Page 2
3181
Foe setae during the week of sleeks usually inacti v., see second page
preceding
111011 AND LOW SALE PRICES-PER SIIARE, NOT PER CENT.
Saturday,
May 21.
Monday,
May 23.
Tuesday,
Wednesday, Thursday,
May 24. t May 25.
May 28.
Friday
May 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
'
Range Since Jan. 1 1927
On basis of100-share loge
Lowest
Highest
Shares Indus. & Mime'. (Gan.) Par
per share $ Per share
3,300 Advance Rumely pref
100 304 Jan 25 41 Feb 9
2,600 Ahumada Lead
1
3% Apr 22
51:Mar 5
12,100 Alr Reduction, Ine____No par 13418 Jan 26 169%May
23
6,600 Max Rubber. Ina
No par
9 Jan 4 1334 Mar 25
2,900 Alaska Juneau Gold Min__ 10
111iMay 24
214
60,500 Allied Chemical & Dye_No par 131 Jan 25 14614 Feb 18
Apr 18
700 Preferred
100 120 Mar 11 122 Feb 18
6,500 Allis-Chalmers Mfg
100 88 Jan 25 11034May 6
3,000 Preferred
100 109 Feb 9 1124 Apr 21
12,000 Amalgamated Leather_No par 15%May 2
244 Feb 11
20,000 Amerada Corp
NO Par 27% Apr 2
37% Feb 7
1,800 Amer Agricultural Chem--100
Ws Apr
1434 Feb 14
2,000 Preferred
100 2814 Apr
51% Jan 10
800 Amer Bank Note
10 41 Jan
5018May 4
100
Preferred
60 564 Jan
60 May 7
2,900 American Beet Sugar...No par 184 Apr 2
2334Mar 14
500 Preferred
100 48 May
8018 Jan 3
5,000 Amer Bosch Magneto-NO Par
13 Jan 20 1818 Feb 28
11,900 Am Brake Shoe & F new NO par 3518May 2 40 May 19
300 Preferred
100 11714 Feb 7 128 Mar 12
19,200 Amer Brown Boveri El_No par 20% Apr 29 391: Jan 5
Preferred
100 8438 Apr 26 98 Feb 1
75,200 American Can
25 43% Mar 31 5114May 21
100 Preferred
100 128 Jan 14 1314May 19
15,900 American Car & Fdy __No par 994 Jan 28 10914May 27
200 Preferred
100 12618May 12 13034 Mar 22
American Chain, class
2514 Jan 7 301s Mar 1
4912 49% 4812 4912 4834 49
48% 50
50% 504 50
5038 8,300 American Chicle
No par 38 Jan 26 52 Mar 17
Do certificates
No
par
35 Jan 4 48 Mar 17
1373 14
133i 14
1314 1338 -131-8 -1-81-2 13 -1114
-13; -1134
- 16,400 Amer Druggists Syndicate_ _10
9)8 Al', 20 14I4May
*13612 13712 136'2 137% 137 137
136 13734 13712 138
138 138
2,700 American Express
100 127 Jan 17 139.2May 19
2278 23% 2214 23,4 2134 22
22
2238 22
2218 22
23% 10.500 Amer & For'n Power__No par
18%
Feb 17 2512 Mar 29
9778 97% 98
9814 9714 9734 9714 9714 97% 9734 9734 99
5,500
Preferred
NO par 8612 Feb 15 99 Apr 20
*814
9
912 1038 10% 1012 10
9%
10% 1038 1038 5,100 American Hide & Leather_100
7%
Apr
28 101
:Feb •
5234 53
53% 5534 5412 58
5612 5838 5734 5878 59
60
9,700 Preferred
100 48 Mar 1 60 May 27
33
33
33
33% 33% 3412 34
34% 3418 34% 34
34,4 5,200 Amer Home Produotallo par 3038 Jan 3 3478Nlay 26
13512 136
134 13512 133 13512 13312 136
135 135% 134 134
11,500 American Ice
100 11418 Jan 26 13714May 10
9314 9438 9378 94
95
95
95
95% 9512 95% 95
95,4 1,500
Preferred
46
46
46
46% 4534 46% 4614 4638 4612 4878 4914 50% 45,300 Amer Internat Corp___No 100 84 Jan 7 96 May 7
par 37 Mar 23 50%May 27
5
5
*5
5
5,8
5
5
5
5
5
5
5
1,100 American La France F E___10
478May 20
10 Jan 3
2418 2414 2412 25
25
2614 2612 28
2718 27% 2612 2634 7,300 American Linseed
100 20,s Apr 5 301: Jan 12
63% 63% 6314 6412 6312 6312 6412 6512 66
66
6614 67
3,100 Preferred
100 46% Mar 19 7118 Jan 3
11418 11412 114 114% 113% 11538 113 11434 11334 11434 11378 11538 16,500 American LocomotIve_N
o par 10534 Jan 19 116 May 18
•121 12134 12118 12118 *121 12112 12112 1211 12112 1211s *121 12112
Preferred
300
wo 1191
:Feb 23 124 Apr 2
81
81
81
81
*79
811
8134 813
8112 8112 8112 82
1,400 Amer Machine & Fcly-No par 734 Jan 3 86 Feb 21
•140 145 "140 145 *140 145 *14012 145 *14012 145 •14012 145
Preferred
100 12518 Jan 8 149 Mar 29
"4234 4312 4278 427
4138 4138 *42
423
4112 4112 *413* 42(2
Amer
600
Metal
Co Ltd___No par 40% Apr 12 44 Jan 20
*112 115 *109 113 *109 1121 *109 112 *109 112 •10911
Preferred
11211
100
11212May 17
63
63% 63
637s 6212 631
6112 621
615s 62% 6112 6212 16,000 Am Power & Light.....-No par 108 Jan
54 Jan 27 8414 Apr 23
122% 12312 123 l257s 12534 130
12734 130
131
128
12838
1294
29,900 American Radiator
1101:
Jan
25
21
9714 9634 963 •95
131
May 26
96
96
97
97
97
97
.95
97
600 Amer Railway Exprees____100 874 Apr 4 9714May 23
48
*45
*45
471 *45
48
48
*45
46
46
44% 45
300 American Republica...No par 35Is Jan
604
Feb
497 497
4812 49
4818 49
49
4912 49
49
49
49
2,601) American Safety Razor__ _ _100 48 Jan 28 8118 Mar 28
414 414
4
4
414 47
412 47
412 412
48 534 8,800 Amer Ship & Comm__.No par
312 Mar 2
15938 16218 15918 1615s 1587s 160's 15818 16012 159 161
834 Jan 7
159 16038 83,500 Amer Smelting & Refining. 100 132% Jan '25 183
May 20
12512 12512 12,514 1251 125 125
125 125 •12434 125
1247s 12478
600 Preferred
100 11914 Mar 16 12878May 4
•125% 127 *12534 127 *126 127 *12612 127
127 12712''
1 127 128
300 American Snuff
100 1193s Jan 17 130,8 Mar 10
448 45
447 45 • 45
4438 45
45
45
4512 45
4538 3,800 Amer Steel Foundries__No par 411: Apr 29 461
:Feb 14
*11314 115
11314 11314 11314 11314 1137k 1137* *11314 114
114 114
400 Preferred
100 113 Jan
115 Jan 13
9134 9134 9134 9334 93
95
9312 958 9418 9534 94
9514 31.700 Amer Sugar Refining
100 79 Jan 25 9534May 28
*113 115 *114 115
115 115
115 115
11612 11812 118 118900 Preferred
100 10778 Mar . 11612May 26
53
5375 53
53
5212 53
5212 53
5214 521
: 5112 524 5,800 Am Sum Tob v t c__No par 4118 Jan
58* Apr 18
*31
3112 32% 3218 32% 3218 32
324 3214 324 '32
3212 1,100 Amer Telegraph & Cable_ _100 26 Apr
34 May 9
166 16638 16612 1118
168 16914 16712 16918 1671
:18834 16738 16814 21,400 Amer Telep & Teleg
100 14914 Jan
17214 Apr 8
13812 13812 137 138
13712 1373* 1357 13612 136 136
134 135
2,200 American Tobacco corn _ _ -50 120 Jan
13912 Mai 20
13773 138
13838 13738 13638 1377 135 137
13414 136
13314 1341
6,200 Common Class B
50 11914 Jan 5 13814MaY 20
*11414 115 •11414 115
11414 11434 11334 115
11514 11514 *115 11538 1,100
Preferred
100 11018 Jan 4 11538 Mar 9
*137 138
137 138 *133 136
13214 13214 13134 13134 13212 1321
600 Anlerlean Type Founders-100 125 Jan 7 146 Feb 1F1
81
8114 8038 81% 8014 81
81
827s 824 8434 84
848 31,800 'm Water Works & Elec___20 6214 Jan 3 84'8May 27
*1084 110 *10812 10934 *10812 10934 *10812 109
10812 1084 *1084 110
100 let preferred (7%)
100 1041
:Mar
1107 Jan 21
•1834 19
1878 19
1834 1878 1712 19
17
1734 1714 1734 19,100 Aiaerican Woolen
100 17 May 26 33% Jan 5
*5212 54
52% 53
478
52% 53
4912 521
4912 4738 4834 8,700 Preferred
100 47%May 26 864 Jan 7
Amer Welting Paper pref1.00
1 Jan 3
1* Mar 7
8% 8% •818 814
8
8
8
8
8
8
814 814 1,100 Amer Zino. Lead & Smelt---26
1014 Feb 17
712 Apr 28
47
47
4714 48
48
48
4634 4714 47
47
47
1,700
4738
Preferred
42
25
Jan
5
5114
Feb 18
4612 47% 46% 47
46
46% 451 1 46
4614 48
4514 4518 10,600 Anaconda Copper kilning-50 46 Feb 9 4918 Jan 12
*4012 41
*4012 42
*40% 41
*4012 41
*401 41
*4012 41
Archer, Danis, MidI'd-NO Par 38 Mar 12 42 Jan 18
*107 --_. *107
____
-_ •I07
.107
____ •107
100 106 Jan 4 10812May 10
Preferred
9112 92
9138 911 *10791
9114 *90
92
•90
91
*90
91
(Del) pre:_.-100 88 Apr 13 9618 Feb 16
1l% 11%
1118 1134 11% 1134 11% 1138 1118 1112 104 Ills 1,000 Armour & Co
Illinola
Class
Armour
8,300
of
A--25
84MaY 4 1578 Jan 7
718
7
7
718
7
714
7
7
634 678
634 634 2,500 Class B
518May 5
25
918 Jan 6
76
74
75
7534 7434 74% 74
74
73
7334 72
73
100 60 Apr 13 8614 Jan 27
2,000 Preferred
2312 2312 25
25
23% 2414 *2314 24
2312 2312 *233* 2378
Constable
Corp-No
par
Arnold
900
21
Apr I 253sMaY 16
.2312 2412 *2312 24% *2312 24% *2312 24% 231: 2338 "231:
24
P,onstructionMetal
4,300 Art
---10 22 Jan 11 27 Mar i2
*4914 5012 *49
5012 •49
501 *50
5014 .49
5014 '50
5014 7,000
No par 49 Apr 4 5434 Jan 5
4212
*11114 114 •11114 114 •11114 114 *11114 114 *11114 114 *11114
114
1017 112 Apr
efD
errr
113 Feb 8
43
4338 4314 43% 42% 4314 4212 4312 4218 4278 4214
yedGoods
Assoc
No par 3912 Feb
4178 Apr 11
104 104 •104 105
*103 104
104 104 •103 106 "1034 106
200 let preferred
100 9712 Mar
104 May 23
107 111 *107 111 *107 111 •I05 111 "108 III .105 111
'
preferred
2d
100
106
Mar
23
108
Apr 19
*44
47
49
4418 4512 *443 46
*44
*4414 4918 *4412 47
200 Associated 011
25 4418May 2
5014 Feb 19
3484 3484 3438 35
3518 3538 *35% 36
3512 3678 385s 39% 8,800 Atl 0 & W I Et S Line--No par
30* Mar 2
42 Jan 5
*3313 35
*3212 34
*3312 35
33% 33% 34
341j Ws 3818 1,300 Preferred
100
2934 Mar 2
381
:Jan 8
11012 1101 *10912 1101 10912 1091 10934 110
11078 112
111 112
4,000 Atlantis Refining
100 107 Jan 28 11774 Mar I
•116 117 *116 117 *116 117 *116 117 *116 117 *116 117
Preferred
464
100 11512 Feb
6518 6514 65,4 64
118 Mar 11
66
66
64
•63
65
*83
85
300
Powder
Atlas
No par 56's Mar 1
66 May 19
14312 1031 10312 10312 10312 10334 10312 104
*10312 104
10312 10312
130
Preferred
100 98 Jan
106 May 5
10
.10
10
11
11
•10
*10
IL
934 10
9
912 1,300 Atlas Tack
No par
43
7% Mar 14 1218 Apr 7
*434 5
43
*434 5
*434 5
*434 5
434 4%
2
3
00
Austin,
preferr
chols&Co via No Par
1)1818
414 Mar 22 1014 Jan 3
33
*31
31
3214 3114 3114 *30
33
.31
35
.30
32
100 31 May 24 61 Jan 5
- -- - - - Auto Knitter Hosiery No par
21E118 21913 217 222 2i6T2 2-16C4 21634 223 257,100
14 Jan 3
18 Jan 7
210 2127* 2(-)51.4 213
Baldwin Locomotive Wks-100 14818 Jars 18 223 May 27
*121 12212 12214 12214 *122 12214 12214 12214 *122 122,4 122 122%
500 Preferred
100 116 Jan 14 12212May 19
2414 24% 2438 243* 24% 2534 2514 2538 2512 2618 Ms 26%
26,800
Barnedall Corp class A
6 231s Apr 29 36.2 Feu 26
26
24
2434 2338 24
*24
25
25
2534 26
2614 2812 3,800 Class B
25 22 Apr 30 321 4 Feb 28
7014 7014 7012 7034 76
69% 70
71
68
70
6878 70
3,500 Bavuk Cigars, Ma
No par 444 Jan 25 7434May 10
•52
53
53
5214 5214 *52
•52
5218 51
52
52
53
1,300 Beech Nut Packing
20
20
20
20
20
20
20
20
8 Feb 15
2014 20
204 2018 20% 3,700 Belding Hem'way CoNo par 504 A lir 29 60,
1834 Apr 29 274 Jan 7
50% 51,8 505s 5138 4934 5012 50
51
5018 5034 5014 501
Bethlehem Steel Corp
100 4344 Jan 27 56* Apr 7
111 111
11012 111
•11012 111
111 1s 11118 111 11118 1I1% 11133 24,100
1,200 Preferred (7%)
100 10434 Jan 3 1113sMay 27
*3714 38
38
*3714 38
*37
*3714 38
*374 38
*3714 38
Bloomingdale Bros.__ No pa
•11012 1104 1114 11134 *11012 11184 •11012 III
8478 Mar 24 41% Jan 11
11012 11012 *11012 11134
20 Preferred
100 10912 Jan 20 1134 Apr 18
1
1k
5,511 55
5538 56
55
555
56
54
56
56
5612 58
2,400 Bon Ami, class A
No par 53/
1
4 Jan 5 58 mu 14
713 *7
*7
712
718 718 •7
73
712 *7
712
818 2,700 Booth Fisheries
No Par
55
*51
614 Jan 28
.51
55
55
.51
*51
838 Apr 14
55
5114 53
55
5714 1,500
1st preferred
iool 45 Jan 11 6714May 27
21
21
*2012 2112 *2012 2112 •2012 2112 .19
*2012 21
193
100 Botany Cons Mills abuse A..501 18 May 4
2912 2912 2912 2918 293* 20
29
281
:Jan 6
2914 29
29
2834 29
3,200
Briggs
Manufacturing
__No
par
2814 Apr 23 884 Feb 93
Cl:
*12
34
34
*12
34
*12
34
*12
34
*12
3
1,800 British Empire Steel
1001
13 April
15714 16114 16034 16312 16034 166
162 166
Ils Fen 10
162 164
16234 18314 17,800 Brooklyn
Edison. Inc
tool 1481
:Feb 11 16111:May 9
III 11414 11312 11534 113 11414 110 11113 1104 1)214 110 11014
*33
No par 89% Apr 4 1154May 23
33% 33
33
34
34
3414 3418 3334 412 3334 33% 17,300 Bklyn Union Gas
3,500 Brown Shoe Inc
No pa• 304 Feb I 3518 Apr 23
*114 118 *114 116 *114 117 '114 117
118 11714 "113 118
300 Preferred
2834 29
2834 2834 •28
1Q01 109 Feb 7 118 Apr 22
29
29
2834 •2814 2834 2818 283*
700 Brunsw-Balte-Collan'r_No par 27
9812 97
9812 96
9878 *98
*97
May 14 3874 Jan in
9612 9612 9612 97
1k
1,400 Burns Bros new clAaom No
2334 2414 2318 2314 2312 2312 2334 97
2518 25181 *2412 25
parl 9414 Mar 18 12534 Jan 20
24
2,200
New class B corn _ _No par
184 Mar 18 3434 Jan 27
•94% 9612 •9418 9612 *04% 9612 •9418 9612 *94% 9612 11'9418 961
Preferred_ ___ .--------- 100 94, Apr 16 1110 Jan 3
96
96
95
*96p38 97 1 96% 9678 96
*94
96
"91
95
77,3
78
00
0 Burroughs Add MacbNo par r90 Mar 2 128 Fen 2•
423* 4218 444 45
42
5113 5218 5514 5515 593
4134 42
i Terminalnew_ __No par 29% Jan 12 59 May 27
Bush
98
9734 9734 "96
98
98
99
100 103
"96
"99 104
800
110 110 *107% 113 *11012 113
2
1
M
Aa
10
apyy
158
r f6
3,3m
113 1134 113 113
110 11234
100 Bush Term Bkli28
,pref _-__1
F
je
a
ar
"
93
b 11845
101 10
184
4
1881
434 5
5
438 434
5
438 45,
478 473 *454 47
2,200 Butte Cooper & 'Zinc
5378 5378 *531s 5376 54
54
53
54
"53
544 *54
541
1,100 Butterfat Co
100 501: Jan 8 6l4 Fen 15
3.8% 914 "878 914 '87s 9
9
94 '914 9'2
94 9l2
800 Butte & Superior Mining__ 10
8114 8114 8114 8114 8212 8314 *8112 83
83
738 Apr 4 1134 Jan 7
8234, 82
"82
1,200 By-Products Coke-...NO par 68 Jan 29 84 A171
'9
6918 7112 7112 7534 733875's 723* 7412 73
743s 7212 731 51,000 Byers
& Co (A M)----No pail 42 Jan 8 7534MaY 23
•Bid sal silted Irian: tlo s %lei on th114 day. s Ex-dividend. a Ex-divi deal
awl ex-rights.
8 per share
per share $ per share $ per share $ per share $ per share
33
3534 3834 39
38
3834 36
3634 3718 3714 *35
3612
312 912
312 312
338 312
312
31, 312
312
3% 338
16512 16978 166 167
15912 166
165 . 16678 16512 16812 16538 167%
984 934
1014
10
934 10
934 10
912 938
912 934
188
*114
114
114
1%
114
I%
138
118
138
1%
lis
142 14338 14012 14314 14014 14134 13918 141
13938 14113 141 144%
*12134 12218 122 122
122 122
122 122
122 122 *122 12212
1085 110
10834 110
109% 11014 109 10914 109 1098 10878 109%
11038 11034 11038 11034 1107s 1107 1107 Ill
11118 11118 11118 11114
1538 1538 1612 1738 1618 19
1712 1834 1638 1712 •1634 17,4
2914 2912 2934 2934 2934 3019 30% 3034 31
318 31% 3312
1018 10,8 1018 1018 1018 1018 *10
1018 10
10% 1014
10
3414 3414 33% 3414 32% 33% 3212 3212 33
*33
33
35
49
4914 49
49
4812 4812 *47
49
48
49
*47
48
593* 5938 5038 5938 5912 59% 59
59
*59
5912 59
59
2014 2014 2012 2012 2013 2012 21
2212 2234 2334 2118 23%
*50% 53
*52
53
51
51
*5218 54
5214 54
54
54
1412 1412 1438 1434 1414 1412 1414 1414 14
14% 14
14,4
38% 3934 3812 3914 3812 3914 3813 384 384 39
39 .3914
*121 125 *121 124 •121 123
121% 123 *122 125 *122 125
2318 24
2212 23% 2234 2312 2212 2313 2234 23% 22% 2314
86
*82
86
*82
*82
86
•82
86
86
*82
*82
86
5034 51% 50% 5118 49% .5038 4834 49% 4834 49% 4912
50%
*130 13134 *130 131 *130% 13134 *130% 13134 13112 13112 •131 1313
•105% 106
10514 106
10514 107% 108 107
107 10918 10814 10914
130 13014 13034 130% *13112 134 *13112 134 *132 134 *132 134
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per char.
2871 Dec 6534 Setif
434 Nov
918 Jan
1074 May 14634 Dec
718 Oct 16
Pet
% Oct
Jau
2
106 Mar 14878 Dee
11834 Mar 12244 Do,
7814 Mar 94% Jan
105 Apr 11112 Dec
104 Oct 21 Sep,
244 May 3278 A uc
9 Oct 3438 Jar
35% Oct 9612 .au
34% Mar 46
l.rt
85
Jan 584 Jul,
2018 Sept 3834 Fel
55 Nov 83
bet.
18 May 34% an
11014 Mar 1284 Feb
304 Mar 60 Aug
5612 Mar 971e Jan
3878 Mar 6318 Aug
121
Jan 1304 Dee
914 Mar 11478 Jan
12018 Oct 1304 Dec
234 Ma
284 July
31
Oct 61
Jan
28
Oct 4714 Jan
414 Jan 10% Aug
10578 Ma 140
Jan
1414 Nov 4238 Jan
79
Oct 98 Feb
7 May 171
: Feb
33': May 674 Feb
23% Oct 30% Dec
109 Ma 136 June
814 Oct 8834 June
3134 July 4634 Feb
9% De
1578 Jan
25% Oct 5278 Jan
6734 Oct 87
Jan
9014 Mar 11978 Jan
116 Aug 12414 Deo
8514 Oct 8018 Aug
114 July 125 Dec
4314 Dee 57% Feb
1131
: Apr 120 Feb
5034 May 7211 Sept
101', May 12238 Aug
77% Mar 90 Dec
3978 Nov 74
Jan
42 Apr 7034 Aug
538 Dec 1178 Mar
10938 Apr 152 Aug
11278 Mar 122% Dec
12114 Oct 165 Feb
40 May 47 Aug
11014 Sept 115 Feb
8514 Apr 8714 Nov
100 June 1101
:Nov
294 Aug 44 Dec
2518 July 41% Feb'
13938 June 151
Dec
11138 Mar 12434 Sept
11018 Mar 124 Sept
10618 Jan 113 May
114
Jan 135 Feb
4334 Apr 74 Jan
1014 Mar 10814 Jan
19 June 427s Jan
68 Apr 904 Dee
63 Jan
Is Aug
51.May
1218 Feb
20 May 64 Dee
414 Mar 51% Aull
347a June 44% Jan
100 Mar 108
Oct
9014 May 975 Jan
1318 May 254 Feb
534 May
17
Jan
80
Apr 93 Feb
18
Apr 3134 Jan
1918 Jan 23% Oct
4634 Sept 634 Jan
108 Mar 113 Dec
374 Mar 5478 Jan
96 Mar 1021
: Jan
102 May 110 Dec
4434 Jan 60 Mar
29 Oct6838 Jab
334 Oct5614 Jan
97 Mar 1288
,May
1154 Oct120 Jun"
54 Mar 64 Nov
94 Jan 9732 pet
Oct174 Jan
8
718 (Set 28
Jan
54 Nov 93
Jan
14 Oct218 Feb
9278 Mar 16734 Dec
105 Mar 1194 Nov
231
:May 334 Jan
221: Oct3918 Jan
39 Ma
55% Nov
5214 Oct 717s Feb
26 Dec 89% Jan
8714 May 51 18 find
99 Ju
10578 Dec
28 June 42 De.
10414 June 110 Culf
634 Boo 664 Dec
44 Jan
418 Mar
84% Oct 5118 Jan
20 May 40's Jan
Oct 574 Jan
24
12May
Jail
8
133 Mar 163 Sept
68 Mar 98 Dee
291:June 48% Jan
107 June 1.11 Maf
2433 Mar 3034 Sept
121 Mar 144 July
2618 Nov 44
Feb
97 Mar 103',June
7712 1pr 124 Dee
1634 Mar 344 July
Apr 93 Aug
86
9912 Jars 104 No.
4
Dec
84 Feb
17% Mar 71 Sep
71s May
164 Jag
63 June 90 Sept
28 Mar 4471 Nov
New York Stock Record-continued-Page 3
3182
For sales during the week of stocks usually inactive, see third page precs
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 21.
Monday,
May 23.
Tuesday.
May 24.
Wednesday, Thursday,
May 25.
May 26.
Friday,
May 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par
4,100 California Packing-No par
6418 65
647 65
64% 6312 64
6412 65
64
65
64
25
2412 2458 243 2434 2412 2412 2412 2434 2434 25
2412 2434 8,500 California Petroleum
10
134 *113 158 1,700 Callahan Zino-Lead
158
134
15
15,
112
*158
134
1% 18
68
6812 *6812 69
*67
68
69
1,100 Calumet Arl110118 Mining_ 10
694 68% 6918 69
*69
25
700 Calumet & Hecht
•1512 1534 1512 1512 1534 1534 1534 1534 1512 1512 1534 1534
441
44
4412 2,000 Canada Dry Ginger Ale.No par
44
44
4414 4414 44
4418 *44
4412 44
100
20,000 Case Thresh Machine
22412 23412 226 233
222 231
225 234
228 233 *22712 229
100
100 Preferred
12412 12412 *118 123 *118 123 *120 123 *118 123 *118 120
2712 2778 2734 2778 3,000 Central Alloy Steel____No par
2712 *2714 2734 27
27
2712 2734 28
100
1078 1212 127 1412 15
17
15
164 15,000 Central Leather
17
1678 1778 15
100
2,500 Preferred
72
72
717
7414 75
7412 75
, 72
72
72
72
72
1434 15
15% 16
15
2,200 Century Ribbon Mills_No par
147 15
1514 1412 1412 *1412 1514
100
100 Preferred
*7514 80
*7514 80
7834 7834 *7514 79
*7514 80
*7514 80
6018 6.100 Cerro de Pasco Coyper_No par
6114 6114 61
6178 6114 6112 6018 60% 6014 6012 60
5234 5312 22,200 Certain-Teed Products-No par
5234 5312 5212 53
5214 528 5218 5338 5318 54
100
*10914 110 *10914 110
100 let preferred
10914 10914 *10912 11458 *110 11458 *110 11458
1014 4,900 Chandler Cleveland MotNo par
*1112 12
114 1112 11
1012 1053 10
1114 1058 11
No par
24
24
2334 2334 2312 2312 2212 23
2218 2253 2158 2214 3,500 Preferred
13012 13034 130 130
128% 129
700 Chicago Pneumatic Tool-100
129 129 *128 130 *128 130
No par
6112 62
6118 62
61
6234 6134 6212 6034 6234 26112 6112 12,300 CbIlds Co
7
25
Chile Copper
3518
3538
9,600
35
3638
3534
4
3518
3618
3512
3534
353
2
35
3
358
5
*2214 26
Chino Copper
*2214 26
*2214 26
*2214 26
*224 26
*2214 26
60
6178 5914 5934 5812 59
6012 5912 5912 5,700 Christie-Brown tem ctfs No par
5914 59
57
par
No
4512
46
227,700
Chrysler
Corp
4614
45
45
4578 4618 4714 4578 47
4534 4634
No par
110 110
11053 11012 *109 11012 10912 10912 109 10912 10838 10838 1,000 Preferred
900 Cluett Peabody & Co _No par
597 598 58% 587 *5812 5834 5834 5912 5912 5934
*5933 60
100
150 Preferred
*1174 118
11712 118
11712 11712 *11712 118 *11734 118 *11712 118
No par
11214 11378 11334 115
11314 11438 11212 11358 11212 11412 11212 11312 22,200 COC8 Cola Co
par
Collins
No
dt
A1kman
10012
10112
1023
4
64,200
99
9312
944 9614 95
9853
962 9353 95
100
Preferred
100
8712 8918 162,300 Colorado Fuel de Iron
86
8878 86
8934 8814 9034 8818 91
8778 87
1,300 Columbian Carbon v to No par
76
75
75
76
75
76
76
7534 7534 7434 7434 75
9312 94% 9334 94
94
9678 9412 9638 9714 9812 978 984 61,600 Colum Gas ag Elea new_No par
100
1,600 Preferred new
107 107
10718 10714 10714 10714
10718 10738 10718 1071s 107 107
1,300 Commercial Credlt____No par
1614
16
17
17
17
17
*1612 17
1612 1612 1612 17
25
410 Preferred
*2018 21
21
2112
*20
21
20
20
2018 2018 *2018 21
25
40 Preferred B
*2012 22
*2012 22
*2012 22
20
*20
2214 *20
2214 20
400 let preferred (6t4%)__ _100
*7612 78 ,
77
*7612 78
77
77
*7634 77
77
*765* 78
49
4934 508 50% 5118 4,100 Comm Invest Trust___Tio par
4734 4834 484 4918 48
4853 497
100
500 7% preferred
*9512 99
*9512 99
*9512 99
*9512 97
955 97% *9512 99
100
700 Preferred (83.j)
8912 8912 *8853 9012
.89
90
*8914 90
8914 9038 *8838 89
par
Solvents
B
No
15,500
Commercial
37012
35814
362
35814
360
365
36314
369
36112 36958
367 378
par
Congoleum-Nairn
Ino_No
16,400
1912
193
4
1912
193
4
1978 20
1934 20
1912 1978
1912 20
No par
5,800 Congress Cigar
61
6014 6034 6058 6138 6012 6138 61
6034 6118 6014 61
Conley Tin Foil gap& __No par
791g 7834 79
2,800 Consolidated Cigar____No par
79
7912 7912 7914 7912 7918 8014 798 80
Preferred
100
*98 10112 *97 1011 *97 10112
•97 102
*97 102
*97 102
13
112 1,300 Consolidated Distrib'rs No par
112
112 112
114 114
138 112
112
153 153
10318 10334 47,400 Consolidated Gas(NY) No par
103 104
10318 10378 10312 10414 104 10434 10234 104
_ _No par
538 638 28,700 Consolidated
578 6
57g 6
534 578
5,2 678
558 53
19,500 Continental Baking
clANo par
Textile40
4014 4114 39
3912 4038 3912 417
4014 41
3934 41
No par
414 434 11,100 Class B
412 458
438 458
45, 453
414 412
412 412
100
8514 85
8314 83's 8218 8353 3,600 Preferred
85
8614 8434 8434 8314 843
7,900 Continental Can, Ino__No par
69
6934 6834 6918 6714 6834 6512 6712 6614 66544 6634 68
25
170 17114 16934 17034 5,800 Continental Insurance
18734 17034 16712 170
16814 174
167 168
1214 12
1218 10,700 Continental Motors__ _No par
1214 121
1218 1238
12
1218 12
124
12
5812 5934 86.900 Corn Products Reflnbig____25
5812 5934 5734 59
5958 801
5758 5812 5814 60
100
100 Preferred
___
__ *131
•130__ 13012 13012 •130 131 *13012 13112 *131
No par
4,700 Coty. Inc
*7314 -i414 7318 74
735* 734 -7-358 7314 -75
738 738 73
3,200 Crucible Steel of Amerloa_100
87
87
88
8878 8912 88
89
87
8834 88
8734 90
100
Preferred
•10712 110 *107 110 *10712 110 *10712 10912 *10712 10912'10712 10912
No par
8,300 Cuba Co
304 317 23018 31
32
32
3158 32
3153 3153 3134 32
No par
9
914 5,100 Cuba Cane Sugar
914 934$
938 958
*914 938
918 918
95* 958
100
4234 4234 4214 4334 43
4212 4334 43
4358 4218 4212 10,300 Preferred
43
9,000 Cuban-Amerloan Sugar- 10
25
2518 2534 25
2434 2434 2412 253
25
25
2514 26
100
Preferred
*104 10712 *104 10712 *104 10712 *104 110 *104 110 *104 110
500 CUbanDom'canSugnewNopar
15
*1434 1512 *1434 1512 1514 1514
15
1553 1538 1514 154
50
2,800
new
Packing
Cudahy
4712 48
48
4912 5018 5014 508 4934 4934 491s 49,8 48
No par
500 Cushman's Sons
11412 11518 11412 11412 4,110 115 *110 115 *110 115
*110 116
par
No
Fruit
Cuyamel
200
36
36
*353
4
363
4
3578 3578
*35
36
*3514 3534 *3514 36
par
28
28
2918 30
3412 3214 3334 3114 3314 3114 3218 44,400 Davison ChemiCal v t o-No 100
28
152 15258 152 1534 8,600 Detroit Edison
15112 152
149 15034 151 153
153 153
de
Reynolds
A__No
par
Devoe
700
4
393
40
40
3814 3814 *3812 39% *3812
*3818 3918 3814 40
2238 81,300 Dodge Bros Class A-No par
2212 22
25
23
2414 2234 2314 2218 2234 22
24
No par
cart
f
Preferred
15.500
753
4
7614
76
77
78
763
4
7814 7878
7812 79
78
79
No pa
3,700 Dome Mines, Ltd
734 77
734 734
818
778 778 *734 8
734 734
8
No par
6534 6534 6534 2,500 Douglas Pectin
6514 6412 6412 65
*6378 64
6418 6538 65
yref___100
Light
1st
DU(Illeale
300
117
*11512
*1153
4
117
116 116
11618 11618 *116 117 *116 117
2,200 Eastman Kodak Co__ _No par
14712 148
14734 14734 14618 147
14718 1477 14612 14812 14612 148
2512 2614 7.300 Eaton Axle de Spring_ _ _No par
254 257
2534 2534 2534 26
2578 2618 2553 26
ElduPontdeNemnew_Nopar
13,800
8
2443
24314 245
24214 244
243 2457 243
243 2445, 24312 245
100
1.800 6% non-vot deb
11112 11134 11134 112
11112 11178 11178 11178'11118 112
*11118 112
25
900
Elsenlohr & Bros
13
4
*123
1318
13
13
1318
•13
1358 1314 1312 1314 1314
No par
8452 4,900 Electric Autolite
8318 8378 84
84
8414 8312 84
8338 84
8312 85
No par
89,700 Electric Boat
1912 20
1938 20
1918 20
2018 21
2018 21
1934 205
No par
2212 82,900 Electric Pow & Lt
2258 22
23
2312 225 235* 22
22714 2178 2234 22
300 Allot Ws for prig 40% pd_
11434 115 *11312 11434 *113 11434 *11212 11434 11314 11314 *11214 114
____ ______
Allot Ws for pref full pd.._
____ *114
'11312 ____ *114
____ *114
____ *114 ___ *114
No pa
10318 10312 1,600 Preferred
10312 104
104 104% 104 10418 104 104 *10312 104
2638 2518 2512 30,400 Electric Refrigeration_No par
245 25
2438 2478 2453 25
2638 . 25
25
7012 9,800 Else Storage Battery_No par
717
7058 7058 70
704 7112 6912 707
6738 7078 70
700 Emerson-Brant ClaoaANopar
10
1018 11
1012 1034 *8
*8
1012 *8
878 10
10
6,400 Endlcott-Johnson Corp... 50
, 6834 69
*6818 6812 68
6818 68
693
6812 6812 694 69
100
500 Preferred
_
120 120
12918 12018 *12018*12018
.*12018
•120 123
2734 2814 2818 2838 2818 2878 28 -2-8-% 278 -2-8-88 2788 28-14 38,900 Engineers Public Serv_No par
1,000 Preferred
No par
10534 10534 10618 10618 10618 10618
1054 10518 10512 10512 10514 106
5
2714 7,300 Erie Steam Shovel
2714 2734 2733 2734 27
2734 27
28
2814 27114 28
100
Preferred
*10412 106 *105 106 *105 107 *105 106 *105 10512 *105 106
2,200 Equitable Office Bldg yfd_100
160 164
*157 160
157 157 *152 15512 *153 15512 156 162
7078 6,700 Eureka Vacuum Clean_No par
70
7112 7134 7018 7112 7034 7112 70
708 7018 71
300 Exchange Buffet Cory_No par
*1912 1934 1918 1912
*1912 20
*1912 20
1934 1934 *1912 20
No par
4034 4114 2,300 Fairbanks Morse
41
3818 3818 3858 39
3914 4038 41
*3818 39
300 Preferred
100
112 112 *112 113 *112 113 *112 113
•112 114 *112 113
10812 10938 13,900 Famous Players-Laaky_No par
10812 10912 10818 1094 10858 11038 10838 10912 10818 109
100
1,000
12014
120
Preferred
120
120
120
*1193
4
1193
4
1193
4
*119
120
(8%)
*119 120
15
4478 4334 4414 4312 44
4314 4338 5,400 Federal Light & Tree
4312 44
44144 4434 44
100 Preferred
No per
98
98
9712 98
*97
9712 *9714 9734 9714 9714 *9712 98
500 Federal Mining & Smeltl_100
1344 135 *130 15 0 *125 145 *125 150
136 137
140 140
100
29434 95
9518 4,900 Preferred
9518 957s 9518 97
9434 9478 95
*9514 96
1,000 Federal Motor Truck.. N0 par
24.8
*244 2458 2412 2412 24% 2412 *2438 2412 2438 2458 24
117 118
117 11834 118 11812 118 11834 2,900 Fidel Phen Fire Ins of N Y_ 25
11614 11614 11614 118
300 First Nat'l Pie, let pref. 100
10234 10234 10278 10278
•10212 10234 10234 10234 *10212 103 *1024 103
No par
2118 2,200 First Nat'l Stores
21
21
21
21
2078 21
2134 21
21
21
*20
No par
1718
1678 1718 4,360 Fisk Rubber
17
1678 1718 1634 17
1714
174 1738 17
1,700 1st preferred mamped_100
85
8512 85
85
8412 8412 8412 88
*8512 86
86
86
100
200 let preferred cony
99
*95
98
97
97
97
97
*98
98
*95
*90 100
41,300 Fleischman Co new...-No par
58
5712 57
5833 5712 584 5712 5838 5658 5734 57
58
par
4,600 Foundation Co
No
69%
69%
695
8
71
6914
70
6912
6912
70
89
6912
694
No par
6018 5934 6058 5934 6012 19,100 Fox Film Class A
59
5518 5918 5814 5814 5814 60
27,700 Freeport yeses Co..._No par
678 6812 6712 6812 663 688 6534 8714 6612 6712 665* 6814
No par
4138 4234 30,000 Gabriel Snubber A
41 18 418 413 42
4112 42
3934 4012 408 423
1012 2,900 Gardner Motor
No par
934 1012 1014 1014 *10
958 934
958 10
1014
10
495, 4938 2,600 Gen Amer Tank Car
par
4912
495*
No
49
49
487
8
49
498
484
48%
48%
100
_
100
_
*1093
8
__
*10914
*10914
Preferred
.
_
10914 10914 *10914
*10912
100
-7i12 7612 -7-812 7634 -'7-i58 40,700 General Asphalt
744 -7553 747 7834 7714 -79-12 751s 117
100
*117 119
1,100 Preferred
11734 1173
117
•115 116% 11634 11812 119 121
6012 12,700 General Cigar, Inc new_No par
5814 5912 5934 6012 60
577k 5812 5834 59
58
53
121 *120 121
121
*120
Preferred
*116
121
*115
122
*119
122
*120
(7)®
100
123 *11814 123
preferred (7)_1
Debentdre
•11712 11812 *11718 123 *11814 123 *11814 123 *11814
2,300 Gen Outdoor Adv A.._ _No par
56114 5614 5634 5612 5612 5612 5612 5678 57
.5512 56
55
7
3 508 46,400 Trust certlficatee____No par
4718
47
47
48
8
473
49
47
4518 4553 4538 48
9858 97 10138 10014 10158 10014 103 151,000 General Electric New__No par
9783 9838 9712 9814 97
8 1112 16,700 General Electric gpeolal____lO
1112 1112 1138 1112 11,
1138 1112 1112 1152 1112 1112
4112 4158 4114 4234 2,700 General Gas dc Else R__No par
42
41
42
..0,_ A,. 491. 421, 42
Ex-rights. c Ex-dividend 100% in stock.
Ex-divldend.
a
z
this
day.
on
- *Bid and asked prices; no sales
?USK &JAWS
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
8 Per share
8014 Apr 1
2112 Apr 28
14 Jan 3
6412 Apr 13
14% Jan 4
36 Jan 5
132 Jan 27
111 Feb 28
24 Apr 1
853 Jan 3
54 Jan 14
1012 Jan 26
70 Jan 24
59 Apr 28
42 Jan 25
106 Feb 1
84 Jan 6
211e Jan 25
12012 Jan 3
4858 Mar 31
3438 Jan 3
2218 Jan 7
347 Jan 5
3818 Jan 28
10238 April
56% Mar 17
11114 Jan 6
c9612 Apr 27
83 Jan 4
126 Jan 4
4253 Jan 4
66% Jan 3
82% Feb 11
9912 Jan 24
1458 Feb 1
19 May 8
1958 Feb 19
74 May 9
4118May 4
95 Apr 21
8812May 17
223 Jan 3
1714 Jan 28
47 Mar 11
14 Feb 1
757 Apr 30
99 Mar 22
114 Apr 4
94 Mar 9
318 Mar 14
3312 Apr 30
4 May 19
72 Apr 1
5834 Apr 9
135 Jan 27
1153 Jan 28
48% Jan 12
128 Jan 11
56 Jan 3
77 Jan 4
103 Jan 18
2814 Feb 2
8 Apr 11
398 Apr 5
2238 Apr 6
102 Jan 31
1358 Apr 29
4312 Apr 8
103 Apr 4
30 Apr 28
2814 Apr 28
13312 Jan 21
373 Jan 25
17% Apr 22
70 Apr 28
734 Apr 20
46 Jan 3
11414 Mar 2
12614 Jan 28
244 Mar 21
168 Jan 25
10512 Feb 5
1178 Jan 3
634 Jan 13
1312Mar 2
1812 Jan 27
10378 Jan 28
10812 Apr 8
96 Jan 14
2212 Apr 12
6314May 3
718 Jan 4
6434 Jan 28
1163 Jan 5
21% Jan 11
9334 Jan 8
2434 Jan 3
1014 Jan 6
11814 Feb 5
6078 Jan 25
1518 Jar 25
3714May 2
10718 Feb 7
10512 Mar 30
116 Apr 25
3712 Jan 17
9112 Feb 23
60 Feb 9
7512 Jan 28
23 Apr 18
9312 Feb 23
974 Jan 13
1914May 11
18 Jan 24
81 Jan 5
97 Jan 24
4618 Feb 1
68 May 13
5418 Apr 25
3414 Jan 4
2918 Jan 3
612 Jan 27
46 Jan 3
10638 Mar 1
7212 Apr 28
113 Apr28
52 Jan 26
116 Jan 5
116 Jan 11
5453 Apr 11
37 Jan 18
81 Jan 27
1114 Jae 3
34 Apr 1
Highest
rEK AYH AKE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share 8 per aard
70 Jan 5
6614 Oct 1794 Feb
2954 Oct 384 Feb
327 Jan 18
112 Mar
25 Jan
253 Jan 17
5512 Mar 7353 Aug
70 Apr 21
1338 Mar 181.2 Aug
17 Apr 20
4612 Apr 5
3212 Oct 49 Sept
6212 Jan 178 Aug
23412May 21
98 Jan 11812 Aug
12412May 21
31 Apr 14
2812 Oct 3314 Aug
1778May 25
7 Nov 204 Jan
4314 Apr 6834 Jan
75 May 26
1014 Oct 3278 Jan
1612 Mar lb
7814 Dec 90 Jan
83 Apr 22
5712 Jan 7312 Aug
6312 Feb 24
3618 May 4912 Jan
5534May 11
110%Mar 7 100 May 10614 Nov
812 Nov 26 Feb
14 Mar 22
2034 Dec 454 Feb
2814May 6
9412 Apr 12814 Dee
13714 Mar 2
6234May 24
454 May 6653 Jan
30 Mar 3653 Jan
3914 Mar 21
16 Mar 26 Nov
24 Apr 11
2912 Oct 6334 Jan
6178May 20
284 Mar 547 Jan
4714May 23
93 Mar 108 Jan
11012May 23
60 Dec 6812 Jan
6834 Jan 24
120 May 4 10314 Jan 116 Sept
19912 Apr 22 128 Mar 1744 Dee
3434 May 6912 Dee
10234May 27
9834 May 13812 Dec
165 Mar 9
2738 Mar 492 Oct
9114May 19
555 Jan 7034 Dec
852 Mar 18
Nov 91 Dec
27
85%
9834May
9878 Nov 10158 Nov
10712May 16
20% Feb 21
1812 Nov 474 Jan
2114 Nov 2614 Jan
23 Mar 10
20 Nov 2734 Jan
23 Jan 7
8512 Dec 994 Feb
8518 Jan 12
Jan
541 Dec 72
5634 Mar 14
97 June 104 Jan
9812 Jan 27
89 May 100 Jan
95 Mar 14
37814May 20 11814 Jan 237 NOT
121 May 2953 Sent
2238May 4
4012May 57 Dec
62 May 19
1 Mar
38 Dec
58 Jan 5
4514 Apr 8714 Dec
8512 Feb 17
91 Mar 10738 July
10212 Feb 2
64 Jan
14 Aug
24 Feb 4
87 Mar 11538 Aug
10912 Jan 10
114 May
44 Nov
7 May 7
5012 Oct 937 Aug
747 Jan 6
75 Oct 1518 Sept
1014 Jan 6
Oct 9612 Aug
87
9714 Jan 13
70 Mar 924 Jan
7312 Jan 3
174 May 25 122 Mar 14434 Jan
978 May 1378 Dec
1334 Jan 6
3558 Mar 515 Dec
6318May 14
130% Apr 14 12212 Jan 13014 Dec
444 Mar 62 Dec
7578May 19
64 Apr 8234 Dec
96% Mar 4
96 Mar 104 Dec
10912May 20
2814 0 t 5338 JIM
344 Jan 8
858May 114 Jan
1034 Jan 5
3512June 5038 Dec
5053 Jan 4
2014 Aug 3038 Jan
2812 Jan 3
9734 Jan 105 Not
1043 Apr 21
1512 Sept2014June
18 Jan 21
514 Nov 55 Dec
5278 Feb 23
118I2May 10
774 Mar 108 Dec
Jan
32 Nov 51
36 May 16
34I2May 24
2318 Oct4634 Fek
153I4May 27 1234 Mar 14112 Dec
Oct10418 Feb
31
4253 Feb 2
2114 May 4714 Jan
274 Jan 5
79l May 90 July
85 Feb 14
114 Jan 4
8 Oct20 Mal
19 Mar 46 No
65341vIay 26
11612May 4 11112 Mar 11614 Aug
149 May 11 10658 Mar 13634 Des
23 Oct3253 Feb
2812 Mar 23
25378 Apr 22 15434 Nov 1814 Dee
11218May 10 10034 Apr 11018 Dec
1612 Feb 15
1034 Oct204 Feb
8518May 17
6134 Mar 82 Feb
21 May 21
4 Mar 16 Dec
1514 Oct3412 Fat
2358May 23
115 May 21
9912 Mar 115 Feb
11134 Apr 18 10212 Oct11012 Feb
10434May 21
372 Jan 3
7912 Jan 6
13 Apr 14
71I2May 10
12112 Mar 28
2878May 24
1064May 26
3114 Mar 25
1074 Jan 17
164 May 20
7312 Apr 17
1934May 21
4312May 11
112 Mar 2
11434 Feb 24
12438 Jan 12
47 May 3
9912 Mar 31
148 May 16
97 Mar 12
3078 Jan 10
193 Jan 6
103 Mar 4
30 Feb 7
20 Apr 20
8914 Apr 5
101 Apr 21
59 May 19
885 Apr 1
7412 Jan 6
7434 Apr 9
4234May 27
1138 Apr 22
50% Feb 25
10912 Apr 30
9634 Mar 2
14478 Mar 2
8978 Feb 24
134 Feb 24
11818 Apr 20
584 Feb 9
5078May 27
103 May 27
1158 Jan 5
474 Feb 2
9814 Se1.11
8912 Ma
3338 Dec 7812 June
714 Mar 944 Aug
814 Dec
614 Dec
6512 Mar 725* Pet
Jan 120 SeP1
114
1914 Oct2412 July
9214 Nov 964 Atli
2112 Oct2558 Not
Oct102 Not
100
9978 June 13214 July
43 May 6853 Des
17 10.1
1453 July
3758 Dec 591 Feb
10612 Nov 115 Feb
1034 Jan 12712JUne
115 Mar 12412 Dee
28 Mar 4712 Dec
88 June 94 Deg
41 May 11134 Jar
61 Mar 105 Jar
23 Oct343 Aug
160 Apr 20014 Jar
96 May 107 let
28 Nov 4938 Feb
1414 May 2614 Jag
7678 Apr 8414 Mal
94 June 107 Mar
3214 Mar 564 Feb
7314 Dec 17934 Jan
5518 Mar 85 Jan
1958 Jan 36 Dec
2558 Nov 42 Feb
934 Jac
553 Nov
39 Mar 553,8 Jan
9912June 109 Dec
541 Mar 9414 Aug
947 Mar 14018 Aug
48 Mar 594 Feb
Jan 118 Dec
109
1094 Apr 11812 Feb
61 Mar 568* Aug
2658 Mar 391 Dec
79 June 9512 Aug
Jan 11% Dot
11
Jet
34 Mar 59
New York Stock Record-Continued-Page 4
Foe sass during the week of •tocke papally inactive, see fourth'page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 21.
Monday,
May 23.
Tuesday, 'Wednesday. Thursday,
May 24.
May 25.
May 26.
Friday,
May 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
,
al. OXI a.'GIS
Range Since Jan. 1 1927
On basis of 100-share tots
3183
PICK .11-1AtW
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
5 per share S per share $ per share 3 per share $ per share $ per share Shares Indus. & Miscall.
(Con.) Par $ per share
per share $ per share $ per char.
*106 107 *106 107
107 107 *107 10734 *107 10734 *107 10734
Gen Gas & Elec pf A (7)No par 100 Jan 3 $
10712 Jan 24
•118 11812 *118 11812 *118 11812 11812 11812 *11812 122 *118 12112
95 May 100 Dee
100 Preferred A (8)
No par 11314 Afar 22 11812May 18
*100 107 *101
*101
Apr 113 Sept
*101
_
_ '3102 ---_
Preferred B (7)
No par 96 Jan 13 104 May 13 10512
1
4 1-9-514 19312 1947
19318 19434 193/
9214 Apr 96
---8 194 1-9-6" 192 1-9-614 193 1947-o 366,000 General Motors Corp _No par 14512 Jan
Jan
25 20012May 19 11314
12212 12314 12234 12234 12278 123
12338 12338 123 123
123 12338 3,300 7% preferred
100 11812 Mar 9 12338May 21 11312 Mar 22534 Aug
.•106
_ *106
Jan 12214 Dec
_ *106
_ *106
__ *106
_
Preferred
6%
100
104
Mar
7 10518Afay 4
8 1-1-0-14 10934 -•1
11012 1-1-2- 1095
981
06
/
4 Apr 105 June
1-1-1-38 110 1113
- 8 11178 1-1-53s 11234 1131,500 Gen Ay signal new_ __No par 8218 Jan 14 12014
414 -Apr 6
5312 53
5358 *53
*53
53
6012 Mar 937s Aug
*52
53
53
581s 61
6812 14,400 General Refractories-No par 38 Jan 14 6812May
27
4458 45
45
45
44
36 May 49
45
43
Jan
43
44
43
4312 4312 2,600 Gimbel Bros
par
No
3712 Mar 24 4934 Apr 11
•10312 104 *103 105
4114 Nov 7858 Jan
10412 10412 *10312 105 *10412 10578 105 105
200 Preferred
100 99/
1
4 Afar 18 10578 Apr 30 100 Nov 1113
1458 1638 15/
1412 15
1
4 1618 1512 1558 15
8 Jan
1512 15
1614 23,500 Glidden Co
No
par
1412Alay
21
22
Mar
5558 5612 5418 5534 5412 51/
10
15/
1
4 June 25/
1
4 5358 55
1
4 Jan
54
5512 5434 5638 26,500 Gold Dust Corp v t o No par 42 Mar
5612Alay 21
1
4 5634 58
4112 Mar 5678 Feb
5618 56/
56/
1
4 5712 5634 5738 57
/
4 5734 5838 19,500 Goodrich Co (B F)__ No par 4254 Jan 9
571
3 5834 Mar 3
*10112 102 *10112 102 *10134 10214 *102 10214 102,4 1021 1 10212 103
3912 Nov 7034 Feb
400
Preferred
_100
95
Jan
3
103 May 27
11512 116
11534 116
9412 Dec 100 Feb
11512 116
11518 11518 1151
/
4 11534 11512 11578 5,500
11114 111 14 11138 11112 11138 11112 11138 11138 11138 11112 11112 11112 3,000 Goodyear T & Rub pf v t 0_100 981s Jan 27 11778May 16
9812 Dec
1
4 Aug
Prior prererrea
100 105 Jan 7 11112Afay 23 10414 Dec 109/
65
6518 6478 6478 6412 6412 64
109 Sept
64'z 6358 64
*6312 6414
1,700
flosiery_Ne
Gotham
Silk
par
57/
1
4 Jan 12 6778 Afar 25
*6458 65
6418 6434 6434 6434 64
3314 Mar 6912 Nor
6458 6314 64
6412 1,700 New
*63
Na par 58 Jan 12 6738 Feb 24
*10812 109 *10812 109 *108 109
4712
July 6878 Nov
10878 108/
1
4 *10814 109 *108 109
300 Preferred new
100 104 Jan 26 110 May 18
4.812 912 *812 912 *812 912
938 10
*934 10
'
'1 812 10
500 Gould Coupler A
No par
8 Afar 18
10 May 25
3912 40
3938 401
/
4 3812 39
8
Oct 2112 Jan
3814 4214 4212 45
96,300
423
41
8
Granby
Cons M Sm & Pr_100 311
/
4 Jan 27 45 May 26
11614 118
161
1171. 12034 120 122/
/
4 Mar 3678 Dec
1
4 12212 12512 121 12518 121 122
53,000 Great Weetern Sugar tern ctf25 109 Jan 26 12512May 25
119 119
89
11934 11934 *119 120
Apr 11312 Dec
11934 120
119 119
11834 1191 2
300
Preferred
100
11612
Feb 26 12178 Jan 17 10812 Mar 11814 July
48
4834 4712 4818 4718 4712 4612 47
4612 4714 4614 465* 18,500 Greene Cananea Copper
100 2914 Jan 27 4834May 21
9/
1
4 Apr 34/
912 912
1
4 Dec
912 1014 10
1032 10
1012 1078 21,300 Guantanamo Sugar_ __No par
1034 1034 11
8 Jan 25 11 May 26
5112 6112 52
518 Jan
52
521s 5238 521
1078 Feb
/
4 5218 52
5218 *51
Gulf
52
1,800
States
Steel
100 49 May 18 64 Feb 28
513
58
2
59
*5712 58
Oct
*5712 59
9338
Jan
*5734 59
*5734 59
30 Hanna let pre: class A__ _100 56 Jan 31 67 Jan 19
59
89
*2518 2618 *2518 26
45 June 6012 Dec
2514 2614 2512 2014 *2512 2612 *2512
26,2
Hartman Corp cla,r A_No par 25 Jan 22 2714 Mar 29
26
2712 27
27
Oct 2812 Nov
2712 27
2712 2658 2738 *2634 2714 2678 2678 1,000 Class B
No par
2312 Feb 9 2938 Apr 18
2458 De, 30 Sept
24
2414 241
/
4 26
2534 26
25
25
2512 2512 *2514 26
2,300 Hayes Wheel
No par
151 2 Feb 15 2812 Mar 31
1718 Dec 48
*93
98
98
98
98
98
Jan
•96
98
*96
98
*96
98
300 Helme(Ow)
25 7612 Jan 14 1011
/
4 Mar 17
68 Mar 88 Dec
27
28
28
30
29
3212 32
3278 3212 3212 3212 32/
1
4 3,700 Hoe(R) & Co
No par 22 Jan 31 33/
1713
1
4
Feb
14
May 3512 Aug
*60
60
60
01
*60
6012 *60
61
*6034 6112 *6034 6112
100
Homestake
Mining
100
60
Jan
25
6318
Jan 15
4712 Jan 63
4912 50
50
511
/
4 50/
1
4 5114 5012 51
Oct
5034 51
50
5012 9,500 Housed] Prod,Inc.tem ctiNopar 4314 Jan 3 5138:Way 23
40 Mar 48/
138 14214 13634 140
13514 14112 13614 140
1
4 Jan
137 14114 13812 140
67,800 Houston 011 of Tel tern ctfs100 6018 Jan 11 14214Alay 21
5014 Mar 71
39
39
3914 39
Jan
3712 3812 3734 3812 38
38/
1
4 37/
1
4
Howe
3,800
373
4
Sound
No
par
3712Alay
24 4178 Apr 18
27
Jan 45 Sept
8412 8518 8414 85/
1
4 83/
1
4 84/
1
4 8212 84
791
/
4 83
8014 8178 186,500 Hudson Motor Cs.r
No par
4814 Jan 24 8878May 11
4034 Oct 12314 Jan
2012 20/
1
4 2012 2034 2014 2012 2014 2014 2018 2014 20
20/
1
4 6,700 Hupp Motor Car Corp____10 19 Apr 22 23/
1
4 Jan 10
17 Mar 2838 Jac
1818 1812 185s 1834 1834 19
1838 18/
1
4 1838 19
19
3,000 Independent Oil & Gas_No par
19
171
/
4May 20 32/
1
4 Feb 1
1958 Mar 34
1512 16
1614 1614 *15/
Jan
1
4 16
1618 17
17
1714
1714 17/
1
4 2.400 Indian Motocycie
No par
13 Mar 30 1838 Apr 13
1412 Dec 2414 Feb
8
8
81
*8
/
4 *8
81s
8
8
818 818
81
/
4 912 1,400 Indian Refining
10
712May 12 111
/
4 Afar 14
7/
1
4 Oct 131: Feb
712 712
7/
1
4 8
*738 8
*712 8
7/
1
4 712
Certificates
73* 8
4,000
10
738May 5 1012 Mar 14
712 Oct 1211 Feb
490
89% 91
91
90/
1
4 94
9314 94/
1
4 94
95
94/
1
4 9434 5,600 Ingersoll Rana new____No par 8978May 23 91312 Apr 2
8014 Mar 104
47/
1
4 48
4612 4734 46
Jar
4612 45
4512 4512 46
4534 46
7,900 Inland Steel
No par 41 Feb 15 48 May 21
•11312 11614 *114 11614 *114 11614 *114 117
34'2 May 4354 Dec
*11514 117 *11514 117
Preferred
100 111 Jan 3 115 May 7 10834 Mar 115 Feb
18
18
1734 18
17/
1
4 1734 171
/
4 1712 15/
1
4 1712 15/
1
4 15/
1
4 15,700 Inspiration Cons Copper___20 1514May 27 2512 Jan 12
13/
1
4 1334 131
20/
1
4 Mar 28/
/
4 13/
1
4 1312 131
/
4 131
1
4 No•
/
4 1312 1312 1312 1312 133j 1,700 Intercont'l Rubber___No par
1112 Jan 3 15/
1
4 Mar 12
7
7
12 Dec 211
7
/
4 Feb
7
7
7
7
7
*634 7
400 Internal Agricul
*634 7
No par
618 Apr 23 107* Feb 23
*3412 37
35
918
Dec 2614 Jar
35
*3418 36
3414 34/
1
4 *34
3412 *3412 36
300 Prior preferred
100
33
Mar
20
6612May
85
26
85
56
/
1
4
Dec
8412 85
95
82/
1
4 8512 8258 84
Jae
821
/
4 8314 8312 84
5,800 Int Business Machlues_No par 5313 Jan 13 8934May 10
64/
3818 Mar 56/
1
4 66
64
1
4 Dec
6538 611
/
4 63,2 611
/
4 63/
1
4 641
/
4 66,2 65
65/
1
4 34.900 International Cement_No par 4514 Jan 21 65 Nifty 20
•10912 1101 1 *10912 110
4438 Oct7178 Jar
10912 10912 *10814 10912 *10814 10912 10812 10812
Preferred
300
100
Jan
10214
21
11014May
4914 50
19
4734 49/
10178 Oct106
1
4 4612 47/
Jar
1
4 45,4 47
1
4 47
45/
4612 471
/
4 97,700 Inter Comb Eng Corp__No par 4318 Jan 28 64 Mar 1
18334 184/
3312 Mar 641
1
4 184 188
18112 18538 1811
/
4 Jar
/
4 185
181 184/
1
4 181 14 18334 16,100 International Ilarvester
100 135/
1
4 Jan 18 188 May 23 11214 Mar 1581s Dec
*1311
/
4 133
13114 13114 13134 13214 *12914 13214 *12912 132
130
130
Preferred
500
100
Jan
1263
12
4
133
May 18 118
*7
Jan 129 Dec
738
714 71
/
4
7/
1
4 7/
1
4
714 714
714 814
81
/
4 8/
1
4 9,400 lot Mercantile Marine__ _100
614 Jan 4
834May 27
4212 441
6 Sept12/
/
4 43/
1
4 Fet
1
4 4638 45
4578 4412 4512 4514 50
5012 5312 151,800 Preferred
100 3718 Jan C 5312May 27
27 Mar 461
72/
1
4 73/
1
4 72
/
4 Feb
7334 72/
1
4 7338 721
/
4 73
7214
International
72
/
1
4
72
,
2
17,900
Match
75
pref
/
1
4
_35 62 Mar 2 7634May 9
5312 Mar 661
59
6338 6314 6638 6334 6512 6318 6412 64,
/
4 Fel
4 68,4 671
/
4 6834 473,700 International Nickel (The)_25 381
/
4 Jan 3 6834A4ay 27
32/
1
4 Mar 4614 Jar
*107
*107
___ 907 ____ *107 110 *107
_ _ *107
_
_
_
Preferred
_
100
Mar
1033
8
10614
Feb
2
10118 Jan 10412 Dec
4038 4-0-12 401
/
4 -401
/
4 9018 40/
1
4 4018 40/
1
4 40
4614 40 -4-_014 8,600 International Paper_ _No par 03912May 18 6078 Mar 7
4418 Apr 63/
97/
1
4 98
1
4 Aug
98
98
98 10114 98
9812 9812 99
99
991
/
4 4,400 Preferred (7%)
100 9612 Jan 3 10114May 24
*175 195 *175 195 *180 185 *180 185 *182
89 May 100 Dec
185 *180 185
International
par
Shoe__
__NO
Jan
160
21
180 Apr 20 135 May 175
13714 14012 13812 1391
Jai
/
4 139 13978 138 13912 13812 141
140 141
46,700 Internat Telep dr Teleg___100 122/
1
4 Jan 25 141 May 26 111 Mar 133
271
/
4 271
Jar
/
4 2712 28
2714 28
*2712 2734 26/
1
4 27
2712 2712 2,500 Intertype Corn
No par
1912 Jan 31 2915 Apr 2
1812 July 29
Jar
6312 6334 64
64/
1
4 64/
1
4 6434 64
6434 64
64/
1
4 64
64
1,900 Jewel Tea, Inc
No par 5312 Jan 3 6612May 10
25 Jan 5612 Del
*122 124 •122 124 *122 124 *122 124 *122 124
*122 124
Preferred '
100 117 Mar 18 12512 Alar 15 11512 Jan 12712 Nov
2212 22/
1
4 2214 2212 22
2214 221
/
4 231
12 2312 23/
/
4
Tea.
Bros
Ine,stpd_100
22
/
1
4
Jones
5,400
23
1
4
10/
1
4 Jan 3 271
/
4 Apr 6
9 Dec
1912 Feb
1812 1812 1818 1818
1612 1814
17,8 17/
1
4 17
171
/
4 17
1714 4,200 Joalan Motor Car
No Par
1512 Mar 3 2212 Jan 5
12 Nov 66
Feb
Kansas Gulf
10
/
1
4 Jan 11
14 Jan 11
14 Mar
115 115 *115 11518 115 115 *115 11512
34 Jar
*115 11512 115 1151
400 Kan City P&L 1st pf A_No par 112 Feb 10 11518Alay 27 10714 Mar 115 Nov
/
4
5414 5414 5412 5612
56
5718
Co
v 6 o__....No par 49 Apr 29 57/
551
/
4 56
18,300 Kayser (J)
1
4 Jan 31
5514 56
8512 56
3314 May 511
2234 2358 2258 233s 21$4
/
4 De(
2212 21 12 2212 213s 22,4 21
37,700 Kelly-Springfield Tire
912 Jan 27 281
25
22
/
4 Apr 21
9
Oct 2112 Feb
*6612 70
*6612 70
•6612 70
*6612 70
*6612 70
*661
/
4 70
100 35 Feb 2 751
/
4 Apr 21
8% preferred
43/
1
4 Oct 74/
*66
1
4 Feb
7012 *66
7012 *66
7012 *66
70
*66
70
*66
100 44 Jan 19 76 Apr 21
70
6% preferred
45 Dec 73/
80
1
4 Feb
8014 81
81
*80
85
*801 1 85
*80
85
*80
100 65 Afar 25 90 Mar 31
300 Kelsey Wheel, Inc
85
76/
1
4 Nov 126
64/
1
4 6518 64/
Feb
1
4 6518 641
/
4 65
64
,
2
65
6412
Copper
No par 60 Feb 9 6638 Apr 22
65
6438 6478 20,400 Kennecott
4934 Mar 6414 Nos
lz
12
12
12
58
58
12
12
*12
88
*12
58
12 Jan 3
900 Keystone Tire 04 Rubb_No par
12 May
I Mar 11
no
32
218 Jar
*29
32
*29
32
*29
32
*29
32
.29
211
par
/
4
No
Feb
32
11
45
Kinney
Co
Jan
54
0
54
39 Nov 8218 Jar
5312 54
5312 5312 53
5312 54
54
25 50 Feb 10 62/
2,100 Kraft Cheese
5334 54
523s 53
1
4 Feb 25
561
/
4 Dec 68 NON
5214 53
52/
1
4 53
52
52/
1
4 5238 53
5212 5212 7,600 Kresge (5 5) Co new
10 45/
1
4 Jan 28 55 Jan 7
•11312 1141
/
4 *11312 11414 *11312
4254 Mar 82 Jar
*11312 11414 11312 11312 *113 1141
*14
1612 *1412 1612 15 11414
/
4
1101
100
/
4
Preferred
Feb 9 11312 Mar 11 11212 Nov11434 Pet
10
15
*15
16
*15
16
*15
16
14 Apr 14 1712 Feb 8
*46
700 Kresge Dept Stores_ __ _No par
70
*46
151s Mar 3338 J21
70
*53
70
*46
70
946
70
*49
70
100 60 Apr 27 80 Jan 4
Preferred
246 25012 244 24814 243 253
7014 Mar 9314 Fel
23512 290
234,2 236
236 2391
/
4 5,800 Laclede Gas L (St Louls)_100 17334 Jan 27 263 May 20 146 Slar 196,4 De(
2712 2712 *2634 27
•261
/
4 2714 27
27
2634 2738 267s 2738
1,800 Lago 011 & Transport_NO par 201
/
4 Jan 13 3212 Apr 9
7178 7412 74
77/
1
4 767* 7818 7512 76/
1918 May 2411Juni
1
4 7512 761
/
4 75/
1
4 761
/
4 49,300 Lambert Co
No par 66 Jan 28 78/
818 818
1
4May 24
8/
1
4 812
3912 May 72 Nol
812 8/
1
4
812 812
8/
1
4 8/
1
4 *812 9
No par
2,200 Lee Rubber & Tire
7 Jan 4
Mar
93*
14
814 Dec 14 Jai
3312 33/
1
4 3312 33/
1
4 33/
1
4 35
3438 34/
1
4 34/
1
4 36/
1
4 35/
1
4 38
40,100 Lehn & Fink
No par
22
32/
2212 2212 2314 2318 2338 23
1
4 Apr 27 38 May 27
30/
1
4 Mar 4118 Jai
2314 *2212 23
2278
23
3,400
Savers
par
Life
No
2114
Apr
11434 115
16
11412 115
2478 Feo 17
1714 May 25 De
11914 123
123 123
11614 11734 *116 119
2,000 Liggett & Myers Tobacco__25 *871
11312 11312 11234 11814 116 12234 11612 11912 115 11738
/
4 Feb 10 123 Slay 24
721
/
4 Mar 103 Der
11614 117
33,000 Series B
25 *8658 Feb 10 12234May 24
*128 130 *128 130
12912 12912 12814 12814 *128 130
71 Mar 7254 De
*128 130
200 Preferred
100 12434 Jan 27 12934 Apr 5 11934 Jan 12934 Ma:
7012 7118 7018 7018 71
72
70
7112 7014 7012 6934 7112 6,300 Lima Loa Wks
No par
62 Jan 6 761
54
5112 5438 5434 54
/
4 Apr 26
5312 Mar 6954 Jai
541 2 54
541
/
4 5312 54
5314 5312 5,900 Liquid Carbonic certifs_No par
5518 56
4818 Mar 15 5938 Feb 14
5512 56
58
4312 Oct 5878 No,
5534 5515 55/
1
4 5511 561
/
4 80
5612 13,600 Low's Incorporated
No par
61
/
4 61 1
4678 Jan 4 63/
61
/
4 6,8
1
4 Mar 17
618 618
34
/
1
4 Mar 4838 De
618 618
612 654
614 61
/
4 2,400 Loft Incorporated
No par
6 Feb 23
36
7/
1
4 Jan 20
361
/
4 36/
1
4 3634 37
6
1114 Fel
Oct
37/
1
4 3812 4138 40
4118 5,100 Long Bell Lumber A__ _No par
47
47/
3212 Apr 26 43 Mar 7
47
47
1
4 47
4712 4712 4734 47
4134 Dec 6012 Fel
47
47
47
4,900 Loose-Wiles Biscuit new Na par 46 May 12 4812Alay 14
__
2d preferred
-28E8 -';-2-g11.4 Ill -i8i.2 -2
100 157 Mar 11 171 May 7 1-201.
.
9-- -284 -A-.
1a-r lib - -De
,2 ---2912 -2--8
8/
1
4 -287
- -28
-/
1
4
- -2914
- - - 15,900 Lorillard
10918 10918 *10914 114
110 110 *10912 112 .10912 112
25 23I2May 2 3278 Jan 3
2734 Oct 42/
1
4 Fel
*10912 112
300 Preferred
1212 1212 1214 1212 121
100
108 May 17 11812 Jan 13 11118 Apr 120 Am
/
4 1214
12
1214
12
1214
12
121
/
4
4,200
Louisiana
Oil
*911
93
*92
temp
/
4 93
otfs_No
par
9138 911
12 May 25 181
/
4 99112 93
/
4 Jan 5
12 Mar 19/
1
4
Jun
*9112 93
*9112
93
300 Preferred
2612 26/
1
4 2658 Ms 26/
90 Apr 6 97 Feb 5
1
4 2658 26/
93 Dec 98 Do
1
4 26/
1
4 2634 2634 261
/
4 2634 2,200 Louisville 0 de El A_ .No 100
*24
25
*24
25
par 235* Jan 3 28 May 10
*25
2512 241
2234 Mar 2618 Fel
/
4 241
/
4 2412 241
/
4 2414 241
/
4
800 Ludlum 81.14.21
/
4 *119 12212 119 119 *119 12112
*119 1211
No par 22 'May 16 3314 Mar 18
22/
1
4 Oct 5814 Fel
119 119 *119 121
300 Mackay Companies
70/
1
4 7034 no
71
100 119 May 17 12735 Feb 25 122
*70
71
71
Oct 138 Fel
71
*71
7114
71
71
775 Preferred
11518 1161
/
4 11512 11834 11618 11838 11434 11714 11334 116
100 70 Mar 17 72 Jan 27
68 Mar 7318 Fel
114
/
1
4
1161
/
4
153,100
Mack Trucks, Ina
*111 112 *111 1111
No par 8814 Jan 24 11834Afay 23
/
4 111 111 *110 11112 *110 11112
Nov
89
/
1
4
159
Jai
1
11114
111 4
1st preferred
200
*105 108 *105 108 *105 108 *105 108 *105
100 109 Jan 25 11112 Apr 22 10712 Nov 113 Jun
107 *105 107
2d preferred
100 102 Jan 18 10614Alay 12 102
Oct 108/
1
4 Sep
*34
35
34
34
33/
1
4 33/
1
4 3434 341
/
4 34
34
33/
1
4 34
1,500 Magma Copper
No par 2912 Feb 9 361s Mar 7
1612 1612 1612 1634 1612 1612 1634 171
/
4 1684 1714
34 Apr 44/
1
4 Fel
1714 1758 7,100 Mallinson (H RI & Co_No par
71
72
*69
71
1112 Apr 7 18 May 2
*6912 72
121
/
4 Nov 2818 Jul
*70
73
*71
72
*71
72
100 Manatl Sugar pref
100 69 Apr 1
69
6814 6812 69
681
/
4 6812 6814 6812 6818 6812 6814 681
77 Feb 23
55 June 82 Fel
Mash
2
3.000
Supply
Elec
___No par 538 Jan 25 72 Mar 14
2812 *28
281/4 2812 28/
2814 28
*28
44
1
4 Jul!
Oct 87/
1
4 2812 2812 2812 2878
1,300 Manhattan Shirt
25 241
•43/
•43/
1
4 46
1
4 46
/
4 Jan 18 3134 Apr 22
*4334 46
2178 Oct 3278 Jul
*4334 46
1
4 46
*43/
*43/
1
4 46
Manila Electric Corp_No par 40 Jan 22
1312 14
131
/
4 1334 1312 1334
1334 141
2712 Afar 4538 Sep
/
4 14/
46 Afar 10
1
4 15
1412
1412
3,500
Maracaibo 011 Expl___ _No par 1314May 23 2234 Jan 18
3714 3814 3714 3818 36/
1
4 3712 3634 37/
1612 Oct 28 Fel
1
4 3714 3878 3818 3878 86,600 Marland 011
'V0 par 36 Apr 28 5812 Jan 17
36
36
3578 371
4914 Mar 8338Jun.
/
4 37
3738 3638 37/
1
4 37
3712 37/
1
4 40/
1
4 16,900 Marlin-Rockwell
No par
27 Jan 10 4014May 27
*171 4 19
•17
17/
19
1
4 1758 *1712 19
2412 Oct 33 51a.
1712
1734
1712
173
4
300 Martin-Parry Corn--_No par 17 May 20 24 Feb 24
10412 1043 10412 10512 10314 10412 10214 104
17 May 23 Jura
/
1
4
10214 10312 2,100 Mathieson Alkali works_5e
102 102
82 Jan 6 109/
6212 May 10618 Jai
1
4 Mar 29
7158 71s 7134 7378 73
73/
1
4 7276 7318 72
7218 7214 7212 8,700 May Dept Stores new
25 6714 Jan 27 737sMay 23
1
4 3018 3014 30
6912 Dec 70 Del
3014 30/
301
2918 30
2934 29/
28/
1
4 29
1
4 5,100 Maytag Co
No par 2338 Jan 15 3234Afay 10
701
70
/
4 *6734 70
19 Mar 217* Sep
*7018 72
*87/
1
4 70
6714 6714 *6718 6812
300 McCrory Store, Class B No par 6612 Mar
72 Mar 121
25
Jar
2514 *24
4 7512 Jan 3
25
241
/
4 24/
1
4 *2412 25
25
25
*25
26
1,400 McIntyre Porcupine Mines 5 241
/
4 Mar 14 2712 Feb 28
*25/
1
4 257
2578 257 *2534 26
22
/
1
4 Oct 30 Fel
•2534 26
25/
1
4 2578 *25/
1
4 26
300 Metro-Goldwyn Pictures 01_27 2454 Jan 3 2614 Feb 21
534 534
2214 Jan 2512 Nol
534 53
512 51
512 5'2
512 512
58*
53
800
4
Mexican
Seaboard
011...No
par
5 Slay 18
6 Feb
1334 Juli
914 Feb 16
157* 1512 1512 1512 1514 1512 1518 1513 15
1514
15
151
/
4 4,400 Allam! Copper
11 Mar
5 1434 Feb 8 1612 Feb 28
17/
1
4 0e,
31
31,4 311
/
4 31
/
4 311
3138 30/
1
4 31
3034 3114 31
311
/
4 5,000 Mid-Continent PetroNo par 29 Al,, 29 393
2712 July 37
8 Jan 21
*9818 9978 9812 981 *9712 10212 *98 100
Jar
*98 100
*98 100
100
Mid-Cont
Petrol
pref
100 97 Apr 28 05 Feb 3
90 Mar 10414 Deo
212 25
258 234
27* 23
2/
1
4 23
2/
1
4 27s
258 2/
1
4 16.600 Middle States Oil Corp____10
34 Nov
314 Feb 8
212 Jar
158 Jan 3
178
11
178
/
4 2
2
2
*11
/
4 2
2
21
/
4
2
214
5,900
Certificates
•InT, Inn
1.1071, MO
10
11
214 Feb 8
/
4 Jan 26
12 Oct
UM. um. •Inil. inn .1no
11
/
4 Del
Inns. *100 130
,nn •Xlsil.....1 at.,....A .....•
Inn vna
•-- il 'In, r..... IT
1A7
Mar 1 2.11. V.5
•Bid and asked prices; no Sales on this day. z Ex-dividends a Ex
-rights.
New York Stock Record --Continued -Page
3184
For sales during tit. week of stock• usu•hy sweeties. .ee fifth nage o•eceatos
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 21.
Monday,
May 23.
Tuesday,
May 24.
Wednesday, Thursday,
May 25. I May 26. I
Friday,
May 27.
Sales I
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares I Indus. & Mlscell.(Con.) Par
600 Miller Rubber Ms- No Par
100
9,600 Montana Power
26,000 Monti( Ward & Co III corp._I0
No par
900 Moon Motors
8,100 Mother Lode Coalition_No Da
No Pew
500 Motion Picture
No par
2.600 Motor Meter A
aw.
m
2,000 Motor Wheel
1,600 Mullins Body Corp____NNO
No par
100 MunsIngwear Co
7,500 Murray Body nevi _No Par
No par
66,800 Nash Motors Co
300 National Acme stamped ...100
25
13,800 National Biscuit
100
Preferred
400
6,900 Nat Cash Roaster A WI NO par
National Cloak & Suit__ 100
100
Preferred
20",440 Nat Dairy Prod tern etrallo par
1,200 Nat Department Stores No par
100
let preferred
100
38,800 Nat Distill Prod 0118.. _..No Par
Preferred temp otf__No Dar
2,700
33,800 Nat Enam & Stamping -100
100
Preferred
2,400
100
3,700 National Lead
100
Preferred
1,200
21,100 National Pr & Lt ettallo par
50
3,900 National Supply
No par
800 National Tea CO
6
7,300 Nevada Cousol Copper
No par
8.900 NY Alr Brake
No par
100 N Y Canners
No par
Preferred
100
_8,700 New York Dock
100
Preferred
500
Niagara Falls Power pf new-25
10
28,600 North American Co
ao
Preferred
1,000
500 No Amer Edison pref _No var
3,300 Norwalk Tire 12 Rubber._ _.I0
400 Nunnally Co (The)._ __No par
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share ion
Lowest
Highest
per share $ Per Mare
Per share i per share
31", Jan 25 313/
4 Apr 12
1
*3212 3313 3212 3212
4 Jan 28 10414May 20
/
811
10332 10414 10212 10318
70 Apr 22
8
Feb
8
3
60
6614 6712
4 67
1
68/
734 Apr 13 1212 Jan 5
*814 9
814 814
212may 13
4 Jan 3
1
4/
312
3
318 314
4 Mar 18
1
4 Apr 28
1
9/
16/
1072
*10
11
*10
3834 Apr 18
3212Mar 31
36
3514
36
364
3
Jan
Mar 29
4
2772
203
258 26
257* 26
10 Jan 5 2212May 19
21
4 no
/
2112 211
397 Jan 11
17
4May
353
3612
3612 *36
*36
2918 Mar 23 43 Feb 23
3034 3034
3072 31
4 Jan 5
1
6014 Apr 25 73/
6212 62% 63
61
672May 18
5 Feb 15
618 618
618 64
9414 Jan 27 138 May 9
13212 13212 13238 136
130 Jan 10 136 May 16
*13214 13412 13434 135
4 Mar 21
1
4 Jan 3 45/
1
39/
4314 4312 4314 4312
4 April
1
18 Jan 22 44/
61 Jan 31 97 Apr 16
7038 Jan 3 8512May 23
83s
8513 83
4 83
83 8438 84
84's -82T8 'Ili 82's -811
2458 Eeb 7 27112 Mar 1
25
25
*25
2512 25
2512 25 25 25 25 25 25 *9118
90 Apr 18 9414 Jan 10
9112
*914 9112 9118 9118 *9118 9112 *914 9112 *9119 9112
17 Feb 8 3414May 27
2438 24% 2512 25% 34,4
*2312 24
2414 24
2412 2412 24
43 Mar 22 5512 Feb 21
50% 5413
*46
*45
46
47,4 46% 48
*4512 48
46
48
Apr 29 3214May 27
1912
2758 30% 2734 30,4 3014 32,4
2412 2572 25
25% 2538 27
69.s Apr 29 8432May 25
84
83
83
7714 771 1 *79
7812 80% 8078 84% 82
80
May 27 20234May 16
537
597
4
973
198
19618
198
197
4 198
/
1971
19712 198
19712 198
11714 Feb 3 135 May 14
13112 13212 132 13214
131 131
*131 132
131 131
131 131
4 Jan 24 2334 Mar 24
1
19/
2212 2278 2214 2258 2212 2212
23
2312 2234 23% 2212 23
4 Feb 18
1
76 May 11 95/
4
1
/
79
79
81
81
81
8112 8012 80% 7912 80,8 7912 7812
108 Apr 18 137 May 10
127 127% *125 129 *125 12712
11125 128 *125 128
125 125
4 Feb 10 15 Jan 3
1
13/
1412
8
143
2
143
1412
1412
14%
1412 14%
1434 1434 1412 1434
4 Jan 8 47% Feb 11
/
41/11
4514 45,2
4 46
1
45
4534 45/
46
4612 4534 46
46
46
4 Jan 3
/
1312 Apr 21 211
1378 13%
43 Mar 30 72 Jan 13
50
*48
27
14
Jan
4434May
34
4434
41's 43
42*
4273 4114 427
4012 41
4014 4034 40
7212 Feb 9 7734 Mar 25
74 76 75 76%
76
*74
76
7614 *74
7534 *74
*74
295
2
31
Jan
8May
4
273
29
*2814 29
nsi, 29 *2814 29 *2814 29 *2814 29 *2814
4 Jan 14 50'. Feb 25
1
45/
50,2 501s 50% 4912 5014 49% 4973 488 498 4933 50
50
Jan 10 5214May 26
50
*
523
*52
5214
52
5214
8
*5112 5134 514 5112 5112 5134 515
4May 20
/
9632 Jan 6 1011
101 101 *101 10118 101 101 1*
101 101
*101 102 *101 102
532 Feb 10
3 May 2
334 4
334 3%
334 37
3% 3%
334 334
4 332
/
31
Jan 19
13
21
May
10
*10
1012
1012
1018 10% *10
10
10
10
10
*9
10
25 314 Jan 28 411s. Feb 7
2,800 011 Well Supply
33
33
338 338 34
33
33
4 33
1
*32/
33
33
33
23
Mar
4May
II
25
par
No
133
1514 1512 148 1514 34,000 Omnibus Corp
1328 1558 1434 1534 1472 1512 147 151
2,100 Oppenheim Collins & CoNo par 5812 Feb 8 67,8 Feb 28
*6434 65
4 6518 6518 647 65
1
65
65
6514 6472 64/
65
7
25
Apr
May
35
29
I
Inc
Orpheurn
Occult,
5,500
2918
2912 29
29
3014 295 30
*3013 3078 3012 3078 30
100 10312 Mar 23 10718 Apr 12
Preferred
100
*10612 107
10612 10612 *10612 107 •10612 107 *10612 107 *10612 107
18
Jan
131
2
Feb
103
ao
Elevator
Otis
16,100
12612
12912
124 12534 124 125
124 12734 127 12934 127 129
Preferred
100 108 Feb 16 11814 Mar 22
300
11412 115 *11314 11512
113 113
114% 11478 •11312 1147s *113 115
714 Feb 10 12% Apr 14
No par
9,700 Otis Steel
11
1014 10
10% 10
1018 10
10
1018 1014
934 1014
Pei°,
',ref
100 6112 Feb 8 78 Apr 14
400
75
72 7212 74 74 72 73 *72 74 *72 74 74
25 754 Jan 18 8412 Mar 14
700 Owens Bottle
7818 7853
11812 79
79 '
79
80
•781. 7912 *79
*79
80
4 Jan 21 61 Feb 23
1
No par 52/
500 Outlet Co
*5712 5912
*574 59
60
*57
*5712 59
53% 58% 5734 59
100 107 .1210 27 1111 Apr 7
Preferred
____ *110
*110
*110-*11012
.110
*110
25 31 Feb 18 3814May 23
Oaa & Elea new
Pacific
9,400
7
38
4
373
37
375
.
38
*
3732 -if% 3712 .
311-4 3712 38
378
178 Jan 7
1 May 25
No par
114 9,200 Pacific 011
1
1
1
113
1
•118
114
118
14
1%
.18
10 3334 Apr 28 3712 afar 14
364 3618 3612 71,500 Packard Motor Car
36
3534 3718 3634 3713 3612 3673 3614 37
7% Mar 22 1412May 4
Paige
oar
Motor
7,100
Det
Car...No
12%
1234
1314
12%
1318
1312 1312 13% 1312 13
1312 13
6,000 Pan-Amer Petr & Trans__ --50 564 Apr 6 65% Jan 19
58
*5712 5812 58
57% 5738 5734 5734 5734 5724 5734 5734 24,300
Class B.
50 56", Apr 5 6634 Jan 20
5358
59% 58
53
5814 5312 5734 58,4 5734 5818 5734 58
4 Jan 24
1
II Mar 30 37/
5,500 Pan-Am West Petrol B_No par
21
21
21
2034
2018 20
2018 20
20
2034 2014 21
g \in 29
4 Jan 17
1
18/
Dar
_No
Ref
&
Prod
97
Panhandle
2,400
94
*934 101s
9% 1012 *934 1014
913 9%
934 10
100 63 May 9 8134 Jan 17
Preferred
65
*51
68
*51
70
*51
551
70
70
*51
*51
70
27 26 May 24
Jan
20
par
otls_No
tern
Tilford
&
Park
13,000
2534
2412
23
2514 25% 2414 25
2314 2314 23% 2314 26
8 Mar 4
9 Jan 3
1
1,700 Park Utab C M
7
7
6% 7
7
7
7
7
7
7
714
*7
37 Feb 14 50 Apr 18
ear
4512 4534 4634 7,900 Pattie Exchange A_ __No 50 20 Apr 29 32 Jan a
4514 45
45
4434 45
45
451s 4434 45
2714 2712 6,800 Peerless Motor Car
2614 2612 26% 2734 26% 2773 2634 273* 2634 27
No par 21 Jan 17 2778MaY
22,300 Penick & Ford
26
2618 25% 2638 25% 2714 2618 267* 26% 2788 2612 2712 14,800 Penn Coal & Coke
1014 Jan 19 2512May 27
..__
4
3
15
1612 2512
4
153
16%1
1612
*14
16
16
16
16%
16
4 Apr 7 3..53 Jan 13
1
Cement...No par 32/
Penn-Dixle
9,500
363s
3612 3512 3612 3512
4 384 3714 37% 36% 3714 36
1
37/
4 Mar 8 100 May 14
983
100
Preferred
*99 100
*99 100
*99 100
4 Feb 14
*99 100
*99 100
*99 100
4 Jan 3
1
/
vto No par
58 3,700 Penn-Seaboard
5,3
34
NI
58
84
84
126 Jan 14 14534May 20
513
34
34
34
84
100
(Chic).
C
&
L
0
People's
2,900
14112
Mar 25
110
18
144 144/
Jan
4 14234 14434 14112 14212 140 14138 14014 14214 14078
1
8514
50
(Pittab)
Co
700 Philadelphia
10412 105
10514 10514 *101 105 •103 105 *102 104 *102 104 s
ao 50 Jan 6 5.3 Feb10
6% preferred
500
5212 *5214 5212 523* 5213 523* 523 48.700 Phila & Read C & I .No par 41 'May 20 4712 Mar 4
*5214 5212 *52% 5212 52
4178 443s
4034 Apr 11 47 Mar 4
41
4112 41% 4134 4112 4314 4178 4278 4158 4212 *4212
Certificates of int_..No par
4412 1,400
*423* 4378
44
4112 41 12 •41
41
4114 4114 41
Phillips-Jones Corp__ No par 47 Jan 3 52 Mar 7
50
*46
50
*46
51
*46
50
May 13 41 12 Jan 10
*46
*46
*46
30
50
I)!
50
Ltd...
Co,
&
Morris
Phillip
2,800
30
3018 30
304 30
3034 30
3114 *30
*3012 3114 *30
Par 39% StIr 28 6014 Feb 16
4514 4434 44% 105,600 Phillips PetroleUm....._No
4312 44
4358 4238 4312 43
6 42 Jan 7 51 Mar 17
42% 43% 43
Hosiery
Phoenix
3,700
4912
4 4914 48
/
481
4814 4814 4734 487
48
4878 4718 49
100 (03 Jan 5 106 Mar 7
Preferred
100
4 *105 108%
1
1278 Apr 27 2332 Mar 8
*106 10934 *109 10934 106 106 •105 10872 *105 108/
No par
164 1612 26,900 Mercy-Arrow Mot Car
4 1678
1
1612 15/
1812 19
1732 18/
4 161s 1738 16
1
100 56 Apr 27 10212 Jan 3
Preferred
9,200
69
704 6834 6912 69
69
12 Mar 25
73
74
34 Jan 4
7634 68
7512 77
25
1,000 Pierce Oil Corporation_
52
12
12
14
*12
12
13
32
4
1
/
12
100 134 Mar 24 20 May 17
53
Preferred.. . .
500
20
20
*1912 24
20
20
24
*20
8 Jan 13
20
*1912 22
20
Mar
37
212
22
Par
etfeNo
tern
Petroi'm
Pierce
33
338 334 3,700
314 3%
333
3% 34
332 312 *3,4 3,2
128,600 Pittsburgh Coal of Pa_ 100 3234 Mar 22 5934May 27
38
4612 458 4958 497 5534 5534 5934
*36
3734 3734 38
10
Mar
4
1
/
70
85 May 27
100
Preferred
14,200
85
7512 74
74
*74
744 7712 7634 8012 8112 8478 84
100 "512 S,r 11 101 Jan 1:1
Pittsburgh Steel pref..
98
*96
98
*96
98
*9612 93
*96
98
*96
*96
98
Jan 14
10234
16
Mar
9234
par
No
10,600 Post= Co. Inc
10018 10078 9972 10132 9934 1011s 99% 10038 9834 10014 984 99,2 5.600 Pressed Steel Car new... 100 381
4 Feb 5 70 Mar 28
/
5634 58
5718 5814 5634 58
58
5734 59
57
12
5914 60
9212May
76
5
Feb
/00
____
.
._
_
Preferred..
8712 8712 8712 1,000
86
88
88
87
89
88
8712 *86
*88
4May 16
1
4 Jan 5 33/
1
16/
307* 29,800 Producers & Refiners Corp 60 3672 Jan 6 50 Fen 11
2978 30% 29% 3014 29% 31% 2934 3012 3014 3138
Preferred.
290
4512
4534 45
4712 4.511 4513 45
*4414 444 4414 4414 46
ar) 32 Jan 6 4334May 27
o yfg
new No
4012 4112 4114 4238 423* 4334 104,700 PubServ Corp of NJ
4112 4134 4034 41.14 404 41
100 98.3 Feb 19 10.14May 10
400 6% preferred
4 100 100 *10018 10033 10012 10034 10014 10014
1
•100 10114 •100 100/
4 Mar 23
1
4 Jan 6 115/
/
1081
100
Preferred
300
7%
114 114 *11314 114
114 114
*11314 114 •1134 114 *11314 114
100 125 Jan 10 13112May 6
300 8% preferred
130 1304 12973 1297*
•129 132 *130 132 •130 132 *130 132
102 Jan 4 10834May 20
100
pfd
Gal
&
Elea
Flory
Pub
1,000
108
Nfar 31
108% 108% 10832 10832 10812 10812 10812 10812 10814 10814 108
Pub Service Elea Pr pref 100 11338 Jan 18 11514
100 17214 Apr 12 19512May 25
Pullman Company
iii- :6:5456
4 i8734 iii" iiii" ii i6i." iii" i9212
Mar 22 4672 Jan 3
186 18884 iii" 189-3344
ao
Sugar
Alegre
Punta
11,200
42
4012 4134 41
40
415* 41
4253 4214 4234 40
40
25 26 Apr 28 331. Mar 4
2634 2718 18,300 Pure 011 (The)
2612 2634 26% 2612 263* 27
2678 2678 264 27
4 Jan 11 114 May 25
/
100 1111
400
8% preferred
114 114 *114 115 *113,2 115
11312 11312 *11312 114
824 May 3
113 113
4234 Mar 31
25
_
A
class
Bakeries
800 Purity
5672 5672 5572 5634 *5512 5612 *5512 5632
57
5612 58% 57
4 Jan 3 7512May 10
413
No par
(30018 B
1
4,600
74,4 74% 7478 7258 7338 7078 7234 71% 7212 714 71 3
74
100 101 14 Jan 8 IllS Mar 10
Preferred
41 18 Apr 13 5634 Mar 1
- - •1057 ____ •10573 ____ *105%.._ *10578 _ _ •10534
4834 -49% 87.100 Radio Corp of Amer.. No var
9% 4814 -5012
.
.
4612 474 4678 413% 47 -4
4612 47*1051360 49 May 3 63 Feb 28
Preferred_
1,300
5172 5112 5134
51
50% 5012 51
50
50
50
51
*50
40 Jan 5 46 s Apr 25
No
pa
Rand
Ltd
Mines.
464 *4358 4612 *4338 4612 •4353 4613
*43% 4612 *4334 4612 *43
400 Ray Consolidated Copper..10 144 Feb 7 15,2 Mar 1
15% 1518 1518 1518
*1514 15,2 1514 1514 •15,8 1538 *1518 1514
334May 26 49 Apr 20
3614 22,000 Real Silk Lioslery.__ _____ li
35
3314 3612 33% 37
4 38
1
36/
39
3912 36
39
100 90 May 23 40 Mar 2
Preferred.
200
92 ,*____ 95 5_ _ _ _ 94
95
*90
90
90
93
*92
No par 3818 Jan 24 4778May 27
4512 4772 3,100 Reid lee Cream
46
4134 43581 45
41
41
41
41
41
41
9 Jan ill
6 Mar 19
No par
712 2,000 Eels (Robt) & Co
758 7% *7
618 8 I
7
*6
*614 7
*614 7
___100 11212 Jan 12 210 Apr 20
Typewriter
Remington
..._. 100 110 Feb 18 Ill.. Feb 1.
preferred.
let
7%
2
.1.
iiiii
*115
2
.
2
171
11
1/
1
*I1512
s118i2
712
-1
1
18f2
.1.
4
2
71-1
52 1
*i.1312 1-1-712 4.11.
101 111 Jan 6 126 Apr 26
8% 2d preferred
*114 117
94 A pr 30
1312 Jan
•115 119% *115 1197 *114 11978 •114 11972 *114 1197
13% 29,600 Replogle Steel .. .No pa,
1034 1072 1018 1112 1112 1234 1234 6718
11
10 1114 le% 69
5612 Jan 4 757,Niel. II
_. RN
Steel..
di
Republic
Iron
4,900
67
4
68
673
66
67
6712 6334
4
/
6712 68
1161
Jau
65
6 May 26
It
.101
_.
..
.
...
Preferred
1,400
106 106 *105 106
105 105
4 Feb 21
75sMay 24
*10414 10434 10412 105 510418 105
714V
6,800 Reynolda Soring spar
7
714
7
718 714
4 732
1
6/
534 6
98 . Feb 24 i3978May 24
25
*512 534
B
Class
Tob
(RJ)
41,800
Reynolds
137
135%
13712
135 13612
135 13972 13512
13
Jan
74
96
12932 13214 13212 139
May 10
25
1,500 Russia insurance Cu.
9018 9234
9018 91
9114 9114 9112 92
.9112 94
94
*00
484 A pr 27 54, Fen 9
4 1,300 Royal Dutch Co(N Y shares)
1
4 *4934 50/
1
4 50/
1
4 *4934 5012 *49/
1
4 49/
1
4 49/
1
23
May
4372
36
5012 5014 4934 49/
Mar 4
14
..
.
.....
Lead..
Joseph
St,
5,600
38% 3834
38
3733 3734 377s 3812 38
37
36
38
37
No Par 5214 Jan 3 6412 Mar 9
6,500 Safety Cable
62
61
6078 6014 82
4 Mar 5
/
48 May 16 721
5912 58,8 581s 5812 5834 59
too
*58
Corporation
1,200
Arms
Savage
5213
523
502
5112
53
5312 53
4 Mar 311
/
11
334 Jan 10
5112 51 12 5212 524 53
No par
.
212 212 2,000 Seneca Copper
213 212
234
214
212 253
*212 234 *212 234
5912 5912 1,600 Shubert Theatre Corp No Par 5612 Jan 12 66 Mar 10
59
5912 59
59% *59
59
18
Jan
47
5878 59
2May 4
543
59
pa
Na
59
_
Stores
Retail
Schulte
22,200
4
523
5234 524 5214
523 53
52
la4 Jan 22 120 May 5
5272 523* 53
lin
.
524 53
Preferred .
130 *117 130
1332 J,,, 3
117 130 •11972 130 •11.7 130 •117
1034 Apr 25
on
Vt.
*117 130
coro
-,0-coo
1,200
11
11
II
11
1112
114 11
*11
1118 *11
11
11
Eittwda40 1)11 .,I Can... ni. „,„
tel. ist • 122 .11.81pirie3 q 1N-rights. a 142-111v3anuo ape share 4
• 141•1 and asked price. nn ..,.• In
share pre'erred B stock.
one-half
and
stock
mon
1 i • , . i •. • , I
$ Per share $ per share $ per share $ Per share
3314 3334
3218 3218 *3218 3212 3214 33
99% 100
10034 10214 10018 10138 9978 101
6534 661s 6618 6738
6612 6512 66
66
8
8
814 814 *814 812
814 814
312
3
318
3
318
3
3,4 338
104 104
10
*98 10
934 934 10
15
*3512
3512
3513
35
3514
3513
3512 3534
25% 2512 2518 2518 25% 258 2512 2534
4
/
21
20
2012 2112 2013 2038 2114 211
3612 3612 *3612 3713 *3612 37,2 *3612 3712
32
3313 3212 333* 32
3112 3214 32
61,4 6212 6112 6313 633* 644 6332 66
632 632
*612 63
*612 634
*618 7
132 13334 13114 13412 13218 13314 13218 133
13512 13534 *13214 14014 *135 140 *135 1404
1
4314
43 4 43
43% 4312 431g 4312 43
PER SHARE
Range for Previous
Year 1926
Lowest
Mahal
Per share $
30 May
59% mar
56 May
934 Nov
4 Nov
4 Dec
1
10/
nag May
1912 Nov
8 Nov
3434 Apr
per Saari
4 Feb
1
44/
561, Noy
Jae
82
3734 Feb
712 Feb
4 June
1
23/
533 Feb
35/
4 Feb
1
1934 Feb
3834 July
62 -11.71a-r
5 Nov
74 Jan
Jan
126
4 Oct
1
37/
18 Nov
5812 Nov
53 Ant
24 Oct
8934 Oct
1212 May
4 Aug
1
37/
21 14 July
76 July
Apr
138
Jan
116
4 Mar
/
181
5512 Jan
11612 Nov
4 June
/
111
3612 Jan
2012 Nov
7014 Dec
32 Oct
69 May
4 Mar
1
27/
42 Mar
49 Jan
9112 Mar
412 Oct
1214 Dec
30 July
Oct
12
47 Jan
2712 Mar
Jan
101
106 May
10234 Jan
Oct
8
63 Nov
534 Mar
44 May
9712 Apr
n1 May
3134 Mar
9 Nov
5618 Mar
56% Mar
Oct
30
44 Jan
Jan
51
1858 Oct
512 Sept
3214 Nov
4 Nov
1
23/
1872 Jan
7 Aug
38 Dee
99 Nov
4 Oct
1
/
117 Jan
69's Mar
45 Oct
3614 Apr
4 June
1
36/
45 Dec
16
Apr
40 Mar
31 Mar
94 Mar
19 May
7612 Apr
4 Oct
1
/
114 Nov
214 Aug
29 June
70 June
94 Mar
75/
4 Mar
1
4 May
/
341
yy1
4 Dec
/
11
Mar
3034 May
314 Oct
9612 Apr
10312 Jan
115 Mar
Jan
97
Jan
106
14514 Mar
33 Apr
2514 Oct
106
Apr
47
Oct
414 Nov
Oat
99
32 Mar
4 Mar
1
44/
3234 Apr
1012 Mar
4 Nov
/
371
934 Dec
3934 Doe
712 July
834 Apr
Apr
106
1115
Apr
Oct
44 May
91 14 Mar
414 Oct
1/0 Mar
7618 Dec
4738 Oct
313511 May
424 Mar
674 Nov
212 Dec
52 Mar
4212 Mar
1124 Jan
121. Mar
767.2 -fie;
1272 Jan
102 Dee
13112 Apr
54 Jan
57 Jan
921e Jan
80 Jaa
423a Jan
97 Jan
Jan
34
734 Jan
404 Jan
8934 Jan
181 Dec
120 May
3832 Jan
88 Dec
Jan
238
1614 Nov
4612 Sept
8414 Jan
85 Apr
4578 Feb
77 Dec
294 Des
Jan
67
5214 Aug
97 Dec
151/1 Jan
174 Jan
4 Oct
1
36/
2214 Feb
4 Sept
1
63/
33% Nov
Apr
105
136 Dee
10912 Aug
1412 Jan
74 Sept
9034 Dec
5514 Dec
10712 Dee
Feb
4514 July
2812 Jan
761L Jan
4 Jan
1
78/
Jan
46
32 June
9932 June
2812 Jan
4 Feb
1
8/
83 Jag
3112 Nov
24 Dee
19
Oct
41 Dee
10012 Nov
214 Jan
131 Dec
91 Dec
5114 July
48/
4 Feb
1
4912 Jan
5514 Jan
41 Dee
4 Dee
1
57/
4 Nov
1
46/
103
Oct
431, Jan
12714 Aug
174 Jan
2714 Jan
Jan
7
4212 Jan
85 Jan
10018 Dee
12478 Feb
44 Nov
9534 Jan
4 Oct
1
20/
4114 Oct
4 Nov
1
33/
101
Oct
110 Nov
4 Nov
1
124/
10418 Sept
114 Aug
1994 Sept
494 Dee
31
Jan
4 June
1
112/
4143. Nov
44 Deo
103 Deo
4 Nov
/
611
5372 Dee
411
4 Oct
/
1614 No
50% Oct
100 Noy
Jan
56
1834 Feb
Fob
127
Oct
118
11514 Aug
1574 Jail
4 Jan
1
63/
99 Sept
1113t, Jan
12114 No.
Ini,
100
4T,,, Jail
48,4 1°144
5514 Not
10212 Feb
in% Jan
70% July
1384 Jab
120 Saw
I43, Slay
New York Stock Record-Continued-Page 6
3185
For sales during the week of stocks usually Inactive,sea sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 21.
Monday,
May 23.
Tuesday,
May 24.
Wednesday, Thursday,
May 25.
May 26.
Friday,
May 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range &me Jan. 1 1927
On Oafs of 100-share lots
Lowest
fleshes,
PEN dH ABS
Range for Profess
Year 1926
Lowest
HUMP
$ per share $ per share $ Per share $ per share $ Per share $ per share Shares Indus. & Miscall.(Con.) Par $ per share
per share $ per share $ per share
5458 544 5458 5434 534 5414 5338 5334 5312 534 5334 5484 9,800 Sears.Roebuck & Co newNopar 51 Jan 17 5638 Feb 25
44/
1
4 Mar 5838 Sept
7112 1,900 Shama (F 0)
73
*71
No Dar
7118 72
7012 72
7212 7312
56/
1
4 Jan 17 75 May 21
7434 75
47 Mar 6958 Jan
700 Shell Transport & Trading.£2 431
*4578 4658 *4534 4634
46
4 *4512 4658 46
.4512 4678 *4512 46,
/
4 Apr 28 4778 Feb 10
401
/
4 July 4858 Jan
2734 2778 2758 2778 2758 2778 2758 28
9,300 Shell Union 011
No par 251
2712 28
/
4 Apr 29 311
2712 28
/
4 Feb 7
24 Mar 31 Nov
Preferred
100 10718 Jan 27 111 Apr 18 103 Mar 114 J1111
1514
1584
157g
1584
Simms
Petroleum
17
6
3
12,200
10
1
153
4
4
15 nMay 26 2234 Feb la
-117;
8
$114 117
53* 11;1518 Aug 2858 Jan
24,900 Simmons Co
No par 3312 Jan 6 4758May 26
4414 4434 4458 4512 4578 4684 4612 4714 4634 4738 4612 47
283, Oct 543s Jan
180 Preferred
100 10714 Jan 4 110 Feb 10 10512 Nov 109/
109 109
109 109 *109 110
*109 10934 109 110 *109 110
1
4 July
1612 Apr 29 2238 Jan 20
1678 1712 1718 174 26,300 Sinclair Cons Oil Oorfe_No par
1714 1712 1678 171/ 1678 1718 1678 17
1634 Oct 2478 Feb
9918 99 100
800 Preferred
10014 10014 994 10018
99
9918 *9878 998 *99
100 97 Jan 6 10314 Jan 31
90 Mar 991
/
4 June
Apr
29
2614 2614 2758 2718 2734 13,300 Skelly 011 Co
2614 26
26
2633 2618 2612 26
3738 Feb 21
25 25
26/
1
4 Mar 3718 June
12812 129 *126 12834 12834 131
4,900 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13414 Apr 6 103 Apr 142/
12812 12812 12912 130
125 130
1
4 Aug
4 18312 18512 183 18512 18112 183
6,500 South Porto Rico Sugar-100 154 Jan 25 1971IMay 2
180 181
18214 18338 18134 186,
92 Apr 1691
/
4 Des
80 Preferred
130 130 *130 13014 *130 13034 *130 130,
100 11812Mar 4 130 May 21 110
4 •130 13034 126 130
Oct 121
Dec
3412 3434 3412 3484 3412 3452 3411 3434 3412 3434 3434 3434 17,600 Southern Calif Edison
1
4May 20
25 3158 Jan 3 34/
30 Dee 33 July
16
1612 15% 1614 1612 1614 17
1714 1718 1712 1712 1878 6,100 Southern Dairies ol A_No par 15 May 20 4538 Jan 13
41
Oct 5518 July
8
818
81
81
8
812
814 814
9
2,500 Class S
918
No par
7 May 18 20 Jan 7
8'2 9
1712 Oct 3534 Mar
*1018 1012 1018 1018 *1018 1012 *1018 1012 *1018 1012 *1018 1012
300 Spear & Co
No par
834May 13 13 Jan 20
10 Dec 1734 Feb
7912 71112 78
*78
82
200 Preferred
*76
*7214 82
78
100 73 Feb 24 80 Feb 14
*76
82
8212
72 Apr 8212 Jan
2638 2634 2714 2612 2678 2658 2878 2734 2874 2714 2838 38,800 Spicer Mfg Co
26
No par2012 Jan 27 28/
1
4May 25
1834 Apr 8138 Feb
•108 110 *108 110 *108 110 *10818 10934 *108 10912 *108 10984
Preferred
100 • 104 Feb 21 110 Mar 19 101
Jan 10714 Dee
58/
1
4 59/
1
4 5858 59
5818 59
5814 5878 5814 5834 5814 5834 28,200 Standard Gas & El Co-No par 54 Jan 25 5938May 23
51 Mar 89 Feb
6312 6312 6312 6312 63:4 6338 6312 6312 6312 6312 6334 64
1,100 Preferred
50 5718 Jan 3 64 May 16
53/
1
4 Mar 5758 Feb
81
774 7814 7778 8014 7934 8014 8058 8212 81
82
81
12,800 Standard Milling
100 7014 Jan 4 8212May 25
13753 Oct 92/
1
4 Feb
*9512 96
96
96
*9512 96
9512 954 *9214 95
95
95
60 Preferred
100 84 Jan 5 96 May 24
80 Mar 90 Feb
5412 17,000 Standard 011 of Cal new.No par 501
534 5373 53344 5334 5338 5378 5312 5334 5334 5518 54
/
4 Apr 28 6034 Jan 19
5258 May 6358 Sept
3634 3674 36/
1
4 3718 37
27,000 Standard 011 of New Jer3ey_25 35/
3714 36744 3718 23634 37
3634 37
1
4 Apr 29 4138 Feb 6
3738 Dee 4638 Jan
Pref non-voting
100 11458 Feb 25 11614 Feb 11 115 Nov 11918 May
.64 -3-0-1-2 -5614 165.8 -56i4 16214 -56i4 161
-31
, __:___
-55T8 1614 -3
3218 Dec 3314 Dee
8
;i61
4
fis;
i
,
ii, Standard 011 of New York...25 2978May 2 3418 Jan 18
3
3
234 3
3/
*214 3
1
4 Nov
414 Jan 3
800 Stand Plate Glass Co__No par
2 Mar 29
*3
314
284 234
10/
1
4 Feb
278 278
No par 9018 Jan 4 104 May 20
10212 10338 10212 10234 102 10314 103 10358 10214 10334 102 10284 5,400 Sterling Products
75 Mar 9614 Nov
1
4 6058 6234 6018 61
6112 6214 6114 62/
61
6112 6118 6112 10.700 Stewart-Warn Sp Corp_No par 5114 Mar 15 6814 Apr 20
81 Nov 9278 Jan
*323
4
3312
34
*33
34
47/
1
4 Dec 7714 Jan
34
34
900 Stromberg Carburetor_No par 3234May 20 5412 Mar 1
3318
3234 3274 3234 3234
5138.5178 53,400 StudelYrCorp(The) new No par 4914 Mar 18 57 Apr 8
5212 5314 5234 5318 5138 5258 51
47 May 62 Sept
5218 5134 52
Preferred
100 118 Feb 10 122 Feb 23 11411 Feb 12218 June
•118 121 *11812 121 *11812 12012 *11914 12012 *11934 12012 *11934 120,2
8
712 8
714 8
714 7 4
118 July
3/
1
4 Feb
No pa
213 Feb 28
818May 12
714 712
718 712 38,400 Submarine Boat
74 75a
3112 3174 3178 z31
3112 2,900 Sun Oil
3118 *3112 32
31
3018 Mar 411
1
4 Jan 17
No par 30 Mar 21 34/
*3114 3138 31
/
4 Jan
414 412
4/
1
4 414
44 414
412 412
418 414 2,900 Superior 011
334 Mar 30
1 July
612 Feb 18
418 44
No par
514 Dec
*24
27
27
*26
25/
1
4 2714 26
2618 *26
27
2,600 Superior Steel
19/
1
4 Apr 3478 Sept
100 193* Jan 25 28 May 18
2612 27
*9
10
:9
Sweets Co of America
858 Apr 1758 Sept
94 *9
978 *94 978 *914 10
50
7 Apr 27 1358 Feb 3
*9
10
414 414 *414 42 *44 412 *414 412 *414 412
312 Apr 12
*414 412
4 Nov 14/
100 Symington temp otfs-No par
1
4 Jan
6 Jan 14
1114 114 Ills 1118 .1118 1112 *1118 1112
*1118 12
812Mar 1
1338 Jan 14
*1118 12
1058 Oct 2078 Feb
600 Class A temp offs-No pa
1212 1212 1314 4,100 Telautograph C0rp-__No par
1278 1278 1212 1212 *12
1212 *12
1112Mar 9 1418 Apr 8
124 121
11
Apr 1478 Jan
834 84
834 9
834 9
No par
1
4 Jan 13
834 878
858May 11 13/
1058 Dec 16 Feb
334 87a 5,800 Tenn Copp & C
8
,
4 87
Texas Company (The)
25 51 Apr 11 58 Jan 17
48 Mar 58 Aug
.18 iii4 -----4714 Ws; -4714 if% -:1758 11- 20,000 Texas Corporation
25 45 Apr 19 58 Jan 17
47 if); -47
5318 Nov 577s Dec
5712 5938 5838 5912 5812 5912 5912 6038 136,300 Texas Gulf Sulphur new No par 411 Jan 3 6514 Apr 9
60
6034 584 60
Oct5238 Noy
39
1212 1212 1214 1214 1214 1238 124 1214 124 1212 1214 1212 2,300 Texas Pacific Coal & 011__ -10 12 Apr 29 16/
1
4 Jan 12
12 Oct 19/
1
4 Jan
2112 2034 22
2118 22
2058 2334 115,200 Texas Pao Land Trust new1 1512 Jan 25 2314May 27
1912 20
19Ia 204 20
3418 3418 3312 3312 3312 3312 3314 3338 3318 334 33
No par 2414 Jan 11 3458May 7
Jan
33
2,200 The Fair
2653 Dec 34
53
53
52
5218 52
52
2,100 Thompson (.1 IL) Co
25 47 Jan 26 5478May 19
5314 25214 5214 5214 5278 52
4214 May 5012 Sept
*23
25
*23
25
*2312 25
*2278 23
227g 23
100 2234May 12 291
*23
25
/
4 Jan 13
800 Tide Water 011
27 Nov 3914 Jan
8834 8814 8814 *88
_
100 87 May 6 8934 Apr 25
8834 *88
8812 *88
8814 8814 *88
Jan
8812
200 Preferred
8714 Nov 103
9914 9812 10034 984 9914 120,500 Timken Roller Bearing_No par 78 Jan 3 10038May 26
9718 9938 9734 9912 9758 9858 97
44/
1
4 Mar 8534 Nov
1
4 9758 98
9734 9818 984 100
100 9312 Apr 11 11038 Jan 5
98
7,800 Tcbaceo Products Corp
9818 9734 9734 9718 97/
9514 Apr 11658 Sett
100 108 Apr 16 116/
1
4 Jan 18 103 Mar 118/
*11214 11234 11212 11212 11178 11214 11112 11112 11112 11112 11178 11334 3,700 Class A
1
4 Sept
512 578
514 584
514
518
814 812
618May 20
334 Apr 30
578 6
518 July
3 Mar
512 6 170,300 Transc'el 011 Lomat'newNopar
12
12
12
*1114 12
Jan
12
*12
1214 12
15 Aug 27
3,100 Transue & William Sel No par 10 May 4 1514 Jan 6
1338 1338 15
4314 Nov 8334 Jan
5584 55
5514 55
5534 5614 5512 5534 5434 5534 55
5512 3,200 Underwood Typewriter _ _ __25 45 Jan 29 6078 Apr 18
66
6812 6212 6714 6312 65
35 May 7114 Jan
654 67
6314 6578 28,300 Union Bag & Paper Corp 100 3812 Jan 25 7114May 12
6612 67
12134 12212 12112 12218 11938 12118 119 12034 120 12112 11934 12034 24,300 Union Carbide & Carb_No par 9918 Jan 26 12334May 19
7712 Mar 100/
1
4 Dee
42/
1
4 4234 42/
/
4 42
1
4 42/
1
4 42/
1
4 4312 431s 4334 8,200 Union 011 California
25 38/
1
4 Apr 27 5612 Jan 6
37/
4134 424 411
1
4 Jan 5838 Sept
10634 110
108 10834 *108 109
109 110
100 94 Jan 3 11234 Apr 13
93 ,Dec 9514 Dee
10912 10912 1,900 Union Tank Car new
*107 108
.
6_5s_ 86
8658
25 82 Apr 4 100 Jan 6
8318 Feb 109/
1
4 Aug
: 5_1_4 4,000 United Cigar Stores
8614 8612 8612 _8
:
1
.!
;
_;
87:
:
8
,
1 1
175
38
8
4
7:3: 14
434 1.
1
70
5/
•
100 125 Jan 5 14034May 12 1147g Mar 125 June
XI
,
*14058
414 14
60 Preferred
1
75/
140
100 159 Jan 25 18278 Apr 20 134 Mar 174 Dec
174 17434 4,100 United Drug
17512 17814
17634 177
50 5818 Jan 6 60 Jan 12
5518 Mar 59 July
59
1,400
1st Preferred
59
59
*5812 59
59
59
59
59
59
*5818 59
No par 11312 Jan 26 13512May 27
98
Apr 126 Nov
12918 13012 12934 13134 1314 13512 9,800 United Fruit
130 13038 129 13034 12934 130
17 Dec 3813 May
100 1612Mar 2 19 Apr 7
*16
19
United Paperboard
19
*16
19
*16
19
*16
19
*16
19
•16
90 Mar 98/
1
4 Dec
100 Universal Pictures 1st 901_100 98 Jan 14 10338 Apr 26
/
4 10212 *102 10212 *102 10212 10218 10218 *102 103
*100 10212 *1011
1358 Mar 3412 Dec
3018 3034 30
30/
1
4 3012 31
*3018 31
3014 3114 3014 3118 10,100 Universal Pipe & Rad__No par 2712 Jan 25 3714 Mar 29
100 8134 Jan 27 96 May 7
52 Mar 90/
1
4 Dec
Preferred
*8712 894 *8712 89
*8712 89
*89
90
*89
92
*89
9014
241 24412 23934 24412 238 242
24212 245
23714 239
13,500 US Cast Iron Pipe & Fdy_100 202 Jan 25 246 May 20 150 May 24812 Aug
23612 240
100 112 Mar 14 11512May 21 10014 Mar 118 Dee
11512 11512 *11412 11512 *11412 11512 *11412 11512 11514 11514 *113 114
300 Preferred
39 Mar 6112 Feb
5114 Feb 14 64 May 27
*55
5714 5714 58
57
7,500 U El Dietrib Corp tern Ott No par
58'z 5834 62
62
63
62
64
45/
1
4 Jan 5938 Feb
/
4 Feb 1 633gMay 19
6134 6214 62/
1
4 62/
1
4 6114 6214 611
/
4 62
6314 62
6212 3,600 US Hoff Mach Corp vtoNo par 511
62
4538 Mar 8412 Dec
100 69 Mar 30 89 Feb 28
7414 75
74
7438 74
7412 74
74/
1
4 74
7412 7474 77
12,500 US Industrial Aloohol
0914 Apr 11478 Nov
1
4 Mar 15
100 10714 Apr 4 110/
*10818 11012 11012 11012 *109 III *10812 111 *108/
1
4 111 *10812 111
100 Preferred
4818 Mar 7178 Jan
58
5838 58
5814 58
5838 x564 57
5658 5734 5618 We 5,700 US Realty & Impt new.No par 54 Apr 6 6658 Feb 7
3014 May 88/
5134 5314 5152 53
1
4 Jan
100 4938May 18 671a Feb 28
5012 5158 5018 51
491s 5114 5014 513 37,000 United States Rubber
10312 10414 10338 10378 102/
100 10014May 10 11138 Apr 8 10112 Mar 109 Jan
1
4 10314 10212 10312 10212 103
10238 10212 4,800
1st Preferred
3734 3734 3618 37
30
Oct 49/
1
4 Jan
3618 3612 *3612 3734 3658 36/
1
4 36
3612 1,200 US Smelting. Ref & M181___50 3333 Jan 13 42 Mar 24
*4712 484 *4734 4814 47/
42
Oct 50
1
4 4814 4814 4814 *48
50 4553 Jan 18 49 Mar 4
Jan
48/
1
4 48
4838
600 Preferred
17114 17338 17212 17314 172 17278 17134 17438 17234 17414 17254 17334 120,500 United States Steel COrp_100 15311 Jan 28 17438May 25 117
Apr 16018 Dec
12258 12414 12338 12418 123 12334 12234 12458 12338 12434 12314 12438 267,900
11138 Jan 28 12478 Apr 11 11378 Dec 117 Dee
New WI
/
4 13212 13212 1331
13218 13218 1321
/
4 133 13314 13212 133
100 129 Jan 28 13314 Apr 29 124/
1
4 Mar 13034 Dec
13212 13212 3,300 Preferred
77
77
77
*78
80
*76
79/
1
4 79/
1
4 80
80
par 67 Jan 4 8212 Mar 21
58/
1
4 Jan 67 Dee
80 80NO
500 U 8 Tobacco
*125 128 *125 128 *125 128 *125 128 *125 128 *125 128
100 123 Jan 14 125 Feb 16 112 Mar 123 Dec
Preferred
115 115 *115 120 *115 120 *115 116
*115 125
10 111 Feb 11 11518 Apr 20
93 Apr 118 Nov
115 115
300 Utah Copper
311
/
4 33
3234 3312 3114 3278 3112 3312 3112 32
3134 3314 38,200 Utilities Pow & Lt A---No par 27 Jan 8 34 May 19
2758 Dec 37 Feb
45
4614 46,4 4614 4678 4678 4738 4518 47
4558 45
45
No par 37 Jan 20 5212 Mar 30
29 Mar 43 Aug
4,000 Vanadium Corp
57
57
5712
5712
5718
5712 571
5634 5634
/
4 5738 57
5714 4,400 Vick Chemical
No par 48 Jan 3 5812May 10
4314 July 52 Aug
712 778
7% 8
*8
812
8
8
8
8
1,400 Virg-Caro Chem
No par
712May 23 1034 Feb 14
734 734
9 Oct 2518 Feb
2814 2814 2718 2714 *2634 27
*2814 31
30
*2634 271
*28
300 6% preferred
100 231g Apr 4 3634 Feb 14
3138 Oct 69
Jan
7434 7434 75
75
7412 75
*74
7514 74
74
*7412 77
700 7% preferred
100 74 Mar 18 8734 Feb 11
83 Oct 981g Jan
48
*45
48
52
*45
49
*45
50
*4812 51
*45
50
100 Virginia Iron Coal & Coke_100 43 Feb 9 51 Jan 4
40 May 6012 Not
3312 3358 3354 334 3384 3334 33,2 33,4 33,4 33,2 3314 3338 4,000 Vivaudou(V)
No par 3213 Jan 24 3534 Jan 31
26 Mar 3618 Dec
*103 104 *103 105 *103 10412 *10312 105 •10312 10412 10412 1041
100 Preferred
100 104 Mar 30 108 Feb 3
9434 Jan 110/
1
4 Dec
2112 2218 22
22
*22
2214 22
2118 2118 2138 22
22
2,900 Waldorf System
No par 2034May 14 25 Feb 7
17 Jan 23 Dee
2012
*2012
214
2012
8
2038 2078 2014 2038 *20
21
*2012 213
700 Walworth Co OM
1214 Juno 2314 Jan
No par 18 Jan 14 2418 Apr 1
95
*92
*92
95
*92
95
95
95
*98 108
92
92
200 Ward Baking Class A No par 8918 Apr 13 10512 Mar 17
99 June 195 Jan
2114 22
2112 22
22
2134 2218 2134 224 2134 22
2214 4,500 Class B
1978 Apr 1 33/
No par
2114 Oct 8533 Feb
1
4 Feb 18
*86
88
88
*86
88
*8612 8712 *86
8734 *86
88
*86
No par 84 Apr 9 9534 Feb 3
1
4 Jan
Preferred (100)
88
/
1
4 Oct 110/
3638 3734 35
3614 3412 3534 3414 351 24,000 Warner Bros Pictures A----10 2358 Mar 21 45/
3634 3614 38
35
12 June 6914 Sept
1
4 Jan 6
S512
84
8612
84
85
97
86
85
*8212
85
*85
85
500 Warren
. No par 65 Jan 14 9014 Feb 18
4378 Apr 69 Dee
6412 6412 6834 67
69
70
704 6812 6914 11,200 Weber &Bros._-6334 6334 *64
Hellblr7,new o_No par 5612 Jan 5 7014May 26
1
4 Jan
53 Apr 85/
161 165 '16318 16318 *161 162 *161 162
161,
4 1621
•162 163
3,000 Western Union Telegraph-100 14418 Jan 8 165 May 23 134/
1
4M
15778 Sept
4 161
160 164
162 16412 16134 16438 162 16614 28,400 Westinghouse Air Brake---50 13318 Jan 4 16814May 27 10514 Mar 146 Dec
15934 16034 159,
76
77
7514 7634 76
7718 7578 77
7558 7614 75% 77
39,500 Westinghouse Eleo & Mfv_50 67/
1
4 Jan 4 7738May 20
65 May 7918 Feb
15
1514 15
1512 *1518 1514 154 1514 1514 1514
15
15
1,200 Weston Elec Instrum't_No par
1
4 July
15 Jan 8 18/
1334 May 19/
1
4 Feb 15
31% 3258 *3112 324 *3112 3234 *3112 3258 31% 315
*3134 33
400 CIDAS A
No pa
3014 Jan 6 3434 Apr 20
27/
1
4 Jan 3212 Ort
105 105 *105 10512 10532 10538 10512 10512 *10512 106 *10512 106
41) West Penn Elea 01 A elf No par 9778 Jan 4 110 May 4
Jan 98/
1
4 Oct
8818
1
4 108 109
1081. 109
10878 1088 108 108/
10814 10814 10734 10814
420 Preferred
/
4 Dec
100 102 Jan 4 110 Apr 28
9512 May 1021
115 1153 11512 117
11614 118
115 1151 *115 11512 115 115
660 West Penn Power mei
100 111 Jan 15 118 May 27 108 Mar 115 Sept
24
24
23/
1
4 2384 2338 2312 24
24
24
24
24
24
800 white Eagle 011 &Refg_No par 22 Apr 25 2712 Feb 15
1
4 Feb
25/
1
4 Apr 29/
51
491
/
4 50/
1
4 4712 49
474 48
4718 48
4914 50'4 50
22,200 White Motor
50 4538 Mar 31
5118 'Apr 90 Feb
583* Feb 28
33
31'2 3118 32'2 32
3214 3211 33
337 *3314 3384 3,203 White Rock Min Sp otf-No par 26 Jan 26 3612 Apr 2
*31
Oct 3838 Feb
22
5212521
52
521
54
5212 523
*5112 52
5212 53
53
3,000 White Sewing Mach pf_No pa
go Feb 18 59 Jan 17
1
4 Oct 6414 Oct
46/
*5*
84
8
4
8
4
38
3
53
5
2,100 Wickwire Spencer ctf__No pa
*58
34
3/
1
4 Jan
34
/
1
4 Dec
14
Feb
112
2058 211
2058 211
20
2012 203
2018 203
201 47,800 Whys-Overland (The)
2034 21
Jan
18 May 34
8 19112
2 la
an n 2434 Mar 3
01
90
90
90
90
90
90
89,8 90
1 9
90 2 *89
600 Preferred
8812 Oct 99 Feb
*89
1p0
aOr
Jan Li
95
22
121
1114 111 *1112 113
1112 111 *1112 12
400 Wilson & Co.Ins, new_No
1
4 Dee
1118 1118 *11
6 May 14/
Feb
21
175
8
2118 211
2212 2212 2314 2314 231 *2212 23
2114 217
2,003
22
14 May 3058 Dec
Class A
No par
1614May 5 3278 Feb 23
65
66
488
68
65
66
65
68
6534 654
65
65
400 Preferred
42 May 8138 Dec
100 58 Apr 7 8434 Feb 23
142 l448 143 145
14334 144
27,500 Woolworth (F W) Co
144 14558 14312 14534 14258 144
23 12014 Dec 128 Dec
4May
1453
25
11
117
/
1
4
Jan
3912 38
*35
3512 3512 384 37
1
4 Jan
4011 3812 3954 3812 38'2 21,200 Worthington P & M
19 Nov 44/
100 2011 Jan 27 4014may 25
5984
5912 5917 59
59
*58
5812 5812 *5814 59
58
400 Preferred A
44 Nov 80 Feb
*55
100 46 Jan 22 59i2May 23
4934 50
47
3714 Nov 65 Feb
4914 5012 5034 507
46
2,300 Preferred B
5012 4912 50
5078klay27
46
39
3234 35
3314 337 66,900 Wright Aeronautical...No 1p00
1
4 July
324 3412 3314 341
2412 Mar 39/
39
23
2984 3438 35
ar az .re
pbr
54
5312 54
54
54
5378 537
5312 5312 1,300 Wrigley(Wm Jr)
47 Apr 5934 Feb
5414 5414 54
1
4 Jan 4 5414May 19
No par 50/
761
/
4 7612 7612 7612 77
77
*7712 79/
Mar
7212
1
4
Aug
7842 7612 *7612 77
6012
400 Yale & Towne
25
Apr
77
Jan
2784 28/2 27,
2712 2784 38,700 Yellow Truck & Coach____108 ;(5"4
8 2814 2712 277
20 May 3958 Sept
2758 2818 2712 28
1: 3014 Apr 19
9112 Apr 10712 Sept
*9412 9512 *9412 9512 *9412 9512 *9412 951 *9412 95
200 Preferred
95
85
100 8912 Apr 11 99 Jan 3
AO May 951/ Aug
8774 8858 4,400 Youngstown Sheet & T_No par
884 884 8838 8834 88
8812 884 881
gala Jan 29 974 Mar 24
8812 89
•Bid and asked prices; no gala, on this day. Ir Ex-dividend and ex tights s Ex-dividend. a Ex-rights. z Ex-dividend.
*72
*58
tg myr
2
may
3186
New York Stock Exchange—Flond Record, Friday, Weekly and Yearly
Jos 1 1909 the R.:change method of affolleg bona um changed ats4 nriees are now "and later.or"—Fzespr for income aid &fanned 00141
BONDS
Y . STOCK EXCHANGE
Week Ended May 27.
-'a.
Price
Friday,
May 27.
Week':
Range or
Last Sale
-C
30.3
U. S. Government.
High N•
Bid
ASS Low
*fret Liberty LoanJ D 10035ei Sale 1003°22101421 131
43
,
4% of 1932-1947
J
Cony 4% of 1932-47
6
101
101
101
J D 1031132 Sale 10342 10311n 216
Cony 414% 01 1932-47
J I) 1034,210342 I021732May'27
3r1 cony 438% of 1932-47
lecond Liberty LoanN 100 100"22 100312 1.00',,
4a of 1927-1942
2
MN 100",2 Sale 100.22 100.12 737
Cony 41.4% of 1927-1942
taird Liberty LoanMS 101
414% of 1928
Sale 100"32101• 608
Fourth Liberty Loan434% of 1933-1938
A 0 1045n Sale 10330111041n 1724
treasury 43.88
1947-1952 AO 1143.1 Sale 114
11411,, 207
fres/lay 4s
1944-1954 J o 109he Sale 109,42 109"22 34
*reit/wry 314,
1946-1956 MS 1064, Sale 1067,2 10613a2 26
State and City Securities,
NY City-4'411 Corp stock _1960 MS 1004
2
10034
10034
434s Corporate stock
10418
1964 MS 10058
2
_ 10418
434s Corporate stock
1966 A0 10058 _ _
10252 Mar'27
434s Corporate stock
1972 * 0 10558 106 10514 Apr'27
J
41.4. Corporate stock
1971
10912 May'27
109
43.4, Corporate stock.July1967 J J 1084 ---- 10958 May'27
4948 Corporate elect
1965 3D 10812 --- 10914 May'27
414. Corporate stock
1963 MS 10812
109
109
4% Corporate stock
114
1959 MN
9A1(1
,111
4% Corporate stock
1958 MN 100T4 1663-4 1214
34
4% Corporate stock
1957 MN
2
101
101.
_
4% Corporate stock
1956 MN 997
9812 Nov'26
4% Corporate stock
1055 MN 9978
9878 Oct'26
434% Corporate stock_ _ _1957 MN 108 109 10852 May'27
434% Corporate stock_ .1957 MN 108 109 10814 May'27
93 May'27
8(4% Corporate atk_May 1954 MN 9212 _ _
as% Corporate etk_Noy 1954 MN 9212
9114 Mar'27
3348 Corporate stock
1955 MN 9212
89 Apr'26
New York State Canal Im Ls.1961 J J
---- 10212 Oct'26
4s Canal
10252 Mar'27
_ 1960
43.4s Canal impt
Apr'26
19434 ii
102
Highway improv't 41.4e. _ _1063 MS
Ill Dec'26
Foreign Gov't and Municipal's
Antloo Ma (Dept) Col 78 A _ _1945 ii 9534 Sale 95%
96
28
External a 1 7. aer B
1945 J J 9534 Sale 9538
22
96
Argentine Govt Pub Wks68_1960 AO 99 Sale 9834
9914 64
Argentine Nation (Govt of)—
Sink fund 611 of June 1926_1959 J
9918 Sale 9834
6914 96
Extl a 1 6.of Oct 1925_ _1959 AO 99 Sale 9834
9934 67
^link fund is Series A__ _1957 MS 9912 Sale 9938 100
71
External Oa series B_ _Dec 1958 JO 9914 Sale 9834
9914 25
ExtIef 5s of May 1926_ _1960 MN 99 Sale 9834
99,4 43
Esti 62‘ Sanitary Works. 1901 FA 99 Sale 9834
99% 92
N 9918 Sale 99
Extl 6s Pub wks(May '27)_'61
9912 43
A -gamine Treasury be E__ _ _1946 MS 92 Sale 9134
9214 13
A waralla 30-yr 6a_ __July 15 1955 J J 9814 Sale 98
9814 95
A(glean (Go-vt) e 1 7s
1943 J D 10234 10312 10212 10334 93
Bavaria (Free State) 634E1_1945 FA 9912 Sale 9912
9978 45
13114flum 25-yr ext a f 7;is 8_1045 J D 11234 Sale 11234
11312 62
10-year f 8a
1941 FA 10834 Sale 10834 110% 38
15-year external 634e
1949 MS 10114 Sale 101
10138 70
External a f 65
9712 114
1055• J 9711 Sale 97
External 30-year a f 76_1955 J D 10538 Sale 104
10512 76
3tabllizatIon loan is
10511 MN 10334 Sale 10384
10418 167
MN
1945
‘ereen (Norway) s f 8s
3
11338 Sale 1133, 11338
25-year sinking fund Se... 1949 AO 10014 101 101
101
8
marlin (Germany) 634e
9912 33
1950 * 0 99 Sale 99
Bogota (City) ext'l a f 81._ _1945 AO 10314 1048 10314
1047g 66
{Salvia (Republic of) 8a_
1947 MN 10414 Sale 104
10414 43
Extl sec 7a tern
9578 48
1958 JJ 95 Sale 95
Bordeaux (City of) 15-yr 68.1934 MN 9734 98
9712
9814 40
31w211(U Sof)external 8a__ _1941 JD 10612 Sale 106
10658 44
AG
9212 Sale 923
External al 63.4.01 1926.1967
9234 284
7e (Central Railway)
1952 iD 9534 Sale 9533
9658 43
744s(coffee aecur) £ (flat)..1952 AG 1033, 105 104
104
1
Bremen (State of) ext'l Ts__ _1935 MS 10312 Sale 10312 10414 91
Beano. Aires(City) ext1634a1955 Ji 10018 10114 10014
101
38
ii
914 Sale 9134
9214 44
Bulgaria (Kingdom) a I 78_ _1967
evades Dept of(Colombla)73§s'46 ii 97 Sale 9634
9712 32
^smalls(Dominion of) 5a..._1931 * 0 10178 Sale 10158 102
47
P
A
102 Sale 102
10-year 534,
10218 56
1929
51
1952 MN 10558 Sale 10558 1063, 43
9912 119
434a
1936 FA 9912 Sale 9914
atrisbad (City) e I 8e
1954 JJ 10434 106 10434 10434
1
974 9712
Cauca Val (Dept) Colom 7345 '46 AO 97
26
98
11
109
Mule(Republic)(sin a 18a_ _1941 FA 10814 Sale 10814
20-year external of 7s_
1942 MN 100 Sale 9912 10058 27
25-year external s f 8s. __ _1946 MN 10834 Sale 10812 10878 20
0 9034 Sale 9034
External slaking fund Ce. _1960
9114 111
A 9118 Sale 9118
9112 93
External a(6a
1961
9514 33
Jfille Mtge Bk 634e June 80 1957 J D 9412 Sale 9412
9734 38
816)4,of 1926_ _June 30 1061 J D 9714 Sale 968
15
26
1.1bIneee(Hukuang Ry)5a
1951 J D 26 Sale 2512
10214 May'27
Ohriztlania (Oslo) 30-Yr 818111954 MS
-5834 Sale 9858
Cologne(City) Germany634.1950 MI
9578 30
Oolombla (Republic)634s___1927 A 0 10034 ____ 10058 10038
7
Oopenbagen 25-year s f 5340_1944 J 1 10014 Sale 10018
1004 18
9912 37
Cordoba (Prov) Argentina 781942
9858 Sale 9814
Cuba 5e of 1904
13
101
1944 MS 101 Sale 10018
1
External 5. of 1914 ear A.1949 FA 1008 Sale 10038
10038
1
External loan 430 ser C_ _1949 P A 9334 9534 96
96
inking fund 81.4.
102
7
1953 J J 102 Sale 102
94
Cundinamarca (Dept-Col) 78 '46 J D 94 Sale 9314
25
osechoalovalcia(Rep of) 811_ _1951 * 0 10838 Sale 1084 109
58
Sinking gund 8e ser B _ _19152 A0 10812 Sale 10814
1084 31
External 81734e aerlee A 1945 A0 10514 Sale 10514
1054 29
• /sahib Cone Monlcip 31, A_ _1940 FA 11114 11134 11134 May'27
_
SerleaBif8e
11134 10
1946 FA 111 Sale 111
Ls•amark 20-year Se
10578 59
1942 • J 10512 Sale 105
Dominican Rea Cuat Al 514.'42 M
10
9914 Sale
984
99
let sec 534e of 1926
9834
9914 36
1040 AO 9812 99
Dresden (City) external 7e_ _1945 MN 10214 10212 10212 10278 13
Dutch East ladles extills._ _1947 ii 1044 Sale 10258 10478 19
1962 M
10234 Sale 10258
10234 15
60-year 6s external
1953 MS 10114 10134 1014
1
1014
30-year external 534s
1963 MN 10118 Sale 1013, 10138 17
30-year external 634.
1087g Sale 10812
-6
109
El Salvador (Repub) 8. _ ._ _1948 .1
15
96
Finland (Republic) extl Se_ .1945 MS 9512 9614 954
10014 Sale 10014
External 'Ink fund le___ _1950 M
10034 14
1956 MS 9834 Sale 9812
External s 6349
9834 46
'wallah Mon Loan 634s A..1954 AO 9814 Sale 9814
9812 12
.1954 AO 9814 9834 9814
2
External 6)4s aerie» B.
984
11012 164
French Repub 36-yr ext'l 88.1945 MS 11012 Sale 110
11312 259
20-year external loan 714t1_1941 if) 11314 Sale 11234
1949 JD 10453 Sale 104
705
105
External Te of 1924
1949 AO 10634 Sale 1064 10714 85
_Ferman Republic ext'l 7a
10278 26
ierman Cent Agric Bank 71_1950 MS 10214 Sale 1024
N 103 Sale 103
1954
9
10312
Jram (Municipality) Se
10512 133
It Brit & Ire!(UK of) 548_1937 FA 105 Sale 10478
1929 PA 11812 Sale 11812 11858
8
i0-year cony 5348
MN
10458 10538 10458 100
54 23
,Freater Prague(City) 7%a--1952
96
28
99
1964 MN 9618 98
:kook Government 7e
23
1952 AO 9934 Sale 9934
Real (Republic) 51 94
8
Heidelberg (Germany)(sit 734050 Ji 10412 105 10412 10478
Hungarian Mimic LOSIi 734e 1(145 ii 100 Sale 9934 10032 57
9812 142
Sept 1 1946 JJ 9758 Sale 9714
Ezterual al 7s
55
cagary (Kingd on f 7)0.1944 IA 10258 103 10258 1035
10018 30
fud Sank of Japan 6% notes.1927 FA 100 Sale 100
96 F 472
!74_ 1051 Jo 96 Sale 9512
Italy (Kingdom of) ext.
9514 56
Italian Cred Consortium 7s A1937 MS 95 'Sale 9478
123
95
9538'Sale 9418
1947 M
Eat!sec s f 78 ser B
.1 9572 Sale 96
9712 169
(teflon Public Utility rat 7e-1952
Range
Since
Jan, 1.
B ON DS
N Y STOCK EXCHANGE
Week Ended May 27.
PtIte
Friday.
May 27.
Low
High
lapaneee Govt E loan 4a_. _ _1931 J J
100111010154i
30-year a f 644
100114, 102
;Mental Development 6a:9
1 953
54 M
F A
S
10233.003"u •Ainsig (Germany)s f 7n ._ _1047 F A
1021..103
Lower Austria (Pros') 7348_1950 J D
uyons (City of) 15-year 08_1934 M N
100 101
Marseilles(City of) 15-yr 60_1934 M N
100742 101,1, Mexican Irrigation 434a____1943 MN
_
Assenting 8 1 alie -------1943
10035s210151.1 Mexico(U 5) extl 5.01 18119 E'45 Q i
1045
Aasenting 5a of 1899
10311n1041119
Assenting 58 large
1954 I D
1101,1114u8
Gold deb 4e of 1904
106.(1109032
Assenting 4,011904
103422106"ss
A SNCII t lug 4a 41 11104 large
.-- Assenting 48011904 small--------10038 1011g
Assenting 4 01 1910
1021, 10512
___ _
Assenting 4s 01 1910 large
102% 10258
Assenting 4s of 1910 email
1024 10514
Trees fle (31'13 assent(large)'33 i- -i
10712 10912
Small
10858 1091, Milan (City, Italy) ext'l 13348 '52 A 0
106% 10914 Montevideo (City of) 7a.-1952 J D
10618 109
Netherlands 6e (flai prices)._1972 NI El
30-year external as(fiat)1954 A 0
99 1011,
1943 F A
99 10034 Norway 20-year ell' 88
1944 F A
98% 10114
20-year external 6s
1952 A 0
4
30
0,yc
ear sexite5rnA:161,
Bid
9
90p2
Week's
Range or
Last Sale
Ask Low
High
90
914
99
334
Sate
94 Sale 934
9434
9912 99o)0038 10114
9912 Sale 9912 100
9734 Sale 9714
9814
98 Sale 9712
9814
30 Mar'26
35 Sale 3434
35
46
50 Feb'27
3934 4012 3912
404
42 May'27
27
2712 34 July'26
27 Sale 2634
2712
27 Dec'26
2558 Sept'26
271; 2738 Jan'27
27
2714
2334
2412
--1214 4412 4403
May'27
92 Sale 92
9214
10112 Sale 101
10112
10658 107 10658
10634
10338 Sale 103,
8
10352
10214 Sale 1021g
1027k
1027 Sale 10214
103
10212 Sale 102%
103
100 Sale 100
10012
102 Sale 102
103
994 Sale 994
9972
10212 Sale 10212 10212
104 Sale 10312 104
104 Sale 104
104
10014 Sale 100
1004
10012 Sale 10018
1004
8372 Sale 8212
8378
9812 Sale 9734
9334
10514 Sale 105
10514
11314 Sale 11234
11334
10514 Sale 10512 10512
105 10514 10534
108
1047 Sale 10478
10512
10234 Sale 10234
1047a
9073 Sale 9012
91
105 10514 10434
105
11012 Sale 11012
11034
106 Sale 105
106
10618 Sale 10578
10614
9014
984 9914 99
9414 Sale 9414
95
10234 Sale 10212 10312
10114 Sale 10012 10114
97 Sale 9614
97
104 Sale 10334
10414
10434 Sale 10434 10518
11234 11358 11234 11318
10412 Sale 10411
10434
76 Sale 76
77
87 Sale 87
IS
100 10014 100
100
9512 Sale 95
9514
110 Sale 110
11012
9558 Sale 954
98
9312 Sale 9312
94
30.4
No
37
173
17
26
3
106
102
6
78
.4
30
50
39%
3958
41
50
50
42%
16
2433 34l
14
28
16
264 31 1e
2238 274
40
484
4112 481,
92
9212
9072 10212
10512 1084
10314 10374
10114 104
M114 104
100 10334
984 10134
10052 10312
07 100
100 103
10312 107
10312 105
9934 103
984 101
7612 85
934 99'2
10314 10534
111 114
104 10614
10332 1064
10212 108
10214 105
9012 9234
s 108
103,
10712 111
10412 107
105 108
984 1004
9334 9612
9734 10312
974 10234
9114 97
10312 105
10258 10518
11114 113.,
10232 106
794
75
864 9032
9912 1013
.
94
97%
108s2 112
95
9612
0214 971,
162
15
11
34
43
46
5
52
14
120
3
36
49
102
62
295
55
8
5
8
il D
N
1080 Oslo (City) 30-year a f 139_ _ _ 1955 M
10834
Sinking fund 6(-4s
A
F D
93
946
3J
Panama (Rep) en] 5Iis.. _J195
91,4 Peru (Rep of) ext.! 88(of'24)_1944 A 0
N
m O
,
1940
44 A
..1
Exti 88 (ser of 1926)
_
Killer* Id 73.4e
iolis 1-62-58
En( e f sec 734,(of 1926).1956 M S
194(1 A 0
Poland
E4ti 47141401f)
gold
1d (Se
0,8
19501 J
Porto Alegre (City of) 818_ _._1961 J D
94
9712 Queensland (State) exti s 1 78 1941 A 0
(laF
A 0
94
A
975,
25-year external
979758100
Rio Grande do Sul ext1 e f W.1949461
48
RiodaJanel
25..yr
ro25-yr
88
a f 8s_ _ _1946 A 0
97% 100
MA
A 0
N0
exti
153
9734 100
Rome (City) ext16A
19
95
84
42
7
48
.t
zai 68. _A9
s7.2 1007s Rotterdam (City)
1
9738 10058 Sao Paulo (City) s 1 8s_ _Mar 1952 MN
12
9714 100
San Paulo (State) call.1 88_1936 J J
9
98 100
External sec.18s
47
987 9914
External a f 7s Water L'n_1
M 111
1°
95°
56 -1
35
89
9234 Santa Fe (Prov, Arg Rep) 78 1942 ISrl S
86
9714 9812 Seine, Dept of (France)extl7s'42 J J
87
10114 105
Serbs, Croata & Slovenes 813_1962 M N
65
9818 100% Solssons (City of) exti 6e__ _193(3 M N
21
111 114
Sweden 20-year 68
1939i D
8
108 11014
External loan 53.411
22
9633 102,2 Swim Confed'il 20-yr a 185._1
54 JJ
MN
190
18
inss 98
Switzerland Govt ext 510_1946 A 0
12
10211 10534 Tokyo City 5.loan of 1912_ _1952 51 S
86
10133 10418
Extl of 594o guarA
j0
.,
33
112% 114
Trondhjem (City) exti 6%8_19°4641
21
9914 10133 Upper Austria (Prov) 78_,_ _1945 J D
8
98% l0034 Uruguay (Republic) extl 813_1946 F A
56
10224 10478
External a f 6a
115
10312 10512 Yokohama (City) extl 6,.....196l
MN
61 JD
960
106
9412 98
Railroad
9382 9814 Ala Gt Sou lit cone A 5._1943 J D 10434
10434 May'27
104 10813 Ala Mid let guar gold 5a_ _ _1928 M N 10014 101 10038
100%
5
89
96
Alb & Suee lot guar 330 _1946 A 0 8958 __ 8912 May'27
9412 994 Alleg & West 1st g go 4s___•_1998 A 0 88
85 Mar'27 -_
102% 107
9658
97
1942 M S 9612 97
7
Alleg Val gen guar g 411
1021s 105
8158
8158
1
July 1905 Q J 8158 83
Ann Arbor let g 48
9914 10214 Atch Top & S Fe—Gen g 4s_1995 A 0 9612 Sale 9818
97
106
91
9414
A
0
97 May'27
Registered
9634 9834
Adjustment gold 4e...July 1995 Nov 8914 9012 8934
8934
1
10014 102
90
Stamped
July 1995 M N 90 Sale 8912
11
MN 873 _
10133 1027s
85 May'27 _ _ _
Registered
104 1063,
1955 J D 8834 90
8834
2834
Cony gold 48 011909
1
9818 99,1
89 Sale 89
89
Cony 43 01 1905
1
103% 106,2
55 .11
J D
8934 Apr'27
19
980
Cony g 48 Issue of 1910.-1
9712 9912
9958
East Okla Di, 1st g 4s
1928 M S 9934 100
9934
a
1064 1094
91 May'27
Rocky Mtn Div lit 48_ _1965 J 3 9018 92
9912 10114
9212 92
Trans-Con Short L lit 48_1958 J J 92
9
99
% 11
1
10614 109
Cal-Ariz lot & ref 4341 A1962 M S 9912 ____ 99
9014 9312 AU Knox,ac Nor let g 548_1946 J II 10758 ____ 10434 Mar'27
91
93/
1
4 All & Charl A L lit A 43.48_1944 J J 9914 9912 9834 Apr'27
_
1944 J J 105 10518 10512 10512
lat 30-year 58 series IL
9314 90's
i
96
984 Atlantic City let cons 4s
1951 J .1 8818 8912 8634 Dec'26
24
30
All Coast Line let cons 4,July '52 M S 97 Sale 965s
97 —3
-1
9934 10212
10-year secured 7s
10314 May'27 _ _
94 D
N 9914 Sale 9834
972a 10012
199 61 .1
General unified 4148
9914 55
9912 1011,
L & N coll gold 4ti____Oct 1952 MN 92
9212 92
9214 14
9914 101,2 Atl & Dan, let g 48
19483 J 8114 Sale. 8114
8158 32
9712 9912
194S J 1 7314 74% 7314
264,
7412
8
100% 10112 All & Yad let g guez 418.-1949 A 0 8414 85
8512 May'27
101.114 102
Austin & N W tat go a 5a ..,l941 I J 10214 10414 105% May'27
93,
8 96
Balt & Ohio ling 4a__ ._July 1948 A 0 9512 Sale 9514
96
51
10114 103%
48
3 G)
m
93 Sale 931
July 1 93
03
Registered434!9
2
98% Sale 9834
9314 96
99
20-year cony
189
M S
106 110
984 Apr'27
Registered
10424 109
10312 121
Refund
fgun
5e
d & gen 6e series A _ _1995 J D 10234 Sale 10234
10424 108,4
1948 A 0 107 Sale 107.1 10734 58
1:t
10234 Sale 10234
11 134
103
10-year 68
38
3 11058 Sale 11018
J 12
111
50
19
99
29
53
10914 11184
Ref & gen Ca series C
103/
1
4 105%
PLEA W Va Sys ref da 1941 MN 95 Sale 94%
95% 88
10312 Sale 103
98% 10012
10312 46
Elouthw Div lit 68
9812 110
J .1
3 8534 Sale 8534
19
95 3
8614 30
Tol & Cin Div let ref 4s•_ 1
10012 10412
2000 M 8 103 Sale 10234
10334 113
Ref & gen 58 serlei D
8514
3 sale_
__ _ 10
85
2:
,
1 ,8
10214 10478 Bangor & Aroostook 53
1943 J J 1023
Apr7
6234
102,4 103a
Con ref 4s
34
3 6512 68
10020 10214 Battle Crk & Stur let gu 8s-19
3 0
6612 May'27
1 .1
98
59
1003, 103
9612 May'27
Beech Creek let ffU g 411
1938 3 J
07
912
J 1
106
9314 19
9412 Mar'27 _ _
Reentered
997
_ 99
2d guar g 58
Jan'27
9814 102 Beech Crk Ext let g 11348___1195361 3A 0
3 82 -84
815 Mar'27
90 10078 Big Sandy let 4.
9358 May'27 _ _ _
90
991s Bost & N Y An Line 1st 411
4 FA
11 D 84 Sale 8358
95
45
_ 19
84
9578 9912 Bruns & W 1st an gold 4a___1938 J J
97
96% Apr'27 _
10814 11012 Buffalo R & P gen gold 6a___1937 MS 9778 sale ,
03
774 May'27
9854 _3
_7
..
105 11378
1957 MN
Conaol 41.4a
PI N 88 ____ 95 Mar'27
Registered
10
96
912 1000512 Burl C R & Nor 1s1 51
A 0
0 10134 Sale 10112 10134 —26
101 103% Canada Sou cone au A 5a.__ _1196324
107 Sale 107
9
107
9
10112 10333 Canadian Nat 43.4 Sept 15 1954 51 5 98% Sale 98%
9834 11
10418 10534
5-year gold 43ie_Feb 15 1930 F A 9934 998 9934
9978 27
11614 11918 Canadian North deb a 1 7s_ _1940 J D 1154 Sale 11558
11578 36
10358 107
11918 Sale 11834 11918
25-year if deb 63411
9
9314 99
.1 987 Sale 98%
F A
94°-1
10-yr gold 4;4e__._Feb 161936
987
3
99 10014 Canadian Pac Fly 4% deb stock_ _ 21 J 8534 Sale 8512
858 44
103% 106
9758 Sale 9712
Col tr 434s
9734 25
°M
M S
EI 9712
9758 10178 Carb & Shaw lit gold te....._ _14932
9812 May'27
1949.3 J
9514 99
Caro Cent let eons g 4e
__ 86 May'27
100
,94 10%
400
Caro Clinch & 0 tat 30-yr 591938 J D 10212
86-103 10212
10212
I
1952 J D 1074 109 1087g
6e eerie. A
109
15
924 9714 Call1&
92129212 May'27
1981
4nAol conMgt
40
9358 967 Cent Branch U P let g 48194
J D
111 8578 '8614 8614 May'27 -13
— 1998
94
97
Central of Oa let g 5s_Noy 1945 F A 106__ 10534 May'271._.9018 101
1945 M N 10514 fo512
- 10634 1064 5
Consol gold 5.
105%
10514
89%
897g
Range
Since
Jan. I
-Low
High
8814 921s
9878 102
9212 98
l(Nue I 0271
9938 100
9312 9812
9314 9814
10258
10014
8723
8472
9514
7912
9244
10454
10012
8912
445
97
82
9714
8714 9114
8732 91
85
8812
85
9971
8734 804
88
8984
9914 100
8812 91
9912 9212
973 94-32
10434 10414
9884 100
10314 108
-954 174
103 10512
97 100
9112 9314
7872 8138
714 7534
8212 86
10212 1051s
935e 9718
92
94%
07
99%
9818 98%
100% 104
10414 10858
1004 10312
10728 Ill
9284 96
10118 10314
82
8638
1008
,104
1021s 10218
8514 87
64
66%
9512 9612
9412 9512
99
99
Si5a 8158
91
9338
7838 84
9534 9655
101 103%
9418 99%
95
95
101 1021,
105 10714
99
95
99% 100
11424 11614
117% 11914
9711 99
91,s 8612
96
9812
9532 9812
83,8 86
10224 10384
1074 109
9012 9234
8812
83
1044 10333
024 10614
3187
New York Bond Record -continued-Page 2
BONDS
V STOCK EXCHANGE
Week Ended May 27.
Price
Friday,
May 27.
Week's
Range or
Last Sate
Range
SinCe
Jan, 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 27.
',8,
C V.
F:
2Ifay 27.
Week's
Range or
Last Sate
g7;
Range
Since
Jan. 1.
Rid
High
Ask_ Low
Iligh No. Low
High No. Low
High
Ask Low
Bid
Central of Georgia (Concluded)a9414 _
1930 F A
.5 1017e 10334 'ansol Sty deb 46
824 Dee'211
102
10-year secured fle_ _JUIlf 1920.3 D 102 Sale 101%
781
1054
1964
J
701
Is
Non-cons
4
12
7312
7412
10614
7441
743
1044
1
106
(3
A
10534 10634
Ref & gen 545035(.71es B__ _1959
1955
J
Non con, debenture 48
741, 7514 7434
19
ow. 774
75
5 103 10312
1959 A 0 10278 10314 10312 10312
Ref & gen 5s series C
7514 Apr'27
(1, 48-1996
,e
1.,
.
lieb1
1
1
1385, t 2
754 76
77
89%
92
92
D
1
48.1951
g
money
put
Div
Chat;
93 Sale 9
32
Cuba RR lot 50-year 58 g_11152 J
1 10254 105
7798
9412 98
105
Ma,. & Nor 131v let g 58..1946 .1 1 105 Sale 105
1936 J 0 100
102 1081,
1 107 10912
0014 s
1st ref 7 Ks ser A.
10812
i017s 104
10812
Apr'27
1948 .1 .1 10312 105 104
Mobile Division be
1936
tat lien & ref es ser B
9
74% 86
8
100
10014
9938 10211
8412
1981 J J 8412 Sale 8412
Cent New Eng let gu 4s
1966 J J 10458 Sale 10412
2
994 1047s
10478 78
9912
994 10034 Cuba el trthern Ity let 65
9912
Central Ohio reorg 43.4B.._1930 M S 9914 100
J 9918 9914 9934 Apr'27
1931
99,2 101 12 Day & Mich Lot cons4 14a
_
9838 9934
Central RR of Gs coil g 56-1937 M N 10058 10114 10058 May'27
9318 97
9458 06
11612 25 112 11612 Del &'Judson let & ref 4s_1943 MN 9438 Sale 9438
11614
Central of N J gen gold 55_ _ _1987 .1 J 117
1935 A 0 14012 Sale 13814
2 11218 116
30-year cone 58
11558
14112 295 11412 14214
_ 11558
1987 Q J 11558
Registered.
59,5
1937 MN 10538 Sale 10438
55 103 1074
8
26
935
-year
15
9114
106
9312
9314
A
F
Sale
1949
9314
48
g
gu
ref
let
Pao
Cent
1930 J 13 10612 Sale 10638
10-year secured 78
9038 9212
10832 10778
10612
F A 9218 9312 9218 May'27 Registered
____ 9614 Apr'27
116
9734 9,34 13 RR & Bdge let gu 48 g.1938 F A 97
9814
1
9334
Mtge guar gold 3 Ks_ _Aug 1929.3 13
9812 -- 9834
J
J
92
21
48..l936
g
Sale
eons
Ist
0
93
R
&
Den
15
9218
91% 93
9112
8912
4
913
9112
0
A
46___1954
gu
Sale
1st
9112
L
St
Through
9818
1936 J J 9518 957 9518
1
Consol gold 43-se
97
94
10334 50 1011 2 103%
1960 F A 10338 Sale 10338
Guaranteed g be
12
Improvement gold 58._ 1928 J 13 9934 100
9912 10014
Charleston & Salm h lot 78_ _1938 J J 1184 -- 11812 Oct'26
MN
Sale
4
1965
873
234
58_Aug
gen
7
West
9
8
89%
tOG
&
4
Den
33
9
3
8
WI;
1"
iooT8
18
884
735
10012
10012
J
10012 Sale
Mee & Ohio fund & impt 56_1929 J
35
39
1935
35
& Ft 1) 18t gu 4s
34
Apr'27
Des
4 10338 108
36
108
1939 M N 106 Sale 108
let oonsol gold 58
34
3412 33
33
1 10212 105
Temporary etfa ef deposit__ _
35
33
105
1939 M N 105 107 105
Registered
M
4
993
Ke_1947
_
4 Aug'26
963
4
gu
lot
Des
Val
4
993
Plaines
29
9718
9938
1992 M 13 9812 Sale 9812
General gold 4145
4
753
May'27
534
9918 101,2 Del & Mack let lien g 411_ 1995 J D
-7E114 -7.
10012 154
193013 A 10012 Sale 9918
20-year cony 41,15
1905.3 D 6
2
74
8
74-'4
6
_65 May'27
65 6518
Gold 413
10014 101
__ .- 10078 Feb'27
1940 .1 J 101
Craig Valley let 55
9978 14
9718 100
9138 92
Detroit Ether Tunnel 4 Ke 1981 MN 997 Sale 9912
eotte Creek Brand) let 411_1948 J 1 8912 9178 92 May'27
____ 10434 Apr'27
10334 10432
5
874 9018 Dub Missabe & Nor gen 5.8_1941 J J 104
8912
8938 _
8912
tt & A Div let cons 4s_ 1989 J J
1937 A 0 10214 Sale 10214
10238 11 10144 103
8534 871 2 Dub & Iron Range 151 55,
1989 .1 J 864 -- -- 8614 May'27
21:1 consol gold 45
84
8312 837 8312
16
7512 88
9975 10018 Dub Sou Shore & MIS 515. _1937 J
10018 Feb'27
Warm Springs V 1st g to 1941 M S 10114
____ 94
Apr'27 94
94
9534 9719, East Ry Minn Nor Div let 4s'48 A 0 94
078
97
Chosen Corp cony 55 May 15 '47 MN 964 Sale 9614
3
101
10112
J
10112
10112
_19304
10212
5s_
g
10014
Div
Ga
2
&
Va
T
East
8
733
43
71
A
72
_1949
72 Sale 72
on & Alton RR ref 5 3'. .1949
____ 107
Apr'27
1958 M N 107
106 107
Cone 1st gold ba
71'2 72
7134 18
7112
Ott dep stpd Apr 1926 int_ _ _ _ ___. 7112 73
1 102 10434
104
59
6114 6814 Elgin Joliet & East let g bs_ _1941 MN 10234 10434 104
6514
Jtatiway tiret lien 334s_ _ _ _1950 3 .1 65 Sale 6458
1965 A 0 10614 10714 10614 Apr'27
10414 10612
67
60
El Paso & W 1st 55
6334 13
8334 Sale 6318
Cite den Jan '23 & sub coon
10634 11 106 10712
5
884 8914 Erie 1st consol gold 75 ext 1930 M S 10612 10634 10612
89
sic Burl & Q-411 Div 3315_1949 J J 8858 Sale 484
17
8
855
85
J
J
814 86
Sale
1996
85
prior
46
g
cons
1st
Dee'26
J
J
8714
8612
Registered
79
79
Jan'27
1997 J
79
12
Registered
944 98
98
1949 3 J 9634 Sale 9612
Blinds Division 45
7312 7912
7838 143
1996 J J 7734 Sale 7734
27
93,2 9712
1st causal gen lien g 45
97
19513 M 13 9638 9612 9638
,ieneral 48
72
May'27
7512
.1
19981
784
Registered
8
973
131
9914
99
1977 F A 9812 Sale 9812
let & ref 4 Ks ser 13
5 9814 10014
9934
9958 Sale 9954
Penn coil trust gold 4s_ _ _ _1951IF A
107% 23 10512 10718
1971 F A 10718 Sale 10678
1st & ref 65 series A
213
8512
4
783
8414
0
A
Sale
1953
8414
A
4
843
aeries
46
108
cony
106
50-year
Apr'27
106
____
106
0
A
let
Ill
68_1934
-Mimeo & East
8412 48
79
8538
1953 A () 844 sale 8414
8712 396
Series It
8038 8712
8714 Sale 8634
0 ik E III Ry (sew co) eon 511951,M N
112 1687
84% 113
1953 A 0 11058 Sale 106
48 &ales D
eonv
Gen
14
10814
105
1075
8
10718
M
Sale
1982
10718
N
let
be
gold
Erie
&
This
9412 214
9412 9434
1967 MN 9412 Sale 9412
Ref & impt 5s w 1
480
74
6914 7414
'7ibleago Great West Ist 45 1959 M S 7358 Sale 7314
J 11334 Sale 11334
1955
11412 24 11112 11412
Erie A Jersey let of 65_
11372 11614
Me Ind & Louise-Ref 68_1947 .1 J 11614 117 11614 6fay'27
1114 114
Genesee River 1st 5 1 55_1957 J J 11412 Sale 114 May'27
1034 103,,
1847.3 J 10338 10414 10358 May'27
Refunding gold 58
1940 J J 8878 ____ 8812 Nov'26
91
3
0114 Erie & Pitts gu g 334s B
9111
1947 J J
9114 Sale 9114
Rebinding 45 Series C
89 .89
Apr'27
1940 3 J 8918 ____ 89
Series C 314s
99% 103
2
10238
1966 M N 10238 10258 10238
General 58 A
4 1014
/
9541
M N 100 Sale 100
10012 122
1954
78
f
esti
RR
Est
108%
7g
1064
8
1087
Sale
8
1965.3
1087
J
May
108
B
General 85
1
10158
10012
10018
10012
10012
J
J
55_1930
g
axt
bit
Penn
&
Cent
92% 9512 Fla
9414 _ _ 9414 May'27
:Me Ind & Sou 50-year 4a_ _1958 J J
1 10138 1014
10158
1943 J J 10118___ 10158
Cousol gold 65
1
964 9734
974
Mile L S & East 1st 4358____1969 J I) 9734 Sale 974
2
9754 984
9812
Florida East Coast 1st 4346_1969 J D 9814 -9858 9818
9414 1014
9634 186
1974 NI 5 9612 Sale 9612
6212 12
let & ref be series A
554 64
6212 ____ 6212
3 M & Puget Sd let gu 46.._ _1949 J J
80
65
6118 20
5584 6418 Fonda Johns & Glov 4146_1952 MN 6034 Sale 60
6212 Sale 6214
6234 68
U S Tr centre of deposit ______
9512
94
May'27
9512
J
____
_1941
9512
Ks._
4
g
1st
Co
D
88
U
St
Fort
17
85
8714
Cb M & St P gen it 4s BeeA_e1989 1-5 87 Sale 87
10688 10634
1961 I D 10718 ____ 10634 Mar'27
8314 84
Ft W &DenC Istg5Ks
2
84
Q J 834 Sale 84
Registered
99
974
3
09
9912
99
_
4s1928
761
Or
Rio
&
isle
Worth
Ft
7612
78
10
8
755
Sale
7612
J
J
Be1989
General gold 3145 see
10712 1084
Apr'27
1661 108
1933 A 0 *10714 2
Pram Elk& Mo Val let 65
94% 98
6
08
Gen 431s Series C -May 1981)3 J 9714 Sale 97
6512
57
13
64
6358
Jen & ref set' A 4 Ks_ _Jan 2014 A 0 6312 64
10134
7 100% 10134
56% 6558 GH &SA M &P let 56_1931 MN 10034 10134 101
6414 138
6312 Sale 6312
_
Guar Tr certlfa of deposit_
10212 19 1001a 1(212
1931 J J 10034 102 102
20 extens 55 guar
6212 32
5512 64
-Jan 2014 1_-15 A 6214 6278 62
'len ref cony err 11 9
6
9934
98% 10114
A 0 9712 9912 9912
_1933
bs_
let
Rend
&
Roue
Gal,
103
6415
4
3
63
55
6218
621
----6212
deposit
of
centre
Guar Tr
9812 997s
3
99
13 10314 10612 Ga & Ala Ry let cons 58.Oct 1945 J .1 9834 9912 99
10418
1934 i--i 10334 10418 10334
let gee 68
1
99 1064
10018
5612 644 Ga Caro & Nor 1st gu g 66_1929 J J 10018 10012 10018
16
63
1932 J 13 63 Sale 6234
Debenture 411s
7 May'27
7211 7578
_
75
_
0
A
757
1948
75
8
36
1st
Midland
Georgia
58
4
15
643
63
62
Sale
63
Bankers Tr certifs of deposit
974 9834
1941 J J 9814 99
9818 May'27
5612 6458 Gr Rh lett 1st Rug 4 Ke
8
83
1925 Ili 624 Sale 6234
Debenture 48
9 11412 116
11534
76_1940 A 0 115'8 Sale 11412
deb
Can
of
Trunk
6512
Grand
52
5612
631
4
623
63
8
625
ctfa
Tr
&
of
Mtge
denUS
49 106% 1(814
108
1938 ki S 108 Sale 10778
6612 6414
15,year a 165
1934 i"-i 6238 6313 63 May'27
16-year debenture 49
1947 J D 9814 ____ 9514 Mar'26 - 2
6258
5638 6412 Grays Point Term 1st 55_
6238 631 6238
_
Farm L & Tr etts of dep___
11434 102 iiifs 115
J 11438 Bale 11438
1936
A
series
72
gen
Nor
Great
84
7818
3
83
4
833
8312
83
_C de & N'west, gen g 334s...._1987 ME4
114 114
114 May'27
.1 1
7412 7612
Registered
7412 Jan'27
F 7414
Registered_Q
- -9934 Sale 9934
97 10014
9934
7
9012 964
let & ref 41(8 series A___ _1061 J J
9
9418
9358 94(4 9418
1087 M N
General 45
108 1,2
Sale
11114
10912
J
J
1952
B
11112
series
39
514s
92
General
9214
5
92
99
Q F 8912 94
Registered
4 10258 1)558
10514
1973 J J 1047 Sale 1047
General 58 series C
904 9412
9418 May'27
9312 95
Stpd lis non-p Fed In tax '87 M N
9812 36' 9418 9914
J 977 Sale 9778
1976
General 4 Ks series D
105 109
Gen 454e stud Fed Inc tax_1987 MN 108 11014 10812 May'27
831s 864
8518 May'27 _ _ _ _
3 10814 1144 Green Bay & Weat deb ens A____ Feb 8518 90
11414
Gen 56 stpd Fed M8131_1987 64 N 11358 ____ 114
21,11
21
2412 • 29
Feb 2412 Sale 22
B
ctfa
Debentures
1014
10355
May'27
103
_
10318_
0
A
1879-1929
65
Sinking fund
9312 9312
_
_
May'27
9312
_
MN
46____1940
gu
let
Ry
Greenbrier
1023
101
4
- 10238 May'27
A 0 102 1-0312
Regtstered
10012
7
5a
106
5
8
8
0
1057
1057
9312.10514
105
A
100 10114 GuleMob dr Nor 1st 534s1950
_ _ 1013s May'27
1879-1929 A 0
ithitIng fund 56
10134 17 10114 10214
1950A 0 10114 Sale 10114
1st 61 5s series C
10018 10214
- 10012 May'27
10012 10118
1879-1920 A 0 10078Registered
10614 10114
107
____ 10714 May'27
4 101 10278 Gulf &SI 1st ref & ter g 58 _51962 J
10214
Sinking fund deb be
1933 M N 10214 1027 10214
1011e 102
M N 102102 May'27
Registered
9714 10414
10414 33
10334
Sale
4
1033
J
14a_1999
g4
cone
let
Val
Hocking
107
106
9
10638
1980 J D 10814 1-063-4 10614
(0-year secured 715
9534 9534
9534 Mar'27
1999.3
Registered
2 1114 11312
11312
I5-year eecured 634e g_ _1936 M S 11258 113 11258
9812 9934
2
9934
9934
9934 100
Housatonic Sty cons 5o__1937 M N
1st & ref 5 to
1 10212 110
May 2037 J 13 10918 Sale 10918
10918
1004 1011
19373
10134 - - - - 10134 Apr'27
0834 9912 H & T C 1st g Int guar
lot & ref 4348
May 2037 J D 9878 Sale 9834
9912 91
_
Mar'26
102_
10134
MN
1930
Waco & NW (Iv 1.1 68
8734 91 1 1
C tic RI & P Railway gen 45_1988 J J 9114 Sale 01
9114
6
9981 10153
10012 gle 10012 10058 16
8612 8812 Houston Belt & Term let 58_1937
J J 89
9058 8812 May'27 _ _ _
Registered
1 10012 1014
101
Houston Edt W Tex ling 55_1933 MN 10018 _ _ _ _ 101
Refunding gold 48
9214 95
1934 A 0 9414 Sale 9418
9438 142
100,5
101 15
5
10118
10118
1933 M N 101
A 0
lit guar ba red
9258 93%
Registered
.. _ 9358 May'27 ___ _
98 101
101 I 174
10034 Sale 10034
Ch Eit L & N 0 Mem Div 42_1951 J D 90
8914 91
Bud & Manbat 58 series A_ _1957
9012
5
9012
84
9314
113
4
913
91
Sale
9112
0
A
Adjustment Income 58 Feb 1957
Ch St L & P let cone g 66_1932 A 0 10238 1-63-12 10218 Jan'27 ___ _ 10114 1024
94
2
9614
964
1951 J J 9614 Sale 9614
sic St P M & 0 cons 68_1930 J D 103 10312 103
103
Illinois Central let goiC 4s
3 103 104
9258
8
925
Apr'27
8
925
J
1951
reduced
Registered
to 83413_ _1930 J 13 98149614 May'27
96
Cone fla
9614
744 744
744 Jan'27 _ _
1951 J J 87g 90
1930 M 0 9912 1-66- 9912
Debenture 58
9912
9911 100
1
1st gold 3145
824 Jan'25
J
---Registered
9912 100 100 May'27
9058 10014
Stamped
"ii"
apr'27!____I
8
883
0
A
99
9352 9912
Extended let gold 3148_1951
Mk T H & So East lit 58__19110 .1 D 9838 Sale 9838
25
7432
73
Jan'27i___ _
73
1951 M S 7518
Dec 1 1960 M S 937 9414 9378
9414 39
874 954
Inc go 83
let gold 3e sterling
Ws 93
2
9212'
1952 A 0 92 -9218 92
9958 19
Collateral trust gold 4e
974 994
,Thic Un Elta'n let gu 43.4, A.19533 J 9938 Sale 9914
8912 Islar'271._ _ -1 8912 841:
A 0
1983 J J 10414 10412 10434
10434
Registered
1 1044 10514
let bei aeries B
934 9738
10
97
1955 M N 9612 Sale 9612
1944.3 D 10314 10334 10312
10312
1 10113 10538
Guaranteed g be
let refunding 45
8831
8812 8838 Apr'27,___ _1 85
19633 J 11718 11713 11718
1962 J J 86
11718 12 117 11834
Purchased lines 3148._
lat 6 Ks series C
90%
88
9112 9018 May'271____
90
10512 106
;hie & West Ind gen if Si..91982 Q M 105___ 10534 Mar'27 __ _ _
Collateral trust gold 46__A953 M N
Oct'26'__
19623 J 8938 gale 8938
8512
N
110_
M
8934 62
Consol 50-year 411
90
Registered
864
4
683
1
ioiit
3
10838
1962 61 11 10434 Sale 10434
10838
10518 61 10312 10512
1955 M N 1158i8
let ref 5318 see A
Refunding to
101 8 511 10034 10312
1934 J J 10078 Sale 100 8
Oboe Okla & Gulf cons ba__ _1952 MN 10438 ____ 1044 Apr'27 _ _ _ _ 10314 1044
15-year secured 814e
1114
1134
3.
113
4
gold
_1937
113
100
2d
9738
J
Ke___
J
D
19353
Apr'27
11314
974 9754
C.3in 11 &
1
15-year secured 6348 g..,.
984 9934
991 118
9734 20
Aug 1 1086 F A 99 Sale 99
954 9734
0 1 St L & C let g 4e. __Aug 1936 Q F 9738 -98 - 9734
40-year 4148
9218 SA
9338 Mar'27 _ _
9518 Jan'27 _ _ _
Aug 1936 Q F 9838
Registered
19503 D
954 95%
Cairo Bridge gold 48
7518 7814
g
4e
_
gu
_
_
1_
1942 M N
7758 May'27
9212 9334 9314 May'27 _ _ _ _
__
78
Gin Leb .1c Nor
9014 9334
Litchfield Div lit gold 36_1951 J J
8314 8412
1
834
10014
10014
10 100 10035
Gin S & Cl cons let if 5a_ _ 1928 .1 J 100
Louie, Div & Term g 3.318_1953 J J 834 Sale 834
7
964
- 9512
Aug'26
8118
J
J
89
Glees Cln Ch & St L gen 46_1993 J D 93 -6512
96''s
Registered
76 /7-12
_ 9318 9312 8 92 0312 Omaha
Registered
Div lit gold M._ _ .1951 F A -76 4 WIZ 7634 May'27
78% 70
997
9978
1931 ri -66E8
20
7878 Apr'27;__ _ _
J
7914 82
984 100
20-year deb 44.
St Louis Div & Termg 35_1951
87
2
86121
88
4 113 May'27 ___ 10734 113
1993 J D 11218 11General be Series B
86
1951 J .3 8534 87
Gold 311s
103
1929 J J 10258 Sale 10258
-- 84 Sept'261 __ _ _
8518
Ref & Impt 613 aeries A
21 10218 10314
Springfield Div Ist g 3348_1951 J J
9OI 911a
107
107
19413 J
9118 Apr'27
9112 -93
68 aeries C
4 105 18 108
Western Linea let 5 45_ _ _1951 P A
10412 43 10314 1064 III Central & Chic Sit& N 0
1963 J J 10438 g;1-ei 10438
51 series D
10518 23, 1031, 111514
9418 May'27
D 10.5 Sale 105
0312 9614
Cairo Div let gold 4.8_ _1039 1 J 9418
Joint let ref 58 eerier, A._ _1963
8 107
4' 104,
89 May'27
91
89
1951 J I 10612 Sale 10612 1068
Cin W & NI Div let g 4s 1991 J J 106--136
9012
Gold 66
10312 10312
8912 9114 8912
90
3 D 10358 107 10312 Mar'27
41 L Div let coil tr g g 48_1990 M N
6
Registered
874 91
8714 May'26 _ _ _ _
M N
7958 ____ 7812 Feb'26.8614
Registered
1961 J D
Gold 348
9338 .9338
dor & Col Div lets 48...1940 M S 9714 ____ 9618 Apr'27
16-11 Ind Bloom & West let ext 48_1940 A 0 9312 -_- 934 May'271
9335 9458
_
94% ____ 9458 May'27
____ 9612 Apr'27
19503 J
96
W W Val Div lit g 48____1940 J J
91
9712 Ind 111 & Iowa lets 48
87
94
_ 8612 May'27
9638
1097 May'27 __ _ _
_
10714 109'. Ind & Louisville let gu 48_ _ _1999 J
.; C C & 1 gen coals 6s___ _1934 .1 J
10215
1
103%
10212
A_
10212
8
aer
_1025
102%
.10053
10278 11 10238 10338 Ind Union Ry gen .58
10234 1033
- -4 1027
'ley Ler & W COO let g 56_ _1933 A 0 108121024 102%
10012 10012
Cleve & Mallon Val g be__ _1938 J .1 1003810012 Apr'27
Gen & ref 58 series II_ _ _1985 J J 10218 10312 1028 Apr'27
10712 32 10535 1074
1935 M N 9918 -6634 9858 Apr'27 ____
0838 9834 lot & Ort Nor 181 65 eer A_ _1952 J .1 10718 Sale 107
Cl & Mar lst gu g 4348
8348 98
382
97
9612 Sale 95
9918 Aug'26 __ _ _
, love & P gen go 431s ser 13_1942 A •
Adjustment Si sea' A July 1052 Alw
81 12 884
1
85
85
86
Apr) 85
-- 101 Mar'27.
19423 J 1023810212 10312
inn"
101
Steles A 4345
Stamped
10034
9912
14
100
100
106
9912
1948
J
J
8914
____
1956
8912
8912
MN
May'27
8912
1st 58 series 13
Serie., C 345
76
8158
8158 75
8158 Sale 80
8914 40
1950 F A 8838894
8914 8914 lot Rys Cent Amer 1st to__ _1972 M N
Series D 3143
9234 95,
8
33
8
955
95
9512
95
N
M
1941
notes
10314 15 1011s 104
tr
coil
tneve Kum Line 1st 50 4348,1951 A 0 10314 6;fe" 1433(4
let
CO
75
53
514
8812
53
514
13
_1938
9 10858 1104 lows Central let gold 5e_ __
10912
1972 A () 10912 Sale 109
Cleve Union Term 5118
4912 55
30
52
52
5014 57
1973 A 0 10414 105 10434 -105
6 10.02 10558
Certificates of deposit
lets f to ser B
17
2112
1812 May'27
1812 19
1951 M S
58 May'27 _ _ _ _
90
81945 J 13 907
Refunding gold 4e
884 9058
-Coal River Ry ist ini la_ _1929
F A 99,2 gp109914
__
94 May'27
96
9134 94
9912 23
9834 9912 Jame!, Frank & Clear let 45.1969.3 51 94
Colorado & Booth. let g 48
103 103
___ 103 May'27
11)38.3
9712 69
Refunding & eaten 41-4a_1935.M N 9738 Sale 9714
98% 99
Ka A &0 R lst gu 5 be
7
88
8814 8714
855, 18
87
1990 A 0 10249458
9458
3
19481 A 0 9434
9178 9458 Kan & M 1st gu g 43
Col & 11 V lot ext 545
9978 May'27
99% 10012
19273 J
9012 Mar'27 __ _ _
1955 F A 9058 -94
9011 9012
2d 20-year 55
Col & Tol 181 ext 48
14
12
10138
10138
2 10172
1
/
Colas
101
1101
N
M
1925
_
_
May'27
8818
es
let
____
11.1T
Ft
c
cools
10
81
88
Ei
48._1943'
0
A
Ws
Passum
8818
G000&
a Due Feb. d Due May. p Due Dec.
5
3188
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 27.
New York Bond Record—Continued—Page 3
h
Prier
Friday,
May 27.
Week's
Range or
Lan Sale
Bid
Ask Low
High •0
KCFtS&MRyrefges--1938 AD 9318 9334 9318
93%
8
gip & M B & B let gu 56_1929 AO 100 Sale 100
2
100
Kansas CIty Sou let gold 3e-1950 * 0 74% Sale 74%
74% 21
Ref & lmptSe.
Apr 1960 3 .1 10038 Sale 10014
10012 44
Kansas City Term let 45_1900 J
91 Sale 9012
58
91
Kentucky Central gold 48_1987 3
9318
1
9018 9034 9012
Kentucky at Ind Term 4).(e.1961 33 8514 ____
87 May'27
Stamped
1981 J
9014 Mar'27 89
Lake Erie & West let a 5e.._1937 33 10134 Sale 101
101
4
2d gold 5e
1941 3, 102 Sale 102
9
102
Lake Shr & Mich S g 330_1997• D 84% Sale 84
84% 11
Registered
1997
82 Apr'27 -Debenture gold 48
1
S 9912 Sale 9834 100
1928
81
26-year gold 48
1931 MN 9834 Sale 9838
981
43
Registered
1931 MN
96 Dec'25 Leh Val Harbor Term 58..1954 FA 11351-2 1-06 106 May'27
Leh Val N Y let gu g 430_1940
994 Sale 9978
99%
5
Lehigh Val (Pa) cons g 49_2003 MN 8958 8978 8912
90
5
Registered
MN
89 May'27 General cons 4 tie
2003 MN ioo" Sale" 9918
30
100
Lehigh Vat RR gen as series_2003 MN 10558 10712 107
107
2
Leh V Term By let go g 58_ _1941 AD 10378 ____ 10334
4
1034
Registered
AO 10212
10218 Mar'27
Leh & N Y 1st guar gold 45..1945 MS 904
9058 Feb'27
Les & East let 50-vr 58 gu.. _1965 * 0 112 Sale- 112
11212
2
Little Miami gen 45 Ser A _1962 MN 8712 9212 90 Mar'27
_
Long Dock consol g Ss
1935 AO 109 110 10834
2
1083
4
Long Hid let con gold 5eJuly1931 Q J 10114
01
Apr'27
let coneol gold 4s____July1931 Q J 96/
1
4 _ _ _ 98 Feb'27 _
General gold 45
1938 3D 9312 9412 9818 Mar'27
Gold 4e
1932 3D 9534 954 9534
9534
1
Unified gold 4e
1949 MS 8934 9012 8934
1
8934
Debenture gold 58
1934 J D 9934 10012 0014 Apr'27 _ _ _ _
20-year p m deb as
MN
100 Sale 00
1937
10014 18
Guar refunding gold 45...A949 MS 9014 Sale 90
91
8
Nor Sh B let eon gu 58. Oct '32 Q J 99% _
0012 10012
3
Lotesiana & Ark let g 5a_1927 MS
100
00 May'27
Range
Since
Jan. I.
BONDS
N. Y . STOCK EXCHANGE
Week Ended May 27.
Price
Friday,
May 27.
Week's
Range or
Last Sak
3
Rang*
Bina
Jan, 1,
Low
MO New York Central (Concluded).
Bid
Ark Low
High No. Low
High
94
92
.011901 45 aeries A,,
114i88 PA 9434 Sale 94
1998
19
95
90
9514
9912 10133
R.ef & 'met 4its serte. A_2013 *0 100% 10178 101
10175 40
9771 101%
led &Impt 54 senleat... .2013 AD 10712 Sale 10714
73,8 75%
10712 83 10514 108
9914 101
gsalstered .
40
10512 Jan'27
10512 10515
88
9112 N Y Central & Hudson River—
81 13 9012
Mortgage 3145
1997 3 3 84% Salo 833
33
85
80,s 8512
Registered
1997 J J
8518 9112
8214 May'27
78% 8312
8812 9012
Debenture gold 45
N 9738 Sale 9712
1934
9612 9814
9788 35
101 102/
1
4
Registered
N
96 Feb'27
96
90
100% 102
30-year debenture 45
1942'3 9734 ___ 983 May'27
94% 98%
8012 84%
Registered
'3
93 Feb'25
Lake Shore coil gold 3345.1998 FA -itY.
82,4
80
3 "firs 83
82
82
Registered
9814 100
1998 FA
81 Mar'27
78% 81
Mich Cent coil gold 3.34e 1998 FA 8438 Sale 84
9732 9912
7934 8512
8518 12
Registered
1998 PA
82 May'27
7878 8214
N Y ChIc & St L let 4e
1937 AD 9534 Sale 9534
10412 106
6
9434 98
951
9812 10014
Registered
1937 AD
95 May'27
95
9518
25-year debenture 40
1931 MN 9814 Sale 9814
8614 9134
8
9812
9818 9812
2d 8e series A B C
84
1931 MN 103 Sale 1023
8912
10314 22 10218 10314
97 100
Refunding 514e series A _1974 AO 10534 Sale 10534 10612 64 10418 100%
Refunding 534e series B 1975 3 .1 10512 Sale 10512 10812 45 104% 107
10312 108
Y Connect 1st gu 434e A_ _1953 FA 98 Sale 9714
102% 10512
69
98
94% 99
10218 10212
let guar 5e serlea B
1953 F A 10412 105% 10438
2 10311 105
10438
90
90% NY & Erie let ext gold 45_1947 MN
9134 Oct 26
8d
ext
gold 434e
10934 113
1933 MS 9812 --_- 9878 Mar'27
98l 9873
4th eat gold 55
1930 AD 10012 ____ 10038
86% 90%
1003s • 1
98% 100%
108/
6th ext gold 4e
1
4 109,2
1928 3D 9914 ___- 99 Mar'26
N Y dr Greenw L
10034 101
g 58
1946 MN 100
____ 100 May'27
991 1081*
N Y & Harlem gold 3ilia__ 2000 MN
98
98
85% May'27
8134 855,
92% 9818
Registered.
MN
8212 Mar'27
8212 82%
931s 9534 N Y Lack & W let & ref 5a 1973 MN
80 July'25
First & ref 434e
89
90
1973 MN 104 1-0I41-2
ioi" 1-031
.
99 10034 N YLE&W 1st 79 ext.__ _1930 MS 10538 ____ 106
Feb'27
106 100
9818 10014 N Y & Jersey let 55
2 100% 101%
1932 FA 1007s Sale 1005
10034
N
Y
&
Long
4s1941
Branch
MS
g
9014 ____ 90 Dec'26
884 91
gen
N Y&NE Bost Term 413_1939 AO 91
100 101
_ 91
Apr'27
"OF 91
100 10034 NYNH&H
deb 412
3
1947 MB 8034 i823g 8034
83
74
8034
Non-cony debenture 330_1947
S 72_
86
Apr'27
7212 76
Lou & Jeff Bdge Co aug 4&1945 MS 9114 92
9114
9212
2
89% 9212
Non-cony debenture 33i e_ 1954 A 0 7018 -71-14 7158 May'27
69%
7312
Louisville & Nashville 58_ _ _1937 MN 107 Sale 107
107
1 10618 107
Non-cony debenture 45.„1955 J J
76
8034
7912 7934 7934
7934
Unified gold 49
1940 .1 3 9714 Sale 97
973
26
954 9812
Non-cony debenture 4e__ _1956 M N 79 Sale 79
4
3
803
7714
793
4
Registered
3, 961e Sale ' 9638
961
95
10
Cony debenture 331e
9652
19563 J 70 Sale 70
7112 21
6934 73,4
Oollateral trust gold 59„_1931 MN 10112 10178 10234 May'27
_ 101% 102/
Cony debenture 65
1
4
1948 J J 109 Sale 10858
10934 60 10512 101,34
10-year secured 79
MN
1043 Sale 10438 10438
1930
6 103% 106
Registered
107
.1 J
Apr'27
103 107
let refund 5e series A_.2003 *0 10814 10812 10814 10814
3 105 110
Collateral trust 65
1940 A 0 10512 glue 10312 104
107 103 10514
let & ref fie series B
2003 AO 10712 _ _ 107
107
1 10534 10834
Debenture 4e
69% 76
1957 M N 7212 Sale 7238
73
13
Let & ref 4Sis seriee C
AO
1027s gate 10234
2003
10314 38
9934 103%
Harlem R & Pt Clies let 451964 M N 9038 9034 9038
9038
1
89
90%
N 0& M let gold 69
1930• 3 10338 Sale 1035g
103%
2 103% 103% N Y & Northern 1st g U.__ _1927 A 0 100 10038 100 May'27
9978 100
2c1 gold 6e
'
3
1035s 105 10334 May'27
1930
103% 103/
1
4 N Y 0& W ref tat 9 4e...lune 1992 M hi 7812 Sale 7814
78%
5
76/
1
4 791s
Paducah & Mem Div 49_1946 P A 9412 ---- 95 Mar'27
9378 95
Registered 35,000 only
M 13
7218 Dec'26
8t Louts Div 2d gold 3e 1980 MS 6878 ____ 6834 Mar'27 - _6612 68/
General 48
1
4
1955 J D 7534 Sale 7534
73 WI;
7534
Mob & Montg let g 4 e1945 M S 10038 103 101 May'27
_ 10038 101.8 NY Providence & Balton 48.1942 A 0 8934 ____ 8612 Dec'26
South By Joint Monoa 48.1952 3, 90
9012 8912 May'27
87[2 9012 N Y & Putnam 1st con gu 451993
__
___ 9218 May'27
"iife
121;
Ati Knoxv & Cin Div 41955 ▪ N 9634 Sale I 9634
1
98
5
9312 9714 NY&RB 1st gold 5s
91121927 MS 997
8 10014 997g May'27
99% 100
Lousy Cln & Lax Div g 4lia'3 I MN 10018 10034 10014
10014
1 100 100.2 NY Busq & West let ref 58.1937 J
9212 9312 92
8712 9412
9212
Mahon Coal RR let 56
1934 ii 1031'8 104 110318 Apr'27
10318 10318
2d gold 414s
1937 PA 8034 85
80 May'27
72% 80
Manila RR (South Linea) 48_1939 MN 6934 7012 70
70
7012
36
66
General gold 58
1940 FA
7838 784 7878
7914
6
711s 80
let 45
1959 MN 80
7312 84
8212 82
84
5
Terminal let gold 58
1943 MN 994
100 May'27
981e 100
Manitoba S W Coloniza'n bs 1934 3D 100 101 101
Apr'27
NY W'chea & B let ear!4345'463, 82 Sale 82
100 101
7812 8314
8214 91
MsnOB&N W 1st 33151941 J J 89
90
8312 Oct'26
Mich Cent Det & Bay City 55.'31 • M 10134 ---- 10134 10134
1 10138 Oils; Nord By ext'l s f6349
1950 AD 9814 Sale 98
9314 9834
9812 107
Registered
QM
Dec'26
---- 101
Norfolk South 1st & ref A 58_1961 PA 9338 Sale 9314
9334 14
9034 9334
Mich Air Line 4e
951k 957 Norfolk & South let gold 58_1941 MN 10138 Sale 10138
1940 33 9578 ---- 9378 May'27
3 10012 101%
10112
Registered
J J
92 Nov'26
Norfolk dr West gen gold 65_1931 MN 10512
__ 10638 May'27
10512 106%
J L & S let gold 330
1951 MS 8534
79 Nov'26
Improvement & ext 85
1934 PA 1094 in) 110 May'27
10812 110
Let gold 33-Ze
-oil, 16"
1952 MN 8858
90 May'27 _
New Riven let gold 63_
1932 *0 107
____ 107 May'27
106114 107
20-year debenture 48
1929 * 0 99349978
N
9978
&
2
W
Ry
lst
983
cons 4a_ _ _1996 AD 9638
8 99%
92,2 97
67
Mid of N J 1st ext be
95
98,8
1940 AO 9634
Registered
14
- 97 May'27
1996 AD
89
a6
le12 95
6'8 May'27
9278 95
/Aft L BA West imp g 55_1929 FA 10118 ii
__- 10158 10158
DWI let lien & gang 48.194433 9538 Sale 9438
1 100% 101%
93
9538 12
95%
MB & Nor let este 345(1880)1934 3D 9634 9712 9512 Dec'26
10-yr cony. 6s
1929 61 S
17812 May'27
158 180
Cone ext 414e (1884)
97
1934 3D 9634 98
9658 Apr'27
Pocah C & C Joint 4s___1941 JO -158T8 f951-4 9518
95'z
92%
9514
96
5
sefil Spar & N W let gu 4a
9414 9538 9412 May'27
1947 M
9214 95% North Cent gen & ref 58 A..1974 MS 107
____ 106
Jan'27
1053s 100
Adllw & State L let gu 3318_1941
'
3 8312 __-- 8318 Dec'25
Gen & ref 414s series A _ __1975 MS
100 May'27
9914 9914
North Ohio let guar g 68____1945 A
9712 Sale 9712
9412 100
98
9
Mien & St Louie let 7e
North Pacific prior lien 4s___1997 Q
1927 3D 9978 100 100 May'27
98
99
_
95 Sale 95
96
9114 97
182
tel guar g 7e
100 10012
100 May'27
192: 3D 100
94
Registered
1997 Q
9458 94
94
90%
1
94%
let consol gold de
Gen'l lien gold 38____Jan 2047 Q F 6812 Sale 6812
53% May'27
1934 MN 5358 56
5114 937
69
65% 69.
49
Temp cue of delimit
MN 5358 55
Jan2047 Q
Registered
53%
53%
1
6734 69
5114 55
6758 Apr'27
63% (1711
/
4
let & refunding gold 46_ _ _1949 MS 2214 Sale 20
Ref &!met 430 series A..2047
1712 23
2214 30
10018 ---- 10018
10038
00 10114
4
Ref & ext 50-yr 58 ear A_ _1962 Q F 1314 1414 1314
Registered
1514
J 9712 ---- 98
13
1412 16
98
10
98
98
M St P&SBM con a 49 lot gu'38 3
Ref & inlet 65 series B____2047
88%
J 11414 Sale 11418
8714 8772 88
87
88
2
11412 174 118 110
tat cons 58
-• 1 9634 971g 97% May'27
Registered
96
J 111%11014 mar'20
98%
1938
let cone 55 gu as to Int__ 1938 3' 9718 Sale 96%
Ref & Inuit Eis series C --2047
J 10638 1-07 10858 May'27
9612 98
9734 44
loafs 16711,
10-year coil trust 6.315_ _1931 MS 100 Bale 9934 10012 38 10014 102
Ref & impt 58 series D_._2047
J 10658 10712 10658
10652 12 Dais 10714
tat & ref 65 series A
Nor Pao Term Co let g 68_1933'3 10934 _1O978 May'27
9934 9912 10012 11
99
9912 102
1948 .1
1o934 100%
lb-year 512s
M
Nor
Rv
of
Calif
106
8212
guar
85
g be __1938 AD
89
3
834 8714 8338
1949
__
0614 May'27
105% 1044
let Chicago Term e f 48
97% Jan'27
1941 MN 97%
97% 9734 North Wisconsin let 6s
1930'3 10212 __ 0318 Mar'27
102% 10312
9612 97%
101,931ssiPPI Central let 6a__ _l949 J J 93
96
96
2
Sto Kan .4 Tex let gold 45 _ _1990 J 0 8834 Sale 88%
02
& L Cbam let gu 45 g
8638 8978
1948 J J 8412 Sale 8412
89
21
85
8138 8634
3
s4u-H-T RR preen fie sec A.1962
10318 Sale 103
10312 41 101 10312 Ohio Connecting Ry let 48_ _1943 MS
___ 9458 Mar'27
9458 94%
10-year 45 series B
89
1962 33 88
95141936 3D 1035
8512 8834 Ohio River RR let 9 Se
8 10514 0278 May'27
87511
8778 25
102 102%
10-year 13e Belem C
'3
General gold Eis
1932
10312 13 1023a 104
103% Sale 03
1937 AO 10314
03 May'27
10114 103
•"lum adjust be ser A Jan_1967 AO 10512 Sale
96 10534 Oregon & Cal let guar g 5a._1927 3' 9978 Sale 9978
0334 10512 263
997k
99% 10612
'St,siouri Pacific
Oregon RR & Nay eon g 421_1948 3D 944 Sale 94
88% 9414
9414
9
let & refunding tis ear AI965 FA 10014 Sale 00
Ore Short Line let cons 9 58_1946 .1
9912 101
101
77
9312 94
0918
10918
107
6
10954
let & refunding 65 ser D 1949 FA 10712 Sale 0712 10712 63 10612 109
Guar cone 514
1946 33 109 110
091
/
4
1 10715 110
10914
General 4s
1975 MS 7634 Sale 7634
Guar refunding 4s
7914
76
1929 JD 994 Sale 9918
7714 63
46
98
/
1
4
991s
993
8
iet&refdseerp
9834 Sale 98%
1977 M
9858 100'2 Oregon-Wash let & ref 48
99% 174
1961 J J 904 Sale 9018
907
8672 91
95
0 Pan 3d 78 ext at 4% July 1938 MO. 9312 95
9312
9312
Pacific Coast Co 1st g 6e
2
92% 95
1940 _1 I) 8734 9178 917
9014 93
917s
1
Pee RR of Mo let ext g 4e _1938 FA 941 95
95 May'27
9384 95
Mob & Bit prior lien g 54-1945 3' 10018
99
99 Apr'27
2d extended gold tes
99
09
212
4
0
02
912 M
1938 J J 19
Aapyr:227
7
102 10212
1st m gold 48
19453'
8818 May'27
861e 88% Paducah & Ills let e f 4311_1955 J J
98
99
Small
•
J
1945
825
_
8212 Apr'27
82
8212 Paris-Lyons-Med RR 69_ _1958 FA 95 Sale 9434
9514 ZOO
87% 904
Mobile & Ohio new gold 6s.._1927 3D 100388 1003
-4 003e
100%
10014 10134
Sinking fund external 76_1968 MS 101 Sale 10024
90% 10219
10114 53
let extended gold 65__Ju1y1927 Q J 9978 10014 0018 10018
99/
1
4 10012 Parle-Orleans RR 517e
9514 10t
10034 35
1954 MS 100 Sale 100
General gold 48
1938 MS 9412 95
9412 May'27
93
95,s Faullsta Ry lot 8, ref 8 f 7s_ _1942
10278
S 10214 10278 10284
2 10112 10212
Montgomery Div let g 56-1947 FA 10058 Sale 0058
10112
3 10038 101,4 Pennsylvania RR cone 945_1943 MN 97
97 May'27
9512 98
_
St Louis Division as
3D
1927
9978 10012 994 May'27
9975 100,4
Consol gold 46
- 97
3
1948 MN
94% 98
9712
Mob & Mar let gu gold 4a1991 MS
_ 9418 Apr'27
9114 9712
9712--4e sterl stpd dollar.May 1 1948
9714 9834
N 9653
5
94% 9718
9634
Mort C let gu g tle
1937 33 113 1-1.114 13 May'27
11112 11312
Consolidated 431e
1960 FA 1038 Sale 10334
1047s 25 102 105'2
3'
Registered
1112 Mar'27
111% 11112
General 4345 series A.__ _ 1965
13 10135 Sale 10138
10212 65
9914 10212
let guar gold Se
1937
iOi" 10584 04 Mar'27
1031e 104
General Sc series B
D 110 Sale 110
11012 14 10672 ill
1968
Morris & Essex let gu 834e_ _2000 J O 83% 84
8414 May'27
8012 85
10-year secured is
*0 10612 Sale 10612 10678 41 10614 1075
1930
.
Newby Chatt & St L let 58..A928 * 0 10012 Sale 0012 10012
15-year secured 834e
5 gerg 10112
113
56 1111
1936 PA 11212 Sale 1123s
/
4 11314
NFla&Slstgug6e
1937 P A 102% 10434 0312 Apr'27
102% 103%
Registered
PA 11118
11112
11112
1 11112 11112
Nut By of Mee or lien 430...1957 3,
30 Sept'24
413-year secured gold 5s_ _ _1964 MN 10334 Sale 10312 104
70 102 104..
1514 16
MONA cash war rot No 4 on
1514
II Ili" P5(30 .ru 334s coil tr A reg-1937 MS 87,8__ 89 Mar'27
1514
89
89
Liusr 70-year e I 49
1977 AO
8712 Aug'25
Gua. 331e coll trust ear B_1941 PA 8834 19
8878
867
8
4
86
8912
1914 2114 20
Assent cash war ret No 5 on
20
laTt "id"
Guar 331s Lent We C. _.1942 JD 8614 -- 8638
8638
1
85
81112
Nat RR Max pr I 4345 Oct _1926
3812 July'25
Guar 3315 trust ctfe D__1944
CI 8534
8612 May'27
8434 8612
3,
July 1914 coupon on
24 Sept'25
Guar 15-25-year gold 411_ _ _1931 *0 9818 -981 98
pm 9914
9814 18
2112 1234 2414 May'27 _ _
Assent cash w.a• rot No 4 on_
2
Guar 4a aeries E
"ii" 167
MN 9014
_
1952
9014
May'27
88
9014
let consol 45
28 Apr 25 _ _ _ _
1951 AD
Pa Ohio & Det 1st & ref 4318 A'77 AO 9734 Sale 9712
98
9638 9834
72
AG
April 1914 coupon on
1812 Juee'26
__
Peoria & Eastern let cons 4a_1940 *0 91 Sale 91
91
10
8514 911
/
4
1314
Assent cash war rct No 4 on
1314
1333 10 "1284 1613
Income 45
Sale
April 1990 Atir • 472
47
48
112 21
4178 4812
Peoria & Pekin 17n let 5348_1974 PA 106 Sale 10512
100
8 104 106..
100 10112 0012 Apr'27 -1945 3
New England cone 58
0915 10034 Pere Marquette let ear A 68_1956 3
10412
Sale
10412
10458
22 10358 105
1945 J
Consol guar 4e
87% ---- 8878 Apr'27 _
87% 89
1st 45 series B
92 Sale 92
1956 ,)
9218
4
89
921s
8512 Jan'27 _ _ _
8434 _
N 1 Juno RR guar let 4s._ _ _1986 FA
8518 8512 Phila Bait & Wash let g 4s_1943 MN
98 100
98 May'27
9588 98
9712
NO & NE let ref&imp 414s A'52• 3 9712 98
96% 9734
9712
6
General 58 serial B
PA 11114 Sale 11114
1974
11012 11214
11114
J 8812 891
/
4 8812 May'27 _ _
New Orleans Term let 4e__ _1953
871e 89% Philippine Ry let 30-yr Cf 48 1937 3 .1 42% 428 42/
1
4
4311
42
4214
10058 10058
5 100 101
N 0Texas & Max n-e Inc 56_1935 AO 10038
Pine Creek registered 1st 60_1932
I)
10638 Mar'27
108,2 1004
1954 A0 100% Sale 10038 101
60 100% 10112 PCC&StLgu4tisA
let fis aeries B
19441 *0
10114 May'27
1011s
995
1
FA
Sale
1033
4
1033
4
1956
104%
series
62 1033410458
C
1st 5s
Series B 434s guar
1942 AO 100% Sale 10012 1001
10014 10111
1954 A 0 10518 Sale 105
10512 33 104% 10554
Let 6 i1 a series A
Serie@ 0434sguar
1942 MN 10118 Sale 10118
10118
4 10118 10114
9714 May'27 _
N & C ridge gen guar 4345-1945 J .1 9758 9714 9834
Series D 4s guar
96
oft
9778 9714 May'27
1945 M
9714
NYB&MBlet con g 58-1935 A 0 102 Sale 102
102
1 10034 102
Series E 3lis guar gold-1949 PA
96% May'27
Ws 96%
108
12 1063s 10812
NY Cent RR cony deb 68-1935 M N 108 Sale 10734
Series F 4s guar gold
1953 3D
97/
1
4 Apr'27
9714 100),
M
N
11614
Mar'28
Registered
Series 04e ;mar
. 1057 MN
96% 07
965 May'27
3189
New York Bond Record—continued--rage 4
BONDS
N. Y STOCK EXCHANGE
Week Ended May 27.
Price
Friday.
May 27.
Bid
Pitts Cin Chia & At L (Concluded)
1960'A
Series H con guar 45
Scrim I cons guar 4448
1963 PA
Serles J cons guar 4%s_ _ _ _1964
N
1970 3D
General M 68 aeries A
Registered
3D
Gen mtge guar 58 aeries B _ 19M *0
Pitts de L Erie 2d g 5s_. Jan 1928 AO
PRO McK & Y let gu 68----1932 3
2rd guar Se
1934 33
IPItte Bh & L E let g 59
1940 A 0
let coneol gold 66
1943
.1
Pitts Va de Char let 45
1943 MN
Mee Y de Ash let cone 5e
1927 MN
let gee 4e series A
1948 3D
lat gen 50 series B
1962 FA
Providence Beeur deb 49.-1957
N
Providence Term let 48
1956 M
Range
8Ines
Jan. 8.
Week's'
Range or
Last Sale
Ask Low
2
62
1
4
Reading Co Jersey Cent Coll 45_ _ *0 9458 95
95 May'27
Registered
Gen & ref 4lie series A_ 1997
9958 Sale 9958 10014 22
Rich & Meek let g 48
1948 MN 8012 8214 8014 May'27
Mehra Term Ry let gu 58_ —1952 ii 10314
10258 Apr'27
17
101
101
Rio Grande June let Etu 56_ _1939 3D
Rio Grande Sou let gold 48_1940 33
714 ---- 714 Dee'26
6 May'25
Guaranteed (Jan 1922 coup on)
J
9234
Rio Grande West let gold 46_1939 J
5
923
7348 9312
- 9234
8658 21
Mtge & coil trust 48 A
1949 *0 8658 Sale 8614
9714 29
RI Ark & Louie let 45581934 MS 97Sale 97
8534 21
85
8534 85%
Rut-Canada let an g 4e
1949
1
95%
9518
96
Rutland let con g 4%e
1941 3, 95
8914 • 2
8914 Sale 8914
It Joe & Grand 151 let g 49._1947 J
5
100%
It Lawr & Adir let g 58
1996 33 10018 Sale 10018
10534 Mar'27
26 gold 69
1996 AO 106
It L & Cairo guar g 4e
1931 33 97% 9734 9714 May'27 L Ir Mt&S gen con g 58_1931 *0 1011 Sale 10118 10138
9
10038 Sept'26
Stamped guar 55
1931 A0
94
99
Unified & ref gold 48
1929 3, 987 Sale 9834
9414 35
Rly&GDivletg4g. ._1933
N 94 Sale 937
101
15
St L M Bridge Ter gu g 59.-1930 AO 10014 101 101
8712 115
J 8712 Sale 87%
L & Elan Fran (reorg co) de 1950
_ 87 May'27 _ _
Registered
3,
10134 79
Prior lien series B 59
1950 J J Ha" Eifae" ioo58
Prior lien series C 64
1928 3' 10112 Sale 10138
10134 29
1025
Prior lien 65e series D _1942'3 10258 Sale 102%
31
Cum adjust ser A 6.. July 1955 A0 10012 Sale 10038
10078 97
Income series A fie_July 1960 Oct. 9758 Sale 975s
9818 110
St Louie & Ban Fr fly gee 68_1931 33 10434 105 105 May'27
General gold 59
1931 3, 10134 Sale 10112 10134
St L Peor AN W let gu 55...1948 3, 10614 10712 10514 Feb'27
: 9812 Apr'27
St Fouls Sou let gu g 41. _1931 MS 9858 991
St L W 1st g 45 bond ctfg 1989 MN 8814 8878 8814
88%
2d g 48 Inc bond etfe_Nov 1989 33 83
83
8312
Coneol gold 49
1932 3D 9512 Sale 95%
9534
let terminal & unifying 58_1952'3 9814 Sale 98%
98%
St Paul & K C SD L let 4%5_1941 PA 94% Sale 94%
9514
Bt Paul& Duluth let 58
1931 PA 10134 10212 10134 Apr'27
let coneol gold 4e
93 Mar'27
1988 3D 9218
St Paul E Gr Trunk 4lge
98
Jan'27
J 96
1947
St Paul Minn dc Man eon 48_1933 33 9712
9712
9712
let coneol a 85
10814
1933 J J 10814 Sale 10814
10714 Apr'27
Registered
3, 107
65 reduced to gold 4%8.-1933 J
10014
10014 8.4;1e 10014
Mont ext let gold 49
9735
9713
1937 3D 97% 98
9512 Jan'27
Registered
3D 9112
Pacific ext guar 48 (sterling)'40 3, 92
9212 May'27
IR Paul Union Depot 58____1972
10718
10718
J 10718
May 27.
Same
Week's
Range or
Last Sale
BOICI
Jan, 1
5
4
6
31
32
27
1
4
1
2
2
High
Mob
Bid
Ask Low
High No. Low
N J RR & Can gee 4.5_ _1944 M
9434 _
941s 96%
9614 May'27
100,, Utah & Nor let ext 48
1933 3
98
9712 9834 98
97
Apr'27
92% 9714
10314 Vandalize cons g 4e series A I955 PA 96
96
96
Consol 44; series B
103,1!
1957 MN 96
9712 9012 Oet'26
11034 Vera Crus 64P let gu 4 %e_ --1934
33 23
July 1914 coupon on
2412 24
Apr'26
Assenting let 4 %s_.
1934
10634 111
23
27¼
2414 May'27
99 10078 Virginia Mid he series F._ _ _1931 1111
10054 ---- 10034 May'27 - - 100% 10034
N 10238 Sale 102%
General 59
1057e 106
1936
2 10235 10374
1023s
Va & Bouthw'n let gu 55_ _2003'3 102% 104 10218 Apr'27 - - 102 102%
1017e 10212
let eons 50-year 55
1958 *0 9614 9612 9614
94% 98
9614 10
10012 10012 Virginian let be series A
1962 MN 10612 Sale 10614
10658 56 10212 107%
Wabash 1st gold fas
1939 MN 103% Sale 10378
103% 13 103 104%
2,1 gold 58
1939 FA 10212 Sale 10214
10212 23 100% 103%
-923.4 W4-105 Sale 10434
Ref e f 5)55 series A
1975 M
66 1031
.106%
105
104155 107
Ref & gee 58 series 13
1976 FA 100% Sale 10018
10078 196 10014 10179
7114 75
8314 Feb'25
Debenture B 65 registered, 1939 3'
:
8812 87% May'27
1st lien 50-yr g term 49_1954'3 87
881, -11114 10312 106
Det & Chi ext let g 59_
1941 J J 102 104 10312 10412
9318
5
Dee Moines Div let g 45-1939 33 93% Sale 92%
92 100
8812 9812
8612 May'27
Om Div let g 3(45
1941 AD 8612
8854 8612
9012 Feb'27
98 1001-2
90
91
Tol & Ch Div a 45
1941 MS 9114
8212 811
: Apr'27
81
7912 82% Warren let ref gu g 3%a_ _2000 PA
80
8212
8912 8814 Apr'27
102 103
Wash Cent let gold 45
1948 QM 89
8714 8814
87 May'27
85% 87
100% 10114 Wash Term 1st gu 3%9
1945 FA 8714 90
8714
6.7%
91%
7
8714 9212
let 40-year guar 45
1945 FA
10012
9958
100
106%
99% May'27
8314
84% 215
102
102
4
8914 May'27 ---45 Feb'25 -- -99% 14
99% Sale 991
10312 11
103 10312 103
8978 16
8834 8978 8834
7
8812
8778 Sale 8778
99 1-01%
10212 10412
Ms 90
86
89
10014 May'27 -- 100
10014
10014 16
10012
1
92%
92%
92% 94
10014 101 10012 Apr'27
8912
5
8938 Sale 89%
7912 19
7812 Sale 7814
10434 Mar'27
10434
1
8938
8912 89%
88
8314 le
8214 Sale 82
29
917
91
9112 8878
Jan'27
89
92%
99114 101
9912 10114
90% 94
10012 100%
8714 9014
72% 8614
104 10458
86% 90
82
8614
8372 92
89
89
INDUSTRIALS
Adams Express coll tr a 4e_ _1948 M
Max Rubber 1st 15-yr a f 89_1936 J
1925 M
Alaska Gold M deb 65 A
Cony deb 68 series B
1926 M
Alpine-Montan Steel 75
1955 M
1928 A
Am Agri° Chem 1st 58
1941 F
lat ref f 7%8 g
Amer Beet Sug cony deb 68_1935 F
American Chain deb e f 6e_ _1933 A
Am Cot 011 debenture 5e_ _ _1931 MN
19363 J
Am Dock & Impt gu 68
1939 A 0
Am Mach & Fdy e 69
Am Republic Corp deb 69_1937 A 0
Am Bm & It let 30-yr 595er A '47 A 0
1947 A 0
let M 68 series B
Amer Sugar Ref I5-yr ele. _1937 J J
Am Telep & Teleg coll tr 43. 1929 J J
1936 M 8
Convertible 48
1933 M
20-year cony 434e
1948 J D
30-year coil tr 58
J 0
Registered
1960 3
35-yr e 1 deb 59
1943 M N
20-year 5 f 5%11
1940 A 0
Am Type Found deb 65
Am Wet Wke & El col tr 58_1934 A 0
1975 M N
Deb g 69 ser A.
19472 J
Am Writ Pap 1st g 65
9012
9034
9012 90
10834 14
10834 Sale 10838
314 512 312 Feb'27
3% Apr'27
3
5
19
9434
94% 9434 9412
03 00'26
42
1OO7 Sale 0012 101
2
93
9312 9214
9212
15
10234 103 102
103
5
97
96% Sale 9658
-- 10534 Apr'27
10534
10384 104 10334 May'27
9914 Sale 9914
9912 13
10112 Sale 10114
10134 30
1081e 90
10814 Sale 108
19
105 Sale 104%
105
9918 Sale 99%
99% 40
170
95
95
95
96
9812 99 100 May'27
10412 Sale 10414
10412 95
103 June'26
103% 137
10312 Sale 10314
10714 Bale 107
10734 91
40
106
10514 10534 10514
26
100
99
9934 9914
10314 28
1o212 10234 103
8418 42
8334 Sale 8314
9212
89
1057a 109%
3
3%
31
: 519
9212 0712
9214 98
101 1035s
95
9E14
105% 1004
10312 104
99
't
10012 10244
107% 100
104 10654
9814 99%
9314 97
98% 100%
10234 10434
Anaconda Cop Min let 68_1953 F A
Registered
1938 F A
15-year cony deb 7e
Andes Cop Mbn cony deb 714_1943 3 3
Angio-Chllean 78 without war_'45
56_ _1939 3 J
Antilla(Comp(Acne)7,
Ark dr Mem Bridge & Ter 59-1964 M El
'39 J D
Armour & Co 1st real est 4
Armour & CO Of Del 534e_..1943 3 J
Associated 0116(4 gold notes 1935 M S
19473 D
Atlanta Gas L let 58
1934 J
Atlantic Fruit 75 Mfg dep
Stamped etfe of deposit_ -----AU Gulf & W I &Steal tr 55-1959 J
1937 J J
Atlantic Ftefg deb 58
10378 Sale 10358
10434
10878 Bale 108%
10538 Sale 10512
9534 Sale 9412
98 Sale 9612
10014 101 10012
90 Sale 8934
91% Sale 91%
10212 Sale 102%
10218
_ 102%
15%
15% 24
18
2118
73 Sale 7114
10114 Sale 10012
145
103% 1047s
79
32
109
24
1156.1.4 119-1;
105 10878
86% 9512
9312 98
100% 102%
8812 93%
8752 9554
10054 104
102 10358
W Mtn W & N W let gu 59_1930 FA
West Maryland let g 4e
1952 A0
West N Y & Pa let g 5e___ _1937'3
Gen gold 45
1943 A0
Income g 58
Apr 1 1943 Nov
Western Pm 1st ger A 58_1946 MS
let gold 68 aeries B
1946 M
West Shore let 45 guar
2361'3
Registered
2381 33
Wheeling de Lake Erie
Wheeling Div let gold 59_1928 3'
973 99
Ext'n & Inapt gold 541
1930 FA
93% 95
Refunding 4145 series A_ _1966 MS
100 101
Refunding 5s series 13
1966 MS
8412 9812
RR let C00801 45
1949 MS
87
87
Wilk & East let gu g 5e__ _1942 3D
99% 102
Will dr F let gold 55
1938 3D
100 10258 Winston-Salem 8 B let 45_1960 3,
.1
Wls Cent 60-Yr 1st gee 48-1949
10112 103
Sup de Dul div & term let 48'36 MN
99 102
3
_ _1943
9514 99% Wor & Con East 1st 4
-"Ws 18-1.-1
84
87be
94% 9712
8212 85%
91% 9512
8614 8914
100 1001s
105% 10714
9614 09712
10014 10134
105 1057e
10012 1017s
105 10512
9618 9812
8613 89
81
8312
9412 96%
95
9934
9273 96
10134 102
92
93
98
98
9712 9812
10778 108%
10714 10714
9934 1005s
9512 9814
95% 9512
91
9215
105% 10712
II A & Ar Pass let gu g 4a1943'3 9114 Sale 9114
4
9112
Santa Fe Free & Then 68__1942 MS 10314 ____ 10314
10314
2
NW Fla & West let g 65
1934 *0 109 ____ 10938 10912 14
let gold 58
2
104
10318
1934 *0 103
Scioto & N E let gu g 40_1989 MN 9238 ____ 947 May'27
9eaboard Air Line g ge
1950 *0 8258 8312 8112 May'27
Gold 45 stamped
8112 12
1950 *0 81 Sale 81
Adjustment 59
8518 264
Oct 1949 PA 84% Sale 8312
Refunding 48
87
72
1959 AO 7178 Sale 7112
let & COM 65 aeries A
116
96
1945 MS 957 Sale 9558
tl & Birm 30-yr let g 48_411933 M
9312 May'27
921e 93
Seaboard All Fla let gu
96
A _1935 PA 957 Sale 9512
27
Series 11
1935 FA 9534 Sale 9514
28
96
Seaboard & Roan 5a extd_z _1931 3, 100 10034 100
Apr'27
So Car & Ga let est 5369
1929
N 10078 Sale 1007
2
1007s
& N Ala cons gu g 58
1938 PA 105105 May'27
Gen eons guar 50-yr 5._ _1983 AG 11112 1121
411178 May'27
So Pac coll 4e (Cent Pao coil) 3'49 3D 9114 91% 9114
92
30
Registered
D 87
88 May'27
89
30-year cony 46
June 1929 M
9912 99
9914 Sale 99%
20-year cony 58
1934 3D 101 10214 10112 10154
6
30-year gold 5a
1944 MN 10112 10158 10114 May'27
San Fran Termi let 4a___ _1950 *0 92 Sale 9112
92
3
Registered
*0 90
____ 93 May'27
So Pao of Cal—Cu g 68
1937 MN 107
____ 107 May'27
So Pac Coast let gu g 441- — _1937 J J 9514 _- 9512 Mar'27
J 9614 Sale 961
BO Pm, RIt 1st ref 48
1958
97
120
Registered
J J
1
9612
9618
Southern—let cone g Se__ _1994 3 J 108 Sale 108
10812 41
3 J 106 10712 106 May'27
Regietered
Devel & gee 4s eerie. A -._1956
8814 Sale 88
89
88
Develop & sex 611
1956 *0 11578 Bale 11512 11575 20
Devel & gee 6'.e
123
1956 *0 12218 Sale 12218
42
Mem Div let g 51..-__ .199e 33 10714 107% 10714
1075e 10
8t Louie Div let g 45
1951'3 9211 Sale 915
9212
3
East Tenn reorg lien g 59..1938 M
10112 ____ 94
Apr'27
Mob & Ohio coil tr 4g_
9338
9358
1938 MS
9
Spokane Internal let g 68_ —1955 J
8912 May'27
8672 88
Sunbury & Lewiston let 48_1938 3, 93% ____ 9312 May'27
Superior Short Line let Se_ _51930 MS 100
____ 10012 Sept'26
88118 92%
102.8 10314
10834 10912
10234 104
91
95
811s 84
81
8778
83% 8812
71
7634
9434 99%
9114 94
94
98%
961:
94
100 100%
10054 10158
103% 105
11014 11214
8814 93
88
88
98% '9912
10014 103
100 103
90% 94%
87
93
10412 107
9514 9512
9358 97%
9518 9618
10634 10978
103% 106
86
89%
113% 11612
11914 123
10614 108
89% 9234
94
94
92
93%
84% 8912
9212 93%
Term Aeon of St L let a 4%9_1939 AO 9914 100
9934 May'27
let cone gold 58
1944 FA 10312 Bale 10312 10312
2
Gen refund f g 4s
1963'3 8834 89% 90 May'27
Texarkana & Ft S lat 5
A 1950 PA 10412 Sale 10412 10434 90
Tex & N 0con gold 614
1943 3
10014
10018 _ _ - 10014
1
Tex*a&Pac 19t gold
_ _2000 3D 10712 107% 0712 10712
3
Gen & ref 5s series 5
1977 *0 9934 Sale 9934 100
106
La Div B L 1st g 68
1931 33 100% _ -- 00% 100%
4
Tex Pae-Mo The Ter 55e_ _1964 MS 10434 105% 10518 May'27
Tol & Ohlo Cent let gu
_19353, 101% _- 10112 May'27
Western Div let g 58
1935 AO 10012
-- 10012 May'27
General gold 59
10034
1936 3D 10014 10034 10034
1
Poled° Peoria & Wart 4a_..1917ii 15 Sale 15
15
2
Tol St L & W 50-Yr g 411-- -.1950 *0 9058 9078 90% May'27
r0iwy&Ogu41,49A ___ 1931 3, 99%
99
Jan'27
let guar 41(5 aeries B_ _1933 3, 99%
- 96% Dee'26
185 guar 4e, series C
9578
1942 MS 9458 ___- 9578
3
9118
9114
Tor Ham & Buff 1st g 441_ —1946 3D 9114 _
2
985e UM
102% 10334
87% 90
10334 106%
100 10116
1051a 10812
9912 10038
100 100%
61
Ulster & Del let cone g 58-1928 3D 61 Sale 60
5
1952 AO 3934 42
3978 May'27
let refunding g 45
97% Sale 97%
Union Pacific let RR & id at 49'47 3
9734 113
9518
3
Registered
2
95 Sale 95
100
192733 9978 Sale 997
57
20-year cony 49
.1
9934 May'27
Registered
--957e 26
9434 Sale 9434
1st lien & ref 48._ __June 2008 M
stiles & ref 58 .. June 2008 MS 112 Sale 11112 112
4
10134 26
10112 Sale 101%
yn-year perm secured fle_ .1928 3
5612 84
3934 42
94% 9934
9378 9612
99% 1001e
94% 99%
91% 9812
108% 113
101% 103
".2.
Hiatt No. Low
10012 Jan'27
96
10314 Apr'27
10212
10234 1-0312 102% May'27
10918 Sale 10918
10934
Oet'26
102
110
/0914 Sale 10914
100 10014 100 May'27
10418 10612 106 May'27
____ 1014 Nov'26
104
10212 10212
10212
10112 10278 10012 Apr'27
9312
9114 May'25
9934 ____ 10014 Dee'26
94 Mar'27
9334
106
106
106
7114
80
7114
70
8414 ____ 84% Aug'26
Due May. e Due 31,00. k Due Aug.
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 27.
r.
Price
3..Friday.
1. I'4 10.114
1(0 10212
10014 102
10018 10114
15
15
89% 91
99
99
94
90
117-8
9112
98%
8334
10134
8914
100
Sale
10214
9014
104%
Dee'26
10834
106
9514
98
Apr'27
9018
9214
103
10258
Dee'26
Jan'27
73
10114
135
133
17
0814 NA
7614 8414
10112 10213
88
90
iira fa%
jai" folisi
loiss4 10734
Iowa 10612
98 101%
10034 10312
8314 86
_
2$
16
18
18
7012 7672
10012 10254
106 108
____ 10718
1071
,
12
Baldw Loco Works let 5e__1940 M N 107
3 10612 10914
Bamgua(Comp A5) 7lie— _1937 J 1 10712 ____ 10714
10734
95141921¼
9912 244
Barnedall Corp 65 with warr_1940 J D 99 Sale 98
89% 0412
9114 55
Deb 65(without warrant)_1940 3 D 907 Sale 9034
6454 084
96
1936 J J 9512 961 9434
39
Belding-Hemingway 65
10514 32 10234 10514
1948 J J 1041: Sale 10412
Bell Telephone of Pa fss
72 10612
102
C
10514
Sale
A
0
series
1960
77
10514
ref
5e
let &
10534
994 974
56
97
Berlin Elec El & Undg 6145_1956 A 0 --------9614
Beth Steel let & ref fs guar A *42 MN 10118 Sale 10034 10134 16 100 10214
see, 101
51
101
30-yr p m & Imp 8 f fo_ —1936 I J 10014 Sale 10018
91 16152 10414
104
Cone 30-year Se aeries A_ _1948 F A 10312 Sale 10314
ie,e
series
B
33
10034
101
1003
4
Sale
F
A
year
5
_1953
30
Com
92
94%
1950 M El 93 Sale 93
93
Bing & Bing deb 6 Sie
4
9
02
211s
8;
7
08
41 10
9
1928 A 0 10214 _-- - 10118 Feb'27 --- _ 10
Booth Fisheries deb a f 65
Botany Cons Mille 8 %e- — -1934 A 0 83 Sale 8212
83
28
793
,
14
8
,4 10
i6
7722
%
1942 A 0 10434 Sale 10434
Brier Hill Steel let 5 lge
10534 30 10
3
74
B'way & 7th Av let c g 5e_ - _1943 3 D 7312 Sale 7334
73% 74% 74 May'27 — - Ctrs of dep strand D.'26 let
92% 96
1941 ri 94 Sale 9312
11
94
Brooklyn City RR 58
Bklyn Edison Inc gee 68 A._1949 J 3 10434 Sale 10434
10514 43 1031,10634
General Se series B
1930 3 3 10358 10412 10412 May'27 - — - 102% 105
9
101%
Bklyn-Man it T sec (le
1968 3 J 9914 Sale 99%
9934 169
68
62
Bklyn Qu Co & Sub con gtal ila '41 MN
6134 8212 62
7312
1941 3 3 7818 Sale 7818
let 55
2! 7$
---Tr
let
Brooklyn R
cony g 4s.20023 J 88
____ 8812 Aug'26 -- - 3-yr 7% eecured notes
1921 J 3 --------13612 Nov'25 --- - ---Ctfe of deposit stamped12812 Nov'29 -Bklyn Un El let g 4-5e
1960 F A
951
: 951
4 9534
9534
4 "ii" 98
9718
94
Stamped guar 4-59
1950? A 9534 Sale 9534
9534 17
106
7 10258 106
BklYn Un Gae lilt WAS g 58.-1945 M N 106 Sale 106
1 113% 11514
1141:
let lien & ref 65 series A.-1947 MN 11434 ____ 11412
19214 263 Ma 19214
Cony deb 5%8
1936 3 J 190 Sale 187 •
9214 92%
Buff & Sem Iron of 158
9212 92% Jan'27 -- - 1932 J D 92
9078 112
Bush Terminal let 4e
9312 9134 May'27 -- - 1962 A 0 92
9512 9912
99
Consol 58
28
1955 J J 9734 987 9734
9914 102
102
4
Bush Term Aldan Es $(13 tax-ex 'CO A 0 10218 ____ 10112
4 101% 103%
QUO di E Corn unit oc ref he_ 1937 MN 102 Sale 1015, 102
9678
92
941
33
Cal Petroleum cony deb if 531939 F A 9314 Sale 9314
9712 10214
9878 97
Cony deb a f 5,
63- - - --1938 M N 98 Sale 9712
0534 101
10034 21
Camaguey Sue let!f g 75_ _ _1942 A 0 10034 Sale 9934
Cent Diet Tel let 30-yr 58-1943 3 0 10314 10312 10318 May'27 _ _ _ _ 10214 103%
9834 90
Cent Foundry let e f 6e_May1931 F A 9812 9912 99 May'27 ___ _
1027
, 17 101 102,3
Cent Leather let lien a 1 69_1945 J 1 10234 Sale 10214
I
I
7:::
-.
3190
New York Bond Recora--continued-Page
r.
BONDS
Y STOCK EXCHANGE
Week Ended May 27.
r
a.
Price
Friday,
May 27.
Week's
Range or
Last Sale
58,8
Range
Sines
Jon, 1.
BONDS
N.Y STOCK EXCHANGE
Week Ended May 27.
11.
Pries
Friday,
May 27,
Week's
Range or
Last Sale
11
No Low
High
Bid
Ask Low
High No,
12 11832 125
{eyston Telep Co let 58_1935 3 J 9514 ____ 96 May'27
9814 50312 Clogs County El & P g 50_1937 A 0 104
22
10378 Mar'27
25
1
7134
Purchase money 85 . _1997 A 0
53
12634
- 12634
1 102 103
84
85
Kings County Elev let g 43_1949 F A 1263486 May'27
133
7
1949 F A 824 84
Stamped guar 45
7434 8512
83
8318
7
88
yLighting
58.. _ _1954 .1 J 10414 Sale 10418
9412 9614 Klinlrot
gs County
A
0Ha
10414
1 101 10211
1
19543 J 117%
117% 1173s
3 10438 10514 Kinney(GR)& Co 7;4% notes'38 J
10412 1-05 103 May'27
33
118
104
97% 104
Kresge Found'n coil Or 8s_ 1938 J D 103 Sale 103
15
_
8512 8512 Lackawanna Steel 1st 50 A_ _1950 M S 1014 Sale 10034 101
1
10112 15
96 10012 Lac Oas L of St L ref&ext 58_1934 A 0 10012 102 10114
11
13
105
9312 9612
Coll & ref 534s series C.._ _1953 F A 105 Sale 10418
Lehigh C & Nav f 4)46 A 1954 J J 9834 10014 99% May'27
5
10
102
96's 9714 Lehigh Valley Coal 15t g 58_ _1933 J J 10114 102 10114
4
5
77
955s
82
let 50-yr gu int red to 4%-1933 J J 9614 ___ 95%
10114 May'27
15
1934 F A 10114
93
9934
let & ref s f 58
4
10138
101%
2
1944 F A 101
1st & ref a I Se
9013 92
9
10112
1954 F A 101 Sale 101
34 1043e 10512
1st & ref 5s
1
1984 F A 10012 -- 10112 10112
1st & ref 5s
10434 10812
101
Apr'27
1974 F A 10012
1st As ref t 51
9818 98%
37
37
__
9434 9812 Lex Ave & P F lst 41 g 5s_ _1993 M S 35
12312 28
9838 1013e Liggett & Myers Tobacco 75_1944 A 0 12318 Sale 123
23
10614 14
1951FA
F A 10318 Sale 106
68
Feb'27
99 101
9714
-- 101
Registered
6
76
45
83.8 Liquid Carbonic Corp 88-1941 F A 106 Sale 10612 10712 47
78 10512 10812 Loew's Inc deb 68 with warr_1941 A 0 104 Sale 10312 10438 187
9818 51
811s
28
75
Without stock pur warrants..... 98 Sale 9712
4
116
1954 i.--(51 118 Sale 11514
_ 10114 10214 Lorillard (13
)Co 78
12 102 10334
9834 10
1951F
F A 9712 Sale 9712
50
17
9712 Apr'27
98
9878
Registered
16
102
10111 Sale 10112
99% 101
Louisville Gas & Elea (Hy)65 52 M
1
2
9514
3 1011s 103
9514
Louisville Ry let cons 5s.___1930 J J 9512 97
36
9334 10312 Lower Austrian Hydro Elec Pow8
9214
29
1944F A 924 Sale 9214
9918 101
1st 1 8140
25
97% 23
0712 Sale 97%
95
9934 McCrory Stores Corp deb 534e'41 JD
10412 17
184
9814 102
Miulati Sugar 180,1 7141.._ _1942 A 0 104 Sale 10334
24 10713 10834 Manhat Ry(NT)cons g 48_1990 A 0 7034 7114 71
7112 42
27
59
62
99 101
83 May'27
2d 48
4
22 10013 10214 Manila Elea Ry & Lt f 50..195
..2913
34
3 D
S 9614 Sale 9614
96,4
26
9334 0612 Mfrs Tr Co etre of partic In
5
71
99
90
A 1 Namm dr Son 1st 6s_ _1943 J D 10514 Sale 1054
10514
7
98 10112 Market St Ity 78 ser A A0'111940 Q J 99 Sale 99
994 65
6
3
984 10112 Mete Ed 1st & ref g es ser 13_1952 F A 1084 10834 10814
10814
10112 19
5
81
68
10114 10152 10114
1st & ref Ss series C
18 10132 103
3 10014
Metropolitan Power let Os A19
193
5.1 3 D
- 10614 May'27
10 102,2 103% Metr Wes Side El (41141c) 45.1938 F A
7834 -7972 7834 May'27
2 1024 10438 Mlag Mill Mach 75 with war 1958J D
104
10412 15
23 10712 10812 Mid-Coat Petrol let 814s._1940 M S jails Sale 104
10414 62
6 101'.. 10338 MIdvale Steel &0cony•f 5a 1936 M S 99 Sale 99
9958 138
9
924 954 Mew Elea Ry&Lt ref&ext 4)413'31 3 3 9812 98% 984
12
99
89
96
161
D 10078 10112 01
10178 26
General & ref 53 A
1951
12
8512 895s
ist & ref fa B
1981
D 100 Sale 99%
10014 76
4
6812 Montana Power 1st 55 A.,,1943
48
8
103
10214 Sale 0214
8
4914 6712 Montreal Tram 1st & ref 5s..1941 3 .1 99
11
991
9914 99
20
98
95
Gen & ref sf 56 series A 1955 A 0 9618 9612 9614 May'27
59 10412 10512 Morrie & Co 1st 6 f 432s
47
86
1939
J 8512 Sale 8538
37 106 10812 Mortgage-Bond Co 48 eer 2_1988 A 0
81
Dee'26
_
16 1057s 10812
2
10-25-year Si series 3
1932 3 J 8398
7912 793
- -4 97%
8
Murray Body 1st 614s
07
9614 9614 9612
East Cuba Bug I5-yr s f g 7348'37 MS 10634 Sale 106
10634 29 10512 108
Mutual Fuel Gas 1st ire 5519
01%
May'27
102
9347
4M
Ed El III Bkn let con g 48_ _ _1939 .1 J 9614 Sale 964
2
94,8 9614 Mut tin Tel gtd 0 eat 4% 1941 MN 10134 ____ 102
9614
102
Ed Elea III let cons g 56_ _ _ _1995 J , 1085 ____ 10858 Mar'27
10878 10818 Namm (A I) A Son-See Mfrs Tr
Elan Pow Corp (Germany)65s'50 MS 9712 Sale 9714
6
99
9912 Nassau Eiec guar gold 42._ _1951 J J 595 Sale 5912
97
23
597
Elk Horn Coal 1st & ref 8%8.1931 3D 9934 100
99% May'27
98 100
National Acme lots? 7 Ks. _1931 3 D 101 Sale 004 101
10
Deb 7% notes (with warr'ta'31 3D 983 Sale 977
99
99
25
Nat Dairy Prod 6% notes_ _1940 M
95
10234 Sale 1023
103
26
Empire Gas & Fuel 73s.. _.1937 MN 10978 Sale 10911 1097 293 105% 11012 Nat Enam & Stamps 1st 55.19293 D 10212 103 10212 May'27
let & ref 8),46(wIth warets)'41 A0 1054 Sale 104
98 11034 Nat Starch 20-year deb 58_-1930 3 .1 997 Sale 997
10538 77
9978
2
9934 101
2
EQUIP Gas Light let con 56_ _1932 MS 10012 10034 10012 10012
2
National Tube 1st s f
. .1952 MN 10418 105 10412 10412
Federal Light & Tr let 5s_ _1942
S 97
964
5
97
9678 13
103
95
102%
Newark Congo' Gas cons 0o.lO4SJ D 102%
let lions f 55 stamped _ _ _.1942 MS 9618 9612 9514 May'27
95
987s New England Tel & Tel 50A 1952 J D 1043 1-0i78 1045
1047
3
let lion f -tamped
104
9712 113
6 103 10414
1952 MS 103 10434 104
1st g 4146 aeries B
1981 M N 9712 Sale 9718
80-year deb 68 ser 13
97 10012 New On Pub Sem, let Se A 1952 A 0 95
3
100
1959 3D 9958 Sale 99
954 9414
9514 30
federated Metals e 678
91
4
8912 89
89
954 52
1939 3D 89
89
Flrst&ref5ssericsBA965J D 95 Sale 95
10314 Sale 10318
Flat deb 7s (with warr)
1007*
92% 10812 NY Air Brake 1st conv Os. _1928 M N 10078 10112 1007
1948
I
10334 84
93 954
Without stock porch warrants
9134 97
1
9514
8612
7
N Y Dock 50-year let g 4s_ _1951 F A 8612 Sale 8618
Flak Rubber late f 8s
1941 MS 116 11878 116
11812 14 115 11812 N Y Edison 1st & ref 614s A_1941 A 0
8712 90,4
Ft Smith Lt & Tr 1st g 56._ _ 1938 M
894 9014 8918
8918 11
14
5138
48
Sa
ale 10
13
5334
First lien & ref 56 B
1944 A 0 10
10
14
5718
8 136
9812 10584 NYOasElLt&Powgbs..i948J D 10712 Sale 10718
35
Frameric Ind & Dev 20-yr 7146'42• J 104 Sale 10334 104
10712
4
2 106 10912
Francisco Sugar 1st at 738.1942 MN 10634 107 10758 1072o
Purchase money gold 4e 1949 F A 9312 Sale 933
9334 11
4
1004
100
French Nat Mail SS Lines 78 1949 3D 9934 Sale 9912
NYLE&WC&RR 5146_1942 MN 103 .___ 101 July'26 - _
943
998
102% 10275 N Y LE& W Dock & Imp 501943 J
Liss& El of Berg Co cons g 501949 J o 1028 ___ 10238 May'27
_ 10178 May'27
2 106 11212 NY&QEIL&Platg5s1930 F A 101 103 10118
107
Gen Asphalt cony 65
1939 AO 107 108 107
1014
93
N Y Rya lat R E & ref 411._ _1942 J
91
Gen Electric deb g 314s_ _1942 FA 9212 ____ 9234 May'27
56
64
6712 Dec 26
Gen Elec(Germany)78 Jan 15_'45
53 103 106,2
105
'
3 104 Sale 104
Certificates of deposit
62 Mar'27
D 125 129 128
$1 deb 8158 with war
30-year ad1 Inc 50___ _Jan 1942 A 0
12814
7 Dec'26
7 11312 13814
1940
994 102
10112 12
CertIficates of
Without warete attacIrd '40 ID 101 Sale 101
......
512 Mar'27
NY Rys Corp Inc 68.. _Jan 1985 Apr
Gen! Petrol 1st sf5s
10114 45 10012 102
1940 FA 10158 1018 10034
238 Sale 233
24 -ioo
101 12 10358
Gen Refr lat 6 f g 86 ser A
Prior lien 88 series A
1985 3 J 8114 8212 8212 May'27 --,
1952 P A 10338 105 10338 May'27
9912 10312 N Y & RIchm Gaa 1st 6s_ _1951 M N 10438 105 1043
Good Elope Steel & I see 75._1945 AO 102 Sale 102
10212 28
10434
2
Goodrich (B F) Co let 810_1957 3, 10634 Sale 10634 107
N Y State Rye lst cona 4 He 1962 M
,
4 38 1057s 108
58 Sale 56
574 20
N 12034 Sale 12034 121
Goodyear Tire & Rub let 80_1941
let cons 634s Beiges B
113 12034 12214
1982 MN
745 Sale 7438
7432
1
10-years 1 deb g 88 May 1931 P A 1104 Sale 11014
11038 95 11018 11118 NY Steam let 25-yr as set A 1947 MN 106 Sale 106
10612 19
9834 10014 N Y Teton let & ten 314146_1939 M N
Gotham Silk Hosiery deb 88.1938 3D 100 Sale 994
100
19
8al
Gould Coupler let a f 68_1940 FA 85 Sale 8410
8212 87
85
3
30-year deben a I 86... _Feb 1949 F A 19
8
;
9142 B e 18
10
914
4
18
10
83
4 5
22
8
101 102
Granby Cons M S & P con Os A'28 MN 101 10118 101 May'27
20-year refunding gold 83.1941 A 0 10838 Bale 10818 ' 10858 42
Stamped
N Y Trap Rock 1st es
1 101 102
101
1928 MN 101 10512 101
1946 J D 98
9814 9814
9834 17
Cony deb 78
522 In 175
175
Niagara Falls Power let 5a...1932 .1 J 1014 102 10112 102
1930 MN 188 Sale 154
7
143 143
Registered
- 143 Mar'27
Ref & gen 88
Jan 1932A 0 10478 106 10478
10478
2
flt Cons El Power(Japan)78_1944 FA 9612 Sale 9618
94% 9912 Niag Lock & 0 pr lst Sa A..1955 A 0 102% Sale 1024
9678 48
10212 23
lst & gen s f 13)4s
9238 9434 No Amer Cement deb 8%a A .1940 M S 934 Sale 9212
9312 59
1950 3' 9212 Sale 9212
9314 21
Great Falls Power 1st 2156 1940 MN 10414 Sale 10414
1 10234 10612 No Am Edison deb 5s ser A _1957 M S 9734 Sale 974
104,4
Nor Ohio Trac & Light 88_ _ _1947 M S 98 Sale 98
6
9
8
812 8
38
2
3
Hackensack Water lin 40_1952 J J
My 8833 Nor'n States Pow 25-yr 55 A.11141 A 0 10158 Sale 1007
10138 33
Hartford St Ry let 45
9312 95
88
8
98
5 May'27
1930 MS
lit & ref 25-yr es series 13_1941 A 0 10518 10512 1054
10
1054
___
9513 98
Havana Elea consol g 5e
1952 FA
North W That fig 4140 gtd_1934 J J 98
9878 10012 Apr'27 ____
Deb 534/1 series of 1926.__1951 MS 8834 Sale 88
8838 9038 Ohio Public Service 734a A.-1940 A 0 11538 11512 11538
971'1 94117
8827
34 20
11538
2
Hershey Choc 1st & coil 53481940 3' 10212 Sale 10214
let & ref 78 series B
10234 41 10114 10334
33
F A 11412 11538 11412 11412
2
Hoe(R)& Co 1st 6%85er A.1934 AO 10034 Sale 100
98 10112 Ohio River Edison let 83_17
14
1003
10612 Sale 10612 10612 10
99548
10112
Holland-Amer Line es(fiat) _1947 MN 98
91%
9838 10
9814 98
Old Ben Coal la 88
03
95
9212
9212 12
liudaon Co Gas 1st g 6a__1940 MN 10234 103 10318 May'27 ___ 102 10338 Ontario Power N F let 56_1944
43 F
F A 10212 103 10218
103
8
_
Humble Oil& Refining 5140.1932 3, 10178 Sale 10134
102
38 10134 10284 Ontario Transmission 50_ -1955 M N 10134 103 10112 May'27 _ _ _
Deb gold 58 when Issued_ _1937 A0 9814 Sale 98
97 10014 Otis Steel 1st M es aer A_ _ _1941 hi 8 9512 Sale 95
9834 151
(Wools Sell Telephone ea_ _1956 ▪ D 10412 Sale 10414
10434 28 10234 10434 Pacific Gaan El gen & ref 53_1942 J J
4 Sale 10134
10
85
1'2
38 54
26
Illinois Steel deb 4145
1940 * 0 99
984 9078 Pac Pow & Lt Ist&ref 20-yr 58'80 F A 10038 Sale 10018
994 99
9914 29
10038 30
Ilseder Sloe !Corp a f 76
1946 A0 10112 Sale 10113 10112
9 100 103
Pacific Tel & Tel let Si
10218 Sale 10218
19373
10212 13
9812
9818 May'27
Ind Nit Gas & 011 58
1936 MN 9812 99
98
Ref mtge 58 series A
10234 Sale 10212 10314 29
1952 MN 10412 ____ 105
Indiana Steel let ta
2 10312 10514 Pan-Amer P T eon, f 8s-199 5
1054
N
N 103 Sale 10218
34
2
10312 18
Ingersoll-Rand let 50 Dec 311935• J 100
____ 10012 May'27
10012 10012
tat lien cony 10-yr 7s_ _ 1930 F A 10518 Sale 1054
10514
6
Inland Steel deb 53411
1955 MN 10212 Sale 10212 103
28 1011s 10414 Pan-Am Pet Co(of Cal)cony 83'40 J
9314 94
9314
94
46
Inspiration Con Copper 8348.1931 MS 101 Sale 10034 10138 38 10014 101% Paramount-Bway let 610_1951 J J 10012 Sale 10012 101
11
1812 11
interboro Sfetrop coil 4346._ 1956 *0
Apr'25
Park-Len at leasehold 15)43_ _1953 .1
897 Sale 89%
90
6
127o 13 Noy'26
Guaranty
Co ctf0 Sep......
Pat& Passaic0& El cone 50.1949 M S 103 Sale 103
103
3
751g 7938 Penn-Dixie Cem,i,t. Os A. -194 I M S 100 Sale 100
-7638 Sale 7612
7714 91
interboro RAD Tran 1st 50-1986 1
10014 36
'
3 7612 Sale 7614
255
77
7516 7914 Peop Gas & C 1st cons g Is_ _1843 A 0 114 Sale 114
Stamped
114
AO
7912 8058 7918
1932
7812 8218
10-year 83_
8034 14
1024
Refunding gold 56
_ 10214
1
10212 10
97
49
9638 99
10-year cony 7% notes_ 1932 MS 9612 Sale 968
9914 101
Registered
.-- 9914 Apr'27
85
84
844 18
81% 90
F
M
Lot Agile Corp let 20-yr 5s_ _1932 MN 84
10312 Sale 10312
Philadelphia Co coil tr es A.19
47
4 94
194
28
1037s
73 May'27
8712 83
15-year cony deb 5545..._1938 M S 10314 10312 10318
Stamped extended to 1942 _ _ MN 7218 74
10334 13
15e 9658 10278 Phil& & Reading
101
inter Mercan Marine if 88-1941 AO 10078 Sale 100
C & 1 ref 58 19733 .1 10158 Sale 1011
10214 46
9012 Pierce-Arrow Mot Car deb 801943 M S 100 Sale 998
9878 446
1947 J J 9734 Sale 9713
97
international Paper 58
100% 11
59
99% 103
1955 MS 10118 Sale 10012 102
Pierce 011 deb s f 8s_ _Dec 15 1931 3 D 10034 10412 10034
Ref s f 80 iter A
4
10034
A0
9812
Sale
973
8
51
9714
987
8
1941
981
:
deb
83
Pillsbury Fl Mills 20-yr 65..1943 A 0 10412 Sale 104
Cony
10412
7
11312 923 10878 11312 Pleasant Val Coal 1st a f 58-1928 3 J 9158 9212 19134
tnt Telep & Teleg cony 514e 945 MS 11312 Sale 11138
00
3
1
10
90
04
11018 Sale 10912 11014 87 10434 11114 Pocah Con Collieries lets f 5s1957 J
Jurgen@ Works Os(flat price).1947 .1
10414
Sale
104
MS
140
10438
103
1057s Poirt
stAm
rth6usrse
10534
.__ 10
Cri
05
5 Ma
_
aea
n &BDk 66 A.1953 F A
MIAMI City Pow & Lt 58._1962
m ay;27
105 Sale 105 • 10512 277 10334 10514
11°431
043
Kansan Gas & Electric 80_ _1952 M
10714 94 10834 108'- Portland Else Pow 1st 85 8_1
F N
A 10014 sale Imes
lOOl4i
2
19
95
37
3M
&USK (Julius) & Co late 78'42 FA 1073 Sale 10734
9912 18
98
997 Portland Gen Elec let 58-1935
J 10058 10158 10058
1
Keith (B F) Corp let 80....1958 MS 9912 Sale 9918
lOOssi
99_ 10614 Portland Ry let & ref 150-- _1930 MN 9614 968 964
4
9634
Kelly-Springf Tire 8% notes.1931 01.N 10412 Sale...10418_105% 21
1301
Ask Low
fitah
Oantral Steel ist g 5 88_1941 MN 12312 124 12312 12312
Cespedes Sugar Co late f 7348'39 MS 9934 100 100
10312
A0
City
&
Conn
Rye
56Jan1927
Cblo
7134 Sale 7112
7134
Ch 0 LA Coke let gu g 58..1937 ii 10238 Sale 10238
102%
1927 FA 8314 Sale 8314
8434
Chicago Rys 1st 56
J
J 9418 Sale 9412
Chile Copper Co deb 5s
1°47
95
oincin Gas & Elea let & ref 68,55 * 0 10214 10212 102
102
Jan 11961 AO 10412 Sale 10412 10434
634s Bar 13 due
Cities Sery Pow & L 1 ea_ 1944 MN 10158 Sale 101
10134
'
3
Clearfield Bit Coal tat 5s__ _1940
8512 Mar'27
Colo PA I Co gen s f es_ _1943 FA
_ _ 10012 10012
Col indult let & coil 55 gu__-1934 P A 96% gale 98
9838
Col & 9th Ay lat gu g 56_ ___1993 M S
10
Oct'25
Oolumbus Gas let gold 58_ -1932 3, 97 Sale 9634
97
Commercial Cable 1st g 4a_ _2397 Q
80%
8058 Sale 80%
Commercial Credit a f 6s__ _1935 MN 9518 9612 9512
9934
Col tr f 5;4% notee
9312 92
1935 3' 92
92
Commonwealth Power 8s
1947 M
10434 Sale 10412
10518
Computing-Tab-Roe 3 f 88_1941 3' 105 1054 105 May'27
00110 Ay & List & ref g 414s 1951 J J
9614 Apr'27
Stamped guar 44e
1951 3, 9714
_ 96% Apr'27
Consolidated Cigar a f fla_ _1935 A0 100 Sale 994
100
Consolidated Hydro-Elee Works
of Upper Wuertemberg 75_1958 3, 9958 Sale 9915
9934
Cone Coal of Md 1st & ref 58_1950 30 81 Sale 81
8218
Consol Gas(NY)deb 5I4ii1945 FA 10614 Sale 105%
10612
Cont Pap & Dag Mills8342..1944 FA 7518 76
75
7534
Consumers Gas of Chic an 551930• D 10112
_ 102 May'27
Consumers Power let 5s___ _1952 M N 10278 Sale 10278
103
Container Corp 1st 6s
1946 J D 98
9812
9812 98
Copenhagen Telep ext 6s_ ....1950 AO 9934 Sale 9934
9934
Corn Prod Refg let 25-yr 5 f 55'34 MN 10112 102 102
102
Crown Cork & Seal 1st el 85_1942 P A 102 Sale 102
102
Crown-Willamette Pap 86.._ _1951 33 101 Sale 10012 101
Cuba Cane Sugar cony 70_ _ _1930
.• 1 9712 Sale 97
9734
Cony deben stamped 8%A930 33 10014 Sale 100
10012
Juban Am Sugar 1st con 80_1931 MS 108 Sale 108 • 10818
Cuban Dom Sug let 7148._ _1944 MN 10014 Sale 100
10012
'
3 10134 102 10134 10134
Cumb T & T lat & gen 58._ _1937
9812
OuyamellFrult 1st f 80 A _1940 *0 9414 Sale 94
9514 9814 9612
99
Davison Chemical deb 8%11_1931 J
N 10012 Sale 10012 10012
Den Gas& E L let & ref afg 55'51
6
1
10018 10078 10012 10112
Stamped as to Pa tax
Dery Corp 03(3) 1st s f 78-1952 MS 70 Sale 6912
70
Detroit Edison 1st coll Or 56_1933 J J 10218 Sale 102
10214
let & ref 50 series A _July 1940 MS 10312 Sale 10314
10334
Den & ref 58 series A
10314
103%
1949 AO 10312
Let & ref Os series B_ _July 1940 MS 10734 Sale 10734 10812
Gen Fr ref 58 ser 13
1035
1955 ▪ D 103%
-- 1033
Oat United 1st cons a 4)4s._1932
'
3 9314 Sale 9318
9314
Dodge Bros deb es
1940 MN 9158 Sale 9112
9218
Dold (Jacob) Pack let 86_1942 MN 8614 87 8512
8618
Dominion Iron & Steel 53_1939 MS 66 Sale 66
66
Certificates of deposit
65 Sale 65
65
Donner Steel let ref 73
95
1942 3' 95 Sale 95
Duke-Price Pow lot es ser A '66 MN 10412 Sale 10412 105
Duquesne Lt let & coil 86_ _ _1949 J J 105 Sale 105
106
15t coil trust 53s aeries 8_1949
'
3 105 Sale 105
10518
Range
Since
Jan. 1.
Low
High
93
96
10313 1037e
12414 12634
11388
12
2
1114
4.111
°14766a1114
1007s 10513
102 104
2
3. 1
110
0
900
8
227
13
4
19
911
9
03
7
9i4
101
9558 19
07
2
101 104
9978 10138
9934 10112
100
99'8 110
91
14
37
37
120 12315
111
:
1 100
0
152
13
17
,
14
8.
111100
0
02
4
98
115
9634
9634
99%
94
99
120
10012
97%
102
99
897s
9712
103%
8714
80
9334
95%
97%
190
7375
03
98
105 10514
9614 100%
10512 108%
100 10134
10514 106 73
78
80
10334 105
10312 lob1*
9714 9978
9815 9978
99% 1017s
98 1414
10112 10314
9534 99%
981a 10034
83
8934
961
1818
10
95
0132
4 10
92
812
10114 102
594 6212
9838 102
100 10314
10135 104
995 1004
103,0 10484
10258 10524
103 1047e
9558 9744
935k 98
9358 97
10034 10234
848* 87
1.02
515
:116
04%
34
106 108
924 9334
_
10112 10178
1!2
.2 11:3
.
16
00,
--123l
81
4
81
102
5334
71
10514
80
5'2
-.7
8
864
105
5b12
82
107
19
10
8% 106
11311
12
107T5 109
9712 9834
10014 10314
1031 i 108
1004 1024
110
9514
68%
8
97
5% 9 4
100 1011,
1044 108
1
98 100,
114 110
11334 115%
10512 10738
9212
90
1
1
184
0
010
0,
03
10 86
993
3'
:10
11
7
9914 10114
10114 1027s
1014 10814
10232 1054
10412 1064
1
92 100,
98 101
85
931
10214 10314
994 101
12
534
1013
131 10
99,4 9914
10314 1047e
10012 10412
994 1024
9112 10714
9912 10378
10214 1054
9
99
142 100
,
212
103% 105%
10438 105
Ion 102
100 101
WI 97
New York Bond Record-Concluded -Page 6
(R
Range
Since
Jan. 1.
fee.(
_
Nigh
High N• Low
A si Low
914
9558 23
915e 9618
Portland Ey L & P let ref 5e.1942 F A 9538 Sale 9514
2 100,8 102
10013
let nen & ref 6.series 11__ _1947 M N 10012 Sale 10018
•2,7 _
904
19
4,1,
08
833
2 11,)7
let & refund 745 eerlea A.194(1 MN 10714 ____ 10712 May
18
J 9412 96
95
Pressed Steel car cony g as_.1933
111 18 1114
Prod & Ref s 1 85 (with warts)'31 J D 11318 ....hug Apr'27
____ Ill May'27 ---- 110 11112
Without warrants attached__ J D 111
10612 56 10334 10612
Pub Eery Corp of NJ see 65_1944 F A 1.1612 Sete 106
2 10434 106
105
Pub Serv Elec & Gas ist5 451959 A 0 10512 10614 105
4 104 10538
0
A
1984
105
8
1047
____
10518
let A ref 5155
33 107 1114
109
Punta Alegre Sugar deb 7s .1937 J J 10812 Sale 10778
____ 109 May'27 ---- 10212 1904
166
Rand Kardex 54e (with Warr)'31 J
1 100 102
10178
10178 10214 10178
Without stack our warrants_
951s 98
9734 25
1937
9712 Sale 97
Remington Arms 6s
10018 1031 2
flepub I & S 10-30-yr be e f 1940 A 0 101 102 10238 May'27
9858 10214
10138 49
het & gen 545 series A.....1953 J J 10114 Sale 101
54 11414 1 263$
118
atielnelbe Union 7e with war 1046 J J 11512 Sale 11434
9972 10412
38
J
8
J
-9_1946
1003
100
wart
Sale
porch
100
Without stk
10312 10 102 10412
Shine-Main-Danube 78 A _ _ _1950 M S 1023.1 Sale 10234
27 10134 105
104
!thine-Westphalia Elec Pow 7550 M N 10234 1O33,t 103
14
9334 95
98
1955 F A
98 Sa e 97
Elms Steel let I( f 75
2
5912 65
D 60 sale 60601e
Robbins & Myers let s f 78 1952
3 111 11214
11114
Rochester Gas & Eli,eer 11_1946 M S 11118 Sale 11118
- 105 10614
Gen mine 5145 eeriest C...1048 M S 10511 106 10514 May'27
2 :0
92,2
90
9212 00
Roch & Pitts CA 1 p in Le_ _1946 M N 90
3712 4972
3578 38 May'27
21
Rogers-Brown Iron gen&ref 75'42
MN 24 Sale 24
24
60
24
14
Stamped
BONDS
Y STOCK EXCHANGE
Week Ended May 27.
5.4
N
it Joe Ry Lt & Pr let 6s____1937
St Joseph Sit Yds 1st 4 ies....1930
St L Rock Mt A P5.stmtx1_1955 J J
St Paul City Cable cons fie_ _1937 J J
San Antonio Pub Serv let 68_1952 J J
Saxon Pub Wks(Germany) 78'45 F A
.1951 ¶ N
Gen ref guar 648
1946 .1 ,1
Elehuloo Co guar 6411
Guar s f 6 4s Series B....1946 A 0
Sharon Steel Hoop 1st 8s ser A '41 M
Sheffield Farms let Ar ref 6 eie '42 A 0
Siemens & Halske f 75_ _1935 .1 J
Sr 64s allot etre 5% pd._1951 M S
Sierra A San Frail Power 6e_1949 F A
1946 F A
Silesla Elec Corps f 6 ees
elleelan-Am Exp eel tr 73._ .19411E A
Simms Petrol 6% notee.._ ._1921) NI N
Sinclair Cons 011 15-year 78_1937 IW 8
learn col tr 68C with war_1927 J
1938 .1 D
let lien 6145 series B
Sinclair Crude 0113-yr 65 A _1928;F A
1942IA 0
Sinclair Pipe Line f Si
Smith (A 0)Corp let 6 4s 1933 M N
South Porto Rico Sugar 78..1941 J D
South Bell Tel & Tel let 51 5111941
aeulAiern Cob Power 68 A._1947 J J
trwest Bell Tel let 34 ref 681954 F A
MN
Spring Val Water let g
1930 MN
Standard Milling let 55
19451W s
1st & ref 5 48
Stand Oil of NJ deh 5e.Dee 1546 F A
D
1951
Stand 011 of N Y deb 44s
Stevens Hotel 181 68 aer A._1945 J 1
Sugar Estates (Oriente) 76_ _1942 Ni S
1929 F A
Superior 1)11 1st sf7s
Syracuse Lighting let g be_ _ .1961 .1 D
Tenn Coal Iron & RR gen 56_1951 .1 .1
Tenn Copp A: Chem deb lie 1941 A 0
rennessee Elea Powlst 85.... 1947 .1 D
1960
Third Ave let ref 48
Ad)the Si tax-ex N Y Jan 1960 A 0
1 tdrd Ave Ey 1st g be
19373 J
roho Elec Pow let 7s
1955 M 8
8% gold notes ___ _July 16 1929 J J
Tokyo Elec Light 87., n4E01_1928 F A
Toledo Edisou 1st is
1941 M 5
roledo Tr L & P5)4% notes 1930 J A
Trenton GA El let g 5s_. 1949 M
Trumbull Steel let s f as_ I940 M N
Twenty-third St Ry ref 6!.. _1982 J J
Tyrol Hydro-Elec Pow 74s-1955 MN
Ujigawa El Pow s f is
1945 M
Underge'd of London 43$s1933 .1 /
Income 65
1948
17nion Else Lt & Pr (Mo)5e.1932 61 S
Ftef & ext 68
1033 M N
enELAP(Ildletg548ser A1954
J
(.3nlon Elite Ry(Chic) 55. __ _1945 A 0
1931
'don Oil let lien i f be
J
May 1942 F A
80-yr 41E18e/hem A
let lien s f be series C Feb.1935 A 0
fluted Drug 20-yr de_Oct IS 1944 A 0
United Fuel Gas let s f 65._ _1938 J J
(Jolted Rye St I. let g 4s___1934 J
1937 M N
tilted 83 Co lb-yr 65
United Steel Wks((iermany)78'51 A 0
nited Stores Realty 20-yr as '42 A 0
1( SRubber let & ref baser A 1947 J J
J
Registered
10-yr 7 v,% secured notes.1930 F A
0 8 Steel Corp(coupes Apr 1983 Ni N
e f 10-80-yr 651regist__ Apr 1963 MN
Universal Pipe & Rid As.. 1936 J D
Utah Lt A Tree let A ref be_.1944 A 0
1944 F A
'1 tab Power A Lt let as
1950
J
IJtles Elec LAP let be
Ctica(lie & Elec ref Jr ext be 1957 3 J
Vertientes Sugar let ref 7s 1942 J D
1953
J
victor Fuel let e f be._
Vairon Coal & Coke let g bs 1940 191
V a Ry Pow let & ref as_ _ _1934 J J
Walwortli deb 64s(wIth war)'35 A 0
1st sink fund 85 eerie() A _ _ 1945 A 0
Warner Sugar Renzi let 714._1941 J D
Warner Sugar Corp 1st 7,.. _1939 J I
Wroth Water Powers f 55._ _1939 J .1
Weetcliee Ltg g 5e stilled gtd 1951) 3 D
1944 M N
West ley Coal 1st 713
1946 IN 8
west Peen Power eer A ba
.1983M
let 50 sertes E
1963 A 0
let 5,(.1( series F
195(1 J D
let sec be deities()
1954)3 J
west Va C A C let fie.
1944 A 0
Western Electric deb be
western Union coil tr cur 66_1938 .1 I
Fund & real eat g 434 ....1960 MN
1936 F A
15-Year 54511
1951 J D
25-year gold 511
Wee'houee E & M 20-Ye a 55_1946 M g
Westphalia Uri El Pow 6 )^: _1950 J D
WheeliugSteel Corp 1st 5451948 J J
White Sew Mach fle(with war)'363 J
Wickwire Seen St 1 let 75_ .1935_
Wickwire en Bt.! Co 7s Jan 1935 MN
. Witlys-Overland 51 6 J•2e_ _ _ _1933 M
9711lnon A Co 1st 25-Yr a f 611. _I 941 A 0
1941 A 0
WIncheeter Arms 7345
euung'n Sheet & T 20-yr 8s.19433
3191
THE CHRONICLE
MAY 28 1927.]
Piles
Friday.
May 27.
Week's
Range at
Last Sale
9634 9il 97 May'27 --9734 ____ 9734 May'27 --- 7
7938
79
79
80
9514 9634 9634 May'27 --- 5
10714
____ 10718
107
10212 30
10214 Sale 10218
9812 51
0814 Sale 98
10138 21
10138 Sale 101
21
101 Sale 10012 101
4
10834
10834 Sale 108,8
7
10814
10712 Sale 10713
8
10312
103 Sale 103
82
4 110
41,,
,
,
10
10414 Sale 10234
9914 Sale 99
9512 9658 9534 May'27 ____
9918 Sale 9818
9912 44
9834 Sale 9834
9914
17
10012 172
9973 Sale 9934
9978 Sale 9914
66
100
96 dale 9578
9612 326
114
9978 Sale 9978
100
9314 40
9314 Sale 9238
2
1112 Sale 10178
102
10812 Sale 10814
10834
9
10314 10373 10312 May'27 -- -.
14
10334 Sale 10334
10414
10412 19
10414 Sale 1044
____ 10035 Apr'27 -- -.
100
10133 126
101e8 Sale 100
10358 Sale 10353 10358 18
10218 Sale 102
10212 268
183
95
9458 Sale 9112
12
102
10118 Sale 10034
10012 32
10012 Sale 100
10034 53
10113 102 10034
10378 ____ 10334 Apr'27 ____
10334 10438 104 May'27 -- -_
4
9834
9812
9818 101
10634 37
10858 Sale 10614
6814 65
68 Sale 6713
5912 61
5812 Sale 58
9934
22
74 5
00
,
1
9714 Sale 96
97
58
98
9718 9612
22
98
9778 Sale 974
19778 Sale 1074
10812 20
9978 23
10018 ____ 9978
10212 10313 10238 Apr'27 -__
10014 Sale 100
10034 39
____ 6514 684 May'27 ---10012 Sale 10012 10078
5
9553 97'2
9714 9734
7653 81,4
9514 9634
10512 10758
101 104
9738 9912
9938 101,2
98 10138
10713 109,2
107 10838
10212 10312
102'8 106
95 100
9514 984
9814 101 12
9144 105
9734 10234
9914 10214
9214 10238
994 10118
9112 9538
10158 10234
107 10914
10212 104,4
1004 104.2
10234 10412
9812 100%
100 102
10173 10334
1011s 10234
9412 96
99 102
9813 10012
9934 10214
10234 10334
103 10555
9814 10114
10518 10712
71
63
5612 6213
94,1
99
7 103ki
96
0714
10734
0834
10238
971%
684
99
9514
100
1084
10014
1023$
101 14
674
10214
98 Sale 9734
9838 19
9512 100
4 96
95,
9534 9634 9534 Nlar'27 -- __
9714 ____ 9678 Mar'72 ____
96's 964
102 Sale 102
102
2 10114 10212
10178 102 10178
9 10114 10344
10178
10234 103 10212
10234 .10 101
8 134 18
0.45,2
84
8514 84
2
84
10112
102 May'27 ____ 10112 102
10712 10734 10212 10734
4 10712 109
9858 Sale 9812
14
99
9778 994
10712 108 10712
13 10112 10512
103
105 Sale 105
32 10211 105
105
7912 803$ 81
Apr'27 ____
76
81
96 Sale 96
9612 24
90
97,2
10014 101 101
10112 20 101 10214
10518 Sale 1054
10514
03
05 9
94 Sale 94
9478 1992
73
211
95
38
1___ ____ 8438 Feb'27 -___
9138 9433
10512 Sale 10512
106
7 1034 10834
108 Sale 10754
68
10814
1064 1001
..i6. ___ 108 May'27 ___ _ 10534 108 2
8958 8933
8912
7
871 4 90
95 Sale 95
9514
14
9358 9558
9813 Sale 9814
9912 31
9738 9934
_ 10278' Oet'27 _
10278
10352 10334 10338
10334
3 l02c', 163-1-4
10013 Sale 101)
10012
9
v83$ 101
5714 80
5714 Apr'27 ____
564 573$
9478 9534 05 May'27 _ _ _ _
9458 95
9933 Sale 9912
9914
4
We 100
9512 Sale 9512
9612
1
92
9612
934 97
9538 25
95 Sale 95
10612 Sale 10612 107
64
9171 10712
44
95
94 Sale 94
7818 9814
Apr'27 ____ 1023
10312 ____ 103
4 103,2
42
10313 10414 10318 May'27 __. _
:3 101 1 2. 102 8
10178
1013.1 Sale 10134
10214
12 1004
10112 Sale 10118
100,18 1024
2
10158 Sale 10158
10234 25
103
105 10512 10512 May'27 __ __ 1044 10558
10214 Sale 10214
10212 27 100 10238
78
2
7812 75
78
78
80
10278 56 1014 103
10278 Sale 10214
8 19
10312 Sale 10312 10312 ____
07
17,2
41 100
5'4
9914 Sale 9812
9912
11378
9 111 14 1134
11213 Sale 1114
58 101 10314
103
10278 Sale 10258
10234 Sale 10212 103
108 101 10314
9612 9834 9612
5
9654
1
9612 99,
9958 Sale 9918
9912 27
9634 1013 119
118 Sale 11212 118
9734 118
44
3
44 Sale 44
40
54
38
26
Sale
35
52
10214
97
36
9
100
14
63
,
3
102
Saleale ,
s3
34
4 1 it 10
23
2;
114
:
0;
0602177s
103
106 10614 106
10458 Sale 10412
106
1044
8-422
1010334 105
Quotations of Sundry Securities
All boo,Priel, Ore "20,1 Inter-8r" excel:3r where marked
te• 1 Act I
Standard 011 Stocks Par
Anglo-Amer 011 vot stock_Ll .184 1914
El *1918. 1912
Non-voting stock
100 11012112
Atlantic Refining
100 116 117
Preferred
52
Borne Serym3er Co
25 *51
. 58
Buckeye Pipe Line Co_ _ _ _60 *571
Chesebrough Mfg Cons_25 *95
97
Continental Oil v to
lo *174 1714
94
CurnberlandPipoLine___1(10 92
57
Eureka Pipe Line Co_ ___100 56
7,2 834
Galena Signal 011 corn_ _ _100
7
48
3
5
35
Preferred old
100 4
Preferre 1 new
5612
Humble 01134 Ref1nIng_25 *56
019
44
2 14
3;4
39
14
3 *
100
Illinois Pipe Line
Imperial 011
50 *6912 71
Indiana Plpe Line Co
International Petroleum.. _t *3012 3058
1639
National Transit Co_ _12.50 *16
36
New York Transit Co_.100 34
Northern Pipe Line Co_ 100 8412 8512
57,4
Ohio 011
25 57
81,
20
734 4
19
4
:
Penn Mex Fuel Co
Prairie Oil& 0a/9 new._ 25
Prairie Pipe Line new___100 16234 164
100 z180 185
Solar Refining
50 *1812 1912
Southern Pipe Line Co
South Penn 011
2 :5
7434
3
25 :
4 4
Southwest Pa Pipe Llnes.100
Standard 011 (California)__t *5378 5414
Standard 011 (Indlaua)._25 *6712 675s
Standard 011 (Kenne)_ ..25 *16,2 1678
Standard 011 (Kentucky)-25 *11212 11418
Standard 011 (Neb)
7
36
2 4
3563'4
4
Standard 01101 New Jer_ _25
25 :
Standard 011of New York.25 *303g 3012
Standard 011(Ohio)
2" 5-434 76
100 117 119
Preferred
1612
15
100
Swan & Finch
100 108 110
Union Tank Car Co
124
Vacuum
011
V
5 *12321
10
2
Washington 011
Ct. Basis
Per.
Public Utilities
fm
Gas Electrie_t *88
AmerIcainnef
88,2
t -103 104
preferred
Deb (is 2014
MAN 1054 106"
pe
Am
ight & Trac com_100 247 250
L
rrefe,
err
18
14
1
Amer Pow & Light pref_ _ ll 10: 195
Deb 6e 2018
AS 104 10434
Amer Public UtlI corn...
M100 58 -- -96
7% Prior preferred_ ___100 94
Aer
seacrital=lerr
e r4
Associated Gas & Eslec
64
2/
fC3-4 1-6
AnFt *-11.9
co
.45
Original preferred
54
t *52
r
preferred
94
634p
,
8
5
t
593.4
4
i :9972 100
t
$7 preferred
Blackstone Val 1334E corn_60
t:
1 04
28
4
19
Com'w'Ith Pr Corp pref _100 9814 119
Elec Bond & Share pref _100 10813 110
Elea Bond & Share Secur t •7312 74
Lehigh Power Securities.. _t
1858 19
Mississippi Ely Pow pref.100 101
First mtge Si 1951___J4.J 10112 -021-2
Deb 58 1947
9612 9713
MdEN
National Pow & Light pref_ t *10634 0734
North State() Pow corn_ _100 116 117
Preferred.
...lO)J 105 107
Nor Texas Elec Co com_100 29
31
Preferred
100 6812 71
Ohio Pub Serv, 7% pref_100 108 10814
Paelfic Gas& El let pref__25 *26
2612
Power Securities corn
11
*7
1
32
'1 28
t '
Second preferred
92
Coll trust 65 1949___J&D *90
91
*88
_F&A
Incomes June 1949_
Puget Sound Pow A Li..100
2 3312
7112
1 ,132
rr
69 .
100 87
8% preferred
10912
7% preferred
8111i 109
1, 0
4
1
1st A ref 534s 1949_ _J&D /
1114
e
--5
South Cal Edison 8% of. _26
- _ 100
O
Tenn Elec Power 18t prof 7% 10612 10712
Toledo Edison 7% pref 100 1074 10812
100 11613 11:12
8% preferred
Other 011 Stocks
118 Western Pow Corp °ref _100 99 -- - *75c
Atlantic Lobos 011
50 *212 3,2 Chic it $tk Ld Bk Bonds
Preferred
102
Gulf 011
26 *8914 8978 545 Nov 1 1951 opt 1931_
101
Nov 1 1951 opt 1931_
Mountain Producers
101 *2412 2434 be
101
58 May 1 1952 opt 1932,..
National Fuel Gas
100'
New WI
*2434 25 448 Nov 1 1952 opt 1932_
100
98
Salt Creek Comm) 011_ _10 *812 634 41.4s Nov 11052 opt 1932...
100
2912( 44s May 1 1963 opt 1933._
Salt Creek Producers_ _10 29
101
68 Nov 1 1963 opt 1933_
Railroad Equipments
98
1 434s Nov 1 1964 opt 1934__
5.00 4.85 44e Oct 1 1965 opt 1935_
98
Atlantic Coast Line 65
4.65 4.62 Par Coast of Portland,OreEquipment 81.48
5.00 4.90
58 1955 opt 1935___MAN 10114 103
Baltimore je Ohio (is
be 1954 opt 1934_ __MAN 10118 10258
Equipment 440 & As.... _ 4.60 4.50
Sugar Stocks
Buff loch & Pitts equip 68. 4.85 4.70
4.70 4.50 Caracas Sugar
3
50 *1
Canadian Pacific 4)4s 34 65
5.0( 4.85 Cent Aguirre Sugar com...20 '10812110
Central RR of N J as
5.00 4.80 Fajardo
158
5
Chesapeake & Oblo 65
4.70 4.60 Federal Sugar
Ref corn..104,) 30
37
Sugar*15
Equipment84e
4.60 4.50
Preferred
65
f0
Equipment55
5.00 4.90 Godchaux Sugars, Inn
tl
1 t '
3
Chicago Burl & Quincy 65
5.00 4.90
22
Preferred
100 17
Chicago & North Weed 6e.
4.75 4.65 Holly Sugar Corp cont.__ „ t .36
38
Equlpment6 414
4.80 4.65
Preferred2 87
Chic RI & Par 445 A Es._
5.05 4.95 National Sugar Refining.)
9 1g3 155
0
)
Equipment Se
5.10 5.00 New Niquero gugar
70
Colorado & Southern Os__
5.00 4.90 SantaiMeilla Rug Corp of100
-Delaware & Hudson 6e____
100:
5.00 4.75 Savannah Sugar corn
1g
1
113
Erie 445 & 58
5.25 5.10
Preferred
Equipment 6s
5.00 4.90 Sugar Estates Oriente p1.100
5 79
75
100 6
5
Great Northern es
4.65 4.55 Vertientes Sugar pf
Equipment 58
4.65 4.55
Tobacco Stocks
Hocking Valley be
5.00 4.90 American Cigar com_ _ _ _100 114 119
Equipment 65
100 1(l) _,__
4.50 4.40
Preferred
Illinois Central 44s & AS...
5:03 4.90 'Britishrr mer Tobac ord__LI .25
eA
26
Equipment(is
26
£1 .35
4.70 4.60
Equipment is & 634s...,
5.15 5.00 Imperial Tob of GB & Irel'd *241 1 2514
Kanawha & Michigan as...
5.10 4.85 Int Cigar NI achinery New100 *46
49
Kansas City Southern A34/1
7.5
Louisville & Nashville Os... 5.00 4.91) Johnson Tin Foil & Met_100 60
4
41
112 10:
02
4.65 4.60 MacAndrews A Forbes...100 14
Equipment645
4.05 4.75
Preferred
100
Michigan Central Es & 8s_
100 27
30
MhuiSt PASSM 44n& be 5.10 4.85 Mengel Co
5.10 4.80 Universal leaf Tob corn __t *14 . 46
-Is & 7s.-Equipment 6)
Missouri PaelfIc 60 & 634w,. 4.90 4.75' Preferred
01VA17gYoun(J8)
191
4.75 4.611
ed Co
Mobile & Ohio 65
preferr
100 104 108
New York Central 4145 & As 4.50 4.40
4.85 4.75 Rubb Stks (Clece'd Quateen)
EqUiptuent de
s61,t
4.70 4.62 Falls Rubber corn
Equipment 7s
Preferred
4.50 4.40
2. •10
11Norfolk & Western 4)-4e.
4.75 4.85 Firestone Tire & Rub comb0 131 140
Northern Pacific it
4.70
Ge73eraDpreferred
4.62
is....
Express
6107 109
Pacific Fruit
100 101 12103
,
Pennsylvania RR eq be A 6* 4.95 4.50
Rub com _ 726 *150
Pittsb A Lake Erie 6345..... 4.75 4.65
Preferred
4.50 4.40
Reading Co 445 & 5,1
St Louts & San Francisco Al. 4.75 4.60 Goody'r 11 AeR of Can pi 100 r10012 101
Seaboard Air Line 534s & 6e 5.15 4.9(3 India Tire A Rubber new__ t *26
2712
4.50 4.40 Mason Tire & Rubber corn_ t *212 3
Southern Pacific Co 4
4.65 4.82
Preferred
24
22
4101,2
Equipment 7s
4.60
4.50 Miller Rubber preferred_1100
99
Southern fly 4345 & As....
10234
5.00 4.90 Mohawk Rubber
100
Equipment 85
17
5.05 4.90
Preferred
40
Toledo & Ohio Central
100
4.65 4.62 Selberliug Tire & Rubber__ t *2712 28
Union Pacific 75
Preferred
Water Bonds.
Short Term Securities
5 -90
01 10
10(
Anaconda Cop Min 6s'291.4.1 102 10238 Arkan Witt let 511'58 a A&
95-1-e
Biro( WW 1st 5 StrA'54.A&O 10312 104
Chic It I & Pac 55 1929_1341 10058 101
lot NI .5s 1954 ser B._.1& D 100 101
5% note, 1929 _ __NUS 10053 101
44% notes 1928_ ___JAD 994 10018 Butler Wat Co a f 5a '27.J&J
87
9612 OR
90
fur Sept 2 1931 ___ _M345 I
Federal Sue Ref 65'33 MAN
Mhisourl Pacific to '27_ _JAJ 100 10014 CityW(Chat0510'54 A „IAD 10312 104
1st 151 58 1954D 99 100
Sloss-Sheff 8 & I 60e29_F&A 10213 10314
City of New Castle Water
95
Indus. & Ml.c.Iia
58 Dee 2 1941____J&D 1 93
05 .79
American Hardware
Clinton WW 1st 58'39_F&A 95_
81
Babcock' A Wilcox
100 118 121
034
Com'w'th Wat let 5 Asa '47 10234 1*20
934
Ble-a (E W) Co
Connellsv W 580ct2'39A3.01 92
21
150 *58
Preferred
ES), L & lot Wat 58'42.J&J 9612 97
J&J 103 104
lot 61 us 1942
Borden Company corn,..50 *..13 116
Celluloid Company
100 28
5rneton let 68'54__MA8 10312 10412
30 Hu
1954 9612 9712
100 75
7
Preferred
Childs Company pref._ _100 121) 121
Mid States WW 88'36 MAN 100
-MonmConW 1st 68'56.4.1341) 9412 9512
100 190 200
Hercule() Powder.
100 11612 11812 Monm Val Wt 544 '50 JAL.; 9934 10012
Preferred
Internet Silver 7% pref .100 116 120 Munete WW 55 Oct 239 A01 95
Lehigh Valley Coal Sales.50 *98
98 StJoseph Water 5s 1941A&O 9734 4
100 115 120 Shenango ValWat 58 56A&O 94 -947
Phelps Dodge Corp
1 A 9712 99
.:J
.
Royal Baking Pow com_100 208 214 So Pitta War 1st be 19604.
let Ni 58 1955
Preferred
100 102 104
Singer Manufacturing__ _100 369 372 Ter H WW 85 '49 A J&D 1021295
let NI 68 1956 ser B F&A
Singer Mfg Ltd_
IL
*5,4, 6
212 9_0_
05
,
SL1
F A
13 :
Wichita Wat 1st 8549_M
let M be 1956 ner
7412
_63..5_. f..
• Per share. 5 No par value. h Basis. d Purchaser also pays accrued dividend.
is Nominal. r Ex-dIvIdeud. p lex-r ghts
t New stock. I Flat price. k Laat sale
r Canadian quotation. s Sale price
3192
BOSTON STOCK EXCHANGE Stock Record sua=7....
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
satusday,
May 21.
Monday, , Tuesday,
Wednesday, Thursday,
May 23. I May 24. I May 25.
May 26.
Friday,
May 27.
Sales
for
the
Week.
STOCKS
BOSTON SYOCK
EXCHANGE
Range Since Jan. 1.
Lowest
Highest
ran Jr1 A ab
Range for Previous
Year 1926
Lowest
Higheal
Shares
Railroads.
*185
-- 185 185
185 186 I 185 185
185 185
186 188
51 Boston & Albany
100 171 Jan 7 188 May 27 159 Jan 1751a D
82 -82
81
82
*8112 82
81
82
8112 82
82
82
406 Boeton Elevated
100 81 May 10 94 Jan 16
77 May 8512 J11
*10112 ____ •10112 ____ *10112
_ *10112 ____ *10112
10112 10112
67 Preferred
100 9812 Apr 27 102 Mar 22
89 Feb 103 D
*117 --_- 118 118
73 let preferred
11612 11-712 *11612__ *11612
117 117
100 109 Mar 30 118 May 23 1124 Dec 122
Jo
*104
--- 10412 1044 10434 1043 10434 1-0434 10434 104
- __34 105 105
102 26 preferred
100 101 Jan 20 1074 Feb 28
Jo
9812 Jan 112
62 -6212 62
62
61
62
6012 62
62
6234 6212 63
1.519 Boston & Maine
100 5118 Mar 7 64 May 13
35 Mar 5812 Jo
Preferred
100 96 Jan 22 65 Apr 26
32 Apr 6112 D
.
f35
85
*81 iii
55i4 16- 55 icf 55 ifof
_
ioo Series A let pref
100 7634 Jan 15 86 Feb 5
59 Apr 86 D
*117 130. .5127 ____ *131 135
132 134 *134
85 Series S let Prof
100 125 Jan 8 139 May 3
Apr 130 D
84
*110 115 *110 ____ *115 120 ,7.115 ---- 116 Ill- ----___ ---__ __
13 Series C let pref
100 104 Feb 15 116 May 26
74 Apr 110 Se
*155 160 *155
•155
*155
__ *161
_- ____
__ --&Heal)let pref
100 155 Jan 15 165 Apr 21 105 Jan 165 0
113 113
112 1-12
113 1-13
112 1-12
113 113
-112 112
-133 Prior preferred
10412May 8 113 May 21
94 Apr 10712 D
.5198
*198
___ *198
*198
*198
198 198
7 Becton & Providence
100 196 Jan 18 205 Mar 30 z17512 Mar 20712 D
.528 -30
*28
30
29 29
*2812 -2913 2812 29
_ -- -- - 30 East Mass Street By Co-100 25 Feb 4 30 Feb 26
Jo
Oct Cl
28
*65
6612 *65
6612 6612 6612 *66
35
6612 66
let
66
preferred
100 64 Feb 8 71 Jan 11
---- ---Ji
5912 Apr 71
614 6112 61
61
*60
6112 6112 6112 6112 6112 --------60 Preferred B
100
60
Mar
14
67
Jo
Jan
5
56
May
69
46
46
*45
46
4512 4512 *41
45
45
45
45
45
105 Adjustment
100 42 Apr 1 4814 Jan 4
40 Apr 4914 Jo
6834 69
+68
69
68
71I 70N 7114 71
7132 71
71
1,755 Maine Central
100 4712 Jan 13 74 Mar 29
49 Sept 60 19
4918 4978 4938 5212 5052 5134 50
50
4978 5134 5038 5178 4,564 NY N H & Hartford
100
4118 Jan 6 5834 Feb 16
31N Mar 4838 Ju
*101
_-__. *101
____ *101
____ 101 101 *101 ------------17 Northern New Hampabire_100 9212 Jan 13 10114 Mar 9
81 Apr 9813 D
*142
*142
*142 145 *142
___ *142
Norwich & Worceeter pref.100 127 Jan 4 142 May 17 120 Apr 132 13
*135 1-40 *135
135 135 *135 1-40 +135_- ---- ---5 Old Colony
100 122 Jan 4 135 May 18 111
Jan 125 Se
*111 114 *111 1-1-5 *111 115 *111 115 *113 114
____ ____
Vermont & Massachunette_100 107 Jan 8 116 Jan 31
9934 Mar 107 D
MIscelleneous.
*3
314 *3
21
314
234 *234 34
485 Amer Pneuruatio Service_ 25
314 314
314 34
214 Jan 3
418 Mar 1
2 Nov
5
Ii
19
19
*19
191* *19
1912 19
19
*19
1912 --------105 Preferred
50 1513 Jan 12 21 Mar 17
18 Dec 2414 Jul
16534 16632 16614 16814 16734 I69N 16734 16914 16734 16878 16738 16814 1,670 Amer Telephone & Teleg-100 1494 Jaa 3 172 Apr 7 13912June 15034
19
62
6214 61
6114 61
6118 6012 6078 6034 61
6034 6034 1,211 Amoskeag MfgNo par 48 Jan 17 70 Mar 14
4812 July 71
Jo
*81
85
*81
.581_
85
*81
*81
__-_
____
Preferred
_ ___
No bar 7358 Jan 113 85 Mar 7
7212 Nov 78 r
.4012 4034 4058 41)-34 4058 4034 4058 -424 4058 4084
- 4052 -4058 1,175 Assoc Gas & Elec class A _--- 3634 Jon 25 4178 Mar 30
54
54
*54
55
*54
*54
55
55
*54
55
--------100 Atlas Plywood tr otts
64 Jan 19 59 Feb 10 -5212 -Apr -66.34 Jo
*1014
__ *_ __
_
12
*1012
__ *1012
__
-- *1012
10
No par
10
25 Atlas Tack Corte
8 Jan 22 12 Apr 7
814 Oct 1714 Jo
*---- -1714 *____ 1712 •____ 1712 •____ 1712 •__
- -- ___ _ _ _ Beacon 011 Co corn tr We-- 1514 Apr 5 2012 Jan 3
-1-712 - _ - 144 May 2011 Jo
85
85
8472 85
85
85
8478 8478 8434 85
8414 -85
275 Bigelow-Hartf Carpet_No par 77 Feb 17 8612 Jan 7
74 Nov 984 Jo
7'.50
1
•.60
1
114
1
1
1
*1
112
1
1
495 Cold ,k Corp., elms A T C --- .50 May 17
5 Jan 3
•79
80
*7912 SO
82
80
•79
80
7932 7918 --------60 Dominion Stores, Ltd No par 67 Jan 26 84 Apr 22 -57 May if I)
+134 2
*134 2
112
112 *18
2
*134 2
--------25
10
112 Jan 26
334 Feb 3
112 Dec
34 Jo
+5
6
5
5
*5
512 *5
512 *5
70 Eastern Manufacturing
5
512 *5
312 Jan 11
34 Mar
512
734 Mar 17
732 0
*73
74
*7212 74
*72
74
*7112 74
*7112 7312 72
670 Eastern SS Lines, Inc
72
25 45 Jan 4 74 May 19
44 Nov 8812 .11
*4112 43
*4112 43 414 4112 *41 43 4212 4212
+4112 43
70 Preferred
No par 35 Feb 15 43 May 10
34 Nov 45
A
*94
96
96
96
*94
96
*94
96
180 lat preferred
96
96
96
96
100 8734 Feb 17 9812May 9
9014 Oct 9912 Jo
*Ills 12
*1112 12
*114 12
*1118 12
*1112 12
Economy Grocery Storee
_ _ ___
__
12 Feb 3 1434 Jan 18
14 Nov 26 19
255 257
257 267 D261 267
258 263
256 258
Edlaon Electric Blum
256 258_____
100 217 Feb 18 267 May 23 z207 Jan 250 In
- 42713 28
2734 2734 2778 2778 2734 28 42734 28
835 Federal Water Fterv corn
28
28
27 Apr 26 2934 Jan 26
_. ------ -*23
25
25
26
26
28
340 Galveston-Houston Eleo_100 224 Apr20 30 Jan 31
2613 2612 *2512 27
2512 2512
-1-4 June -27 0
+144 15
*1414 15
*1414 15
General Pub Sem, Corp corn... I1N Jan 11 14 Feb 2
*1434 1534 *1434 1534 __ ____ ___
11 Dec
Jo
17
20
20
+19
20
*19
20
*10
20
155 Germ Cred & Inv let pref
1912 1958 __ __
__
19 Feb 2 2112 Jan 4
35
35
3434 3434 3434 35
415 Gilchrist Co
Na par 3434May 23 38 Mar 15
3434 35
3558 3558 -3538
35
344 Apr 4058 Jo
8814 8834 8934 9034 9013 93
3,242 Gillette Safety Razor
Ne par 8412 Mar 22 9514 Jan 11
924 9312 9214 93
9018 92
0812 Mar 11312 Fl
104 1012 1012 1012 +10
12
605 Greenfield Tap & Die
*1018 11
.5104 11
10
25 10 May 27 1212Mar 2
10
10 May 14 Se
•12
14
*12
12.-..14
12
12
*12
65 Hathaway Baking corn
14
12
_
12 Jan 17 13 Mar 14
4012 41
431 Hood Rubber
4013 41
4012 41
41
41
No par 36 May 5 47 Jan 3 1514 -Deo -6834 -Fl
4058 404 407a -414
7941
9412 9412 *9414 _ _ *9414 _
*9414 ------------10 Kidder. Peab Accep A pref-100 94 Apr 26 9512 Feb 3 293 Apr 98 Ju
131 Libby, McNeill & Libby____10
4-10
*94 10
*Vs
94 -2.12 *Ws 171044 13
94 Mar 24 1012 Jan 6
612 Aug
214
214
212
2'2
8
*61
64 *6
612 *6
812 .56
64 *6
10 Loew'a Theatre]
612
612 612
25
1218 Jo
6 Jan 3 10 Jan 18
6 July
9112 92
0134 92
914 9178
620 Massachusetts Gas Cos-100 84 Mar 25 9212May 11
9112 92
9112 92
92
92
90 Apr 9412 NI
7314 7314 7332 74
357 Preferred
.57318 74
7412 75
7312 7312 7312 75
100 70 Jan 3 75 Jan 25
55 Jan 7018 F
114 114
113 114
272 Mergenthaler LinotyPe_No par 108 Feb 18 11412May 26 8104 June 8110 MI
113 11312 11312 11312 11313 11412 11312 114
*101
---- *101- - - *101
____ ___
_ _ _ 101
_ _ *101
_ - _ - - - Miss Riv Pow ertpd preL-100
Jo
95 Jan 22 101 May 11
89 Apr 90
*238 __
252 -258
i. 1,418 National Leather
3.5
4-35
314 312
211 -212
234 .-358
10
412 Jo
214 Mar 24
438 Jan 20
2 Aug
30 -30
2913 2934 2912 294 2912 2912 2912 2912 2912 2912 1,072 Nelson (Herman) Corn-. 6 2312 Feb 14 3118 Apr 16
1512 Jan 2912 Jo
'
5.20 .27 '
5.20 .27 •.20 .27 '
New Eng 011 Ref Co tr ode5.20 .27 •.20 .27 ____ ____
Jan .95 A
.20 Feb 1 .25 May 7 .20
4._ _
4 • _
4 a_ _
4
_ _
4
____ ____ ___
_ _
Preferred tr ed.
4
11110
312 Jan 11
5 Mar 30
3 July 1013 Jo
000ili
_ :6;i
_ 67 971,
ii
07
ij 97
--------130 New England Pub Serv $7 pre 91 Jan 18 98 Apr 18
--- -103 1iii no212 fiii
10212 10212 10134 10134 10134 10134 --------54 Prior preferred
974 Jan 26 103 Mar 18 -05 Sept 121- Li.e
.50 .50 *.50
1
50 New Eng South MIlle__No par 50 May 21
8 F
.5.50
1
.5.50 1
'5.50
1
--_- ---314 Feb 23 .50 Dec
*344 5
*312 5
*313 5
4
4
878 Feb 251
2 Dec 28
312 312
A
*312 5
100
2 Apr 1
195 Preferred
1274 12772 12734 12778 128 128
650 New Eng Telep & Teleg100 11512 Jan 4 130 Mar 22 DON Apr 11834 F
12712 128
12712 128
12758 128
_ *914
_ ____ ____
No Amer Utll let pf full paid-- 90 Jan 5 95 Feb218
_-- *9112 _ _ *9118 ___ *9118
59112
89 Feb 96 F
.541 -4
+45 -46- *45 -48
+45 11 745 -424
1st oral 50% paid
40 Jan 6 4612 Feb 23
1434 Dec 27 5)
40
40
40
775 Pacific Mille
40
Jo
3818 3912 39
384 39
100 3512 Mar 28 4312 Jan 7
39
3512 July 55
39- -39
*30
33
35 Plant (Thos(3). 1st pref.- 100 20 Feb 5 4258 Jan 3
31
31
40 Mar 6814 Jo
7.3012 32
3113 3112 +3012 33
__-- ---*1512 1558 *1513 154 1558 16
80 Reece Button Hole
10 15 Mar 17 1612 Feb 10
1714 Al
15 Feb
1558 16
*1512 1518 ---- ---+IN
112
25 Reece Folding Machine_ _ 10
138
138 +138
1 Mar 4
112 7.14 112 *132
158 Jan 11
112 Dec
2 No
112--,_-115 11514 115 11512 11512 11558 11512 11512 116 117
327 Swed-Amer Inv part praf-100 10512 Jan 5 119 May 9
98 May 110 Al
11512 1-1 12
11834 11834 11834 119
146 Swift & Co
100 115 Jan 3 120 Feb 24 111
Apr 11814 D
119 11914 11912 11912 11912 11912 11934 11934
349 Torrington Co
*68
25 66 Jan 3 72 May 25
6812 684 70
7014 72
70
72
7134 712
72
72
54 Mar 72 Se
735 Tower Manufacturing614 612
612 64
4 Mar 3
958 Jan 31
614 614
614 64
614 614
614 612
10 Traveller Shoe Co T C
*1714 18
IS
18
1658 .lan 4 1812Mar 22
-----------------------*1712 18
•-__ 1012 •____ 1012 *___ 1012 *___ - 1012 7._ ___ 1012 _
Union Twist Drill
___
_
5 11 Jan 4 1412 Jan 24
7 Jan
1512 Fl
3,011 United Shoe Mach Corp
5814 5834 5734 5814 58
__-58
25 50 Jan 3 .5312May 17
5814 56
47 Mar 5314 Ai
5612 5534 5634 56N
*29
294 29
314 Preferred
29
29
29
29
25 28 Jan 3 118934 Apr 7
29
294 2912 2914 2914
28
Jan 30 Jul
&
795
U
87
S
87
27
87
Foreign Sec 15t pre f pd 83 May 3 89 Jan 3
87
8714 87
8714 8714
87
87
87
82 Nov 135 Fl
--------420 let prof 75% paid
7944 80
2112 82
794 80
7934 81
*7912 81
74 Apr30 82 Feb 4
130 May 90 A
*5
6
,,,5
6
518 54 .5
6
*518 6
----------200 Venezuela Flolding Corp
54 Jan 26 11 Apr 30
395
214 2113 2114 2134 214 22
2172
WaldorfF334.1no. new eh No par 21 May 14 2712 Feb 23
2134 22
2172 22
17 Jan 2234 0
*53
54
255 Walth Watch el B corn _Ns par 4012 Jan 21 5412 Apr 21
53 ,53
53
53
-------53
53
53
53
29 Jan 41 D
754 7532 76
70 Preferred trust Me
*75
76
78
75
76
75
100 61 Jan 3 77 May 12
75
-- - - - - - 484 Nov 61 D
.5117 119 *117 119 *117 119 +117 118 *117 118
Prior preferred
____ --100 110 Mar 14 118 May 20 101 Sept 112 D
*204 2114 0204 2114 •2012 2114 *2012 2114 20
10 Walworth Company
-------20
20 1734 Jan 18 2444 Apr 1
1234 MaY 23 31
5541157z 35
2,274
8624 84
Warren
85
Bros.
8412
8614 8412 85
85
84
50 8518 Jan 13 91 Feb 18
44 Mar 69 13
*4512 46
4544 4614 464 4614
210 1st preferred_
46
46
46
48
_ _
50 44 Jan 5 50 Feb 16
39 Apr 46 13
*5112 52
*514 52 •
___5144
2d preferred
5112•*46-5184 •
60 45 Jan 17 52 Apr 14
42 Apr 47 Fl
.164 174, *1614 17t8 oioigi. iv, *ie. 1718 oioiii. iv. _ _ __ __ _ _
W111 & Baumer Candle 6002--. 14 Jan 12 1714 Mar 15
174 Jo
1034 Aug
Mining.
•__ _
.25 *__ __
.25 •_
.25 •____
Adventure Coneolidated---25 .05 Jan 14 .20 Feb 10 .05 Mar .40 Jo
.25
.25 •____
.25 •____
.5.-30 .45
.30 .30 7..30 .35
.30 .35 7..30 .40 '
5.30 .35 1.100 Arcadian Consolidated
14 Al
25 .25 May 5 .89 Jan 15 .25 Mar
6
6
534 6
845 Arizona Commercial
5.14 6
5
54 534
552 578
512 512
54may 19 1014 Jan 6
1234 Jo
914 May
404 4574 4512 4512 4514 454 45
595 Bingham Mine
4518 4458 4434 4412 4412
10 30 Jan 3 4') Apr 21
29 June 5534 Jo
•1512 1534 1512 1534
1534 1534 1512 1558 154 1534
1858 Al
25 1458 Jan 7 17 Apr 20
154 1558
1314 June
583 Calumet & Heela
•.40 .75 7..40 .75 7..40 .75
100 Carson Hill Gold
.50 .50 •.30 .50 *.30 .50
Jo
1 .10 Jan 7 .63 Apr 21) .10 Dec 50
•12
13
12
12
12
1218 12
1,077 Copper Range Co
12
12
1218 1238 12
Jo
26 1178May 20 1434 Jan 19
13 May 20
*14 2
14 112
810 East Butte Comm:Mining. 10
112 112 '1)1
138
112
112
134
112
4 Fl
Ill Apr 29
234 Jan 4
214 Oct
.60 55.50
.60 *5.50
74.50
.75 74.50
125 Franklin
.60
.25 .50 *5.25 .50
114 A
25 .05 Feb 1 .80 Mar 17 .25 Nov
.25 .25 .5.25 .30 •.26 .36 .5.25 .30
•.25 .30 .5.25 .30
130 Hancock Consolidated- 25 .25 Apr 16 75 Jan 13 .27 Dec
114 JO
1612 *15
1612 *15
*15
1612 *15
1612 16
164 1614 1634 1,265 Hardy Coal CO
14 Apr 26 18 Jan 7
1
14 Mar 2114 A
7.60
1
*AO
1
'5.60
1
.5.60
1
•.60
I
Helvetia
7..60
1
Jo
2
25 .60 Apr 26 .85. Jan 6 .75
Oct
5912 6014 60
594 60
60
59
6012 594 60
594 604 2,219 Island Creek Coal
1 47 Feb 26 61 Mar 16 _ _----- _ - - - _ - 105 105 *105 107 *105 107 *105 107 *105 107
*105 107
10 Preferred
I 105 Feb Ill 107 Apr 13
9912 Jan 106 Ju
93
8
93
19
8
go:
952
10
958
10
200 male Royale Copper
10
93. 85.
1012
14 Ai
25
912 Feb 19 1138 Jan 19
912 June
*134 2
*134 2
*IN 2
*IN 2
*134 2
*134 2
Keweenaw Copper
Jan
28
2, Se
2e Feb 4 .50
113 Jan 6
..ua
iis •.00
114 7..90
118 •.90
303 Lake CopPer Co
114 .5.90 112
.93 .93
IN Jo
118 Mar 18 .60
25 .80 Jan 7
Oct
.P.75
1
.5.75
1
•.75 1
.80 .80 •.75 1
100 La Salle Copper
•.75 1
212 M
25 .50 Mar 28 90 Apr 22 .80 June
112 *I
14 *112
112 ..1 1
7.1
14 *1
Mason Valley Mine
112 *I
112
138May 5
6
258 Sv
2 Jan 4
IN Jan
.25 .30
•.25 .50 +.25 .50 •.25 .50
480 Maas Consolidated
.35 .35 .5.25 .50
25 .15 Apr 8 .86 Jan 3 .15 Dec .75 Jo
.5.75 .85 •.75 .85 +.75' .85 *.75 .85 '5.75 .85 .5.75 .80
Mayflower-Old Colony.-- 25 .25 May 3
112 Jo
113 Jan 11
40 Dec
381g 3812 3818 3818 38
38
3814 .43818 3812 38
408 Mohawk
384
38
28 37 Feb 18 4112 Apr 20
30 Mar 48 0
*213
4
22
217
8
215
217
8
2
22
425
22
*2112
213
4
New
22
2172
22
Cornelia Copper
a 213hMay 25 24 Jan 20
1812May 24 Al
900 New Dominion Conner
.05 .05____ _ _ _
•.06 .15 .5.06 .18 7..06 .18 7..06 .18
05 May 26 .081 Feb 1
Jan .20 Jul
05
__ •____ 19 •____ 19
*15
19 *____ 19
19
127 New River Company_-__100 17 May 14 1978May 12
1-94
18 Dec 25 Fo
66
564
*64
6512 *64
6512 63
62
83
64
78 Preferred
0- 15
100 58 Apr 14 76 Feu 8
45 July 72 FI
512
612
6
*618
.64
8612
6
612
220 Niplasing Mines
*6
614
618 618
6
1018 Feb 2
934May 11
1012 0
5 July
112 112
112
138
114
114
IN
1'4 112
10
134
114May 17
114 1 if. 3,060 North Butte Mining
378 Se
Apr
338 Jan 5
2
114 .5.95
14 •.95
14 .5.95
011bway Mining
5.95
14 *.95 04
2 NI
114 '
•.95
35 .75 Apr 7
Jan
50
114 Jan 26
12
11
*11
12
*11
1114 *1112 12
330016 Dominion Co
,
4 '1114 12
1 112 1 1
25 11 May 26 15 Apr 1
13 Dec 20 Jo
1314
1314
1312
1314
Jo
*13
1312
1319 1,150 P'd Cr'k Pocahontas Co No par
134 13
1334 +13
*13
11 Jan 4 1414May 16
1012 Mar 16
1112 15
15
15
16
*1412 15
223 Quincy
1512 •15
191a Apr 22
7.1514 16li .15
25 1414 Feb 17
1512 May 25 Jo
23
*22
.22
22
23
2112
*2112
2112
St
2212
•2112
22
Mary's
Mineral Land- 25 204 Feb 17 254 Jan 6
*2112
25 Dec 384 F.
958 Jo
Seneca
4,212 24 •24 214 *214 234 *23s 272 "24 2's *238 234
neca Mining
18 Apr 1
71
34 Jan 14
234 Dec
11
Shannon
10 .15 May 9 40 Jan 12
7..20 .30 •.20 .30 •.20 .30 •.20 .30 7..20 .30 +.20 .30
15 Deo 80
.30
.30
1 14 M
•.20
7
..20
.15
.30
.15
.30
65 Superior & Boma Copper. 10 15 Mar 23 40 Feb 23
20 Nov
.5.20 .30 7..20 .30
5
5,
4
5
51
4 1,980 Utah-A pea Mining
514
514
512 514
5 May 26
414 Oct 1134 F.
54 514
6
77L Feb 24
538 533
1,200 Utah Metal & Tunnel
114
114
114
'118
118
114
1 Jan 3
1
114
2 Feb 2
114
114 1%
25 Dec 2% NI
*15
4 138
40 58,0, 75 Fl
*.85 1
1
1
1i4may 3
'5.85
•.85
Victoria
I
•.85
28 .61 Feb 10
1
'5.85
1
7..85
138 Winona
. .__
.10 .15 . •.10 .20 *AO .20
26 .03 Mar 9 21 Jan 17 .10 Sept 40 Jto
• In .20 •.10 .20 •.10 .20
Bidand asked arbor no wads on dile dav. a AraPennen paid. 11 El 41058 dividena.
o New stool,• s Hit-dividene. p Eviletti.. • wr.nivtdand 45.1 net.
MAY 28 1927.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 21 to May 27, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
BondsA tl G & W SS L 59 _1959
Chic Jet Ry & US Y 541940
East Mass Street RR1948
4348 series A
1948
55 series B
1948
60 series C
1948
6s series D
German All Cable 7s_ _1945
1937
Hood Rubber 7s
KC&MB Inc 5s_ _ _ _1934
1929
Macs Gas 434s
_1931
434v
Mere Prop Inc 534s_ _1946
New Eng Tel dr Tel 55_1932
PC Pocah Co 7s deb _ _ 1935
Swift & Co 58
1944
Western Tel & Tel 55_ A932
Wickwire Steel 7s_ _ _ _1934
102%
71.4 714
102% 10244
Range Since Jan. 1.
Low.
High.
May 75
Jan
81,000 70
1,000 10034 Jan 102% May
69
1,000 644
69
74
5,700 69
75
8534 8634 4,500 83
874 87 34
1,000 82
10534 1054 10,000 105
10234 10234 10234 7,000 101
100
994 100
4,500 98
99 34 9936
1,000 9934
100 100
4,000 074
95
3,C00 95
95
101% 101
101% 3,000 100%
105 106
2,000 102
101% 1014 10171 11,000 101
101 101 34 8,000 100
20
25
10.000 20
75
Apr
Jan
Apr
Fob
Mar
Apr
Jan
Apr
Feb
May
Jan
Jan
Feb
May
May
70
7834
86 34
8734
10534
104
101
100%
100
05
101,94
110
1024
101 4
36
May
May
May
May
May
Jan
Feb
Jun
May
May
Jan
May
Mar
Jan
Feb
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 21 to May 27, both
inclusive, compiled from official sales lists:
7634
513J
1631
5434
553-4
20
7034
194
3731
10834
43
57
100
56
953,4
9974
10374
107
107
1074
10434
1
,
,,,.1e RnIlavnva in co 1027
106
97
88
55
5134
954
5
9434
997-4
63
95
89
10374
107
107
10734
10434
10534
66
05
10694
100
884
56
514
9534
5
9434
9934
63
954
89
10534
10734
1074
1074
10434
10534
66
84.000
14,200
26,000
35.100
8,000
3,000
10.000
2.000
1.000
1,000
50,000
100
14,300
6,000
9,000
8,000
3,000
5,000
2,000
1044
95
62
51
484
93
5
943-4
9834
6234
95
874
10334
105
105
107
103
10434
63
Mar
Feb
Jan
Jan
Jan
Feb
May
May
Mar
May
May
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Jan
no,,
A AM
0212
l'...
.
44444444.....1
44C.,,,44
4444'44E.T.9,E4N74N114g5'.9g444444Narna
aeL.72,;241aFrgEuvtaitEM'gg,
743-4
>
4444.44444M4...t44444444>4444444
'
ImWSSPPPEP PP "
P"
P"
16
9734
OCAZ.O.000
..o.wm004.00o
,
c,..w.two.qw
ba-4-40...P.o00cwb:.omo.P.c==omo4..K.mcomo.g,
44X 4 44 4 4 44
x 4444 4 444 4444
44 rxrrxxxrr
24
4234
4
10734
1874
=0,0M00ctriC40..WCICA.:n010..40.4WCAO. &M.N.
59
334
X 4
45
High.
*0-4-4a.ocp.ocAmowcto.os
7
Low.
Apr
100
10
May
48
Feb
624 May
15
Feb
92
Jan
11234 Jan
42
Feb
404 Mar
4334 May
3534 Jun
334 May
26
Jan
534 Mar
51
Mar
7234 Apr
574 May
34
Jan
208
May
504 Apr
5134 Jai
331 May
134 Jan
10534 Apr
1534 Jan
100
Jan
23 May
414 Jun
94 Apr
1234 Mar
96
May
53
Mar
8134 Mar
7134 Jan
5634 Jan
7534 Jan
8734 Jan
4134 Jan
4634 Fab
9
Jan
63
Jan
52
Apr
53
Mar
3634 Mar
944 Jan
20
May
9794 Feb
3034 Mar
674 Ma
134 Feb
271 Apr
36
Jan
8914 Feb
1234 Mar
9
Mar
3391 Feb
97
Jan
40
Jan
51
Mar
37 34 Mar
44444 4g
6034
5
11,244
205
5,785
.5
210
228
56
90
5
4.225
210
10
1,125
200
30
100
354
235
460
1,273
20
1,030
2,580
10,702
110
550
88
100
2,000
170
32
10
195
45.200
250
11
35
28,561
2,780
35
1.49
50
15
10
1,200
20
25
14.598
495
496
762
9,497
100
200
1,535
20
215
238
32
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore- Stock Exchange May 21 to May 27, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
4 3634
Arundel Corp new stock-. 3834 35,
235 235
A tlan Coast!.(Conn).,50
50 13534 135 136 34
Baltimore Trust Co
----*
41
41
Beneseh (I, corn A-Preferred
25------2634 2634
10
34
3434
Central Fire Ins
117 11734
Ches & Po Tel of Balt 91100 117
50------45334 5334
Commerce Trust
Range Since Jan. 1.
Low.
3,460 3134
50 230
515 12934
100 38
5 2634
341 26
43 115
50 53
High.
Jan 38%
Jan 240
Feb 144
Feb 42
May 3634
Jan 37
Jan 11734
May 5734
May
Feb
Apr
Apr
May
Feb
Apr
Jan
1631 17
20
21
2074 21
5894 5934
11131 11194
12831 128 34
31
3474
247 247
29
32
214 217
12
12
991 991
1004 10034
96
97
30
30
2034 2134
issi 1814
17
17
11134 11331
200 200
40
41
2434
24
16 34 17
8334 8434
67
67
834 8434
188 190
110 110
16 34 17
970
8034
44
40
2234 2394
271 274
1831 22
22
22
45
45
53
53
Bonds.
Halt Sparrows P&C 4348'53
9234
10334
Bernheimer-Leader 78_1943
Central Ry cons 5s...1032
9934
Central Parkway Corp 6s._
84 34
Charles Con Ry.O&E 5599
9934
Cldeado City Ry 55_ _ _1927 8331 8331
10454
Consolidated (las 58_ .1939
Consol G,EL&P 434s.1935 100
993-4
6% notes, ser A. .1949
10734
Refunding 58
8131
1950
Davidson Chem 654,
98
Elkhorn Coal Corp 634s'32
9934
Fair dr Clarks Tram 58_1938 _
0534
Ga Sou & Florida 58_ _1945
102
Gibson Island 1st 68_ _ 1936
100
Md Electric Ry 1s1, 5s_ 1931
9834
645_ _
102
_ 1952
Un Pelle Rican Bug 7% '31
10134
United Ry & E 4s_ _1949 7834 784
59
Income Is
1949 59
86.1
Funding 5s
1936
9974
5% notes -----1930
100
6s. when issued__ _1949 100
Wash Ba3t & Annan .58 1941 88
853-4
1041.5
6.-..... 1\4•1 Tull,. R.
man 1 ns 11,t
306
86
100
473
274
230
419
10
2,651
10
10
100
10
190
135
213
2
4
1.183
25
1,075
35
99
333
142
30
13
5
570
42
1,380
272
224
1,791
25
100
20
9234 3.000
10334 3,000
9934
1,000
2,600
85
9991 3,000
1,000
8334
2,000
10454
11.000
100
1,000
10731
8134 5,000
98
2,000
993-4 5,000
9534 2,000
102
1.000
100
3.000
99
2,000
102
3,000
10234 26,001)
7936 26,1300
5934 16,000
8634 2.000
100
12,000
101
13,200
89 596,000
inA az in nnn
144 Feb
20
Apr
20
Feb
51
Jan
11054 May
126
Jan
304 Mar
240
Mar
21
Mar
13534 Jan
12
Apr
931 Jan
100
Feb
86
Jan
30
Apr
19
Apr
1634 Apr
17
Apr
98
Jan
1984 Apr
374 Apr
2334 Mar
1534 May
7834 Jan
.523,4 Jan
81
Jan
176
Jan
103
Jan
15
Jan
80
May
3634 May
20
Jan
205
Feb
83,4 Jan
18
Mar
35
Jan
50
Feb
29
2234
23
594
11234
129
3734
250
33
220
1534
1034
10174
98
44
224
22
2134
116
201I
43
25
1891
85
6734
8434
19134
110
19
86
44
2334
276
22
2434
45
53
Feb
Jan
Jan
May
Mar
Mar
Jan
Jan
May
May
Jan
Feb
Feb
May
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Apr
May
Apr
May
Mar
Mar
May
Apr
Apr
May
Feb
May
May
87
103
9934
8434
9834
834
102
9834
10736
8014
934
98
93
10134
100
97
91
10034
7034
51
754
9934
100
85
10011
924
10431
993-4
85
994
8334
105'4
100
10734
82
98
9974
96
102
101
9934
102
10234
7934
60
89
1004
101
9044
May
May
Jan
May
Apr
May
Apr
Apr
May
Apr
May
Feb
Apr
Apr
Feb
May
May
May
May
Apr
May
May
May
May
Jan
Mar
Jan
May
Feb
May
Mar
Jan
Jan
May
Apr
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
T.,,
111d 3, IA...
• No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange May 21 to May 27, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Adams Royalty Co Corn,.,.5
894
All America Radio el A.,.5
Am Fur Mart Bldg IA--100 0731
Amer Pub Serv pref .100
Am Pup (RR Co par p1_100
100
Prior preferred
American Shipbuilding_100 84
Amer States Secur Corp A•
334
334
*
Class B
Warrants
3
Armour & Co(Del)pref _100 90 4
Armour & Co pref _ _100 7174
8
Common el A v t c.25
Associated investment Co *
Auburn Auto Co com_ _25 1094
Balaban & Katz v t c_ _ _28 61
100
Preferred
*
Beaver Board v t e B
100 38
Pref v t tr ctfs
10 494
Bend's Corp el A
10 59
Borg & Beck com
Brach dr Sons(E J) corn __• 25
20 2154
Butler Brothers
• 7334
Celotex Co corn
Preferred_
100
Cent Dairy Pr Corp A pf.•
Central III Pub Serv pref.* 91
Central Ind Power pref _100
Central Publ Sem (Del)_ _* 18
Central S W UM com _ __ ..* 61 34
Preferred
* 97
*
Prior lien pref
13-4
Chic City & Con Ry ptsh _•
*
Participation pref
* 2334
Chic Elec Mfg A
Chic Fuse Mfg Co corn_ *
Chie Mill & Lumber pf_100
Chic N S & Milw corn_ _100 3034
100 100
Prior lien pref
100 68
Preferred
chic Rap Tran pr pf A _ 100 103
Chic Rys part Waiter 2 100
Commonwealth F,dison _100 154
Consumers Co corn
5
7
Preferred
100
Continental Motors Coin* 12
Crane Co corn
25 49
Preferred
100 119
Cuneo Prow A pref
50 ___ _
Decker (Alf)& Cohn,Inc_• 2834
Preferred
100
Deere & Co pref._
_ _100
Diamond Match corn,..100 1284
El Household IRV Corp.10
Elec Research Lab, Ine__* 14
Empire G & F Co 7% pf100 97
100 105 34
8% preferred
Evans & Co Inc, el A
5 394
5 3934
Class B.
Fair Co(The)corn
• 33
Preferred
._ _100 109
Fit,' Simons dr Connell Dk
& Dredge Co corn
90 . _ _
Foote Bros(0 & M)Co._5 t334
rp,66,..-d cs, (II un ...,... . 2955
2334
23
64 834
974
97
101 34 102
8734 8774
93
93
84
8434
3
331
34 331
A
96
90
91
7134 76
1174 113-4
3534 36
109 1114
6044 6154
10634 106 34
234
234
38
3834
4934 50
58
60
25
263,4
2134 213-4
72
77
8834 90
2674 2674
9034 91
9154 92
1734 18
61
6234
9634 97
10034 101
136
134
134 17 34
23
24
33
33
9334 94
3034 31
9974 100
674 68
102 193
234 3
152 155
7
734
78
78
12
1234
48
49
11874 119
53
54
2734 2834
108 108
113 34 115
12634 130
1374 1454
14
12
9634 97
1044 10534
384 40
3834 3934
34
33
109 109
300
1.108
85
345
326
10
425
3,200
3,000
600
472
5,695
10
125
8.435
460
65
100
221
2,650
2,565
1,800
1,250
2.175
135
625
90
75
810
930
505
473
8,025
6,650
840
10
60
40
50
60
57
300
4,270
185
125
425
140
307
140
1,240
100
195
182
850
2,065
581
550
5.480
4,400
1,475
160
2744 28
13 34
13
Si at 3251
200
535
1.400
Ranye Since Jan. I.
Low.
I
400004Weit0a00itgol00204t404512g45:4.1t.5 4ialri044ittigggatitigvit tggi
Bond.Adv Bag & Paper 78_1943
Amer Gas & Elec 5s_2007
Consul Trac N J 1st 5s 1932
Elec & Peoples tr ctfs 45 '45
Inter-State Rys coil 481942
Keystone Tele', Ist 5s_1935
Lake Sup Corp Inc 51.1924
Leh C & Nav fd & imp 4s'48
1954
Consol 434s
Peoples Pass tr elf 4s_1943
Phlla Sub Co 4748_ _ _ _1957
Phila Elec(Pa) lst s f 4s'66
1st 54
1966
1947
534s
1953
5745
65
1941
Phila Elec Pr Co 545_1972
Reading Terminal 5s _1941
United Rys gold tr ctf 48'49
1334
5334
65
15
92
114
102 34 10234
12
1534
53
534
64
6574
15
15
92
92
11334 114 34
5134 52
41
414
4334 4374
6034 64 34
334 4
2634 2634
634 734
5334 533-4
7734 7834
57 34 5734
44 34 45
220 242
54
55
59
59
334
334
1 4 194
107 108
1834 1934
125 126
"2434
4234 4234
1
1
1391 1634
974 9734
5334 5334
8434 8494
7434 75
62
6334
7634 77
103 103
5236
52
5034 51%
163-4 1634
63
64
5434 55
5634 5634
3814 3834
11934 11934
20
2034
9834 9834
3634 3634
6934 71
1341 13-16
234 24
373,4 38 34
1064 10834
1374 1374
14
14
353-4 3834
9876 984
4234 43
56
57
42
42
Commercial Credit
* 164
Preferred
25 21
Preferred B
25 21
Consol Gas. E I. & Pow_ _. 5994
64% preferred
100 11134
8% preferred
100
Consolidation Coal _ _._100 3434
Continental Trust
100
Eastern Roll Mill new stk_•
Fidelity & Deposit
50
Ftnance&GusrantypL.25
Finance Co of America_.25
Handler Creamery prat__
Houston 0 pref v t ctfs..100 96
Manufacturers Finance.25 3C1
lot preferred
25
2d preferred
25 1834
Trust preferred
25 17
Maryland Casualty Co_ _25 11274
Maryland Trust
100
March & Mims, new. __. 41
Monon Vall Trac prat_ _25
Mt V-Woodb Mills t r 100 17
Preferred v t r
100 84
New Amsterd'm Ca9 Co.10 67
Norther Central
50
Penna Water & Power_100 190
Sharpe & Dohme prof _ _100
Silica Gel Corp
• 17
Stand Gas Etude aryl' 100 80
Un Porto Rice Sug com * 43)4
United Ry & Electrie_ _ _50 23
tin S Fidelity & Guar_ _ _50 274
Wash Bait dr Annan_ __ _50 20
Preferred
50
West hid Dairy, Inc corn.*
Prior preferred .___ _50 .-__
r rrr r r
rxxrxx x r
r rx rrxrr x
rr
rm r xr r
r
2M.93R2,98=
44=882v-g8Agg2 =
grngWag"cl W2°,28VAR2=UnaWaV
.
.
.
- ---
Abbott, Al Dairy pref._100
Almar Stores
10
Alliance Insurance
American Stores
*
Bearings Co of Are cm_ __
Preferred
Bell Tel Co of Pa pref
But& Sus Corp pfd v t el00
50
Cambria Iron
50
Catawissa 26 pref
Consul Trac of N J_ _ _ _100
Cramp Ship & Engine
East Shore G & E 9% pf.25
Fairmount
Fire Assoc new
10
General Asphalt
100
General Refractories
*
Giant Port Cement pfd_50
Horn & Hardart(Phibeom.
Horn & Hardart(N Y)com
Insurance Co of N A__ _ _10
Keystone Telephone__ _ _50
Lake Superior Corp
_100
Lehigh Navigation
50
Lehigh Power Secur
Lehigh Valley
50
Llt Brothers
10
Little Schuylkill
50
Man Rubber
10
Louis Mark common
Preferred
Mlnehill dr Schuyl Hay_.50
North Pennsylvania_ _ _ _50
Penn Cent L & P cum pf_*
Pennsylvania RR
50
Pennsylvania Salt Mfg...50
Philadelphia Co (Pitts)_50
Preferred (cumul 6%)_50
Phila Electric of Pa
25
Power Rec'ts
25
Phila Insulated Wire__ *
Phila Rapid Transit_ _50
Philadelphia Traction_ _.50
Phila. & Western pref _ _50
Reading Company
50
Shreve El Dorado Pipe I. 25
Scott Paper Co pref___ 100
S E Pow & Lt corn
Stanley Cool America •
Tono-Belmont Devel _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
United Lt & Pow
U S Dairy Prod "B"___.•
Victor Talk Mach new ....
7%
West Jersey & Sea Shore_50
Westmoreland Coal
50
50
York Railways pref
Range Since Jan. I.
,00000000,=40=
Stocks-
"may
Last Week's Range Sales
Sale
of Prices.
Week.
Per. Price. Low. High. Shares.
3193
Friday
Last Week's Range Sales , Range Since Jan. 1.
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
High.
Low.
High.
3234 Feb
1074 Mar
9734 May
104
May
88
Ato
93
May
Feb
86
44 Jan
434 Jan
1
Jan
964 Feb
8634 Jan
16
Jan
38 34 Feb
116 34 May
Jan
63
10634 May
4
Jan
39
Mar
54
Apr
6334 Apr
3536 Jan
237-4 Feb
854 Jan
9134 Mar
274 May
9534 Apz
93
May
1834 May
6734 Feb
9734 Apt
Apt
103
I% May
18
mar
26
ma,
3434 Fet
May
95
3634 Jar
10134 Mal
Fet
72
10454 Fet
3 May
May
155
874 Apt
Jar
78
1344 Jar
Jan
52
121
May
May
54
284 May
May
108
115
May
133
May
1554 May
14
May
973,4 May
107
May
41
May
394 May
3434 May
109
Apt
29
14 34
56
Jar
Jar
Jar
3194
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Great Lakes D & D._ _100 169
Greif Bros Coop'ge A corn
Hart.Schaffner & Marx 100
Hupp Mot Car Corp com10 20
Illinois Brick Co
25 5234
Illinois Nor Utilities 91.100
111 Wire & Cable Co corn.10
Kellogg Switchb'd corn._10 124
Ky Hydro-Elec pref._ _100 97
Kentucky Mil Jr cum p150
Kraft Cheese Co Corn _ _ _25
La Salle Ext Univ corn._10
734
Libby, McNeill &Libby_10
9%
McCord Radiator Mfg A.
MeQuay•N orris Mfg..
5
Marvel Carburetor (Ind) 10 41%
Middle West Utilities_ __
1144
L Preferred__ _ ......100 110
V Prior lien preferred _ _100 12134
Midland Steel Prod corn •
MidI'd Ut117% prior lien 100 105
h 6% prior lien
100
Preferred A
100 100
Morgan Lithograph corn.* 64
Mosser Leather Corp corn*
Nat Carbon pref
100
Nat Elec Power A part...* 24%
7% preferred
100
National Leather com___10
334
National Standard corn. • 35
North American Car Corn.5 2834
Nor West Util pr In prof 100
7% Preferred
100
Novadel Process Co pref.-• 2434
Common
834
Omnibus pref A v t c_
•
Penn Gas & Elea "A"corn• 193.4
Pick, Barth & Co part pt.* 2234
1
Common v t c
Pines Winterfront A com_5 42
Pub Sere of Nor 111 com__• 141
Common
100
100 10314
6% preferred
100
7% preferred
Q-R-S Music Co com --• 374
Quaker Oats Co. pref_ _100 ___
Real Slit Hos Mills corn 100 36
Reo Motor Car Co
10 233(
Ryan Car Co(The)com_25
Shaler Co class A
•
So Colo Pow Elec A corn.25 2634
So'W G & El Co 7% p1_100 9734
.*
Standard Gas & Electric.
Stewart Warner Speedom.* 614
Swift & Co.__ .___. _ _ _100 1194
Swift International
IS 2374
Thompson LI R) com-.25 52
Union Carbide & Carbon..
United Biscuit class A....' 44
United Light & PowerClass A preferred
•
Class B preferred
Common class A new..
Common class B new...
1634
United Pap Board c
c'm -122 9854
U
Gypsum
Preferred
100
UM Pow & Lt cl B v t e_ *
Vesta Battery Corp com_10
Wahl Co corn
* 14
Ward(Montgomery)&Co 1?, 67
Class A
11734
Waukesha Motor Co corn..*
Williams 0110 Mat corn --• 1134
Wolff Mfg Corp corn_ ___•
534
Voting trust certificates•
Wrigley(Wm Jr) Co.corn.* 5334
Yates Machines part pref.* 1734
Yellow Tr&CoachMfg 15.10
Yellow Cab Co Inc (Chic).* 41
BondsCal & So Chic Ry lat 5s'27
Chicago City Ity 5s ._ 1927
Chic City & Con Rys 5s'27 714
Chicago Railways 55.1927
5s, Series A
1927 693.4
4s, Series B
1927 4734
Purchase money 5s
Commonw Edison 58_1943 ......
1st M 5m Series A.. 1953
Crown Willamette Paper
1st M tis s(gold bonds'51
Cudahy Pack 1st Mg 5s'46
Fed UM (:51d) F I, CT
1957
11 5345
Hous G Co s f g 656s 1931 109
Loew's T & R Ist16% s f'47
Public Service of Nor III1st lien & ref M 534* 1962
Un P S Co 15-yr 6%CTOB 'A"
1942 973,4
1929 9934
2 yr 6% 0 L
1947 101
UP U F16% "A"
3 yr gold notes 510 1930 994
Range Since Jan. 1.
Low.
High.
157
39
115
20
52
9534
25
12%
9634
51
5334
636
172
3,140 140
Mar 172
May
39
50 3834 Jan 40
Jan
116
200 110
Jan 116
May
204
64
191,4 Apr 231.( Jan
54
1.690 49
Jan 55% Mar
9534
10 92
Jan 97
Feb
25
60 24
Mar 254 Feb
134
1,000 1234 May
1034 Mar
97
233 9414 Jan 974 Feb
51
72 6034 Apr 5114 Jan
300 41
54
Feb 63
Feb
850
Jan
734
9
574 Mar
954 4.116
874 May 10% Jan
3734 38
Apr 40
35 37
Jan
16
May 21
75 16
Jan
1634
41
May 43
May
4234 4,020 41
113 1174 22,960 108
Apr 11714 May
110 11334 4.210 105% Jan 11334 Feb
12134 1224
853 11714 Jan 1224 May
40
41
Apr 4734 Feb
35 33
104 105
354 98
Jan 105
May
92% 9234
40 9234 May 924 May
100 100
214 96% Mar 100
May
63
Jan 68% May
66
3.800 58
14
14
38 11
Jan 164 Mar
136 137
207 1303.4 Feb 13734 Mar
250 2354 Feb 254 Jan
2434 24%
30 9334 Jan 9734 Apr
97
97
4% Jan
234 3% 6,770
2% Apr
1,875 3934 Jan 36
3434 3534
Apr
284 28%
360 224 Jan 30
Jan
100 100
150 97% Mar 101
Jan
97
96
782 944 Mar 100
Feb
2434 25
600 24
Apr 27% Feb
300
9
8% 834
Apr
834 May
15
15% 1,030 1134 Mar 15% May
19% 19%
415 19
Jan 21
Feb
21% 22% 11,470 194 Jan 224 May
350 12% Jan 1434 May
1434 143.4
42
42
325 40
May 5134 Jan
140 143
492 13014 Jan 143 May
141 142
420 132
Jan 142
May
103% 105
125 102
Jan 105% Apr
1154 11534
20 11234 Apr 11634 Apr
37
3734
185 3234 Jan 3934 Feb
113 113
100 107
Jan 113 May
39
34
1,210 34
May 4811 Feb
2234 2374 2.320 19% Mar 24
May
14
15
300
May
934 Apr 15
244 24%
25 24% May 24% May
264 2634
730 254 Jan 28
Mar
98
97
125 9434 Jan 98
Feb
59
59
100 55
Jan 59
May
6034 6334 3,140 544 Mar 88% Apr
mu 119% 1.187 1154 May 120% Mar
2334 24% 18,100 1834 Mar 2434 May
53
1,860 40
52
Apr 54% May
119 12114
60 99
May
Jan 122
455 393.4 Jan 4574 May
4334 4434
964 97
5254 5334
13% 14
1514 16%
19
19
99
96
122 122
17% 17%
314 32
14
1534
87
67 34
1164 11734
424 45
1134
11
5
534
454 454
5334 54
16% 21%
28
28
42
41
834 8334
86
863(
704 7234
85
85
69
6934
4734 50
48
504
10356 10334
10334 103%
373 87
885 50
600 1234
110 15
130 16
900 9234
20 115
30 14%
150 27%
84
5,665
500 67
290 11214
75 34%
825 11
450
43.4
100
434
1,450 51
3,740 164
25 2554
1,480 38
1,000
9934 9933
5,000
9934 Jan 10014 May
9914 Jan 994 Feb
May
95
95
5.000 9434 Ma
Jan 11034 May
10954 66,1,00 96
Mar
Ma 100
100
5,000 100
10534 105 34
973,4
094
100
904
May
May
Jan
Apr
Apr
Jan
Apr
May
Feb
May
May
may
May
Feb
Jan
Feb
May
Mar
Apr
Jan
Jan 8334 May
15,000 74
Jan 8634 May
91,000 75
14.800 5234 Jan 7204 May
6,000 7156 Jan 8634 May
May
Jan 71
12,000 52
Jan 5014 May
56,000 35
May
Jan 51
39,000 29
Jan 105% Apr
5.000 103
2.000 10234 Ma 1034 May
mon won
95
109
RIO
Jan 07
Jan 5331
Mar 154
May 18
Feb 20
Jan 109
Mar 122
Apr 17%
Jan 37
Jan 154
May 68.11
Mar 11734
Mar 43
Apr 1636
7
Mai
61.4
May
Jan 54
May 274
Mar 30d
Mar 5574
9734
99%
101
994
1,000 10534 Ma
47,000 9734
41,000 9934
28,000 100
18.000 994
AP
AP
Ap
AP
105% Mar
97 14
9934
101
994
Apr
Apr
May
May
•No par value.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange May 21 to May 27, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Laund Mach com_25 12634
Amer Products pref
Amer Rolling Mill corn. _25 52%
100 1114
Preferred
Amer Thermos Bottle A..5
Preferred
100
Baldwin new pref
514
Buckeye Incubator
5
Burger Bros
so
Preferred
100
Central Trust
Champ Coated Pap corn 100 125
Churngold Corn
50 2574
CM Car Co
100 9634
CM Gas& Eiec
Cin Gas Transportation 100
100
C N & C Lt& Trac corn 100
Preferred
60 4254
Cin Street Sty
50
Cin & Sub Tel
5
City Ice dr Fuel
• 34
• Coca Cola A
100
Col RY Fr 11 pref
125% 134
243.4 243.4
5254 5214
1114 112
1034 1034
39
39
108 10834
4954 514
214 2134
58
58
260 261
125 125
3814
38
2534 26
96% 97
133 134
98
97
7536 7514
42
42%
9834 9934
29
29
33% 34•
10234 10274
6,832
44
1.192
79
12
12
7
2,283
345
40
39
50
35
533
331
3
20
10
404
154
333
747
8
Range Since Jan. 1.
Low.
110
2134
44
110%
7
34
1063.4
44
12
6034
255
12434
3454
214
9631
112%
91
70
384
9031
22%
27%
96
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Feb
Mar
Apr
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jun
Apr
Jan
High.
134
2534
55
114
11
40
10836
51
22
53
261
12511
45
2634
974
136
99
78
45
99%
2934
34
103
May
Apr
Apr
Feb
Mar
May
Apr
Apr
May
May
May
Mar
Mar
Apr
Mar
May
May
May
Apr
May
May
May
May
[Vol.. 124.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cooper Corp (new)._ 100
New pref
100
Crown Overall pref
_100
Dow Drug Prof
100
Eagle-Plcher Lead corn .20
Fifth-Third-Union Tr_ _100
Fleischman pref
100
Formica insulation
•
Gibson Art corn
Gruen Watch corn
*
Hatfield-Reliance corn...*
Hobart Mfg
Jaeger Machine
•
Kahn let pref
100
Kodel Radio "A"
5
Kroger com
10
Lunkerthelmer
*
Nash (A)
100
Mead Pulp special pref_100
Ohio Bell Tel pref
100
Paragon Refining corn_ _25
100
Preferred
Procter & Gamble corn _ _20
8% preferred
100
100
6% preferred
Pure 0116% prat
100
8% preferred
100
U S Can corn
*
Preferred_
100
U S Playing Card
10
U S Print Jr Litho corn _100
Preferred
100
Vulcan Last pref
100
Whitaker Paper corn
*
Preferred
100
65
101
26 34
39%
314
12134
28%
102
112
6%
20174
113%
100
994
9834
65
99
65
65
100 34 101
10034 104
115 115
26
2634
326 326
116 116
20
20
39% 40
474 48
1354 13%
3034 314
30% 3074
110 110
1034 104
12034 12234
28% 29%
119 121
101
102
112 11334
634 64
66
66
200 202
175 175
1134 11514
99 100
11234 114
39
39
9934 100
964 99
6.5
65
90
90
101 101
594 63
9834 99
7
63
18
75
1,653
20
6
35
183
20
22
575
55
2
25
1.100
230
34
160
233
562
10
1.003
50
254
555
103
20
48
208
53
40
22
206
62
Range Since Jan. 1.
Low.
643.4
100
103
114
26
320
11354
20
39%
4434
1334
2654
274
91
934
12114
2604
98%
994
11014
65
177
16334
112
97
112
38
97
85%
63
90
9916
51
083.4
May
Apr
Mar
May
May
.Apr
Apr
May
Mar
Feb
May
Feb
Feb
Jan
Mar
May
Apr
Jan
Apr
Jan
Apr
Mar
Feb
Jan
Feb
Feb
may
Apr
May
Jan
May
May
Jan
Jan
May
High.
73
Jan
103' Jan
105
Ja
116
Mar
31
May
330
Mar
116
May
25
May
Feb
44
564 Jan
18
Jan
3034 May
3251 May
May
110
Mar
12
133% Feb
Apr
30
129
Apr
109
Feb
114
Mar
734 Jan
73
Jan
202
May
175
May
116
Mar
100
May
114
May
42
Feb
100
Mar
100
Apr
78% Feb
10034 Feb
101
May
65
Feb
10034 Ma
5 No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange May 21 to May 27, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
• of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks-
Amer Vftrified Prod pf.100
8.5
85
Am Wind 01 Mach p1.. 100 70
70
70
Am Wind Glass Co pf_100
105 105
Arkansas Nat Gas com-100
634 7
Blaw-Knox Co common_25
70
70
Preferred
100
104 104
Columbia Gas & El com _ •
94
96
Congo! Ice pref
50 18
18
18
Devonian 011
10 1054 1014 11
Duquesne Light 7% pf_100 11654 11634 1164
Houston Gulf Gas
•
11
11
Indep Brewing pref
50
434 44
Jones & Laugh St pfd_ _100
12154 121%
Lone Star Gas
25 4354 42
44
May Drug Co
20
20
20
Nat Fireproofing corn_ _100
7
7
Preferred
100
2634 264
Ohio Oil & Gas
5
5
5
Okla Nat Gas ctfs dep.... 2374 23
2334
Pitts Brew common_ _50
314 4
Pittsburgh Coal com___100 5856 40
584
Preferred
100
76
764
Pittsburgh 011 & Gas____5
34
314 311
Pitts Plate-Glass corn_ _100 239
22754 240
Salt Creek Consol Oil_ _10
64 64
Stand San Mfg com_ _ _ _25 85
8534
84
Union Steel Casting com.•
3434 3434
United States Glass Co_25
13
13
West'house Air Brake. 50 166
163 166
11
10
14
2,410
50
10
325
25
260
110
100
158
10
9,501
600
100
20
50
6,167
220
920
250
200
383
100
1,300
25
10
200
Range Since Jan. 1.
Low.
80
70
101
634
70
104
8314
14
954
115
6
414
118
374
20
7
2674
5
2031
a
3714
71
354
225
634
81
3254
13
137
High.
8734
May
Mar
Apr
Apr
Jan
Jan
Feb
Jan
May
Mar
Feb
May
Jan
Jan
May
May
May
May
Jan
Apr
May
Jan
Jan
May
May
Apr
Jan
Feb
Jan
80
109
84
73
104
9634
20
15
11651
124
6
12151
464
20
9
304
6
2374
4
584
79
374
270
8
9234
40
1534
166
•.,...
.1 C I ..
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
May
Apr
Feb
May
Mar
May
Feb
Mar
Jan
May
Jan
May
Apr
Feb
Jan
Feb
Jan
Apr
Jan
May
BondsMn
-
no
on ItIllt
,
0
11'....
•No par value.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange May 21 to May 27, both
inclusive, compiled from official sales lists:
rrsaav
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks
Boatmen's Bank
100 35
152
First National Bank_ _ _100
280
Nat Bank of Commerce 100 1515' 150
Street Railway Stocks
St L Pub Service corn_ _ _ -•
Miscellaneous Stocks
Amer Credit Indemnity_25
AS Aloe Co corn
20
Preferred
100
Best Clymer Co
Boyd-Welsh Shoe
*
Brown Shoe, prof
100
Certain-teed Prod 151 p1100
Chicago fly Equip, pref.25
Ely & Walker D 0 corn_ _25
1st preferred
100
2d preferred
100
Fred Medart Mfg corn_ •
F Burkart Mfg
•
Hamilton-Brown Shoe_ _25
Hydraulic Pr Brick,corn 100
Preferred
100
Independent Pack, corn_ •
Preferred
100
Internat Shoe, corn
*
Preferred
100
Johnson-S & S Shoe
•
Laclede Gas Light, pref 100
Laclede Steel Co
100
Moglis Storm corn
•
Preferred
100
Mo Portland Cement-25
National Candy, corn..l00
151 preferred
100
2d preferred
• 100
Pedigo-Weber
Polar Wave I &
Shoe*
F "A"___5
Rice-Stix D 0, corn
•
Scruggs-V-B DO,com_ _25
Scullin Steel, prof
•
Securities Inv, corn
*
*
Sheffield Steel. corn
Southwest Bell Tel, pf_100
St Louis Amusement"A" •
Wagner Electric. corn_ __*
Preferred
100
Wm Waltke & Co,com--•
254
34
3734
115
73
184
58
119
170
102
3354
1934
38
11854
3756
89
24
154
280
152
26
53
53
364 3634
1024 10234
34
24
3754 39
115 1154
10734 10814
23
23
33
3334
115 115
92
91
30
30
314
30
35
35
434 44
73
70
21
21
110 110
18134 185
10954 11034
58
58
115 119
170 170
154 1554
108 108
42
43
101
10234
113 113
107 107
34
34
33
3331
1954 1934
20
20
38
38
35
35
27
27
11634 11834
44
44
3434 3754
89
88
75
77
Range Since Jan. 1.
Low.
47 150
269 251
107 150
3,120
,
2
50
10
847
30
27
11
100
45
61
90
5
730
130
100
514
20
10
720
149
20
54
7
300
20
459
163
10
65
190
105
275
320
325
250
10
191
5
1,481
112
60
Mar 155
Jan 280
May 163
1834 Mar
50
32
wog
20
37
10834
105
23
314
111
87
28
30
35
4
69
20
10834
158
108
50
96
165
1414
108
4014
84
110
100
30
32
1914
20
38
35
253.4
1144
41
1854
68
514
High.
May
Feb
Mar
May
May
Feb
Feb
May
Feb
Feb
Feb
Mar
May
May
May
May
May
Jan
Feb
Feb
Mar
Jan
Jan
Apr
May
May
Feb
May
Feb
Apr
Jan
May
May
May
May
Feb
Mar
Mar
Jan
Feb
Jan
May
May
Jan
28
May
5434
37
10211
41
42
116
10814
2614
384
116
92
3134
3114
40
7
8114
25
110
185
11034
65
140
185
1534
109
54
10234
113
107
34
34
2214
2234
39
40
2834
11855
46
3754
89
8874
Jan
May
May
Jan
Feb
Apr
May
Apr
Apr
Apr
May
Apr
May
Mar
Jan
Jan
Feb
May
May
May
Mar
May
Jan
May
Jan
Apr
MaY
May
May
May
Apr
Jan
Feb
Mar
Feb
Apr
May
Mar
May
May
Mar
THE CHRONICLE
MAY 28 1927.]
Stocks
Friday
Sales
Lan Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Mining StocksConsol Lead & Zinc "A"_•
Street Railway Bonds
East St L & Sub 5s_-_1932
United Railways, 4s._1934
4s, ctf of deposit-- _1934
30
1334
1334 1334
793.4
9134 9154 $30,000
17.000
7934 80
7934 7954 5,000
Miscellaneous Bonds1935 10334 10334 10334
Houston Oil 6340
10034 10034
Hinloch Long Dist 53_1929
1941 100
100 100
Scullin Steel (is
Wagner Elec Mfg 7sseria1
10034 10034
•No par value.
Range Since Jan. 1.
Low.
13
May
863.1 Jan
7534 Mar
7534 Mar
7,000 103
7,000 100
9,000 100
2,000 9834
Jan
Feb
May
Jan
High.
17
Jan
May
92
8034 Apr
793.1 May
104
10034
101
10034
Apr
Apr
Apr
May
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
May 21 to May 27, both inclusive, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High Shares.
Alameda Sugar
Alaska Packers' Assn
American Trust Co
Anglo & London P Nat Bk..
Bancitaly Corporation.-- 11954
Bank of California N A- _- 250
172
Bank of Italy
Calamba Sugar pref
California Copper
10331
Calif Oregon Power prat
6454
California Packing Corp_. _
2454
California Petroleum com_
2854
Caterpillar Tractor
Coast Co Gas & El 1st pfd_ 96
East Bay Water, A, pref.- 9634
34
Emporium Corp. The
Fageol Motors pref
Federal Brandeis
Fireman's Fund Insurance_ 89
Foster & Kleiser com
Great Western Power pref. 10354
35
Hale Bros Stores
______
Hawaiian Com'l & Sugar
Hawaiian Pineapple
Hawaiian Sugar
Home Fire & Marine Ins_
3634
Honolulu Cons 011
Range Since Jan, 1.
Low.
500 .15
.15 .25
35 165
185 185
16 300
353 353
35 195
215 217
11634 11934 26,683 8934
45 250
250 250
17154 172
10,075 171
10 80
8234 8234
702.50
2.50 2.50
10231 10394
85 10234
1,450 61
64
653f
869 213-4
2434 25
7,827 2634
2734 2834
40 94
96
9634
147 96
9614 9734
75 34
34
3434
5
100
6
6
770
97-4
1634 17
8934 1,507 88
89
55 12
1234 1231
730 10234
103 .10354
215 31
33
35
40 48
4934 50
50
50
875 4934
20 4034
4231 4234
31
5 2834
31
3534 3634
926 3354
High.
May .50
Mar 185
Jan 398
Jan 232
Jan 11934
Feb 270
Apr 687
Apr 84
Apr 5.00
Jan 105
Apr 6934
Apr 33
Feb 30
Jan 97
Jan 9834
Mar 39
7
Jan
Feb 18
Mar 9234
Apr
1334
Apr 10454
Apr 3634
Apr 50
Feb 5554
Jan 4234
Mar 3234
Apr 4254
Jan
May
Feb
Feb
May
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Feb
May
Feb
Mar
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Feb
May
Jan
Feb
3195
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week,
Stocks (Concluded) Par. Price Low. High. Shares.
Hunt Bros Pack, A, corn._
Hutchinson Sugar Planta'n
Illinots Pacific Glass, A__ _ _
Key System Transit pr plc!
Langendorf Baking
LA Gas & Electric pref.__
Magnavox Co
Magnin. I, corn
North American 01I
Oahu Sugar
Olaa Sugar
Onomea Sugar
Pacific Lighting Corp com_
6% Preferred
Pacific Oil
Pacific Tel & Tel corn
Preferred
Paraffine Co's Inc COM
Phillips Petroleum
corn_-A..
Pigsty Wiggly W States
nen Whistle, prof
Pioneer Mill
Richfield Oil
SF Sacramento RR pref
S J Lt & Pow prior pref
"B"6% pref
Schlesinger B F"A" corn....
Preferred
Shell Union 011 corn
Sherman & Clay 7% pref_ _
Sierra Pacific Electric pref_
Southern Pacific
Sperry Flour Co corn
Preferred
Spring Valley Water
Standard 011 of Cal
Sterling Oil& Development
Telep Investment Corp- _
Texas Consolidated Oil__
Traung Label & Litho Co__
Union Oil Associates
Union 011 of California
Union Sugar common
Preferred
U S Petroleum
Watalua Agricult'l Co Ltd..
Wells Fargo Bk & Un'n Tr_
West Amer Finance pref._
West Coast Life Insurance_
Yellow & Checker Cab__
Zellerbach Pap 6% prat
Zellerbach Corporation_
24)i 243.4
14
14
3434 3434 35
39
39
1234 1234
10034 9954 10034
.30 .30
1934 Isu 1934
3534 35
3534
3834 3834
1334
1334 13
4234 4234 4234
385 420
9934
9934 99
,
1.12341.1234
132
131% 13334
III
11134
66
6534 66
44 M 4434
__ __
2134 23
23
16
16
16
2734 2734
1834 20
193-4
1834 1834 1834
1083-4 108 10834
100
9834 100
2234 223.4 23
903.4 91
91
273-4 2734 28
9634 9634 9634
9034 9034 9034
11374 11331 1153.4
483-4 4834 49
97
9754
97
105 10634
5434 5334 543-4
3.50 3.50
2734 2734 2734
.40
.40
__ __
20
20
20
4134 3934 42
4234 4134 4354
1634 1654
2534 2534
1.75 1.75
4034 41
41
260 260
8% 83.4
3.70 3.70
934
9
934
9934 100
3134 3234
145
600
--50
10
330
300
405
790
100
100
125
160
310
2,000
1,878
270
320
50
640
150
25
3,409
50
266
188
1,180
160
1,481
5
5
80
255
45
880
6,937
300
500
700
200
4,181
3,100
15
10
200
80
10
100
80
455
120
2,36.5
Range Since Jan. 1.
Low.
Apr
24
1234 Jan
3151 Apr
Apr
30
1214 Jan
9834 Jan
May
.30
1634 Apr
2834 Apr
35
Jan
8
Jan
Jan
40
311
Feb
97
Feb
1.1234 Apr
123
Mar
102
Mar
6434 Apr
40
Apr
1934 Jan
1534 Jan
2534 Apr
1434 Mar
10
Apr
10634 Jan
97
Jan
20
Apr
89
May
26
Apr
9334 Jan
Jan
87
106
Jan
44
Jan
9234 Jan
10154 Jan
603.4 Apr
3.50 May
2534 Jan
.40 May
May
20
3754 Apr
3934 Apr
Jan
16
2534 Apr
1.6734Jan
3734 Jan
May
260
834 May
3.70 May
854 Mar
9534 Feb
28
Jan
High.
Jan
Max
May
Jan
May
May
Feb
Jon
Feb
May
May
May
May
May
Jan
Jan
Feb
Max
Feb
May
23
59%
1634 Feb
2834 Jan
2634 Jan
1834 May
10934 Feb
100
May
23
Jan
92
Jan
3134 Feb
9734 Apr
9234 Feb
11554 May
51
Mar
9734 May
108)( Max
6054 Jan
4.00 May
2734 Mar
.95 Feb
2134 Feb
5631 Jan
5631 Jan
Jan
19
27
Mar
2.00 Mar
41
Jan
Max
295
934 Jan
4.50 Jan
934 Jan
10131 May
3234 Apr
2634
14
353.4
65
1234
10014
.75
2834
48
3834
1334
4234
400
9934
1.75
139
11434
1393.4
•No par value.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (May 21) and ending the present Friday(May 27). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sates
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price.. Low. High. Shares.
Week Ended May 27.
Stocks-
Indus. & Miscellaneous.
Aero Supply & Mfg el A_ •
•
Class B
Ala Gt Sou RR com_ _50
50
Preferred
Alpha Portl Cement corn..•
•
Aluminum Co corn
Preferred
100
American Arch Co
100 913.4
Am Brown Boyer' El Corp
Founders shares V r 0_ _*
934
American Cigar corn_ .100
Amer Cyanamid corn, B_20
Preferred
100
Amer Hardware Corp__100
10 1834
Amer Hawaiian 1313
Amer Mfg common -100 88
American Meter Co
• 103
Amer Piano new common.* 4234
9
American Rayon Products*
Amer Rolling Mill com_25
American Thread pref--_5
334
Anglo-Chile Nitrate Corp • 2814
1
Atlantic Fruit & Bugar__•
•
Atlas Plywood
Atlas Portland Cament__* 4334
Auburn Automobile nom 25 111
Babcock & Wilcox Co...100
itanettaly Corp . . _ .25 1193.4
Beaver Board Co pref-100
Bliss(E Vi) & Co. wm- •
5
Blyn Shoes Inc nom_ __10
• 1834
Bohn Alum & Brass
Borden Cu common__ ...51.` 115
Nat City rots for new stk
•
Borg & Beck
8
Botany Cons Mills com...•
Bridgeport Machine corn.*
•
Brill Corp class A
•
Class B
DM-Amer Tob ord bear_11
25 52
Bucyrus Co corn
Preferred
100
Budd(Edw 0)Mfg com--* 2934
Bullard Machine Tool__'
Canadian Indus Alcohol_ -• 3134
Celanese Corp of Am cont. 257
New common_ _ _. -_ .* 6434
First preferred
14234
100
Celluloid Co. con)
10b
Preferred
•
cemtax co common
100
7% preferred
Central Aguirre Sugar--50 109
Cent Leath (new)el A vtc.• 2634
•
Voting trust Otis
100 9014
Prior pref v t c
Centrifugal Pipe CorP- - -* 1234
CM & St P (new co) w I- 2234
34%
New preferred w I
Chic Nipple Mfg clam A.50 4834
50 3434
Class B
100
Childs Co prof
Mee Service oommon-20 4634
100 9934
Preferred
10
preferred 34
100
Preferred BB
• 23
Cohn-Han-Marx Co
2
rtni,....hlan Syndicate----*
1034
434
123
127
3831
677-4
10334
9131
1034
454
123
127
3834
6834
10334
9934
934 1074
115 115
26
2634
86
87
78
78
1834 1954
88
88
97 103
4254 4334
10
9
5134 5234
334 314
28
3034
85c
13-4
55
55
4234 433.4
110 111'
119 122
11634 1193.4
383.4 3854
21
2134
434 634
17
1834
10934 116
106 11134
59
59
8
8
4
4
90
4154
16
16
253.4 2514
51
5254
109 109
30
29
4034 4034
30
3134
186 262
477.4 65
139% 14334
2834 2831
75
75
7234 75
87
87
10814 110
253.4 2734
14
14
9034
89
1234 13
2234 2254
3334 3534
4731 4831
3334 3494
12234 12234
4534 4634
9034 6034
83.4 834
83
83
2154 23
21,
119
Range Since Jan. 1.
Low.
8
100
200
334
100 123
120 12454
100 37
900 6734
100 10134
3,700 85
Feb
Apr
May
Feb
Feb
May
Mar
Mar
High.
1234
5
130
130
4254
73
10434
11134
Feb
Apr
Feb
Jan
Jan
Feb
Apr
Apr
Jan
9 May 21
3,300
Mar
Apr r125
50 r115
Apr 3734 Jan
500 26
Jan
50 8534 Apr 89
Jan
May 81
10 78
Jan 2034 May
9
9,400
May
30 88 May 89
350 8934 Jan 103 May
Apr
9,800 4234 May 50
354 Mur
10
3,800
May
500 4431 Feb 5534 Apr
100
334 Jan 315-16 Mar
7,100 14
Feb 3134 May
154 Jan
13,600 81c May
May 55
100 55
May
400 40
Jan 44
Jan
325 59
Jan 11654 May
200 11534 Jan 124
Mar
40,600 853-5 Jan 1 193-4 May
Jan 397-1 Mar
100 38
400 20
Jan 2454 Apr
334 Jan
7,400
934 Apr
Feb 1934 Feb
1,200 13
Jan 116
4,400 101
May
Apr 11131 May
2,400 102
May 60
100 59
Feb
3 May 10
100
Jan
334 May
100
634 Mar
2,500 3894 Mar 4714 Jan
100 1534 Apr 2234 Feb
600 2354 Feb 2514 Mar
May 5954 Jan
400 51
25 1023-4 Mar 110
Apr
Apr 3234 May
1,200 20
200 3531 Feb 44
May
Jan 313-4 May
1.300 22
May 262
4,695 175
May
May 65
NIay
58,700 44
May 14354 May
8,400 131
Feb 2834 May
100 17
May
100 6534 Jan 75
Apr 83
Jan
350 70
Mar
25 8631 Apr 91
1,900 97% Jan 11054 Aim
5,700 1919 Jan 2734 May
14
931 Jan
May
100
5.000 7354 Jan 9034 May
1,600 103.4 May
1854 Jac
Apr
Mar 25
100 20
17,600 273-4 Mar 3534 Apr
Api
600 437-4 Jan 49
1.000 31
Jan 3434 May
Apr 12234 May
10 117
20,800 4034 Max 6854 Fist
Mar 9234 Jan
4,100 87
814 Feli
734 Mar
500
Apr 11554 Ma,
200 81
1,500 1834 Mar 23
May
314 Jac
Ili ADr
9.900
-ales
5
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
•
Columbia Steel
Conde Nast Publicarlons_•
Consol Dairy Products_....•
•
t!ottani Laundries
Consolidation Coal corn 100
Copeland Products, IncClass A with warrants__•
Ll
Courtaulds Ltd
10
Cuneo Press, corn
Curtiss Aeropl & M corn_ •
•
Curtis Pub Co corn
•
$7 preferred
•
Davega. Inc
Davenport Hosiery _ _ _ •
•
Davies (Wm) class A
Deere & Co common__ _100
Be Forest Radio Corn- •
Voting trust att. of dep.
Dinkier Hotels Co class A
with purchase warrants•
•
Doehler Die-Casting
Dubiller Condenser Corp_•
Dunhill International__ _ _•
•
Durant Motors. Inc
•
Dux Co class A, v t c
*
Class A
•
Eastern Dairies corn
•
Eastern Rolling Mill
Eliingon-Schild Co com_•
Equitable Office Bldg corn*
Estey- W elte Corp class A _•
Evans(ES)ItColne,comB5
634
38
354
2134
17
32
4534
11431
5334
2734
41
14654
1934
454
3014
9%
46
3454
8254
894
69-4 63-1
38
3954
314
2
20
2134
32
32
17
2934
4334
22
177
11434
4854
2734
41
140
534
6
18%
32
46
2234
177
11434
5394
2734
41
151
731
7
22
19
4
3034
934
5
531
46
30
3431
7674
734
3934
23
1934
494
3154
1034
5
6
46
30
343.1
83
934
3934
2
234
Fageol Motors Co com__10
234
100 15974 154
Fajardo Sugar
1593.4
2731 29
Fanny Farmer Candy St_* 29
434
Federal Purch Corp el A_ •
431
10
Federated Metals
• 10
1194
454 594
Film Inspection Machines
Financial & Indus Ser corn. 88
8334 88
Preferred
101) 10634 10634 108
Firestone 'I' & A, com_10
132 135
7% preferred
100 102
102 10234
6% preferred
100 See n We below
Ford Motor Co of Can 100
430 459
Forhan Co. class A
• 18
1774 1854
Foundation CoForeign shares. class A.'. 1334 13
1434
Theatres
CIA
Fox
corn_ _.• 1834
19
18
Franklin (II II) NM;com_•
1654 1934
Preferred
100
78
7834
Freed Eisemann Radio_ _ _*
3
3
Freshman (Chas) Co
• 15
133-4 1594
Fulton Sylptioa Co
• 4254 42% 4334
Gamewell Co corn
•
5534 57
Garod Corporation
2
1/4 70c
•
Geural Baking el A
• 5894 5834 5934
Clasa B
5%
5M
5%
•
General Elea (Germany).- ___
43ff 4335
Gen'l Fireproofing corn • ___
77
78
General Ice Cream Corps 48
4654 48
General Silk Corp com___•
63-4 63-4
Gillette Safety Rasor____• 9034 8834 9334
C(3 Spring & Bump com..• 11
11
11
Glen Alden Coal- --• 180
178 181
3634
Gobel(Adolph) Inc cont__• 36% 34
Goodyear T & R com_100 53% 5334 5634
37% 3734
Gorham Mfg corn
•
10634 10634
100
Preferred
100
1,800
5.700
9,200
25
Range Since Jan. 1.
Low.
High.
731
3934
374
2234
36
Apr
May
May
Apr
Jan
1,600
734 Apr 22
700 2434 Jan 32
Jan 46
2,400 30
Jan 2534
800 19
50 17034 Jan 180
Jan 118
300 114
2,900 47
May 5334
700 2734 Mar 3034
Jan 44
50 27
Jan 151
5,425 70
1034
May
3
5,100
1034
534 May
3,400
May
May
May
Mar
Feb
Jan
May
Apr
May
May
an
Jan
Jan
2354
Jan 2234
Feb
534
Jan 33
Jan
1434
May 11
May
034
May 5034
Mar 5034
Jan 35
Apr 83
Apr1034
Feb3934
Apr
Mar
Mar
Apr
Mai
Jan
Jan
Apr
May
May
May
Apr
May
300
1,300
700
2,800
7.500
900
200
100
100
500
4,100
3.600
600
63.4
3094
I%
18
31
2134
18
334
22
534
5
534
4334
2934
3394
6734
7
2934
May
hlar
Jan
May
Mar
47-4 Jan
1,800
134 May
Jan
680 15034 Mar 164
Jan
Mar 33
500 25
200
Apr 2734 Jar
3
1454 Jar
itlay
400 10
834 Feb
431 Jan
600
May
32,900 8234 May 88
1,600 10634 May 10834 May
May
Feb 135
120 115
Ars
Jan 103
200 99
Apr 500
300 339
800 1734 Jan 19
Fe
Jam
May 20%
2,800 13
2,400 1711 Apr 2134
2,100 1234 Apr 1934
Apr 80
50 72
734
May
3
300
934 May 2334
5,100
2,300 39)( Jan 46%
200 5334 Jan 5934
334
9,000 400 may
9.000 5234 API 6354
754
434 Mar
20,600
100 3834 Feb 4934
Jan 8434
300 51
500 4014 Feb 4914
1034
100
634 May
11,400 8534 Mar 95
100
931 Jan 12
3.400 159) Apr 182
2,200 25% Jan 3634
21,600 2854 Jan 5831
100 3734 May 4334
May 119
125 108
Mal
AR
Jan
Feb
Jim
Jac
Ma/
Jan
Jan
Jan
Jan
Apr
Mai
mai
Jan
Jan
Am
Apr
May
May
Apr
MaY
3196
Priddy
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued)!Par. Price. Low. High. Shares.
THE GIDIONICLE
Range Since Jan. 1.
Low.
High.
Friday
Last Week's Range Salis
Sale
ofPrices.
Week.
Stocks (Concluded). Par. Price. Low. High Shares.
[You 124.
Range Since Jan. I.
Low.
High.
79
Grand(F&W)5-10-250 St
75
79
2,600 60
Feb 79
May
Trumbull Steel corn__ 25 12
1135 12% 1,900
9% Jan 13
Apr
Preferred
100 11915 118 120
195 110
Apr 120
May
Preferred
100 88
8754 88
75 74% Jan 89
May
Great A & P Tea lot Df_100
116% 118
Feb 118% May Truscon Steel
30 116
10 24% 24% 2415
300 24
Jan 2636 Jan
Great Lakes Transit Corp•
24% 24%
May 24% May
200 24
Tubize Artificial Silk el B. 240
22515 242
1,130 145
Jan 255
May
Greif(L) Bros pref cl X 100
100 100
Apr 101
100 97
May Tulip Cup Corp. com_
11
11
•
200 10
Feb 15
Feb
Habirshaw Cable & Wire.• 2034 19
20% 3,900 15
Jan 20% Jan Tung-Sol Lamp Wks CIA..' 2315 20% 23% 13,700 1734 Jan 23% May
Hall(C M) Lamp Co._ •
854 Jan 1034 Mar
9% 9%
300
Common
1011 13
• 12
7,600
13
Feb
815
May
Hall(W
Printing Co_10
32% 3235
100 3134 May 34
May Union dc United Tob com_• 65
68
64
1,000 64
May 90
Feb
Happiness Candy St al A..•
534
454 May
Jan
554 5X
7
700
United Artists Theatre Co
•
Founders shares
515 5%
534
200 44 Apr
634 Jan
Allot ctf for com & pref.
99
300 9514 Jan 100 May
100
4.
5
Hazeltine Corp
455 5
4% May 13
Jan UnitedBiscuit class B _ •
300
8
8
300
13
Jan
7
Feb
Hellman (Richard) CoUnited Elea Coal Cos v to• 27
27
28
1,700 23
Apr 3315 May
Panic pref with warets.• 34
3315 3455
United Shoe Mach. com_25
800 2811 Jan 34% Apr
56
200 51
58
Jan 59% May
Hercules Powder com_ _100 195
195 195
Mar 200
10 176
Mar U S L Battery corn new_ • 35
38
35
1,600 35
May 39
May
Preferred
100
117 117
Mar 11731 Jan
20 114
Preferred class B
1,900
811
854 9
i0
9
May
811 May
Heyden Chemical
•
234 • 1% 2% 1,900
254 may
114 Jan
s Freight Co
• 75% 70% 7554 2,100 6915 Mar 75% May
Hood Rubber Co corn_ •
May
25
4031 40%
46
3934
Feb U S Gypsum common___20 99
75 94
9815 99
Jan 110
Jan
Horn & Hardart corn. •
200 50% Apr 55
54% 55
Jan U S Stores Corp el B. •
155 154
100
1% May
515 Jan
Imperial Tob of GB & Ire£1
24% 2455
100 24% may 30
Jan lInly Leaf Tobacco corn _ ..• 4651 4455 4631 3,400 37% Jan 48
Mar
Industrial Rayon class A..•
5,200
455 Jan
834
631 715
8% }et' Van Camp Packing pref_50
8
100
5% Apr 1614 Jan
8
Insur Co of North Amer.10
59
59
Feb 60
100 51
Apr V 0C Holding Co corn _ -1615 17
600 1631 May
17
May
International Cigar Mach •
Apr 5035 May
491( 5015
700 46
Preferred
1654 16%
200 1655 May 1635 May
Int Concrete Ind fdrs ohs 10
1
Mar
1
435 Jan Warner Bros Pictures..__' 2554 2554 28
100
1
14,000 15% Mar 3331 Jan
Internat Projection Corp.*
May 10% Jan
9
600
9
10
We880D 0.48D com v te-•
200 5015 Apr 59% Jan
54% 54%
Johns-Many,new corn wt.* 74
35,500 5534 Jan 76
73
76
May
Preferred
95
10 95 May 9935 Jan
95
•
New preferred w 1___100
100 114% Jan 119% May
118%
West Dairy Prod,class A..' 50% so
11915
1,000
47% Feb 51
Mar
5015
Kawneer Co
2935 29%
Jan 2931 Mar
100 29
•
Claes Byte
1915 2035 3,300 15
Feb 20% May
• 19%
Kroger Grocery & Bak_ _10 11951 11951 119%
120 119% May 136
Jan West Md By let pfd__100 14134 140 145
Jan 145
98
700
May
Lackawanna Securities w I*
Mar 106)4 Apr Wheel & L E pr In stk_ _100 171
100 87
10335 10334
Feb 171
10 163
171 171
Jan
Land Co of Florida
300 18% May 36
•
18% 19
Jan Wolverine Portland Cem 10
5
Apr
100
6
Jan
554 5%
Landay Bros Inc class A. •
32
Feb 3415 Jan Yates Am Mach panic pf.•
100 30
32
100 21
May 27
21
21
Jan
Landers Frary & Clark..25
Apr 92
30 87
88
87
Feb Yellow Taxi of NY
500 1$ May 3451 Jan
1854
15
• 1615
Landover Holding CorpClass A stamped
Jan 1734 Apr
100 14
1634 1615
1
Rights.
Larrowe Milling
* _21
21
21
300 18
Mar 22
Mar Hartford Elea Light......
400 4434 Apr 4714 May
46
47
Lehigh Val Coal ctfs new.: 40% 39% 40/4 3,500 38% Mar 46
Jan Loew's. Inc
16
25 1651 May
Mar
1531 1534
Lehigh Valley Coal Sales.50
450 8955 Mar 100
93% 95
Mar White Sewing Mach deb rts
914 May
4
May
711
631 834 4.200
Libby Owens Sheet Glass25
370 116
122 12435
Apr 15934 Jan
Madison Sq Garden v t c.• _18
17% 1835 3,000 16
Mat
Public Utilities19
May
Magln (J) & Co, corn_.__•
900 18% May 19% May
1955 1914
Amer Gas & EleaMandel Brothers. Inc_ __•
4515 4631 2,100 4515 May 47435 Mar
Corn (new ex-stk dly)....• 8831 86
8811 10,300 8834. Jan 8855 may
Mansfield Mg &SmItg warr
2 80
80
May 130
80
Preferred
Apr
103% 104
May..
300 9534 Feb 104
• 104
Marmon Motor Car corn.*
1.400 4755 Jan 6231 Jan
Amer Lt & Tree com.....100 248
5555 57
Apr
247
Mar 262
400 222
248
Massey-Harris Ltd corn_ •
200 29
Mar 3715 Apr
36% 3715
Common new
25 167' May 16955 May
167
167
7% preferred
400 105
100 .0815 108 10815
Amer Pow & Lt pref.
Feb 111
Apr
May
430 9735 Jan 105
10415 104 105
McCall Corporation
900 52
Jan 60
• 1_ _
53% 55%
Mar Amer Pub Util partic p1100
Apr
8615 8655
Jan 87
25 74
McCord Rad Mfg y t c • _1715
100 16% May 21
1735 1715
Amer Superpower Corp A_• 3634 35
Jan
May
6,400 2754 Jan 37
37
Mean Johnson a Co coin _• 4855
1,700 39% Jan 52
4714 4915
Claes B
May
• 3734 3631 38
12,100 28% Jan 38
May
March eir Miners Transp._•
100 3955 May 40
Panic preferred
40
- 40
May
25 2834 28% 29
May
2,100 24% Jan 29
MereurbankViennaAmshs•
100
455 435
4
May
First preferred
455 May
• 9731 9755 9751
200 9334 Jan 97% May
Matron Chain Stores._ -• _ _44
1,700 30
44
40
Feb 45
May Assoc Gas & Elec class A..• 4034 4015 4055 1,500 35
Mar
42
Jan
Met 5 & 50c Stores pf __100
4115
1,200 30
Feb 4135 May Bangor Hydro-El com A00
- 39
141% 14115
May
20 14034 May 142
Midvale Co
400 2355 Jan 30% Apr Blackstone V G&E.cors.50 138
27% 28
135 14215
1,350 498
Feb 154% May
Miller Rubber pref _ _ _.100 ..0134 10111 101%
10 101
Jan 105% Feb Bra/Allan Tr. L& P ord.100
Jan 146
100 107
146 146
May
National Baking corn...." 1 8
8
200
8
851
AP
1015 Mar Bridgeport Gas Light----•
May 56 may
200 53
53
5335
Nat Fireproofing
_ _50
100
755 May
754 7%
Apr srooklyn City RR
9
10
4
1,900
354 4
a% Jam
311 May
Nat Food Products
12,600
Co_el13- •
5
5 May
7
9
Apr Buff NMI(& East Pr corn."
30% 31
500 2555 Mar 3115 Apr
National Lead corn new luu
2,100 94
9614 98
May 100% May CentHud G&E new corp v tc
100 3835 Apr 40
Mat
39
39
Preferred class B____100
400 106
107% 108%
AP 109% May Central Pub Sem,corn. •
1711 Jan
1811 Feb
300
1715
1714
National Leather
600
10
2% AD
2% 315
452 Jan Cent States Elec 8% pf_100
10 9234 Jan 963-4 May
96% 9615
Nat Sugar Refg
575 126
100
Mar 155
144% 155
May Com'wealth-Edison Co-100
Jan 155
200 139
15055 155
may
National Tea pref
50 102
100
102 102
May 104
May Com'wealth Power CorpKalmar Bros. tne, corn. • _.55
2,100 3934 Feb 6415 May
6315
Preferred
55
100 9915 98% 99
May
2,200 91)4 Jan 99
Preferred
160
Con
40
Gas E L & P Balt corn• 59
100 100%
Jan 100% May
96
58% 5954
4,500 50% Jan 5955 May
Neptune Meter class A._.•
400 21% May 2415 Feb Elec Bond & Shure pfd.100 10851 10854 10951
2335 24
1,400 lossi Ma 10955 May
New Mex & Ariz Land...1
Elea Bond & Share Secur.• 73% 7354 7515 51.700 6655 Mar
7,400
915 Apr
1034 1215
1334 Fe)
7535 May
New On (It Nor BR..100
Elec Invest without war.' 38
560 1915 Jan 4114 Apr
36
3755
32% Feb 4055 Apr
14,100
3755
39%
New York Merchandise...
,-.33
500 27
Jan 35
32% 33%
Apr El.-- Pr & Lt 2d pf A
9634 96%
250 89% Mar 9755 Apr
•
Nichols & Shepard Co .._• 2534 24
Option
2,000
21%
Apr
Ma
25%
30%
warrants
654 Jan
9% 951
934 May
300
Niles-Bement-Pond corn.*
300 17
17%
May 23% Mar Empire Gas & F'l 8% pi- ...... 10455 10514
17
400 10455 May 10655 May
North Amer Cement
200
5
• io
10
10
Mar 12
Jan 38% May
Mar Empire Pow Corp part stk•
3415 35%
300 28
Ohio Brass class 13
• 83
Galy-Houst
100 76
83
El Co com_100
Mar
83
Jan 84
Apr 30% Jan
25% 27
1,300 22
Pacific Steel Boiler
•
1,000
915 1051
935 May
1211 Jan General Pub San corn....' 1451
1414 1551 5,500 11% Jan
1435 Feb
Palmolive Peet Co cora_ •
7914 2,500 69
74
Mar 97% May
Apr 7951 May Ga Pow (new corp) $6 pt.*
100 94
9734 9715
Preferred
Hartford Elec Light._l00 378
100
300 106
110 111
May
Mar 111
Apr 381
100 328
376 380
Apr
Parke, Davis & Co, new..•
700 2755 Ma
28
Apr 36
28%
Apr Internat Utilities. class A.'
31
3455 35% 2,300 24
Apr
Ponder(David) Grocery B• 28% 2151
Class B
100 19
3
Apr 28% Feb
Jan
654 May
•
5
21%
535
654 46,700
Penney (IC)Co cl A pf.100
Participating preferred.
Apr 9255 May
50 100
Apr
Jan 103
10234 103
92
300 89
9215
Peoples Drug Stores
1,200 2855 Apr 3455 May Lehigh Power Securities_.• 18%
• 3231 31% 3414
Jan 20
4,600 15
1834 19
Apr
1.141111p-Morr Cons Inc coos
, 1354
1.600 12% Apr 20% Jan Long Isi'd Ltg 7% pret 1611
13% 13%
50 10735 Jan 112
110% 112
May
Pick (Albert), Barth & CoMarconi Wire'Tel of Lon £1
355 Jan
4% 455
700
454 May
Common vot tr ctf_ __ _1 14% 14
Mass
Gas
Co.
pref
30,400
May
73
Jan
12%
14%
14% MAY
10
73
73
73
7415 Apr
Prof el A (partic pref) • 22% 20% 23
11,600 20
Apr 23 May Middle West US!corn__ • 114
Fe 11734 May
110% 117% 6,750 108
Pierce Butler & Pierce Mfg
Prior lien stock
ioo
12114 121%
100 11754 Jan 12115 May
Common
7%
preferred
25 20
600 20
May
20
20
May 20
100 110
110 113% 2,350 10534 Jan 11 334 Feb
Pillsbury Flour Mills__ _ _50 8134 6815 83% 6,150 52% Jan 83% May
Mohawk & Hud Pow com• 2435
24
1,600 2055 Jan 27
2411
Feb
Plaid> & Lake Erie com-50 17434 171% 17455
9'50 167% Jan 181% Feb Mohawk Valley Co
• 3634 36
Fe
4754 2,200 37
4955 May
Pittsb Plate Glass Co...100240
Mtn
States Pow 7% p1_100
ao
230% May 269
Jan
May 102
10 102
23031 240
102 102
May
Pratt .44 Lambert
•
Mar 5336 Jan Municipal Service
300 48
811 May 11
4915 50%
100
•
10
10
Feb
Procter & Gamble com--20 201
May Nat Elea Power. class A _ -•
200 178
200 201
Feb 201
2455 24%
600 23% Feb 2535 Feb
Prudence Co 7% prat--100
Nat Power & Light, pref _ ..•
25 10211 Jan 105
Jan
104% 104%
Jan 10855 May
500 101
10711
1071
5
Pullman Co(new core) w 1* 77% 75% 78% 63,800 60
Nat Pub San,corn class A
Apr 7854 May
4,700 18% Jan 2255 Mar
21
s2111
21%
Pyrene Manufacturing_ _10
•
Common,class B
__
100
Feb 14% Jan
9
Jan 2015 Mar
500 14
951 931
1815 1855
Realty Associates corn...'
_
Jan 257
110 225
245 248
May New Eng Pow Assn. new.'
190 4951 Feb 62
59
57
Apr
Remington Arms Co corn.'
Preferred
100
7
13% 1315
Apr
Mar 17
10 88
Feb 94% Apr
93
100
93
Rem Noisel Typew com Alt
; 23
115
34% 3535
Apr New Eng Telep & Teleg 100
1,300 3314 Apr 46
Jan
100
12855
128
130
Mar
Rao Motor Car
N Y Telep 635% pref _ _100
22% 2331 17.600 19% Mar 2311 May
12 112% Apr 115% Mar
114% 11434
Republic Motor Truck..."
Apr 90
2% 231 500 2 May 551 Jan Nor Amer 13411 Sec, 1st pi.
100 88
89
89
May
Richmond Radiator corn.'
1455 Apr 1834 Jan
20
May 2511 Mar Northeast Power, corn...." 1731
20
200
8,700
20
1611
1715
7% cony pref
•
Northern Ohio Power Co.' 10% 10% 1111 5,900
Oh Jan
3715 3715
300 3731 May 3954 Apr
1351 Feb
Ibis-Royce of Amer p1100
May 9334 Apr Nor Ont Lt & Pow pref.100
89
150 89
Jan 9331 May.
50 84
91
92
9255
Rome Wire Co u% pref 100
Mar 103% Mar Nor States P Corp,com.100 11611 116 116%
10255 103
1,000 10951 Jan 118
75 102
Apr
Royal Bak Powd com. 100
Preferred
Feb 240
209 224
210 161
May
50 100% Jan 107
100 106
106 106
May
Preferred
100
North Tex Elec Co com 100
Mar 103
27
102%
:99%
1,000
30
103
Jan
100
May
30
36
Feb
Ruhberoid Company _.J00
90
90
May 9315 MAY OhloPubServ7% IstpfA100
Feb 108
50 89
30 104
10535 108
May
Safety Car Htg & Ltg--100
130 130
Mar Pacific 0 & E let pref__25 2654 2635 2611
25 12554 Jan 141
700 24% Feb 2651 Jan
• 275
Safeway Stores corn
Penn
Feb
Cent
232
150
L
280
&
275
301
Apr
P
$5
7455
50
May
pref__•
74%
74%
7434
7515 May
•
St Regis Paper Co
4714 4634 47% 1,600 37
Apr 48% May reno-Ohio Ed% new com-•
2,000 27
3815 40
Feb 40
May
Schulte Real Estate Co....*
7% prior preferred..100 10355 103 10351
15% 1555
1855 Mar
100 1531 Jan
280 9751 Jan 104% May
Seeman Bros com
• 26
$6 preferred
2515 26
Jan
300 2515 May 28
8814 8914
410 8055 Jan 80% May
• 89
Selberling Tire & R, corn.*
Warrants
29
Apr 29
May
100 23
29
1555 1655
1534
700 1031 Jan
1835 May
Served Corp (Del) corn. .•
7
5% Apr
1051 Feb Penn Ohio/hour Corp----• 12% 1211 1355 2,000
6% 711 3,900
834 Fen 1355 Apr
Sherwin-Williams corn..25
53
Feb 54
5335
Mar Penn Pow & Light pref...._• 109
200 44
10854 10931
Jan 10915 Feb
100 106
Shredded Wheat Co
•
67
Feb 70
67
Apr Pa(3 & El CIA part stk- •
100 56
1915 1934
Jan 2131 Feb
300 19
Silica Gel Corp com v t c_• 17% 1755 17%
Feb Penn Water & Power 100
400 13% Mar 19
190 190%
30 17551 Jan 192% May
Silver (Isaac)Bros Inc corn* _33
New common
30
Apr 3715 May
35%
800 26
4815 4831
Mar 48% May
500 45
Singer Manufacturing-100
371 371
Jan 387% Feb Phila Elea Co corn
10 365
25 5131 50% 52
1.100 44% Mar 53
Jan
Singer Mfg Ltd
£1
534
5
Jan m551 May Providence Gas Co
551 555
200
116 116
60
86
Mar 123
2
May
Sala Viscosa ord (200 Ilre)
Puget Sound P&L,com.I00 33
3251 34
Aor 34
2,700 28
May
flop rats Chase Nat Bk..
9% 10
6% preferred
600
5
Apr
11
Jan
100 88
88
88
10 8335 Jan 88
May
Southern Grocery Store, A*
30% 31
100 30% May 3534 Feb Sierra Par Elea Co corn.100 ____- 2751 2731
100 29% Jan
2554 Apr
Stand Corn't Tob com_ _.*
27
27
Mar South Calif Edison pf A_25 273-4 27% 27%
100 1955 Jan 29
27)5 Mar 2851 Feb
300
Stand Mot Construc__100
1% 1%
1%
1
Jan
Preferred B
900
155 May
25
24%
2555
600 2455 Jan 2515 May
Stand Publishing. cl A__25
314
3/4
600
311
634 Jan Sou Colo Power Cl
334 Apr
_.25 26
26
26
Feb
100 26
2735 Mar
• 15
Stein-Block Co
15
15
200 15
May Sou Cities UM cornA_May 15
clA.-•
39
39
200 2315 Jan 4254 Mar
Preferred
100 100
100 100
May 100
200 100
May Sou Gas & Pow class A--• 1974
10% 21
700 18,‘ Ma
Apr
22%
Stern Bros class A
50
50
Feb 5215 May S'eastern Pow & Lt corn _.• 3655
100 42
3535 37
44,700 29% Ma
May
37
Stromberg Cads Tel Mfg.•
37
37
200 3634 May 42
Jan
Common vot trust ctfs.•
33% 3435
Jan 3415 may
600 28
•
Stroock (13) dr Co
4014 40%
Apr 44
100 40
Jan
47 preferred
106 106
100 10151 Jan 106
May
• 1351
Stutz Motor Car
2,200 1234 May 21
12% 1455
Mar
Participating preferred.' 7935
7751 7936
1,200 6755 Jan 7916 May
100
Swift dr Co
199 119
50 11534 may 1201( Mar
Warrants to pure= stk.,
911 1011
8% Jan
1,900
1034 May
15 2354 2335 2454 7,800 1855 Mar 24% May
Swift International
13'west Bell Tel pref__100
116% 118
150 113% Jan 118
Jam
Thatcher Mfg new corn..• 14%
1435 1516
500 1454 May
18
Mar Springfield Gas Lt new._25
77
May
77
May 79
100 77
Cony preferred
4351 44
900 4134 Apr 46
Mar Stand Gas& Elec 7% pf 10(1 10934 10955 10951
10954
10434
100
May
Jan
Azle_
10
Timken-Detroit
May Stand Pow & Lt, com__-25
13% 13% 4,700 1154 Mar 14
1334
2315 2355
Jan 2414 Jan
100 22
100 98
Preferred
May 100
30 86
May
98
97
Preferred
10134 10151
•
so 9855 Feb 102 Apr
Tobacco Prod Exports...
3
Mar
200
334 JAI) Tampa Electric Co
311
331 3%
• 6231 62% 64
Jan 64
49
May
600
Todd Shipyards Corp_ _ _ _* 4915 49
United Gas Rapt
Apr00
4955
Jan
200 45
May
50 108% 106% 109
Fe 109
13,200 89
Torrington Company.._25
May 68
10 68
May United Light& Power A__• 14
68
68
13% 1455 21,500 12% Ma
1514 Jan
Trans-Luz Day Pict Screen
Preferred A
96
• 96
Jan 9755 May
97
200 85
•
Mar
5
Class A common
555 511 2 900
8% Jan
Preferred B
535
•
52
may
52
100 5054 Jan 53
THE rHRONTC.I.E
MAY 23 1927.]
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Public Utilities (Cana.) Price. Low. High Shares.
United Rys&El Bait corn 50
Utilities Pr & Lt clan H. •
Utility Shares Corp corn_•
0ntlon warrants
Waterbury Gas Light_ _25
Western Power pref._ _100
23
17% 17
1234
214
2%
58
10034
Former Standard Oil
Subsidiaries.
1934
Anglo-Amer 011(votsh)
1834
Non-voting stock.._ _ Li
Borne-Scrymser Co. .100
50 58
Buckeye Pipe Line
cheriebrough Mfg Cons_25 9534
Continental 011 v t c_ _10 17%
Cumberland Pipe Line_100 594
100 56%
Eureka Pipe Line
Galena-Signal On. corn. 100
Humble Oil & Refining_ .25
100 140%
Illinois Pipe Line
Imperial 011 (Canada)...._• 43%
Registered
Indiana Pipe Line.._50 70%
National Transit. ___12.50 x16
100
New York Transit
Northern Pipe Line. _100
25 56%
25 18%
Penn-Mex Fuel 011
25 48
Prairie 011 & Gas
100 163
Prairie Pipe Line
100 x183
Solar Refining
25
South Penn 011
50
Southern Pipe Line
100
Lines_
Pipe
West
Pa
So
Standard 011(Indiana) 25 674
Standard 011 (Kansas)_25 16%
25 11334
Standard 011(Ky)
Standard 011(0)new corn 25 57434
100
Preferred
25 123%
Vacuum 011
Other Oil Stocks.
Amer Contr 011Fielda- -5 83c
•
434
Amer Maracaibo Co
Argo 011 Corporation__ _10
Arkansas Natural Gas_ _10
Barnsdall Corp stk puren
4%
warrants (deb rights).
Cardinal Petrol Corp_ _ _10
14%
Carib Syndicate new com__
Certificates of deposit...
•-Creole Syndicate
111
Crown Cent Petrol Corp__•
•
7
Darby Petroleum
1%
Gibson 011 CorporatIon_l
• 50c
Gilliland 011 corn v t c
Gulf 011 Corp of Penna...28 89%
• 10%
Houston Gulf G113
111
Intercontinental Petroleum
International Petroleum_.* 3014
Kirby Petroleum
Leonard 011 Develop1-25
615
• 23
Lion On & Refining
•
Livingston Petroleum_
Lone Star Gas Corp--.25 4374
1
134
Magdalena Syndicate
Mariand 011 of Mexico_ _ _1
Mexico On Corporation_10 170
Mountain Producers_ - _ _10 24%
Nat Fuel Gas, new
New Bradford 011
New England Oil
New York On
25 1115
Okla Natural Gas Otis denPandem 011 Corporation.*
514
Pantepeo Oilof Venezuela.*
Pernmk Oil Corporation...'
Red Bank 011
25
Reiter Foster 011 Corp...*
5%
Richfield 011 of Calif pref_ _
Royal Canadian 011 Syncll's 210
Ryan Consol Petroleum.*
Bait Creek Congo'011_10
814
Salt Creek Producers. _10 26
Tid-Osage Oil non-vot stk* 1831
Transcont'l 0117% p1._100 75
Venezuela Petroleum_
434
Wilcox(H F) Oil& Gas...* 25%
•
Woodley Petroleum
"Y" 011 & Gas
II--
500
2334
18% 10,500
900
13%
3% 10,300
200
58%
100
100%
18% 19%
18% 19%
5134 5134
53 . 58
9534
93
17;4 1734
96
z94
5674
52
815
834
5534 56%
139% 140%
4215 44%
4411 44%
72%
69
16
16%
3431 3474
84
85%
55% 57
17% 18%
46% 4834
163 164%
186 186%
35
3571
1815 19
72
77
6631 6714
15% 1631
112% 114
74% 77%
118 118
110% 124%
4%
17c
1534
15%
11
1%
734
134
50c
90
11%
1%
30.14
134
6%
24
51c
44
134
134
17e
24•11
2511
534
4%
1134
23%
6%
10%
8%
18
574
24%
210
4%
6%
29%
19
78%
434
2531
5%
2%
Mining Stocks8c
7c
8o
Amer Com'l Min & Mill- _ _
5o
70
70
Arizona Globe Copper...)
1
111. 111
Beaver Consolidated
Sullivan_10
z80
Bunker Hill &
7634 z8015
1
234
2
2%
Calaveras Copper
I
2%
234 3
Consol Copper Mines
25
12
12
Copper Range Co
1 20o
190 200
Cortex Silver Mines
2
11;is 2111
Cresson Consols:3 M & M.1
1
40
40
Divide Extension
600 660
Dolores Esperanza Corp_.2
10
75o
1
East Butte
2% 34
Engineer Gold Mines.Ltd 5
1
40
40
50
Eureka Croesus
Falcon Lead Mines
50o 50c
20
First Thought Gold Mines*
2c
1%
154
Golden Centre Mines- -5
70
Golden State Mining.--10c
50
80
Goldfield Consol
100 10c
Hawthorne Mines, Inc._1
So
2o
40
25o
1434
Hecla Mining
14
Bollinger Cons Gold Min.5 2034 20
204
a 660 660 680
Kerr Lake
Kirkland Lake Gold Min_1
134 14
Mammoth Divide
1043
180 200
Mason Valley Mines
5
134
134
21% 22
New Cornelia Copper- _ _5
100 183% 183 186
New Jersey Mc
Newmont Mining Corp 10 73
73
7434
NIpissing Mines
6
6
6%
6
• 2211 , 2231 25
Noranda Mines. Ltd
10
1%
111
111
North Butte
1 610
570 640
Ohio Copper
13
1311
Pond Creek Pocahontas...' 13
1
2
2714
2
Premier Gold Mining
160 16c
Red Warrior Mining
314 334
South Amer Gold & Plat_l
20
2o
2c
Spearhead Gold Mining-1
15o 17c
Standard Silver-Lead _ _ _1
1
714
711 711
Tack-Hughes
134
Tonopah Belmont Deve1 1
154
1
2% 2%
Tonopah Mining
United Verde Extenelon.500 23% 2334 24
a 531 5
5%
Utah Apex
1% 1%
Utah Metal & Tunnel.. .1
234
231 234
Wenden Copper Mining...1
Low.
19%
13%
911
1%
58
98
9,200
8,700
100
200
2,700
5,000
5,800
1,300
34,000
800
200
12,700
200
2,300
1,700
1,700
19,300
800
2,700
600
100
2,100
3,000
100
1,000
2,900
1,100
200
100
900
400
6,000
1,000
500
100
1,90
10
1,00
10
400
1,700
600
, 850
600
4,100
100
900
770
4
1;5
611
High.
Mar 2334
19
Jan
1311
Feb
3%
Apr
May 5834
Jan 102
3,200 18% Apr
1,600 1774 Apr
Apr
50 50
Jan
3,150 45
400 78% Jan
17% May
10,600
Ma
180 o9n
Jan
1,000 47
815 May
100
Ma
3,700 54
500 123% Jan
10,100 37% Jan
200 44% May
1,650
1334 Jan
1,10
50 31% Jan
Jan
800 70
Apr
2,700 52
Aar
300 12
5,000 45% Apr
Jan
1.600 132
Apr
30 180
600 34% Apr
Feb
600 16
200 55% Jan
24,500 6414 May
1,300 15% Mar
Mar
1,300 112
Apr
1,200 73
2 z1171i Apr
54,300 96% Jan
80o 85c
4
4%
1%
13.4
7
314
15c
14%
15%
10%
1
7
174
50c
89
10%
134
28%
1%
6%
23
510
42%
115
134
17e
2434
2474
5
414
11
23%
5
10
811
16
5
2411
210
414
6%
26
18
73
434
2231
511
134
Range Since Jan. 1.
Apr
Mar
May
Apr
3% May
15c
Apr
14% May
15% May
1034 May
May
1
4% Jan
1% Ma
50c May
86% Apr
811 Apr
1% May
28% May
174 Jan
614 May
Apr
22
51c May
Jan
37
111 Mar
1
Anr
1034c Apr
22% Apr
23% Mar
4% Mar
Apr
4
9% Mar
21% Feb
May
5
934 May
834 May
16
May
May
5
May
24
20e
Apr
4% May
May
2734 Apr
15
Apr
6334 Jan
4% May
20% Apr
534 Apr
131 May
Apr
May
May
May
May
Feb
2134 Jan
2034 Jan
69
Feb
May
58
9034 May
22% Jan
Jan
137
56% May
13.', Feb
62% Jan
150
May.
47
Mar
44% May
7234 May
May
17
36
Feb
85% May
6414 Feb
Jan
19
5834 J80
185% Apr
201% Feb
4115 Jan
27% Feb
77 May
74% Jan
20% Jan
12234 Jan
8734 Apr
122
Feb
124% May
271.
794
114
815
Jan
Jan
Mar
Feb
711 Feb
Jan
26c
174 May
Jan
26
14% Jan
3
Jan
Mar
12
3% Jan
Mar
2
9611 Jan
1211 Apr
Mar
2
34% Feb
2% Jan
10% Feb
273.4 Feb
99c
Feb
48% Mar
2% Jim
2
Jan
38e
Jan
2614 Jan
26% May
515 Apr
6% Mar
12 May
23% May
934 Apr
1234 Mar
1334 Jan
24% Jan
15% Jan
24% Apr
350 Feb
Jan
7
Jan
8
Feb
82
2311 Mar
80
Feb
7% Jan
32% Jan
8
Jan
6
Jan
3,000
750
Jan 100 Mat
5,000
3c Mar
8c Apr
100 650
Jan
1% May
2,700 6734 Feb x8015 May
4,000
134 Mar
211 May
900
2% Feb
311 Mar
100 12
May
13% Feb
9,000
70
Jan 300 Feb
3,000
131 May
27714 Jan
2,000
4o May
7c
Jan
8,300 85o Mar 70o May
800 75e May
1
May
700
234 Mar
5/4 Jan
23,000
443 Apr
70 Feb
1,600 500 Apr 78c
Jan
2o
6,000
Jan
40
Jan
1% Feb
800
2
Mar
24,000
20 May
8c
Feb
3,000
50 Feb 190 Mar
53,000
2e May 1lo
Jan
600 12% Feb 15% Jan
300 20
May 2231 Feb
600 680 May 95e
Feb
100
111 Apr
114 May
2,000 12o
Apr
24c May
400
1% May
244 Jan
600 21% May
24
Jan
360 179
May 193% mar
1,600 6734 Jan 81
Apr
1,300
6% Apr 10% Feb
7,300 1934 Jan 25
May
900
1% May
331 Jan
25,600 40o Mar 640 May
1411 May
300 1131 May
1,100
1% Jan
211. Feb
3,000 16e
Jan 89c
Feb
May
3
600
3% Jan
2e
14,000
Feb
4c
Jan
4,000 15c May 27c
Feb
5% Jan
500
814 May
1% Feb
100
2314 Jan
2
Apr
500
3% Jan
1,000 22% Jan 28
Feb
May
5
2,800
7% Feb
13-16 Jan
500
234 Feb
4.700
2% Mar
334 . Jan
Friday
Last Week's Range Sales
ofPrices.
Sale
Week.
Mining Stocks (China) Price. Low. High. Shares.
3197
Range Since Jan. 1.
Low.
High.
West End Consolidated_ _5
9c
11c
West End Extension
1
15c Mar
Apr
6,000
Sc
Sc
Apr
Sc
5,000
Bonds7c
So
Jan
96
9611 327,000 96
Adriatic Electric 7s. .1952
May 9631 May
10035 100% 9,000 98% Mar 10031 Apr
Alabama Power 59_ _1956
5274 57
Allied Pack deb 8s. _1930
Jan
32,000 40% May
78
52
5434 27,000 43
Debenture as
1939 52
Jan
Mai 66
99
9934 10,000 99
Allis-alai Mfg 5s_ _ _ _1937
May 99% May
Aluminum Cost deb 5552 9935 99.% 99.% 150,000 99% May 100% Mar
Amer 0 & El 6s.
2014 10534 105% 105% 157,000 10134 Jan 106% May
Mnerican Power & Light65. without wanr_ .2018 10515 104% 105% 205,000 100
Mar 105% May
96
96
2,000 95% May 98% Apr
Amer Radiator deb 4145'47 96
104 104% 11,000 103
Amer Roll Mill 68. _1938
Jan 104% Mar
10534
10634 84,000 101% Jan 10615 May
Amer Seating es
1938 10534
101% 1014
1,000 101% May 102
American Thread 613_1928
Jan
Anaconda Cop Min 65.1929 10234 102% 10234 13,000 10114 Jan 10274 Feb
Andlan National Corp
104 104%
9,000 101
(is without warrants 1940
Jan 104% May
Feb 97% Apr
Appalachian El Pr 58_1956 9631 96% 9614 73,000 95
56,000 (334 May 97
Apr
Arkansas Pr & Lt 58_.1956 9434 94% 95
90
May 97% Jan
90% 18,000 90
Assoo'd Sim Hardw 6303.33 90
18
26,000 17% May 20
20
1949 20
Jan
Atlantic Fruit 88
9251 291,000 92
May 9631 Jan
Batavian Petr deb 410 42 923-I 92
23,000 99
99 100
May 103% Jan
Beacon 0116s, with warr'36
Beaverboard Co 8s___1933 9634 96% 96% 19,000 95% Mar 99
Jan
Fe
102% 102% 17,000 101
103
Apr
Bell Tel of Canada 58_1955
1st M 5s ser B June 1957
10234 102.44 25,000 102% May 10271 May
Apr 9934 Jan
9734 185,000 97
Berlin City Elea 63.45_1951 9711 97
3,000 10074 Jan 101
100% 100%
192(1
Mar
614% notes
1,000 9934 May 101
Mar
1929 9946 99% 99%
634% notes
Feb
Boston Consol Gas 58_1947 1013-4 101% 101% 49,000 101% May 103
Mar
102% 102% 12,000 100% Jan 103
Boston & Maine RR 85 '33
May 92% Feb
7,000 63
67
6934
Brunner Tur & Eq 7%8'55 67
10331 103% 2,000 102% ma 103% Apr
Butfalo Gen Elec gen 59.56
Burmeister & Wain Co o
Jan 97% Apr
95% 16,000 94
Copenhagen 15-yr 65..40 9574 95
Feb 111% Mar
Canadian Nat Rya 78_1935 11135 11134 11134 9,000 III
TIM 102% May
Carolina Pr & Lt 55_1956 1013-4 101% 10234 51.000 100
Chic Milw & St P (new co)
Apr
923.4 92% 93% 154,000 92% Mar 95
50-year 5s w 1
Convadjwi
5734 57% 58% 416,000 5411 Mar 59% Apr
91% Feb
Cities Service 55
1956 91% 91% 91% 94,000 91% Ma
101 10134 176,000 93% Jan 10334 Feb
Cities Service 85
1966 101
Jan
9934 16.000 98% Ma 100
99
Clay Term Bldg 65._ _1941 99
Columbia G & E deb 5s_'52 100
99% 100 286,000 99% Slay 100% May
Jan
22,000 95 • May 98
95% 97
Commander-Larabee 6s '41 97
9534 95% 6,000 9514 Apr 9531 May
Com'wealth Ed 4348..1957
107% 10734 11,000 107% Jan 10894 Jan
Cons 0,El & P 6s ser A.'49
May
Mar 107
17,000 106
5348 series E
1952
10634 107
5s series F
103% 10354 1,000 101% Feb 103% May
1965
May
Consol Publishers 6348 • 36 10015 99% 10031 21,000 97$14 Feb 101
23,000 89% Jan 99;4 May
Consol Textile 88
1941 99
9834 99
Continental &cur 5s A1942
May
with warrants
9934 9934 10011 39,000 9911 May 101
Cosg-Meehan Coal 6348'54 9634 9.534 9634 5,000 93% Jan 97% Feb
Jan
97% 9731 8,000 0634 A ix 98
Cuba Co 8% notes_ _1929
111% 111% 6,000 1104 May 111% Feb
Cuban Telephone 7348 1941
Jan
Cudahy Pack deb 534,1937 953.4 95% 9634 27,000 9434 Jan 98
1940
9931 99% 5,000 9714 Jan 10034 Mar
5s
Detroit City Gas 613_1947 10731 10674 10714 14,000 106% Jan 10714 Mar
Apr
1950
10014 10011 10,000 99% Mar 101
58. series B
Jan 10131 Apr
2,000 99
E Tenn Off Bldg 648_1943 9934 9974 99%
Mar 984 Apr
Eitingon-Schild Os__ 1938 9731 9711 98
9,000 97
Mar 9734 Jan
Elea Refrigeration 68_1936 8574 84% 85% 11,000 83
May 9831 May
Empire 011 dr Refg 5145 42 96
44,000 98
98
98
May 101
Mar
1,000 99
99
99
Europ Mtg & Inv 7345.1050
May 9734 Mar
35,000 96
96
97
Fairb'ks. Morse dr Co 58'42 98
First Bohemian Glass Wks
1st 78 with stk our war.57 94% 9434 94% 17,000 93% May 97;4 Mar
Fisk Rubber 534s...1931 97% 9734 97% 79,000 9734 Jan 98% Mar
92% Mar 94% Jan
Florida Power & Lt 58.1954 93% 9334 94 121,00
Glair (Robert) Co 78..1937 107% 1073.6 1073.4 10,000 10434 Jan 108% Mar
Apr 97% Mar
1942 9714 97
9734 28,800 97
1st mtge 5345
Feb
Jan 93
Galena-Signal 011 7s._1930
9034 90% 4,000 90
9715 67,000 944 Jan 97% Apr
97
Gatineau Power 58-1956 97
May
1941 10011 10051 10134 23,000 98% Jan 114
65
Feb 120% May
Gen Amer Invest 5s _1952 117% 11831 11734 106,000 100
Feb 100% Apr
10034 10034 195,000 100
Genl Motor Accept 68_1937
10034
101% May
May
65_1928
Petroleum
General
10034 10015 1007-4 11,000
Apr 98
Jan
Georgia & Fla RR 68...1946
9711 973-4
1,000 97
98
Apr
43,000 96% May
Georgia Power ref 58_1967 96% 9636 97
9914 155,000 97% Mar 9934 May
Goodyear T & R 58-1928 99% 99
May 9734 May
9734 61,000 97
97
First & coll trust 5s_1957 97
Jan 98% May
38,000 95
Goodyear TAR Cal 54531 9734 9734 98
Jan
10834 108% 15,000 108% May 109
Grand Trunk Ry 6349.1936
1937 99% 9931 10011 26,000 9934 Ma 100% Apr
Gulf 011 of Pa tu
Sinking fund deb 5s.1947 9934 993-4 9911 237,000 99% May 100% Jan
May
9715 61,000 9434 Jan 58
Gulf States Utile ba---1956 97% 97
Feb
Hamburg Elea Co 78-1935 101% 10154 10131 8,000 10034 Mar 103
May
11,000 92% May 96
96
Hood Bubb 6348-Oct15'36 9431 94
Apr 104
Feb
1930
102 10214 9,010 101
78
943.4 9434 5,000 9414 May 94% May
III Pow & Lt deb 5345-1957
Mar 9911 Slay
99
hider,Oil& Gas deb 681939 99
9994 150,000 99
Indiana Limestone 65_1941 9834 9814 98% 24,000 9774 Feb 9911 Jan
rnd1an'p's P & L Ss ser A'57 97% am 97% 112,000 97% Mar 98% Jan
Apr
May 97
lot Pow See 78 ser E_1967 9811 9834 9634 29,000 93
Int Rya Cent Am 610.1947 9114 9134 9231 138,000 91% May 92;4 Mar
Interstate Nat Gas 88..1936
Without warrants
10211 10234 10294 11,000 100% Jan 102% May
Interstate Power 58 _ 1957
9714 9734 50,000 9734 Feb 97% May
May
May 102
Invest Equity with war '57 10134 101 102
35,000 101
9534 May
Isarco Hydr-El 7s _ _1952 93% 9334 9334 36,000 9314 May
Kayser(Julius)&Cob 30'47
9611 9734 387,000 96 May 98% May
Apr
Mar 94
Keystone Telep 5348._1955 9214 9294 92% 2,000 90
Krupp (Fried) Ltd 7E1_1929
102 102
4,000 9934 Jan 10234 Jan
Laclede Gas Light 6345 '35
10094 101
14,000 100 34 Feb 101% Jan
Lehigh Pow Secur 6a_ _2026 100
100 1009-4 128,000 95% Jan 10034 MAY
Leonard Tietz Inc 734s '46
Mar 13314 May
With stk Mir warrants.. 12214 121 123
49,000 108
Withoutstk pur warrants 101% 10174 102
29,000 99% Apr 10211 Apr
Libby, McN & Libby 78'31 104
10315 104
9,00 10314 May 10434 Mar
Lombard Else Co 78-1952
9574 96
51,000 9411 Feb 99% Mar
May
Long Isid Lt8 Co 68_1945 105
10434 105
27,000 102% Jan 105
Manitoba Power 5345_1961 99% 99% 100
Jan 10034 Jan
34,000 98
Mansfield Min & Smelting
Jan 112% Apr
(Germany)75 with war'il 106
106 10731 14,000 104
Without warrants__ _.. 98% 9814 99
11,000 9834 Apr 101% Jan
Mass Gas Cos 6141---1946 103% 10334 10311 25.000 103% Fe 104;4 Jan
Meridionale Elec Co(Italy)
30-years f 78 ser A _ _1957 9514 9534 9515 34,000 95% May 95% May
Jan
Midwest Gas 78. A.--1936
98
98
13.000 95% Mar 100
Milwaukee G L 44s__1967
5,000 93% Mar 9511 Apr
95
95
Montana Power deb 581962 9711 9771 9754 45,000 9711 May 9714 May
Fe 10674 Apr
Montecatini (Italy) 78.1937
100% 10236 75,000 97
Montgomery Ward 58_1946 9714 9794 9714 2,000 9731 Jan 9914 Mar
Montreal L H & P68 A '51
101 10111 37.000 99% Jan 10134 May
Morris & Co 754.i930
y. 9934 10011 30,000 95 May 104% Mar
Narragansett Co col 58 1957 99% 9934 9934 62,000 98% Mar 100% Apr
Jan
May 100
Nat Dist Prod ()%s_ _ _1935 99/5 98
9934 29,000 98
Nat Pow & Lt 6s A_2020 10211 10111 10215 104,000 9834 Fe 10214 May
102
Mar
Jan
97%
Nat Pub Serv 6348....i955
10015 101% 37,000
May
10215 Jan 106
Nebraska Power 65_..2022 10511 10
97
5 10
97
594
Feb 102% Jan
00 96
1:0
°0
34 2
Nevada Cons as
1941
34
Nichols & Shepard Co 68'37
Feb 10734 Apr
With stock purch warns 104% 102% 104% 236,000 98
Apr 11414 Feb
Nor States Pow 634s..1933 11331 113% 114% 68,000 110
634% gold notes -1933 10274 102% 10334 6,000 10214 Mar 103% Mar
Ohio Power 55 ser B._1952 9814 98% 9914 15,000 9711 Feb 99% Mar
434s series))
1956 91% 9131 9211 37,000 8914 Feb 92% May
Apr
Jan 100
Ohio River Edison 55_1951 9834 98% 9914 26,000 97
3198
Bonds (Concluded)-
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Lew, High Week.
Range Since Jan. 1.
Low.
High.
Okla Natural Gas 68_1941 10434 10434 105
87,000 99
Jan 10534 May
Oswego River Power 681931
100% 100% 1,000 99
Jan 100% May
Park Ave Bldg Mayfair
Hoyse N Y 6s
1940
99
99% 12,000 99
Feb 9914 May
Penn-Ohio Edison ds_1959
Without warrants__ ___ 98% 98% 99
87,000 9544 Jan 99% May
Penn Pow & Light 58.. _1952 10134 100 101% 23,000 99
Jan 102
Mar
5s series D
1953
100% 100%
5,000 994 Jan 10214 May
Phila Electric 5148_ _1953 10611 10614 10634
1,000 106% Jan 107
May
Phlia Elec Pow 5148_1972 10434 104 104% 47,000 102% Feb 105
May
Phila Rapid Tran 65_ _1962 10234 102 103
7,000 9934 Jan 103 May
Phila Sub-Counties 0 & E
Ist & ref 4 As
1957 95
95
95
May 95% May
45,000 95
Phillips Petrol 5148_ _1939 9934 9931 99% 90,000 9914 May 9944 May
Pirelli Co (Italy) 78._ A952 100
100 100% 20.000 100 May 102% Apr
Porto Rican Am Tob 68 42 99
99
99% 32.000 98% Feb 100
Mar
Potomac Edison 5s_ _1956
96% 96% 53.000 95
Mar 97
Jan
Pub Serv Corp NJ 5125'58
10234 102% 15.000 9934 Mar 103% Apr
Pub Sent Elec & 58_1965 103
102% 103% 210,000 99% Mar 103% May
Pure 011 Co 6145
1933
103% 10314 23,000 102% May 103% Feb
Queensboro 0& El 514s'52 10034 moy, 101
May 101
38,000 100
May
Rem Arms 514% notes '30 9614 96% 97
23,000 9634 May 9714 Apr
Rem'n Rand Inc 5143_1947
with warrants
100
100 100% 537,000 100
May 101% May
Richfield 011 of Callf 651941 94
94
9414 5.000 91% Apr 99% Mar
Sauda Falls Co 58_-_1955 10034 100% 101% 33,000 97% Jan 101% May
Schulte RE Co 6s___ _1935 9515 9545 95% 28,000 92% Mar 1161d Apr
65 without corn stock1935
86% 88
Mar 88
34.000 85
May
Serve! Corporation 66_1931
Apr 74
May
6834 70% 14,000 66
Shawsheen Mills 78_ __1931
98% 99% 16,000 94% Mar 101% Feb
Shell Union 011 Ss__ _1947 9914 99% 9914 363,000 99% Apr 99% Apr
Sheridan Wyom Coal 65'47
95
97
May 99
May
35,000 95
Skelly 011534s
1039 97
97
97
38,000 97 May 98% Mar
Sloss-Sheff S&I pur m 65'29
102% 10244 2,000 102% Jan 103
May
gold
notes__ _1929
S f 6%
10214 10274 6,000 101% Jan 102% May
Snider Pack 6% notes 1932 10034 100%
74,000 100% May 102% May
101
Solvay-Amer Invest 55 1942 98
98
9836 84,000 98
May
9934 Jan
Southeast P & L 6s___2025
Without warrants
10034 10034 100% 184,000 98% Jan 101%
Sou Calif Edison 5s_.1951 10034 100% 100% 243,000 97% Jan 101% May
Apr
As.
1944 1023( 102% 102% 7,00G 9914 Apr 102% Jan
Southern Gas Co 6 As_1935 10214 10234 102% 12,000 101% Jan 103% Apr
Southwestern G & E 581957
94% 94% 5,000 94% May 102
Jan
Southwest'n P& L 68_2022 10234 10234 10244 11,000 99% Jan 102% May
Stand Invest 55 with war'37 103% 103 10514 60.000 100
Mar 109 May
Stand 011 of N Y 6%11_1933 10434 104% 104% 32.000 104% Mar 105% Feb
13th2nes (Hugo) Corp 7%
notes Oct 1 '36 with warr 10034 100 10034 163,004 99% Jan 100% Apr
7111946 with warrants__ 10034 100 10031 210,000 99% Jan 101
Mar
Stutz Motor 7145
1937 91
90% 92
34,000 88
Jan 100
Feb
Sun Maid Raisin 6348 1942 97
96% 9714 84,000 9414 May 98% May
Sun 011 534s
gg% 10045 47,000 9914 May 10014 May
1939 100
Swift & Co As Oct 15 1932 9934 99% 100
99
67,000
Jan 10034 Mar
Texas Power & Light 58'56 9615 96% 9614 69,000 9554 Feb 9734
May
Thyssen (Aug) I & B 751930 10134 101% 101% 6,000 101% Apr 1031(
Jan
Trans-Cont'l 011 78_ _ _1930 99
9813 99% 110,000 97% Jan 99% Feb
Trans-Lux Daylight Pic Scr
Co 6148 with warr_ _1932
99
99
2,000 99
May 9934 May
Tyrol Hydro-Electric 7s'52
9734 9734 1,000 9714 Apr 98
Apr
UIen&C0634s
1938
100% 101
21,000 993( Jan 101
May
Union Paz RR 414s___1967
97% 97% 61,000 9734 May 9714 May
United El Seer (Unes)75'56 10034 100 10011 63,000 93
Jan 103% Apr
Without warrants
9234 9234 93
Apr
45,000 9234 May
94
United Industalal 644101941 96
96
96% 15,000 9534 Apr 99
Jan
United 011 Prod 8s___1931
75% 75% 1,000 60% Jan 89% Mar
United Rys of Hay 734s'36 110
110 110
Jan
3.000 109% Mar 112
notes_1929
USRubbO34%
102
102 102
Jan
1.000 101% Mar 103
Serial 614% notes__1930
102 102
Jan
16,000 102
Feb 103
Serial 634% notes_1931
101 102
Feb
18,000 101
May 103
Serial
% notes_ _1932
102 102% 7,000 102
Jan 10314 Apr
Serial 634% notes_1934 10234 102% 10235 6,000 102
Apr 10334 Apr
Serial 644% notes-1936
102% 103
5,000 102% Jan 103% Apr
Serial 614%
1936 10234 10214 102% 21,000 102% Jan 103% May
Serial 6148 notes- _1937
102% 10214 50,000 102% Jan 103
Feb
Serial 634% notes_1938 10234 102% 102% 26,000 102
Jan
Jan 103
Serial 614% notes_ _1939
102% 10214 6,000 102% Jan 104
Mar
Serial 614% notes1940 103
10214 103
14,000 10234 Feb 104% Mar
U13 Smelt & Ref 5118_1935 103
Apr
102% 103% 59,000 10134 Jan 104
U S Steel Works A 61481951
With stk put wars ser A.
103% 104% 76,000 102% Jan 11014 Jan
SeriesC with warrants........ 103% 10434 07,000 10234 Jan 110
Jan
Series C without warr_
May
May 98
1.000 95
95% 95%
Warner Bros P106348.1928 1023.4 102% 104% 82,000 9834 Mar 11114 Feb
Webster Mills 6348- -1933
Jan
9236 93% 8,000 91% Apr 99
Western Power 534s_1957 9734 9714 9714 79,000 97% Mar 99
Jan
Westvaco Chlorine 534s '37 100
og% 10011 33,000 98% Mar wog Apr
White Eagle OMR 514s'57 96
95
97% 12,000 05 May 10011 May
White Sew Mach 65..1936
With warrants
May 99% May
9834 97% 98% 20,000 97
Wise Cent By 58
Jan
1930
96% 9716 22,000 96% Apr 99
Foreign Government
and Municipalities
Adrian! Mtg Bk Rep of Col
20-year sink fd 7s___1948 97
20-year is.
15 1947 9634
Antioqula (Dept of) Col
7s series C
1945 951i
Baden (Germany) 75..1951 100%
Bank of Prussia Landowners Assn 6% notes'30 98
Brisba e(City) 58....1957 9544
Buds' .Bt(City) ext 65 1962 92%
Bum iAlree(Prov)7348'47 99%
1938 97
1952 96%
7a
7s
1957 94%
78
1958 94%
josta Rica (Rep) 75_1951 94%
Danish Cons Munio 5345'55 99.41
Denmark (Illnem) 53413'55 100%
1970
65
German Cons Munio 75 '47 100%
Hamburg (State) Ger Os'48 9734
Hungarian Land Mtge Inst
1981
7148 aeries A
Indus Mtge Bk of Finland
1st mtge cell s f 75..1944 •100
Medellin (Colombia) 8s '48
1951 94
78
Mendoza (Prod) Argentina
1951 9714
7345
Montevideo (City) 68 1959 93%
Mtge Bk of Chile 6348_1961 9634
bulge Bk of Jugoslavia 7857
Neth'ds (K1ngd) 68 B_1972
New So Wales(State)5s'57 95%
1958 9634
External s 1 55
Pernambuco (State) Brazil
1947 9734
7s
1959 96%
Peru 78
prussia (Free State) 634551 99
Rio Grande Do Sul (State)
1986 97
Brazil ext 78
Russian Govt 6148_ -1919
6142 certificates--- _1919 1234
1921
514s
5A % certificates_ 1921
Santa Fe (City) Argentine
1945 94%
Rep ext1 75
9614 97
9614 97
19,000
32,000
96
44,000
95
10014 10034 25,000
9614 98
9534 9574
92% 92%
9934 100
9614 9734
96% 96%
94% 95%
9414 95%
94% 95%
99% 9911
10031 100%
10014 101
10014 101
9734 9814
09% 9914
9544 Mar
96% Apr
Apr
94% May 07
99
Jan 10234 Jan
51,000 96% May
May
92,000 95
1,000 9234IMay
80,000 97% Jan
66,000 9554 Jan
23,000 9434 Feb
71,000 9414 Apr
13,000 94% May
35,000 9414 May
32,000 9734 Jan
15,000 9944 Jan
Mar
9,000 100
75,000 9914 Jan
31,000 95% Jan
4,000
9834
100 100% 46,000 99%
104 104
1,000 103
93% 94% 33,000 93.34
96
92%
96
92
106%
9514
9631
97%
9244
9744
92
106%
95%
9634
64,000 98
48.000 92%
98,000 96
34,000 92
3,000 106
81,000 95%
49,000 9614
973' 9734 22,000
36,000
96% 97
65,000
98% 99
97
1234
1234
12%
1234
97%
12%
13
13
12.44
28,000
16,000
44,000
46,000
17.000
9434 9431 53,000
97% Mar
97% Mar
9934
96%
9214
100%
9851
97%
97
95%
9614
100
101%
102
102
99%
Jan 101
Mar
Mar
May
Apr
May
Feb
Air
May
Apr
Mar
Feb
Apr
Jan
Apr
Mar
Jan 101% Jan
Mar
Jan 105
Net
Jan 66
May 99%
Feb 94%
Apr 9934
Apr 92%
Mar 109
May 98%
Apr 96%
Jam
Feb
Feb
Apr
Jan
Feb
Apr
97% Apr 99% Apr
9514 May 97% Mar
9884 Jan 100% Feb
97
12%
12
12%
12%
Mar
Apr
Apr
May
Apr
94% May
9834
15
15
15
15%
J66
Jan
Jan
Jan
Jan
95% May
(VOL.
Foreign Government
and Municipalities
(Concluded)-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. Yigh. Week.
Saxon State Mtge Inv 78'45 101
100
834e
9714
1948 98
Serbs Croats & Slovenes
(King)ext sec 78ser B'62 9234 9234
Switzerland Govt5%s 1929 10134 10134
Trondlllem (City) 51481957
9734
101
98
23,000
16,000
124
Range Si71CA Jan. 1.
Low.
Yigh.
99% Apr 10334
97% May 100
Feb
Am
9214 131,000 92% Apr 92% Apr
102
24,000 10114 Jan 182 May
May
9774 5,000 9714 May 98
•No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. a Sold for cash.
o New Stock. r Ex 33 1-3% stook dividends sold at 1483,4 on Jan. 3 1927 with stook
dividends on. s Option sale. t Ex rights and bonus. is Ex special dividend of
33% and regular dividend 01 2%. r Ex cash and stock dividends. w When Issued.
r Ea dividend. y Ex-rights. s Hz-stock dividend.
Note.-Sales of Firestone Tire & Rubber6% pref. stock reported in previous weeks
was an error; should have been common stock.
New York City Banks and Trust Companies.
Bid
Ask. Trust Co.. Bid.
Banks.
Ask.
___
New York.
340 Harriman.._. 650
295 Manhattan e_ 278 281 Am Ex Iry Tr. 867
Mutual*
Bank of N Y
650
& Trust Co.y665
479 National City 545 648
510 New Neth'da• 385 ao Bankers Trust 805
553
Bronx Co Tr_ 330
240 Park
235 Penn Exch.._ 150 160 Central Union 1145
325
Port Morris_ 375. County
422
605 610 Empire
303 Public
155 Seaboard ___ 820 830 Equitable Tr_ 355
190 Farm L & Tr_ 605
473 Seventh
180
_ 805
Standard
Fidelity Trust 300
442 State.
595 610
I15 Fulton
300 Trade*
205 215 Guaranty Tr_ 475
185 195 Interstate- 235
955 United
.
1100 United States* 402 410 LawyersTrust
492 Waah'n
700 1400 Manufacturer 775
165 Murray Hill_ 224
450 Yorktown •_ 150
Brooklyn.
Mtitual(West588 Coney Island' 300 350
cheater) -- 265
315 Dewey•
240 - N Y Trust-- 652
2325 First
385 400 Terminal Tr_ 195
3200 Mechanics"._ 295 305 Times Square. 185
240 Montauk'... 410 ...- Title Clu & T 730
440 Municipal •__ 320 327 U Mtg & Tr 475
Nassau
350 375 United States 2090
People's
_- Westcesir 900
750
208
Brooklyn.
1285
Brooklyn_ _ _ _ 990
Kings Co_ __ _ 2275
AU prices dollars per akar 8.
Midwood.___ 255
Banks-N.Y.Bid
America•____ 327
Amer Union._ 195
BoweryEastR 830
Bronx Boro._ 475
Bronx Nat__ 490
Bryant Park• 219
Capitol Nat__ 225
CentMerc.Bk.
& Trust Co. 295
Central
141
Chase
475
Chath Phenix
Nat Bk &Tr 438
Chelsea Each* 290
Chemical.... 945
Colonial*. _ _. 900
Commerce__ _ 487
Com'nwealth• 425
Continental.' 280
Corn Exch _ 580
Cosmoplan... 920
Fifth Avenue.2275
First
3150
Franklin
230
Garfield
430
Globe Huh* 250
Grace
325
Hamilton__ _ 200
Hanover
1260
•Banks marked (*) are State banks. f New stook.
it Ex-rights.
z Ex-div.
dd.
871
685
(.09
350
1155
830
427
358
610
310
510
478
245
785
230
658
205
140
740
480
iio
r Ex-stook div.
CURRENT NOTICES.
"Moody's Weekly Review of Financial Conditions," speaking with
reference to the stock market in its current issue, says in part: "Brokers'
loans are expanding again and will doubtless continue to do so. 'When
such a movement once gets started it practically never stops until it results
in over-expansion. Hence,the main question is how many weeks or months
it May require to produce such a result. The demand for loans from the
banks remains much greater in New York than in the interior, with the
result that funds are flowing from the interior to New York, and are here
being used to finance the stock market expansion. Incidentally, the monetary outlook has changed. The seasonal decline of interest rates is evidently almost over, and we may look soon for, first, a hardening of rates,
and later a moderate upward trend. Money is likely to rule a little higher
this autumn than it did last. Yet the stock market is not at present
much concerned, and it remains to be seen whether or not the bond market
is going to be influenced at all by this change." .
-The publishers of"The Investor's Pocket Manual" announce that they
have increased the size of the monthly issues of this well-known security
booklet to 336 pages. This booklet contains over 100 pages of high and
low price records of stocks, bonds, cotton, grain, coff
@FedFRASER