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The
nnurrcilti
financial
runirk
INCLUDING
Railway&Industrial Compendium
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Railway Earnings Section
State & Municipal Compendium
VOL. 124.
SATURDAY, MAY 7 1927.
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The Financial Situation.
If the Mississippi flood disaster was responsible
for the ractionary tendency in the stock market,
which was particularly prominent on Monday and
Thursday of last week, it has not as yet had a lasting influence, since on Saturday, April 30, prices
again began to creep up, the market slowly gaining
strength and developing buoyancy on Wednesday,
Thursday and Friday of this week and the Dow-Jones
industrial average scoring a new high point on
Wednesday. Late in the Thursday session there
was a heavy drive which brought substantial recession in a number of important leaders, but this did
not even continue to the end of the session, the losses
being largely made up in many issues before the
dose, with further pronounced strength on Friday.
The rise the last three days was accompanied by a
large turnover, in excess of 2,000,000 shares on each
day, though the volume of business was not as great
as on Thursday of the previous week, when prices
were declining sharply and when 2,618,268 shares
were traded in. The advance this week has been particularly impressive on account of the character of
the stocks chiefly concerned,striking advances being
made in such high grade investment issues as General Motors, International Harvester, du Pont, General Electric, Union Carbide, National Biscuit and
American Tobacco, and considerable advances also
being made by such stocks as Mack Truck, Commercial Solvents, Hudson Motors and Laclede Gas, the
latter advancing from 199 on Wednesday to 218 on
Thursday. Strength in the principal railroad stocks,
led by the Van Sweringeri issues, raised hopes of a
favorable finding by the Inter-State Commerce Commission when the Van Sweringen application on
Chesapeake & Ohio comes before it on May 10.
Bank and Quotation Section
Bankers' Convention Section
NO. 3228.
During the past week there has been most extraordinary activity and strength ir Stock Exchange
seats, eight of these having changed hands at advancing prices, a new high of $200,000 being reached.
On Wednesday,President Simmons, of the New York
Stock Exchange, announced in his annual report
that the value of securities listed on the Exchange
had increased by $5,545,331,023 during the year,
bringing the total value to $75,543,769,606 at the end
of 1926. These figures would seem to reflect more
the increase in securities by new listings than a
great advance in the value of existing securities.
Mr. Simmons pointed out that the averages of prices
were frequently misleading, and, "that instead of
the rise in share prices in 1926, concerning which
there has been so much published comment, actually
a decline occurred." This, he explained, however,
was brought about in part by the splitting of shares.
He said that share prices, as a whole, appear to
have been rather stable over the whole year, and the
undoubtedly sharp advance in some shares was
largely offset by the pronounced decline in others.
As a matter of fact, however, the Dow-Jones industrial average is not so far from agreement with the
conclusions announced by Mr. Simmons, as the average was at practically the same figure at the beginning and end of 1926, and is to-day, while recording new high prices, only a few points higher than
the level reached in the spring and again in the fall
of 1926.
It is very difficult for the general investor to tell
whether individual stocks are selling at good investment values or higher than these. Stocks such as
General Electric and National Biscuit appear to be
selling at prices higher than justified by known
earnings. The recent advances, which have been
most impressive in these two issues, have been accompanied by rumors of the companies achieving
new earning power through new products and new
developments. In respect to dividends and earnings,
General Motors is not selling as high as these two,
and there are the well-known new and rapid developments, in Chevrolet, Frigidaire and other lines.
There are also rumors of various kinds as to probable extra dividend payments. Probably a large
amount of distribution is going on on the part of
careful and forward-looking investors. On the other
hand, no one can as yet say whether such action is
wise. Certainly other buyers are rushing in supplied with funds that more than offset any selling
that may be going on.
Brokers' loans as reported by the Federal Reserve
System made a further advance of $4,871,000 during
the week ended April 27, this being the fifth succes-
2646
THE CHRONICLE
sive week that this has occurred, and giving a total
increase of more than $80,000,000. Yesterday the
Stock Exchange figures were published for the
month of April and they showed an increase of $51,428,673. Car loadings dropped 17,943 cars below
the total of the corresponding week of 1926, the decrease being reported as due principally to the
floods along the Mississippi and the strike in the
bituminous coal fields. With allowance for this
there is ample evidence that business is still near
full tide, with no immediate prospect of any material change. Commodity prices are giving some evidence of stabilizing, but nothing more than this.
The Irving Fisher index for the week ended April 29
stood at 139.6. This compares with 139.5 the previous week and with an average of 140.0 in April.
The absence of any tendency toward a general advance in commodity prices is continuing to keep
business sane and sound under a rapid turnover and
with no tendency to pile inventories.
On Wednesday a syndicate headed by the Guaranty Trust Co. of New York offered $40,000,000 Columbia Gas & Electric Corporation debenture 5s,
1952, at 100, yielding 5%, and on the same day a
National City Co. syndicate offered $25,000,000 Rem2s, 1947, also at par.
1
ington Rand, Inc., debenture 5/
Both of these issues were immediately taken up.
The bond market, which was practically stable from
the first of last week to the first of this week, has
again shown an advancing tendency.
Insolvencies in the United States during April of
this year continued quite numerous and the indebtedness was also heavy. Compared with the earlier
months of 1927 there is naturally some decrease as to
the number, but the liabilities, with the exception of
March of this year exceed those of any preceding
month back to March 1924. Both the number and
indebtedness were larger for April this year than for
any year since 1922. The total number of mercantil defaults last month was 1,968, according to figures compiled from the records of R. G. Dun & Co.,
and the liabilities were $53,155,727. These figures
compare with 2,143 similar insolvencies in March
for $57,890,905 and with 1,957 hi April of last year
for $38,487,321.. As in each of the earlier months of
1927, the heavy liabilities in April were due to some
increase in the number of large failures, the latter
accounting for more than one-half of the entire sum
involved. During the four months of this year there
have been 8,611 mercantile defaults for $209,277,580,
against 8,038 for the corresponding period of 1926
involving $146,947,660. The increase in the number
is only 7.1%, but in the liabilities there is an augmentation of 42.4%. The number has not been so
large as this year in the corresponding four months of
any year since 1922, when there were 9,684 defaults.
The indebtedness this year to date for the same period of time has been exceeded both in 1924 and 1922.
There were 492 manufacturing defaults last
month, involving $25,277,590 of indebtedness; 1,342
trading failures for $22,307,734, and 134 of agents
and brokers, with $5,570,403 of liabilities. In April
1926 the corresponding figures were 494 insolvencies in manufacturing lines, with $16,733,792 of in.
; 1,378 trading defaults for $19,093,768,
agents and brokers, involving $2,659,761.
of
85
and
The only division showing any material change in
the number is the third class, embracing agents and
[VOL. 124.
brokers, where an increase appears, but the liabilities for all three classes are very much heavier in
April of this year, especially for the manufacturing
division. In the case of the latter, the lumber section shows a notable increase both in number of defaults and in liabilities. Failures last month were
also more numerous in the class embracing foundries and manufacturers of iron and the increase in
defaulted indebtedness was heavy. There was also
some increase in leather goods manufacturing, including footwear, and in the printing division. Quite
a contraction, however, is shown in machinery lines,
in woolen goods and in bakers.
In the trading division nearly all of the larger
classes show fewer failures last month and reduced
liabilities in comparison with April of last year,
notably general stores, grocers and dealers in dry
goods. There is also a reduction in the number of
defaults among dealers in clothing, but the liabilities were much larger last month than a year ago,
owing to some heavy defaults in that line. On the
other hand, there is an increase in insolvencies
among dealers in furniture, in drugs and in jewelry.
As to the large failures last month the increase in
number over a year ago is mainly in the trading
class. As to the indebtedness, while the amount for
each of the three divisions last month was considerably in excess of last year, the manufacturing division shows an augmentation of more than 85%.
There were in all 75 of the larger defaults in April
this year, with total liabilities of $31,134,224. This
includes all failures where the amount involved in
each case is in excess of $100,000. These figures
compare with 63 similar defaults in April of last
year, showing a total indebtedness of $17,473,549.
Only in April 1922, when the number was 77, were
the large defaults in excess of those of this year,
while the liabilities reported for the large failures
in April 1922, also April 1923, were in excess of the
amount given for last month. In April 1922, which
was the high mark for that month, the total indebtedness for the large defaults was $42,168,168.
The International Economic Conference at Geneva
began Wednesday with the representatives of fortysix participating nations in their places. More than
1,000 economists and business men from every quarter of the world gathered to discuss the economic
ills of all nations. The delegates from the United
States, Russia and Turkey, not members of the
League of Nations, attended on equal terms with the
delegates from the member countries. M. Theunis,
President of the Conference and former Premier of
Belgium, presided and summed up in a few striking
sentences the fundamental reasons why the Conference was called: "The dislocation of economic relations due to the war has no more serious and no
more lasting consequences than the material havoc
wrought and the destruction of machinery and plant.
The crux of the existing difficulties is that, particularly in Europe, we have been unable to keep pace
with the development of means of production which
have equaled and even surpassed the pre-war level."
Mr. Walter Runciman, British delegate, later spoke
extemporaneously and attracted much interest. He
dwelt on the startling changes wrought by tariffs
and exchanges and on the benefits of long contracts.
He said in part: "The rapidity with which exchanges had varied and the almost equal rapidity
MAY 7 1927.]
THE CHRONICLE
with which tariffs have tried to keep pace have been
a kind of forked lightning, starting out of a thundercloud and hitting whom it would. We have all suffered .without discrimination. No single symptom
of modern business has brought more benefit to all
concerned than long contracts. Long contracts during the fluctuating period became impossible. It is
because we believe that the post-war period has
passed that we have come here in the hope that, if
there is no other outcome, it will check the tendency
to rising tariffs. I know it certainly will not be the
desire of any American here that we should assume
that they are attempting to pass judgment upon old
Europe, but we have reason to be grateful to them for
having formed a clear view of some of the economic
ills from which we are suffering." At Thursday's
meeting it became clear, said the Geneva correspondent of the New York "Times," that one definite object of the conference will be the formation of an
economic United States of Europe, to be directed
against Anglo-American commercial domination.
• The Chairman of the American delegation, Henry
M.Robinson, addressed the meeting yesterday on the
subject of rationalization. The American delegates
realize, it is said, that the main hope of the conference is that Europe may learn how to make a good
customer out of labor. Mr. Robinson therefore made
no commentary on European conditions, but merely
presented a picture of how America has managed to
keep her end up during the post-war economic turmoil, so that Europe may judge for herself how much
of a less on she may be able to learn.
The civil war in China between the Nationalists of
the South and the War Lords of the North has apparently arrived at an impasse. Actual warfare
was reported in Associated Press dispatches of April
29 between the factions that now make up what was
fomerly the Nationalist movement. General Chiang
Kai-shek, who captured the natir city of Shanghai
March 21 for the Southerners and then established
his own regime at Nanking, was said to have declared war against the left wing faction, whose headquarters are at Hankow. Canton also is dissociated
from the Hankow Government, which previously
directed the Southern advance. The splits appear
to have brought about a cessation of the acute antiforeignism which was so prominent a feature of the
Hankow program and to have made the position of
foreigners remaining in the treaty ports more tolerable. In Shanghai the situation was reported in a
special dispatch to the New York "Evening Post" of
May 5 as "quieter than it has been at any time this
year." The local Chinese officials were said to be
maintaining order admirably. Strikes and lockouts
also had ceased, according to the dispatch, which
concludes by saying, "a general feeling of security
now exists."
In some respects the anti-foreign sentiment among
the Chinese has given place to efforts to propitiate
foreigners. The Hankow Government which had
been directing the propaganda against foreigners
was reported in a Shanghai dispatch of May 1 to the
New York "Times" as "making an effort to placate
the foreigners." Hankow laborers, according to this
report, were appealing to foreign and Chinese manufacturers to resume relations so they may be re-employed, while the members of the Hankow regime,
with little hope of their Government surviving, and
2647
with fear for their lives, were petitioning foreigners
to save them. Strikes in Hankow, called to embarrass the foreign banks, were reported settled Sunday, in a cablegram to the Chicago "Tribune." General Chiang Kai-shek, who formed the Nanking Government April 18, also appears anxious to please foreign Powers. He offered the post of Minister of Foreign Affairs to Dr. C. C. Wu,who was expelled from
Canton by the left wing of the Nationalists last year.
Chiang's control of the military situation near
Shanghai is tightening, as "serious firing on foreign
ships on the Yangtze seems to have ceased, only occasional rifle shots being reported." In Peking Marshal Chang To-lin, war lord of Northern China, is
making a bid for the aid of the Powers, according to
the correspondent of the New York "Times." A dispatch of April 30 describes Wu Chin-way, confidential adviser on foreign affairs, as asking for a loan
so as to provide the means for a drive against the
South. "Within six months there would be a united
China safe for foreigners and foreign business from
Blagovestschensk to Canton," Wu Chin-way said.
While the uncertainty in native affairs continues
the Chinese merchants, especially in Shanghai, are
said to be faring badly. General Chiang Kai-shek,
in desperate need of funds, is resorting to confiscation and compulsory loans, according to a dispatch
of May 3 to the New York "Times." "Ten thousand
of the better class of Chinese have already fled from
Shanghai," the correspondent adds.
Foreign sentiment toward China apparently is
crystallizing in support of the Washington policy
of non-intervention. President Coolidge, in talking
to newspaper correspondents Tuesday, let it be
known that he sees no advantage to the United States
in sending another note to Hankow as an addenda
to the identic notes sent by the five interested Powers in protest against the Nanking outrages. The
President also gave it as his opinion that no move
has been decided upon by the home Governments of
the four other Powers, despite meetings of the representatives of those Powers in Peking to discuss
further demands on the Cantonese. Confirmation
of this view was contained in a London dispatch of
Wednesday to the New York "Times," which asserted that the British Government found itself
largely in accord with the views of President Cool• idge. The dispatch said further: "The diplomatic
situation as regards China, in other words, has undergone a change. It is pointed out here that the
British Government from first to last has never declared itself in favor of ultimatums or sanctions. It
is declared that the difference of view between the
American and other Governments as regards the
method of obtaining satisfaction. for the Nanking
outrages has been greatly exaggerated, and it is emphasized that continued co-operation between the
Powers is still possible and probable. There has
been a strong body of opinion in the British Cabinet
and out of it, however, which is known to favor drastic action in China without the co-operation of the
United States, and if necessary even by Britain
alone. To-day's intimation makes it evident that
such views have not prevailed. In other words, no
four-Power note will now be presented, and sanctions have faded into the limbo of lost causes."
In Shanghai the hope for interference by the Powers is still said to be "intense and widespread among
2648
THE CHRONICLE
Americans as well as otherforeigners." Thereis much
distress among the foreigners in the International
Settlement there owing to the practical cessation of
business. Professor Manley 0. Hudson of the Harvard Law School completed on April 30 a study of
the political situation in Shanghai as a result of
which he suggested that the first opportunity to end
the present stalemate should be seized. His statement follows: "Shanghai is not like any other city
in the world. The nearest approach to it is Tangier.
My study of the situation led me to think that the
control is more international in name than in fact.
The consular officials have not enough authority to
be called the real governing power. It seems to be
inevitable that the present degree of irresponsibility
by the local Government should not be permitted to
continue indefinitely. Certainly the Powers cannot
rest content with their present helplessness in the
situation. No one stands to gain from the stalemate,
with armed forces entrenched behind barricades.
The first opportunity to end it ought to be seized,
even if it is necessary to negotiate with the several
Chinese Governments simultaneously."
A bitter and acrimonious debate, almost unparalleled for turbulence in all the stormy history of the
English Parliament, was precipitated in London
Monday by the second reading of the Government's
bill to make general strikes illegal and to curtail the
power of the British trades unions. The measure,
which is largely the outgrowth of last year's general
strike, has consolidatd every section of the Labor
Party, including the powerful co-operative movement, in a determination to wage relentless war
against it. Accordingly, the introduction of the bill
was attended in the House of Commons by continual
hoots and jeers and epithets, shouted at the occupants of the Government benches by their bitter opponents. The constant interruptions made a farce
at times, and almost a failure, of the opening debate. Faced by these interruptions, Sir Douglas
Hogg, the Attorney-General, could only deliver -by
fits and starts his exposition of the measure. The
Government, he said, stood by four axioms: first,
that a general strike was illegal and that no one
must suffer for refusing to participate in it; second,
that intimidation was illegal and no man should be
coerced; third, no contribution to a political fund
should be compulsory; fourth, civil servants owed
undeviating loyalty to the State. He made a guarded
promise to accept in committee any amendments the
object of which were not to defeat the main principles of the bill.
The Attorney-General tried to explain why the
bill had omitted to penalize a sympathetic or general lockout as well as strikes of the same character.
This part of the speech, according to a report of the
session cabled to the New York "Times," did not
seem to carry conviction even to a section of his own
followers. His argument was that sympathetic or
general lockouts didn't happen, and if they did, it
would be simpler to take over the employer's works
under the Emergency Powers Act. He indicated,
however, that the Government, to prevent misinterpretation of the bill, would be ready to submit employers' associations to its provisions.
Labor's case against the bill was stated by J. R.
Clynes, in the absence of Ramsay MacDonald in the
United States. He disputed its terms and provi-
r,VoL. 124.
sions and remarked that a law conceived in the spirit
of the Government bill could not last very long, since
it clearly sprang from class hostility and political
vindictiveness. E. A. Barney, the first Liberal
speaker, also attacked the bill bitterly.
The second day's debate on the bill was also featured by interruptions from the Labor benches, but
as they were neither so sustained nor so violent as
those of Monday, the discussion attained a fair measure of audibility. The reading was continued
Wednesday, Prime Minister Baldwin speaking for
the bill. He mentioned as one of the reasons for the
bill that trade unions were shifting gradually from
the industrial to the political sphere, in which some
of them were controlled by the Communist Party.
To this Labor replied with shouts of "liar" and
"withdraw." The Premier, however, refused to withdraw. He afterwards named the Miners' Federation
as a union in control of Communist leaders.
The division on the measure came Thursday night,
when it was carried for the Government by a majority of 215, thus passing automatically to the committee stage for the consideration of amendments.
Mr. Snowden, one of the sage members of the Labor
Party, spoke against the bill before the final vote.
He declared it "not only gagged any appeal to that
better spirit which alone could prevent strikes but
was a veritable needle for the Communist gramophone." David Lloyd George, former Premier and
leader of the Liberals, criticized obscurities in the
draft and urged that it be dropped. The consideration of amendments will begin May 11.
Further progress toward financial stability in
Japan was indicated at a Cabinet meeting in Tokio
Manday. The final drafts of the Government's
financial relief bills were approved at the meeting.
Satisfaction was also expressed with the domestic
and foreign policy of the new Government of Premier Tanaka, which he subsequently outlined to the
Diet at a session on Thursday. The Government
purposes immed,iately to aid the Taiwan Bank,
which suspended after the failure of Suzuki & Co.,
says a Tokio dispatch of May 2 to the New York
"Times." The dispatch proceeds: "The plan to aid
the Taiwan Bank closely follows the late Government's proposals, with the difference that the expenditure will be sanctioned by the Legislature instead
of being covered by an Imperial Ordinance. The bill
allows the Bank of Japan to advance 200,000,000 yen
regardless of security and will give to the Bank of
Japan Government bonds to compensate for any loss
sustained. The Government is determined to maintain Japan's credit abroad, and all of the Taiwan
Bank's foreign liabilities will be met in full. The
strongest motive with the Government in guaranteeing those advances is the fact that the Taiwan
Bank had extensive foreign commitments. It is not
intended that the Taiwan Bank should continue as a
semi-State institution. In the future it will function
only in Japan as an ordinary industrial bank, its
foreign exchange business being taken over by the
Yokohama Specie Bank and its note issue by the
Bank of Japan." Consideration of the measure beban in the Japanese Diet Thursday. Associated
Press dispatches reported long and caustic interpellations from the Opposition, which asked for further
enlightenment, and accused the Government of deceiving the Japanese people. Finance Minister Ta-
MAY 7 1927.]
THE CHRONICLE
2649
kahashi warned the Diet that there was still danger loaned money to it, and undoubtedly has not been
of bank runs after the termination of the twenty-one- blind to the possible political effect his franc proday moratorium which is now in effect.
gram has had on French holders of Government securities, whose numbers are great. From this point
M. Raymond Poincare, Premier and Finance Min of view, it is said, he would perhaps seek to do more
ister of France, outlined in a speech to his electors for the rentiers. "But it is also true that business
at Bar-le-Duc, Monday, the political program which and banking interests not only do not wish the franc
he intends to follow either until the present Parlia- to go higher because of its corresponding effect on
ment ends, or until he is defeated by a split in the the interior debt, but they think it best to avoid the
present coalition. Fears of a Parliamentary crisis uncertainty which the coming political battles may
are not altogether lacking in some quarters. It is place around the financial position of the country."
pointed out that the radicals do not believe them- The great problem facing the Government now, the
selves sufficiently represented in the coalition and "Times" dispatch concludes, "is its failure to bring
a number of them, it is said, would welcome the res- about a reduction of the cost of living anywhew
ignation from the Cabinet of their leaders, Herriot near corresponding to the increased value of the
and Painleve. Moreover, continuous pressure is franc. It is freely contended in the French capital
brought to bear on M.Poincare for a definitive state- that the elimination of uncertainty by stabilization
ment on stabilization of the franc. For that reason, would act toward a reduction of the cost of living."
doubtless, the Premier retold in his speech the whole
story of how financial recovery had been brought
Unsettlement in Mexico continues despite all efabout. He was reported, in a special cable to the forts of the Federal Government to allay it. Minor
New York "Times" to have said further: "It will rebellions in the States of Jalisco and Colima were
depend on the two Chambers whether these results admitted in a statement issued Tuesday in Mexico
are to be consolidated in the budget of 1928, or City by General Jose Alvarez, Chief of staff to
whether all the work which we have accomplished President Calles. The revolutionary activities are
is to be rendered useless. Whether you want a grad- confined to a few scattered and unimportant bands
ual revalorization or a prompt stabilization, neither which the Federals are pursuing, the statement says.
will be possible without a budget in continuous bal- Unofficial advices from the Mexican border, says a
ance and an unharassed Treasury. Legal stabiliza- Washington dispatch of May 2 to the New York
tion is only a vain and illusory gesture if the next "Times," are to the effect that a military overturn
day it has to be followed by a renunciation of the threatens in the large northern State of Chihuahua.
methods which prepared it. For my part, I am The reports assert that General Caraveo, Chief of
firmly resolved not to accept any vote which will Military Operations in that State, has repudiatcd
compromise the situation which we have with such President Calles and is now practically Dictator of
difficulty won." The Premier announced there the entire State. The dispatch adds that ex-Presiwould be no further increases in taxation in the dent Obregon was expected to take the field for
budget which he was preparing, but, he said, there President Calles in an effort to put down the revolt.
would have to be careful management, and any furThe eight Mexican Catholic prelates, expelled by
ther expenditures would have to be provided for out the Calles Government April 22, issued a written
of surplus or economies. Later in his speech M. statement at San Antonio, Texas, April 30, denouncPoincare launched into a strong denunciation of the ing President Calles and his regime as the perpetraCommunist conception of the State and of the Com- tors of an outrageous campaign against religion.
munists' methods in preparing their desired revolu- The statement denied categorically the Mexican
tion. "France is not an experimental field open to Government charges that the episcopate was reBolshevist imperialism," he warned the revolution- rponsible for any acts which constituted open armed
ists. "This Government has resolved not to permit revolt. "Before all, we declare that we and
all our
any attempt against the laws of the republic and to priests and many laymen are victims of
the cruelest
repress with the utmost vigor all criminal attempts religious persecution of modern times.
Both the
which might menace discipline in the army, the
se- laws passed and the inhuman application of them
curity of the State and the indivisibility of the na- are proof enough of that," the statement
asserts.
tion."
The rebellion with which the Mexican Government
is faced has not prevented the promulgation of addiThe agitation for legal stabilization of the franc tional regulations of the Agrarian
Law. President
at or near its present gold value is apparently grow- Calles signed a decree April 29 which
states that in
ing in France. Bankers and business men have told all towns, villages and
populated places lacking land
Premier Poincare there is danger in delay, said
a or water or not having both in sufficient quantities
Paris dispatch of April 30 to the New York "Times." for agricultural necessities
the population has the
With the French Parliamentary elections only a year right to receive donations
[of land] in the amounts
off, political danger is added to the economic uncer- mentioned in the law. It is provided specifically
tainty. The dispatch continued: "It is felt here that all groups of people
which were deprived of
that as the elections approach and as the political lands, forests or waters through any of the proceedleaders get excited M. Poincare may fall on some ings referred to in Paragraph 9 of Article XXVII of
minor issue and thereby his whole franc program be the Federal Constitution have the right to have such
put in peril. It is being argued that the present lands, forests and water returned through the provalue of the franc leaves the domestic debt of France ceedings provided. Applications are to be presented
at $12,000,000,000 and that further revalorization to the Governor of the State and to be classified unwill leave a burden which may prove too heavy.' der the headings of restitution and apportionment.
The Premier, it is pointed out, has always made The latter is a matter for the National Agrarian
much of the obligation of the State to those who Commission to decide and the former is to be re-
2650
lured to the President of the Republic. Those made
eligible for grants included Mexican males over 18
and women, single or widows, who maintain a family. They must be farmers or have an occupation
directly related to agriculture and not own property
of any sort of more than 1,000 pesos in value. Each
individual with a right to receive a parcel who is
included in the agricultural census will receive two
to three hectares of first class irrigated land, three
to four hectares of second class land, half irrigated,
and two to three hectares of moist lands, or three to
four hectares of first-class lands watered by rains,
five to seven hectares of second class lands watered
by rains, and seven to nine hectares of third class
lands watered by rains.
Revolutionary activities in Nicaragua are to cease,
according to an announcement made in Managua
Thursday by General Moncada, leader of the Liberal
forces. This apparently will bring to an end the
struggle of the revolutionary faction of Dr. Juan B.
Sacasa, againA the established Conservative Government of President Diaz. General Moncada conferred with Henry L. Stimson, personal representative of President Coolidge, on Thursday, and after
the conference said to a correspondent of the Associated Press: "The view seems certain that the
United States is prepared to take the field against us
if fighting continues, and I am prepared to order my
troops to lay down their arms, turning them over to
the United States troops. As continuation of Diaz
[as President] is essential to the United States program, we are unable to resist, but we are not signing
any peace agreement bearing such a provision. We
are forced by a greater Power to cease our fight, but
as peace will be the result I shall devote my effort to
help in restoring order, so that the Liberals may gain
legitimate and honest control in the 1928 elections,
which will be supervised by the United States." General Moncada proceeded to Teustepe yesterday to announce his decision to the Liberal troops.
No change has been noted in official discount rates
at leading European countries from 7% in Italy;
2% in Denmark and Belgium; 5% in
1
in Austria; 5/
2% in London; 4% in
1
Paris, Berlin and Madrid; 4/
and
2% in Holland and
1
Norway
Sweden, and 3/
rates in Londiscount
market
Open
Switzerland.
8@3 11-16% for
/
don were steady and closed at 35
4% last week and
/
short bills, against 3 11-16@33
4% a
8@311-16%, against 33
/
three months' bills at 35
week ago. Call money at the British centre was
8%,in comparison
/
slightly firmer and finished at 33
8% a week earlier. In Paris and Switzerwith 31/
land the open market discount rate continues to be
2%,respectively, unchanged.
1
quoted at 278% and 3/
A decrease in gold holdings was reported by the
Bank of England in its statement for the week ended
May 4, namely, £561,169. This loss follows large
gains in each of the four preceding weeks. Total
gold holdings now are £153,601,940, against £147,475,499 last year and £154,683,263 in 1925. The proportion of reserve to liability increased from last
week's high record of 33.44% to a new high of
33.66%. Reserve of gold and notes in banking department decreased £630,000, while notes in circulation rose £69,000. Public deposits expanded £2,228,000, but "other" deposits diminished £4,817,000.
• [Vol. 124.
THE CHRONICLE
Note circulation stands at £137,584,000, against
£141,196,415 in 1926 and £148,287,720 at the same
time in 1925. Loans on Government securities decreated £1,651,000 and loans on "other" securities
£253,000. The Bank's official discount rate remains
2%. Below we give a detailed com1
unchanged at 4/
parative statement of the various items back to
1925:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1925.
1926.
1927.
May 8.
May 7.
May 6.
May 5.
May 4.
b137,584,000
Circulation
12,3917.000
Public deposits
93.860,000
Other deposits
Governm't securities 46,290,000
41,902,000
Other securities
Reserve notes & coin 35,768,000
Coln and bullion_a153,601,940
Proportion of reserve
33.66%
to liabilities
434%
Bank rate
141.196,415
16,700.929
107,350,812
42.230.328
73.544,394
26,029.084
147,475,499
148,287,720
11.021,469
107,716.551
37,609,815
72,735,150
26,145,543
154,683,263
125,216,555
10,054.807
112,573,564
44,027,755
73,560,504
22.706.091
128.172,646
123,776,130
14,602,313
102,003,385
42,221.180
68.613,871
23,495,814
127,521,944
20.98%
5%
22%
5%
1854%
4%
2054%
3%
bullion
a Includes beginning with April 29 1925, £27,000,000 gold coin and to the
previously held as security for currency notes issued and which was transferred
standard.
Bank of England on the British Government's decision to return to gold
of Bank
b Beginning with the statement for April 29 1925 includes £27,000,000
coin and bullion
of England notes Issued In return for the same amount of gold
issue.
sate
currency
of
account
held up to th.t ti. e in redemption
In its statement for the week ended May 4, the
ank of. France showed an increase in note circulation in the large amount of 1,109,126,000 francs,
probably in connection with the 1st of May trade
demands. Total notes in circulation now stand at
53,319,080,550 francs, compared with 53,181,340,275
francs a year ago and 43,049,852,890 francs the pro
vious year. Gold holdings remain unchanged at
5,546,828,349 francs, against 5,548,422,778 francs
in 1926 and 5,546,295,195 francs in 1925. Last week
463,000,000 francs were transferred from gold held
abroad to the account of gold abroad "available."
This evidently represents the French gold released
by the Bank of England. This week no further
change was recorded. Advances to the State also
remain unchanged at 29,300,000,000 francs. Last
year at this date the State owed the Bank 35,250,
000,000 francs, but in 1925 only 23,850,000,000
francs. Other changes of importance were: Bills
di:counted expanded 170,113,000 francs, while advances to trade diminished 37,015,000 francs. Silver
holdings increased 25,000 francs; general deposits,
395,534,000 francs, but Treasury deposits fell off
35,330,000 francs. Comparisons of the various
items in this week's return with the statement of
last week and with corresponding dates in 1926 and
1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Stalas as of—
Changes
May 5 1926. May 6 1925.
May 4 1927
for Week.
Fra cs.
Francs.
Francs.
Gold Holdtngs—
Francs.
3,682,507,441 3,684,101,870 3,681,974,287
In France
Unchanged
Unchanged
Abroad
•1,864,320.907 1.864,320,907 1,864,320,907
5.548,422.778 5,546.295.105
317,389,258
333.975,066
3,874.586,732 4,869,561,379
2,487,065,557 3.176,074.431
53,181,340,275:43,049,852,890
28,320,660
19,530,749
2.661,246,606Y2.077.036,021
35,250,000,000 23.850,000,000
PttT.!
* Of this, 463,000,000 francs is reported as gold "available abroad." evident
,
representing the French gold released by the Bankjof England.
5,546,828,349
Total
Unchanged
25.000
Inc.
342,391,085
Silver
Bills discounted__Ine.170,113,000 3,191,046,239
Trade advances... _ _Dec. 37,015.000 1,648.559,646
Note circulation_ Joel.109.126,000 53,319,080,550
81,586,124
Treasury deposits..Dec. 35.330,000
General deposits „Inc.295,534,000 7,269,674,919
Unchanged
Advances to State
29.300,000,000
In its return for the final week in April, the German Reichsbank reported an increase in note circulation of 529,514,000 marks following the decreases
of the three preceding weeks. Other daily maturing
obligations decreased 200,876,000 marks. While
other liabilities expanded 3,246,000 marks. Note
circulation stands at 3,676,192,000 marks, against
3,085,868,000 marks in 1926 and 2,451,772,000 marks
the previous year. On the asset side of the account
MAY 71927.]
THE CHRONICLE
gold and bullion decreased 80,000 marks, while deposits abroad remained unchanged at 101,248,600
marks. Silver and other coin declined 10,480,000
marks, and notes on other German banks fell off
15,000,000 marks. Advances increased 50,520,000
marks; bills of exchange and checks, 393,481,000
marks, and reserve in foreign currencies, 1,498,000
marks. Investments remained unchanged at 92,890,000 marks, but other assets declined 97,047,000
marks. Total gold holdings stand at 1,850,257,000
marks, compared with 1,491,509,000 marks last year
and 1,014,173,000 marks in 1925. Below we give a
detailed comparative statement back to 192'
REICIISBANK'S COMPARATIVE STATEMENT.
Change* for
Week.
Ayr. SO 1927. Apr. 30 1926. Ayr. 30 1925.
Assets—
Reutsmarks. Retehsmarks. Retehamarks. Reichsmarks
Gold and bullion
Dec.
80,000 1,850,257,000 1,491,509,000 1,014,173,000
Of which depos. abroad Unchanged
101,248,600 260,386,000 117.837,000
Reserve in foreign curr_ Inc. 1.498.000 173,552,000 256,376,000 338,057,000
Bills of exch. & checluf_Inc.393,481,000 2,067,526,000 1,213,741,000 1,496,212,000
Silver and other coin —Dec. 10,480,000 103,285,000
95,049,000
65,572,000
Notes on oth. Ger. bks_Dec. 15,000,000
6.740,000
12.418.000
8.183.000
Inc. 50,520,000
Advances
66,555,000
61,115,000
76,950,000
Investments
Unchanged
92,890,000
89,022,000 200,128,000
Dee. 97,047,000 451,618,000 872,943,000 1,122.973,000
Other assets
Notes in circulation—Inc.529,514.000 3,676,192,000 3,085,868,000 2,451,772.000
0th. daily matur. oblig.Dec200,876,000 590,516,000 606,996,000 750,848,000
Inc. 3,246,000 185,526,000 174,084,000 831,36a,000
Other liabilities
The weekly statements of the Federal Reserve
banks, issued on Thursday afternoon, revealed further advances in the volume of bills rediscounted,
also a moderate increase in open market operations.
For the System as a whole rediscounting of bills secured by Government obligations increased $52,000,000 and "other" bills $12,100,000, so that total bills
discounted rose $64,100,000 for the week. Holdings
of bills bought in the open market increased $2,400,000. Total bills and securities (earning assets) rose
$64,400,000 and deposits $75,400,000. Member bank
reserve accounts showed a gain of $56,700,000. Gold
holdings increased $3,100,000. For the Federal Reserve Bank of New York there was a loss in gold of
$18,200,000. Rediscounting operations in this Bank
expanded, discounts of all classes of bills having
been augmented $48,000,000 and bills discounted
now aggregate $164,148,000, as against $166,176,000
last year. Open market purchases gained $7,200,000.
Total bills and securities of the New York Reserve
Bank increased $54,300,000 and deposits $46,700,000, while an addition of $17,900,000 occurred in
member bank reserve accounts. As to the amount of
Federal Reserve notes in actual circulation, increases were reported of $1,500,000 and $2,500,000,
locally and nationally, respectively. Enlargement
in deposits was sufficient, regardless of the gold
changes, to bring about a lowering in reserve ratios.
At the New York Bank, where a large loss in gold
was reported, the ratio declined 4.6%, to 81.7%; for
the banks as a group the ratio fell to- 78.0%, off
1.5%.
Important changes, indicating active shifting of
funds to meet the requirements of May 1 settlements,
were noted in last Saturday's statement of New
York Clearing House banks and trust companies.
Surplus reserve fell off more than $17,000,000, while
loans expanded $111,853,000 and net demand deposits rose $115,691,000, thus bringing total demand deposits to $4,592,341,000, which excludes $43,026,000
in Government deposits. Time deposits, however,
declined—$9,900,000, to $691,132,000. Cash in own
vaults of members of the Federal Reserve Bank in-
2651
creased $416,000, to *43,305,000, but this does not
count as reserve. Reserves of State banks and trust
companies in own vaults increased $290,000, and
reserves kept by these institutions in other depositories were augmented $149,000. A decline in the
reserves of member banks with the Reserve institution of $3,481,000 occurred, and this in conjunction
with greatly enlarged deposits, was responsible for a
loss in surplus aggregating $17,840,880, reducing
excess reserves to $4,449,390, as against $22,290,270
last week. The figures here given for excess reserve
are on the basis of legal requirments of 13% against
demand deposits for member banks of the Federal
Reserve System, but not including $43,305,000 of
cash in vault held by these members on Saturday
last.
Funds were in plentiful supply in the New York
money market during most of the week, the rate for
demand loans declining from 4/
1
2% on Monday to
47
0 Tuesday, where it remained unchanged to yesterday's close. Withdrawals of approximately $35,000,000, which banks found necessary to strengthen
their position at the Reserve Bank, kept call money
at 4/
1
2% Monday. The rate was lowered to 47
0 Tuesday, with new borrowing light. Plenty, of money
was available thereafter, the Stock Exchange rate
being shaded to 33
47
0 in Street trades, both on
Wednesday and Thursday. Time funds ruled at
4% to 4/
1
2% throughout the week. A further increate of $4,871,000 in brokers' loans by New York
member banks was noted in Monday's statement of
the Reserve Board. The increase was not generally
looked for owing to several days of heavy liquidation
on the stock market in the period covered. The upward trend was substantiated by the monthly statement issued by the New York Stock Exchange after
the close of the market yesterday. According to this
compilation, the loans of Stock Exchange members
on stock and bond collateral showed an increase for
the month of April of $51,428,673. The total is thus
appreciably nearer the high point reached in February 1926.
Referring to money rates in detail, loans on call
this week ranged between 4@41
/270, which compares
with 4@570 last week. On Monday 4/
1
2% was the
only figure named during the day. Tuesday the high
was still 4/
1
27
0, and this was again the basis for
renewals, but before the close a decline to 47
0 occurred. Easier conditions prevailed the remainder
of the week, so that on Wednesday, Thursday and
Friday all call funds, as already stated, were negotiated at 47
0. Funds were available in the outside
market at 33470.
Fixed date maturities were in plentiful supply,
with quotations still quoted at 41/
4@4%7
0 for 60
days,4%7
0 for 90 days and 4%@4/
1
27
0 for four, five
and six months' money, the same as a week ago. The
market was quiet, with no large loans recorded in
any maturity.
Mercantile paper rates have not been changed
from 4@41-47
0 for four to six months' names of
choice character, with names less well known still
requiring 41/
4@4/
1
270. New England mill paper and
the shorter choice names continue to be dealt in at
47
0. A good demand was noted, with local and outof-town banks in the market as buyers, but trading
is still restricted by lack of offerings.
2652
THE CHRONICLE
[VOL. 124.
Thus far no inclination has been shown on the part
of American interests to withdraw their London
balances because of the lowering in the London discount rates. Future sterling, however, has been
selling at a discount, with contracts for the end of
October about LOOM under the spot rate.
Referring to quotations in greater detail, sterling
exchange on Saturday last was a trifle easier and demand bills ruled at 4.853. (one rate) and cable transfers at 4.85%; trading was not active. On Monday
the market firmed up slightly on better buying; as a
result prices ranged between 4.853 and 4.85 5-16
for demand and at 4.853
% and 4.85 13-16 for cable
developed on Tuesfirmness
Increased
transfers.
coupled with light
inquiry,
brisk
the
to
incidental
day
SPOT DELIVERY.
80 Days
60 Days.
90 Data.
offerings of commercial bills; hence there was a further
8%5,34*
3%@,3%
Prime eligible bills
8%@8%
advance for demand to 4.85 5-16@4.85 7-16 and for
FOR DELIVERY WITHIN THIRTY DAYS
8% bid cable transfers to 4.85 13-16@4.85 15-16. WednesEligible member banks
3% bid
Eligible non-member banks
day demand bills sold as high as 4.853/2; the low was
7-16, while cable transfers ranged between
4.85
There have been no changes this week in Federal
4.86. A tendency to reaction deReserve Bank rates. The following is the schedule 4.85 15-16 and
Thursday, and the range was 4.85 5-16@
of rates now in effect for the various classes of paper veloped on
4.85 7-16 for demand and 4.85 13-16@4.85 15-16
at the different Reserve banks:
for cable transfers; trading was still active. Friday's
DISCOUNT RATES OF FEDERAL RESERVE BANKS tN EFFECT
market was a trifling easier and demand declined a
MAN 6 1927.
to 4.85 5-16@4.85 11-32 and cable transfraction
Paper Afaturisy-4.85 13-16@4.85 29-32. Closing quotafers
to
After 90 After 6
but
Days, but
4.85 5-16 for demand and 4.85 13-16 for
were
tations
Within 6 Within 9
WIthlts 90 Days.
Months. Monihv.
FEDERAL RESERVE
Commercial sight bills finished at
transfers.
cable
BANK.
Cottercial Secured
at 4.81 3-16, ninety days at
days
sixty
3-16,
4.85
1
.
MICS11
Ayrictd...
A
Trade
Bankers
S
U.
by
Ariel &
and
and
AccepLivestock Govern't Ampdays) at
tances. lances. Livestock Lisestoes 4.79 1-16, documents for payment (sixty
Paper. OblipaPaper.
Paper
tions.
C.o.s.
15-16.
4.84
at
bills
grain
4.81 7-16 and seven-day
4
4
4
4
4
Boston
4
3-16.
4.85
at
closed
payment
4
for
4
4
grain
and
Cotton
4
4
4
New York
4
4
4
4
4
4
Philadelphia
4
4
4
4
There was a shipment of $1,000,000 gold to Canada
4
4
Cleveland
4
4
4
4
4
Richmond
4
4
4
4
4
4
the week. Otherwise there were no exports
Atlanta
4
during
4
4
4
4
4
4
Chicago
4
4
4
4
4
St. Louis
from the United States. The Federal
4
metal
the
of
4
4
4
4
Minneapolis
4
4
1
4
4
Kansas City
4
reports the arrival here of 86,099,000
Bank
Reserve
4
4
4
4
4
Dallas
4
4
4
4
4
4
San Francisco.
4
gold, of which $6,000,000 is stated to have come from
•Including bankers acceptances drawn for an agricultural DurDose and swarm England, this being evidently some of the French
by warehouse receipts. .to
gold released by the Bank of England. The Bank
The sterling exchange market made further strides of England was quite active and reported exports
in the direction of higher levels this week. Strength of £118,000 in sovereigns to Italy and Germany.
developed from the start, and after an initial quota- The Bank bought £444,000 in gold bars and set aside
tion of 4.853 for demand bills there was a gradual for the South African Reserve Bank £750,000 in
but steady advance until 4.85 had been reached, sovereigns. Announcement of gold shipments to
which is the highest figure since August of last year. Italy aroused attention, since Italy has not been
It compares with the low for 1927 of 4.84%, touched among the takers of British gold. The movement
in February. Trading was moderately active and a is thought to have some connection with Italy's new
fair volume of business was put through. Needless financial policy and that the Bank of Italy intends to
to say, the strength of sterling attracted a great deal transfer some part of its large foreign reserves to
of attention and many and varied reasons were Italy in the form of gold, thereby establishing a metal
assigned therefor. Among the banking fraternity reserve for the purpose of stabilizing exchange and
the opinion most frequently expressed was that it to prevent lire quotations from getting beyond conreflected the final overcoming of the many obstacles trol.
and difficulties engendered as a result of the World
The Continental exchanges were this week relegated
War;in other words, that Great Britain had at length
come into her own, financially speaking. On the to second 'place and attracted comparatively little
other hand, while this is undoubtedly true to a very attention. Even Italian lire were inclined to be listconsiderable extent, the direct cause of the advance less and moved within comparatively narrow limits.
will probably be found in the opening of the annual Speculative activity prevailed at times, but in appretourist demand. At this time of the year steamship ciably smaller volume than in recent weeks. Fluccompanies are heavy buyers of sterling bills, while tuations continue to show irregularity and the lire,
the supply of commercial bills is naturally very light. after opening at 5.29, declined to 5.09; turned firm
It is now evident that commerce and trade in England and climbed back to 5.28; then reacted to 5.13, but
have been making a far more rapid;recovery than was finished strong at 5.273/2. Heavy selling presEurope
at one time deemed possible. Still:the question that sure, said to emanate from Continental
accounts, as
of
closing
out
long
is:
the
observes
and
represent
to
market
of
minds
the
in
uppermost
is
helped to
Will sterling be able to maintainlits present stand, well as throwing out of certain short lines,
also
Apparently
the Italian Governonce the seasonal influx of cotton and grain bills be- depress values.
the
and it is excheck
to
advance,
ment intervened
gins to make its appearance?
Banks' and bankers' acceptances were quiet but
steady. Quotations were the same as heretofore.
The demand was light and the market a dull, narrow affair, with nothing in the way of news to
report. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
has not been changed from 3%70. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal
2% asked for bills
1
Reserve banks 3%70 bid and 3/
4% bid and 3%70 asked for 60
/
running 30 days; 33
8% bid and 334% asked for 120
/
(lays and 90 days; 37
/8% asked for 150 and 180
bid
and
and 37
4%
days,
days. Open market quotations follow:
MAY 7 19271
THE CHRONICLE
2653
pected that such tactics on the part of the authorities for checks and at 42.37 for cable transfers, unchanged
will do much to discourage overzealous speculation.
from a week ago. Brazilian milreis were firmer and
In other branches of the foreign exchange market advanced from 11.82 to 11.87, then closed at 11.83
very little activity was discernible. French francs for checks and 11.84 for cable remittances, against
continue to maintain an even course and the quota- 11.82 and 11.83 last week. Chilean exchange rose
tions remain within a point or so of 3.90. In the late to as high as 12.12, then finished lower at 12.03,
dealings the rate advanced to 3.91 in sympathy with against 12.02, while Peru remained at 3.64, unthe advance in sterling, but closed at 3.903/. Bel- changed.
gian currency is likewise pegged at around 13.893/2,
In the Far Eastern division there is little new to
while very little movement has taken place in either report. The silver currencies were strong and weak
German or Austrian exchange. Greek drachmae by turns, in sympathy with the trend of silver metal.
were quiet and steady, but unchanged, and the same Yen moved with some irregularity, gaining ground
is true of the minor Central European division. for a time, them slumping before the close. In the
Rumanian lei ruled strong, at very close to recent opinion of market observers, however, very little
levels. Polish zloties were a shade easier, declining real activity, at least of a speculative nature, is likely
to 11.40.
to develop until the Japanese moratorium has ended.
The London check rates on Paris finished at 124.02, Hong Kong closed at 49%®49 15-16, against 49%®
the same as last week. In New York sight bills on 493/8; Shanghai, 6234®62%, against 62®63A;
the French centre closed at 3.90%, against 3.90; cable Yokohama,4732@474,against 473
4@47%;Manila,
transfers at 3.91%, against 3.913
%, and commercial 4932®493%, against 49%®49%; Singapore, 564®
1
sight bills at 3.89%, against 3.893% a week ago. 56% (unchanged); Bombay, 3614@36%, against
Closing rates for Antwerp francs were 13.893/ for 363'®363/2, and Calcutta, 363'@36%, against
checks and 13.903/ for cable remittances, the same 36%@36.
as the previous week. Reichsmarks have not been
changed from 23.69 for checks and 23.70 for cable
Pursuant to the requirements of Section 522 of the
transfers. Austrian schillings continue to be quoted Tariff Act of 1922, the Federal Reserve Bank is now
at 141/s, the same as heretofore. Italian lire finished certifying daily to the Secretary of the Treasury the
the week at 5.273/2 for bankers' sight bills and 5.283/
2 buying rate for cable transfers in the different counfor cable transfers, which compares with 5.293/2 and tries of the world. We give below a record for the
5.303/2 a week earlier. Exchange on Czechoslovakia week just past:
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
closed at 2.963
/i (unchanged); on Bucharest at 0.63 FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
(unchanged); on Poland at 11.40, against 11.50, and
APRIL 30 1927 TO MAY 6 1927. INCLS1VE.
on Finland at 2.523/2 (unchanged). Greek exchange
Noon Buying Rate for Cable Transfers in New York.
finished at 1.323/ for checks and 1.333/2 for cable Country and Monetary
Value in United States Money.
Unit.
transfers. Last week the close was 1.32 and 1.33.
April 30. May 2. . May 3. May 4
May 5. May 6.
Trading in the Continental exchanges, formerly
designated as the neutral exchanges, was as dull as
ever and rate movements were for the most part
lacking in significance. Dutch guilders showed a
slight tendency to firmness and gained a point or so
to 40.013/
2. Swiss francs remain virtually unchanged. Of the Scandinavian group, the only currency indicating any semblance of activity was the
Norwegian crown, which opened firm at 25.873/2,
then receded by degrees to 25.82, as a result of moderate selling pressure. • Swedish and Danish crowns
also finished at a small net loss. Spanish pesetas
were not particularly active, though rate movements
were fairly wide, veering from 17.58 to 17.72, then
off again to 17.62.
Bankers' sight on Amsterdam closed at 40.013/
2,
against 40.003/2; cable transfers at 40.023/
2, against
40.01%, and commercial sight bills at 40.003/
2,
against 39.993/ a week ago. Final quotations on
Swiss francs were 19.223' for bankers' sight bills
and 19.233/2 for cable transfers, the same as a week
ago. Copenhagen checks closed at 26.68 and cable
transfers at 26.69, against 26.66 and 26.67. Checks
on Sweden finished at 26.743/2 and cable transfers
at 26.753/2, against 26.76 and 26.77, while checks
on Norway closed at 25.82 and cable transfers at
25.83, against 25.82 and 25.83 the previous week.
Spanish pesetas closed the week at 17.67 for checks
and at 17.68 for cable remittances, in comparison
with 17.59 and 17.60 a week earlier.
South American exchange shared in the general
dulness, but rates were maintained and the undertone steady. Argentine paper pesos finished at 42.32
EUROPE$
$
$
ustria,
.14091
.14065
.14078
.14059
.14070
.14076
Belgium, belga
.1390
.1390
.1390
.1390
.1390
.1390
Bulgaria. ley
007271 .007245 .007235 .007236 .007236 .007250
Czechoslovakia, krone 029621 .029616 .029615 .029615 .029615 .029618
Denmark, krone
2667
.2667
.2667
.2667
.2667
.2668
England. pound alterling
48674
4.8574
4.8585
4.8592
4.8586
4.8580
Finland. markka
025214 .025208 .025207 .025206 .025206 .025209
France, franc
.0392
.0392
.0392
.0392
.0392
.0392
Germany. reiebemark .2370
.2370
.2370
.2370
.2370
.2370
Ureece. drachma._. .013302 .013322 .013320 .013316 .013314 .013309
R.ritand, guilder_-_ .4001
.4001
.4001
.4002
.4002
.4002
Hungary, peug,. _
.1747
.1747
.1747
.1746
.1746
.1747
Italy, lira
.0528
.0614
.0527
.0522
.0523
.0529
Norway, krone
.2587
.2583
.2582
.2581
.2582
.2583
Poland, zloty
.1144
.1144
.1144
.1136
.1137
.1139
Portugal. escudo__
.0511
.0512
.0511
.0511
.0512
.0513
Rumania.leu
.006297 .006322 .006353 .006330 .006322 .006306
Spain. peeeta
.1761
.1770
.1768
.1766
.1766
.1767
Sweden, krona
.2676
.2675
.2674
.2675
.2675
.2675
Switzerland. franc_ .1923
.1923
.1923
.1923
.1923
.1923
Yugoslavia, dinar__ .017579 .017580 .017582 .017580 .017580 .017581
ASIAChinaCbefoo. mei
.6438
.6450
.6465
.6500
.6496
.6500
Hankies. tael
.6346
.6354
.6367
.6404
.6408
.6413
Shanghai. Mel
.6145
.6155
.6174
.6198
.6204
.6200
Tientsin, Mel
.6488
.6488
.6498
.6542
.6533
.6538
Hong Kong, dollar .4931
.4939
.4948
.4957
.4948
.4946
Mexican dollar
.4509
.4534
.4522
.4534
.4541
.4541
Mango or Pelyang.
dollar
.4408
.4413
.4383
.4383
.4383
.4383
Yuan, dollar._
.4379
.4383
.4354
.4354
.4354
.4354
India. rupee
.3609
.3610
.3610
.3610
.3612
.3615
Japan, yen
.4782
.4783
.4758
.4763
.4748
.4741
Singapore(S.S.). dollar .5565
.5598
.5598
.5598
.5598
.5596
NORTH AMER.Canada. dollar
.000965 1.001084 1.001323 1.001149 1.001057 1.000869
.000313 1.000125 1.000250 1.000000 1.000219 1.000219
Cuba.Pew
Mexico, peso
.466900 .466833 I .466900 .467167 .467000 .467400
Newfoundland, dolls! .998469 .998656 .998844 .998656 .998531 .998438
tIOUTH AMER.Argentina, peso (gold) .9621
.9624
.9624
.9628
.9624
.9622
Brazil, milrele
.1180
.1182
.1181
.1181
.1180
.1180
Chile, peso..
.1201
.1201
.1202
.1202
.1202
.1202
Uruguay, peso
1.0092
.0150
1.0082
1.0084
1.0092
1.0064
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,899,810 net in cash as a result of the
currency movements for the week ended May 5.,
Their receipts from the interior have aggregated
$5,924,910, while the shipments have reached $1,027,100, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended May 5.
Banks' interior movement
Into
Banks.
$5.924 9101
Out of
Banks.
Gain or Loss
to Banks.
31.027,100 Gain 24,897,810
1
2654
'THE CHRONICLE
[vol. 124.
peoples for many years to come, and as likely to
cause an estrangement between the United States
and Europe which was fraught with dangerous as
well as regrettable consequences.
In the face of these formal representations of
bodies of scholars whose opinions, quite without'
warrant, were widely assumed to be those of a large
BANK
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
HOUSE.
AT CLEARING
and influential section of the American public, the
British Government may well have thought the
Aggregate
Saturday, Monday. Tuesday, Wednescry, Thursday, Friday,
for Week
May 6.
May 5.
May 4.
May 3.
April 30. May 2.
moment opportune to argue once more certain as$
$
s •
pects of its side of the case, and to contrast the
98,000,000 106.000 000 110.000 000 105,000000 98,000,000 96,000,010 Cr. 613,000.000
generosity of its own policy toward its warclaimed
Note.—The foregoing heavy credits reflect the huge mass of cheeks which come
operation of
to the New York Reserve Bank from all parts of the country In the
with the alleged rigorous policy of the
debtors
time
balances,
credit
the Federal Reserve System's par collection scheme. These large
however, reflect only a part of the Reserve Bank's operations with the Clearing
embodied in the debt agreements.
States
United
in
represented
are
City
York
House institutions, as only the items payable In New
of
the daily balances. The large volume of checks on institutions located outside
do Whether, by devoting its arguments mainly to an
New York are not accounted for in arriving at these balances, as such checks
not pass through the Clearing House but are deposited with the Federal Reserve
elaborate refutation of Mr. Mellon's figures, it inBank for collection for the account of the local Clearing House banks.
tended to ally itself with the American and Euroa virThe following table indicates the amount of bul- pean propaganda which aims to bring about
whether,
or
obligations,
debt
the
of
n
tual cancellatio
lion in the principal European banks:
as a London dispatch suggests, it meant only to put
May 6 1926.
May 5. 1927.
an end to doubt on the Continent regarding its strict
Banks of
Total.
I Sneer.
Gold.
Total.
Silver.
Gold.
adherence to the Balfour policy, does not appear on
147.475,499
•
153,601,940 147,475,499
•
England _ 153,601,940
face of the British note. Nothing of importance
the
France a __ 147,300,288 13,680,000 160,980,268 147.364,075 13,320,000160,684,075
994,600 52,269,150
994,600 88,445,020 51,274,550
Germany b 87,450,420
of those directions, however, would seem to
either
in
103,837,000 27,931,00O131,768.000 101,475,000 26,668,000 128,143,000
Spain
Italy
45,899,000 4,258,000j 50,157,000 35,706,000 3,421,000 39,127,000 be gained by threshing over again, in minute detail,
Nethlands 34,908,000 2,277,0001 37,185,000 35,683,683 2,183,000 37,866,683
19,278,000 10,954,000 3,653,000 14,607,000
Nat. Bela_ 18,128,000 1,151,
question of what was done with the money and
Switeland. 18,370,000 2,826,000 21,196,000 16,727,000 3,591,000 20,318,000 the
12,742,000
12,340,000 12,742,000
Sweden. _ 12.340.000
States
860.000 12,482,000 credits that were obtained in the United
812,000 11,524,000 11,622.000
Denmark _ 10,712,000
8.180,000
8,180,000 8,180,00
Norway _ _ 8,180,000
y the
meticulousl
during the war, or by weighing
Total week 640,726,628 53,928,600 694,855,228 579 203,8071 54,690,600 633,894,407
payments,
debt
and
Prey. week 641,312.797 53.754,600695,067.397 584.846.2051 54,535,600 639,381,805 relative volumes of reparations
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
unless some ultimate modification of the debt agreethe present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year Is £5,062,430. ments was hoped for. In international controverc As of Oct.7 1924.
sies, as in other matters, we are justified in looking
The British Government and the War Debts. to the substance as well as to the form of pleadings
The elaborate note of the British Government re- and contentions, and the fact that the note which
garding the war debt payments by that country, the has been handed to the State Department is a formal
text of which, together with the text of Secretary communication from the British Government, and
Mellon's rejoinder, was published on Thursday, af- not an informal or quasi-official statement from the
fords a striking illustiation of the unhappy conse- British Treasury, makes it reasonable to conclude
quences which are likely to follow from an ill-con- that something more was in mind than merely to
sidered and uncalled-for attempt to reopen a con- silence some Contffiental newspapers, or demontroversy, which, to all appearances, had been strate that Great Britain, rather than Mr. Mellon,
satisfactorily and amicably settled. The exchange has the better method of bookkeeping.
The main points of the British note are two ill
of charges and counter-charges of which the British
The first deals with Mr. Mellon's statement,
subnumber.
particular
the
debt settlement has now become
to the professors, that the United States
in
sweeping
his
reply
the
of
outcome
ject is a more or less direct
to furnish to the Allies the dolundertook
not
few
only
a
launched
agreements
attack upon the debt
make their purchases in this
to
which
with
lars
profesand
Princeton
Columbia
weeks ago by the
to lend them the dollars, at
agreed
also
but
Mellon.
country,
Secretary
by
to
replied
sors, and effectively
it purchased supplies and
when
that,
the
debt
time
same
made,
was
attack
that
when
moment
At the
agreements, generous in the extreme as far as con- services from France and Great Britain, it did not
cessions by the United States were concerned, and get the pounds and francs on credit, but paid cash
apparently acceptable to each of the debtor Govern- for them. To the implication that the dollars so paid
ments which had ratified them, had been concluded for supplies or services "were retained by His Majeswith all the important debtor Governments except ty's Government for their own purposes," the note
France, and the ratification of the pending agree- replies that "the dollar payments to Great Britain
ment with France apparently awaited only the pass- were . . . regularly applied to reduce the dollar
ing of a temporary financial crisis in that country advances to Great Britain so long as the latter conwith which the Poincare Government was success- tinued; when they ceased in 1919 the dollar payfully dealing. There was every reason to believe ments by the United States were utilized to reduce
that the agreements had been acquiesced in by the debt incurred by Great Britain." The second
American public opinion, notwithstanding the fact point is, in substance, a denial, as far as Great Britthat a very large part of the money which had been ain is concerned, of the accuracy of Mr. Mellon's
drawn from American taxpayers, to finance the war statement that all of the principal debtor Governoperations of the Allies, had been crossed off the ments "are already receiving from Germany more
account and was not to be repaid. The Columbia than enough to pay their debts to the United States."
To the first of these contentions Mr. Mellon reand Princeton professors, with this situation a matdolter of common knowledge, nevertheless assailed the joins that the fact that Great Britain used the
country
that
the
United
in
by
States
debt agreements as unsound in principle, as impos- lars purchased
him
ing a grievous financial burden upon the debtor "for future purchases in this country" seems to
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:
MAY 7 1927.]
THE CHRONICLE
2655
immaterial. "The dollars they (the British GovernSuch,in substance, are the British contention and
ment) received from the American Government in- Mr. Mellon's effective reply. Regarding the policy
creased their available cash resources, while the which the British Government has adopted in dealpromissory notes we received did not increase our ing with its own war creditors, Mr. Mellon naturally
available cash resources. For the purchases made refrains from,comment. He calls attention
to the
by Great Britain in the United States, dollars were fact, however, that even if the British Government
furnished by the American Government by borrow- should cancel a part of the obligation
s of its debtors,
ing from its own citizens, the British Government in consequence of a similar reduction
by the United
giving its obligations to the American Government States of the obligations due from Great Britain,
"it
for the equivalent. For the purchases made by the is very obvious that the British Governmen would
t
American Government in Great Britain the United neither lose nor gain in such a transactio
n," for the
States Government did not borrow pounds from the reason that it is both debtor and creditor.
The
British Government, but borrowed dollars from its United States, on the other hand, which
is a credown citizens with which to purchase the pounds, itor only, would have to support, for every dollar
and actually paid cash to Great Britain. Had the of debt which it canceled, "an increase by just that
transactions been identical in form, the British amount of the war burden borne by the American
Government would now hold obligations of the taxpayer." That, in a nutshell, is the whole
story
American Government to cover purchases made in about debt cancellation. Unfortunately, it
is a point
Great Britain, just as the American Government which the Columbia and Princeton professors and
holds obligations of the British Government for their followers have chosen very largely to ignore,
purchases made in America." "Any program of can- or to treat as though it were a matter of negligible
cellation," Mr. Mellon adds, "which does not allow importance. It is
not a negligible matter to the
for this difference, gives the United States no credit American citizen who must bear the burden of Fedon the amount of its war debt for purchases made in eral, State and municipal taxation, and whose
Great Britain and other countries." This is indis- chances of recovering, either directly or indirectly,
putable and nothing could be more conclusive.
a considerable portion of the money which he adThe second British contention, Mr. Mellon points vanced to the Governmen
t to be loaned to the Allies,
out, turns on a question of terminology. When the have been abolished
by the extremely liberal concesBritish statement speaks of "allied war debts," for sions already made
in the debt agreements. We
example, it does not include debts for war stocks. cannot think that the
British note, whatever the
When it speaks of payments received from Germany, purpose in writing it may
have been, will strengthen
it "confines itself to payments strictly on account the cause of cancellation
in this country, or inspire
of reparations and Belgian war debt," whereas the public opinion to demand a
tearing up of the existAmerican Treasury includes "such items as receipts ing debt agreements and the conclusion
of new ones.
on account of army of occupation." "Under such On the contrary, it will, we think, tend to confirm
circumstances there is not a disagreement as to fact; the conviction that American generosity in the
there is simply a failure to join issue." While it is matter of the debts has been carried to the limits of
not understood, Mr. Mellon continues, that the Brit- national propriety, that the burdens which the
ish Government challenges the accuracy of the in- debtor Governments have assumed, in view of the
clusive figures used by the Treasury Department "in receipts which they are deriving from Germany
so far as they represent amounts paid and to be paid and from each other, are within their capacity to
by the peoples a Germany, Italy and France to bear, and that a continuance of the agitation
for
Great Britain," the British Government neverthe- revision or cancellation can have only mischievou
s
less contends "that all of these sums will not inure consequences.
to the benefit of the British Treasury, and, therefore, cannot be held to relieve the British taxpayer
The American Red Cross.
directly, though they unquestionably add materially
In the midst of our sternly competitive business
to British economic resources." When, however, endeavors, our flaming
social discussions and
the British figures apparently exclude the French changes, our swirling
emotional politics, there exists
payments on account of war stocks sold, they adopt an organizati
on which gathers together and applies
a method the opposite of that adopted by the United the sympathy
and good-will of' the people—the
States, which included the French indebtedness for American
Red Cross. It has no religious creed, yet
war stocks in the total indebtedness to be funded embodies
the essence of all religions—service to
under the Mellon-Berenger agreement. As for the man. It
takes no part in social reforms, yet by
payments from the Bank of France to the Bank of directing the
thought and power of the people toEngland, which were included in Mr. Mellon's fig- ward
suffering it elevates the spirit above motives
ures, but excluded by the British Government on the of gain and
success, pleasure and pride. It is not
ground that "this loan was a private transaction and political,
or even economic, yet it unites all citizens
is not an inter-Governmental debt," Mr. Mellon in a common
work of the humane that fosters good
points out that the financial exhibit drawn up by government
and civic pride. Among all our instituM. Clementel, the French Finance Minister, in 1924, tions there is
none other like the Red Cross! It
states "that the Bank of France was simply acting soothes the
fevers of disease, it stays the hand of
as an intermediary and that the loan was made to disaster, it rehabilitat
es the lives of the unfortunate.
the Bank of France for the benefit of the French Save for the
failures of the inevitable few, always
Government," and that the French budget of 1927 to be found
in large associated numbers, no taint of
"includes an item of 1,200,000,000 francs to be paid scandal
has ever attached itself to its administrato the Bank of England under the head of reimburse- tion. An independent society of voluntary
helpers,
ments of foreign commercial debts which the Treas- it seeks no grants from
the Government, no protecury must meet in 1927."
tion from the laws, no sanction from the churches.
2656
THE CHRONICLE
[VOL. 124.
and large apportioned
It asks and receives only the unselfish contributions tors and nurses are at hand;
at call; while
are
provided
money
of
ons
contributi
scientificof the people. Efficiently organized and
to
hand to
battle
levees
the
mount
men
of
thousands
love
the
in
ally administered, it rests its perpetuity
flood,
it is a
the
of
ents
encroachm
the
with
hand
of a people.
the
that
It
proves
picture.
inspiring
an
but
sad
work
and
nature
its
s
Nothing more exemplifie
the
as
well
as
quickened
and
educated
be
can
heart
now
flood
ic
catastroph
the
in
service
than its present
desolating the lower Mississippi Valley. At the first mind.
We see, also, in calamities like this and the efforts
sonnd of alarm its force is concentrated at the cruof life and property,
cial point in the field of action. Aided by all the put forth to overcome the losses
of civilized life. As
feelings
and
motives
deeper
available power 'of the national Government, it the
and multiplies
saves
acquires,
producers,
mankind
of
brings to bear upon the sufferings of hundreds
living,
utilizes the
of
happiness
and
comforts
the
and
thousands in the ill-fated district the sympathy
employs
faithfully
and
earth
of
resources
natural
thought
the
succor of an entire people. Again
e
interchang
constant
a
is
there
energies,
initial
offered
relief
actual
presses home upon us that the
of
nt
developme
waits upon no idealistic reform but rests in and upon which aids all men. The natural
and use
exchange
,
production
through
n
civilizatio
beings
human
of
y
communit
the sympathy of a vast
which
succors
structure
ever ready to help their kind in time of trouble. builds up a huge commercial
cultiare
valleys
rich
The
Government, society, laws and beliefs may change, and shelters the race.
work
the
multiply
to
up
but helpfulness will not pass from the heart while vated. Machinery springs
The
builded.
are
cities
and
Towns
this organization exists and functions. Proving its of the hand.
railroads.
by
ted
supplemen
are
incalculable benefit by its work in the World War, natural waterways
and a netit now shows added cause for its being in its efficient Commerce, art and literature flourish,
to the
ministers
ng
industries
interlocki
of
work
service in the disaster that has now fallen on a secon
Competiti
man.
of
needs
and
wants
growing
full
its
tion of the American people. Exercising
someis
which
that
and
hment;
accomplis
on
urges
forward
looks
it
,
strength in the present emergency
uniting the people
toward the possible aftermath of epidemics, and times spoken of as economic war,
end
of a more comthe
to
vocations
their
pursue
to
death.
and
disease
against
girds itself to do battle
on to meet
co-operati
close
a
fact
in
life,
becomes
in
plete
factor
a
as
on
organizati
this
As we look upon
and
comes,
our common life we can but contgratulate ourselves the ideals of toil and trade. Misfortune
into
flowers
good
and
that it is so munificently supported by our citizens, this hidden motive of gold
irrespective of class, creed, or condition. We say specific aid to those who suffer from calamity.
If, then, we characterize the Red Cross as the
of ourselves that we are living in luxury, that we are
of a commercial civilization we shall detract
flower
spending lavishly for all too easy pleasures, that our
from its nobility nor add to the worth of the
nothing
the
in
goal is gain, and our ambition success, but
the people. That this organization exists:
of
labors
Red
Cross
g
the
the midst of it all we are supportin
independent of State, Church and School;
is
it
that
not
is
nature
better,
and thus showing that our
equipped and ready at all times and in all
is
it
that
pelf
of
pride,
selfishness
wholly submerged in the
s; is due to its reliance upon the sponemergencie
benefit
for
the
plans
hundred
a
and power. Amid
of all the people.
of class, section and industry, we maintain one or- taneous sympathy and good-will
up
treasure for the
ganism which crystallizes our helpfulness and ap- All these silent endeavors to lay
s builds
of
dependent
plies it to the greatest need. We ask no questions love of a family and the benefit
this
superstruc
is
erected
and demand no accounting. And it may be said in the foundation upon which
are
s
No
s.
distinction
highest praise of this organization that it has never ture of universal helpfulnes
betrayed the trust imposed by the people. Not only made in the bestowal. No section is too remote, no
this, but its efficiency is proved and acknowledged. "visitation" too small or too great, to receive its
In some degree waste is inevitable in such work. unselfish ministrations. All for one, and one for all,
But its record compared to that of similar organiza- might well be its motto. And this, be it noted, is
tions is unassailable. In this Mississippi flood it is not a creature of law or Government, though recogfirst on the ground and will be the last to leave. It nized by both. It does not offer panaceas to those
who have come to believe the world "owes them a
is an honor to the nation.
as
living."
It does not interfere with the rights or the
congests,
as
population
grow,
es
As communiti
n
of
of the people. But full armed in time of
associatio
activities
an
of
benefit
the
thickens,
industry
and
danger
Doubtless
disaster it springs to life, to help those
apparent.
more
becomes
character
this
who
help themselves.
the
cannot
over
swept
in
past
ages
tornadoes
and
floods
No nation is poor or destitute which possesses
Mississippi Valley, bringing havoc and ruin, but
there were comparatively few to note their passage. such an agency. When Henry P. Davidson was put
The uncivilized beheld these visitations of the pow- in charge of its direction during the World War its
or a
ers of nature with fear and trembling. He had no beneficence spread over Europe and not a camp
helping
the
feel
touch
of its
means of protection and we have no records of his dugout that did not
sufferings. In the case of the great river, it became hand. It does not ask who is right, who is wrong;
to exthe Father of Waters, to be propitiated in wrath by it helps where help is needed. Men working
unin
this
breaks
in
the
levees
stop
under
Now,
to
the
haustion
rites.
we know not what mysterious
from
and
weak
women
children
flood,
arm
of
an
d
the
strong
by
and
precedente
direction of Red Cross,
organized Government, the rising crest of the flood exposure and famished with hunger, black and white,
ignorant and intelligent, cautious and
is telegraphed ahead; airplanes survey the inunda- rich and poor,
and improvident, once they are overthe
thrifty
ply
waters
boats
careless,
of
fleets
tions,issuing warnings;
are erected to whelmed by sudden need receive its devoted attenin aid of the marooned; tent cities
as citizens we may quarrel over polishelter the homeless; foods, clothing and medicines tion. Though
doc- tics, religion and social service, though we may folare transported to the concentration centres;
MAY 7 1927.1
THE CHRONICLE
low the flying fallacies of redoubtable reform,
though we may conjure up impossible purposes for
Government, though we may neglect, sometimes, the
personal duties of brotherhood and in our business
zeal forget our neighbors, once we are called upon to
confide our latent spirit of helpfulness into the keeping of this organization we never fail to respond, and
to give generously and quickly. And we honor ourselves when we honor the Red Cross.
As pointed out by Secretary Hoover in his radio
address summarizing the needs of this particular
occasion, those who builded their homes on the fertile acres under the lee of the great levees relied in
a natural manner on the judgment of those who
planned the protection of these now crumbling earthworks. By no fault of theirs they are in the path
of the swelling torrent. Their losses are not our
gain, they are our losses also. Fire, air, earth and
water are elements never subdued by man. Conflagrations, tornadoes, earthquakes and floods will
ever strike terror into the stoutest hearts, will ever
come, with little warning, to devastate and destroy
life and property. We lay up insurance against an
evil day, we provide, out of our collective charity
chest,immunity against the sweep of these elemental
powers by continuing and supporting the Red Cross.
Man, though he probe the atom and fathom the star,
is but a puppet in the forces of nature. Only when
he sees with his spiritual eyes that the power of good
is also the power of evil, that the rains which fall on
the just and the unjust and water the lands to the
bounteous harvest, may still sweep away his puny
works; only when he lifts himself to spiritual heights
by giving to overcome misfortune, can he proclaim
a wise and righteous conqueror.
AlBible Class in a Baseball Field.
From a special dispatch to the Kansas City "Journal" of April 13 from Little Rock, Ark., we take the
following: "When the Easter sun tops the horizon
at 5.34 o'clock, it will be the signal for a 500-piece
band to strike up the 'Star Spangled Banner,' a
rifle squad to fire a salute, Old Glory to be raised to
the mast and seven airplanes to appear from the
East. . . . For the sun will shine down on 20,000
bowed heads at Kavanaugh baseballfield to mark the
annual meeting of the world's largest Bible class.
.
. All creeds are being brushed aside, priests,
rabbis, ministers of the Baptist, Methodist, Presbyterian, and in fact, of all churches, have signified
their willingness to aid. . . . Easter Day will be
ushered in with a bally-hoo that smacks of the circus.
At 4 o'clock Sunday morning twenty street cars,
each bearing a band, will leave the business section
to traverse the various lines running through the
residential districts, playing 'Onward, Christian
Soldiers.'" This is a front page dispatch in a paper
that takes pride in the small amount of space it devotes to crime news. But it strikes us as sheer sensationalism, for which, of course, the newspaper is
not to blame. The story may please many church
people to whose zeal and piety we would only offer
respect. And again, it may not please others who
would banish all such methods from religious observances. The important question is, shall we consider
it as a symptom of the disintegration of true religion,
or a proof that the churches are gathering force and
character through organization and display?
2657
It would seem, as "all creeds are being brushed
aside," that there is a basis of unity that lies outside
their respective tenets. Yet we wonder somewhat
at the rabbis finding a common ground in a united
Easter service. Be this as it may, since the gathering is called a Bible class, what will the number be
in the following Sunday's Bible class? What is a
'class of this character for if it be not for serious
study of the written Word? This spectacular gathering is duplicated to a certain extent in other parts
of the country. In California ascent to a mountain
top is made to greet the rising sun of Easter morning. But is there sufficient inspiration in this isolated service to last throughout the year? It has
always been said of "revivals" that their emotional
interest soon filters away, and that many who "profess" are soon again lost to the fold. The question
of the influence of these modern methods upon religion itself is a question of social and even civic importance, that may be discussed in an ethical way
without offense to anyone. For religion is a distinct
force in the world, and its displacement will have
the most serious consequences.
If the world is to witness a revival, on a large
scale, of religion, what will that religion be? Can it
be more than a unified effort to establish a spiritual
relation to the Author of All? Can it be more than
an at-one-ment with the sublime and sacred Cause?
Can it be less than a consecration to the divine purpose of life and a thankful appreciation of the gift
of life? Can the teachings of true religion on this
basis find higher expression than in man's relation
to men? What, then, can be gained by these methods of arousal that rely upon spectacle and numbers,
upon advertising and organization? On many an
ordinary church edifice are placed the simple words,
"Enter, pray and rest." Is reflection, introspection,
quiet contemplation, all or either of them, a necessary component of worship? It was thought so
when devout men retired from the world into monastic seclusion that they might reach to purer spiritual heights. Many have always question the good of
this retreat. But now,in a materialized, mechanized
society, the other extreme is reached—in a bally-hoo
religion of blaring bands in baseball parks. The early
Church, and by that we mean the early modern
Church, taught the quiet communion of the individual with his God. Old Puritan customs and laws
for worship are condemned as invasions of natural
freedom. And they were, for religion has advanced
from the letter to the spirit. Can the respect for
"the faith" lost by the imposition of onerous regulations on normal life be regained by moving pictures
in the pulpit, by committees for every form of social
uplift, and by crowds gathering at dawn to herald
forth with rifle shots the "world's largest Bible
class"?
We can find a partial answer at least in what the
New York "Times" Book Review says of "Elmer Gantry," Sinclair Lewis's latest iconoclastic outburst:
"When you have finished 'Elmer Gantry' you are
inclined to feel that nothing could be much worse
than Christianity as it is currently preached and
practiced." Our social and civil life are sadly in
need of a religion that can be respected. Waves of
atheism and agnosticism have swept over the world
in times past and may do so again. The writer
wastes time, however, to point out in fictional form
the faults that are inherent in a period of change
2658
THE CHRONICLE
from the rigidity of forms and rituals to the spirtual
emancipation of the individual who feels the need of
something divine to lean upon. This yearning for
the highest and best, this desire for understanding,
this plea for a faith that is founded on reason, is not
denial but affirmation. Religion is not dead or
dying. But it is finding itself in the study by the
individual of his relation to the good. We rush to
extremes. Evolution may be a refinement of religion
or it may be a reversal of faith, but it is for the individual to decide. To fasten a prohibition in the statutes against the teaching of a mere theory of man's
origin is a return to the blue laws of Puritanism
which bound man in the iron manacles of a now outworn creed. But to hold up religion as a cover for
hypocrisy, because modern church methods are following the prevalent craze for sensational salesmanship, is to pave the way for disgust with and enmity
to all forms of authority, even that of the State.
Religion is more than Church or Creed. Blot it out
of man's consciousness and there is left but the urge
of fear, the passion of desire, and the selfishness of
interest.
It therefore behooves the Church to study well its
mission in the propagation and spread of religion.
Somewhere between the bare walls of a monastic cell
and the baseball field there is a haven of rest where
the soul may commune with its Maker. Far from
the crowds and the "bally-hoo" of the creeds, there
is a church that is more than an edifice, that is its
own minister, that is its own choir—a cloister in the
heart from which the manifestations of belief consecrate the worshipper to the service of his fellowmen.
Poor is that petty mind that in the egotism of unbelief would dare God to strike the man dead—because it must be surmised he finds a materialized
church failing in its spiritual mission. That religion which is ultimately to unite all men in worship
of God through service to fellowmen will be able to
dispense with all trappings and specious appeals.
It will flow out of contrite hearts in good deeds. It
will disdain flamboyant pulpits and megaphoned
messages. The still small voice of conscience will be
its companion and helper. It will have its home in
character rather than ritualistic display. It will
flow from soul to soul along spiritual pathways in
the deep silence of a common and kindred adoration.
And in devout humility in the divine Presence it will
find its sacred rest.
How can worldly methods cure worldliness? Assumption, artificiality, asseveration, are not the
truth that makes man free. It may be said also of
religion that knowledge is not wisdom, nor is wisdom faith. A scientific religion is an anomaly. For
behind the few grains of knowledge are the vast unexplored realms of the unknowable. As the scalpel
cannot reach the soul, so physical science cannot
reach God. Faith is belief in the almighty Purpose.
Man is part of the transcendant All. As eternity
stretches infinitely into a past and a future, so faith
reaches backward and forward without end into the
soul of things. Either man in his gropings after
truth is the creature of omniscience or he is a mere
happening in a fortuitous concourse of events. He
cannot explain, he will never explain, himself, without faith in the unseen. And so he may rest in a
philosophic religion of right human relations and be
content. And herein may every man build his own
church and worship his own God. All creeds merge
[VOL. 124.
into one, the creed of salvation through character
and of faith through good works. Sectarian observances, inspired testaments, symbolical forms, organized crusades, are here subject to the interpretation
of the individual. In this sense worship and consecration are always and ever personal, and it becomes
a spiritual truth that there is no place where man
can hide from God. Religious law, therefore, as propounded in special codes, suffers in the same way as
does political law,from too great specialization.
The research of man is gathering a vast body of
knowledge of present conditions. Psychic investigation is knocking at the door of the Beyond. And if
that door ever opens, it will disclose not physical
continents but spiritual. So that the humble man
can rise above the scoffer and save himself without
material science. To put the difficult thought into
common language he can, verily, save himself without the Church. :Not that there is not a great helpfulness in all the churches and creeds, for each is a
means to a single end, and that end is unity through
submission to the inevitable divine. Everywhere
ascends the plea for tolerance. There is nothing to
quarrel about in the submission which says "I accept!" Most of the great atheists of the past have
been profoundly convinced that there is a "divinity
that shapes our ends, rough-hew them how we will."
The principles of a universal religion, when it is
attained, will be very simple. They will evolve from
the good works that grow out of all our institutional
means of life, but they will not deify the means.
Shear the Church of its lettered inspiration and of
its material agencies and it becomes the sacred repository of truth, and the divine representative of a
spiritual world. Its sectarian name becomes a mere
nothing, and it impartially welcomes all men to its
services. And though it take on a name according to
certain elements of faith, since all men will never
think alike, it has no mission to convert dissenters,
or to proselyte men, or to be the "biggest show on
earth."
If man shall outgrow the Church as now constituted, he cannot outgrow religion as it will be. If
priest, protestant, rabbi, can unite in an Easter
sunrise service they can unite every day in the year.
Yet, just as climatic influences create dialects in.
speech, so place and race must influence the declaration of a creed. The important thing is to recognize
that all are children of the one God. Even
more important is recognition of the personal relation to God. Egotism comes near to
being a sin. Gathering a few shining motes
of knowledge in the sunbeam of infinite truth is not
warrant for positive declarations as to the nature of
God or the essentiality of any creed. If its appeal,
whatever be its name, is satisfying to one, well and
good. But in the Presence man must be humble, for
what he does not know far exceeds what he possibly
can know. Happily, we advance in religion, as in
manufactures. Introspection is a religion in itself.
Why "dominion" unless we are to use it for the general good? Argus-eyed invention may be bringing
untold means to a better life. But all our inventions
are toys unless we use them rightly. Man at most
and best is a child reaching out a hand to clasp a
star. He is taught by every scientific discovery, by
every journey into the unknown, by every birth and
death, his own powerlessness to overcome the natural and the spiritual law by his own devices. To be
MAY 7 1927.]
THE CHRONICLE
arrogant in reasoning, to be proud in the midst of
facts, to be defiant in the presence of omniscience
which cannot be other than love, is to reject the blessing of life and the joy of thought. Contemplation
teaches the power of translating all things into tile
spiritual. More facts, less work; acquisition and
use; government and law as exponents of democracy
and collectivism; a new environment of civilization
that is to regulate man's further progress; what are
all these if the individual be not drawn closer to the
increasing Purpose as revealed to the single soul
that is to meet its destiny through all the ascending
planes of an immortal being? If, now, in the incessant turmoil of an existence commonly characterized
as "living too fast," we are to restrain the impetuous
and selfish endeavors of men, if we are to reduce the
power of majorities, if we are to supplant massthinking by personal contemplation, we need the new
religion that makes men free, according to their own
thought, to seek and find and serve the Good, each
for himself.
The Crops and Harvests of 1926.
With the appearance last month of the final ginning returns by the United States Census, fixing
definitely the size of the 1926 cotton crop, the record
of last season's crops is now complete. Including
234,041 bales which ginners estimated would be
ginned hereafter, the Census Bureau made the total
crop 17,910,258 bales of 500 pounds. This is by far
the largest crop on record, though it falls 708,000
bales below the estimate of the Department of Agriculture last December, which placed the crop at 18,618,000 bales. No doubt some cotton raised was
never picked.
Speaking generally, agricultural results for the
year 1926 were in some respects less satisfactory
than for the preceding year or for the year 1924.
The important cereal crops did not measure up in
quantity last year to the yields of the year 1925, and,
making allowance for one or two of the leading
cereals, they also show some decline in comparison
with ,the production in 1924. Furthermore, the farm
value of the leading cereal crops, as estimated by the
Department of Agriculture, based on the Dec. 1
price, is considerably less for last year than the indicated farm value for the yield of 1925, while there
is very large loss in contrast with the figures for
1924. These remarks relate to a few of the leading
cereal crops only. If cotton is included, then last
year's loss, measured in dollars and cents, by reason
of the great decline in the price of the staple (which,
however, has been in part at least recovered since
the report of last December), becomes monumental.
We may interject here that the yields shown for
some of the leading cereals in 1926 at the South suggest that diversity of crops in that section has actually begun.
Of the cereal crops, wheat makes rather the best
showing, and this applies particularly to the important winter wheat crop. The area harvested of winter wheat in 1926 was 36,913,000 acres, which was
18.2% greater than in the preceding year. The yield
last year was 17 bushels per acre, in contrast with
only 12.9 bushels per acre in 1925. The total production of winter wheat in 1926 was 626,929,000
bushels, as against only 401,739,000 bushels in 1925,
an increase for 1926 over the preceding year of 56%.
In comparison with 1924, when conditions as to win-
2659
ter wheat were much better than in 1925, last year's
production also exhibits a substantial gain. Practically all of the important winter wheat States
show a higher yield in 1926 than in the preceding
year. In Kansas, where conditions in 1925 were such
that the winter wheat crop was almost a failure, the
yield last year was practically restored, and compared very favorably with other good years for that
State. Two of the Pacific Coast States, Washington and Oregon, in which the yield of winter wheat
in 1925 suffered materially, also recovered their
position as to production last year. It is in the
South that the greatest advance is shown. Seven of
the larger Southern States report last year's yield
of winter wheat at 137,750,000 bushels, or 146%
more than in 1925.
Spring wheat suffered reduction of yield last year.
The area for the spring wheat crop of 1926 was 19,613,008 acres, comparing with 21,021,000 acres in
1925, and the yield was only 10.5 bushels per acre
as against 13.1 bushels in 1925 and 16.1 bushels in
1924. The total production of spring wheat in 1926,
therefore, was only 205,376,000 bushels, as against
274,695,000 bushels for the preceding year. The
greater part of the loss in last year's yield was in
the Dakotas, although the production of spring
wheat in Washington and Oregon in 1926 was also
very largely reduced as compared with the preceding year.
WH,EAT CROP FOR FIVE TEARS.
Wheat.
Production, Production, Production, Production, Production,
1926.
1925.
1924.
1923.
1922.
01110
Indiana
Minnesota
Kansas
California
Illinois
North Dakota
South Dakota
Missouri
Michigan
Pennsylvania
Oregon
Wisconsin
Nebraska
Washington
Iowa
Bushels.
Bushels,
Bushels.
40.384,000 24.304,000 33,446,000
34.048,000 25.700,000 28,972,000
27.860,000 30,269,000 37,863,000
150,084,000 77,388,000 159,964,000
12,015,000 11,454.000 5,655,000
41,034,000 36,880,000 37,988,000
77,224,000 112,378,000 133,450.000
10.840,000 31.835,000 35,157,000
21,474,000 22,515,000 21,388,000
17,998,000 14,557,000 20,132,000
23,400,000 22,500.000 18,744,000
19,586,000 18.893,000 14.693.000
2,599,000 2,267,000 2,786,000
40,085,000 34,150,000 58.519,000
40,271,000 40,251,000 26.380,000
7,864,000 6,303,000 9,142,000
Total
All others
566,766,000 511,644.000 644,999,000 574,537,000 659.975,000
265,539.000 164,785,000 219,429,000 222,844,000 207,623,000
Bushels.
Bushels.
42,770,000 35,374,000
34.248,000 28.928,000
23,385,000 27,276,000
83,804,000 122,861,000
16,157,000 15,308.000
62.506,000 55,432,000
71.410,000 126,618,000
27,515,000 40,012,000
36.790,000 38,818,000
16,576.000 14.326,000
24.338,000 24.722,000
26.807,000 18,900,000
1,970.000 3.006,000
31.388,000 59.838.000
61,215,000 32,104,000
13,658,000 16,452.000
Total 'United States* 832,305,000 676,429,000 864,428,000 797,381,000 867.598,000
•Of which 626,929,000 bushels winter wheat and 205,376,000 bushels spring
wheat in 1926, against 401,734,000 bushels winter wheat and 274,695,000 bushels
spring wheat in 1925.
There was a fairly satisfactory yield of corn in
1926, although the crop was considerably less than
that of the preceding year, and far below the record
production. The area harvested last year of corn
was 99,492,000 acres, in comparison with 101,359,000
acres in 1925. Last year's yield of 26.6 bushels per
acre compares with 28.8 bushels in 1925, the production in both instances being less than in normal
years. The total production last year is estimated
at 2,645,031,000 bushels, as against 2,916,961,000
bushels for 1925. In the past ten years there have
been only three years with a lower yield of corn than
in 1926. In 1924 the corn crop suffered a serious
reverse. A development last year, which has attracted attention, is the larger production of corn in
the South. Reference to the same matter was made
in the remarks above concerning winter wheat.
Noteworthy gains last year appear in the reports on
corn for many of the Southern States, among them
Texas, Oklahoma, Arkansas, Mississippi, Alabama,
Georgia, the Carolinas, Virginia, Kentucky and Tennessee. These eleven Southern States produced
655,000,000 bushels of corn last year, or 218,000,000
bushels more than in 1925. The total production of
corn in the United States in 1926 was 9.3% less than
2660
THE CHRONICLE
in 1925, but for the eleven Southern States enumerated there was an increase last year over the preceding year of nearly 50%. The losses in production
in 1926 were in Nebraska, Kansas, Iowa, Illinois and
neighboring States. Indiana, Ohio and Pennsylvania also contributed to the loss in yield. South Dakota reported a small gain; that State and Minnesota have in recent years added to the acreage and
yield of corn.
CORN CROP FOR FIVE YEARS.
Corn.
Production,
1926.
Iowa
Illinois_ _
Kansas
Missouri
Nebraska
Indiana
Ohio
Texas
Tennessee _
Kentucky _
Pennsylv'a
Arkansas..
Wisconsin _
Michigan
Minnesota_
Oklahoma.
Total
All others
Production,
1925.
Produaion,
1924.
Production,
1923.
Production,
1922.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
413,586,000 492,648,000 305,536,000 436,428,000 466,380,000
312,970,000 394,506,000 295,218,000 337,312,000 313,074,000
98,391,000
.57,299,000 109,942,000 130,656.000 122.194,000
174,189,000 198,860,000 151,200,000 196,860,000 178.125,000
139,407,000 236,600,000 191,752,000 272,052,000 182,400,000
170,528,000 203.232,000 113,920,000 192,616.000 176,305,000
145,436,000 179,568,000
89,232,000 159,859,000 149,097,000
106,863,000
92.500,000 114,580,000
25,134,000
63,088,000
73.941,000
75,440,000
85,222,000
63,240,000
66,650,000
94,050,000
88,060,000
101.277,000
85.622,000
76,200,000
69,212,000
57,154,000
71,808,000
48,034,000
61,640,000
33,440,000
31,000,000
43,875,000
41,533,000
28,084,000
83,381,000
98,300,000
73,106,000 101,602,000
56,810,000
60,716,000
54,162,000
65,680,000
45,885.000
58,167,000
147,662,000 148,896,000 124.065,000 154,692,000 131,307,000
61,178,000
19,185,000
54,378,000
37,536,000
57,600,000
2,141,572,000 2,424,607,000 1,846,064,000 2,404,228,600 2,302,862,000
503,459,000 492,354,000 463.350.000 649,329,000 603,158,000
total U.S. 2,645,031,000 2,916,961,000 2,309,414.000 3,053.557.000 2.906.020.00
The 1926 production of oats was the smallest of
the past three years. The area, 44,394,000 acres,
was nearly as large as that of 1925, and was considerably in excess of 1924, but the average yield of
only 28.2 bushels per acre in 1926 compares with
33.2 bushels in 1925 and 35.7 bushels in 1924. The
crop of 1926 is put at 1,253,739,000 bushels, as
against 1,487,550,000 bushels the preceding year.
The loss last year in comparison with the preceding
year, was very heavy in the States of large production. Included in the latter were Iowa, Minnesota,
Illinois, Wisconsin, the Dakotas and Nebraska.
Many of the Northern States show a decline in yield
and most of them a large loss. Here again the
Southern States exhibit a different result. Nearly
all of them report a larger yield of oats for 1926
than for the two preceding years. In the face of a
loss of 15.7% in the production of oats last year
from 1925 for the country as a whole, eleven of the
larger Southern States show a yield of 183,200,000
bushels of oats in 1926, in contrast with 84,400,000
bushels in 1925, or a gain of 117.1%.
OATS CROPS FOR FIVE YEARS.
Oats.
Illinois_ _ _ Iowa
Minnesota_
Wisconsin Kansas...-.
Ohio
Missouri.. _
Pennsylvia
New York_
Michigan
Nebraska
Indiana _ _
No.Dakota
So. Dakota
ream
Total
All others
Production.
1926.
Production,
• 1925.
Bushels.
123,516,000
195,962,000
129,162,000
96.638,000
35,122,000
75,240.000
41,540,000
35,552,000
34,576,000
51,610,000
52.516,000
67,020,000
34,408,000
23,213,000
83,686,000
Bushels.
157,788,000
243.863,000
200,340,000
126,248,000
39,376,000
83,000,000
49,998,000
40,495,000
36,612,000
51,808,000
73,953,000
59,864,000
63,558,000
96,356,000
13,419,000
Production,
1924.
Production,
1923.
Production,
1922.
Bushels.
170,586,000
245,910,000
197,241,000
103,600,000
34,225,000
65,600,000
40,750,000
36,216,000
33,840,000
58,704,000
68,768,000
69,375,000
88,944,000
104,858,000
49,470,000
Bushels.
135,100,000
209,019,000
155,400,000
92,166,000
34,922,000
52,302,000
34,509.000
33,930,000
32,747,000
48,896,000
81,048,000
48,692,000
54,924,000
78,336,000
48,840,000
Bushels.
110,010,000
217,925,000
142,746,000
101,558,000
27,639,000
39,744,000
19,200.000
39,780,000
31,770,000
50,932,000
58.106,000
31,626,000
78,804,000
74,400,000
33,465,000
1,079,741,000 1,336,676,000 1,368,087,000 1,140,831,000 1,056,705,000
173,998,000 150,874,000 134,442.000 165,052,000 159,098,000
rm.'TI A 1.253.739.000 1.487.550.000 1.502.529.000 1.305.883.000 1.215 802 ono
Rye suffered materially last year, and the smallest
crop since 1912 was raised. The area last year fell
to 3,513,000 acres, as against 3,974,000 acres the preceding year and 4,150,000 acres in 1924. The average production of 11.4 bushels per acre in 1926 compares with 15.8 bushels in 1924, and the harvest in
1926 was only 40,024,000 bushels, a loss of 38.9%
from 1924. Two-thirds of all the rye grown in the
United States is raised in half a dozen Northern
States, and it was in these States that the heaviest
FoL. 124.
losses appear. Production is very small in the other
sections, especially in the South.
Conditions affected other important crops in various ways. Production of barley last year of 191,182,000 bushels was not so large as in the preceding
year, but in excess of 1924. The acreage last year
was greater than in either of the two preceding
years, but the yield per acre in 1926 of 23.3 bushels
compares with 26.8 bushels in 1925 and nearly the
same average in 1924. Rice shows a larger production last year than for either of the two preceding
years, a total yield of 41,006,000 bushels in 1926
comparing with 33,309,000 bushels in 1925. Here
the yield per acre last year was 40.3 bushels, against
37.5 bushels in 1925. There was quite a decline last
year in the production of hay, although the loss was.
wholly in the wild variety, the area, yield per acre
and total yield of the latter having shown quite a
marked decline for each year in the past three years.
The tame variety constitutes 90% of the total yield
and last year the area harvested was slightly larger
than in 1925, though somewhat under that of 1924.
The average yield of tame hay in 1926 was 1.47 tons
per acre, the same as in the preceding year, and the
total production was 86,377,000 tons, as against 85,717,000 tons in 1925, but comparing with 97,622,000
tons in 1924.
The white potato crop of 1926 was larger than for
the preceding year, but was considerably under the
production of other recent years. It was the reduction in the area harvested last year that served to
cut down the crop, and the same thing applies to
the loss in yield in the preceding year. The area
harvested last year of 3,163,000 acres was only about
2% larger than in 1925, and in these two years was
the smallest of any year back to 1905. The average
yield was 113.1 bushels per acre in 1926 and 104.6
bushels per acre in 1925. For both years the average
was high, although much below the very high record
of 127.7 bushels per acre established in 1924. That
was exceptional. In only one other year, namely
in 1912, was the average yield per acre higher than
in 1926 and the average in 1912 was 113.4 bushels.
On the reduced area of 1926 the total production of
white potatoes was 357,800,000 bushels; in 1925 it
was 323,465,000 bushels. The record production of
white potatoes was in 1922 453,396,000 bushels. In
some measure an increased yield of sweet potatoes
last year may have made up for the loss in the other
variety, the production of the sweet variety in 1926
being placed at 83,658,000 bushels, as against only
62,319,000 bushels in 1925 and 53,912,000 bushels in
1924.
The yield of tobacco last year is estimated at 1,323,388,000 pounds. In 1925 it was 1,376,628,000 pounds
and in 1924 1,251,343,000 pounds. The area harvested
for tobacco last year was less than in both preceding
years, but the average yield per acre for 1926 of 795
pounds was considerably above that of 1925 or 1924,
and approached more nearly the high average of
many of the earlier years prior to 1923, when the
average yield was 810 pounds per acre.
After all, it is the cotton crop of 1926 that holds
the centre of the stage for real sensational features,
first as to the extent of yield and second as to the
heavy decline in value. Much discussion has been
had both publicly and privately regarding both
points. The Department of Agriculture's final estimate of yield for 1926, as already stated, was 18,618,-
MAY 7 1927.]
THE CHRONICLE
The compilation printed below shows the total
production for a series of years of the eight leading
cereal crops of the United States. The total for 1926
is somewhat under 1925, owing chiefly to the decline in the yield of corn last year. Of the eight
crops included only two report larger yields in 1926
than in 1925, namely, wheat and rice. Compared
with 1924 the total yield last year was somewhat
higher, but there is a decline from the total of 1923,
chiefly due to the large corn crop raised in that year.
Wheat.
Corn.
Oats.
CoUon.•
Potatoes.
Bushels.
Bushels.
Bushels.
Bales.
Bushels.
658,534,252 2,666,324,370 943,389,375 9.459,935 273,318,167
522,229,505 2,105,102,516 809,125,989 10,266,527 210,926,897
748,460,218 1,522,519,891 736.808,724 9.675,771 187,598,087
670,063,008 2,523,648,312 987,842,712 10,827,168 284,632,787
637.821,835 2,244,176,925 784,094,199 10,045,615 247,127.880
552,399,517 2,467,480.934 894,595,552 13,679,954 332,830,300
692,979,489 2,707,993,540 953,216,197 10,804,556 260,741,294
735,260,970 2,927,416,091 964,904,522 13,595,498 308,038,382
634,087,000 2,592,320,000 754,443,000 11,375,461
664,602,000 2,668,651,000 807.156.000 13,587.306 297,942,000
737,189,000 2,772,376,000 1,007,353.000 1.10,315,382 278,985,000
376,537,000
683,349,697 2,552,189,630 1,007,129,447 I
635,121,000 2,886,260,000 1.186,341,000 12,005,688 389,194,965
621,338,000 2,531,488,000 922.298,000 16,250,276 349,032,000
730,267,000 3,124,746,000 1,418,887,000 14,313,015 292,737,000
763.380.000 2,446,988,000 1,121,768.000 14,795,367 420,647.000
331.525,000
891,017,000 2.672,804,000 1341,060,000 16.991,830
409.921,000
1.025,801.000 2,994,793,000 1,549,030,000 12,122,961
636,318.000 2.566,927,000 1,251,837.000 12,780,644 359,721.000
636,655,000 3,065,233,000 1,592,740.000 12,428,094 286,953,000
438,618.000
921,438,000 2,502,665,000 1.538,124,000
860,000
968,279,000 2,816,318,000 1,184,030,000 12,970,048411.
12,028,732
833,027,000 3,230,532,000 1,496,281,000 13,879,916 322,867,000
814,905,000 3,068,569.000 1,078,341,000 8,351,393 403,296,000
867,598,000 2,906,020,000 1,215,803,000 10,369,848 361.659.000
797,381,000 3,053,657,000 1.305.883,000 10,808,271 453,396.0W
864,428,000 2,309,414,000 1,502.929,000 14,525,311 416,105,001
676,429,000 2,916,961,000 1,487.550.000 17,218,556 421,58.5,00(
832,305,000 2,645,031,000 1.253.739.000 dig ORS R7t1 323,465.00(
357 IM0 ON
a These are the revised grain figures of the Agricultural Department
issued after
the Census reported its results for 1899, showing much larger
totals than those of
the Department. b These are the revised grain figures
issued after the Census
reported its results for 1909, showing smaller totals for wheat
anti corn than those
of the Department. • All figures are United States
in equivalent of 500-pound bales and include Haters. Census figures and are given
d In this we have estimated linters at 6% of the size of the
crop, as shownlby the
ginning returns, this being the estimate given in the AgriculturallBu
reau'alreport
of last December.
Illii1011101
1920.
Year.
.-..-.. lllll
e.,
1921.
CROPS OF WHEAT.CORN,OATS,POTATOES AND COTTON SINCE 1898
0
1922.
Cents. Cents. Cents.
100.9
92.6 143.7
68.5
62.7 126.8
39.4
30.2
46.0
52.5
41.9
71.3
65.8
42.3
67.1
88.5
81.2 128.3
58.1 110.1 114.5
211.5 145.1 176.7
93.1
95.2 119.1
58.1
88.1 113.4
23.8
16.2
13.9
23.2
19.9
21.2
1925.
1924.
Crofts.
1923,
1922.
Corn
1,703.430,000 1,966,761.000 2,266,771,000 2,217,229,000 1,910.775,000
Wheat- --.. 997,589,000 957,907,000 1,123,086,000 735,993.000 873,412.000
Oats
499,531,000 565,506.000 717,189,000 541,137.000 478,948.000
Barley
109,677,000 127,453,000 134.590,000 107,038,000
95,560,000
Rye
33,416,000
36,340,000
69.696,000
37,150,000
70,841.000
.r....-.1
2 242 RAR nnn 2 ASS 007 nnn 4 211 :ma(WI 2 ASS 517 non 2 490 5911 rtnn
1:111:11:11
1923.
Cents.
92.3
65.0
41.4
54.1
72.6
93.3
78.1
210.7
65.0
97.9
31.0
19.9
FARM VALUES ON DECEMBER 1.
1926.
1
1924.
Cents.
129.9
106.5
47.7
74.1
98.2
102.6
62.5
227.4
138.5
128.8
22.6
20.7
The total farm value of the five leading cereal
crops last year was put by the Department of Agriculture at $3,343,643,000 for 1926, against $3,653,967,000 for 1925. Last year's total is smaller than
for either of the four preceding years. Compared
with 1925, the farm value of wheat in 1926 alone
shows an advance in value. Corn, on account of the
large production in 1925, naturally leads the other
four cereal crops in the amount of loss for last year,
but the decline in the value of oats and barley is
quite heavy. The total farm value of all crops raised
in the United States last year was estimated by the
Department of Agriculture last December at $7,802,114,000, against $8,949,321,000 in 1925 and $9,334,251,000 in 1924. Here is a loss for'1926 from 1925
of $1,147,207,000. To this loss cotton alone contributed $581,324,000, or more than one-half of the entire amount.
.g.
1925.
Cents.
141.5
78.2
38.0
58.9
67.4
88.8
186.8
226.5
153.8
136.4
18.2
18.4
Total
Department, Department. Department, Department,
Precious
Production.
1926.
1925.
1924.
1923.
Record.
Bushels.
Bushell.
Bushels.
Bushels.
Bushels.
Corn
2,645,031,000 2,916,961,000 2,309,414,000 3,053,557,000
Wheat
832,305.000 676,429,000 864,428,000 797,381,000 3.230,833,000
Oats
1,253,739,000 1,487,550,000 1,502,529,000 1,305.883,000 1,025,801,000
Barley...... 191,182,000 216,554,000 181,575,000 197,691,000 1,592,740,000
228,851.000
Rye
40,024.000
46,456.000
65,466,000
63,077,000
91,041,000
Buckwheat.
12,922,000
13,994,000
13.357,000
13,965,000
19,249,000
Rice
41,006,000
33,309,000
32,498,000
33,717,000
52,066,000
Flaxseed...
19,459.000
22,424,000
31,547,000
17,060.000
31,711.000
Total
5.035.668.000 5.413.677.000 5.000.814.000 5.482.331.000 6 272 909 Ann
000WOW
1926.
Cents.
per bushel 119.9
wheat
Rye
83.5
..
89.8
Oats
..
Barley
57.4
64.4
Corn
..
"."
Buckwheat- - _
88.3
Potatoes
141.8
"
Flaxseed
194.1
109.7
Rice
95.7
Sweet potatoes••
Cotton ------- per pound 10.9
18.5
Tobacco
CEREAL CROPS.
gagn08088RSOOOOM000=4:00
AVERAGE PRICES RECEIVED BY FARMERS AND
PLANTERS.
Only three of the leading cereal crops in 1926 enjoyed larger yields than in 1923, these being wheat,
rice and flaxseed. As compared with the record productions of each of these eight cereal crops, the total
for 1926 shows a decline of 19.7%.
48c.M002=wielcitsW00.
coocqtimg,
000 bales. The final ginning returns now make the
crop 17,910,258 bales, not including linters, which
latter will increase the amount by over one million
bales. With the largest production on record, the
highest acreage, and an average yield only exceeded
a few times in the past quarter of a century, the
estimated farm value of last year's crop is less than
for any year in the past ten years, excepting only
two years, and one of the latter was the disastrous
year, so far as yield is concerned, of 1921. The farm
value of last Year's cotton crop is based on an average farm price on Dec. 1 of that year of 10.9 cents
per pound. The corresponding figures for the 1925
growth was 18.2 cents per pound and for 1924 22.6
cents. The highest on record was in 1919, 35.6 cents.
In 1914 it was only 6.8 cents.
It should be remembered, however, that since
December the price of cotton has enjoyed some recovery. Taking as the basis middling upland spot
cotton on the New York Cotton Exchange, the price
March 18 was 14.05 cents per pound, against 12.60
cents on Dec.1 1926. Last month, with the announcement that the ginning returns showed a yield over
700,000 bales less than the Department of Agriculture estimate of last December the price further
advanced, and on Monday (March 21), when the announcement was given out, touched 14.40 cents.
Since then the Mississippi floods have come in to advance prices. The quotation yesterday (Friday)
was 16.00 cents.
Some other crops show a lower farm value for
1926, according to the calculations of the Department of Agriculture, than for the preceding year.
The figures for a dozen leading farm products, as
given by the Department, covering a series of years,
are printed in the subjoined table. The farm value
of wheat for Dec. 1 1926 was 21.6 cents per bushel
lower than for the corresponding date of 1925. Fractional declines appeared for barley, corn and buckwheat. Rice was 44.1 cents per bushel lower last
December than at the same date of the preceding
year and white potatoes were 45.2 cents less per
bushel than on the same date a year ago, when,
however, the price was extraordinarily high.
Flaxseed and sweet potatoes also showed
somewhat lower farm prices last year. None
of these crops, though, suffered anything like the
percentage of decline in price that cotton did. There
are a few crops where last year's farm prices were
fractionally higher than in 1925; among the latter
are rye, oats and tobacco.
2661
The New Korea.
There is more than one reason why Korea, long
"The Hermit Nation," should now attract wide attention. She has long been closely connected with
China; she was the immediate cause of the RussoJapanese war, and the aggressive entrance of the
greater European States into the terms of its settlement; she is rapidly developing important economic and commercial interests, and her recent his-
2662
THE CHRONICLE
tory throws light upon the question of the relative
value of the different methods of dealing with the
lesser dependent or subject and backward nations.
With a large territory and great undeveloped resources, a long seacoast facing two important seas
and a population of 17,600,000, of whom less than
half a million are foreign, Korea occupies a position
of great strategic importance between three great
nations having sharply contending interests which
bear more or less directly upon the peace of the
world. A book having the title of this article by a
recognized authority of long experience in colonial
administration, gives material for an intelligent understanding of the present situation.*
The Koreans are a people of Mongol stock. They
early contributed largely to the arts, the religion and
the philosophy of Japan . Five hundred years of
misrule under the late dynasty produced the deplorable condition in which Japan annexed them. This is
the situation with which our author is principally
concerned as bearing upon the immediate future, and
the questions uppermost everywhere. The elements
here treated are new. While the book gives them in
ample detail, we can only outline the situation.
The modern period began in 1876, when a Korean
fort fired on a Japanese warship. Japan landed
troops and secured mutual treaties for trade, with
recognition of Korea's independence. She established a legation in Seoul in 1880; which was attacked by Korean and Chinese troops in 1883. In
1894 Korea asked of China troops to aid in putting
down a rebellion. This led to the Japanese-Chinese
war of'94 and '95 in which Japan's complete victory
involved the transfer to her of the Chinese peninsula
of Liaotung; whereupon Germany, Russia and
France intervened to exclude Japan, and while Britain declined to join in the coercion of Japan she
secured territory on the opposite shore for "so long
as Russia should possess Port Arthur." The war
with Russia followed in 1904, resulting in Japan's
permanent protectorate over Korea, and leading to
annexation in 1910.
The protectorate because of grave local difficulties and obstructions had proved impracticable, and
though the new measures adopted with the annexation yielded many benefits to the Korean people,
they were connected with so much severity that revolt
ocurred in 1919, attended with violent measure's.
The Japanese Government had started out with
every good intention. It aimed at ultimate selfgovernment within the Japanese Empire. It gave
$15,000,000 to provide for the nobility and the officials of the old regime, when it had the responsibility of setting up a new one; and despite inconceivable obstacles, the present administration is working
in a highly successful way.
The customary Dutch and British method of using
military officers for Colonial Governors was followed by Japan and has been a mistake. A different temperament is called for. Stern discipline, and
obedience without debate or protest are out of place.
Good-will and co-operation on the part of the people
are essentill. The rule must bear the impress of
urbanity and conciliation, readiness to give and take
and the spirit of mutuality and community of interest, which are to be expected in a civilian. When
the change was made with the appointment of Viscount Saito as Governor-General a new era began.
Co.
'1"The New Korea," Alleyne Ireland, F. R. G. S. E. P. Dutton &
[Vox.. 12t.
Writing some seven years after Governor Saito's
appointment, our author can testify that as the result of a just and tolerant administration, supported
by expert and sympathetic aids, to-day there is almost unanimous agreement on two points; one, that
native sentiment has shown a continuous and now
very definite tendency to become less anti-Japanese;
the other, that the remarkable increase in the country's prosperity has been accompanied by a striking
improvement in the living conditions of the Korean
people at large, and in the temper of the intercourse
between them and the Japanese. The new measures
embraced (1) no more discrimination between Japanese and Korean officials; (2) simplification of laws
and regulations; (3) decentralization; (4) better
local organization; (5) respect for native culture and
customs; (6) freedom of speech, meeting and press;
(7) spread of education and development of industry, and (8) advancement of men of talent.
In the face of the difficulties which the protectorate had encountered there is a good showing for the
Japanese in material prosperity. About 82% of the
population depended directly upon agriculture for
their livelihood. The area under cultivation increased from 10,600,000 acres in 1912 to nearly 15,000,000 in 1923. During the same period the value
of agricultural products rose from $228,500,000 to
$584,500,000, with great improvement in forms of
credit, the reclamation of waste land, the construction of irrigation works, the improvement of methods of farming and the introduction of new agricultural industries. Agricultural loans, for instance,
rose from $2,500,000 to $67,000,000, and silk culture
from $200,000 in value to $13,000,000.
Similar growth is shown in the marine industry,
and in mining; and while, for many reasons, manufacturing and commerce have not made like advance,
wide reaching reforms have been introduced with
marked result. Foreign trade grew from $44,000,000
in 1912 to $225,300,000 in 1921, and factory products
from $15,000,000 to $83,000,000 in the same period.t
For railroads, of which there were only 837 miles
open to traffic in 1912, $50,000,000 of capital were
expended; receipts rose from $3,400,000 to $27,000,000 and passengers from 2,200,000 to 6,900,000. In
addition to these, there were private railways that
carried 157,000 passengers in 1912 and 2,000,000 in
1922, with a capital mounting from $100,000 to more
than $13,000,000.
In addition to this, 10,000 miles of general roadway were built from 12 to 24 feet in width, where
before there were not 50 miles of good roadway in
the country. The Government plan is for a network
of good roads throughout the Peninsula to be gradually completed, the 10,000 miles already completed
representing about three-fourths of the whole. Modernizing the towns by new streets, with sidewalks
and adequate roadway, and with proper sewerage
systems has been steadily pushed, and postal, telegraph and telephone communication is progressing.
Local administration has been given as far as possible to natives, and both general and advanced education is assiduously promoted, the Government
helping in the expense.
Chapters of the book are devoted to details of all
these, covering successively, Local Administration;
tlf these be extended to 1923 they are for Foreign Trade $264,000,000
and for Factory Products $121,000,000. In the same period it would be
shown that agricultural exports increased over 1,000%; industrial exports
over 3,000%; fishery exports nearly 3,000%; forestry exports over 4,000%,
and mineral exports over 1,000%.
MAY 7 1927.]
THE CHRONICLE
Laws and Courts; Medical and Sanitary Service;
Education and Economic Development in all its
various departments; together with numerous appendices containing important authoritative documents,
official and otherwise.
In a word, where the Japanese protectorate had
failed to secure desirable results, as all attempts at
condominium are sure to do, Japan adopted with
annexation a policy the broad features of which have
justified themselves. She had to deal with a once
intelligent and amiable people which had been reduced by evil and debased government to a very low
economic status and made apathetic to their own
plight.
If Japan had been content to turn Korea into a
strategic frontier she would have followed a course
of which history has furnished many illustrations.
2663
On the other hand, she has invested capital, stimulated commerce, industry and agriculture, built
schools, roads, hospitals, docks and railroads, established law courts, banks.and other credit agencies,
adding enormously to the tangible assets of the country and contributing to the health, comfort and
prosperity of its inhabitants. If, then, the Japanese believe that the passage of time will provide convincing evidence of material advantages which the
Koreans would accept and set against the single fact
of the loss of a political independence which was
little more than a name, so far as the people were
concerned, the situation is a close parallel with ours
in the Philippines. With this great difference: that
Japan was and still is confronted with serious dangers to which we are not, and in connection with
them Korea was an element of chief importance.
.•
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 6 1927.
Trade has continued to suffer more or less from cool,
rainy weather, not to mention the floods in the Mississippi
Valley. In the end the South may be partially indemnified
by higher prices for cotton and activity in general trade as
the work of rehabilitation progresses. Of course, however,
the farmer and many others for the time being suffers.
Some 200,000 persons are estimated to be in refugee camps.
The fund of $5,000,000, the limit first set in President Coolidge's proclamation for the flooded districts, has been raised
to $10,000,000, and approximately $7,500,000 of this has
already been raised. Some 70 counties in the lower Mississippi Valley States are wholly or partially flooded. Some
further breaks have occutred in the Mississippi levees, but
it is hoped that the worst is over. New Orleans, to all appearances, is safe after persistently dynamiting the lower
levee. The river stages continue high, although they are
gradually falling from Cairo to Memphis. The cotton
farmer will plant cotton, etc., in the silt as fast as he can
get in the fields after performing the notable task ef reorganizing his farm with implements, tools, livestock, seed
and home supplies. In the Memphis district the floods are
decreasing, and it is hoped that cotton will be planted there
by June 1, and in any case not later than June 10, which
will be in time to raise a good crop with reasonably favorable, weather thereafter. Cotton has advanced about $3.50
per bale here during the week owing to the floods, levee
breaks, and latterly, heavy rains in Tennessee, Arkansas
and Oklahoma, offset in a measure by beneficial rains in
the Carolinas and Georgia, Alabama and parts of eastern
Mississippi. Foreign cotton markets have been rising steadily and in Alexandria, Egypt, the price developments have
been sensational, involving a recent advance of two or three
hundred points, owing to a fear that the long staple crop
In the Mississippi River bottoms may be smaller than that
of last year. The idea now is that the Mississippi River has
reached its crest in the delta. One serious drawback is the
scattering of negro labor by the floods. But the South has
wonderful power of recuperation and no doubt will show
it now, as it has more than once in an eventful past, even
after this greatest flood in its recorded history. Cotton
goods have been more active at the higher prices.
Wheat advanced 3 to 4 cents, owing to a good export demand and wet, cold weather in the American and Canadian
Northwest, delaying the seeding of spring wheat. The
spring wheat acreage may be reduced on that account.
There was a fair export business to-day in our domestic
durum and spring wheat and it would seem as though export
buying of United States wheat ought to increase. Argentine futures are about 6 cents per bushel above the American level and Winnipeg July is 13 cents higher than Chicago
July, while the Chicago discount compared with Liverpool
parity would seem to make Chicago an inviting market for
the exporter. Liverpool and Winnipeg prices are steadily
gaining on those at Chicago. The Illinois Senate seems
disposed to interfere with speculative trading in wheat. Its
effect to-day was to do the farmer just this much good:
that the inter-meddling caused selling and lower prices. In
the long run the market is broadened by speculation within
due limits and the farmer on the whole benefits thereby.
Artificial restrictions can easily be carried too far and are
of dubious benefit at best, unless there is flagrant restraint
of trade. The worst evils seem to abate as time goes on.
Corn has advanced some 6 to 8 cents a bushel, owing to
persistent rains and delayed seeding, as well as some indications of a demand from the flooded districts at the South.
The rise in prices would have been greater but for legislative interference with trading in Illinois. Rye has advanced 2 to 3 cents on near deliveries, with some export
demand, but the foreign buying flags on advances. In Berlin they are complaniing that American speculators are putting up the price of rye. There is not the smallest evidence
to support such a charge. Prices of rye dragged for months
past in the absence of an export demand and with the
visible American supply greater than the markets could
easily bear.. The shortage of grain crops in Europe alone
accounts for any rise in rye prices which has taken place
on this side.
The floods in the Mississippi Valley have, it is said, destroyed a large acreage in small grain, as well as large
stocks of feed grains on the farms, and the corn acreage
may, perforce, be much reduced. Strong interests are said
to have taken May corn deliveries for nearly 5,000,000 bushels. Oats were in some demand from exporters at one time,
though no large foreign trade has been done. But the rains
at the West and South have caused an advance in this grain
as in others. The acreage may be sharply reduced and
large stocks in the flooded districts are said to have been
destroyed. Coffee has advanced, despite the repeated predictions of lower prices and much talk of the coming big
crop. Dealers have evidently let their stocks run low, and
even in a small market like that at New York in recent
weeks there seems to have been enough of a short interest
to sustain prices fairly well and of licte even to cause some
advance, with Brazilian prices firmer than had been expected. It is a curious circumstance, however, that the
issuance of one notice on May delivery on an undesirable
grade of coffee caused apprehension and some liquidation
of the May contract. Sugar advanced at one time during
the week, but has latterly reacted on general liquidation
and the falling off in the demand from refiners after some
Increase of business in the middle of the week. The time is
drawing near, however, when refiners' trade will increase
and it is reasonable to suppose that they will soon feel more
Inclined to re-enter the market for raw sugar. One hopeful
circumstance is that a syndicate has recently been formed
to guarantee the Java sugar contract which had been regarded as a menace holding over the market, as the aftermath of the Japanese financial crisis. Production in Cuba
has practically ceased for the year. It is now smaller than
It was at this time last year. The tendency is to reduce
estimate of the beet acreage on the Continent of Europe;
and foreign markets on the whole have_acted steady.
2664
THE CHRONICLE
Some crude petroleum and California gasoline prices have
advanced. The California gasoline "war" is said to have
ended with a rise of 6 cents. In the Pacific Northwest there
continues to be a reduced output of lumber and, of course,
also in flooded Southern parts of the country. Hard woods
are reported to be 10 to 15% higher, as about 150 Southern
mills are closed down and cannot resume operations in the
Immediate future. Apparently the curtailment of output
at the Northwest has, however, been somewhat disappointing in its effect on prices. Iron and steel have been dull
and more or less depressed, wtih declines in prices recorded
here and there. Copper has been dull, but tin has advanced
of late, with some increase in the demand. Business in
lead has been good. Chain store sales in April were nearly
22% larger than in March and close to 30% larger than in
April last year. The total for four months is nearly 18%
larger than in a like period of 1926. Mail order sales were
11h% smaller in April than in March, but were fully 4%%
larger than in April last year, while for four months they
are a trifle smaller than during the same period of 1926.
April saw a gain in bank clearings and debits over those of
April last year, owing partly, no doubt, to the great activity
In stocks and bonds under the stimulus, partly, of cheap
money. It is a signal fact, meantime, that with only nonunion mines working, the output of bituminous coal is
above 8,000,000 tons a week. Moreover, it is likely to be
increased, as more mines are going on the open-shop basis.
The Grand Rapids furniture exhibition seems to be very
successful, the attendance being unusually large, and a good
business is being done. The automobile output at Detroit
has increased, and also employment there.
The stock market has latterly been advancing, though the
rise met with something of a check to-day at times, owing
to the usual realizing. But the railroad shares were conspicuously firm, with the money rate, it is said, in some
cases down to 31h% for the first time in the year outside
of the Exchange. It was 4% at the Exchange. London was
firm despite the nearness of the settlement day, for there
was a keen demand for the better class of stocks, not to
mention the more speculative issues. Bonds on this side
have been firm, though to-day there was some falling off in
the demand following a prolonged period of activity this
year. The Southern floods, while they have had a more or
less sobering effect in some directions, have had less influence than might have been expected.
At Clinton, Mass., textile conditions are improving as
compared with those of a year ago. The Lancaster mills
are running at 70%, whereas last summer they were almost
idle. The mills have installed new equipment for the manufacture of ginghams and other goods. Manchester, N. H.,
Lowell, Mass., and Lawrence, Mass., all located on the banks
of the Merrimack River, are operating at practically the
same rate of capacity. Manchester's output is about 75%
on cotton and the rest on worsted. Lowell, Mass., is called
the largest cotton spinning city in the world and Lawrence,
Mass., is the leader in the worsted field. Mills in these
three cities are operating at about 60% of capacity; that is
to say, in New Hampshire worsted mills are operating at
60% of capacity, the same rate, it will be seen, as at Lawrence with its more than 25,000 worsted operatives. In
New Hampshire there are about 45 small worsted mills, and
in Lawrence about a half dozen big plants. Charlotte, N. C.,
wired May 2 that a new hydro-electric power plant, with a
generating capacity of 56,000 horsepower, will be built immediately by the Southern Power Co. The plant will be located at Oxford Shoals, near Claremont, on the Catawba
River, and is expected to be in operation by June 1 1928.
This will be the twelfth hydro-electric plant built on the
Catawba by the Duke interests.
•
Montgomery, Ward & Co.'s sales for April were $16,557,218, an increase of 4.51% over April 1926. Sales for the
first four months of this year were $61,791,141, an increase
of 3.78% over the corresponding period last year. Sears.
Roebuck & Co.'s sales for April were $24,091,114, an increase of 4.8% over April 1926. Sales for the first four
months of this year were $90,391,916, an increase of 1.6%
over the corresponding period last year.
The weather in this country has been cool and of late
rainy. On the 5th inst. New York was 50 to 63 degrees;
Boston, 46 to 54; Philadelphia, 52 to 72; Chicago, 54; Cincinnati, 62 to 70; Cleveland, 56 to 62; Milwaukee, 54 to 68;
Montreal, 48 to 64; Winnipeg, 48 to 50; Minneapolis, 50 to
52. Additional breaks at five points in the levees were
[VoL. 124.
reported over last Sunday, May 1, which threatened to
inundate three million acres of farm land in Louisiana
Parishes of Concordia, Tensas, Catahoula, Avoyelles, Rapides and La Salle. The Weather Bureau said that the
gravity of the situation had been increased by continued
heavy overflow of crevasse water to the Yazoo River and
by two new crevasses, both on the right bank, on last Saturday afternoon at Glasscock, La., and another on Sunday
eight miles below Glasscock. The Mississippi River is now
falling at all points south of Cairo, Ill. Since Sunday the
water at Cairo has fallen 4 feet; at St. Louis, 3.2, and at
Memphis, 1.6. To-day at times it rained here. At 3 o'clock
the temperature was 58 degrees. The forecast was for fair
weather to-night and Saturday and cooler temperatures.
New York Federal Reserve Bank's Indexes of Business
Activity.
From the May 1 Monthly Review of the Federal Reserve
Bank of New York we take the following:
Some irregularity in business conditions during March was indicated
by this bank's indexes. Debits to individual accounts in banks outside
New York City decreased slightly after allowance for seasonal change
but remained larger than a year ago, while the index of debits in New
York City was higher than in any pm ions month. Freight car loadings
were slightly lower than in February after seasonal adjustment, but continued larger than in previous years. Retail trade failed to show the
usual increase over February, but was somewhat larger than a year ago.
Most indexes of business activity remained at fairly high levels.
Indexes for recent months and a year ago are shown below in per cent
of trend, with allowance for seasonal variation, and, where necessary,
for price changes.
(Computed trend of past year1100%)•
Mar.
1927.
Jan.
1927.
Feb.
1927.
Primary Distribution—
110
106
Car loadings, merchandise and miscellaneous- -- 108
107
104
102
Car loadings, other
94
90
87
Exports
105
116
133
Imports
57
51
66
Crain exports
888
894
8111
Panama Canal traffic_b
Distribution to Consumer—
105
95
104
Department store sales, 2d District
94
95
89
Chain store sales
899
896
899
Mall order sales_b
113
101
116
Life insurance paid for
95
109
Real estate transfers
102
99
99
Magazine advertising
103
100
108
Newspaper advertising
General Business Activity-115
116
113
Bank debits. outside of N.Y. City
134
132
140
Bank debits, New York City
105
107
106
Bank debits, 2d Dist., excl. N. Y. City
b108
108
Velocity of bank deposits, outside of N. Y. City 105
134
127
128
Velocity of bank deposits, New York City
159
204
248
Shares sold on N. Y.Stock Exchange*
94
97
101
Postal receipts
113
113
113
Electric power
100
103
100
Employment in the united States
111
103
107
Business failures
153
147
130
Building permits
116
115
114
New corporations formed in N. Y. State
186
185
184
Cleneral twice level
Revised.
Preliminary.
b
•Seasonal variation not allowed for. a
Mar.
1927.
108
106
a98
0116
71
--98
94
99
119
97
100
115
141
109
106
135
227
97
099
119
130
120
184
Annual Building and Rental Survey of American Bond
&Mortgage Co., Inc.—Building Shortage in 78% of
Cities—Rents Slightly Lower than Year Ago.
In addition to the new construction necessary to meet increased normal requirements there is still a building deficit
to be made up in many cities and towns, especially those
with a population of 100,000 and under, according to W. J.
Moore, President of the American Bond and Mortgage Co.,
who on April 30 made public a survey of building and
rental conditions in the United States and Canada, which
is compiled annually by his company. More than 2,000 realtors and building authorities in 458 leading cities and towns
collaborated in this annual survey, which summarized the
national building and rental situation as follows:
1. Danger of overproduction has been over-emphasized and there are few
cities where the saturation point has been reached to an extent that would
jeopardize community prosperity.
2. Slight slackening may be necessary in some localities for a brief
period until the temporary surplus of structures is absorbed by growth
and population, but there is no excuse for a blanket restriction on Mane.
ing new construction.
3. Building activity can continue at a high rate for some time to come
before the national housing deficit is completely made up.
4. Old established and reputable real estate mortgage bond houses are
fully cognizant of the situation and are discouraging building where overproduction is apparent.
5. Cities of 100,000 population or under in practically all sections of the
country can absorb a considerable volume of residential and business types
of structures, but a majority of the larger cities are fairly well caught up
with their building requirements.
6. Rents, on the average for the country as a whole, are slightly lower
than a year ago.
7. Few cities have an abnormal number of vacanacies and no further
portant downward movement is expected.
8. Residential rents are well stabilized, but business rents are showing
a pronounced upward tendency in many cities.
9. Supply of first mortgage money is fully ample for conservative investment, but practically no money is available for the speculative type of
building.
MAY 7 1927.]
THE CHRONICLE
10. Second mortgage funds are scarce throughout the country, with the
cost very high.
2665
Hampshire showed a shortage in apartments and theaters. In Lowell,
Mass., and other cities in the textile manufacturing district, a surplus of
building was reported due to the depression in the cotton manufacturing
industry. In Boston, apartments and office buildings are considered sufficient to meet present needs and no new structures are required for the
present
The survey, it is announced, was undertaken by the American Bond 8.z Mortgage Co. through its Building Economic
Research Bureau to obtain as accurate data as possible of
the rental and building situation as it exists. Working
In conclusion the survey says in part:
through local real estate boards and chambers of commerce,
Real estate mortgage bankers are fully cognizant of the building situation
as it exists, and the danger of over-production to any harmful degree
the investigation was completed during the period of Feb.
is not likely to occur, as they will discourage over-building as soon as it
1 to March 15 1927.
becomes apparent in any 'given community. Building construction automatically will cease and the surplus will be taken up in a comparatively
Building Shortage in 358 Citiett
short time, for our larger cities are multiplying their population at a treThree hundred and fifty-eight or 78% of the cities and mendously rapid rate and business is constantly on
the increase. Rent retowns studied are said to have given indisputable evidence ductions that may occur as a direct result of over-production in some communities will be only temporary. Where the same mortgage houses are
that there still exists an unsatisfied demand for housing doing business in most
of the cities in which the major portion of construcaccommodation and business structures, in that they report- tion is being done, their study and their opportunity
permit them very
effectually
to
accelerate
or retard building operations.
ed a shortage in some type or types of building. Only 84
Since 1919 there has been a steady increase in the amount of real
estate
cities, or less than 8% of those reporting, indicated a general mortgage bond financing, until
the annual volume
close to one billion
overbuilt situation which would warrant a halt in construc- dollars. The accumulated housing shortage and the is
increasing tendency on
tion activities at the present time. The rental situation was the part of American familiies to seek the convenience of apartment and
apartment hotel living
developed a strong demand in all of our larger
also shown generally satisfactory, with less than 6% of the cities and many of our has
smaller towns, for the construction of modern, upcities reporting an abnormal number of vacancies. The to-date apartment and apartment hotel facilities. To this increased detendency towards stabilization was shown to be more pro- mand for capital has been added the need for new office buildings, commercial hotels, theaters,
and educational and public housing types
nounced in rents of residential property than of business of structures, which alsogarages
multiplies as the population increases and the
property. Thirty-four per cent of the cities reporting showed country progresses. All these factors added to higher construction
cost
account for this rapidly increasing volume of real estate
rents to be advancing on business property, while slightly financing.
moregage bond
less than 20% showed an upward movement in residential
rents. "The investigation developed," said Mr. Moore, "that Building Permits Issued in Principal
Cities in the
the danger of over-production has been over-emphasized,
United States During 1926.
and there are very few cities in the country where the satThe Bureau of Labor Statistics of the United States Deuration point has been reached to an extent that wou!d partment
of Labor annually collects data concerning buildjeopardize the community's prosperity." He added:
ing permits issued for cities having a population of 25,000
Our reports from the most authentic available sources clearly
show that and over. Data have been
collected for 1926 from 294 cities.
there is no basis in fact for applying statements of over-production
generally to the building situation as a whole. Any statement
must be well A few cities did not report. Regarding the results of its
qualified and narrowed down to certain definite types
of buildings and inquiry, the Bureau on April 21 said:
certain definite locations. There
are areas where the saturation point has
been reached, but this situation will be for a brief period
only, as there is
every indication that the rapid growth and population
increase will soon
absorb the .present surplus. This is but a normal cycle in
the upbuilding
and development of any country.
In many of the larger citiies, the term over-production has
evidently been
too generally used, and can be only applied to certain
districts or sections
and to certain types of structures. For example, there are
sections of the
boroughs of Manhattan and the Bronx, New York City, that
have an ample
supply of certain types of structures for the time being,
but in other sections of these same boroughs, the supply of buildings is
still insufficient
to meet normal requirements, especially in moderate-pri
ced housing accommodations. The same situation is true in a large extent
in Chicago,
Boston, Pittsburgh and other large cities.
A uniformly normal building situation was reported in but
a few cities
and towns, only 17% of the cities reporting indicating that
no structures
of any type were needed or overbuilt. The majority of cities
in this group
had a population of 25,000 or under, the only large cities
being Baltimore,
Portland, Ore., Seattle and Toronto.
These 294 cities had an estimated population of 42,700,350 on July 1
1926, according to the Census Bureau. The per capita expenditure for
new buildings in these cities was $84.90, of which $49.39 was for housekeeping dwellings. The per capita expenditure for repairs was $8.42
and
the total per capita expenditure was $93.32. In these 294 cities housing
accommodations were provided in new buildings for 480,773 families, or at
the rate of 112.6 families to each 10,000 of population. The estimated population of the 272 cities reporting in 1925 had a population of 41,134,940
and provided for 508,147 families, or at the rate of 123.5 to each 10,000
of population. Figures are available for 257 cities since 1921.
NUMBER AND PER CENT OF FAMILIES PROVIDED FOR IN THE
DIFFERENT KINDS OF DWELLINGS IN 257 IDENTICAL CITIES
IN 1921, 1922, 1923, 1924, 1925, AND 1926.
Number of Families Provided for inYear.
With reference to the situation disclosed by the survey
it 1921
is also stated:
1922
Few Large Cities Need Structures
Study of the survey reports indicataed that the larger
cities of the country are fairly well caught up on their building
program. Only eighteen
cities of more than 250,000 population reported a need
for
new contsruction.
Of these, only Chicago, Newark, Pittsburfgh and
Providence, R. I., indicated
a need for apartments, especially those renting
at moderate prices. In
New York City, there was also expressed some
demand
apartments in certain districts of all five boroughs. for moderate priced
Although no really acute situation existed, a need
for
cated by Los Angeles, Washington, D. C., Chicago, dwellings was indiIndianapolis, Minneapolis, Newark, Buffalo, Cleveland, Providence
and
None of the larger cities needed office buildings Milwaukee.
and only New Orleans,
Indianapolis, St. Louis, Philadelphia, Pittsburgh,
wanted any commercial building, and the majorityChicago and Montreal
of those only wanted
structures of special type. New Orleans, Montreal,
burgh expressed a need for hotels, and Minneapolis, Indianapolis and PittsKansas City and Philadelphia can use more theaters. San Francisco
require industrial buildings.
Large Residential Demand
The need for apartments and dwellings outside the
large
was
fairly
areas
well distributed throughout the country, metropolitan
although the
greatest shortage appeared to be in cities and towns
in the Central West
and Southwest, and in the Eastern state of New York,
Pennsylvania
and
New Jersey. On the Pacific Coast, California showed the
greatest shortage,
nineteen cities reporting a need especially for
apartments, dwellings and
hotels.
Increased population, new industrial development
and the demand for
modern high grade housing accommodations were the
chief reasons given
by the majority of communities for new building
communities, while having sufficient structures at the construction. Many
present
commodate their needs, declared the situation was not good time to acbecause there
was not the surplus necessary for providing a rental market, and
any further increase of population or industrial development would find
the community facing an acute situation. Other cities' and towns
reported
a surplus of old and obsolete types of homes and commercial buildings,
clared that unless new housing facilities are provided they will face but dea situation of emigration of population, and business will be seriously
retarded,
as present structures are rapidly growing unfit for habitation.
Moderate priced apartments and single family dwellings were
shown to
be the major building necessity throughout the country, although commercial and industrial structures are needed, especially in the South and
Southwest.
New England Building Normal
A small amount of construction was reported needed in New England.
Some of the smaller cities in Connecticut, Massachusetts, Maine and New
Onefamily
Dwellings.
Twofamily
Dwellfags.*
Per Cent of Families
Provided for in-
MuStAll
Onefamily Classes of family
Dwell- Dwellings.a
tags.
ings.
Twofamily
Dwelltags.*
Multifamily
Dwelltnys.a
130.873 38.858
54.814 224,545
58.3
17.3
24.4
179,384 80,252 117,689 377,305
47.5
21.3
31.2
207,632 98,344 149,697 453.673
1923
45.8
21.2
33.0
1924
210.818 95,019 137.082 442,919
47.6
21.5
30.9
226,159 86,145 178,918 491,222
1925
46.0
17.5
36.4
188.074 64,298 209,742 462.114
1926
40.7
13.9
45.4
•Includes one-family and two-family dwel lags with stores combined. a Includes
multi-family dwelling with stores combined.
The total number of families provided for in these 257 cities in all classes
of dwellings during 1926 was 462,114. This is a reduction of 6% as compared with 1925, the peak year, but is the second highest number shown in
the six-year period, and is more than twice as many housing units as were
provided in 1921.
The figures in the above table would tend to show that we are becoming
a race of cliff dwellers, for in the year 1926 accommodations were provided
in apartment houses for 209,742 families, or 45.4% of all families provided for during that year, while one-family dwellings provided for only
188,074, or but 40.7% of all families provided for. This is the first year
that apartment houses have provided more new family accommodations than
have one-family dwellings.
Compared with 1921 there has been an increase of 105.8% in the number
of families provided for in all classes of dwellings. During this same period,
however, the number of families accommodated in apartment houses increased 282.6%, while the number provided for in one-family dwellings
increased only 43.7%. The number of family units provided for by twofamily dwellings increased 65.5% over the six-year period.
An extended summary of the report will appear in the May "Monthly
Labor Review" and complete figures will be published later in a bulletin of
the Bureau of Labor Statistics.
Trend of Business As Viewed By Continental and
Commercial Banks of Chicago.
In presenting on May 2 their views on "The Trend of
Business" the Continental and Commercial Banks of Chicago state in conclusion that:
•
We wish to reaffirm the opinion expressed in the last number of
this summary, namely, that business will be active and profitable
throughout the first half of 1927. Business may be good throughout
the year. The money market indicates that such will be the case.
But in August we shall examine in detail the crop reports that will
then be available and try to determine how crop conditions will affect
business, particularly during the usual period of fall and winter
activity.
In part the banks thus discuss the business situation:
Business is active. The volume is very large and, in most lines,
business can accurately be called good."
2666
THE CHRONICLE
[Vox- 124.
Two facts stand out in an inventory of the current situation: A
Number.
record of business activity and a tendency, more marked than usual,
1927.
1925.
1927
1926. 1925.
1926.
for profits to be the reward of superior management.
Inevitably, business has not been uniformly good, as between sec- April
1,968 1,957 1,939 $53,155,727 $38,487,321 $37,188,622
tions, lines of business, or concerns. It wasn't last year. But cor- March
2,143 1,984 1,859 57,890,905 30,622,547 34,004,731
2,035 1,801 1,793 46,940,716 34,176,348 40,123,017
porate earnings were generally higher in 1926 than in 1925. And February
January
2,465
2,296 2,317 51,290,232 43,661,444 54,354,032
of
Bureau
the national income, it has been estimated by the National
Economic Research, was larger in 1926 than in any year since the
let quarter
6,643 6,081 5,969 $156,121,853 $108,460,339 $128,481,780
war, reaching the staggering total o almost ninet billion dollars.
The tabulation of the April insolvencies by branches of business reveals
It would be too much to expect complete uniformity of business
activity and profits in all lines of business and all sections of the numerical decreases from last year's totals in both the manufacturing and
country. Such condition would spell either stagnation or the mil- trading divisions, but an increase in the class designated as "other commercial." In each instance, last month's liabilities are larger. Numbering
lennium.
Nothing short of a complete reformation of human nature would 492, the April manufacturing failures compare with 494 for the corresponding
period of 1926, whereas the indebtedness, at $25,277,590, is materially
eliminate variations in the quality of business management. The
record of corporate earnings and business failures is evidence in above the $16,733,792 of the earlier year. The reduction in the number of
last month's trading defaults to 1,342,from 1,378 a year ago, is offset by a
point.
rise in the liabilities to $22,307,734, from $19,093,768. Among agents,
In short, there is a stage beyond which business stabilization can't
brokers, &c., insolvencies in April numbered 134, against 85 daring that
go and can't be expected to go. This, in spite of projects to level the
period of 1926, and the indebtedness increased to $5,570,403, from $2.peaks and valleys of business and eliminate fluctuations in the Pur659.761 in the earlier year.
chasing power of money.
Further analysis of the April statistics shows fewer failures than a year
Everyone is distressed over the plight of the flood victims. But
ago in eight of the fifteen separate manufacturing classifications, these being
American economic history indicates that such calamities do not premachinery and tools, woolens, carpets and knit goods, cottons, lace and
cipitate periods of business depression. Floods and kindred natural hosiery, clothing and millinery, hats, gloves and furs, chemicals and drugs,
disturbances are among the hazards of living, but in this country, milling and bakers, and miscellaneous. On the other hand, only six of the
where nature has been so bountiful, they do not reverse the trend of fifteen manufacturing groups show smaller liabilities-namely, machinery
business.
and tools, woolens, carpets and knit goods, cottons, lace and hosiery, hats,
Production and Building Active.
gloves and furs, chemicals and drugs, and tobacco, &a. Among traders,
Industrial production is shown by the new and more comprehensive numerical decreases appear in eight of the fifteen classifications, these
index published by the Federal Reserve Board to have been larger being general stores, groceries, meat and fish, hotels and restaurants,
for the first quarter of 1927 than in the first three months of 1926. tobacco, &c., clothing and furnishings, dry goods and carpets, shoes,
This index, which we are using for the first time in this publication, rubbers and trunks, and hats, furs and gloves. Moreover, nine of the
includes figures for both manufacturing and mining. The manufac- trading groups reveal reduced liabilities-namely, general stores, groceries,
turing index averaged slightly lower than in the first quarter of last meat and fish, hotels and restaurants, tobacco, &c., dry goods and carpets,
year.
hardware, stoves and tools, chemicals and drugs, books and papers, and
New building has held up remarkably. The number of permits was hats, furs and gloves. These decreases, however, are more than offset
somewhat lower in January than in the same month of 1926, but was by the increases in the other classifications.
higher in February and March than in those months last year.
FAILURES BY BRANCHES OF BUSINESS-APRIL 1927.
The Price Decline and Its Effects.
Liabilities.
Number.
Business has been active in spite of the continued decline in commodity prices. This easing off in the price level has, of course, im1925.
1926.
1927.
1927. 1926. 1925.
posed the necessity of efficient management-which isn't a bad thing
ManufacturersIt has also made for caution as to future commitments, as business
$484,000
2566,312
foundries and nails,.....
13
9
11 $3,762,243
men are reluctant to accumulate stocks or speculate in inventory when Iron,
Machinery and tools
35
406,074 1,089,720 1,603,300
19
27
prices are on the downgrade. It's just as well that there isn't the Woolens, carpets & knit g'ds
154,000
684,102
10
31,800
3
12
801,769 2,159,408
2
3
__
Cottons, lace and hosiery
price incentive to accumulate inventory.
716,500
79
50
35 5,921,272 1,664,958
Unfortunately the index of agricultural prices is still below the Lumber,carpenters&coopers
952,899
840,712
Clothing and millinery
48 59
56 1,576,030
general price index.
Hats, gloves and furs
279,200
575,000
13
8
142,031
11
25,098
In the opinion of certain observers, the "downward drift" of prices Chemicals and drugs
219,430
8,000
2
6
6
69,400
6,500
2
1
2
13,500
in the United States, particularly the prices of commodities exported, Paints and oils
206,900
and engraving....
21
11
565,401
199,075
22
has been due partly, if not largely, to the decline of prices in certain Printing
262,926
Milling and bakers
646,715
334,071
41
44 42
European countries. And that may be one answer to the question, Leather, shoes and harness_
186,991 1,016,184
947,562
13
18
14
282,100
136,457
295,798
8
6
8
"Why should prices go down when business has been so active?" Liquors and tobadco
10,000
602,900
2
1
5
42,670
But not all of the price indexes in Europe have declined. And com- Glass, earthenware & brick_
All other
226 229 183 10,276,066 8,207,515 6,145,889
petition at home may also be part of the story.
Total manufacturing- _ _ 492 494 430 $25,277,590 $16,733,792 $13,097,046
Just when the price decline will end, frankly we don't know. But
we do know that a period of declining prices has never been the foreTradersrunner of a period of business depression. Declining prices accom- General stores
119 129 126 $1,777,310 $2,609,952 $1,792,846
pany and follow depression; rising prices precede. Also, we know Groceries, meat and fish
292 330 320 1,663,633 3,099,883 5,954,373
615,242 1,399,951 1,087.172
84 94 83
that the ability to make a record as to corporate earnings, during a Hotels and restaurants__ _ _
156,700
173,299
225,580
and tobacco
22 27
35
year when prices were declining, is a testimonial to the ability of Liquors
169 175 201 3,155,174 2,050,109 2,566,405
Clothing and furnishings
American business men. And finally, we feel that prices will not Dry goods and carpets
104 113 110 1,258,931 1,592,468 1,094,533
464,494
740,337
720,688
56 64 85
decline enough in the foreseeable future to jeopardize the profits of Shoes, rubbers and trunks
754,262
942,267
55 1,553,594
Furniture and crockery..
68 58
wIl managed concerns.
952,421
645,622
778,501
43 37 42
Hardware, stoves and tools_
831,126
845,614
560,508
Adequate Credit in Prospect.
Chemicals and drugs
60
53 45
6
49,305
20,208
38,900
3
2
Credit has been ample for the needs of business and a credit strin- Paints and oils
349,746
290,087
684,200
31
27 40
Jewelry and clocks
gency is too remote a possibility to be taken into the reckoning. The Books
15
12
71,147
10
235,516
273,875
and papers
ratio of loans to deposits of member banks-either total deposits or Hats, furs and gloves
6
7
203,181
4
31,400
42,900
272 251 262 9,217,154 4,645,884 4,691,921
demand deposits-indicates adequate credit. And the Federal Re- All other
serve Bank's ratio-79.5-proves that a vast credti reservoir exists in
1 342 1,378 1,427 522.307,734 $19,093,768 $21,535,911
Trading
those institutions.
134
85 82 5,570,403 2,659,761 2,555,665
Other commercial
Dun's Report of Failures in April.
Following the seasonal trend, a lower commercial mortality
is reported to R. G. Dun & Co. for April. Totaling 1,968,
iast month's commercial defaults in the United States are
about 8% below the 2,143 insolvencies of March, while the
April liabilities of $53,155,727 are approximately 8.2%
under the $57,890,905 of the earlier month. When comparison is made with the returns for April 1926 the record of
the number of failures, which is the best measurement of
the business mortality, makes the more satisfactory exhibit.
Thus, last month's defaults are less than 1% above these
for April of last year, whereas the present indebtedness shows
an increase of about 38% over the $38,487,321 of a year ago.
In point of number of insolvencies, the decrease from
March to April of last year was only 1.3%, which is a
relatively less favorable showing than is made by last
month's statement. The maximum number of failures for
April occurred in 1922, with a total of 2,167. The highest
liabilities for that month were established in 1922, when the
amount exceeded $73,000,000. About 51% of last month's
indebtedness was accounted for by defaults involving
$100,000 or more in each instances,such insolvencies numbering 75 and aggregating more than $31,000,000. In contrast,
similar failures in April of last year numbered 63 and had
liabilities of only some $17,500,000. Hence, the large
defaults a year ago supplied about 45% of the total liabilities
for the month.
Monthly and quarterly reports of business failures, showing
number and liabilities, are contrasted below for the periods
mentioned:
l'AtAl
1055 1057 I ORO S5R IAA 727 IRR 457 291 537155 592
Great Britain Again Reduces Percentage of Rubber •
Exportable from Ceylon and MalayaCut to 60% Under Stevenson Plan.
London Associated Press advises on April30stated that the'British Colonial
Office announced today that the percentage of rubber which may be exported at a minimum rate of duty from Ceylon and Malaya beginning May
1 will be 60% of the standard production. This represents a reduction
from the 70% which prevailed during the quarter ending today.
Under the Stevenson plan of rubber restrictions the percentage of rubber
which may be exported at a minimum rate of duty may be reduced when the
price of rubber falls below an average price of 21 pence. The average
price of rubber has been below 21 pence for some time and the amount
of rubber permitted export at a minimum rate of duty was reduced first
from the normal 100% of standard production to 80%. Lien to 70% and
now to 60%.
The reduction to 70% was noted in these columns Feb. 5,
1927, page 706. In referring to the expectation of a further
cut on May 1, the Washington correspondent of the New
York "Journal of Commerce" on April 27 stated:
A cut of 10% in the exportable quota of British rubber for the three
months beginning May 1 is a certainty, according to observers in Washington, who poi& out that the price during the past few days has failed to touch
the point which would bring the average for the quarter new ending to a
figure which would avert further restriction.
It is not anticipated here, however, that the cut to 69% will materially
affect rubber consumers in this country, although there may possibly
be a tendency toward rising prices at the end of the coming quarter should
consumption be materially heavier than is now expected.
Quotations Tend To Sag.
The London average spot price for the period from February 1 to April 19
was 19.67d per pound, which would have required an average of 25.244d
for the remainder of the quaiter to raise the average for the quarter to 21d,
and avoid further restrictions. However, not only was this higher figure
not reached, but quotations since April 19 have remained almost level,
with a tendency to sag, if anything.
MAY 7 1927.]
THE CHRONICLE
go Tire production in the United States during the first three months of 1927
was materially higher than anticipated, and there was some reduction of
the crude stocks in this country, although stocks in London have continued
to accumulate, so that the balance has been well maintained. Tire stocks
In the hands of dealers at the last survey made by the rubber division
of the Department of Commerce showed a jump in the average from 50
to 70 casings, and while they have been selling fast, stocks are still heavy.
The automotive industry has been less active than last year, and the car
production so far is somewhat lower. Estimates of men well versed in the
industry, however, show that auto production this year is expected to hold
up well as compared with 1926, and if there is any decline it is not believed
it will exceed 10%•
Dutch Output a Factor.
The reduction of the exportable quota of rubber to 60% will mean a reduction of approximately 10,000 tons in the amount available, which during
the coming three months will be about 60,000 tons. Some of this reduction,
however,is expected to be made up by slight increases in Dutch production.
There is little definite knowledge of conditions in the Dutch plantations.
It is known that additional plantings have been made during the last two
years, but no accurate data has been forthcoming and there is little information available as to plantings before 1925. Whether the Dutch plantations will be in a position to increase their output in the near future is not
known.
Restrictive action on British rubber is being robbed of its full effect by
the research work in this country in the use of reclaimed rubber. Tire
manufacturers have found that they can use a much higher percentage
of reclaimed rubber than was first thought possible, turning out a tire which
appears to give service of standard quality. This investigatory work is
steadily being carried forward and is already a decided factor in the situation.
President Henderson, of the Rubber Exchange of New
York, on May 1 observed that with a further cut of 10%
assured in exports for the May-July quarter, the carryover
of unused coupons at the end of April has been reduced to
between 5,000 and 8,000 tons, compared with a carryover
of 23,700 tons on November 1 1926. Mr. Henderson said:
"The exports from Malaya during March, on which the minimum export
duty was paid, amounted to 24,733 tons. It was officially estimated that
the carryover to April would be 29,022 tons. This shows a further reduction in the unused export rights representing about 5,000 tons.
"In view of the issue of extra allowances during March (over 4,000 tons)
and the possible issue of further extra allowances during April, we now estimate the carryover of unused coupons at the end of April to be between
5,000 and 8,000 tons, as against 23,700 tons on the first of November 1926."
2667
porting in February) as reported by the American Paper &
Pulp Association, are as follows:
Grade.
Groundwood pulp
Sulphate news grade _ _
Sulphite bleached
Sulphite easy bleached _
Sulphite Mitscherlich
Sulphate pulp
Soda pulp
Other than wood pulp_
Total all grades
No. of Production,
Mills. Net Tons.
92
38
23
7
6
10
11
2
Used,
Net Tons.
108,692
44,362
27,114
5.049
7,379
17,555
Shipments,
Net Tons.
Stocks on
Hand End
of Month,
Net Tons.
14
93,954
40,954
22,656
3,707
6,314
15,956
13,973
35
3,005
3,232
3,952
1,080
879
1,509
4,222
___
128,920
10,008
3,492
927
953
2.779
3,330
28
228,541
197,549
17,879
150,437
18,376
The February production of paper in the United States
as reported by identical mills to the American Pulp &
Pulp Association and co-operating organizations, showed a
decrease of 2% as compared with the January production
(following a 3% increase in January over December).
The figures for February (made public March 31) for same
mills as reported in January were:
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
Stocks on
Hand End
No. of Production, Shipments, of Month
Mills.
Net Tons.
Net Tons,
71
63
110
78
24
86
49
7
14
62
121,318
90,852
175,344
49,594
11,562
27,251
14,439
5,656
8,875
21,005
119,076
91,251
175,207
49,466
12,380
28,687
14,967
5,619
8,399
21,266
18.426
45,428
51,396
39,461
6,502
40,799
15,532
1,035
3,250
16,551
525.896
526.318
238.380
Total all grades
Net Tons
During the same period, domestic wood pulp production
decreased 10%, this decreae being distributed over all
grades, with two exceptions. The February totals (mills
identical with those reporting in January) as reported
by the American Paper & Pulp Association were as follows:
New Automobile Models Presented.
Stocks on
Hand End
Actual announcement of the Reo Motor Car Co.'s new
No. of Production,
Used,
Shipments, of MonthMills. Net Tons.
Net Torts.
Grade.
Net Tons.
Net Tons.
"Wolverine" model was made May 5. It is so far being
82,409
98.
81,977
produced in but one model, a 50 horsepower, 5 passenger Groundwood pulp
2,477
117,065
39,454
39
36,593
Sulphite news grade_ _ _
2,190
9,832
coach on 114-inch wheel base priced at $1,195 or, fully Sulphite
23,120
22
19,726
bleached
3,663
2,980
7
4,628
3,663
Sulphite e,asy bleached_
870
665
equipped, $1,290.
6.922
6
5,774
Sulphite Mitscherlich_ _
1,012
767
15,528
10
14,225
1,098
2,689
Dodge Bros., Inc., are introducing a new line of four- Sulphate pulp
16,815
11
12,421
4,444
3,149
Soda pulp
2
9
cylinder passenger cars, featuring numerous improvements Other than wood pulp_
---____
49
chief among which are a new gear shift of the standard type
188.885
174.379
Total all grades
15.754
137.196
and a motor calculated to increase flexibility and power and
The January figures were given in our issue of March 12.,
at the same time reduce operating costs. No changes in page 1438.
prices are being made. The additional line of six-cylinder
cars which Dodge Bros. are preparing will be ready in about
Lumber Operations Curtailed by Mississippi River
six weeks.
Floods.
in March-February
Figures.
The March production of paper in the United States as
reported by identical mills to the American Paper & Pulp
Association and co-operating organizations, showed an
increase of 13% as compared with the February's production (following a 2% decrease in February over January),
according to the association's "Monthly Statistical Summary
of Pulp & Paper Industry," made public May 2. All grades
showed an increase in production as compared with February.
The summary is prepared by the American Paper & Pulp
Association as the central organization of the paper indistry, the co-operation with the Binders Board Manufacturers Association, Converting Paper Mills Association,
Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers Service Bureau, Writing Paper
Manufacturers Association, and Paperboard Industries
Association. The figures for March for same mills as
reported in February are:
Increase in Newsprint Production
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
other grades
Total all grades
Stocks on
Hand End
No. of Production, Shipments, of MonthMills. Net Tons. Net Tons. Net Tow.
71
64
111
76
23
73
54
9
13
61
133,731
99,664
203,609
56,393
13,244
31,276
16,500
7,214
10,214
24,603
129,451
97,479
201,901
54,771
13,643
32,462
16,169
7,283
10,056
23,881
22,744
47,802
53,098
39,811
6,105
39,613
.15,863
1,080
3,408
17,259
596,448
587,096
246,783
During the same period, domestic wood pulp production
increased 21%, this increase being distributed over all
grades. The March totals (mills identical with those re-
The "lumber thermometer" of business is neourag,ing,
according to the National Lumber Manufacturers Association weekly review of the industry, covering telegraphic
reports from 307 of the larger commercial softwood, and
141 of the chief hardwood, lumber mills of the country, for
the week ended April 30. Despite the fact that 14 fewer
softwood mills reported this week, than for the preceding
week, marked absolute increases in production-although
high water closed some mills-and new business were noted,
with shipments about the same. In comparison with the
same period of a year ago, however (and April is about the
apex month of the lumber year) there are decreases in all
three items. The 141 hardwood operations, when cornpared with reports from 158 mills for the week earlier, show
considerable decrease in production, shipments somewhat
larger, and a decided increase in new business. Compared
with the corresponding week last year, there was a heavy
decrease in production, due to the floods in the Mississippi
Valley, with large increases in shipments and new business
continues the association, adding:
Unfilled Orders
The unfilled orders of 177 Southern Pine and West Coast mills at the end
of last week amounted to 529.300,182 feet, as against 532,231,036 feet for
177 mills the previous week. The 105 identical Southern Pine mills in the
group showed unfilled orders of 225,917,743 feet last week, as against
219,218.859 feet for the week before. For the 72 West Coast mills the unfilled orders were 303,382,439 feet, as against 313,012,177 feet for 72 mills
a week earlier.
Altogether the 287 comparably reporting softwood mills had shipments
116%. and orders 112%. of actual production. For the Southern Pine
mills these percentages were respectively 110 and 122; and for the West
Coast mills 121 and 107.
Of the reporting mills, the 267 with an established normal production
for the week of 184,342,275 feet, gave actual production 93%, shipments
106% and orders 101% 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):
2668
THE CHRONICLE
Corresponding
PrecedingWeek.
PastWeek.
Week (1926)
1927, (Revised)
Softwood Hardwood. Softwood, Hardwood. Softwood. Hardwood.
287
*Mills
141
348
115
301
158
Production
180,413
12,245
237,896
18,507
175,334
14,804
Shipments_ _ _
208,283
21,620
260,940
17,499
208,948
20,040
201,232
Orders
24,460
18,193
191,718
21,019
242,256
*Fewer West Coast mills are reporting this year; to make allowance for
this add 26,000,000 to production, 29,000,000 to shipments and 26,000,000
to orders in comparing softwood with last year.
The following revised figures compare the lumber movement of the same
regional associations for the first seventeen weeks of 1927 with the same
period of 1926; (000 s omitted):
Production.
Orders.
Shipments.
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood
1927
3,166,191
517,144
479,750 3,308,354
496,590 3,436,903
1926
3,818,618
428,884
441,394 3,977,223
426,262 4,004,521
The mills of the California White and Sugar Pine Association make weekly
reports, but not being comparanle, are not included in the foregoing tables.
Twenty of these mills, representing 61% of the cut of the California pine
region, gave their production for the week as 18.120,000 shipments 22.425.000 and new business 26,132,000. Last week's report from 19 mills, representing 57% of the cut, was: Production 13,615,000 feet, shipments 18,803,000 and new business 25,803,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 72 mills reporting for the week ended April 30 was 7% above
production, and shipments were 21% above production. Of all new business taken during the week 37% was for future water delivery, amounting
to 28,313,993 feet, of which 23,914,324 feet was for domestic cargo delivery
and 4,399,669 feet export. New business by rail amounted to 44,256,285
feet, or 58% of the week's new business. Forty-two per cent of the week's
shipments moved by water, amounting 10 36,973,282 feet, of which 23,278,887feet moved coastwise and intercoastal and 13,694.395 feet export. Rail
shipments totaled 46,267.137 feet or 53% of the week's shipments, and local
deliveries 4,128,873 feet. Unshipped domestic cargo orders totaled 109,935,389 feet, foreign 66,697,439 feet and rail trade 126,749,611 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 105
mills reporting shipments were 10.37% above production and orders were
22.24% above production and 10.75% above shipments. New business
taken during the week amounted to 69,002,745 feet (previous week 57.618,882),shipments 62,303,861 feet (previous week 58,233,6.53), and production
56,448,225 feet (previous week 56,993,816). The normal production of
these mills is 68,766,454 feet. Of the 104 mills reporting running time,
69 operated full time, 18 of the latter overtime. Eight mills were shut
down, and the rest operated from one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., with
four fewer mills reporting, shows production and new business about the
same and shipments somewhat below those reported for the preceding week.
The Calitornia Redwood Association of San Francisco, Calif., with two
less mills reporting, shows considerable decreases in all three factors.
The North Carolina Pine Association of Norfolk, Va., with two fewer
mills reporting, shows substantial increases in all three items.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
with one less mill reporting, shows some decrease in production, heavy
gains in shipments and new au.siness.
Foe Northern Hem'ock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in Its softwood production), with one more mill reporting,
shows production and shipments abcut the mire, and a slight increase in
[VoL. 124.
for pork products were fairly steady, with light to medium weight
hame, neutral lard, and the majority of fresh and dry salt bellies a
little below February, and with pork loins, picnics, medium to hea
hame, prime steam lard, 40-50 lb. dry salt bellies, and most fat backs
a trifle higher. Prices of lamb and mutton advanced in March
while those of beef were unchanged or slightly firmer. Veal price
tended to strengthen until mid-month and then eased.
Packing plants and cold-storage warehouses in the United State
held larger inventories of pork, lard, and miscellaneous meats, and
smaller tonnages of beef and lamb on April 1 than at the beginning
of March. Total stocks exceeded a year ago despite the reduction in
lamb, lard, pickled beef, and dry salt pork holdings. All items, with
the exception of frozen pork and cured beef, fell below the 1922-26
April average. Foreign trade in packinghouse products remained
rather dull during most of the month, with the result that packers'
shipments for export moved forward at a rate little changed from the
low level in February, though lard tonnage was slightly increased.
Demand picked up a little toward the close of March and some sales
for future delivery were reported. Consigned stocks in Europe were
indicated lower on April 1 than a month ago. Prices showed some
improvement during the period, but remained under Chicago parity.
Crude Oil and Gasoline Price Declines-Mid-Continent
Crude Oil Advanced-Pacific Coast
"Price War" Ended.
Despite the announcement of a new high record of crude
oil produced iii one day (May 3) at the seminole, Okla.,
pool, advices from Tulsa, Okla., on Thursday of this week
stated that the Magnolia Petroleum Co. advanced the price
of Mid-Continent crude oil 10 cents per barrel, thereby rescinding its reduction of April 20 (see page 2363 of April
23 issue). This information followed the restoration on the
Pacific Coast of gasoline price schedules which were in effect
March 1, thus ending the price cutting which had demoralized
that market.
The action of the Magnolia Petroleum in advancing crude
oil prices 10c. per barrel on May 5, in reality puts into effect
Magnolia's price schedule adopted April 7. These prices
are still 15c. per barrel below other crude purchasing companies on all gravities from 33 degrees upward, as these companies did not meet Magnolia's cuts made on April 20 (10e.)
and April 7 (15e.) Magnolia's latest schedule, compared with
previous prices of other purchasers as well as its own, is
given in the May 6 "Wall Street News" as follows:
Magnolia's Prices
-*Other PurchasersMay
pril 20
April 7
Apra 7May 5
Grades5A1927.
1927.
1927.
May 527.
1926.
Below 28 gray..,. $1.05
.95
$1.05
$1.10
81.07
1.05
28 to 28.9
.95
1.05
1.12
1.40
1.05
29 to 29.9
.95
1.05
1.14
1.48
1.05
30 to 30.9
.95
1.05
1.16
1.66
31.9
1.05
.95
31
to
1.05
1.18
1.64
business.
new
32 to 32.9
1.05
.95
1.05
1.20
1.72
Hardwood Reports.
.97
33 to 33.9
1.07
1.07
1.22
1.80
1.09
.99
1.09
1.24
1.88
The Northern Hemlock and Hardwood Manufacturers Association of 34 to 34.9
1.11
to 35.9
1.01
1.11
1.26
1.96
Oshkosh, Wis., reported from 13 mills (one more than reported last week) 35 to
1.13
1.03
1.13
1.28
36 36.9
2.04
good increases in production and new business and a marked increase in 37 to 37.9
1.15
1.05
1.15
2.12
1.30
1.17
1.07
38 to 38.9
1.17
1.32
2.20
shipments.
39.9
1.19
1.19
1.09
1.34
2.28
The Hardwood Manufacturers Institute of Memphis, Tenn., reported 39 to 40.9
40 to
1.21
1.11
1.21
1.36
2.36
from 128 units (18 fewer mills than reported the previous week) a heavy 41 to 41.9
1.23
1.13
1.23
2.44
1.38
decrease in production, shipments about the same and new business well in 42 to 42.9
1.25
1.15
1.25
1.40
2.52
1.27
1.17
1.27
1.42
2.60
advance of that reported for the week earlier. The normal production of 43 to 43.9
44.9
44
to
1.29
1.19
1.29
1.44
2.68
21,504,000
feet.
units
is
these
45 to 45.9
1.31
1.21
1.31
1.46
2.76 •
46 to 46.9
1.33
1.23
1.33
2.84
1.48
47 to 47.9
1.35
1.25
1.35
2.92
1.60
1.37
West Coast Lumbermen's Association Weekly Report. 48 to 48.9
1.27
1.37
1.52
3.00
49 to 49.9
1.39
1.29
1.39
'1.54
3.08
1.41
Seventy-two mills reporting to the West Coast Lumber- 50 to 50.9
1.31
1.41
1.56
3.16
51 to 51.9
1.43
1.33.
3.24
1.58
men's Association for the week ended April 23 manufactured 52 and above_ -- 1.45
1.35
1.45
1.60
3.32
These companies are Humble, Gulf, Sinclair, Prairie and Carter Oil.
62,455,044 feet, sold 78,011,872 feet and shipped 89,714,250
Gasoline prices in Boston were reduced 2c. per gallon on
feet. New business was 15,556,828 feet more than production and shipments 27,259,206 feet more than production. April 29 by the Standard Oil Co. of New York. This
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS, made the tank wagon price 17 cents and service station 19
SHIPMENTS AND UNFILLED ORDERS.
cents per gallon. On May 2, the Tide Water Oil Co. estabApril 2.
April 23.
April 16.
AprU 9.
Week Ended72
72
72
72 lish 17e. retail price for gasoline in metropolitan Boston, a
Number of mills reporting
62,455,044
73,875,636
64,686,427
Production (feet)
70,365,678
78,011,872
78,143,629
76,813.391
76,050,691 reduction of 2c. per gallon.
New business (feet)
89.714.250
80,714,783
72,463,038
Shipments (feet)
72,108,650
The so-called "price war" on the Pacific Coast was ended
Unshipped balances:
Eau (feet)
129,626,037 130,971,655 127,605,461 117,571,055 May 4
when a number of the leading distributors restored
99,883,477 105,803,408
Domestic cargo (feet)_. 104,802,553 111,442,190
Exports (feet)
76,587,797 quotations to the level prevailing March 1, when the reduc78,583,587
80,850,081
77,960,772
313.012,177 323,263,926 305,449,710 229,962,280 tions began. California Petroleum Co. led in restoring gasoTotal (feet)
1924.
1927.
1926.
1925.
First 16 Weeks ofline prices to the old schedule, marking up Los Angeles rates
78
119
104
128
Average number of mills_
1,168,168,801 1,603,073.094 1,621,733,753 1,627,602,475 6 cents, San Francisco, 4 cents and Seattle, 234 cents per
Production (feet)
1,260,059,073 1,690,507.053 1,636,055,775 1,541,246,637
New business (feet)
1,187,108,623 1,634,409,890 1,636,984,088 1,660,354,379 gallon.
Shipments (feet)
Richfield Oil, Union Oil of California and Shell Union folReview of Meat Packing Industry By Chicago Federal lowed, while Associated Oil, a subsidiary of Tide Water
Associated, in which Standard of New Jersey has a large
Reserve Bank.
interest, and General Petroleum, a Socony subsidiary, indiIn its review of the meat packing industry, the Federal
Reserve Bank of Chicago has the following to say in its cated they would follow if Standard of California joined in
the movement according to press dispatches under date of
May 1 Monthly Business Conditions Report:
products was produced at May 4. The new scale in Los Angeles is 1834 cents in San
A slightly larger tonnage of packinghouseStates
during March than Francisco 19 cents and in Seattle 1934 cents per gallon.
slaughtering establishments in the United
last week of the month These
in the preceding month; employment for the
prices include State taxes of 2 cents a gallon.
declined 3.4% in number, but gained 0.8% in hours worked and 1.1%
On May 5, the Pan-American Western Petroleum Co.
for February. Domestic demand
figures
corresponding
over
value
in
followed the customary Lenten trend and averaged fair. Trade raised its price from 1234 cents a gallon to 1834 cents a
of
tended to improve a little at the close of the period. The value
gallon, State tax included. This action followed the adsales billed to domestic and foreign customers by fifty-one meat pack- vances announced by five other large companies on the
than
totaled
4.9%
less
for
March
States
United
the
in
ing concerns
quotations preceding day. As expected, the Standard Oil Co. of Calfor February and was 6.5% under a year ago. Chicago
MAY 7 1927.]
THE CHRONICLE
ifornia also raised its gasoline prices to conform with the
companies which advanced the quotations. This increase
will no doubt be followed by other Standard companies,
such as the Associated Oil and General Petroleum which
had indicated they would follow California's lead.
In Canada,on May 5, the Imperial Oil Co., Ltd.,reduced
tank wagon and service station prices of gasoline and kerosene le. throughout Canada, effective as of May 2.
Wholesale quotations at Chicago stood as follow on May
6: United States motor grade gasoline 634@6Mic.; kerosene, 41-43 water white 43@43/8c.; fuel oil 24-26 gravity
$1 to $1.02.
Further Increase Reported in Crude Oil Production.
Another increase in the daily output of crude oil during
the week ended April 30 brought the total up from 2,478,000
to 2,499,950 barrels per day,reports the American Petroleum
Institute. This constitutes an increase of 21,850 barrels per
day. The daily average production east of California was
1,841,750 barrels, as compared with 1,837,100 barrels, an
increase of 4,650 barrels. In California alone the increase
amounted to 17,200 barrels per day. The following are
estimates of daily average gross production by districts for
the weeks mentioned:
DAILY AVERAGE PRODUCTION.
(In Barrels)Apr 30'27. Apr.23'27. Apr.
.16'27. May 1 '26.
Oklahoma
733,000 ,
721,850
714,700
463,100
Kansas
114,900
115.650
113,850
105.150
Panhandle Texas_ _ 130,800
124,700
121,950
16,500
North Texas
89,900
90,750
88,500
80,000
West Central Texas_
184.300
186.000
185,200
81.350
East Central Texas_
40,800
41.150
41,550
55.350
Southwest Texas_ _ _ 36,200
36,550
36,950
39,050
North Louisiana_ _ _
47.100
49,850
52,350
54,450
Arkansas
104,000
108,500.
115,500
173,200
Coastal Texas
134,000
138.700
132,350
83.650
Coastal Louisiana_ _ _
17,700
21,000
19,200
14.100
Eastern
110,500
109,000
107.500
104.000
Wyoming
66,750
62,000
56,300
77,550
Montana
15,050
15,050
15,050
26,950
Colorado
9,650
9,950
8,450
6,800
New Mexico
7,100
6,400
3,200
3,900
California
658,200
641,000
639.900
605,000
Total
2.499,950
2,478,100
2,452,500
1,990.100
The estimated daily average gross production of the Mid-Continent
field,
including Oklahoma, Kansas, Panhandle, North, West Central, East
Central and Southwest Texas, North Louisiana and Arkansas,
for the week
ended April 30, was 1,481,000 barrels, as compared with
1.475.000 barrels
for the preceding week, an increase of 6,000 barrels. The
Mid-Continent
production, excluding Smackover, Arkansas heavy oil,
was 1,401,400
barrels as compared with 1,390,750 barrels, an increase of 10,650
barrels.
In Oklahoma, production of North Braman is reported at
6,450 barrels,
against 6,500 barrels; South Braman, 3,450 barrels, no change;
Tonkawa,
22,750 barrels against 23.200 barrels; Garber, 16.100 barrels
against 16,650
barrels; Burbank, 42,300 barrels against 42.500 barrels! Bristow-Sl
ick,
27.250. barrels, no change; Cromwell, 12,850 barrels against 13,250
barrels;
Papoose.6,750 barrels against 6,950 barrels; Wewoka,21.400 barrels
against
17,850 barrels; Seminole, 288,850 barrels against 289,700 barrels;
and Earlsboro. 53.000 barrels against 43.600 barrels.
In Panhandle Texas, Hutchinson County is reported at
105,500 barrels
against 103.550 barrels, and Balance Panhandle 25.300
barrels against
21,150 barrels. In East Central Texas, Corsicana Powell,
19,100 barrels
against 19.200 barrels; Nigger Creek, 5.650 barrels against
5,750 barrels;
Reagan County, West Central Texas. 26.600 barrels against
26.900 barrels;
Crane & Upton Counties. 64,450 barrels against
64,150 barrels; Brown
County. 29,500 barrels against 29,900 barrels; and in the
Southwest Texas
field, Luling, 17,700 barrels against 17,900 barrels; Laredo
District, 14,550
barrels against 14,650 barrels; Lytton Springs. 2,100 barrels
barrels. In North Louisiana, Haynesville is reported at against 2.150
7.750 barrels'
against 7,800 barrels; Urania, 8.550 barrels against 10,800
barrels; and in
Arkansas, Smackover light, 11.250 barrels against 11,000
barrels; heavy,
79,600 barrels against 84,250 barrels;and Lisbon,4,250 barrels
against 4.300
barrels. In the Gtlf Coast field, Hull is reported at 19.850
barrels against
19,950 barrels; West Columbia,9.900 barrels against 10.250
barrels; Spindletop, 50,700 barrels against 54,650 barrels; Orange
County, 5,500 barrels
against 5,950 barrels,and South Liberty, 3,000 barrels against
3.050 barrels.
In Wyoming, Salt Creek is reported at 49,100 barrels
against 45,000
barrels; and Sunburst, Mont., 12,500 barrels, no change.
In California, Santa Fe Springs is reported at 42,500 barrels
43,000 barrels; Long Beach, 93,000 barrels against 93.500 barrels; against
Huntington Beach. 77,000 barrels against 74.500 barrels; Torrance, 23.000
barrels
against 23,500 barrels; Dominguez, 17,500 barrels, no change;
Rosecrans.
10,500 barrels against 11,000 barrels; Inglewood. 37.500 barrels
against
37,000 barrels; Midway Sunset,89,000 barrels, no change; Ventura
Avenue,
53,800 barrels against 51.600 barrels, and Seal Beach, 50,000
barrels
against 36,000 barrels.
2669
crude, and the fact that the crude now above ground and to be produced
represents by reason of improved refining methods a substantially
greater
yield of gasoline than ever before, but also upon the existence of known,
but as yet undeveloped, reserves of crude. Never in its history has the
industry possessed in addition to the huge stocks above ground,undeveloped
known reserves of such magnitude,and the existence of these reserves
gives
to the present period its certainty of extended duration in contrast with the
brief and spasmodic intervals of overproduction in the past.
"Substantial reductions in prices have occurred, affecting in different degree the several classes of crude. Of the three classifications, fuel,lubricating and gasoline crudes, the gasoline crudes have borne the brunt of the declines.
"A pertinent question is, therefore, whether on the basis of today's production of naphtha-bearing crudes there can be recovered sufficient
natural
gasoline to supply the total demand, estimated at 342,000,000 barrels
for
1927, or an increase of 9.6% over 1926. This additional quantity of approximately 30,000.000 barrels could be morethan supplied from theincrease
in production of crude oil, which present estimates place at 125.000,000 barrels. If this additional quantity of crude oil is run it will give, on the
basis of a 30% Yield. 37,500,000 barrels of gasoline, or 7,500.000 barrels
in excess of the estimate gain in demand. The production of gasoline by
cracking during 1926 was 93,736,000 barrels, so that to meet this year's
demand the industry would still be obliged to produce by cracking about
86,000.000 barrels. There exists, therefore, no economic reason why the
cost of the natural gasoline content of the crude should decline to a
price below the cost of gasoline obtained by cracking fuel oil.
"The cost of cracked gasoline is determined by the price of fuel oil; therefore the value of fuel oil is today the foundation of the petroleum price
structure. Through the price of gasoline fuel oil controls the value of crude
oils other than the grades utilized for the manufacture oflubricants and owecialities. The present crude oil price schedule is on a fuel oil basis, competitive with coal, and if further declines in crude prices occur fuel oil will
be competing only with itself.
"The consumption of distillate oils in the direct generation of power,such
as in Diesel engines, or for domestic heating and like purposes, gives it a
special value not competitive with coal. The industry is justified in allocating a part of its supplies to these superior uses and should be willing to enter
into contracts for delivery over longer periods than heretofore."
Steel Consumption Continues at Recent Level but
Unfilled Orders Decline-Pig Iron Price Reduced.
Indications are that steel consumption is holding up to the
rate of recent weeks, observes the "Iron Age" in its May 5
market review. Mill operations show little change but
unfilled orders are diminishing. Consumers have taken to
using stocks accumulated in preparation against checks by
the coal strike, now in its second month, and discounting
this as a factor again are buying very closely.
The situation is not making for firm prices, but it has not
interfered with a rather general attempt to establish sheets,
the notably weak commodity, on the levels obtaining in
December, representing advances of $2 to $6 a ton. The
immediate effect has been the closing of specifications on
tonnage outstanding and the passing of the extremely low
quotations, continues the "Age's" summary, which reviews
the situation in the following terms:
April, as was the case last year, proved to be the peak month in pig iron
production. just as March was in steel in the two years. The output.
3.422,226 tons, represented a daily rate of 114,074 tons, or
% more
than March. The gain of 1,708 tons per day was made except for 82 tons
by steel company furnaces.
Pittsburgh district steel makers no longer regard it a necessary strike
measure to husband stocks of basic pig iron and have made sales at $18.50,
Valley furnace, a reduction of 50c. a ton. Consumer interest in pig iron
is on a diminishing scale. Tennessee foundry iron, unable to hold its
recent advance, has receded to $18, base Birmingham, the common price
on Alabama iron.
So well are consumers supplied, that prices of both coal and coke are
suffering and furnace coke has declined 15c. to $3 a ton, Connellsvllie.
Heavy melting steel scrap has declined 50c. a ton at Pittsburgh, the
second reduction in two weeks. The same grade has dropped 25c. a ton
at Cleveland and Chicago and 75c. at Cincinnati.
Reconstruction of the pig iron rate structure in Central Freight Association territory, effective May 30, will mean both advances and reductions.
although the new rates are said to average 10% lower than those in effect
on July 1 1922.
The stoppage of distribution to the flood stricken regions of the great
central area of the country is felt chiefly by wire and sheet producers.
Additional emergency orders of track accessories have naturally followed
in the wake of destruction, while roofing sheets and bridge material will
shortly become essential.
Strip steel makers, taking the cue from the sheet producers, are talking
of trying for advances. Prices are $4 below those of December; yet seeing
that many consumers are covered for the second quarter, concessions are
still reported.
Depression in the oil industry is held responsible in part for steel makers'
turning to supplying semi-finished steel. One resalt is a reduction of $1
a ton in forging billets and, in Chicago, of $1 to $1.50 in wire rods.
Following considerable selling of wire nails to jobbers at $2.40 a keg.
Pittsburgh basis, the market is now quoted at $2.50.
The Illinois Central has now definitely come into the market for 4.500
Overproduction of Crude Oil Is Basic Cause of Price freight cars, also for 15 locomotives, and the Erie is asking for bids on
50 engines. The Chicago & 11Knots Midland is inquiring for 350 cars.
Situation.
An Eastern railroad has placed 10.000 tons of rails at Chicago.
Structural steel bookings for the week called for 33.000 tons, and inquiries
of
survey
the
price
.situation
was given in the current
A
nearly 20,000 tons. No marked betterment in fabricated steel prices
number of "The Lamp", the magazine devoted to the inter- for
is discernible.
The Pittsburgh Steamship Co. is inquiring for two freighters requiring
ests of the Standard Oil Co.of New Jersey. From it we quote
10,000 tons of hull steel, supplementing two now being built.
brief portions as follows:
Bolt and nut buyers taking a wide range of sizes are offering little or no
"Low prices are still the effective remedy for the over production of oil,
opposition to the revised price schedules, but users of the larger bolts,
but the existence of a crude price below cost over a long period" would have which were advanced under the new lists, are slow in purchasing.
costly consequences for a considerable part of the industry.
Crowded by competition of Norwegian ferromanganese in European
As compared with the brief periods of flush production of the past which
markets, British makers have reduced their selling price here $5 a ton, now
have been terminated by low prices, the industry faces today an era of quoting $95,seaboard, without guarantee against further decline. American
overproduction that promises to be of extended duration. The conception makers met the cut,
thus affecting considerable unshipped first half tonnage,
of a crude situation of relative sufficiency is based not alone upon the un- on which buyers have protection against a decline. The lower prices
interrupted activity of drilling operations with increasing production of have brought no additional business.
2670
Germany's domestic steel business is expanding so much, chiefly for
construction of buildings and ships, that producers are ignoring foreign
markets. Its March output of rolled steel was the largest for any month
since the war. Expansion in shipbuilding is reported also from Great
Britain.
The "Iron Age" pig iron composite price has fallen to $19.13 per gross ton
from $19.21 last week. The composite price for finished steel remains at
2.339c.. as shown in the usual tables following:
Pig Iron.
Finished Steel.
May 31927,2.339 Cents per Pound.
May 3 1927. 319.13 per Gross Ton.
$19.21
One week ago
2.339e. One week ago
19.21
One month ago
2.3670. One month ago
20.88
One year ago
2 439c. One year ago
15.72
10-year pre-war average
1.689c. 10-year pre-war average
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
and black sheets, constituting 87% of the Philadelphia, Buffalo. Valley and BirUnited States output.
mingham.
Low.
High.
High.
Low.
1927_ _2.453c., Jan. 4 2.339e., Atr. 26 1927_319.71, Jan. 4 $18.96. Feb. 15
1926_2.453c., Jan. 5 2.4030., May 18 1926__ 21.54. Jan. 5 19.46, July 13
1925_2.560c.. Jan. 6 2.396c., Aug. 18 1925__ 22.50. Jan. 13 18.96, July 7
1924_2.789c., Jan. 13 2.460e., Oct. 14 1924__ 22.88, Feb. 26 19.21, Nov. 3
1923__2.824c., Apr. 24 2.446e., Jan. 2 1923._ 30.86. Mar.20 29.77. Nov.20
With daily average 13,781 tons, production of pig iron in
April forged slightly ahead of March and approximated last
April. Last month was the third best April in pig iron
production in history, being surpassed only by 1923 and
1926, according to statistics compiled by the "Iron Trade
Review." The total for April was 3,413,431 tons, compared with 3,482,107 tons for March and 3,438,105 tons in
April 1926, says the "Review" in its May 5 issue, which we
further quote as follows:
At the close of April 222 blast furnaces, or one less than at the close
of March. were active. This virility in blast furnace operations affords
a gage of underlying strength of the current iron and steel markets. Bookings for finished steel in most districts registered a gain in the past week,
evidencing a revival of consumers interest which has lagged since the
crest was passed in March.
While demand for pig iron is stlll tinged with consumers' indifference,
inquiry for third quarter is slowly accumulating and furnaces display
more eagerness for orders. Steel production receded about two points
this week. Steel Corp. units are operating about 91 and the entire industry at 84%. The price situation continues mixed after many weeks
of profitless price cutting. Practically all independent sheetmakers have
announced new bases of 3.85. Pittsburgh. for galvanized, 4.25 for full
finished sheets, 3c. for black, 2.24 for blue annealed, and in some districts
Business taken at new levels is insufficient
increases as much as $6 a ton.
to provide a test. All heavy finished steel lines appear a shade firmer
this week. Contrariwise, coke and pig iron tend toward easiness.
Shading continues in pipe and wire products. Scrap Is off 25 to 50c.
a tor in most districts and both foreign and domestic ferromanganese are
reduced $5 followed by brisk contracitng for second half. Emergency
flood requirements, especially for track materials, are steadily mounting
although not yet assuming large proportions. Definite inquiry by the
Illinois Central RR. for 4.500 freight cars brightens the prospects for
car builders.
Specifications for tin plate have improved moderately. Plates dominate
the week's news in heavy finished lines. Demand for bars has shrunk
moderately at Chicago, despite secondary buying movement by manufacturers of farm implements.
The "Iron Trade Review's" composite price on 14 leading iron and
steel products this week is $36.62. This compares with $36.64 last week
and $36.89 the previous week.
April Pig Iron Output Exceeds March.
April pig iron production, compiled from data gathered
May 3, largely by wire, shows a small increase over March,
declares the "Iron Age" in its current issue. Only a few
companies estimated their output for the last day or two.
The April rate was 114,074 gross tons per day, a gain of
1,708 tons over March, or about 1.5%. This is the highest
rate this year and compares with 115,004 tons per day in
April 1926. It is also the largest production since that
month. Previous to April 1926 the largest April output
was in 1923 at 118,324 tons'per day.
Production of coke pig iron for the 30 days in April was
3,422,226 tons, or 114,074 tons per day, as compared
with 3,483,362 tons, or 112,366 tons per day for the 31 days
in March. In April last year, 3,450,122 tons was the
production, or 115,004 tons per day, an increase over April
this year of 930 tons per day, continues the "Age," adding:
Capacity Active on May 1.
There was a net loss of 3 furnaces last month,8 having been shut down
and 5 blown in. In March a net gain of 6 furnaces was recorded. The
loss in April was the first this year,each previous month having shown a gain.
On May 1 there were 220 furnaces active as compared with 223 on April 1.
The estimated daily capacity of the 220 furnaces in operation on the first
of May was 112.955 tons as against 113,435 tots per day for the 223furnaces
active on April 1.
Of the 8 furnaces shut down in April, 3 were Steel Corp. stacks, I was
an independent steel companyfurnace and 4 were merchant. The 5furnaces
blown in during April were credited as follows: 3 to the Steel Corp. and
2 to merchant iron companies.
Manganese Alloy Output High.
Ferromanganese output in April was 24.735 tons, comparing with 27,834
tons in March. This brings the monthly average for the 4 months to
27,243 tons as against 26,319 tons per month in all of 1926. The spiegeleisen
production last month was 12,907 tons or the largest in many months. In
March it was 7.650 tons, with the average for the first quarter 7,393 tons
per month.
Furnaces Blown In and Out.
April: No. 2 Donora
The following furnaces were blown in during
Pittsburgh district; the
furnace of the American Steel & Wire Co. in the
the National
Sharpsville furnace in the Shenango Valley; No. 2 furnace of
of the Illinois Steel Co.
Tube Co. in northern Ohio; 1 South Chicago furnace
furnace in Tennessee
n the Chicago district and the Johnson City
1VoL. 124.
TH t4, CHRONICLE
Furnaces which were blown out or banked during April included the
Genesee furnace of M. A. Hanna Co. in New York; the Robesonia and
Sheridan furnaces in the Lebanon Valley; No. 2 Carrie furnace of the
Carnegie Steel Co. in the Pittsburgh district; No. 4 Newcastle furnace of
the Carnegie Steel Co. in the Shenango Valley; No. 5 Haselton furnace of
the Republic Iron & Steel Co. in the Mahoning Valley; No. 5 furnace of
the National Tube Co.in northern Ohio, and the Zenith furnace in Minnesota.
DAILY RATE 01? PIO IRON PRODUCTION BY MONTHS-GROSS TONS
Total
&eel Works.
Merchant.*
1926 April
115.004
89.236
25.768
25,622
112,304
86.682
May.
107,844
June
82,186
25,658
July
103.978
79,392
24,586
103,241
August
25,025
78,216
104,543
September
81,224
23,319
107,553
October
24.365
83,188
November
107.890
25,070
82,820
99,712
December
24,803
74,909
100,123
1927-January
24,514
75.609
105,024
24,429
February
80,595
112,366
March
86.304
26,062
114,074
26,144
April
87,930
•Includes pig iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Total Iron.
Spier/deism and Ferromanganese.*
1926------ -1927
Spiegel and Ferro.
1927.
Fe-111n. Spiegel. Fe-Mn. Spiegel.
1926.
7,486
7,746 31,844
2,599,876 2,343,881 29,129
January
7,045
7,084 24,560
2,272,150 2.256,651 22,309
February
7,650
7.339 27,834
2,661,092 2,675.417 24.064
March
7,051 24,735 12,907
2,677,094 2,637,919 24.134
April
23,159
6,999
2,687,138
May
5,864
25.378
2,465,583
June
Half year
July
August
September
October
November
December
148,173
26.877
23,557
25,218
28,473
31,903
31,627
15,362,933
2,461,161
2,424,687
2,436,733
2,578,830
2,484,620
2.322,180
42,083
3,699
4,372
2.925
6,295
7.565
7,157
315,828 74.096
Year
30,071,144
•Includes output of merchant furnaces.
TOTAL PRODUCTION OF PIG IRON.
By Months, Beginning Jan. 1 1925-Oross Tons.
1926.
1925.
3,316,201
January
3,370,336
2,923,415
February
3,214,143
3,441,986
March
3,564,247
3,450,122
April
3,258,958
3,481,428
May
2,930,807
3,235,309
June
2,673,457
Half year
July
August
September
October
November
December
19,011,948
2,664,024
2,704,476
2,726,198
3.023,370
3,023,006
3,250,448
1927.
3,103,820
2,940,679
3,483,362
3,422,226
19,848,461
3,223,338
3,200,479
3.136,293
3,334,132
3,236,707
3,091,060
39,070,470
36,403,470
Year*
•These totals do not include charcoal pig iron. The 1926 production of this iron
Was 163,880 tons.
in Bituminous Coal and Anthracite Markets
Remain Fairly Steady.-No Change in
Strike Situation.
Two fundamentals are influencing and really governing
the present coal situation. One is production; the other,
any changes in strike conditions in the Central Competitive
Field, observes the "Coal and Coal Trade Journal" in its
market review of May 5.
Production increased in both the anthracite and bituminous districts for the week ended April 23. Of course actual
figures showed a decline, but there was a full holiday that
week, Easter Monday. For the week ended April 30 a
further gain will be shown in the anthracite and possibly in
the bituminous. The anthracite gain is natural and seasonable,in keeping with the increased demand. Any increase in
bituminous is unnatural, in the sense that open-shop mines
are already facing an overfed market, crowding the mourners, as it were, the "Journal" adds, giving further details of
the situation as follows:
Prices
This procedure keeps prices down to cost and below in many instances.
However, it is thought by some that this contributes to the prolongation of
the strike through continuation of such attractive prices that large consumers refrain from using their stocks acquired, but of course it does not
contribute to a better market. It simply prolongs the agony of waiting
at closed-shop mines until they can compete with their open-shop neighbors.
In the western part of the Eastern field. a production is reported sufficient
to supply the present slack demand by mines that have changed from
closed-shop to open-shop and the few that have signed up or are "on parole"
under the Jacksonville agreement. There Is no appreciable change reported
in the number of men working in such mines.
At one group of these mines which have lately changed from closed to
open-shop a story is being told of the construction of barracks by closedshop men for use by cpen-shop miners when their attention was called to
this, they are quoted as replying that the mines were not yet working.
Verily the "Brotherhoods" seem to be pulling a bit "gee-haw."
Ohio reports an increasing movement of Eastern coal, production at
their own mines being of little consequence as yet. Ohio. Indiana, and Illinois all seem to be watching the wig-wagging from the hills around Pittsburgh and the home stocks of coal above ground.
Of course the farther west one goes, the faster he will see the coal piles
diminishing, being more distant from the Eastern open-shop mines that
still have the habit of exceeding the demand. Aside from strippers and a
very few that have departed from the straight and narrow path, production
in Ohio, Indiana, and Illinois is practically at a standstill.
Some one says there are rumors that a strike is on in that territory and
the public should be notified.
MAY
THE CHRONICLE
7 1927.]
Bituminous Coal Output Remains at About Same
Level-Anthracite Declines.
Considering the loss of time through the observance of a
religious holiday, the output of bituminous coal for the week
ended April 23 remained at about last week's level. The
decrease, 72,000 net tons, occurred on Easter Monday,
April 18, while during the remainder of the week the U. S.
Bureau of Mines reports, car loadings exceeded those of the
preceding week. Anthracite output fell off by about 5.7%
during the week, adds the Bureau, from which we further
quote:
Production of bituminous coal in the week ended April 23, the third week
of the suspension. is estimated at ,929,000 net tons. In comparison with
the preceding week this was a decrease of 72,000 tons. The decrease was
due to the observance of Easter Monday, April 18. when the number of
cars of coal loaded dropped to l9.22. From Tuesday to Saturday the
loadings exceeded those on he corresponding days of the preceding week.
Estimated U. S. Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
April 9
Daily average
April 16b
Daily average
April 23c
Daily average
1Veek.
8 255.000
1,376,000
8 001,000
1 334,000
7 929,000
1 322,000
1927
Cal.Yrio Dale.
180,263,000
2,149,000
188.264,000
2,094,000
196.193,000
2,046,000
1926
Week. Cat.Yr.foDate a
9,420,000
157,919.000
1,570,000
1,883 000
9,306,000
167.225,000
1,551,000
1,861,000
9.271,000
176,496.000
1.545,000
1,841,000
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 April 23 (approximately 96 working days) amounts to 196,193.000 net
tons. Figures for corresponding periods in ocher recent years are given
below:
176,496.000 net tons
1926
1924
160,338,000 net tons
151,640,000 net tons
1925
1923
175.186,000 net tons
ANTHRACITE.
The total production of anthracite during the week ended April 23 is
estimated at 1,662,000 net tons. Compared with the output in the preceding week, this is a decrease of 100.000 tons, cr 5.7%. It is 425,000 tons,
or 20% lower than he output In the corresponding week in 1926.
Estimated United States Production of Anthracite (Net Tons).
Week Ended-
April 9
April 10
April 23
1927
Cal.Yr.to Date.
20,293,000
1,762,000
22,055,000
1 662.000
23.717,000
Week.
1,651,000
1926
Week. Cal.Yr JoDate.a
1,793,000
13.296,000
2.086,000
15,382.000
2,087,000
17,469,000
a minus one day's production first week in January to equalize number of days
In the two years.
Cumulative production from Jan. 1 to April 23 amounts to 23.717,000
net tons, a gain of almost 36% when compared with the corresponding
period of 1926. Figures for earlier years are as follows'
1926
1925
17,469,000 nei, tons
26,865,000 net tons
1924
1923
-8,307,000 net tons
30,'• 53,000 net tons
BEEHIVE COKE.
The total production of beehive coke during the week ended April 23
's estimated at 177.000 net tons, practically the same as in the preceding
2671
week. Compared with the output in the corresponding week of 1926. this
shows a decrease of 51,000 tons, or 22%, while cumulative output during
1927 shows a decrease of 1,655,000 tons, or 35% when compared with that
in the corresponding period in 1926.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
Apr.23'27b A pr.16'27c Apr. 24'26
to Date.
to Date.a
Pennsylvania and Ohio
137,000
139,060
185,000 2,428,000 3.816,000
West Virginia
16,000
16,000
13,000
261,000
269,000
Ala., Ky., Tenn. & Ga
9,000
5,000
14,000
97,000
313,000
Virginia
8,000
8,000
6.000
118,000
153,000
Colorado & New Mexico.. 4,000
4.000
7.000
65,000
95,000
Washington & Utah
3,000
4,000
3,000
66,000
60,000
United States total
177.000
176,000
228,000
3,043,000 4,698,000
30,000
Daily average
29,000
38,000
31,000
48.000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
Output of Bituminous Coal During Month of February.
The United States Bureau of Mines has compiled the
following table showing the estimated production of bituminous coal, by States, during the month of February.
The total production during the month for the country as
a whole was 52,904,000 net tons, a decrease of 3,978,000
net tons from the January output. It was, however, considerably greater than the 46,577,000 net tons produced
during February 1926 and 38,770,000 net tons in February
1925. The figures for the several States are given as follows:
ESTIMATED PRODUCTION OF SOFT COAL BY STATES IN FEBRUARY
(NET TONS)a
February
1927.
January
1927.b
February
1926.
February
1925.
February
1923.
Alabama
1,975,000 2,140,000 1,801,000 1,512,000 1.629,000
Arkansas
93,000
172,000
117,000
187,000
101,000
Colorado
940,000 1,169,000
830,000
750.000
921,000
Illinois
8,195,000 8,574,000 5,440,000 5,157,000 7,938,000
Indiana
2,610,000 2,769,000 1,733,000 1,633,000 2,439,000
Iowa
392.000
570,000
411,000
632,000
542,000
Kansas
430,000
487,000
365,000
334,000
377,000
Kentucky-East---- 3,850,000 4,200,000 3,649,000 2,902,000 2.216,000
West
1.617,000 1,655,000 1,164,000
753,000
902,000
Maryland
280,000
303,000
329,000
203,000
202,000
Michigan
54,000
74,000
59,000
105,000
68,000
Missouri
260,000
207,000
202,000
316,000
297,000
Montana
270,000
317,000
215,000
235,000
298,000
New Mexico
250,000
264,000
219,000
233,000
206,000
North Dakota
150,000
105,000
97.000
147,000
183,000
Ohio
2,900,000 3,221,000 2,539,000 2,180,000 2,764,000
Oklahoma
220,000
247,000
175,000
174,000
245,000
Pennsylvania
13.134,000 13,800,000 13,369,000 11,294,000 12,300,000
Tennessee
520,000
499,000
568,000
444,000
505,000
Texas
90,000
108,000
74.000
68,000
93,000
Utah
380,000
464,000
306,000
382,000
308,000
Virginia
1,110,000 1.188,000 1,080.000
929,000
846,000
Washington
200,000
201,000
226,000
194,000
307,000
West Virginia
12,100,000 13,047,000 11,286,000 8,026.000 7,170,000
Wyoming
620,000
752,000
526,000
621.000
477,000
Other States
7,000
27,000
9,000
22,000
15,000
52.904,000 56.882,000 46,577,000 38,770.000 43.645,000
a Figures for 1925 and 1923 only are final. b Revised.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 4, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined,shows increases for the week
of $64,400,000 in bill and security holdings and of $56,700,000 in member bank reserve deposits, with relatively small
changes in Federal Reserve note circulation and cash reserves. Holdings of discounted bills increased $64,100,000
and of acceptances purchased in open market $2,300,000,
while Government security holdings declined $2,000,000.
After noting these facts, the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of New York reports an increase of $48,000.000
discount holdings, Boston an increase of 813,300,000. and Chicago of
$9,500,000, while the Philadelphia bank reports a decrease in discount
holdings of $7.000.000. Open-market acceptance holdings of the New
York bank were $7.000,000 larger than a week ago and those of the St.
Louis and Boston banks $2,500,000 and $2,300,000, respectively, less
than a week ago. The System's holdings of Treasury notes were $1.700,000
above the preceding week's total, while holdings of Treasury certificates
declined $2,600,000 and of United States bonds $1,100,000.
The principal changes in Federal Reserve note circulation during the week
comprise an increase of $5.200,000 reported by the Federal Reserve Bank
of San Francisco and a decrease of $3.300,000 by Cleveland.
in
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 2715 and 2716.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 4 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 ofindebtedness
Federal reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increases(+)or Decreases(During
Week.
Year.1
- -$700,000 +$256,100.000
+251.400,000
+3,000.000
-98,100.000
+64,400.000
-39.500.000
+64.100.000
+6,300,000
+52.000,000
-45.800.000
+12,100.000
+30.800,000
+2.300.000
-79,000.000
-2,000,000
-29,500,000
-1,100,000
-71,500,000
+1.700,000
+22,000,000
-2.600.000
+48,700.000
+2.500.000
+103,300,000
+75,400.000
+95,400,000
+56.700.000
-14,300,000
-10,700,000
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 670
reporting member banks in leading cities as of April 27
shows increases for the week of $37,000,000 in loans and
discounts, $57,000,000 in investments, $53,000,000 in time
deposits and of $23,000,000 in borrowings from the Federa
Reserve banks. Member banks in New York City reported
increases of $14,000,000 in loans and discounts, $19,000,000
in investments, $44,000,000 in net demand deposits, and
$19,000,000 in borrowings from the Federal Reserve Bank.
Loans on stocks and bonds, including United States
Government obligations, were $57,000,000 above the total
2672
THE CHRONICLE
[Vor. 124.
reported on April 20,increases of $27,000,000 being reported
by banks in the New York district and of $29,000,000 by
banks in the Cleveland district. "All other" loans and
discounts were $20,000,000 less than a week ago, the principal declines being at banks in the New York and Chicago
districts. Loans to brokers and dealers, secured by stocks
and bonds, made by reporting member banks in New York
City, were $5,000,000 above the April 20 total, loans for
their own account having increased $24,000,000, while loans
for out-of-town banks and for others declined ,000,000 and
$11,000,000, 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:
duction. Tinplate mills also are restricting output while prospects are uncertain for coal, iron and steel, except for the shipbuilding demand.
The balance of trade during the first quarter of the year was exceptionally
adverse. Wholesale prices show a downward tendency and the cost of living
Is at the lowest point reached in ten years. Labor relations are peaceful.
The new budget proposals and the reduction In the Bank of England discount
rate are considered favorable to business and industrial share prices are
higher, although investors are disposed to await developments. The chemical markets generally are quiet with sales moderate and prices mostly steady.
The principal features of the petroleum trade is the continued heavier consumption, with imports nearly 10% above last year. Automotive sales were
greatly stimulated during April by Easter buying. Some manufacturers are
engaged to capacity and the principal importers have done well.
The United States floods are attracting spectators in the cotton markets
although regular cotton interests are undisturbed. There has been a sharp
advance in raw cotton futures but the rising market has given no impetus to
cloth purchases and buyers continue skeptical of prices. Employment in
the wool and worsted industry is slightly improved, especially in the woolen
section. Company finance is still an important factor in the British lumber
Holdings of United States securities increased during the week by $46.- market where many sales are being made at little if any profit in an effort
000.000, the banks in the New York district reporting an increase of to make a quick turnover. Sales of heavy footwear reflect the adverse
$36,000,000 and those in the Chicago district of $12,000,000. Holdings influence of last year's industrial troubles. A great reduction in shipping
of other bonds, stocks and securities were $11,000.000 larger than a week laid up at British ports and a large increase in the volume of new tonnage
ago.
under construction are shown by the quarterly shipping returns which indiNet demand deposits declined in all Federal Reserve districts except cate a very considerable improvement in the shipping situation.
New York, Boston and Atlanta, the substantial increase of $48,000.000
THE NETHERLANDS.
reported by banks in the New York district and of $9,000.000 by banks In
the Boston district being almost entirely offset by decreases principally in
Business in general in The Netherlands is relatively quiet, following a
Time
districts.
deposits
Francisco
the Cleveland, Kansas City and San
period of activity noted in the retail trade during the Easter season. Acwere $53,000.000 above the total reported a week ago, a slightly larger tivity on the stock exchange has fallen off and quotations show little or
Increase of $55,000,000 being reported for banks In the Cleveland district.
no change. Money continues plentiful and rates are somewhat firmer.
Borrowings from the Federal Reserve banks were $23,000,000 larger than Subscriptions to current emissions of capital remain very satisfactory.
on April 20, banks in the New York district reporting a slightly larger
GERMANY.
increase of $26,000,000.
The private dsicount rate was slightly advanced during April to 4 %
During the period of daylight saving time the combined figures for all
reporting member banks and for banks In New York City and Chicago will and call money went as high as 831%• but the settlements of the end of the
be released at 2 o'clock Washington time. The remainder of the statement month were made without difficulty, because of the plentiful supply of
credit. The general industrial position remains, on the whole, satisfactory
will be issued at the same time if ready, or as s000n thereafter as possible.
and the showing of practically all branches of the textile Industry is particuOn a subsequent page—that is, on page 2716—we give the larly
satisfying in view of the hard times which were experienced last year.
the
of
return
weekly
latest
this
in
contained
full
in
figures
The situation of the chemical industry is good, as evidenced by the 10%
is
which has been declared by the dye trust. Russian orders are still
following
dividend
the
member banks of the Reserve System. In
principal items as materially helping machinery plants.
furnished a summary of the changes in the
compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Year.
Week.
+37.000.000 +8404.000,000
Loans and discounts, total
—4.000,000
Secured by U. S. Govt. obligations_
t291,000,000
+57.000,000
Secured by stocks and bonds
117,000.000
—20.000.000
All other
348,000.000
+57,000,000
Investments, total
+57.000.000
+46,000.000
U. S. securities
+291.000.000
+11.000.000
Other bonds, stocks and securities
+41,000,000
Reserve balances with Fed. Reserve banks_ +27,000,000
—12,000,000
+4,000,000
Cash in vault
+212.000,000
+10,000.000
Net demand deposits
+533.000,000
+53,000.000
Time deposits
—75,000.000
—10,000.000
Government deposits
—20,000.000
Total borrowings from Fed. Reserve banks +23,000.000
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 7) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
Wholesale and retail trade In Canada is generally good. Unfavorable
weather in Northern Alberta has retarded purchasing temporarily; in Saskatchewan there is marked activity in boots and shoes, dry goods, groceries
and hardware, and a considerable Improvement in practically all lines is
Indicated in reports from British Columbia; Toronto sales of automobile
supplies, clothing, drugs, confectionery and stationery are understood to
be excellent.
Total Canadian imports in March amounted to $110,581,152, as compared with $100,933.747 a year ago; iron and steel imports advanced nearly
March of this year
25%. Domestic exports amounted to $105.605,107 in
as compared with $112,304,910 in March of 1926; agricultural products,
the leading item, showed a loss of 8%•
Construction is more active than since before the war. Important
projects now being undertaken include an extension to an automobile
plant at Oshawa and a new grain elevator at Sarnia. The Dominion
Government has announced that a bridge for railway, highway and pedesyear, in close
trian traffic will be built across the St. Lawrence River next
proximity to the port selected as the eastern terminal for Welland Canal
of railway
traffic. The contract for the construction of thirty-two miles
around Lake St. John has peen awarded to a Montreal firm.
manufacturers.
sole
cut
the
affecting
The competition of substitutes is
of China Wood
Paint and varnish makers are disturbed by curtailed Imports
The value of Ontario gold
oil and prices have advanced considerably.
production for the first quarter of 1927 Is estimated at over $7,000,000.
automobile producMarch coke production is 8% larger than February, and
CZECHOSLOVAKIA.
The general industrial improvement which had been noted for several
weeks past is becoming more tangible and the business tone is, as a result,
decidedly more optimistic. The domestic market is showing tigns ofrevival
and, with higher export prices, is assisting in the broadening of Industrial
improvement. This improvement has been especially noticeable in the iron
and steel, machinery, and automobile industries. Seasonal resumption of
building activity has stimulated the brick and tile, building materials, and
woodworking industries. There has, however, been a slackening in the
cotton industry but woolen mills are well occupied. The coal indwidtry
is showing signs of improvement. All possible efforts are being made to
reach a commercial agreement with Austria, following the abrogation of
existing tariff conventions, but in the meantime the present status is unsettling trade. As a result of the abundance of money there have been
numerous increases in capitalization of corporations, as well as several
Industrial and bank mergers. The stock exchange has been registering a
sharply advancing trend. The first quarter of the year showed a favorable
trade balance with exports totaling 4,329,000,000 crowns and imports
3,394,000,000 crowns.
NORWAY.
The labor situation continues very uncertain, with open conflict In the
paper and pulp industry expected in Norwhy. After consIderaole discussion and postponement of the proposal for compulsory arbitration in Parliament, the measure was passed on April 29. It is generally expected
locally that this will bring about more settled labor conditions and improve
the outlook somewhat.
DENMARK.
A slight seasonal improvement in the form of reduced unemployment and
slight increases in activity in certain lines of business is noticeable in Denmark with the advert of spring. The number of unemployed has noticeably
declined to 77,000 during the past few months. This is about 12,000 higher
than a year ago. The improvement in employment is due entirely to the
Increased outside activity folio sing .,he mild and early spring weather. The
Industrial unemployment has shown no change. The possibility of a building workers conflict, however, threatens the labor situation. Exports of
bacon have been very heavy during the first quarter, but a decidedly weak
tendency In prices has characterized the meat trade during March. Shipments for the first quarter of 1927 have been approximately 25% higher
than during the corresponding period of 1926.
ESTONIA.
Foreign trade at the end of the first two months of 1927 showed a marked
decline in both imports and exports as compared with the corresponding
period of 1926. The balance for January was unfavorable by 83.000,000
marks (1 mark equals $0.0028). while an export surplus of 55.000,000 marks
was returned during February. The turnover of the foreign trade for the
first two months totaling 2,303,000.000 marks was about 11% lower than
during the same period in 1926. Total revenues for the first ten months of
the present fiscal year totaling 7,291,812,000 marks, amounted to 94%
of the budgetary estimate of receipts for the 1925-26 budget year.
LATVIA.
Customs receipts for the first eleven months of the present fiscal year
totaled 45,767,000 lats (one 1st equals $0.193) as against 48.011,000 lats for
GREAT BRITAIN.
the same period of the present budget year. Operations of ,he flax monopCommercial indices for the first quarter of 1926 show that substantial oly
administration through the past budget year rendered the State a net
last year's industrial depresprogress has been made toward recovery from
in the coal industry, is less than a year ago. profit of 1,620,000 lats. Parliament granted 2.000,000 late for reconciling
except
Unemployment,
sion.
increased. The steel output during the difference between purchase and selling prices. This sum was deduced
Railway and ocean shipments have
record of British production. Shipbuilding from the profits which would otherwise have totaled 3.620,000 lats. The
March constituted the highest
in work begun and In new orders which call for budget anticipated a profit of 2,500.000 lats. The returns from this
also showed a great increase
motor ships. Many branches of the engineering monopoly have declined greatly since 1924 on account of the low prices and
a larger proportion of automotive line, are more active. Locomotive depressed conditions in the world flax market.
industrY, especially the
fairly busy and agricultural machinery shows a
LITHUANIA.
and car building shops are
goods industry registered further
seasonable improvement. The electrical
The foreign trade of Lithuania for the first two months of the current
has been a slight decrease in the
there
but
export
for
production
Increases in
the activity in electrical goods manufacture, year shows a noticeable improvement and a large favorable balance. Exhome demand. A large part of
production arrears and present Indications ports totaled 51,900,000 lit.(one lit equals 10c) against 38,300.000 Ms durhowever. Is due to overtaking
ing the Same period of 1926. Imports totaled 32,300,000 'Its as against
some of the branches. The coal output continues
point to a slackening in
trades has been impeded by the fear of a 36,700,000 lit. in 1926. The export surplus thus amounted to 19,600,000
high. Progress in the cotton
lits•
against 1.600,000 lit. in 1926.
of American cotton are again curtailing proweaker demand and spinners
tion 18% larger.
MAY
7 1927.]
TICE CHRONICLE
SOUTH AFRICA.
Trade for the first six months of this year is not expected in South Africa
to equal last year's figure, but April returns compare favorably with those
for April of 1926. Development work at the mines continues to result in an
increased demand for plant supplies. Sales of agricultural implements and
machinery are well maintained and the building market continues good.
Textiles are generally quiet. The agricultural position has been further
improved with the announcement of an official estimare of the maize crop
at over 19,250.000 bags (of 200 pounds each). The value of the mineral
output in March is estimated at approximately £5,264,000, exceeding the
previous monthly total by nearly E93,000. There were substantial increases
in the total output of diamonds, gold,silver, platinum, coal, copper and tin.
A measure has been introduced into the Transvaal Provincial Council
providing for an increase in motor taxation of 100% with the object of
raising a fund of £1,200,000 in eight years for road construction and material.
As a result of strong competition between conference and independent lines,
lower shipping charges from English and Continental ports are projected,
with drastic reductions contemplated for May 1 on galvanized iron fencing,
barbed and plain wire netting and other commodities. Small quantities
of short wools are beginning to arrive but sales and shipments have been
very small. Warehouses are clear of combing wools. Mohair continues
totally inactive; skins and hides are somewhat easier. Ostrich feathers are
still exceedingly dull.
CHINA.
Conditions at Shanghai are comparatively quiet, with trade confined principally to staples for local and coast demand. Shanghai Chinese bankers
have advanced a total of 5.000,000 Mexican dollars (1 Mex. dollar approximate $0.50) to the Nanking Nationalist Government under Chiang Kaishek, the loan to be secured by the 2%% customs surtax. That Government also contemplates the issuance of Treasury Loan Bonds up to 14.000.000 Mexican dollars to be secured by the Customs surtax. The foreign
banks of Hankow remain closed, and with the exception of sales from
stocks already there, business is almost at a standstill. There is a limited
movement of export commodities being sent out under great difficulties.
Arriving steamers are under convoy and subjected to fire from Chinese
troops on shore.
Deliveries of goods to interior points in the Peking region are being made
very slowly and only in small lots. Fair sales of indigo and other dyestuffs
reported in Tientsin. The Chefoo-Weihsien Motor Road Company at
Chefoo has taken definite steps toward the establishment of motor freight
services between Chefoo and Weihsien, a distance of approximately 200
miles, touching at important intermediate points. Orders have already
been placed for 14 British and 8 American half-ton chassis, and one French
2ti ton chassis, the bodies to be constructed in Chefoo. This company is
to give the foregoing makes a thorough test with the intention of confining
themselves to the use of one make of chassis.
2673
It is reported that the State of Rio de Janiero has succeeded in placing a
loan of £1,300,000 in London. Total imports of automobiles into Brazil
during 1926 amounted to 31.725 vehicles.
MEXICO.
The new decree increasing the surcharges on imports by parcel post, was
published on April 28,to be effective May 1. Announcement has been made
that the formal inauguartion of the through train service on the Southern
Pacific of Mexico between Nogales and Guadalajara, scheduled for May 8,
Is indefinitely postponed. The downward trend of petroleum production
continues. According to official statistics only 5.441,000 barrels were
produced during March, 1927, as compared with 6,000.000 barrels in January, 1927. and 8,345.000 barrels in March. 1926.
CUBA.
Business in Havana is showing a spirit of resistence to the prognostications
of decline that were so general a month ago. The volume of trade Is much
below that of March and affairs in general are quieter, but negotiations for
future business continue, and there is little signs of discouragement in
the face of the none too favorable conditions which prevail. The trend of
business is indicated by the bank clearings, which have been as follows for
the past five months: December. 861.184.187; January, $69,747.590; February,188,246.469; March. $102,580,512, and April (estimated on the basis
of the first twenty days), $80,000,000. In addition to the low price being
received for its greatest industrial product,sugar, Cuba is suffering from an
extreme drought, which is cutting down the production of tobacco,fruits and
vegetables, and is also causing some delay in placing these latter commodities on the market, which means lower returns.
The total production of sugar up to April 15 is reported by the Sugar
Club at 4,119,657 tons, compared with 3.920.446 at the same date of last
year. Thus, there remain only 380,000 tons to be manufactured as the
total crop is restricted to 4,500,000 tons. Up to April 21, 98 mills had finished grinding, leaving 78 still in operation. It has been announced officially that the new Tariff will go into effect on July I. There will be no publication prior to the announcement in the Official Gazette as required by
law.
PORTO RICO.
Sales in most lines have been slow and the turnover somewhat less during
April than in April of last year, particularly in the small towns and rural
districts. Retail trace in San Juan is fairly good, but the wholesale trade
is less satisfactory. Retailers in all parts of the island still have December
purchases on their shelves. The principal reason for the slight business
depression appears to be the delayed crop liquidations. Reports from the
hardware trade indicate that business and collections in that line are slow
and a produce commission house reports that sales of foodstuffs are decreasing. Banks note a slight improvement in collections and a slight increase in commercial loans. The few early sales of tobacco which have been
made at good prices are an encouraging factor. Rainfall is averaging
PHILIPPINE ISLANDS
Though seasonal quiet continues to characterize Phillppino trade, busi- about normal but the south coast area needs rain. San Juan bank clearings
ness during the week ended April 29 was above normal. The copra market for April, through the 29th, amounted to 823,374,000 compared with $27.was firmer, as the result of continued low arrivals of supplies from the 830.000 for the corresponding period of 1926.
provinces. The provincial equivalent of resecado (dried copra) delivered
at Manila is now 12.75 pesos per picul of 139 pounds. (1 peso equals
$0.50.) Abaca trade of the week, however, Was inactive, with most dealers
Financial Measures Presented to Japanese Diet,
holding off. Production continued about normal. Prices, which were
The
Japanese financial measures drafted to relieve the
only nominal, decreased in most grades. Grade F was quoted at 36 Pesos
per picul; I, 31; JUS, 22.50: JUK. 19.50; and L. 18.50.
banking crisis which resulted in the twenty-one day moratorium, were approved on May 2 by the Cabinet and were
BRITISH INDIA.
Business showed improvement during the last week of April, following presented to the Imperial Diet at the opening of the spenumerous holidays Which slackened the normal trend of activities during cial session on May 5. Acting Japanese Financial
Comthe earlier part of the month, and the general outlook for May is optimistic.
The stiffening of cotton prices in sympathy with American advices has missioner Wikawa in this city announced on May 2 the
tended to brighten prospects and to stimulate activity in the raw cotton receipt of a cablegram from Finance
Minister Takahashi
and cotton mill trades. A continuation of the upward movement in cotton
prices should greatly benefit the Indian textile industry, as most of the mills at Tokio giving the outline of the two measures to be laid
have large stocks of finished goods on hand which could be liquidated on a before the Diet this week. One of these is entitled "A
•
rising market.
Bill relative to the special loan to be made by the Bank
AUSTRALIA.
Financial concinions continue to harden in Australia owing to the demand of Japan to provide for compensation of any loss resulting
for loan funds and to the policy of the financial leaders to restrict credit with therefrom," and the other "A Bill relative to the loan to
a view to reducing imports. Considerable discussion is being heard regard- the financial institutions in
Taiwan, Formosa." The first
ing the gfowing adverse trade balance, and methods for bringing about a
better balance between imports and exports are being proposed. On ac- bill is outlined as follows:
1. In the event that any bank should require a loan for the purcount of inclement weather the annual agricultural show at Sydney was not
so successful as had been anticipated. The movement of wheat to overseas pose of meeting a situation caused by the withdrawal of its deposits
markets continues to improve but is salt regarded as unsatisfactory.
and in the event that such an advance shall be deemed necessary by
the Bank of Japan for the stabilization of the financial situation of the
NEW ZEALAND.
Conditions in New Zealand during the month of April showed little country, the Bank of Japan is authorized to make special loans stipuimprovement. Foreign trade continues to move in good volume, but on lated by the Finance Minister to any bank by means of the discount
account of the low price level of loading commodities exported, returns of bills.
2. The period in which such special loan may be made by the
to the New Zealand farmer are not encouraging. Unemployment is more
noticeable in the larger centers of the Dominion as the winter months ap- Bank of Japan shall be one year computed from the date of enforceproach and as public works undertakings, giving employment to large num- ment of this act.
3. The period of the bills to be drawn for the renewal purpose of
bers, are completed.
Exports in March amounted to a value of £6,450,000 as compared with the bills of said special loans shall not exced ten years from the date
/6,895,000 during the same month of last year. The values of cheese, of enforcement of this act.
4. The Government is authorized to enter into a contract with the
frozen meats, and wool exports were considerably less than for March of
1926. Imports were well maintained in March. reaching a value of £4,700.- Bank of Japan for a compensation up to 500,000 yen on account of
any
loss to be sustained by the latter as a result of such special
compared
with £4.741,500 for the same month in 1926. Imports
000 as
of wearing apparel, cotton textiles, tobacco products, sugar, and motor loans. The basis of determining such loss shall be stipulated by the
spirits increased, while receipts of motor cars registered a decline. The Finance Minister.
5. Such loss and its amount shall be determined by the Special Loan
trade outlook is not without encouragement, however, as it is anticipated
that any improvement in the British market will be reflected immediately Loss Investigation Committee to be established by an imperial edict.
6.
The compensation of any loss to the Bank of Japan shall be made
Zealand.
New
in
with 5% national loan bonds. The Government is authorized to issue
ARGENTINA.
A loan of fifty million paper pesos has just been placed in New York. such loans to the extent necessitated by said purpose.
7. Discounts of bills by the Bank of japan which have taken place
the proceeds of which will be spent in the construction of public works.
Exports are normal and imports have slightly Improved. The cattle market during the period from April 22, Second Year of Shows (1927), to
the
date preceding the enforcement of this act, and which conform
to
be fair. The new corn crop has begun coming into the ports
continues
but future chipments of it will largely depend on humidity. Pasturages are to the conditions of the special loans shall be denied special loans
below normal for lack of rain and unless there is more rain the corn may be provided in this act.
held for wintering feeding. Experiments are being made with mechanical
The outline of the second bill follows:
corn harvesters with a view to lessening the cost of gathering corn. The
1. The Government is authorized to order the Bank of Japan to adgrape season is about to close. An active interest is being shown in Argenvance
a loan to the Bank of Taiwan or any other financial institutina in the railroad colonization scheme for immigrants.
tions in Tiawan (Formosa), if, in the opinion of the Government, it is
BRAZIL.
deemed necessary for the sake of the civil administration of Taiwan
The death of the president of the State of Sao Paulo is resulting in some (Formosa), and also for the sake of maintenance of our credit abroad.
uncertainty in the political situation there which it is said in Brazil may
2. The limit of such loan shall be 200,000,000 yen.
possibly affect the coffee institute and the coffee market. Growing and
3. The Government is authorized to enter into a contract with the
picking weather continues excellent. Estimates for the Santos crop remains Bank of Japan for a compensation of any loss up to 200,000,000 yen
at 15,000.000 bags 13,000,000 of *which are expected from Sao Paulo alone. to be sustained by the latter.
The exportable new crop from Rio de Janeiro is estimated at 5.000.000 bags.
4. Other provisions are almost the same as in the first bill.
2674
THE CHRONICLE
The New York "Times" in a Tokio cablegram, May 2
(copyright), referring to the action of the Cabinet in
approving the final drafts of the bills said:
The plan to aid the Taiwan Bank closely follows the late Government's proposals, with the difference that the expenditure will be
sanctioned by the Legislature instead of being covered by an Imperial Ordinance. The bill allows the Bank of Japan to advance
200,000,000 yen regardless of security and will give to the Bank of
Japan Government bonds to compensate for any loss sustained.
The Government is determined to maintain Japan's credit abroad,
and all of the Taiwan Bank's foreign liabilities will be met in full.
The strongest motive with the Government is guaranteeing those
advances is the fact that the Taiwan Bank had extensive foreign
committments.
To Limit Taiwan Bank's Range.
It is not intended that the Taiwan Bank should continue as a semiState institution. In the future it will function only in Japan as an
ordinary industrial bank, its foreign exchange business being taken
over by the Yokohama Specie Bank and its note issue by the Bank
of Japan.
Addressing the Diet on May 5, Premier Baron Tanaka,
acording to the Associated Press, dwelt on the serious
financial and economic situation which he said resulted
principally from the disastrous earthquake of 1923. He
requested the co-operation of the Diet in the adoption of
government measures guaranteeing advances by the Bank
of Japan of 200,000,000 yen (about $100,000,000) to Formosa banks and 500,000,000 yen to banks in Japan proper.
These acounts continued:
Public sentiment and the general conomic situation, he declared,
had been quieted since the twenty4;>ne-day moratorium was decreed
by the Privy Council, and he urged further restraint, It is generally
believed that the governmental measures will be adopted, but there is
some uncertainty as to the fate of the Diet.
The Bank of Formosa (Bank of Taiwan), which encountered difficulties recently along with many other banks in Japan, announced
to-day that it hoped to reopen Monday.
Lengthy and caustic interpellations occupied the Diet in discussion
of the banking measure. The opposition, apparently dissatisfied with
the government's measure for stabilization of the situation, asked for
further enlightenment.
Finance Minister Takahashi warned the Diet that there was still
danger of bank runs after the termination of the twenty-one-day
He declared that the main
moratorium which is now in effect.
purpose of the government's measure to meet the situation was to
protect bank depositors.
Previous items regarding the moratorium and the proposed financed relief measures appeared in these columns
April 23, page 2371, and April 30, page 2523.
Bank of America Looks for Elimination In Japan of Weak
Elements in Business and Strengthening of Economic
Fabric as Result of Financial Crisis.
The Japanese finanical crisis will eliminate the weak
elements in the business of that nation and will bring
about a strengthening of the economic fabric, predicts
The Bank of America as a result of a study of the situation. One advantage acrues from the present difficulties,
according to this study, "in that it permits the government
to clear up the maze of entanglements left by the long line
of post-war difficulties." The bank continues:
It will now be able to loosen the relations between the banks and
industry, reorganize the firms which have been in fact insolvent for
a long time past and finally correct the defects of the banking system.
Laws have been drafted which will raise the minimum banking capital to 1,000,000 yen. Such a development would eliminate the serious
menace of the small, unsound local bank, which would tend normally to disappear, in consolidations.
True, the present developments will delay the return of Japan to
a real gold basis. Regular shipments of gold had been made to New
York before the moratorium, and the yen had risen practically to its
par value of 49.8 cents. Within a few days it fell to 46.40 cents, but
soon after recovered to about 47 cents.
The banking system of Japan, taken as a whole, appears to be
fundamentally sound, buttressed as it is by the powerful Bank of
Japan. The liquidation of the post-war losses had been delayed, and
this policy proved unwise in view of the later unfavorable developments. However, the economic position of the country is secure, and
the present forced elimination of the weak spots in the business and
financial structure cannot but result in a further strengthening of
the economic fabric.
Japanese Cut Cotton Spinning.
From the Central News, London, May 5, the New York
News Bureau announces the following:
The British Embassy at Tokio cables that the Cotton Spinners Association has agreed to stop spindles' operation 15% for six months from May 1.
_
J. P. Morgan & Co:s Share of Profits On Unused Credit
to Great Britain.
A copyright cablegram from London, May 4, to the New
York "Times" says:
5. P. Morgan & Co., who put up $300,000,000 in New York as a
reserve credit to support British exchange if it should be necessary
$2,500,000 for their
after the return to the gold standard, will receive
plans, although the credit was never used.
answer
given in the
an
from
today
That was the inference drawn
McNeill, Financial Secretary of the
House of Commons by Ronald
commission paid
Treasury, when asked whether he could state if the
Pro'. 124.
to Morgan & Co., would be less than $2,500,000 even if the credit
was unused.
In indicating that J. P. Morgan & Co. are not the only
ones participating in the commissions, the "Times" of
yesterday, May 6, said:
While no statement was forthcoming from J. P. Morgan & Co. yesterday regarding the report from London that a commission of $2,500,000
was paid by the British Treasury for the call on a credit of $100,000,000
obtained here at the time of the British return to the gold standard, it
was learned from other sources that whatever compensation was received
for the credit was spread among a large number of financial institutions.
The inference regarding the commission was contained in a cable
quoting a statement of Ronald McNeill, Financial Secretary of the
British Treasury, which erroneously gave as $300,000,000 the amount of
the credit arranged through the Morgan firm and its associates. The
credit amounted to $100,000,000 and was obtained at the same time
that the Bank of England arranged for a credit of $200,000,000 with
the Federal Reserve Bank. The credits were arranged two years ago
at the time of the British return to the gold standard and were made
available for use if needed in the protection of exchange. They were
never used and expired this week.
As is usual in transactions of such magnitude, the credit arranged
through the private bankers carried a representation of a large group
of banks and bankers. It is understood that between 200 and 300 were
associated in the credit, so that whatever commission was received was
widely distributed.
The $2001,000,004 credit advanced by the Federal Reserve Bank carried the provision that interest would be paid on the amounts used at a
rate of interest 1% above the Federal Reserve rediscount rate, with a
minimum of 4% and a maximum of 6%. As none of the credit was
used, no interest was received by the Reserve Bank.
Great Britain's War Loans to Allies £2,000,000,000.
Answering questions in the House of Commons on May
4 regarding the amount of Great Britain's war loan to the
Allies, and whether any had been canceled, and how much,
Ronald McNeill, Financial Secretary of the Treasury, according to Associated Press accounts from London, replied
that the total amount on March 31, 1925, was about £2,000,000,000 and that funding agreements had been signed
on all except the Russian and Yugoslavian loans.
He
hoped that the latter would soon be founded. There had
been no cancellation, said the Secretary, but the settlements made represented an average remission of about
70%.
Release of Gold by Bank of England to Bank of France462,000,000 Francs Transferred From Item "Gold UnAvailable Abroad" to "Gold Available"—History
of Borrowing.
Noting that the release of Gold in London for the account of the Bank of France, as a result of the settlement
of the loan in London, caused some new entries in the
bank's weekly statement of April 28, copyright advices
May 1 from Paris to the New York "Times" stated:
The sum of 462,000,000 francs was credited to a new itent entitled
"gold at free disposal of the bank and gold available abroad." At the
same time, the heading, entitled "gold available abroad" was reduced
from 1,864,000,000 to 1,401,000,000 francs. Advances by the bank to
the State were unchanged; presumably there would have been reduction but for the operations connected with the London paymnt.
How little the statement reflected the actual movement of the home
money market was shown by the fact that, while bills discounted increased 851,000,000 francs, notes in circulation decreased 340,000,000.
Among other items, private deposits rose 2,000,000,00 francs. This was
apparently due to payments to the Caisse d'Amortissement. Subscriptions to the National Defense bonds have become more active than at
any previous time. There was a rumor last week that the legal limit
had actually been exceeded, and the banking community believed the
report to be founded on fact. Such a movement of subscriptions to the
Government's short-term obligations speaks strongly for the present stability of the public credit. Equally striking testimony is provided by
the very favorable reception given by the investing public to the Government's proposals, now being carried out for consolidation of the
floating debt.
The same paper in giving the history of the transaction
between the Bank of England and the Bank of France
had the following to say in its account from Paris (copyright) May 1:
It is believed that the full repayment by the Bank of France of the
133,000,000 balance of the London loan, in advance of the due dates
stipulated in the agreement of 1923, means immediate restitution to the
Bank of France of the gold deposit pledged against the loan. The question has arisen, however, whether the gold will actually be shipped to
France or will be transferred to the United States. Last week's report
was that the Bank of France had decided to transfer to New York
amounts aggregating about $80,000,000. No official declaration has beety
made on the subject, however, and the actual disposal of the gold
released at London remains for the present a matter of conjecture.
The loan repaid last week was originalry extended in 1918 by the
Bank of England to the Bank of France, but the French bank played
only an intermediary role in the transaction, the real debtor being the
French Treasury. Under the contract, the Bank of France had pledged
deposited gold equal to one-third of the face of the loan. The loan itself
was realized under the form of bonds discounted at the Bank of England at 1% higher than the London bank rate, but with the provision
that the rate should not go below 6%.
The original amount of the loan was £72,000,000. It was reduced to
I65,000,000 when part of the French 4% loan of 1915 was subscribed
in England, and at the same time the gold deposited was reduced from
MAY 7 1927.]
THE CHRONICLE
£24,000,000 to £21,666,000. On this remainder, the due dates were
spread out between September, 1922, and August, 1923.
At the last-named date a repayment of £10,000,000 reduced the principal of the debt to £55,000,000 and the gold deposit to £18,350,615.
Redemption of the remainder was at the time arranged by an agreement
signed in April, 1923, which provided for payment for instalments
amounting to /5,000,000 in 1924, to £6,000,000 in 1925, to £7,000,000
in 1926, to £8,000,000 in 1927, to 19,000,000 in 1928, to 115,000,000
in 1929 and to £5,000,000 in 1930.
Payments were regularly made in the three first years; they occasioned no surrender of gold, however, because the agreement stipulated
that no gold should be returned before May 31, 1928, but that the
remainder would be repaid in 1928, 1929 and 1930.
2675
Germany to Modify Loan Tax.
Under date of April 28 Berlin advices (copyright) to the
New York "Times" stated:
With the aim of providing a fresh influx of capital from
abroad for smaller
German industries, the German Government, according to authentic
iaformation reaching your correspondent to-day, soon will rescind
its 10% tax
on interest on foreign loans. The tax will still be imposed,
however, on
loans not regarded as benefiting industrial productivity.
Vienna Market Rises After Socialists Lose—Reacts
Quickly to Election Results—Business Outlook
Is Best in Years.
French Bond Conversion—Seven Billion Francs SubAdvices from Vienna April 28 to the New York "Times'
scribed in National Defense Refinance Plan.
(copyright) said in part:
The Stock Exchange responded quickly and favorably
The New York "Evening Post" announces the following
to the victory of
the Anti-Socialists in Sunoay's election, which left the
(copyright) from Paris May 6:
political balance of
power and the economical
Premier Poincare's plan to convert the outstanding treasury issues of
national defense bonds in various amounts into global issues maturing at
later dates when Prance is in better financial condition has exceeded the
hopes of the Ministry of Finance.
It Is reported that present conversion of 6% bonds, just thrown open to
big credit institutions and which doesn't mature until May 25, already is
subscribed to the extent of 7,000.000.000 francs. Officials state, twenty
days before closing, that the first loan already is assured.
Lewis E. Pierson
Elected President United States Chamber
of Commerce.
, After a brief flurry over farm relief (says Associated
Press acounts from Washington) which terminated with
the organization supporting its Resolution Committee recommendation for delay in advocating a national agricultural policy, the United States Chamber of Commerce on
May 5 brought its annual convention to a close. Lewis E.
Pierson, New York banker, was elected President and
Edwin B. Parker of Houston, Texas, Umpire of the German-American Mixed Claims Commission, was selected to
fill the newly created post of Chairman of the Board of
Directors. Four Vice Presidents were elected as follows:
Eastern Division, A. J. BreSseau, New York City;
Southern Division, Robert R.-Ellis, Memphis, Tenn.; North
Central Division, William Buterworth, Moline, Ill.;
Western Division, Paul Shoup, Vice President of the
Southern Pacific.
Saturday Holidays on Paris Bourse.
The Paris Bourse will be closed on Saturdays, beginning
today ,May 7, until October, -according to the "Wall Street
News."
Steamships Cut Rate on Gold to America—Competition
Stirs Bidding on Shipments France is Expected to
Make.
Competition among steamship companies for the transportation of gold from London to New York has resulted in
a reduction from 3s. 9d. to 3s. per £100 in the freight rate
on the metal, according to information received in Wall
Street from London on May 4, says the New York "Times",
which also stated:
Bidding for the gold shipping privileges is based on
reports that
France intends to send to New York a large portion of
the gold she
now holds in London, amounting to about $83,000,000.
Some of this gold is understood to be already on the way
to New
York, and a shipment of $6,000,000 received last week
from an unannounced source is also believed to have been of French
ownership.
When France sent $20,000,000 of gold to New York early
this year
it was all carried on French steamships and shortly afterward
rates
were cut in competition for further business between British
and
French lines.
Shipments of gold of this country have always been
carried in
British ships, but an unusual condition exists at present in that
the
gold now being discussed, although owned by France, is held in
London. Usually the fastest liners are employed, as the loss of
interest is heavy when the gold is at sea.
The reduction in shipping rates caused a revision in the calculations of the British gold export point, which was placed yesterday at
$4.8534. There is at present no possibility, however, of straight
commercial shipments from London to New York, as sterling exchange
is considerably above even the new gold shipping point and is rising
on account of seasonal influences.
The French gold represents collateral pledged by France to
England for a debt contracted during the war. France repaid the debt
about two weeks ago and received custody of the gold from the
Bank of England.
Reported Passage of Bearer Securities Law in Holland.
The following cablegram from its London bureau April 27
was reported by the New York "Journal of Commerce":
It is reported here that a law has been passed in Holland which will
probably have the effect of causing considerable amounts of American
securities to be shipped to the Uni.ed States for deposit or sale.
The law enact. that holders of bearer securities must have them stamped
within eight days. It is believed that Dutch investors who are largely
interested in American bearer securities will seek to evade this imposition.
structure of Austria Lndisturoed. Shares generally have risen a few points in the three firs,, days of the week.
Expectation that the State and city governments will carry
out their
promised investments in utilities, housing schemes and
roads caused the
heavietn,demand in the last few years for building,electricity and
iron shares.
The city of Vienna resumed negotiations for a loan of
$30,000,000 with
three American groups. It is expected the loan will be effected
next month
and will cause big orders to be placed with Austrian firms
for electrical
machinery and buildine materials.
Economic and Industrial Conditions in Denmark
During March 1927—Reduction of Debt
to Foreign Countries.
The Danish National Bank of Copenhagen and the Danish
Statistical Department have issued (April 28) the following
statement regarding the economic and industrial conditions
in Denmark during March:
During the month of March the National Bank exported about
9,000.000
kronen's worth of gold, after which its gold supply has decreased to
about
193.000,000 kronen to cover bills which at the end of the month amounted
to 361,000,000 kronen. Part of the currency which was procured in this
way was used to settle previous loans, while an amount of about 6.000.000
kronen was delivered to the market. The private banks have namely
decreased their debt to foreign countries with about 13,000,000 kronen,
of which about 7.000,000 kronen are thus bought up In the free market.
This reduction of the debt to foreign countries is among other things
probably brought about by the fact that there has been a considerable
Increase in the deposits in the three principal private banks since the end
of February—from 1.079,000.000 to 1,081,000.000 kronen. while the
outstanding loans have gone down about 7.000,000 kronen—from 984,000,000 to 977.000,000 kronen. Furthermore the outstanding loan of the
National Bank has increased slightly—from 225.000.000 to 228,000,000
kronen. As the Ministry of Finance at the same time has drwan 6,000.000
kronen of its credits out of the bank, the amount of bills in circulation have
during the month—as is usually the case in the quarterly months—gone up
somewhat, namely from 355.900.000 to 360.900.000 kronen.
During the month of March the statement of condition of Denmark's
international capital balance at the end of the year 1926 and the payment
balance are brought to conclusion. According to this statement Denmark's
net debt to foreign countries at the end of 1926 is estimated at about
940,000.000 kronen against about 1,000.000.000 kronen at the end of 1925.
The decrease, however, is only due to the act that the krone quotation
during 1926 was at last brought up to the old gold par,for which reason the
debt in foreign currency at the end of 1925 was calculated according to a
Dollar quotation of 4.05, at the end of 1926 according to a Dollar quotation
of 3.75. In reality the debt has increased during the year with about
35,000,000 kronen, which is the sum which the taking up of new loans
and the exportation of securities amounts to after the payment of previous
loans and the value of imported securities has been subtracted.
The transactions in stocks and bonds on the Copenhagen stock exchange
was in March rather small; the average weekly quotations for stocks were
2.300,000 kronen and for bonds 2,300,000 kronen with 2,800,000 and 3.200,000 kronen respectively in February.
In the index figures there was during March some decrease for stocks,
while there was practically no difference as far as bonds are concerned;
the stock index for March was thus 92.2 (February 94.8), the bond index
87.3 (February 87.2) when the quotations of July 11914. are fixed at 100.
The decrease in the stock index is due to the fact that during the month
payments of dividends have taken place in a series of firms, wherefore the
index is quoted excl. profit.
The Statistical Department's wholesale index has during March gone
down three points, from 156 to 153; the decrease is principally due to the
continued falling of the fuel prices together with a fall in the food prices
especially animal and feeding stuffs. Besides there has also been quite a
considerable decrease In the price of certain groups of building material.
The trade balance with foreign countries in the month of
February
amounted to 123,000,000 kronen for imports and 111,000.000 kronen for
exports, thus there was an import surplus of 12,000,000 kronen against
9,000,000 kronen in February 1926. For January-Februa
ry together the
import surplus was this year 24,000,000 kronen against 33,000,000 kronen
in 1926.
The export of agricultural products was in March this year
considerably
larger than in March 1926, as far as bacon and
meat is concerned, while
the export of butter and eggs is slightly smaller than last year.
The prices of the exported products are
still somewhat lower than last
year, especially for bacon.
The unemployment is still somewhat larger
than during the corresponding
month last year, namely 26.5% at the
end of March this year against
21.2% ultirrio March 1926. In the real industrial professions the percentage
this year was 23.2 against 19.8 in 1926.
The Governments revenue from taxation Was in March 12.700,000
kronen, of which 5,000,000 kronen were custom revenue taxes. In
March 1926 the corresponding figures
were 13,700,000 and 4,400,000
kronen.
President Machado of Cuba Undecided on Further
Restriction of Sugar Crop—Extension of Degree
Depends on Production Developments.
General Gerardo Machado, President of Cuba, whose
visit to the United States is the subject of another item
2676
THE CHRONICLE
[VOL. 124.
in our issue of today,says that he has not come to any decision
American Loan to Norway.
as to extending the decree restricting the Cuban sugar crop
London advices are from the "Wall Street
The
following
next year. According to the "Wall Street Journal" of Journal" of May 6:
April 26, that paper said:
An Anglo-American banking group is believed to be concluding a
His decision as to restriction for next year depends upon the desires of the $40,000,000 loan to the Centralbanken for Norge.
White, Weld & Co. Is believed to be negotiating a 82,750,000 loan at
parties interested and upon sugar production in the other countries of the
world.
%,to the city of Drontheim, Norway.
President Machado denied emphatically to a representative of Dow.
Jones dc Co. that there would be any change in the restriction of the present
Offering of $1,500,000 Bonds of National Central Savcrop. He said that not a pound over the decreed 4,500.000 ton crop would
be ground. This statement puts an end to rumors to the effect that, In
ings Bank of Hungary—Issue Oversubscribed
view of the very serious drought in Cuba which is rapidly destroying standing
—Books Closed.
cane and is hindering the growth of replanted and ratoon cane,the President
would raise the restriction.
At 100 and accrued interest to yield 7.50%, F. J. Lisman
Anent the decline in sugar prices, attributed to the uncer- & Company and the First Federal Foreign Investment
2% thirty-five year
1
tainty over crop restriction, the Philadelphia News Bureau Trust offered on May 3 $1,500,000 7/
of April 1 printed the following:
secured sinking fund gold bonds, Series A, of the National
The Association of Colones, in answer to a question from the president Central Savings Bank of Hungary. It was announced the
of the Sugar Commission as to the causes of the decline In raw sugar prices,
says as follows:
"First: The statistical position of sugar is healthy and strong, and there
Is nothing rational to justify an appreciable drop in prices. Nevertheless,
a decline has taken place.
"Second: There have been many causesfor the drop, butall revolve around
one thing—namely, the belief that the government will be unable to resist
the pressure which has been evident at all times and from all sides to Increase
the authorization of the crop to above 4.500.000 tons.
"Third: This belief is the result of propaganda, both inside and outside
of Cuba, evidenced by the fact that several local a-ssociations of Colones
have sonsulted with the National Association of Colonos as to the possible
increase of allotments for their respective mills in the event that the limit of
4.500.000 tons is raised. This sort of propaganda has had a pernicious
effect.
Finds Confidence in Law is Shaken.
"Fourth: Confidence In the law has been shaken. Many fines that
should have been imposed on planters last year for exceeding their quotas
have never been collected. There is, for this reason, a belief that it will be
possible to hoodwink the law this year in the same manner.
"Fifth: The belief exists, despite the statements of the Sugar Commission,
that it will be possible to use larger containers for shipping sugar than those
authorizing.
"Sixth: The impression exists that meladura (a syrup not unlike molasses)
with a high sugar content will be exported from Cuba and the sugar will be
extracted abroad.
"Seventh:The recent statement made at the meeting of Colones of Oriente
Province, to the effect that in the last crop, despite the limitation decree,
special permissions were granted allowing the crop to exceed the quotas.
This statement has not been denied.
same day that the bonds had been over-subscribed and
the books closed. As stated in these columns last week
(page 2531), purpose of this issue is to provide the bank
with funds against mortgage loans already made, but for
which mortgage bonds have not yet been issued, and to
effect additional mortgage loans. The bonds, in denominations of $1,000 and $500 (and which are part of an
authorized issue of $3,000,000), will be dated February 1,
1927, and will mature February 1, 1902. A cumulative
sinking fund, commencing August 1, 1927, operating semiannually, is calculated to retire the entire issue by maturity through purchase in the open market below par or, if
not so obtainable, by drawings by lot for redemption at
par. Loan redemption payments received in advance of
the regular scredule on account of mortgage loans securing these Bonds will also be applied to the redemption of
bonds. The bonds will be redeemable (otherwise than
through the sinking fund) as a whole or in part at six
months' notice at par and accrued interest. Principal and
interest (February 1 and August 1) will be payable in
New York City of the office of F. J. Lisman & Co., Fiscal
Agents, in U. S. gold coin of the present standard of weight
and fineness without deduction for any taxes, present or
Market Partly Demoralized.
"Eighth: The market has been partly demoralized by the precipitation future, levied or imposed by the Kingdom of Hungary or
of sugar thereon, resulting from the speed with which the current crop has by any taxing authority therein or thereof. Regarding the
been produced.
the Bank, etc.,
"Ninth: The drop in the price of sugar has allowed the mills to liquidate security back of the bonds, the history of
their colono contracts in a very advantageous manner. Such would not be we quote as follows from the advises furnished by the
possible if the law basing promedio settlements on an annual or ten-month Bank:
instead of on a IA-weekly basis, were already in force.
basis,
''Tenth: The crop has been limited by artificial means. It will not be
possible to feel the benefits of restriction until after the completion of
the crop. Acting against these beneficial effeccs are all the disturbing
factors above enumerated,and it,therefore, is not to be wondered at that It
has been easy to depress the price of sugar."
History and Business.
The National Central Savings Bank of Hungary, founded in 1872,
is one of the oldest banks and one of the best known mortgage institutions of Hungary, with head offices in Budapest and twelve branch
offices, including one in Vienna. The total net assets of the Bank,
including latent reserves, amount at present to about $4,000,000 and
its deposits exceed $10,000,000, having more than doubled during the
Loan.
1912
Janeiro
de
Rio
of
Conversion
last two years.
Since 1888 the Bank has had a special mortgage department, enA cablegram to the New York New Bureau from the
gaged in the granting of long term loans, secured by first mortgages
Central News London, April 28 states:
on agricultural land and on houses in Budapest. The Bank also
About 70% of :he holders of the State of Rio de Janeiro 1912 loan having extends long term credits to Hungarian municipalities by the issue of
new
a
of
underwriting
issue,
%
a
security
Into 53.
agreed to convert their
its communal bonds, secured by the direct obligation of the borrowers,
E13.000,000 loan, part of an authorized £21,000,000. at 7%,offered at 97, and the pledge of municipal taxes. Prior to the war, the total amount
will be arranged today. The loan is redeemable in 1964, at par.
of mortgage and communal bonds issued by the Bank aggregated over
$28,000,000; these bonds have always enjoyed a ready international
of
market.
State
Payment of Interest on 7% External Loan of
The Bank's bonds are legal investments in Hungary for municiRio Grande do Sul.
palities, corporations and institutes controlled by the government, as
Payment of interest due May 1 1927, on the State of well as for widows' and orphans' funds.
Rio Grande do Sul forty-year 7% sinking fund gold bonds,
external loan of 1926 was begun on May 2 at the offices of
Lee, Higginson & Co. in Boston and Chicago, upon presentation of the coupon attached to the certificates.
Tenders of Argentine Government Bonds Due 1960
Sought By J. P. Morgan & Co.—and
National City Bank.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, have issued a notice to holders of
Government of the Argentine Nation external sinking fund
6% gold bonds due May 1 1960 to the effect that $103,238
sinking
in cash is now available for the purchase for the
fund bonds of this issue as are tendered and accepted for
purchases at flat prices below par. Tenders of t.he bonds
with coupons due on and after November 1 1927, should be
Morgan
made at flat prices below par, at the office of J. P.
Bank,
City
National
the
of
office
principal
the
at
or
& Co.
1927.
1
June
m.
p.
3
to
55 Wall Street, prior
New Zealand Loan Offering.
News Bureau reported the following from
York
The New
London April 29:
The New Zealand government is issuing a 5% £6.000,000 loan at 99;$.
Various issues in sight at this centre aggregate £19,600,—.
Security.
These Bonds are the direct and unconditional obligation of the National Central Savings Bank of Hungary, and are issued against a
corresponding amount of first mortgages held by the Bank which are
payable in U. S. gold coin of the present standard of weight and fineness. The Bank does not issue any mortgage bonds except against
mortgage loans which are secured by first mortgages. Hungarian law
provides many specific safeguards for holders of the Bank's mortgage
bonds, including the following:
1. The Bank's mortgage bonds at any time outstanding shall be
covered by at least an equal amount of mortgage loans made by the
Bank.
2. No creditor of the Bank, except holders of mortgage bonds can
have any claim on the mortgages securing mortgage bonds until all
of these bonds have been paid in full.
3. The Bank shall at all times maintain a special reserve fund of
not less than 5% of its mortgage bonds outstanding.
Dividend Record,
The Bank has an unbroken dividend record for 54 years from its
inception up to and including 1926, the annual average prior to 1914
being over 11%% and for the years 1904-1913 over 14%. Dividends
paid during and immediately after the war are of no sign fieanc,
owing to the inflation of the Hungarian currency. Dividends P5151
since the stabilization of the Hungarian currency in 1924 amounted
to 10% in 1925 and 11 g% in 1926.
Hungary.
Early in 1924 the Hungarian currency was stabilized by means of
an international loan yielding over $50,000,000, issued under the
auspices of the League of Nations, and subsequently a new currency
unit was introduced, Mr. Jeremiah Smith, Jr., of Boston, Mass., acting
as Commissioner on behalf of the League. The reconstruction of the
MAY 7 1927.]
THE CHRONICLE
country has made rapid progress, foreign trade increasing from
$225,000,000 in 1924 to $316,000,000 in 1926. Banknotes in circulation are now covered by gold to the extent of 55%, and the official
bank rate has been reduced from 115.% in March, 1925, to 6%
at present, reflecting the improvement in the general business conditions of the country.
For the two fiscal years preceding June 30, 1926 (first two years
of the reconstruction period), the national budget showed a surplus,
combined revenues exceeding expenditures by over $25,000,000. All
obligations of the Kingdom of Hungary to the United States have
been either paid or funded.
Offering of $1,000,000 Bonds of National Bank of
Panama—Books Closed.
Otis & Co. offered yesterday (May 6) a $1,000,000 issue
of Nationals Bank of Panama (Banco Nacional de Panama)
guaranteed sinking fund 61,4% 20 year gold bonds, Series
B. The bonds were offered at 1011/2 and accrued interest,
to yield about 6.30%. The books were closed at 10.45 yesterday morning. The bonds which are unconditionally
guaranteed as to principal, interest and sinking fund by
the Republic of Panama, will be dated May 1, 1927, and
will become due May 1, 1947. They will be redeemable in
whole, but not in part except through the sinking fund,
on any interest payment date on thirty days' notice on or
after May 1, 1928, and up to and including May 1, 1932, at
104% and interest; thereafter up to and including May 1,
1937, at 103%% and Interest, and thereafter at 1021/%
and interest. The issue will be in the form of coupon
bonds in interchangeable denominations of $1,000 and $500,
registerable as to principal only, and fully registered
bonds. Principal and semi-annual interest (May 1 and
November 1) to be payable at Trust Company of North
America, New York City, Trustee, in United States gold
coin of or equal to the standard of weight and fineness
eristing May 1, 1927, without deduction for any taxes, imposts, levies or duties of any nature now or at any time
hereafter imposed by the Republic of Panama, or by any
State, Province, Municipality, or other taxing authority
thereof or therein. Eusebio A. Morales, Minister of
Pinance of the Republic of Panama, and attorney-in-fact
of the Bank, in advices to Otis & Co., state:
Security..
National Bank of Panama was organized in 1904 under the laws
of the Republic of Panama and its entire issued and outstanding
capital stock is owned by the Republic.
This issue of bonds will be a direct obligation of the National Bank
of Panama. By the terms of Law 35 of 1925, authorizing their issue,
these bonds and other bonds of the Bank issued pursuant to said Law,
are or will be secured by mortgages held by the Bank, and are also
unconditionally guaranteed as to principal, interest and Sinking Fund
by the Republic of Panama. Such guarantee by the Republic of
Panama shall be evidenced upon the bonds.
The indenture under which these bonds are to be issued will provide that the Bank shall at all times have and maintain as security
for these bonds and all other bonds issued by the Bank pursuant to
said Law 35 of 1925, mortgages in favor of the Bank of a principal
amount equal to not less than 140% of the principal amount of all
bonds at the time outstanding, such mortgages to be security for loans
not exceeding two-thirds of the value of the city property given as
security, and one-half of the value of the rural property, and the
amount of any such loan is not to be in excess of $50,000 to any one
individual, firm or corporation; also that the aggregate appraised
value of the properties mortgaged, including improvements, shall at all
times be at least twice the amount of all outstanding bonds. At present
approximately 70% of the mortgages held by the Bank are upon improved properties located in the cities of Panama and Colon,
but it is
hoped and expected that as a result of the improvement of
transportation and other commercial facilities a more important share
of rural
loans will be made available to the Bank's requirements.
Sinking Fund.
The indenture securing this issue will provide for an
annual Sinking Fund calculated to be sufficient to retire in excess
of 90% of
the entire issue by maturity.
It is expected that delivery will be made in the
first instance on or about May 18 in the form of interiam
receipts
or temporary bonds, exchangeable for definitive
Bonds. A
$1,000,000 offering of bonds (Series A) of the
National
Bank of Panama was recorded in these columns
January
2, 1926, page 33. According to the December
31, 1926,
statement of the bank there are outstanding of
these
bonds $950,000. The bank's assets are shown as
$6,382,966.
Republic of Latvia Completes Funding of Debt
to
United States.
The Treasury Department at Washington issued
on
May 3 the following statement regarding the funding
of
the debt of the Republic of Latvia:
Final steps were taken today in connection with the funding
of the
indebtedness of the Republic of Latvia to the United
States. Dr.
Louis Seya, Envoy Extraordinary and Minister Plenipotentiar
y of
Latvia, at Washington, delivered to the Treasury gold bonds
of the
Republic of Latvia in the principal amount of $5,775,000,
receiving
in
exchange original obligations given by his Government in
connection
with the purchase on credit of surplus war materail from the United
2677
States Liquidation Commission, War Department, and relief supplies
from the American Relief Administration.
The act approving the Latvian settlement was signed by the President on April 30, 1926. The Debt Funding Agreement has likewise
been approved by the Latvian Government.
The agreement providing for the funding of the Latvian
debt was referred to in these columns May 1, 1926, page
2437.
Offering of $2,000,000 Bonds of Lincoln Joint Stock
Land Bank.
An issue of $2,000,000 4Y% farm loan bonds of the
Lincoln Joint Stock Land Bank of Lincoln, Neb., was
offered on May 3 by the Equitable Trust Co. of New York,
the First National Corporation of Boston, Old Colony Corporation, First Trust & Savings Bank, Chicago, Central
Trust Co. of Illinois, Chicago, and Brooke, Stokes & Co.
of Philadelphia. The issue was offered at 100 and interest,
to yield 4.50%. The bonds will be dated Jan. 1 1927, will
mature Jan. 1 1967, and will not be callable before Jan. 1
1937. They will be in denominations of $1,000, $5,000 and
$10,000 coupon and fully registered bonds, and interchangeable. Principal and interest (Jan. 1 and July 1) will be
payable -at the offices of the bank, the Equitable Trust
Co. of New York, and Central Trust Co. of Illinois, Chicago.
The Lincoln Joint Stock Land Bank operates in Iowa and
Nebraska.
The bank's statement of condition as of March 31
1927
follows:
Assets—
Mortgage loans
Farm Loan bonds on hand
Notes receivable and contracts
Accounts receivable
Deposits with banks
Accrued interest on loans and securities
Furniture and fixtures
Sheriff's certificates (subject to redemption)
Real estate
Other assets (deferred loan expense, amortized)
Liabilities—
Capital stock paid in
Surplus
Undivided profits
Reserve for real estate depreciation
Farm Loan bonds sold on repurchase atreement
Bills payable
Farm Loan bonds issued
Payments on principal of loans
Advance payments on principal and interest
Reserve for unpaid bond coupons
Accrued Interest on Farm Loan bonds
Accounts payable (due on incomplete loans. &c.)
Other liabilities (amortized)
S39,341,400.00
1,144,000.00
174.142.51
60,892.72
579,260.58
655.957.17
9.588.46
84.459.65
587.914.58
64,613.57
$2,711,400.00
318,700.00
260,350.42
83,561.55
1.094,000.00
606,000.00
35.455,000.00
1.023.786.17
131,192.61
16,222.50
658,170.64
342.026.45
1,818.90
$42,702,229.24
The following are the bank's loan statistics as of Dec.31
1926:
Number of loans in force
3,743
Acres of real estate security
1.165,800
Total amount loaned
$37.841.940
Appraised value (land alone)
$85,203,618
Appraised value (land and buildings)
$97.634,256
Average amount of each loan
$10,110.06
Average amount loaned per acre
$32.46
Average appraised value per acre (land alone)
$73.08
Average appraised value per acre (land and buildings)
$83.75
Ratio of loans to appraised value (land alone)
44.41%
Ratio of loans to appraised value (land and buildings)
38.76%
Record of Actual Sale Price of Farms Loaned On.
Actual sale price of land loaned on as compared with
appraised value is
shown by the following record as of Dec. 31 1926, of sales
of land by the
owners, covering all land on which the bank has placed
mortgage loans and
which has subsequently been sold:
Acreage sold
154.809
Appraised value of land and buildings
$21,000.995
Sale price of land and buildings
$21,101.980
Amount loaned on real estate sold
38,939,033
Percentage of loans to sale price
42.3%
Nebraska Beet Sugar Dispute Adjusted.—
Growers
Agree to Great Western Terms, with Independent Acreage Contracts Conceded.
Scottsbluff, Neb.—The war between the Nebraska
Beet
Growers Association and the Great Western Sugar Co.,
has
ended in a complete victory for the company says advices
from Scottsbluff, Neb., to the "Wall Street Journal."
which in it's issue of May 4 says further:
The association submitted two forms of contracts through
its board of
directors, one with a clause insisted upon by the
company that
for beets should be reduced below $8 per ton in whatever the base rate
proportion the
tariff might be reduced before the sugar made from them is
marketed, but
With a cut of about 40% in acreage. The other was
for the old acreage,
with the tariff clause omitted. The company declined to
consider either
form.
Under the arrangement made following the release of the growers
by the
association officers, the growers will be allowed to contract either
directly
with the company or through the association for increased acreage,following
acceptance by the company of the reduced acreage contracts already executed and proffered.
1,, le
The association officers insisted that the future existence of the organization was at stake, and held out until almost the last minute. Pressure
from the business interests of the valley, the fact that a considerable part
of the sugar beet lands are farmed through tenants and that there is a big
profit in beets at $8 a ton, proved the company's strongest allies. The
ground is in excellent condition for planting, which will be begun at ones,
and the company will take all the production no matter how great. This
was the last Insurgent section in the company's territory. Colorado
having
signed up a month ago.
An item regarding the dispute appeared in our issue of a
week ago, page 2535.
[VOL. 124.
THE CHRONICLE
2678
We also annex the following statement showing loans
Overproduction Results In Closing In Utah of What
closed,
segregated by States by Federal and Joint Stock
Is Said To Be World's Largest Pea Canning Plant.
The following Salt Lake City advices appeared in the
"Wall Street Journal" of April 29.
As a result of the over-production of peas during the past three years, the
Morgan Canning Co. has decided not to opera,e its Smithfield plant, reputed the largest pea canning plant in the world. In an effort to restore
the market to normal conditions, the pea acreage contracted this year in
Utah is but one-fourth that grown in 1926.
$1.115,609,240.90
,_Total
CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL LAND BANKS AT THE CLOSE OF BUSINESS MARCH 31 1927
(As Shown by Reports Submitted to the Farm Loan Board).
AS8ei8$1,109,354.193.41
Net mortgage loans
17,065,335.38
Interest accrued but not yet due on mortgage loans
31,339.419.54
United States Government bonds and securities
339.665.32
securities
and
bonds
on
due
yet
not
but
Interest accrued
47,245.03
Other interest accrued but not yet due
10.771,179.54
Cash on hand and in banks
5,994.269.75
Notes receivable, acceptances, Om
2,139,542.40
Accounts receivable
1,476.667.40
Installments matured (in process of collection)
2,571,833.84
Banking houses
249,713.45
Furniture and fixtures
5,400,821.69
Sheriffs' certificates, judgments, &e. (subject to redemption).1,317,792.77
*Other assets
Total capital stock
Reserve (legal)
Surplus. reserves, 43c
Undivided profits
Total liabilities and net worth
AfemorandaTotal net earnings to March 31 1927
...Less real estate acquired, charged off
Net earnings available for distribution
Distribution of net earnings:
Dividends paid
Carried to suspense account
Banking house charged off
Carried to surplus, reserve. 4cc
Carried to other reserve accounts
Carried to reserve (legal)
Carried to undivided profits
Balance now carried
$1,188,067,679.52
$842,008.00
57,838,962.50
850,280.00
115.00
$59,331,365.50
49.203,600.00
251,721.32
3,871.751.80
72,458,438.62
$1,188,067,679.52
$46.003,065.88
12.361.038.18
$33,842,029.50
$19,229,716.16
1,156,652.53
182,782.81
20.569,151.50
$51,183.75
146,342.45
9,203,600.00
3.671,751.80
33,642,029.50
38.892,130 00
Capital stock originally subscribed by United States Government__
8,050 122.00
Amount of Government stock retired to date
$842,008.00
Government
Capital stock held by United States
off imme*All real estate acquired through foreclosure or by deed is charged
diately upon acquisition.
SEVERAL JOINT
CONSOLIDATED STATEMENT OF CONDITION OF THE
STOCK LAND BANKS AT CLOSE OF BUSINESS MARCH 31 1927
(As Shown by Reports Submitted to the Farm Loan Board).
Assets$856,011,298.13
Net mortgage loans
11,598,122.31
Interest accrued but not yet due on mortgage loans
9,389,579.53
United States Government bonds and securities
117,848.95
bonds
securities
on
and
due
yet
not
but
Interest accrued
10,719,046.05
Cash on hand and in banks
676,617.05
&o
acceptances.
receivable,
Notes
1,070,418.28
Accounts receivable
2,109,738.98
Installments matured (in procea3 of collection)
1,085,137.60
Banking houses
203,688.59
Furniture and fixtures
1,078,751.32
43c
mortgages,
purchase
contracts,
sales
estate
Real
2,285,879.48
redemption)
to
(subject
Sheriffs' certificates, judgments, /33c.
7,219,528.85
Real estate
1,515.000.00
Securities owned on repurchase agreement
1,520,252.18
Other assets
$706,598,907.28
Total assets
Liabilities$620,777,100.00
Farm Loan bonds outstanding
10.205,339.74
Interest accrued but not yet due on Farm Loan bonds
5,417,970.66
Notes payable
883,393.74
Accounts payable
284,229.69
due
yet
not
but
accrued
interest
Other
1,830,910.81
loans
Due borrowers on uncompleted
1,224,415.52
Amortization installments paid in advance
887,7713.75
Farm Loan bond coupons outstanding (not presented)
74,034.84
Dividends declared but unpaid
4,439,000.00
agreement
repurchase
on
sold
Securities
3.049,390.04
Other liabilities
$648,873,581.79
. Total liabilities
Na Worth$45,293,185.24
in
paid
stock
Capital
1,814,507.75
Surplus paid in
1,586,652.96
Surplus earned
4,593,709.69
(legal)
Reserve
1,813,251.11
Other net worth accounts
2.624,038.74
Undivided profits
57,725,345.49
3706;098,907.28
Total liabilities and net worth
No.
$1,091,939,645.00
16,192,947.23
1,184,788.55
848,356.08
18,887.14
700,885.85
1,784,913.58
686,508.95
1,639.564.66
612,743.86
reported in the consolidated statement of condition of the
twelve Federal Land banks at the close of business March 31
1927. The Joint Stock Land banks on the same date had
farm loan bonds outstanding of $620,777,100. The figures
for Dec. 31 1926 were given in our issue of March 12, page
1452. Below are the March 31 figures:
Total liabilities
Net WorthCapital stock United States Government
National Farm Loan Association
Borrowers through agents
Individual subscribers
Loans Closed by
Federal
Land Banks.
StatesMaine
NewHampshire
Vermont
Massachusetts_
Rhode Island._
Connecticut.._.
New York____
__ _
New Jersey.
Virginia
Maryland
Delaware
Pennsylvania
West Virginia.
North Carolina
South Carolina
Georgia
Florida
Tennessee
Kentucky
Indiana
Ohio
Alabama
Louisiana
Mississippi_ _ _ _
Illinois
Missouri
Arkansas
North Dakota.
Minnesota
Wisconsin
Michigan
Iowa
Nebraska
South Dakota_
Wyoming
Kansas
Oklahoma
Colorado
New Mexico .._
Foxes
California
Utah
Nevada
krizona
Idaho
Montana
Dregon
Washington_
Porto Rico__
Magnitude of Operations of Federal Land Banks and
Joint Stock Land Banks as of March 31 1927.
Farm Loan bonds outstanding of $1,091,939,645 are
Total assets
LiabilitiesFarm Loan bonds outstanding
Interest accrued but not yet due on Farm Loan bonds
Notes payable
Accounts payable
Other interest accrued but not yet due
Due borrowers on uncompleted loans
Amortization installments paid in advance._
Farm Loan bond coupons outstanding (not presented)
Dividends declared but unpaid
Other liabilities
Land banks, from organization to March 31 1927:
2,894
592
1,358
1,623
138
1,431
7,186
1,272
12,417
1,139
132
6,179
3,998
12,168
7,342
11,682
4,222
11,273
9,489
12,812
6,503
23,611
14,038
26,780
7,281
10,176
16,167
11,212
10,820
2.537
10,269
10.117
9,931
6,829
2.651
10,591
8,575
9.551
5,663
54,222
8.913
5,426
314
1.584
7,734
8.710
7,327
13,424
3,430
Amount.
Loans Closed by
Joint Stork
Land Banks.
No.
Amount.
Total Loans Closed
by Federal and Joint
Stock Land Banks.
No.
$
$
2,894
8,002,450
592
_1.312,975
1,358
4,032,700
1,623
4,604,205
138
443,450
1,431
4.844,350
11,372.450 9,221
24,179,440 2,035
2,455,000 1,735
463
5,035,950
10,583,950 14,647
33,160,033 2,230
4,005,500 1,759
620
4,584,900
132
431,700
8,919,700 8.404
16,567,600 2,225
7,740,050 6,355
7,894,750 2,357
39,529.400 23.645
23,967,050 11,479
15,235.600 10,086
21,097,660 2,744
7,990,800 13,187
27.882,335 1,505
4,222
_ 8,090,570
3.651,900 12,104
831
28,001,600
14,162,100 11,860
29,811,000 2.371
43,492,834 20,570
46,567,600 7,758
31,925.750 13,012
25,520,200 6,509
5,735,900 24.464
853
43,784,870
1,193,700 14,103
65
34,647,065
7,993,200 27,311
551
53,893,920
83,098,095 18,582
39.498,705 9,301
36,385,010 14,736
33,987,660 4,560
14,500,300 17,763
28,464,610 1,596
4,757.300 12,023
811
44,528,900
42,943.225 15,695
49,302,400 4,875
6,222.250 9,740
34.033,000 1,203
8,538.100 12,056
27,278,000 1,787
81,781,950 9,880 122,448,495 19,997
33,502,490 13,626
54,847,190 3,695
17.343,275 8,756
34,683,950 1,927
5,480.500 3,381
730
8,487,500
31,242.700 15,176
44,702,450 4,585
6,891,500 9,813
23,935,700 1,238
8,645,500 10,840
29,181,400 1,289
5,663
12,549,200
88,063,321 66,086
156,774.891 11,864
31,837,300 11,374
35,304,000 2,451
815,300 5,597
171
17,211,800
343
560.700
29
1,679,800
3,040,100 2,007
423
8,681,000
4,035,900 8.582
848
27,782,895
2,076.400 9,058
346
26,384,090
12.756,450 8.445
24.997.880 1,118
2,448,500 13,648
224
37,478,970
3,430
10,361,800
429,711 1.350.047.314 100,557
Amount
5
8,002,450
1,312,975
4,032,700
4,604,205
443,450
4,844,350
35,551,890
7,490,950
43,743,983
8,590,400
431,700
25,487.300
15,634,800
83,496,450
38,333,260
35,853,135
8,090,570
31,653,500
43,973,100
90,059,834
57,445,950
49,520,770
35.840,765
61.887.120
122,596,800
70,372,870
42,964,910
49,284,200
92,245,625
40,255,250
35.816,100
204,230,445
81,149,880
52,027,225
13,968,000
75,945,150
30,827,200
37.826,900
12.549,200
244,838,012
67,141,300
18,027,100
2,240,500
9.721.100
31,818.795
28.460,490
37,754,330
39,917,470
10,381,800
783,618,545 530.288 2,133.665,859
Members of Agricultural Commission of American
Bankers Association, Report Improving
Agricultural Conditions.
Improving agricultural conditions due to better farm
methods are seen as au outstanding feature of the current
season by members of the Agricultural Commission, American Bankers' Association, in attendance this week at the annual spring meeting of the organization's Executive Council at Hot Springs, Ark. Comments of members of the commission, who represent the different Federal Reserve districts, follow:
Burton M. Smith, Chairman Agricultural Commission,
President Bank of North Lake, Wis., Seventh [Chicago]
Federal Reserve District:
Except for those who purchased land at inflated values, the farmers in
our section are making substantial progress. While the number of dairy
cows have been on a slight decline, the production per cow has increased.
The consumption of dairy products has also increased, which has had a
good effect on stabilizing prices. Farmers are giving more attention to
reducing the cost of production. Land values are being adjusted according to the returns that are received from it. Unprofitable cows are being
weeded out of the herds, more efficient equipment is being introduced and
better business methods are being brought to light through the keeping
of farm accounts.
• C. C. Colt, Vice-President First National Bank, Portland,
Ore., Twelfth [San Francisco] Federal Reserve District:
The prospects for a large crop in the Northwest are excellent. There
have been ample moisture and good conditions throughout the wheat districts and at the present time the indications are for a very large crop.
Cattle men are doing better with prices advancing. Sheep men have been
prosperous for some years, although the prire Is about 10% off from last
year with a slow market. The prices are still high enough, however, to
insure a good return. The reports are that the growing season has been
satisfactory. In the fruit district we have had a late spring with some
reports of frost damage. Genera:ly speaking, the agricultural situation as
a whole looks favorable and farmers generally seem to be in a reasonably
comfortable shape.
J. Elwood Cox, President Commercial National Bank,
High Point, N. C., Fifth [Richmond] Federal Reserve Dis-
trict:
Agricultural conditions seem to be the most uncertain factors in the
business situation. I have noted that in the cotton States a great effort is
being made to reduce the cotton acreage. It occurs to me it would be a
good thing for the farmers to reduce the acres they cultivate in all lines
of agriculture. My observation is that the farmers undertake to cultivate
too much land and do not intensify enough. I know of a farmer who has
only twenty-five acres. He makes a good living, has educated a family of
several children, is out of debt, and has money at interest. I am interested in the Business Men's Commission on Agriculture, which was organized last November. Their report ought to be of interest and result in
MAY 71927.]
THE CHRONICLE
good information for the promotion of sounder business structure along
agricultural lines.
F. A. Irish, Vice-President First National Bank, Fargo,
N. D., Ninth [Minneapolis] Federal Reserve District:
2679
to New York Stock Exchange Show Increase of
$51,428,673 in Brokers' Loans During
Month Ending April 30.
Brokers'loans outstanding on April 30 totaled $3,341,209,847 according to the statement made public yesterday
(May 6) by the New York Stock Exchange,-7-an increase of
$51,428,673 having occurred since March 31, when the
combined total of time and demand loans was $3,289,781,174.
Of the April 30 total $2,541,305,897 represents demand loans,
and 799,903,950 time loans. The statement issued by the
Stock Exchange yesterday follows:
Reports
Minnesota has seeded very little wheat so far and this is also the condition in nearly all North Dakota. Rains this spring have kept the soil in
such condition that it has been impossible to seed in most places. However, we have not been injured to any great extent as the subsoil was quite
dry. It is now soaked up thoroughly so we can go through dry weather
without danger to our crops. It only takes a few days to seed so the season is not very late. This will mean some decrease in wheat acreage and
an increase in corn, barley and other food crops, which we have been trying
to bring about for years. We feel that both Minnesota and North Dakota
are in good condition. The crops in South Dakota have been poor for the
past several years, but their wheat is all seeded and the state is in excelTotal net loans by New York Stock Exchange members on collateral,
lent condition now. With a reasonable amount of moisture they should contracted for and carried in New York as of the close of ousiness April
Winter
crop.
Montana
is
in
very
condition.
wheat
good
good
is
a
land
30th 1927, aggregated 13,341,209,847.
all up and looking healthy, so it looks as though their crop will be good.
The detailed tabulation follows:
Taking everything into consideration, the Ninth Federal Reserve District
Demand Loans
Time Loans.
is in fairly good condition from an agricultural standpoint.
(1) Net borrowings on collateral from New York Banks
or Trust Companies
$718,510,450
$2,146,446,516
H. Lane Young, Executive Manager Citizens' Southern (2) Net borrowings on collateral from Private Bankers,
Brokers, Foreign Bank Agencies or others in the
Bank, Atlanta, Ga., Sixth Federal Reserve District:
City of New York
81,393,500
394,859,381
The decline in cotton price the past season was a blessing in disguise to
12,541,305,897 8799,903,950
the Southeastern States. For years efforts have been made to encourage
Combined Total of Time and Demand Loans, $3,341,209.847.
diversification with only fair success, but now campaigns are meeting real
The scope of the above compilation is exactly the same as in the loan
success. The farmers are planting crops other than cotton and educating
themselves along lines if diversification. The decline of cotton would at report issued by the Exchange a month ago.
The monthly figures of the Stock Exchange since the issufirst blush indicate that farmers were hard hit, but they gathered 50%
more than they planted for and received about as much money as if prices ance of the figures by it, beginning in January of a year
had held up, leaving them in a very good position to start and make a
diversified crop this year. Cooperative selling and buying are receiving ago, follow:
Tidal Loans.
Demand Loans. Time Loans.
more attention than ever before. As evidence that the farmers in the
V198,213,555 13.513,174,154
$2,516,960,599
30
Southeast are well fixed, jobbing trade sales and collections are running Jan.
441,744,057 3,535.590.321
2,494.846,264
Feb. 27
ahead of the same period last year. The country banks are asking city Mar..,!
966,612,407 3,000.096,167
2,033,483.760
correspondents and the Federal Reserve Bank for less accommodations than April 30
1,969,869.852
'1'5 848.657 2.835,718,509
May
28
4)084,111 2.787.400,514
1,987,316,403
years
and,
while
the
preparations
and
the
many
lands
have
had
thorough
in
2,225,453,833
AM 844,512 2,926,298.345
June 30
crops well advanced, less money has been spent on the farms than in pre- July 31
' 1 782,807 2.996,759.527
2,282.976,720
vious years. So, taking it all in all, we have nothing but most favorable Aug. 31
2,363,861,382
1 4 286.686 3,142,148,068
2,419,206,724
7 9 730.288 3.218,937,010
Sept. 30
Prospects for the future.
1,746.475 3,111,176,925
Oct. 31
2,289,430,450
2,329,536,550
1.625,125 3,129.161,675
Nov. 30
Dan H. Otis, Director Agricultural Commission:
2,541,681,885
. .178.370 3.292,13E0.255
Dee. 31
1927—
The past year has emphasized some important lessons to agriculture.
2,328,340,338
.40,446,000 3.138,788,338
There has been an over-production of cotton and fed grain, particularly Jan: 81
2,475,498,129
780,961.250 3,256,459,370
Feb. 28
corn. On the other hand, livestock have been on the upgrade, in most in- Mar.31
2,504,687.674
785,093,500 3.289,781.174
stances. Prices of cattle and hogs have averaged above last year. Not Apr. 30
2,541,305,897
799,903,950 3.341,209,847
only the total, but the percapita consumption of dairy products is increasing. Farmers who are following a well belanced program of production and marketing are in much better condition than those who are dependent largely upon a single crop. An encouraging sign is the shift in William R.Compton!Named-as:Receiver:forKansas City
the acreage of crops for 1927. It is estimated that in the South there will
Joint Stock Land Bank.
be at least 6,000,000 acres more land devoted to food and feed crops than
The appointment of William R. Compton of St. Louis
last year. Banks are doing much to encourage this move by reconditioning
the loans to farmers upon an assurance that there will be a reasonable as receiver for'the Kansas City Joint Stock Land Bank was
amount of food and feed grown. The surplus of feed crops is intimately
op.,May 4. The placing of the bank in receiver's
connected with the impending shortage of work horses. There are approxi- announced
mately five million less horses than ten years ago. This represents a dimin- hands
. .follows the indictments returned against Walter
ished demand for horse feed of about ten million tons of bay and about an Cravens, President of the bank and other officers and direcequal amount of grain. This would more than take care of our surplus corn
Mention. of Which was made in our issue of April 30,
and oats. It also indicates that twenty to twenty-two million acres of land tors
formerly was used to produce horse feed is now being used to add to the page 2534. Mr. Conigton will undertake the reorganizasurplus of human food. At the present rate of production it will take tion' of the bank .
a,ccording to Assbciated Press dispatches
twenty-seven years to replace present horse population. Home power has
Mavy • 5, which states:
a low initial cost. They leave fertility on the farm and make a market for from Washington
Mr. Compton will readjust the affairs of the bank through a loan, probfarm feeds. Here is one of the ways to solve our surplus problem, and at
ably from Chicago bankers,the Treasury said,adding that there would be no
the same time furnish cheap power for farm use.
loss either to the stockholders or bondholders. Assessment of the stock• F. D. Farrell, President Kansas State Agricultural Col- holders was not contemplated.
Secretary Mellon said that with the appointment of receiver and new ex-'
lege, Member Advisory. Council to the Commission:
ecutive personnel for the bank it was expected that hereafter the affairs
Agriculture is undergoing a difficult process of adjustment. The farmer's of the institution would be so administered and conserved as to bring
individual productive efficiency is rising rapidly through increased appli- it into'a sound condition.
cation of science and modern machinery. The bringing of cheap land into • The bank had sought approval ofthe Treasury in obtaining a loan of S500.cultivation is tending to lower cost of production in certain regions and 000, but this was rejected because the collateral for the loan would have inprovide supplies in excess of normal demand. These changes present an cluded part of the assets of the bank.
acute problem, 'especially to farmers whose land is high priced or who are
Mr. Compton is expected to issue receivers' certificates for the $500,000
unwilling or unable to improve their practices and lower costs. Present loan. Interest which the bank must meet aggregates about $900.000.
methods of distribution in some important instances are expensive and unOn May 5 the "Wall Street Journal" reported the followsatisfactory. Added to these problems is a sharp rise in the farmer's scale
of expenditure, including tax expenditures. The farmer's wants have in- ing from .its Washington bureau regarding the bank's reeeivercreased faster than his earning capacity. Finally, the farmer with respect ship:
to certain important commoditions like cotton, corn and hay, is the victim
Secretary Mellon believes that no loss to any bondholder will result from
of unfavorable price relationships. Price prospects are reasonably favor- the Kansas City Joint Stock Land Bank receivership. Bank has $44,000,able for livestock except poultry and poultry products. The crop price 000 of bonds outstanding. Farm Loan Board has appointed William R.
situation will do well to maintain its present status. It will be influenced Compton of St. Louis as receiver. Reorganization of the bank under the
profoundly by weather conditions and by readjustments in the agriculture of receiver, according to Mr. Mellon, will enable it to work out ofits difficulties.
certain large producing areas like the cotton belt. There is no single The institution is not insolvent, according to Mr. Mellon.
method that can be relied upon for improving the agricultural situation.
At the present time no consideration has been given by Mr. Mellon to an
Factors that make for improvement include: (1) better distribution of assessment of the stockholders of the Kansas City JointIStock Land Bank.
burden
No
estimate has yet been made of whether there has been any impairment
tax
to
land;
the
reduce the burden on
(2) more scientific methods
of standardizing products in relation to market demands; (3) state and of the capital of the institution. Mr. Mellon thinks that the affairs of the
federal action to discourage for a time the bringing into cultivation of more bank will be straightened out and that under the receivership there will be
arid and cut-over lands; (4) more effective action in the distribution of no further difficulties. The Treasurry Secretary emphasizes the fact that
farm products through scientific cooperation; (5) wider use by farmers the troubles of the Kansas City Joint Stock Land Bank arose out of local
and bankers who finance farming of information that facilities intelligent difficulties. He insists that the affairs of the Kansas City institution in no
way affects the rest of the Joint Stock Land Bank system. There are
action in production and distribution.
some other joint stock land banks with assets frozen through extended
estate loans, but Mr. Mellon believes that these institutions will
real
H. L. Russell, Dean College of Agriculture, University of
be able to work out their problems without developments as serious BA those
Wisconsin, Member Advisory Council:
in Kansas'City.
The general agricultural situation in' Wisconsin we do not feel is cause
Reports that the Treasury and the Farm Loan Board had forced the refor any despondency. The soundness of our diversified agriculture in the ceivership of the Kansas City Bank, by refusing to authorize a 5500.000 loan
state,' based as it is primarily upon dairy products, shows far less fluctua- to that institution, were denied by Mr. Mellon. It was explained that the
tion in values than does, for instance, cereal or fiber crops. This makes loan the Kansas City institution proposed to float would have pledged some
the situation in Wisconsin one of marked stability. Generally speaking our of the assets on the bank as security. Such a proceeding was impossible
farmers are gradually improving their situation. Especially is this true under the law, according to Mr. Mellon. Under the receivership, on the
where they are owners of the land and did not purchase additional land at other hand, Mr. Mellon feels the Kansas City Joint Stock Land Bank will
peak prices. There is, of course, more or less frozen credit still remaining have no difficulty in obtaining the necessary funds to enable it to carry on.
throughout the upper Mississippi Valley which must be gradually liquiPrior to the appointment of the receiver advices from Kandated, but our feeling in the Northwest is that the bottom has been
reached and we are now climbing the hill again, with better prospects sas City April 29 to the New York "Journal of Commerce"
&bead.
said:
•
2680
[VOL. 124.
THE CHRONICLE
• 'Unless Walter Cravens and five other officials of the Kansas City joint
stock and land bank raise 81,400,000 within three days, the Federal Farm
Loan Board will ask a receiver for the institution.
The Farm Loan Board has demanded $600,000 additional securities on
the bank's 3ond issues and 8800,000 in coupon interest on bonds is due
May 1. Default on the part of the bank would be an act of insolvency
under the Farm Loan Act of 1916. The law provides that receivership
action may be instituted by the Federal Farm Loan Borrd and a receiver
appointed by that lioard. Inligh.; of that provision of the law,the presence
in Kansas City of A. C. Williams, Commissioner of the Farm Loan Board,
is significant.
. It was stated in Kansas City advices to the "Herald Tri-
general situation with members of the Federal Reserve Board that Mr.
Strong came to Washington.
However, contemplated changes in rediscount rates are always most carefully guarded in secrecy, and it is certain that no intimation would be given
had the Governors discussed the rate.
Joint Legislative Committee Named In New York State
to Investigate Savings Bank Investments.
An Albany dispatch May 4 in the New York "Journal of
Commerce" says:
The Joint Legislative Committee to investigate the subject of savings
banks investments generally, purusant to the Cheney resolution as named
by Speaker Joseph A. McGinnies. of the Assembly, and John Knight, PresThe executive heads of the bank, who last week halted its negotiations ident Protem of the Senate, consists of Senators William W. Campbell, of
over a 825.000,000 hydro-electric project in the Ozarks to answer indict- Lockport,chairman of the Senate Committee on Banks; Leon F. Wheatley,
ments in two Federal courts, pushed those and other considerations aside of Hornell,for many years chairman of the Assembly Insurance Committee,
to-day to meet the crisis caused by the falling due of the regular May in- Republicans,and John J. Dumilgan,Democrat,of the Bronx; Assemblymen
Nelson W. Cheney, of Erie County, chairman of the Assembly Committee
terest on land bank mortgage bonds.
James B. Robinson, of Ithaca, Arthur T.Pammenter, of Monroe
According to the "Journal of Commerce" cash bonds of on Banks;Republicans,
and Irwin Steingut, Democrat, of Brooklyn.
County,
$10,000 were furnished on May 1 by Walter Cravens and
The committee is authorized to investigate the necessity of broadening the
Ralph Street, President and Vice President, respectively, of scope of the investments of savings banks, to determine what classes of securities, if any, should be added to those in which savings banks may now
the Kansas City Joint Stock & Land Bank, following their invest,
and what classes, if any, should be eliminated from those now
return to Kansas City from New York with several other authorized by law, and report to the Legislature its recommendations and
findings on or before February 15 1928. The committee has power to subofficers of the bank, all of whom have furnished bond.
poena and compel attendance of witnesses, including the production of
any book, paper, record or document pertaining to the subject of its investiFederal
of
Head
as
Eugene Meyer, Jr., Chosen
gation.
bune" that the bank began paying its interest coupons on
•
May 2, these advices adding:
Farm Loan Board.
of Money Market by Federal Reserve Bank of
From Associated Press advices from Washington May 5 Review
New York.
it is learned that Eugene Meyer, Jr., and his colleague
money market the Federal Reserve
local
the
to
regard
With
President
by
named
were
Corporation
on the War Finance
May Monthly Review says:
its
in
York
New
of
Bank
Coolidge on the 5th as members of the Federal Farm Loan
The principal factors influencing the money market during the past
Board in a reorganization of that agency. The advices six weeks were a continuation in the demand for money in about the amount
also state:
of mid-March, and a dwindling of gold imports to a point where imports
in balance, and there thus ceased to be
Mr. Coolidge named George R. Cooksey and Floyd R. Harrison, who are and exports were approximately
supply of credit. The result of these influences
also members of the War Finance Corporation, to serve on the board with any addition to the basic
was that money rates continued at about the levels which prevailed in
Mr. Meyer, appointed earlier in the day.
a slightly easier tendency in the last
The resignations of Robert A. Cooper and Edward E. Jones, as members the latter part of March, except for
of the board, were accepted by the President and the third vacancy resulted two weeks of April.
The prevailing rates at the end of April are shown in the following
from the recent resignation of Elmer Landes.
figures for a year ago and the latter
It is understood Mr. Meyer will serve as executive chief of the farm board. table, compared with correspondig
He has been chairman of the Wm' Finance Corporation, which Is now in part of March.
MONEY RATES AT NEW YORK.
process of liquidation.
Gates W. McGarrah Assumes Duties at Federal Reserve
Bank of New York.—Resignation as Vice-President of N. Y. State Bankers'
Association.
On Monday of this week, May 2, Gatos W. McGarrah
assumed his duties as Chairman of the Board of the Federal
Reserve Bank of New York and Federal Reserve Agent, his
appointment to which, succeeding Pierre Jay resigned, was
noted in our issue of Feb. 12 page 877. In March Mr. McGarrah went abroad, returning last month (April 15) on
the same steamer—the Acquetania—on which Secretary
Mellon was a passenger. Mr. McGarrah's trip abroad was
for the purpose of resigning as American representative of
the Advisory Council of the Reichsbank and to attend his
final meeting of the council. The New York State Bankers'
Association, through its President, C. A. Chase, issues under
date of May 2, the following regarding Mr. McGarrah's
resignation as an officer of the association.
As you know, Mr. Gates W. McGarrah was appointed Chairman of
the Board of the Federal Reserve Bank of New York, and also Federal Reserve Agent for this district
After careful consideration. Mr. McGarrah decided that in view of these
appointments, it would not be wise or proper for him to continue as an
very
officer in our Association, and I know that he came to this conclusion
reluctantly.
It is with regret, therefore, that I have to advise
you that he tendered
Council
his resignation which, under the circumstances, was accepted by the
of Administration at their meeting on April 29th.
announce the
It is with great satisfaction, however, that I ant able to
place
election by the Council of Mr. John McHugh as Vice-President in
National
of Mr. McGarrah. Mr. McHugh is President of the Chase
the banking
Bank of New York, and has had a long and successful career in
on his willingfield, and I feel that the Association is to be congratulated
ness to serve as one of its officers.
Governor Strong of Federal Reserve Bank of New
York Confers with Members of Federal
Reserve Board.
of the Federal Reserve Bank
Governor
Strong,
Benjamin
of New York, was in conference here with members of the
Federal Reserve Board at Washington on May 4. Governor
Strong, who had been absent from the bank for six months on
account of ill health, returned to his desk on April 25. He
had for a time been at Asheville, N.C., and later at Atlantic
City. The Washington correspondent of the New York
"Journal of Commerce" referring to his conference with
members of the Reserve Board said:
connection
Suggestions that perhaps Governor Strong's visit was in
York bank
had
illness,
prolonged
were met with denial. Governor Strong, during his
ReFederal
the
of
details
with
touch
has been able to keep in very close
Reserve system, it was said, and it was for the purpose of discussing the
With a contemplated change in the rediscount rate of the New
April 28
1928.
March 30
1927.
April 28
1927.
*4
434
•344
Call money
444
4%
4
Time money--90 days
4-4K
4-444
4-444
Prime commercial paper
344
344
334
Sills-90 day unendorsed
3.48
3.31
2.51
Treasury certificates and notes maturing June 15_
3.51
3.39
3.07
Treasury certificates and notes maturing Sept. 15
Federal Reserve Rank of New York—rediscount
4
4
344
rate
Federal Reserve Bank of New York—buying
34(
334
344
rate for 90 day bills
•Prevailing rate for preceding week.
As the table indicates, money rates in April, for the first time this year,
were somewhat higher than a year ago due to continued firmness this
year, whereas last April there was a considerable decline from the Mardi
high point.
Commercial loans of the reporting banks, loans on stocks and bonds,
and investments, have all increased since February and are substantially
higher than a year ago. In fact, total loans and investments of the reporting member banks in rincipal cities are about 700 million dollars
larger than at this time last year, and total loans and investments of the
New York City banks 300 millions larger.
Another factor making for firmness in the money market in early April
was a temporary increase in currency circulation, due to Easter trade
requirements. It is estimated that nearly $40,000,000 of additional
currency was drawn into circulation in the three weeks preceding April 13.
and consequently caused a drain of that amount on the reserves of commercial banks. Currency returned gradually from circulation after Easter
and member bank loans and investments declined somewhat, and largely
as a consequence, slightly lower money rates prevailed in the latter part
of April, especially for call loans.
The supply of bills offered to the market was moderately heavy, and,
except for a short period in the first half of April. exceeded the buying
demand from banks and others. As a result of. this condition, dealers'
portfolios increased about SO% from the low level of late March. Open
market rates for all maturities of bills remained at the levels established
early in March.
Commercial paper outstanding at the end of March through 26 dealers
, over the previous month.
amounted to $606,000.000, an increase of 5‘,1
following a similar increase in February. March outstandings were 9%
smaller than in March last year. There was little change in the investment
demand for paper and institutions outside of New York City continued
to be the largest buyers. The prevailing rate on prime paper was steady
throughout March at 4.434%•
Bankers in Attendance at. Spring Meeting of Executive
Council of American Bankers Association Find
Business Conditions Irregular.
Irregular business conditions are reported as prevailing
at present by bankers from all parts of the country who
gathered at Hot Springs, Ark., this week for the annual
spring meeting of the Executive Council of the American
Bankers' Association. For the future they generally forecast a prosperous year with agricultural conditions improving. From the expressions of opinions from some of the
bankers we quote the following:
M. A. Traylor, President American Bankers' Association,
President First Trust & Savings Bank, Chicago:
MAY 7 1927.]
•
THE CHRONICLE
2681
The business situation is rather spotty. While, on the one hand, car- and bank deposits are holding up remarkably well. Demands for money
loadings and construction have been holding up well, there has been some are less than usual and credit is ample for legitimate purposes.
slump in steel production and retail business seems to be below normal,
F. 0. Watts, President First National Bank, St. Louis:
although the mail order business outside of the immediate Chicago area is
Business continues good in most lines. The volume of production and
running ahead of last year. Automobile production, on the whole, is also
running behind last year, although some well-known makes are having record sales is large and closely approximates that of the same date of last year.
production and sales. The lumber industry, presumably because the amount Inventories in most cases are being kept moderate. Car loadings are large.
of new construction going on is still at a high level, is in a very satisfac- Credit conditions continue easy, with a moderate level of rates promised
tory shape. The canning industry and the packers as well as the dairy for some time. With the very large producing capacity there is in some
farmers are not doing so well as last year. There has been some improve- cases an increasing pressure for sales, and doubtless the teen competition
ment in packing and dairy, but none at all in canning. Agricultural pros- is leading to closer prices with a threatened thinning of profit margins.
pects, taking it all in all, are satisfactory. One of the most important The heavy and continuous rains have delayed spring farming operations
factors in the business situation is the continued easy money market. and damage has been done but not of a permanent charcater if seasonable
According to all authorities, interest rates are likely to remain low, which weather should now prevail.
means that it is unlikely that we are facing anything in the nature of a
Charles H. Laird, Jr., Vice-President and Treasurer West
serious business depression. Unsatisfactory conditions in some lines are
likely to continue throughout the year and profits generally may be lower Jersey Trust Co., Camden, N. J.:
As a general rule business conditions around Camden are favorable. On
than last year, but the volume of business and the employment situation
the whole, plants are operating at a high percentage of capacity. Employis likely to remain favorable throughout the balance of 1927.
W. R. Morehouse, President Savings Bank Division, Vice- ment conditions are good, about the only unsatisfactory spot being in the
building trades.
for the future are very bright. A local shipPresident Security Trust & Savings Bank, Los Angeles, Cal.: building company Prospects
has just been awarded a contract to build two cruisers for
Thus far in 1927, Los Angeles business has been more satisfactory than the Navy Department at a cost
of $20,000,000. This will give uninterduring the last quarter of 1926. Bank clearings for January, February rupted employment for an additional
two thousand men for the next three
and March were 11.2% greater than last year and bank deposits at the years. and will greatly stimulate
business throughout the entire city.
recent call were 10.8% larger than for the corresponding call last year.
Building has been somewhat less active and there is no expectation of immediate recovery. Speaking generally, it appears that more business will
Great Britain In Note to U. S. Disputes Secretary
be done in Los Angeles during 1927 than in any year in history, though
Mellon's Statements to President Hibben of
keen
and
competition is
profits may on the whole be less.
C. W. Carey, President National Bank Division, President
First National Bank, Wichita, Kans.:
The coming of spring finds general business and agricultural conditions
very satisfactory in the Wichita section. Retail merchants report a slight
increase in their sales over this period of a year ago. Jobbers and wholesalers report a hesitating market. The flour mills report the largest sales
in their history and their profits will be correspondingly high. The prices
of livestock are generally satisfactory with the exception of hogs, which
have shown a considerable declined in price within the past month. The
condition of growing crops is reported as excellent, although the planting
of corn and other spring crops has been considerably retarded by excessive
rains. The present prospect in Kansas is for a wheat crop of 140 to 145
million bushels as compared to 155 million bushels last year. Oklahoma
reports a prospective crop of 65 million bushels as compared to 75 million
bushels a year ago. The Panhandle of Texas also reports a most
excellent
wheat prospect. The most unfavorable feature in the general situation
is
the rather weak market on all classes of grain, evidently caused by a
supply
in excess of consumptive demands.
Edward J. Fox, President Trust Company Division, President Easton Trust Co., Easton, Pa.:
The business outlook in our region is only fair. The retail stores
complain that the business is not good and there is considerable unemployment.
This is especially true in the textile industry, which, owing to
the condition of the silk trade, has thrown a large number of men out of
work.
The hand to mouth buying is, I think, largely responsible for any depression
that exists.
John R. Downing, President Clearing House Section, VicePresident Citizens' Union National Bank, Louisville, Ky.:
Business conditions in my particular section are what might be termed
good. This, of course, would not apply to all industries, but generally.
For the year 1926 the output of factories in Louisville showed a large increase over the previous year. Louisville has increased building operations thus far in 1927.
Evans Woollen, Chairman Economic Policy Commission,
American Bankers' Association, President Fletcher Savings
& Trust Co., Indianapolis:
Commodity prices continue downward, being some 9% lower than in
February last year. The conversion of Liberty 454s into five-year 33s,
has shown both the ease in money and the excellence of our public credit.
The situation has been strengthened by the grant in the McFadden Act of
indeterminate charters to the Federal Reserve banks. If the peak in the
building boom has indeed been passed there is no evidence of a rapid movement downward. The automobile industry looks better than in January,
railroad traffic is greater than ever, textiles are looking up, the steel mills
are running close to 90% of capacity. On the other side, February failures involved a third more than those for February of last year, two large
companies financing installment purchases have failed, unemployment is
appreciable, the hoped-for improvement in agriculture is still ahead of
us. In a word, conditions are unmistakably mixed and about all that can
be said for business, at least in Indiana, is that it is fairly good.
E. R. Rooney, Vice-President First National Bank, Boston:
New England is hopeful with reference to the outlook for 1927. There
is a general feeling there that the major industries have passed through the
worst. Business interests are taking constructive steps on an extensive
scale to place the section on a stronger competitive basis. Improved merchandising methods have been introduced and broader outlets for New
England's products are under process of development both in the domestic
and foreign markets. More attention is paid to advertising than ever before.
In short, constant adjustments are being made to meet the changing demands. With labor well employed at high wages, per capita savings the
highest in the country and with manufacturing operations on a conservative basis, New England is assured of a good volume of business during
1927, and production should approximate that of a year ago. We believe
that money rates will continue easy around present levels, with the average
rate perhaps below that of 1926.
Princeton on Allied Debts.
Certain of the statements made by Secretary of the
Treasury Mellon in his recent communication to President
John Grier Hibben of Princeton University on Allied war
debts are the subject of a note from the British Government delivered this week to the State Department at
Washington by H. G. Chilton, Charge d'Affairs of the
British Embassy. The note takes exception to "certain
specific references to the position of Great Britain" made
by Secretary Mellon and, among other things, declares inaccurate Mr. Mellon's assertion that "from this year on,
Great Britain will, every year, receive from her debtors
a substantial amount more than she will pay to us, so
that her American payments will not constitute a drain
upon her economic resources." The British note contends
that "even if the full Dawes payments continue to be received for sixty years fro =low onward, the present value
of the receipts of Great Britain from reparation and allied
war debts together would be 'less than that of the payments she is obligated to make to the United States Government on account of the British war debt, assuming
Interest at 5% to be added to the payments to be discounted at the same rate." The note also refers to Secretary Mellon's comments on dollar payments to Great
Britain for the purchase of supplies in the United States
and says "the United States Government did not lend the
whole of the money required for British purchases in
America, but that the dollars received from the United
States Treasury in payment of sterling provided by Great
Britain were used to cover a corresponding part of Great
Britain's dollar requirements, and only the net dollar requirements were covered by loans from the United States
Government." The note sets our that "they (the British)
view with great misgiving the divergence of opinion and
the estrangement of sentiment which is growing up in regard to these war obligations. It appears to them to be
the task of British and of American statesmen to do what
can be done to alleviate this difference of view by setting
out frankly and fairly the facts of the case and the policy
adopted on either side." In addition it states that "they
trust that the United States Government will take steps
to remove the unfortunate impression that has been
created by the issue of this statement." Secretary Mellon's
statement in reply appears elsewhere in this issue of our
paper. The Secretary holds to the stand taken in his
letter to President Hibben. The following is the text of
the British note, which was made public on May 4:
I. The attention of his Majesty's Government has been drawn to
the letter on Allied war debts addressed to Professor John Grier Hibben, President of Princeton University, by Mr. Mellon, Secretary of
the United States Treasury, which was published on March 17. So
far as this letter deals with matters of domestic controversy, his
Majesty's Government have, of course, no desire to offer any comment upon it. But the letter also contains certain specicfi references
to the position of Great Britain; and his Majesty's Government feel
bound to point out that on points of cardnal importance these stateW. W. Woodson, President First National Bank, Waco, ments do not correspond with the facts as known to His Majesty's
Government.
Texas:
His Majesty's Government feel that in justice themselves and in
The outlook at this time is very promising. Our section had a wonder- order that public opinion in both countries should have a fair opthe
small grain is doing well. It will take very little addi- portunity of judging the position, it is essential that they should
ful season and
tional moisture to make a cotton crop, as it is naturally a dry weather frankly bring such points to the attention of the United States Govplant. The farmers are busy, are fast forgetting their troubles, are living ernment.
at home on a very economical basis, and normal crops, at fair prices, will
2. In the first place, Mr. Mellon states that the United States
go a long ways in liquidating the carry-over from last year. While Waco "agree to furnish the Allies dollars with which all their purchases in
is in the heart of the cotton section of Texas and in the area of business the United States should be consummated, and, what is more, we
depression, we find business is fairly good, trading is better than expected agreed to lend them these dollars"; but "when the United States
2682
THE CHRONICLE
purchased supplies and services from France and the British Empire"
they "did not get these francs and pounds on credit; they paid cash."
The United States "are now urged to cancel these debts because it
is alleged that they were incurred in the common cause, but neither
abroad nor in the United States has it been suggested that if this is
to be done, the United States are to be reimbursed the dollars
actually expended by us in France and Great Britain."
This statement implies that the United States Government lent
the British Government all the dollars required to purchase supplies
in America, and that over and above these loans they paid dollars
to Great Britain for the services and supplies they required from
the British Empire, and that these dollars were retained by his Majesty's Government for their own purpose. Such, of course, is not
the case. All the dollar payments made by the United States for
their sterling requirements in Great Britain—which, though considerable, were of course smaller in amount than the war loans to the
United Kingdom—were taken into account in fixing the total amount
of the war loans advanced to Great Britain, and were applied directly
to the purchase of supplies in America or to the repayment of debt.
The arrangements made are clearly and concisely stated in an article
published in Foreign Affairs (April, 1925), by Mr. Rathbone, who
was during the War Assistant Secretary of the United States Treasury. Mr. Rathbone's explanation was as follows:
'For its own war purpose in Great Britain, France and Italy, the
United States did not borrow pounds or francs or lire. Our Treasury
was obliged to procure these curencies for the use of our army
abroad. We bought pounds, francs and lire from the Government of
Great Britain, France and Italy, and made payments thereof in
dollars here.
"The dollars thus obtained by Great Britain, France and Italy were
applied by them toward the cost of their war purchases here, and thus
the amount of the dollar loans requierd by these countries from our
Treasury was diminished in a corresponding sum."
It will be seen that the United States Government did not lend the
whole of the money required for British purchases in America, but
that the dollars received from the United States Treasury in payment
of sterling provided by Great Britain were used to cover a corresponding part of Great Britain's dollar requirements, and only the net dollar
requnrements were covered by loans from the United States Government.
This agreement was obviously equitable and satisfactory to both
parties, and was in fact originally suggested by the United States
Government, in a letter dated the 3d of December, 1917, from Mr.
Lefflngwell, then Assistant Secretary of the United States Treasury, to
the British Treasury representative in Washington, which includes the
following paragraph:
"I assume that your Government will use the dollar fund thus received for meeting its dollar requirements for purchases here and
would therefore reduce correspondingly, its requests for dollar ad"
vances from the United States 'Treasury.
The dollar payments to Great Britain were thus regularly applied to
reduce the dollar advances to Great Britain so long as the latter continued; when they ceased in 1919 the dollar payments by the United
States Government wer utilized to reduce the debt incurred by Great
Britain. The statement made in Mr. Mellon's letter on this point
appears to his Majesty's Government to be likely to give a very
erroneous impression of the facts.
3. His Majesty's Government now pass to Mr. Mellon's contention
that the payments made to the United States Government in respect
of the British war debt impose no burden on the British taxpayer.
Mr. Mellon states that "all our principal debtors are already receiving from Germany more than enough to pay their debts to the
United States." So far as Great Britain is concerned this statement
is. incorrect. The receipts of Great Britain during the financial year
1926-1927 from Germany on account of reparations represent approximately one-quarter of the payments made by his Majesty's Government to the United States Government, and their prospective reparation receipts during the present financial year 1927-1928 (assuming
that they are transferred in full) will fall substantially below one-half
of the payments due to be made to the United States.
Even if the receipts from Germany on account of army costs (which
represent a partial reimbursement of the expenditures incurred by his
Majesty's Government on the maintenance of their forces) and on
account of the Belgian war debt (which represents a payment on behalf of Belgium) are included, the total receipts of Great Britain from
Germany in either of these years will not exceed one-half of her
payments to the United States. There can be no dispute as to the
facts; the figures are published by the Agent General for Reparations
Payments and are fully available to the United States Treasury.
4. When he comes later to deal with the position of Great Britain,
Mr. Mellon does not in fact compare British receipts from Germany
alone with British payments to the United States Government; he
compares the total receipts of Great Britain from reparations and
interallied debts, together with the payments due by her to the United
States Government.
He gives figures purporting to show that Great Britain will receive
$2,000,000 (1412,000) more this year than she pays to the United
States; $15,000,000 (£3,090,000) more next year, and $70,000,000
(£14,403,000) more in 1928-29.
While he admits that "in the past two years Great Britain has received about $100,000,000 (£20,576,000) from Germany, France and
Italy less than she has paid to the United States," he adds that "it
is equally true that, from this year on, Great Britain will, every year,
rec-ive from her debtors a substantial amount more than she will
pay to us, so that her American payments will not constitute a drain
upon her economic resources."
5. This statement is also inaccurate, both as regards the past and
as regards the future.
From the 1st of April, 1919, to the 31st of October, 1926, Great
Britain has paid the sum of $822,500,000, OT £170,500,000, in respect
States Government, whereas the sums reof the debt to the United
ceived by Great Britain on account of reparations, Belgian war debt
same date amount to £41,000,000
and allied war debts up to the
($200,000,000), leaving a deficit of £129,500,000 ($628,500,000).
select the past two years only, as
reason
to
special
There seems no
letter, but the position as regards this period
is done in Mr. Mellon's
years of the operation of the Dawes plan
is that during the first two
country from repara(1924-1925 and 1925-1926), the receipts of this
war debts together fell
tion (including Belgian war debt) and allied
States Government by apshort of British payments to the United
proximately 150,000,000 ($243,000,000).
year 1926-1927, the share of the United
6. As regards the financial
annuity in respect of reparation
Kingdom in the third Dawes plan
£12,000,000 and the receipts from
and Belgian war debt amounts to
[VOL. 124.
interallied war debts to 18,500,000, or a total of £20,500,000, as
against the payment due to the United States Government of £33,000,000.During the following year (1927-1928) the share of the
United Kingdom in the fourth Dawes annuity in respect of the Belgian
war debt and reparation should amount to E14,500,000 and the receirits from interallied war debts to £10,500,000, or a total of £24,750,000, as against the payment of £33,000,000 to the United States.
The share of the United Kingdom in the fifth and subsequent Dawes
annuities (that is, after the first of September, 1928) for Belgian war
debt and reparation should amount to £22,400,000, and this, together
with the payments from interallied war debts (assuming the French
war debt agreement to have been ratified and neglecting past deficits
in British receipts as compared with payments) would be sufficientl
to cover the current payments due to the United States Government.
Whether the payments from the Dawes annuities included in the
above calculations will, in fact, be received, depends, of course, on
whether it is found possible to transfer the full amounts provided for
by the Dawes plan.
7. But even if the full Dawes payments continue to be received for
sixty years from now onward, the present value of the receipts of
Great Britain from reparation and allied war debts together would be
less than that of the payments she is obligated to make to the United
States Government on account of the British
war debt, assuming
interest at 5% to be added to the payments to be discounted at the
same rate.
8. It is quite true that his Majesty's Government have frequently
declared that their policy is to recover such a sum, in respect of their
war loans to the Allies, as, with the reparation respects of Great
Britain, will suffice to cover the annual payments which they have
to make to the United States, but this situation has not yet been
reached, and up to the present the British taxpayer has had to
find the greater part of the payments to the United States from his
own resources, even after applying all receipts from reparations and
interallied debts to this purpose, and using none of these receipts as
a set-off against the interest which has to be paid on the loans raised
in Great Britain out of which advances were made to the Allies.
In no circumstances will Great Britain receive from reparations
and interallied war debts taken together more than she pays to
America. The policy of his Majesty's Government on this subject
has been repeatedly declared. It is not their desire to retain for
their country anything out of receipts from reparations and interallied war debts. In the event of their receipts from interallied
and reparations exceeding the payments made by them to the
United States Govenment, they have undertaken to reduce, proportionately, the payments due to be made to Great Britain in
respect of interallied war indebtedness, and a provision to this
effect appears in the various war debt funding agreements which
his Majesty's Government have signed.
9. It is not clear on what basis the calculations cited by Mr.
Mellon have been made, but it appears probable that error has
arisen out of the following points:
The figures mentioned by Mr. Mellon appear to relate to the total
receipts of the British Empire from the Dawes annuities. But
these include receipts in respect to the costs of occupation as well
as in respect of Belgian war debt and reparation. The receipts in
respect of costs of occupation represent a partial reimbursement
of expenditures incurred by Great Britain; they are thus no available to enable payments to be made to the United States without
imposing a burden on Great Britain and must be left out of
account for the purpose of the present calculation. Further, the
British Empire reparation receipts have to be distributed between
Great Britain and other parts of the empire, the share of Great
Bitain having been ageed as 86.85% of the total. The balance
is not received by her.
A more important error is contained in the figures given by Mr.
Mellon of the receipts of Great Britain from France. These appear
to include the sums which were due by the Bank of France to
the Bank of England in repayment of an advance made during the
war. This loan was a private transaction and is not an intergovernmental debt. The payments are rnade to the Bank of England and not one penny thereof accrues to the British Treasury
or the British Government.
They are thus entirely irrelevant to
the question of the extent to which the British taxpayer can meet
payments to the United States Government out of receipts from
reparation and allied war debts.
It should be added that, while the British taxpayer received nothing
from this commercial debt of the Bank of France,. he has to meet
very large market debts incurred by the British Treasury in the United
States before the United States Government entered the war. Since
April I, 1919, the British taxpayer has paid $680,000,000, or 4E 140,000,000, on this head, over and above the payments made to the
United States Government.
10. These facts and figures appear to his Majesty's Government
sufficient to controvert the statement put forward by Mr. Mellon that
the payments made to the United States Government in respect of
the British war debt will not constitute a drain on British economic
resources.
But much more might be said. It must the remembered that, in
addition to paying their own debts to the United States, the British
people are sustaining the full charge for the advances made by his
Majesty's Governments to the Allied Governments to enable them
to finance the purchase of necessary commodities during the war, not
only in Great Britain, but also in neutral countries.
The capital sums lent for this purpose amounted to a net total of
about £1,350,000,000 ($6,600,000,000), which, with interest accrued
during the war period, amounted on July 1, 1919, to over £1,450,000,000 ($7,000,000,000), or nearly double the debt which his Majesty's
Government had themselves contracted at that date with the United
States Government.
This amount was borrowed by the British Government from its own
nationals, and in respect of this debt the British taxpayer has had to
pay interest at over 5% each year since, making a total annual payment of £72,500,000, which will continue until the debt is paid off
by further and additional contributions from British taxpayers. No
relief from this burden can be looked for from receipts from reparations and allied war debts, for in no case will those receipts amount to
a greater total than that of British debt payments to the United States
Government.
U. S. Government's Share of Dowel Annuities.
11. Whereas the United States Government is receiving from Germany a share of the Dawes annuities estimated to cover its reparation ,claims in fulli and at the same time obtains from Great Britain
MAY 7 1927.]
THE CHRONICLE
repayment, with interest at 3% of the full amount of war loans it
advanced to Great Britain, Great Britain will retain for herself nothing
of any such payments she receives in respect either of reparations
or of interallied war debts, but will apply all her receipts toward part
payment of her liabilities to the United States.
Any balance that remains she will pay out of her own resources, and
in any case she will have to support the entire burden of her war
losses and of the war loans she herself made to her allies.
12. His Majesty's Government have set out these considerations in
no ontentious or controversial spirit. On the contrary, their desire
is to maintain and to promote a friendly understanding between the
two great English-speaking nations, on whose cooperation great issues
for the peace and progress of the world depend. They view with
great misgiving the divergence of opinion and the estrangement which
is growing up in regard to these war obligations. It appears to them
to be the task of British and of American statesmen to do what can be
done to alleviate this difference of view by setting out frankly and
fairly the facts of the case and the policy adopted on either side. But
the controversy can only be intensified if public opinion in America
is guided by statements of facts in regard to their European debtors
which to those debtors appear inaccurate and misleading.
It is for this reason that his Majesty's Government regret that there
should have been issued, under the authority of the Secretary of the
United States Treasury, a series of statements in regard to Great
Britain which, for the reasons set out above, appear to them not to
represent accurately or completely the facts. They trust that the
United States Government will take steps to remove the unfortunate
impression that has been created by the issue of this statement. The
position and policy of the British Government in regard to those international payments is well known and the records are easily available; but if at any time further information is desired by the United
States Treasury, his Majesty's Government will be happy to furnish it.
(For the Ambassador)
H. G. CHILTON.
Secretary Mellon's communication to President Hibben
was given in our issue of March 19, page 1610.
Secretary Mellon's Answer to Great Britain's Note Disputing His Statements on Allied War Debts.
Secretary of the Treasury Mellon took occasion on May
4 to issue a statement answering the charges by Great
Britain that he had made inaccurate statements concerning the position of Great Britain in addressing President
Hibben on the subject of Allied War Debts in a letter
under date of March 15. This letter was given in our
Issue of March 19, page 161. The British note questioning
Secretary Mellon's declarations was made public on May 4
and appears elsewhere in the present number of our paper.
The note was delivered to the State Department by the
British Embassy, and in answer Secretary of State Kellogg
said that "the Government of the United States regards
the correspondence between Mr. Mellon and Mr. Hibben
as a purely domestic discussion, and it does not desire to
engage in any formal diplomatic discussion upon the subject." According to the Washington correspondent of the
New York "Times" the Treasury Department, however,
felt itself forced to make reply as the attacks in the
British note had been aimed directly at the head of
Secretary Mellon. That account added:
That Treasury officials considered the British note a sharp one which
could not be permitted to pass unanswered, there can be no doubt, even
though the State Department might have preferred to let the whole matter drop with a brief acknowledgment.
As a result there was a conference at the White House attended by the
President, Secretary Mellon and William R. Castle, Jr., Assistant Secretary of State in charge of foreign affairs, and following this a statement was prepared and approved by Secretary Mellon. This was made
public from the Treasury Department, as a statement by the Secretary
of the Treasury.
One paragraph in the British note which seemed particularly to stir up
some American officials contained the statement that Great Britain desired to point out that the Mellon letter to Dr. Hibben contained points
of cardinal importance, that "do not correspond with the facts." In
his reply Secretary Mellon countered with the declaration that at least
one of the assertions made by the British note was not strictly accurate.
A declaration in the British note that Secretary Mellon has misrepresented the actual situation in stating that all our principal debtors are
already receiving from Germany more than enough to pay the debts to
the United States brought sharp retort from Secretary Mellon.
Points to Context of Letter.
While admitting that this general statement had been made, the Secretary called attention to the fact that later in his letter to Dr. Hibben it
had been made plain that Great Britain was not included in this category. Mr. Mellon also said that he considered it "rather surprising"
that the British Government should lay stress on what the context of his
letter showed to be a typographical error.
Secretary Mellon also stressed the point in his reply that whatever
differences of interpretation of the debt compacts might exist, the
British Government admits that after Sept. 1, 1928, assuming that the
French agreement is ratified, Britain will receive from its own debtors
and from Germany sums sufficient to cover the current payments due to
the United States.
In his statement of May 4 Secretary Mellon says:
"Irrespective of the application of the large payments which Great
Britain has received and will receive this year from the governments of
Germany, France and Italy. I desire to point out that the Columbia
and Princeton professors had claimed that the payments to this country
would impose a tremendous burden of taxation on friendly countries for
the next two generations. This is the statement which I challenged.
The note of the British Government makes it entirely clear that I was
correct in challenging the accuracy of that statement, for whatever differences there may be as to the payments to be received and made by
2683
Great Britain in the years 1926 and 1927, the British Government admits
that after the first of September, 1928, it will receive from its debtors
enough to cover current payments due to the United States Government,
assuming the agreement with France is ratified."
Secretary Mellon further says:
"What I desired to emphasize in the letter to Dr. Hibben was that
there could be no fairer measuring stick than capacity to pay liberally
interpreted, and then to bring out the all-important fact, apparently overlooked, that some of our debtors have already reached the point, and
others are about to reach it, where, taking into consideration all payments on account of war debts and war indemnities, our principal debtors
are receiving or will receive more than they pay us. In other words, in
the near future balances on international payments resulting directly
from war debts or Dawes payments will be in favor of our principal
debtors. The purpose of the Hibben letter was to make this clear to the
American people.
"I have in this statement confined myself to answering the criticisms
of the Hibben letter contained in the British note. It seems to me wholly
undesirable to enlarge the field of possible differences by commenting on
other phases of the British note, and the failure to do so should not be
interpreted as an agreement with all the views therein set forth.
•
•
•
"I have no desire to comment on the statement of the policy enunciated in the British note to the effect that Great Britain will retain for
herself nothing of any war debts, but will apply all of her receipts
toward payment of her liabilities to the United States.
"By implication this means that should the United States further reduce British obligation to the United States the British government
would cancel a like amount of obligations due to it from its debtors. It
is very obvious that the British government would neither lose nor gain
in such a transaction. The United States government is, however, in a
very different position. The British government is both creditor and
debtor. The United States government is a creditor only, and every
dollar of debt canceled by the United States represents an increase by
just that amount of the war burden borne by the American taxpayer."
Secretary Mellon's statement in its entirety follows:
The Treasury Department has no desire to enter into a controversy
with the British Government on the subject of allied war debts, but inasmuch as the British Government in an official note to the American
State Department has seen fit to challenge the facts and figures contained in a letter addressed by The American Secretary of the Treasury
to the President of Princeton University, the Treasury deems it its duty
to present the facts as it knows them and to endeavor to explain existing differences.
Letter to President Hibben Not Intended as Communication to British
Government.
It should be noted at the outset that the letter of the Secretary of the
Treasury to President Hibben was in answer to a statement put out by
members of the Faculty of Princeton University urging a reconsideration of the det settlements, and was directed specifically to their arguments. It was not intended as a communication, direct or indirect, to
the British Government, and that Government was referred to only as
an incident to the general thesis therein set forth.
'
British Accounting Excludes Debts for War Stocks.
It should be noted, in the second place, that the figures in the British
note are apparently used in a technical accounting sense, so that, for
instance, the term "Allied war debts" excludes debts for war stocks.
Similarly, payments received from Germany are used in the most strictly
limited sense, and do not include such items as receipts on account of
army of occupation.
While not admitting it, the British Government's note does not deny
that the sums specified in my letter were actually paid by the people of
France, Germany and Italy, but says in substance that some of the sums
paid accrued to the benefit of the Bank of England, others to the dominions, and apparently, from our reading of their figures, such items as
payment for war stocks are not considered by them as accruing to the
benelt of the exchequer on account of war debts.
This is the real cause of the apparent disagreement as to facts. There
is no basis of comparison when, for instance, payments on account of
war debts, as used by the American Treasury, include the payments on
account of war stocks sold, but such an item is not included by the
British under the head of war debt payments. Again, there is bound
to be disagreement when the American Treasury Department in discussing payments received from Germany, includes all payments, while
the British Government, in answer, confines itself to payments strictly
on account of reparations and Belgian war debt. Under such circumstances there is not a disagreement as to fact; there is simply a failure to
join issue.
But even these differences of interpretation are material only in respect to the period prior to Sept. 1, 1928. The British Government
admits that, beginning on that date, assuming that the French agreement is ratified, it will receive from its own debtors and from Germany
sums "sufficient to cover the current payments due to the United States
Government." This, it should be noted, is the principal point made in
the letter of the Secretary of the Treasury to President Hibben, and the
accuracy of this point is now officially confirmed by the British Government.
Dollar Advances to Great Britain.
The first statement to which the British Government takes exception
is one advanced by me in reply to the argument that the loans made by
the American Government during the war should be considered as contributions to a common cause, in which I pointed out that there was
merit in such a contention only if the proposed adjustment was a mutual
one and to be applied on a strictly equal basis between us and our
debtor nations. I pointed out that the dollars with which goods and
services were purchased in this country were furnished to our associates on credit, whereas the pounds with which we purchased goods and
services in Great Britain were paid for in cash. I then went on to say:
'In other words, we paid cash for the goods and services necessary
to enable us to make our joint contribution to the common cause.
Our associates got the goods and services purchased in this country
necessary to enable them to make that part of their joint contribution
on credit. Here is the fundamental reason which explains why we
ended the war with every one owing us and our .owing no one. We
alleged that they
are now urged to cancel these debts because it
were incurred in a ocrnmon cause, bue neither abroad nor in this country has it been suggested that if this is to be done we are to be reimbursed the dollars actually expended by us in France and Great
Britain so that the goods and services they sold us might constitute
their contribution to the common cause."
2684
THE CHRONICLE
This the British Government does not deny: That we paid cash for
goods and services obtained in Great Britain and that for the most part
they received goods and services in this country on credit; but they say
this is misleading because they used the dollars purchased by us in
Great Britain for future purchases in this country. The point seems to
me immaterial. The dollars they received from the American Government increased their available cash resources, while the promissory
notes we received did not increas our available resources.
For the purchases made by Great Britain in the United States, dollars
were furnished by the American Government by borrowing from its
own citizens, the British Government giving its obligations to the Amer*an Government for the equivalent. For the purchases made by the
American Government in Great Britain the United States Government
did not borrow pounds from the British Government, and give its obliga.
tion to the British Government, but borrowed dollars from its own citizens with which to purchase the pounds, and actually paid cash to Great
Britain. Had the transactions been identical in form, the British Government would now hold obligations of the American Government to
cover purchases made in Great Britain, just as the American Government for purchases made in America, and, obviously, cancelation could
not be urged on a one-sided basis.
The fact that the cash employed in purchasing pounds was borrowed
from American citizens and not from the British Government is the
distinguishing difference, and any program of cancellation which does
not allow for this difference gives the United States no credit on the
amount of its war debt for purchases made in Great Britain and other
countries.
The British note refers to the statement in my letter to President
Hibben that all of our principal debtors are already reciving from
Germany more than enough to pay their debts to the United States.
The Princeton and Columbia professors had stated that "we do not
desire to impose tremendous burdens of taxation for the next two generations on friendly countries." My letter pointed out that in reaching
the debt settlements based on the debtors' capacity to pay, only incidental consideration was given to the reparation payments to be recivd
by the debtor countries from Germany. In other words, I pointed out
that we endeavored to make settlements which the debtors could meet
from their own resources without too serious a burden on their economic
life. We have always claimed, and claim now, that the debts due us
are in no way connected with German reparations.
No Intention to Include Great Britain.
I then went on to point out that it now appears that all of our principal. debtors are -already receiving from Germany more than enough to
pay their debts to the United States.
There was no intention to include Great Britain in the statement that
enough was received from Germany alone. The British situation I covered separately later. That sentence, as originally drafted, contained the
words "except Great Britain," but these words in the final copy were
inadvertently omitted. The error was an obvious one and was corrected by the text immediately following. It is not believed that any
injustice to Great Britain has resulted or that the British Government
could have been misled in view of the fact that on the page next following Great Britain's position is segregated and treated separately from
that of our other debtors, and in the case of Great Britain we enumerated specifically `the payments to be received, stating that they will be
received not only from Germany but from France and Italy as well.
I said:
"Finally we come to Great Britain, under the agrcments with
France, Great Britain will receive from France Approximately $71,000,000 this year, from Italy approximately $19,000,000, from Germany approximately $72,000,000, and win pay us $160,000,000."
In the light of this very clear and definite statement, it is rather
surprising that the British Government should lay stress on what the
context showed to be a typographical error, immediately corrected, and
go to such lengths to disprove a statement which was already completely covered.
The British Government also questions certain figures as to payments
received by Great Britain from France, Germany and Italy.
These figures were taken from the attached table showing the estimated payments and receipts of Great Britain during a twelve-year
period. The figures are inclusive figures and are derived from the best
sources available to the Treasury.
Accuracy of Figures Not Challenged by Great Britain.
I do not understand that the British Government challenges the accuracy of these inclusive figures insofar as they represent amounts paid
and to be paid by the peoples of Germany, Italy and France to Great
Britain, but that it contends that all of these sums will not inure to the
benefit of the British Treasury and, therefore, cannot be held to relieve
the British taxpayer directly, though they unquestionably add materially
to British economic resources.
Even so, it is not understood why the British Government apparently
fails to include in its figures the payments made by the French on the
debt incurred in respect of war stocks sold. From our standpoint, the
amount paid this year by the French Government on account of the
$400,000,000 of supplies sold the French Government after the war
constitutes a payment on account of the war debts beneficial to the
American treasury.
Payments from Bank of France to Bank of England.
Insofar as the payments from the Bank of France to the Bank of
England were concerned, they were included in the figures st out in
the table, because in the report presented by M. Clementel, the French
Finance Minister in 1924, known as the "Inventaire de la situation
financiere de La France au debut de la Treizieme Legislature," the statement is made that the Bank of France was simply acting as an intermediary and that the loan was made to the Bank of France for the
benefit of the French Government.
Moreover, the published report of the Finance Commission of the
French Chamber of Deputies indicates that the 1927 budget of the
French Government includes an item of 1,200,000,000 francs to be paid
to the Bank of England under the head of reimbursements of foreign
commercial debts which the Treasury must meet in 1927.
In this connection, carrying as it does the implication that no government was involved, the statement of the British note that "this loan was
not
a privafe transaction and is not an inter-governmental debt" is
strictly accurate.
It was in the light of these facts and in the absence of any official
statement as to the responsibility of the British Government to the
Bank of England that these payments were included in my statement
If the British
of international payments on account of war debts.
Government was obligated to indemnify the Bank of England, the payments would serve to reduce a contingent liability which if not paid
taxpayer.
by France would become an added burden to the British
[Vol,. 124.
British Note Indicates Correctness of Secretary's Challenge to
Profesors.
But irrespective of the application of the large payments which Great
Britain has received and will receive this year from the Governments
of Germany, France and Italy, I desire to point out that the Columbia
and Princeton professors had claimed that the payments to this country
would impose a tremendous burden of taxation on friendly countries
for the next two generations. This is the statement which I challenged.
The note of the British Government makes it entirely clear that 1
1
was correct in challenging
the accuracy of that statement, for whatever differences there may be as to the payments to be received and
made by Great Britain in the years 1926 and 1927, the British Government admits that after the 1st of September, 1928, it will receive from
its debtors enough to cover current payments due to the United States
Government, assuming the agreement with France is ratified.
Points Emphasized in Letter to President Hibben.
The two points most stressed by the advocates of debt cancellation
are that capacity to pay is not a fair basis of settlement and that the
agreements that have been negotiated will impose on those debtors with
whom we were associated in the war a heavy burden over a very long
period of time.
What I desired to emphasize in the letter to President Hibben was
that there could be no fairer measuring stick than capacity to pay,
liberally interpreted, and then to bring out the all-important fact, apparently overlooked, that some of our debtors have already reached
the point, and others are about to reach it, where, taking into consideration all payments on account of war debts and war indemnities,
our principal debtors are receiving or will receive more than they pay
us.
In other words, in the near future balances on international payments
resulting directly from war debts or Dawes payments will be in favor
of our principal debtors. The purpose of the Hibben letter was to
make this clear to the American people.
I have in this statement confined myself to answering the criticisms
of the Hibben letter contained in the British note. It seems to me
wholly undesirable to enlarge the field of possible differences by commenting on other phases of the British note, and the failure to do so
should not be interpreted as an agreement with all of the views therein
set forth.
It seems to me, however, that the reference to the share of the
Dawes annuities to be received by the United States, "estimated to
cover its reparation claims in full," is rather unfortunate in view of
the very limited claim presented by the United States on account of
repa'rations as contrasted with those presented by our associates in the
war.
The payments on account of reparations which the British Governments is receiving are based in part on claims, such as pensions and
separation allowances, of a character not included by the United States
in its reparation bill. I have no desire to comment on the statement
of the policy enunciated in the British note to the effect that Great
Britain will retain for herself nothing of any payments she receives
in respect of either reparations or interallied war debts, but will apply
all of her receipts toward payments of her liabilities to the United
States.
By implication, this means that should the United States further
reduce British obligations to the United States the British Government
would cancel a like amount of obligations due to it from its debtors.
It is very obvious that the British Government would neither lose
nor gain in such a transaction. The United States Government is,
however, in a very different position. The British Government is both
creditor and debtor. The United States Government is a creditor only
and every dollar of debt canceled by the United States represents an
increase by just that amount of the war burden borne by the American
taxpayer.
The following flifigures accompanied Secretary Mellon's
statement:
RECEIPTS AND PAYMENTS OF GREAT BRITAIN DURING TWELVE
YEAR PERIOD, 1924-1936 (IN THOUSANDS OF DOLLARS).
Sums to Be Received fromYears.
France.
(a)
1924-25. $58,282
1925-26.
50,369
1926-27.
71,052
1927-28 _
69,348
1928-29 _
85,165
1929-30.
32,363
1930-31 _
60,832
1931-32 _
60,832
1932-33 _
60,832
1933-34 _
60,832
1934-35 _
60,832
1935-36 _
60.832
Italy.
(b)
Sums to
Available
Grand Be Paid Si, Surplus
for
Germany. Total of on. Brien
of
Great
(c)
Receipts. to II. S. Payments. Britain.
$45,487 $103,769 $159,965 $56,196
56,782 116,884 160,280
43,378
72,479 162,997 160,525
$2,472
16,180
87,141
175,956 159,775
127,471 232,102 160,995
71,107
125,142 176.971
16,788
160,185
124,118 204,416 160,360
44,056
45,953
125,175 205,473 159,520
125,815 206.688 171,500
35,188
125.815 206,688 183,340
23,348
128,912 209.785 182,220
27,565
128,912 209.785 181.100
28.685
a Includes payments by France on account ct advances of Bank of England, lees
gold to be returned, and on account of war stocks debt.
b Includes payments by Italy on war debt, less gold tc be returned.
c Includes all receipts from Germany under Dawes plan.
L1-$4.8665.
9,733
19,466
19,466
19,466
19,466
19.466
19,466
20,041
20,041
20,041
20,041
Secretary Kellogg's Letter Acknowledging Great Britain's
Note Taking Exception to Secretary Mellon's
Statements on Allied War Debts.
In giving in another item the statement issued on May 4
by Secretary of the Treasury Mellon answering Great
Britain's charges that Mr. Mellon had inaccurately presented, in a letter to President Hibben of Princeton University, the British position in the matter of Allied debts,
we refer to the letter of Secretary of State Kellogg
acknowledging the British note. The text of Secretary
Kellogg's note follows:
Ambassador of Great Britain.
Department of State,
Washington, May 4, 1927.
Excellency:
I have the honor to acknowledge the receipt of Mr. Chilton's note
of May 2, 1927, in which he communicated to the government of the
United States the comments of the British government on certain
MAY 7 1927.]
TUE CHRONICLE
statements contained in a letter dated March 15, 1927, from Mr. Mellon, the Secretary of the Treasury of the United States, to Mr. Ribben, the President of Princeton University.
The government of the United States regards the correspondence
between Mr. Mellon and Mr. Hibben as a purely domestic discussion,
and does not desire to engage in any formal diplomatic exchanges upon
the subject.
Accept, excellency, the renewed assurances of my highest consideration.
(Signed) FRANK B. KELLOGG.
His Excellency: The Right Honorable Sir Esme Howard,
G. C. M. G., K. C. B., C. V. 0.,
2685
thus further diminishing the demand upon America for
foreign loans."
Mr. Lamont in urging the exercise of caution in competition or foreign loans said:
From the point of view df the American investor it is obviously
necessary to scan the situation with increasing circumspection and to
avoid rash or excessive lending. I have in mind the reports that I
have recently heard of American bankers and firms competing on almost
a violent scale for the purpose of obtaining loans in various foreign
money markets overseas. Naturally it is a tempting thing for certain
of the European Governments to find a horde of American bankers
sitting on their doorsteps offering them money. It is rather demoralizing for municipalities and corporations in the same countries to have
money pressed upon them. That sort of competition tends to insecurity and unsound practice. The American investor is an intelligent individual and can be relied upon to discriminate. Yet in the
first instance such discrimination surely is the province of the banker
who buys the goods, rather than of the investor to whom he sells them.
I may be accused of special pleading in uttering this warning. Yet a
warning needs to be given against indiscriminate lending and indiscriminate borrowing. In this I think my banking friends generally
will cordially agree."
Omission By Stenographer In text of Secretary Mellon's
Letter to President Hibben Which Led to British
Note.
The New York "Sun" of last night, May 6, prints the
following United Press advices from Washington (copyright) :
The mystery of the lost phrase in the Hibben debt letter, which
changed the sense and provoked a sharp exchange between the British
In his vision of a New Europe Mr. Lamont said "it is
and American governments, has been cleared up.
The British took exception to Mellon's statement in his letter to not inconceivable that Europe may some day become a
President Hibben of Princeton, that foreign debtors were receiving great region of free trade as the United
States is within
more than enough from Germany to pay their debts to the United
States. Great Britain denied this, and yesterday Mellon said that his Its own borders. Suah a' development may take a long
letter had "inadvertnently omitted" to say that Great Britain was an time in coming; on the other hand, it may move much
exception.
more swiftly than we imagine. If it does we shall be able
In the transcript the stenographer made the following errors:
within a short span of years to witness a Europe restored,
The phrase "with the exception of England" it omitted.
The word "much" was dropped, making it read that the debtors Industrious, stable, peaceful, far stronger in every way
were receiving "more," instead of "much more," than enough to pay than it has ever been in the past; with
armaments vastly
their debts.
While Under Secretary Mills believes it to have been a typographical reduced, with swords beaten into plowshares, and with a
error, he does not seek to evade responsibility for not having caught future bright with promise. It would be well for the
the error in checking over the draft.
American man of affairs to look forward to prepare himThere is a disposition in some official quarters here to feel that
British officials, in challenging Mellon's letter, were influenced by their self to do business with a Europe of this sort." The folown domestic political situation. Although not admitted so bluntly, lowing is the address in full:
perhaps, it is realized here that British politicians find it just as exYour Chairman, Mr. Owen Young, has asked me to say something
pedient to keep protesting about the debt settlement as American to you on the subject of America's growing
investment in foreign obligapoliicians find it expedient to insist that foreign nations pay to the tions. Mr. Young said he chose this subject because
the policy as to
"last red cent."
foreign investment which American investors will pursue concerns the
whole community and touches upon almost every phase of our industrial and commercial life. What, then is America's policy as to foreign
Thomas W. Lamont of J. P. Morgan & Co. Before investments?
When I ask this question I am of course referrign in
International Chamber of Commerce Reviews
no way to the obligations of foreign governments which the United
States Treasury holds; nor to its manner of treating those obligations.
America's Foreign Investments—Cautions
I am dealing solely with the foreign loans or investments made by
Against Rash or Excessive Lending—
American citizens.
Visions Europe as Great Region
The Handling of Mexico's Debt.
of Free Trade.
Suppose we look first at our financial dealings with our 11,,ar-b)
America's growing investment in foreign obligations was neighbors. The loans made to Central American and West Indian
(with the exception of the Cuban, to which Amerdealt with in an address by Thomas W. Lamont of J. P. governments haveoutstanding
ican loans now
aggregate $79,464,900) been negligible in
Morgan & Co. at the dinner in Washington on May 2 of amount. Mexico, prior to the series of revolutions, which all the
now ended, borrowed extensively in the
are
Mexico
friends
hope
of
the American Section of the International Chamber of
foreign markets. I happen to be Chairman of an International ComCommerce. In his discussion of the subject Mr. Lamont mittee formel in 1919 to endeavor to protect the interests
of the holders
alluded not only to the loans abroad, but to the Mexican of Mexico's foreign bonds which aggregatel (with accrued interest)
debt, to the affairs of Haite and San Domingo, and the about $725,000,000 (including the National Railways' debt) . Upon the
invitation of the Mexican Government I visited Mexico in 1921 in
loans to Nicaragua, and declared that the present Ad- order to study the foreign debt situation with the Government officials.
ministration in Washington "requires no apologists. But In pursuance of agreements subsequently entered into our protective
from a study of the record," he said, "it is dikcult to see committee has received from the Mexican Government upwards of $30,000,000 gold for distribution to bondholders. It is true that such sum
the ,grounds upon which certain portions of the public represents only about a quarter part of what was
due upon the original
press charge the present Administration with new and im- obligations. Nevertheless, the remittance by the Mexican Government
perialistic policies in Central America. The attempt to of a sum as considerable as that stated is evidence of an earnest desire
on the part of the Mexican State to fulfill its obligations to its foreign
maintain reasonable order and prevent unnecessary blood- creditors. The handling of the land and oil questions has, however,
shed among these nearby neighbors was made a policy of had the effect of discouraging most of the British and American oil
companies operating in Mexico, and their oil production has fallen off
our Government between fifteen and twenty years
ago. heavily. For instance, the production of oil, which in 1922 amounted
Laudable as such a policy may be considered, it was
not to 182,200,00 barrels, fell in 1925 to 115,500,000 barrels, anl in 1926
inaugurated by the present Administration, but it has been to 90,500,000 barrels. The production in 1927 is hard to estimate, but
if continued at only the present rate will be materially below that of
followed by it with restraint and prudence."
1926. The taxes levied by the Govenment upon the production and
Dealing with America as a world creditor Mr. Lamont export of oil form its greatest single source of revenue, and this
stated that "it is figured that the gross annual interest and diminished production of oil has cost the Government heavily; for the
sinking fund service payable to America upon foreign taxes, which in 1922 amounted to almost 86,000,000 pesos produced in
1926 only 37,235,000, and will in 1927 produce even less than the latter
loans issued here (including Governmental loans) and the amount.
dividends from industrial and other investments now total
Until these perplexing questions now at issue approximate settleabout $1,000,000,000 per annum." He also made reference ment, it is not probable that Mexico will invite foreign capital to seek
outlet there on any large scale. I believe that the United States have
to the fact that the Department of Commerce recently the greatest possible friendliness for our nearest neighbors on the
estimated that foreign American investments of all classes south and desire for them nothing but peace and prosperity. I know
of no group in the United States, having direct contacts or dealings
amounted to approximately $12,600,000,000. He pointed with Mexico,
that is not anxious to meet all questions at issue in the
out that as European enterprise prospers and as savings same spirit of patience and good will which, it seems to me, the Adincrease, European investors will more nearly be able to ministration at Washington has shown. The country undoubtedly noted
with great satisfaction President Coolidge's hopeful utterances last
return to their former practice of supplying capital for Monday as to relations with Mexico.
their own development. Then, too, he said "there is, or
Loans to Nicaragua..
has been, available here in recent years a large amount of
As to Central American countries, south of Mexico, for instance
European capital which was driven out of Europe by the Nicaragua, American bankers have been charged in some quarters
fear of inflation. A few years ago we were hearing much with seeking to make loans to Nicaragua and then invoking the aid of
the American Government to protect such loans. It happens that
about the flight from the franc or the lira or even from the firm of which I am a member has never had the slightest interest
the pound sterling." Such foreign capital aggregating in loans accorded to the Government of Nicaragua. Therefore, posseveral hundred millions of dollars, he thought, found tem- sibly I may speak without prejudice of certain facts that are apparent
with relation to financial conditions these.
porary refuge in American investments. But "with the
It was in 1911 that at the request of the American Government
European currencies either stabilized or near the staziliza- certain American bankers undertook to render financial assistance to
Nicaragua. Since that time Nicaragua has benefitted by a striking
tion point, it is natural to suppose that this capital is reduction of its public debt; from approximately $32,000,000 to
approxireturning home and will be utilized in the markets there. mately $6,625,000, largely through adjudication of claims, funding of
2686
outstanding obligations and careful handling of Government revenues.
Nicaragua, whose currency was in complete chaos in 1911, now owns
a national bank, which has paid in dividends since its formation in
1912, $290,000; and in addition has built up from earnings a surplus
of approximately $300,000. American engineering skill has taken the
chief railway of Nicaragua, which sixteen years ago was described as
a streak of rust; and from a broken down and unprofitable road has
turned it into an efficiently operated property. Previous to the present
revolution the earnings from the railroad and from the bank, both of
which were entirely owned by the Government of Nicaragua, were
sufficient to pay the entire interest charges on the Government's foreign
and domestic debts. It is only fair to say that American banking
guidance of Nicaragua's financial affairs caused business there to grow
and prosper; and such American commercial interests as now exist in
Nicaragua are the result of these American bankers having put the
country on a gold basis, of having secured an efficient and honed collection of revenue, of having organized and successfully managed the
national bank, and of having rehabilitated the national railroads that
effectively served the industrial needs of the country.
A Lang-Standing Policy.
Incidentally, two points may be noted. From 1911 until the end of
the
latter part of the Taft, the two Wilson, the Harding
1925 (covering
and the Coolidge administrations) the American Government maintained
a small legation guard in Nicaragua. During that period the country
was stable and prosperous. The accomplishments in behalf of the Government which I have described were being steadily carried on. The
marines were withdrawn in 1925, a revolution began, and the Nicaraguan
Government has now been obliged to go again heavily into debt. The
other point is that bankers never took part ig Nicaraguan affairs until
the United States Government under President Taft undertook to negotiate a treaty with Nicaragua calling for financial cooperation on the
part of American nationals.
The Case of Haiti.
The cases of the Haitian and Dominican Republics have much that
is in common. In the ten years prior to 1915 there was almost constant bloodshed and terror in Haiti. Conditions became so desperate
that, as Mr. Wilson's Secretary of State, Mr. Lansing, pointed out in
his letter to the Select Committee of Congress on Haiti, it became evident to the Administration after the violation of the French Legation
that "if the United States had not assumed the responsibility (of
action) some other power would. To permit such action by a European
power would have been to abandon the principles of the Monroe DocStates
trine." Under the treaty ratiled between Haiti and the United
in 1916, the American Government undertook to use its good offices
and
administration,
fiscal
stable
to provide Haiti with an efficient and
by American
in 1919 a consolidation loan of $16,000,000 was issued
public debt
bankers. In 1915, prior to American intervention, Haiti's
to less
stood at approximately $36,000,000. Today it has been reduced
instead
and
regularly
balanced
than $22,000,000. Budgets have been
surplus
of the usual annual deficit the Haitian Government now keeps a
have been
of about $5,000,000 on hand; roads and other public works
under
oonstructed; an agricultural department has been established
methods; the
American experts to teach the Haitians better farming
gendarmerie has been established with both native and American officers,
and sanitary conditions have been immensely improved.
The Affairs of San Domingo.
of
The record of San Domingo has been less turbulent than that
intolerable the
Haiti. Yet under circumstances that were becoming
American Government intervened in 1916 in affairs of this Carribbean
in the
neighbor of ours. When the Dominicans failed to co-operate
affairs,
American plan for peaceful administration of the Republic's military
a
that
President Wilson finally directed in November, 1916,
that in
government be instituted. Its administration was so effective over a
a surplus of
less than a year the Dominican Government had the Republic aggremillion and a half dollars on hand. Claims against
$4,500,000.
gating about $15,000,000 were settled for approximately
made and such
Various American loans for constructive purposes were
the American Military
loans now aggregate $15,000,000. Late in 1922
Administration was withdrawn.
no apologists.
The present administration here at Washington requires
the grounds upon
But from a study of the record it is difficult to see
the present adminwhich certain portions of the public press charge
America. The
istration with new and imperialistic policies in Central
unnecessary bloodattempt to maintain reasonable order and prevent
made a policy of our Governshed among these near-by neighbors was
as such a policy
ment between fifteen and twenty years ago. Laudable
the present administramay be considered, it was not inaugurated by
restraint and prudence.
tion but it has been followed by it with
America as World Creditor.
familiar with the old story
Now as to the world at large we are all
has changed in the. last decade.
position
credit
America's
how
to
as
we must cover the same
Even, however, at the risk of repetition,
outbreak of the war,
ground again. We must recall that up to the
in Europe; that to a
America had for decades been borrowing heavily
of our transcontinental railways
very considerable extent the building
and the development of our agricultural
in the nineteenth century,
loaned to us by British, French,
lands were carried out with money
It was estimated that at the
German and other European investors.
overseas amounted to approxioutbreak of the war British investments
the war British investors sold their
mately $20,000,000,000. During
Yet the Chancellor of the
American holdings upon a large scale.
that his countrymen still held in
British Exchequer stated in 1925
amount equivalent to almost $15,000,000,000,
foreign investments an
have now again reached a figure of $20,000,000,000.
and no doubt these
enormous excess of exports over imBecause, however, of America's
the war years 1915 to 1920 alone being over
for
excess
(such
ports
Americans of
$18,000,000,000); because of the heavy repurchase by
because of the foreign loans made in the last
their own securities and position has now been so far reversed that it
decade, America's credit
annual interest and sinking fund service payis figured that the gross
foreign loans issued here (including the governable to America upon
dividends from industrial and other investmental loans), and the
$1,000,000,000 per annum. With such a great
ments, now total about
to
to America, naturally the question arises as
sum due each year
foreign countries will be able to stand this annual
how much further exports so far exceed their imports that they can
burden. Will their
continuous fresh borrowing) to transfer the sums
continue (except by
and sinking funds?
interest
for
necessary
American Loans Abroad,
that all our American loans of recent years have gone
Do not get the idea
We must not overlook the large sums loaned and
to European borrowers.
[VOL. 124.
THE CHRONICLE
invested in many other corners of the earth. Here is a rough summary of
them all up to a year ago, according to figures compiled by the Department
of Gcenmerce:
ESTIMATED VALUE OF AMERICAN INVESTMENTS ABROAD ON
DEC. 31 1925.
Regions.
Government and
Government
Guaranteed
Obligations.
Europe
31,825,000,000
910,000,000
Latin America
Canada and Newfoundland
1,175,000,000
Asia, Australia, Africa, and rest
of world
520,000,000
Industrial
Securities
and Direct
Investments.
Total.
$675,000,000
3,300,000,000
1,650,000,000
2,500,000,000
4,210,000,000
2,825,000,000
350,000.000
870,000,000
54,430,000.900 55,975,000,000 510,405,000,000
Total
To this total might be added upwards of $1,000,000,009 for the new
issues (less refunding) in 1926. Of course any inclusion of inter-Governmental debts would greatly increase the grand total.
And here follows a summary (without deduction for refunding operations)
of.
FOREIGN GOVERNMENT, STATE, MUNICIPAL AND CORPORATE
LOANS PUBLICLY ISSUED IN THE UNITED STATES FROM 1919
(THE ARMISTICE) TO 1926 INCLUSIVE.
Year.
1919
1920
1921
1922
1923
1924
1925
1926
(1)
Government
Provincial
and Municipal.
$511,500,000
387,055,000
463,573,000
624,174,000
379,482,000
880,703,000
776,022,000
719,935,000
(2)
Corporate.
5105,448,000
228,626,000
169,867,000
124,051,000
53,931,000
317,776,000
515,971,000
725,877,000
Total.
5616,048,000
615,681,000
633,450,000
748,225,000
433,413,000
1,198,479,009
1,291,993,000
1,445,812,000
56,984,991,000
52,241,547.000
84.742,444.000
For what purposes have these various loans been made? In general we
may answer that they have been made for constructive purposes. In the
early years following the armistice, loans, publicly issued, aggregating
several hundred millions of dollars, were made to the Allied Governments,
chiefly to the British and French, whose Governments have borrowed here,
respectively, since the armistice—$260,000,000 British and $300,000,000
French. During the same period Belgium has borrowed $285,000,000. The
earlier of these loans were, of course, made largely for the purpose of
refunding loans made during the earlier years of the war. The later loans,
in the case of France and Belgium, were made for reconstruction and for
measures looking to currency stabilization.
Co-operation to Help Central Europe.
Loans to the Central European countries did not begin until 1923.
You will recall the first one of those reconstructive efforts. It was
the case of 'Austria; reduced to a state of limited proportions and
resources, shorn of much territory, given over to hopeless inbation,
with ruin staring the Austrian people in the face. The League of
Nations prepared a scheme of rehabilitation. Despite predictions of
failure, it was taken up, and towards the successful loan of $126,000,000 necessary for stabilization, reorganization of a new central bank
of issue, etc., American investors subscribed $25,000,000. A year later,
with Hungary apparently going down the same toboggan slide from
which Austria had been rescued, the League of Nations again devised
a financial plan, and again a good portion of the loan necessary thereto
was issued in the American markets. Then came the great international loan for the equivalent of approximately $200,000,000 to the
German Government, over half of which, $110,000,000, was successfully taken up by American investors in October, 1924. This was the
loan necessary to set the Dawes Plan under way, and I hardly have
to describe to you how vital was the inception of the Dawes Plan to
the tranquility of all Europe.
One can reasonably say then that America has taken a generous
part in these great efforts for European reconstruction. In each one
of these loan ocerings in the American markets an appeal has been
made to the investment community on the ground of helpful co-operation in world affairs. Naturally, however, the bankers would never
have ventured to make such an appeal if they had not first convinced
themselves that the loans were sound in themselves and so set up as
to give every promise of being met at maturity.
Loans Other Than to Europe.
During the same period America's loans to other parts of the world
have, as I have just pointed out, been considerable. Among these I
might mention particularly the great loan of $150,000,000 to the
Japanese Government in February, 1924. This was the reconstruction
loan which enabled the Japanese Government to conserve its external
resources and still continue unabated the rapid and courageous work
of reconstruction following the disastrous earthquake and fire of September, 1923.
Another quarter where American investors have lent money for the
first time on any considerable scale has been Australia. In July, 1925,
This
the Commonwealth of Australia borrowed here $75,000,000.
operation denoting American co-operation with the greatest and most
important of the British Dominions in the Far East, is of interest
and significance. One of the states of Australia, New South Wales,
has recently borrowed $50,000,000 here. Another foreign state that
might well be mentioned is the Republic of Argentina. Prior to the
war, the bulk of Argentina's loans came from Great Britain. During
the war, New York naturally became the chief loan market for the
South American states, and Great Britain has not yet been able to
resume her lendings there upon her former scale. During and since
the war, the Argentine Government has borrowed in our markets a net
total (after allowing for the repayment of short term indebtedness) of
$230,000,000.
I have indicated the general Purposes of these loans; such for instance as financial reconstruction and currency stabilization in the
cases of Austria, Hungary and Germany; material reconstruction in
the case of Japan; development of public works and refunding of floating debt in the case of the Argentine, etc. Again last October an
international loan of $100,000,000 of which America's share was
$50,000,000 was made to Belgium for the purpose of stabilizing the
new currency, furnishing ample gold reserves to the central bank of
issue, etc.
When the British Government determined to return to
'the gold standard in May, 1925, the Government and the Bank of
MAY 7 1927.]
THE CHRONICLE
England between them arranged in New York for two-year credits
aggregating $300,000,000. Little if any, however, of this credit was
ever availed of, and the Chancellor of the Exchequer has announced
that no request for renewal will be made.
Improved Currency Positions.
France and Italy are the only two great powers of Western Europe
which have not yet returned to the gold standard. It has been generally supposed that when these two countries decide to stabilize upon
a gold basis they will as a measure of insurance require certain foreign
credits, perhaps in the same manner that Great Britain arranged her
credits in May, 1925. Yet in the case of France, its financial position
has changed extraordinarily for the better in the last nine months.
The world has seldom seen such a remarkable reversal and restoration
of confidence as that shown by the French people in themselves and
in their currency medium since M. Poincare undertook the reins of
government nine months ago. The foreign balances of the Government and of the Banks of France have mounted so rapidly that if
and when France determines to resume gold payments she may be
able, if she prefers, to do so without negotiating any considerable external credits. The Italian Government, too, has presumably been
acquiring very material foreign reserves. The Government borrowed
direct here in November, 1925, $100,000,000, the proceeds of which
loan are said to be still practically intact. Since that time Governmental agencies and Italian municipalities have borrowed a sum equivalent to approximately another $100,000,000 the proceeds of which
have undoubtedly been made available to the Government and/or to
the Bank of Italy for additional reserves.
Will the Present Scale Continue!'
The question which perhaps interests us most is whether, and if so
how long, America will continue to lend abroad sums upon anything
like the present day scale; the Department of Commerce having
recently estimated that foreign American investments of all classes
amounted to approximately $12,000,000,000. I cannot attempt to
answer this question. Yet we can note some of the factors that are
likely to affect the increase or retardation o this flow of American
capital overseas. It is for instance clear that Europe is steadily getting
more firmly on its feet. As farming land is restored, as manufacture
increases, the necessity for purchases in America will diminish. As
European enterprise prospers and as savings increase European investors will more nearly be able to return to their former practice of
supplying capital for their own development. Then, too, there is or
has been available here in recent years a large amount of European
capital which was driven out of Europe by the fear of inflation. A
few years ago we were hearing much about the flight front the franc
or the lira or even from the pound stifling. No doubt such foreign
capital aggregating several hundred millions of dollars found temporary refuge in American investments. With the European currencies
either stabilized or near the stabilization point, it is natural to suppose that this capital is returning home and will be utilized in the
markets there, thus further diminishing the demand upon America for
foreign loans. Or if this capital does not return home the income
from it will serve as a balance to these international accounts.
2687
sobriety and judgment, experienced and schooled in the world of politics,
declare that Locarno means the permanent appeasement of Europe,
a new era; that while there may be occasional embroilments, even
sporadic armed conflicts, there will never again be any great cataclysm
on the continent of Europe; that within the life time of our youth war
will have become as outworn as witchcraft, slavery and duelling. It
is true that Europe is happily becoming more unified. The movement
to break down the high tariff barriers, built up by the growth of
nationalism in almost every European country after the war, is already well under way. It is not inconceivable that Europe may some
day become a great region of free trade as the United States is within
its own borders. Such a development may take a long time in coming;
on the other hand it may move much more swiftly than we imagine.
If it does we shall be able within a short span of years to witness a
Europe restored, industrious, stable, peaceful, far stronger in every
way than it has ever been in the past; with armaments vastly reduced,
with swords beaten into plowshares, and with a future bright with
promise.
It would be well for the American man of affairs to look forward
to prepare himself to do business with a Europe of this sort. Off
hand, one might say that industrial competition from a Europe so
unified would be much more formidable than ever before. Yet such
competition from a world across the sea, well ordered and at peace, is
competition that America can well afford to welcome rather than fear.
Then, too, the miracles of science and invention, being performed day
by day under our very eyes, must inevitably change our outlook
and
affect the scheme of things which our business men lay out for the
future. Some one has said that Change is impermanent.
Rather
Change is the only thing that is permanent. We must meet it, study
it and try to guide it. The man of affairs the world over must keep
pace with these new developments. He must realize that his outlooks
annot be kept parochial or even national; they must be international.
He is keen today to do his share in rendering this world in coming
generations a more stable, a more gracious, and a happier world to
live in. Yet we must realize that the coming of such an era
will
depend almost entirely upon the conscious co-operation of men throughout the world.
Secretary of Commerce Hoover at Pan-American Conference Would Confine Loans to Foreign
Countries for Productive Enterprise
—State Department's Position.
Addressing the Third Pan-American Conunereial Conference at Washington on May 2, Secretary of Commerce
Hoover referred to borrowings by foreign nations, making
the statement therein that "no nation should itself, or
should permit Its citizens, to borrow money from foreign
countries, and no nation should allow its citizens to loan
money to foreign countries unless this money is to be devoted to productive enterprise." The subject of foreign
Necessity to Exercise Caution.
loans
was also discussed at the conference by T. W.
From the point of view of the American investor it is obviously
necessary to scan the situation with increasing circumspection and to Lamont of J. P. Morgan & Co., who as we note in anavoid rash or excessive lending. I have in mind the reports that I other item, warned against rash or
excessive lending.
have recently heard of American bankers and firms competing on almost a violent scale for the purpose of obtaining loans in various Commenting on what Mr. Lamont and Secretary Hoover
foreign money markets overseas. Naturally it is a tempting thing for had to say the Washington correspondent of the New
certain of the European Governments to find a horde of American York "Times" on May 2 stated:
bankers sitting on their doorsteps offering them money. It is rather
demoralizing for municipalities and corporations in the same countries
to have money pressed upon them. That sort of competition tends to
insecurity and unsound practice. The American investor is an intelligent individual and can be relied upon to discriminate. Yet in the
first instance such discrimination surely is the province of the banker
who buys the goods rather than of the investor to whom he sells
them. I may be accused of special pleading in uttering this warning.
Yet a warning needs to be given against indiscriminate lending and
indiscriminate borrowing. In this I think my banking friends generally will cordially agree.
Working of the Dawes Plan.
Another point that American lenders may possibly have in the back
of their heads is this: that many economists have of late been
raising
the question as to whether, when Germany's maximum
payments under
the Dawes Plan begin to fall clue in 1929, she will be able to make
the
necessary transfers to meet them; and if not, what will be
the solution
of the situation that will arise. I may recall to you that the
distinguished Chairman of this dinner, when lie returned from his
performance of those very eminent services rendered in the devising
and setting up of the Dawes Plan, pointed out that the Dawes
Committee had
never maintained that the Dawes Plan in itself was
necessarily a
final solution of the Reparations problem. It was manifest
that the
Dawes Plan furnished a bridge for the Allies and the Central
Powers
to cross over the great gulf that had been fixed by the continued
and
ever increasing dissension over the problem of reparations; a disagreement that with the invasion of the Ruhr almost threatened
Europe
with a fresh war. It has been pointed out many times that the great
feature of the Dawes Plan was that it furhtshed a modus vivendi.
It
put the question of the Reparations outside of politics and gave
the
European nations time to settle down and pursue fresh methods of
reconstruction and appeasement. Until, however, Germany's ultimate
liability has been determined the economists maintain that the Reparations problem will not have been finally solved; and as the time approaches when heavier payments become due from Germany to
the
Allies the question may come up in some form. For the long run
the American investor will be satisfied to continue his loanings on a
heavy scale to Europe only when he can feel that the whole question
of inter-allied and inter-governmental loans, including the reparations
due from Germany, has been settled equably and finally. Certainly
however this is not a matter for us to concern ourselves about
just
now. Up to date the workings of the Dawes Plan have exceeded the
highest hopes of its creators and have confounded those critics
who
predicted its early collapse.
Vision of a New Europe.
Except for this question as yet not wholly solved, and with
Russia
so to say still in the twilight zone, Europe seems to be pretty well out
of the woods. Certain of the statesmen on the other side, men of
The remarks of Mr. Hoover and Mr. Lamont brought out that the
State Department was continuing the practice inaugurated in the
Harding Administration of asking American bankers to inform it of
any proposed loan to a foreign country in order that the department
might advise as to the wisdom of it, but, in behalf of Secretary
Kellogg, the department explained, in response to questions growing
out of Secretary Hoover's proposal, that Mr. Kellogg's course was not
in conformity with Mr. Hoover's view that loans to Latin America
not for productive purposes should be embargoed.
No Latin-Atnerican Loan Stopped.
The State Department explained that all loans proposed to be made
by American bankers to foreign countries came before the State Department to permit the Department to advise whether it had any
objections. There had been no objection to any loan to a Central
American or South American country since Mr. Kellogg became Secretary of State, it was said, and the principle of objecting to loans
to them on the ground that the money to be borrowed was not to be
used for productive purposes had not been applied. This Government, it was said, had no reason to object to such loans, although this
did not apply to such countries as Haiti, where treaty obligations empower the United States to supervise governmental borrowings. To
this was added that all loans negotiated by Haiti had been approved
by the State Department.
A question as to whether New York bankers had loaned $1,000,000
to the Diaz Government in Nicaragua to pacify the country brought
the answer in behalf of Secretary Kellogg that he presumed the department had considered this loan. No definite information was obtained as to whether it had been approved, however.
In his address Secretary Hoover spoke in part as
follows:
We see a great deal of discussion to the general effect that each
nation should make its purchases in those countries where it sells its
products, and thus balance its trade with direct business. But there is
no economic foundation in fact, and if it were put into action an
attempt to set any one country on the basis of its direct trade would
destroy its prosperity.
The great web of international trade is no longer a direct exchange
between two countries. It flows into a great common pool and finds
its common balance.
It would be possible for me to go into great detail showing this
intricate movement of trade between two and three and four countries,
by which one country purchases a predominant amount of goods from
another, and with those resources purchases are made of a more desirable character in still a third country; that the ultimate end is the
building up of a domestic prosperity which creates a demand for more
and more foreign goods.
I believe that as the conference goes on with its work it will find a
matter of important discussion in the question of our financial rela.
2688
THE CHRONICLE
tions as bearing upon this upbuilding of the domestic prosperity in
each of our countries in the Western Hemisphere, the only country
that has so far developed its resources to an extent that it has a surplus
of capital is the United States.
Foreign Borrowings.
This conversion of our country from a borrowing to a lending country has taken place in any essential sense within the last 15 years.
Prior to that time the whole Western Hemisphere was dependent upon
the older countries of Europe for its supplies of capital. Yet our
American States, each and all of them, are in that stage of upbuilding
of their natural resources where they are still in need of the supply
of external capital for those purposes, except for the United States
alone. Due to the impoverishment of Europe as the result of the
World War it has ceased, temporarily, to be a source of capital supply
to the Western Hemisphere. In fact almost every country of Europe
has been compelled to come to the great reservoir in the United States
for assistance during these past eight years, and it seems to me, therefore, a great good fortune that through the whole of the Western
Hemisphere the economic strength of the United States should have
become so great that we would have been able to supply this essential
capital without restraint and without restriction. Had this not been
the case the development of our southern neighbors must have been
slowed down or even stifled for a long period of years, until Europe
coull recover its prosperity.
Latin America has only been able to borrow from Europe approximately $200,000,000 in the whole of the last eight years since the
Great War. During this period we have been able in the United
States to respond to their requests in an undiminished supply to the
extent of over $1,200,000,000, and I believe we may take it as a certainZy that with the upbuilding of economic structure each American
state will in turn at some time begin to produce that surplus which
will, when converted into capital, soon relieve it of the necessity of
external borrowing. In time one by one of the other American countries will become centers for the export of capital. In other words,
these periods of borrowing during the development of states are but
temporary. They have no meaning of a permanent mortgage or a
permanent obligation levied on the people, provided always one essential principle dominates the character of these transactions; and it is
this particular essential that I wish on this occasion to emphasize to
you for your consideration. That is that no nation should itself, or
ehould permit its citizens, to borrow money from foreign countries,
and no nation should allow its citizens to loan money to foreign countries unless this money is to be devoted to productive enterprise.
Out of the wealth and the higher standards of living created from
enterprise itself must come the ability to repay the capital, together
with the net gain, to the borrowing country. Any other course of
action creates obligations impossible of repayment except by a direct
subtraction from the standards of living of the borrowing country and
the impoverishment of their people.
In fact, if this principle could be adopted between nations of the
world, that is, if nations would refuse to allow the lending of money
for the balancing of budgets for purposes of military equipment or
war purposes, or even that type of public work which do not bring
some direct or indirect productive return, a great number of blessings
would follow to the entire world.
There could be no question as to the ability to repay; with this increasing security capital would become steadily cheaper, the dangers
to national and individual independence in attempts of the lender to
collect his defaulted debts would be avoided; there would be definite
increase in the standard of living and the comfort and prosperity of
the borrower.
There could be no greater step taken in the prevention of war itself.
I do not propose that these are matters that can be regulated by law.
They are matters that can be regulated solely by the commercial and
financial sentiment of each of our countries, and if this body may be
able to develop the firm conviction, develop understanding that the
financial transactions between the citizens of natoins must be built
upon the primary foundation that money transferred is for reproductive purposes, it will have contributed to the future of the Western
Hemisphere in a degree seldom open to a conference of this character.
We have every reason in the West to develop means of this character; we have a common tradition arising from a common struggle
for independence, the setting up of a common theme in a new and
great political experiment whereby we have founded our hopes and
aspirations upon the development of the individual man under ordered
liberty.
We have carried on this experiment now in some 22 great political
laboratories over a century. We have found that experiment to be a
success. It has been a success in each and every one of our countries. Each and every one of us have made advances in this great
laboratory of discoveries, inventions in government, which we have
penetrated into our neighbors, and we have here to defend a great
political theme, to defand a great political experiment, and that experiment is based on a common sentiment for national independence,
for the elevation and the dignity of individual man.
[VOL. 124.
$2,000,0P0,000, again increasing almost tenfold in fifty
years. irn the hundred years, or little less, the increase
has been nearly a hundredfold." "Our sister Republics,"
said the President, "have resources of enormous value,
and a constantly increasing dependence of the whole world
upon the products of their natural resources assures them
of a continually enlarging commercial horizon. While our
own country is desirous of participating in this trade, it
does not wish to do so at the expense of any other people,
but upon a basis which is mutually just and equitable."
"It is this mutual interilependence which justifies the
whole Pan-American movement," the President stated,
adding:
It is an ardent and sincere desire to do good, one to another. Our
associates in the Pan American Union all stand on an absolute equality with us.
It is the often declared and established policy of this Government
to use its resources not to burden them but to assist them; not to control them but to cooperate with them. It is the forces of sound
thinking, sound government, and sound economics which hold the
only hope of real progress, real freedom, and real prosperity for the
masses of the people, that need the constantly combined efforts of all
the enlightened forces of society.
Our Pan American Union is creating a new civilization in these
western Republics, representative of all that is best in the history of
the Old World. We must all cooperate in its advancement through
mutual helpfulness, mutual confidence, and mutual forbearance.
The President's address in full follows:
Ladies and Gentlemen:
The Pan-American movement rests on the principle of mutual helpfulness. This idea had its inception at the first meeting of American
republics in 1826, but did not reach its full development until the
conference held in Washington in 1889, which organized the Bureau
of American Republics, now known as the Pan American Union.
Since this time many international conferences of American States
have been held to consider scientific, sanitary, Red Cross, postal,
journalistic, radio, standardization, highways and other questions.
These gatherings, representing the great body of unattached republics
of the Western Hemisphere, are a great influence in commercial, industrial and cultural development.
Our first commercial conference was held in 1911, our second in
1919, and this is the third. It is a happy circumstance that the
Chamber of Commerce of the United States, meeting at this same
time, gives an opportunity for bringing together representative business men covering all the territory of the Pan American Union. The
growing intimacy of our relationship is emphasized by the fact that
delegates are already here to hold a conference on commercial aviation
and other delegates to confer on standardization. To all of these
representatives the Government of the United States extends a most
cordial welcome. They hold promise of great benefit to all the countries concerned and provide the opportunity and methods for promoting mutual cooperation and friendly relations.
Trade Must Be Free and Independent of Government.
While this conference has a semi-official standing, I believe that
its great merit lies in the fact that it represents not government but
private industry. Governments do not have commercial relations.
They can promote and encourage it, but it is distinctly the business of
the people themselves. If this desirable activity is to grow and prosper, if it is to provide the different nations with the means of selfrealization, of education, progress and enlightenment, it must in general be the product of private initiative. Under free Governments
trade must be free, and to be of permanent value it ought to be independent. Under our standard we do not expect the Government to
support trade; we expect trade to support the Government. An emergency or national defense may require some different treatment, but
under normal conditions trade should rely on its own resources, and
should therefore belong to the province of private enterprise.
It is our conclusion that while government should encourage international trade and provide agencies for investigating and reporting
conditions, those who are actually engaged in the transaction of business must necessarily make their own contracts and establish their own
markets. There is scarcely any nation that is sufficient unto itself.
The convenience and necessity of one people inevitably are served by
the natural resources, climatic conditions, skill and creative power of
other peoples. This is the sound basis of international trade. This
diversity of production makes it possible for one country to exchange
its commodities for those of another country to the mutual advantage
of both. It is this element that gives stability and permanence to
foreign commerce. It contributes to satisfying wants and needs, and
so becomes a help to all who are engaged in it.
The civilizing influence of commerce has often been noted. An
exchange of commodities always results in an exchange of ideas. The
railroad, steamship, telegraph, telephone, and now the airplane, have
President Coolidge at Pan-American Commercial Con- all
reached their highest development as instrumentalities of trade.
ference Tells of Reallocation of Commerce of
As law and order and security are absolutely necessary for industrial'
and commercial life, international exchange of large dimensions beWestern Hemisphere In Last Half of Cencomes one of the strongest guarantees of peace.
tury—Mutual Interdependence Justifies
Pan-American Movement.
Attention to the fact that "the last half of the century
has seen a very material reallocation of the Western Hemisphere" was drawn by President Coolidge at the joint
session in Washington on May 3 of the Third Pan-American Commercial Conference anl the Chamber of Commerce of the United States. The President noted that
"the United States has become the chief market for the
raw materials of the Southern republics, while on their
part they have turned to us for a supply of manufactured
commodities." He observed that in 1830, nearly a hundred
years ago, the value of both exports and imports amounted
to about $25,000,000; fifty years later it had reached more
than $200,000,000, only a little less than 10 times as much;
and during the last 10 years it has averaged not far under
Development of Commerce with Latin America.
The last half of the century has seen a very material reallocation of
the commerce of the Western Hemisphere. In its beginning we were
all largely dependent on Europe for a market for our raw matrials
and for a considerable supply of manufactured articles. This condition is very much changed. The United States has become the chief
market for the raw materails of the Southern republics, while on their
part they have turned to us for a supply of manufaetured commodities. Since our sister republics became independent this trade has
greatly increased. In 1830, nearly a hundred years ago, the value of
both exports and imports amounted to about $25,000,000; fifty years
later it had reached more than $200,000,000, only a little less than ten
times as much; and during the last ten years it has averaged not far
under $2,000,000,000, again increasing almost tenfold in fifty years.
In the hundred years, or a little less, the increase has been nearly a
hundredfold.
In this exchange of commodities this country has, as is known, purchased far more from them than they have purchased from us, or, in
other words, the visible balance of trade has been in their favor.
During the last five years our purchases have amounted to a total of
MAY 7 19271
THE CHRONICLE
$5,068,000,000 and our sales to $3,781,000,000, showing a difference of
$1,387,000,000, or an excess of about 34%. For the century the excess
would be greater, probably by more than 40%.
Not only has this country purchased more than it has sold, but it
has long been the chief foreign purchaser of their products. During
the twelve years ending with 1925, the only years for which complete
statistics are available, this country's share of their exports has averaged nearly 40%. This is more than 200% of the portion taken by
Great Britain, the nearest competitor, and nearly 30% above that taken
by Great Britain, France and Germany combined, the three next most
important purchasers.
In the import trade of the southern republics the United States has
also, though more recently, come to occupy the leading position. In
1900 the imports of all these countries, collectively considered, from
Great Britain were about equal to their imports from the United States
and Germany combined, which last two countries were on about an even
footing. From 1900 to 1910 the United States gained rapidly, and
since 1913 has remained in the lead in the collective imports of all
Latin America. In the countries north of Panama the commercial
importance of the United States has, because of greater proximity and
greater diversity of products, been much greater than in those of the
south.. Even prior to 1890 imports into Mexico, Cuba and Central
America were almost uniformly greater from the United States than
from any other country. Up to the year 1913 South America still
imported more from Great Britain and more from Germany than from
the United States. Since that time the United States has reached and
maintained the first position in the import trade of South America just
as it has maintained the lead in the import trade of all American
republics.
While America is not the chief market for breadstuffs and animal
products of these countries, it is and must be the chief market for
industrial raw material, tropical and semi-tropical foods, copper, hides,
wool, oil, eane sugar and coffee. This trade must come to our market
just as certainly as the trade of Texas, Kansas or Connecticut must find
its chief outlet in our domestic market. Such articles as mineral oils,
molasses, chicle, nitrate, bananas, coffee and refined copper find almost
100% of their market in this country, while sugar and lead products
come close to 85%. While, on the other hand, naturally, these countries do not take anywhere near so large a proportion of our total exports
as we take of theirs, yet in many articles it runs about 30% and its
total for 1926 was almost $882,000,000, or about 20% of our entire
exports. This is a vast sum both in exports and imports, and of great
importance to our southern neighbors and to ourselves in its financial
effect and in its enormous humanizing influence.
2689
similar agencies for themselves. Our Pan-American Union is creating a
new civilization in these western republics, representative of
all that is
bst in the history of the Old World. We must all
cooperate in its advancement through mutual helpfulness, mutual confidence and mutual
forbearance.
Secretary of State Kellogg In Welcoming Pan-American
Conference Sees As Result of Gatherings Constructive Co-operation in Solution of
Common Problems.
Welcoming the delegates to the Third Pan-American
Conference in Washington on May 2 Secretary of State
Kellogg stated that "an examination of the proceedings of
the five successive international conferences of the American States, held since the first conference at Washington
in 1889, discloses the adoption of a series of treaties, conventions, and resolutions which have laid the foundation
of an American system in the best sense of the word; a
system embodying agreements for the orderly and peaceful settlement of disputes, and for constructive co-operation in the solution of common problems." Secretary
Kellogg also said:
The development of this spirit of unity does not involve the slightest
thought of antagonism to any other section of the world. It is simply
a recognition of the fact that the New World is confronted with a
group of problems which have arisen out of the special circumstances
surrounding the settlement of our respective countries and that the
most effective solution of these problems is to be gained by constant
intercharge of experience and by a carefully planned coordination of
effort.
The more I study the conditions on this Continent the more I am
impressed with the fact that the basic principles underlying the civilization of all the republics of America are essentially the same; their
political ideals are in entire harmony with one another and their social
development is moving along the same lines. Those facts constitute a
firm basis for international sympathy and good feeling. The points of
resemblance that unite us are far more numerous and far more important than any difference that may exist. Your presence here today
is the most convincing demonstration not only of the existence of
Transportation Facilities
A prime requisite of commerce is transportation. On account of loca- common problems but of the earnest desire to find the best means for
tion and cost, most of our trade with the south is carried on by ship- their solution.
Pan Americanism means something far deeper than the existence of
ping. In the last few years these facilities have been both increased and
improved. Boats which are comfortable and commodious run from New friendly relations between governments; it means, above all things, a
mutually
sympathetic understanding of national ideals and purposes
York to Peru in twelve days and to Chile in twenty days, while on the
east coast the Argentine is reached in twenty days and Brazil in twelve between the peoples of this Continent.
Over a century ago, while the nations of Latin America were in
days. At least once each week sometimes oftener, there ar sailings to
Caribbean ports. This fine passenger service has brought people directly the midst of their struggle for independence, the people of the United
States
followed this struggle with the deepest interest and sympathy,
to America who formerly came here by way of European ports. In
addition to this a very extensive freight service has been built up. In conscious of the fact that the aspirations of all the nations of this
1900 the number of American vessels that entered these foreign ports Continent were essentially the same. Throughout the century that
was 2,044, while the number that cleared was 1,623. In 1925 the num- has elapsed since that time this unity of purpose and unity of ideals
has become more and more evident.
ber that entered was 6,239 and the number that cleared 8,193.
It is needless for me to say to you that the Government as well as
While ships can land goods on the coast and sometimes go up the
larger rivers, any extensive distribution is dependent upon land trans- the people of the United States desire to foster the closest possible
understanding with the governments and nations of Latin America.
portation. The building of railroads has greatly contributed to this
We are seeking no special privileges and we desire nothing that we
purpose. Engineering feats have taken these railroads over high mounare not willing reciprocally to grant to our sister republics. We are
tain ranges that seemed impossible. The highway, with the introducanxious that this hemisphere shall give to the world an example of
tion of motor trucks, is becoming an important adjunct to the railroads
orderly progress, of mutual respect for rights, and that there shall also
in our own country and in all the republics to the south. Modern
be a mutual fulfillment of obligations. It is only on such a basis that
methods of construction have been so highly developed in building our
real and permanent progress can be assured.
highways that our road machinery is in great demand, and the desire
In closing, permit me to wish you in the name of the Government
for information and education on this subject has become so widespread
Board of the Pan American Union the fullest measure of success in
as to call together great international conferences.
the deliberations upon which you are about to enter, and to express
Supplementing other modes of travel, both by sea and land, is the
development of aviation. While this has not reached the stage at which the hope that these conferences will mark a further step in the fulfillit becomes a very important factor in international commerce, yet where ment of the larger purposes of Pan American unity.
speed is necessat y in carrying travelers, perishable articles, or mail, it
holds promising possibilities.
The Spring Floods in the Mississippi—Their Onward
Not only transportation but communication is necessary to commercial
Sweep and Description—Secretary Hoover's Ininterchange. For this purpose we have the Pan American postal agreement, which makes the domestic rates on mail matter applicable to all
teresting Description of the Conditions Prothe nations which are parties to the agreement. This includes all the
ducing Them.
republics of the two American continents with one exception, so that a
letter will go anywhere within their territory at the domestic rate of
The floods in the Mississippi Valley assumed ever larger
postage which prevails in each. The cable and the radio both furnish proportions during the past
week. The crest of the flood
means by which almost instantaneous communication can be had among
was just above Vicksburg, Miss., as the week opened, and
all the nations of our two continents.
No doubt the most important influence in enlarging trade is adver- was proceeding southward at about one mile per hour.
tising, and of all forms of advertising that which results from personal New river stages were
reported at points north of New
experience and personal contact is most valuable. A conference of this
nature, that will bring into such intimate relationship the representatives Orleans, the water at Vicksburg rising 2.3 feet in four days
of the various producing elements of so many different nations, cannot and going continually higher. Levees continued to crumble
help revealing many new wants and many new sources from which they both on the Mississippi and on
the tributary streams, and
can be supplied. Our sister republics have resources of enormous value,
and a constantly increasing dependence of the whole world upon the further great areas were inundated. A report to the New
products of their natural resources assures them of a continually enlarg- York "Times" from Memphis, April 29, said:
ing commercial horizon. While our own country is desirous of parTearing through the levee at South Bend late to-day,the swollen Arkansas
ticipating in this trade, it does not wish to do so at the expense of any River again made mockery of man's heroic work to stem the racing tide.
other people, but upon a basis which is mutually just and equitable. Set free by a 200-yard gap,rapidly widening,the flood waters will virtually
Commerce has no other permanent foundation. We expect other coun- complete the inundation of southeast Arkansas.
With armies of men battling the crush of flood water along the lower
tries to produce commodities which we can use for our benefit, and we
expect to produce commodities which they can use for their benefit. reaches of the Mississippi and Arkansas rivers to strengthen weakened and
crumbling bulwarks, the American Red Cross and allied agencies provided
The result is a more abundant life for all concerned.
for the thousands of homeless In the inundated areas.
Mutual Interdependence Justifies Pan-American Movement
An army of destitute persons, the majority farmers and laborers, were
justifies
mutual
the
which
whole
Pan-Ameriinterdependence
It is this
can movement. It is an ardent and sincere desire to do good, one to concentrated In seventy-five cities and villages of the flood-torn States
another. Our associates in the Pan-American Union all stand on an living in tents, box cars, on steamboats and in the open.
Further dispatches from Memphis of the same date quoted
absolute equality with us. It is the often declared and established policy
of this Government to use its resources not to burden them but to assist Henry M. Baker, National Director of Disaster Relief for
with
them.
It
is
control
cooperate
them
the
not
but to
to
forces
them;
the American Red Cross, to the effect that 200,000 refugees
of sound thinking, sound government and sound economics which hold
the only hope of real progress, real freedom and real prosperity for the already had been registered, this representing only about
masses of the people, that need the constantly combined efforts of all the half the persons made homeless. Refugee population in
enlightened forces of society. Our first duty is to secure these results
various States, as announced by the Red Cross April 29,
at home, but an almost equal obligation requires us to exert our moral
influence to assist all the people of the Pan-American Union to provide follows:
2690
THE CHRONICLE
Arkansas.—Marked Tree. 800; Blytheville, 4,500; Prasfield, 800; Brinkley. 4,500; Cotton Plant. 1,500; Dardanelle, 350: England, 3,000; Forrest
City. 11,000; Fort Smith, 700; Jonesboro, 4,500; Helena, 10,000; Little
Rock. 3,000 families; Marianna. 3,500; McGehee, 400; Monticello, 4,500;
Newport, 300; Paris, 350; Pine Bluff, 10,000; Russellville, 500; Searcy, 300:
Stuttgart, 1,390; Warren, 2,500; Wynne, 5,000; Eudora, 2,000. Total.
75.490, counting families in Little Rock as one person.
Illinois.—Anna. 200; Cairo, 2,000; Chester, 200; Mound City, 50;
Murphysboro, 50; Peoria, 300. Total. 2,500.
Missouri.—Cape Girardeau. 1,000; Caruthersville, 1,787; Charleston,
1,200: Kennet, 2,000; Perryville, 400; Sikesten, 1,000. Total, 7.407.
Rentucky.—Columbus, 1,000; Hickman, 2,200; Wickliffe, 410. Total,
3,610.
Louisiana.—Harrisonburg, 2,000; Marksville, 900; Baton Rouge, 300:
Alexandria, 200; New Orleans, 300. Total. 3,700.
Mississippi—Cleveland, 5,000; Greenville, 10,000; Greenwood, 600:
Leland, 7,000: Vicksburg, 8,000; Natchez, 5,000; Yazoo City, 4,500; Indianola, 2,000; Deeson, 2,000; Benoit, 2,000; Rosedale,600. Total,42,200.
Tennessee.—Ale County, 1.000; Dyersburg, 1,500. Total, 2,500.
(Vol,. 124
In ordinary times these let ees have been so successful that the spring
floods of the whole mid West spill themselves peacefully into the Gulf, but
the effect of building the levees on each side of the river and thus preventing
the spring floodsfrom spreading over the land is as if we built a great trough
for the river to run through.
The levees form the edge of the trough and necessarily if the flood is
kept off the land then the surface of the river in flood is held higher than
the surrounding land by the levees. But hundreds of thousands of people
have built their homes and farms upon lands below the level of the river
surface in confidence and security that the levees will hold.
The levees how stretch on both banks of the river almost all the way
along the 1,000 miles from the mouth of the Ohio to the Gulf, with arms
reaching up the great tributaries. There are probably 2,500 miles of these
levees of one kind or another."
A Dozen Great Floods at Once.
The spring floods in all the different great tributaries of the Mississippi, such as the Ohio and the Missouri, usually come into this great
trough at different times. This last month was probably the only time
In our recorded history when the floods from a dozen great rivers passed
At Baton Rouge, La., plans were pushed for caring for up in at
once. This year it rained all over thirty States at the same time, and
to 30,000 additional refugees from the sections of Louisiana every tributary furnished flood waters at the same time.
This
has raised the river from two to three feet above any presubject to overflow. Herbert Hoover, Secretary of Com- viously flood
known flood level, so that the volume of water is too great for some
merce, and official representative of President Coolidge, parts of the trough. Thus every weak point in these thousands of miles of
levees is searched out by the swirling waters pressing for outlet.
supervised the plans and commented on them as follows:
These levees, which are the defense of thousands of homes, were built to
The present task is one of preparation for emergencies. It is our purpose
to get ready so that in case there is a oreak in the Louisiana levees there give a margin of a foot or two above the highest previous flood. The buildwill not be the danger to life and loss of property which other sections in the ing of hundreds of miles of levees up as high as thirty feet and up to a hunMississippi Valley have experienced. There would have been no loss of dred feet is a Herculean and ccstly business, which has taken millions of
life if there had been organizaaon ahead of the flood, but the waters came dollars and years of work. It was thought that a factor of safety of a foot
or two above the highest former flocd was ample, yet it has not been enough
too quickly and without warning.
This is toe greatest flood in nistory. I am told. The water will rise two to give security against this flood. All along the levees a gigantic battle
is
in progress to raise them before the crest is reached.
cr three feet higher than ever before. In the hope that the levees whl hold.
all that is humanely possible is being done to effect that purpose.
Picture of the Torrent.
The situation is one which should not be ignored. Louisiana needs some
It is difficult to picture in words the might of the Mississippi in flood.
help from the Federal Government and from the American Red Cross
To say that two blocks from where I stand it is at this minute flowing
Whatever is needed, whether from the Government or from the Red Cross, at a rate ten times that of Niagara seems unimpressive. Perhaps it bewe shall go to the limit of our governmental responsibility to supply.
comes mcre impressive to say that at Vicksburg the flood is 6,000 feet
Efforts to conserve the health of those in the flood area wide and 50 feet deep, rushing on at the rate of six miles an hour. A week
continued unabated. Governor Smith on April 29 offered ago, when it broke the levees at Stops Landing, only a quarter of the river
went through the hole. Yet in a week it poured water up to twenty feet
the aid of the New York State Department of Health to deep
over several counties, an area up to 150 miles long and up to 50 miles
Secretary Hoover in the following telegram:
wide, and flooding out 150,000 people.
Herbert Hoover, New Orleans, La.:
The crest of this great collection of water from thirty States moves
Can State Department of Health be of assistance anyw here in the flooded slowly down the river—thirty or forty miles a day. A week ago, when I
area, notably in Arkansas. in supplying technical service and laboratory arrive on the scene, the highest point of the flood had just passed Memphis.
products? Large amount of typhoid vaccine immediately available. Glad Today it is passing about at Vicksburg.
to help in any way possible. Wire reply.
Behind this crest lies tonight the ruin brought to 200,000 people. ThouALFRED E. SMITH,
sands still cling to their homes where upper floors are yet dry. But thouGovernor, State of New York.
sands more have need to be removed in boats and established in great
camps on the higher ground. Other thousands are camped upon broken
In Washington it was said at the White House that levees.
Army engineers were making a study of the entire flood
situation so as to be prepared to make recommendations to
the next Congress for constructive plans to prevent if possible a recurrence of such flood damage. Their study, it was
said, will include flood control, power development and navigation, and the belief exists that the next Congress will
authorize a comprehensive Mississippi Valley flood program
embodying plans to develop power and irrigation projects
and increase navigation facilities. Press dispatches (A. P.)
reported Vicksburg partially inundated April 30. The dispatch said:
Flood waters invaded the industrial part of Vicksburg to-day as sand boils
which have been tearing at the concrete sea wall for more than a week
became more active.
Flowing through the cracks in the wall, whose northern end is opposite
the Yazoo & Mississippi Valley RR. passenger station, and slopping over
the sand-Lagged parapet of the north, the waters covered 100 yards of the
railroad tracks and threatened to inundate the station, the railroad shops
and scores of mills, warehouses and negro tenements along the river-side
under the bluffs. The Mississippi River continued to rise to-day. This
morning the gauge reading was 57.2 feet, an increase of nine-tenths of a
foot in 24 hours.
Two new levee breaks were recorded April 30 at Glasscock and Bradfords, La., near Natchez. The break at
Glasscock, it was said, would cause the backwaters of the
Black River to rise rapidly and inundate sections of Franklin,
Concordia, Catahoula, Avoyelles and Tenses parishes.
Relief work was rapidly organized under Secretary Hoover.
A description of the flood and an appeal for more aid was
broadcast by Mr. Hoover April 30 over the network of 34
stations of the National Broadcasting Co. Mr. Hoover's
address, as reported by the New York "Times," follows:
Battle to Save the Levees.
In tile miles of river below Vicksburg which have not yet been reached
by the crest of the flood the battle to prevent breaks In the levees is still
on. At the great city of New Orleans 500,000 people live below the level of
the river, but tneir safety has been practically assured by a cut in the levee
'just below the city at a point where a part of the river can be diverted
directly into the Gulf of Mexico. Thereby a monumental catastrophe to
that city has been averted.
But the influence of this cut in the levees spend itself a few miles above
the city, and there is no opportunity for relief in this same fashion to scores
of thousands on farms and in villages in Southern Arkansas and Louisiana.
Their only protection is that the levees shall be built higher before the flood
crest reaches them. The question in the mind of every man in these dietricts to-night is, "Will the levees hold against the approacning crest?"
The United States engineers and the local communities have thousands
of men, strung mile upon mile, working in long strings like ants piling the
levees higher and higher. Everything humanly possible is being done by
men of magnificent courage and skill. It is a great battle against the oncoming rush, and in every home behind the battle line there is apprehension
and anxiety.
Courage of the South.
Every night's reading of the water gauges is telegraphed to the remotest
parts of these States, a sort of communique on the progress of the impending, threatening invasion of an enemy. It is a great battle which the
engineers are directing. They have already held important levees against
tne water enemy. What the result of the fight may be no one knows.
But the fortitude, industry, courage and resolution of our people of the
South in this struggle cannot fall to bring pride to every American to-night.
We hope they will. We expect it. These people have fought for their
homes against high water before. Another week will tell a great epic. I
believe they will be victorious.
We receive constant suggestions tnat all the people behind the threatened lines should be moved in advance, But people do not and cannot surrender their crops, their cattle, their homes until the battle is lost. We
cannot order them to leave, for we must not impose the suffering which
is inseparable from abandonment of everything they hold dear.
But if eur engineers should fail in the fight at any section to hold the
lines, the forces of relief are to-night mobilized for instant action at every
point. We are prepared in each of the States and districts below the crest of
the flood with leaders already chosen in every spot. Directed by strong
and experienced men from every important centre, with boats ready for use.
river steamers held in reserve, food, shelter, doctors, nurses in readiness, I
am confident that we shall have little loss of life even if the worst comes;
yet we will have much destitution and suffering if breaks come.
I am speaking from Memphis, the temporary headquarters which we
have established for the national fight against the most dangerous flood our
country has ever known in its history. We, here, in the mist of the
scene, are humble before such an outburst of the forces of nature and the
futility of man in their control, but we have the obligation to fight its
invasion and to relieve its destruction.
Everybody knows that the great trunk of the Mississippi, a thousand
Ready for Any Event.
miles long from Cairo to New Orleans, is the gigantic spillway into the
Thousands more must be moved to high ground to be placed In great
thirty
States
of
the
miciwest.
The
of
great
rivers of camps,
ocean for the waters
to be fed, clothed, sheltered, safeguarded in health and ultimately
the Upper Mississippi, the Missouri, the Ohio, the Arkansas, the Red. the resettled in life. The organization is ready for any event, and we shall
Tennessee and a score of other rivers combine to create this, the greatest have a great increase of burden upon the charity of the
nation.
of all rivers.
To-day some 3.000 people are homeless in each of Illinois. Kentucky
This trunk of the Mississippi is flanked by hundreds of miles of rich and Tennessee, 20,000 or 30,000 in Missouri, 160,000 are flooded in
bottom lands which, before man came, were inundated with each spring Arkansas and 150,000 in Mississippi. Some thousands of them still
flood. But over the last 200 years these lowlands have been gradually cling to the upper floors of their flooded homes, thousands have been
settled with farms, villages and towns. Highways, power lines, telegraphs collected in camps upon the tops of the levees and other thousands in
through it and great cities have grown
and railways have spread their net
camps upon high ground.
up on its products and its wealth.
Even if the flood be not extended by the breaking of more levees, the
Functions of the Levees.
calamity Is an appalling one. These hundreds of thousands must not
these rivers generations have labored alone rceeive food, clothing, shelter and medical attention, but they
As we have settled the flanks of
Houses, furniture, implements, seed, food
steadily to build great levees along their banks so as to prevent the spring must be restarted in life.
for animals must be found after the crisis is passed.
land.
the
floods from overflowing
MAY
7 1927.]
THE CHRONICLE
2691
"To derive any substantial control over the floods of the Mississippi the
reservoirs would have to be located in the alluvial valley of the stream or
the main tributaries and, irrespective of their cost, the fertile and productive lands submerged by the reservoirs would equal or exceed in area the
land saved by their construction.
"Other suggested remedies are reforestation, contour plowing and other
palliatives.
"The fact that the greatest recorded flood of the upper Mississippi past St.
Louis occurred in 1844, while the Northwest was covered .vith primeval
forests, show that positive results cannot be expected from reforestation.
As to contour plowing and such remedies, the United States cannot dictate
to its farmers how they will run their furrows."
Declaring that the most widespread fallacy about levees is the assertion
that they raise the bed of the river, so as to form an elevated trough. The
statement says that surveys and measurements over half a century do not
show that the levees have appreciably raised the bed of the river.
"In the present flood," the statement continues."the levees so far have
protected some 20,000 square miles of land, against some 8.000 overflowed
by crevasses and backwater. The expenditures by the United States upon
levees have been about $86,000,000, of which the local organizations have
contributed about $15,000,000 cash, besides the right of way. In addition.
the States and local organizations are reported to have spent in the past
over $100,000,000."
Levees Must Be Made Higher.
Turning back to a discussion of the present flood, which it declared
"probably exceeds in volume any of record," the statement declares it had
His Appeal to Americans.
levee heights, heretofore tentatively adopted by the Missng daily their courage and shown that the
demonstrati
are
South
the
of
people
Tile
River Commission must be revised upward.
fate of these unfortunate people issippi
the
charge
can
man
No
abilities.
their
With the remark that "It should now be realized that we must aim higher,"
country has been greatly blessed
to any failure upon their own part. Our
the statement goes on.
wituout
rest
ht
to-nig
homes
our
of
millions
More
by Almighty God.
"Levees should be raised to insure the protection of the lands against such
in any nation in the world.
fear of the health and life of our little ones than
a flood as is now passing, with a margin of safety to provide for greater
our South.
of
people
the
to
come
has
catastrophe
a
. .
But
great national organization floods.
We, tile American people, have created a
"This work will cost millions of dollars. It is a large national work, more
National
American
The
.
emergencies
great
for
ready
that should ever be
has heretofore been conceived. For the reason that raising the
this, your organizaton, is doing so than
Red Cross is that organization. And
one part of the river inevitably brings greater flood hazards to
In
levees
the
out
carrying
It is your hand
its duty effectively and efficiently.
those below and the work throughout the many States must be prosecuted
that
support
your
enlarge
you
will of your great heart. It asks that
as a one complete and co-ordinate whole."
it shall not fail.
With the declaration that disasters from floods in the Mississippi Valley
the
in
begun
La.
Poydras,
upon the business of the country as a whole, the statement advances
at
react
levee
the
of
blasting
The
that levees "are the practicable, feasible and economic means for affording
infrom
Orleans
New
save
to
order
in
29
afternoon on Apr.
flood protection for the valley as a whole. They will, if raised to a cofor
undation, was continued until the breach was considered
ordinate height, do it as effectively for New Orleans and Louisiana as
cor"Times"
York
States."
New
A
up-river
the
city.
the
relieve
to
enough
wide
be given
Saying that there are special reasons why consideration should
respondent, writing April 30, said:
to permitting New Orleans to keep her levees at a lower grade if adequate
way.
gave
levee
the
slowly
and
blast
followed
this
that
olast
Through the night
afforded to lower Louisiana, it is asserted
was surging through flood relief can still be
At dawn there were three great gashes and the water
of possibilities in the way of construction of
study
the
involves
question
word
aited
long-w
them, but the blasting continued, and at noon came the
least productive portion of Louisiana would be
that the country spillways. by which the
quicker
that the crevasse was of the dimensions necessary and
dedicated to the escape of flood waters overland by a shorter and
and
Villers
the
where
;
strongholds
his
had
once
where Lafitte, the pirate,
the burden to be carried by the main channel.
people, until route to theses,thus relieving
10,000
where
and
Jackson,
with
city as
this
history
to
made
levees
by
families
Poydras
"While it is possible to afford as good protection
water, and that
yesterday, made their homes, was everywhere covered with
the valley," the statement concludes,"the cost and engineering
of
rest
the
to
slowly
was
yesterday,
adjusting rail communications and
Lake Lery, as clear as a mountain pond at sunset
swept into considerations of raising its wharves,
height
turning a dirty yellow as the muddy waters of the Mississippi
otherwise revamping the post facilities to meet an increased levee
conGulf.
the
it on their race to
would be great and must be compared with the cost and engineering
ed
pronounc
siderations of spillways."
The breaks at Glasscock, La., became more
Damage Thus Far $200,000.000.
again. They are not
The people of the South are giving and giving
their population doubled by
rich. Many villages and towns have had
with this, the first
destitute refugees. Their resources are exhausted
than any of our northern neighbors
week. They have already given more
of acres of land have already
will ever be called upon to give. Six millions
has already been done.
been flooded. Over $200,000.000 of damage
the thousands, and the seed
Cattle and mules have been drowned by
districts will be under
has been swept away. The land in the flooded
must be maintained for
water for a month or six weeks. The camps
planting must be done again.
that time. Immediately the land is drained
problems is moving
Efficient organization to meet all these difficult
by quick action spread
apace. The American National Red Cross has
the flooded area in support of the
its net of support and protection over
upon my recomlocal communities. Looking even further forward,
and Arkansas have
mendation, the Governors of Louisiana, Misassippi
relief and reconstruction
already. eacn of tnem, appointed commissions Of
These commissions
under leadership of independent and able citizens.
national agencies
are not only undertaking to co-ordinate the State with the
every town and
in
in emergency questions but are at once organizing
of reconstruction. Our
county to determine the need and the method
their representatives
great Federal departments will support them with
its members to sit upon
and skill. The Red Cross has appointed one of
the commissions to co-ordinate its work and support.
The danger to the 172,000 people in the northeastern and
May 1, additional crevasses appearing in the levee. The
water rushed through, threatening the inundation of more middle parishes of Louisiana was confirmed Monday by
than 3,000,000 acres of land. A report from a special cor- former Governor James M.Parker, Director of Flood Relief
for the State. Mr. Parker wired warnings to the people
respondent of the New York "Times" said:
levee system
This is the first break of major proportions in the Louisiana
e and Bunkie, in the Parish of Aboyelles, to
apparently no hu- of Marksvill
north of New Orleans, and there is, the engineers say,
in the highlands. A Baton Rouge report to
refuge
of the doomed seek
manly possible way to stem racing waters which along most
eight to a dozen feet the New York "Times" said:
section is surging against the levees at heights of from
The parishes which are receiving the brunt of the rush from the Mississippi
Eastern
are Avoyelles. Catahoula, Concordia, the northern part of Lasalle,
Pointe
Rapides, Tensas, Northern St. Landry, and the northern strip of
in
crevasses
four
Coupee. The crisis will come When the waters from the
Arkansas
the
across
pouring
flood
the Vidalia section join up with the
It is
a
Louisiana border line from the breaks in the Arkansas River levees.
river,
the
of
side
opposite
the
on
Miss.,
,
Vicksburg
At
parish
these Arkansas crevasses which are responsible for the distress in the
new record was established May 1, when the guages regis- of Morehouse and the two Carrolls, East and West.
already
is
parishes
1922.
Just how much of the territory in the threatened
tered 57.8 feet, which is 2 feet 7 inches higher than in
inforwater is a question not possible to answer to-night. The best
Remedies for the periodical inundations to which the Mis- under
is
mation to be had, however, indicates that practically all of Concordia
by
1
May
Secretary
of Catasissippi Valley is subject were discussed
submerged, that two-thirds of Aboyelles is under water, that most
in
developing
fast
is
of Commerce Hoover and Major General Jadwin, Chief houla is already flooded, and that a situation as grave
parish of Tensas.
of Army Engineers. •The discussion took place in Memphis, theLasalle
and Rapides parishes are partially under water, and thousands of
and a joint statement was afterwards issued which was re- acres in Morehouse Parish are expected to be added to the inundated total in
for
the next day or two. Bastrop, the seat of Morehouse, is now caring
ported, (Assoc. Press) as follows:
every hour. Madison
"The construction of reservoirs around headwaters is not the solution; more than 1,000 refugees, and more are arriving
btu as yet the situation there has not
they cover lands virtually equal to the lands subject to overflow," the state- Parish is also reported as suffering,
assumed serious proportions.
ment says.
Declaring that positive results cannot be obtained by reforestation, the
Secretary Hoover returned to Washington Monday
statement continues that levees are the "one practical, feasible and economic
and conferred with the President on the necessity
morning
solution."
and
for relief work. Mr. Hoover also expressed
national
will
be
many
money
cost
would
more
them
g
for
"The work of constructin
millions. Levee heights must be revised upward with a margin of safety," the opinion that higher levees should be built at distances
says the statement, asserting that the Board of Army Engineers had been
beyond the present walls to control swollen waters of the
working for some time on the problem and would offer definite recommenda.
continues
It
pi in the future, as outlined in the remarks further
Congress.
Mississip
of
tions at the next session
above the land level behind the embankment.
More than 150,000 persons, 75%of them farmers and their families, have
engulfing to-night.
their homes in the parishes which the flood waters are
approximating
Alexandria, in the parish of Rapides, with a population
area.
the
threatened
in
25,000, is the only town of city proportions
Farmers Want Levees.
"There is little doubt in the minds of the farmers and planters of the valley, who have reclaimed its swamps and converted them into the most
fertile portions of this great country, as to what the remedy should be. The
increases in land values in these States in recent years have been almost
exclusively in the reclaimed parts. These farmers know that the only
direct and sure remedy is the construction of levees that will withstand the
floods. The situation to be avoided at this time is that well-meaning persons may defer the application of the sure remedy and enter into protracted
Investigations of measures that are known to be ineffective."
Asserting that the most intriguing alternative remedy for the flood situation is the construction of reservoirs on the head streams, the statement
declares that proponents of the plan "overlook the fact tha... it is not the
water flowing out of the mountain streams, ...ut rather the rains falling on
the floods of the Mississippi.
the alluvial basin of the river itself that create
"Reservoirs in the upper rivers would be of value in the regulation of local
floods—a help to navigation and power purposes in the upper tributaries—
from Cairo to the Gulf, they
but for the main trunk of the Mississippi,
would have but small influence on the great floods.
above. After the conference President Coolidge issued a
proclamation to the American people appealing for an
additional $5,000,000 for flood relief, making $10,000,000 in
all for such work. The text of the statement follows:
To the People of the United States:
The situation in the Mississippi Valley has developed into a grave crisis
affecting a wide area in several States. There are now more than 200,000
is
flood refugees who have been driven from their homes. This number
the country
being increased daily as fresh breaks in the levees inundate
of
safety.
to points
on either side of the river, driving the inhabitants
by the American
These refugees are being fed, sheltered and clothed
The
burden of
people.
American
for
the
agent
the
as
Red Cross, acting
their care will continue for many more weeks.
the sum already called
Because of the vast increase in the flooded area,
be cared for have been doubled
for will prove insufficient. The numbers to
all parts.
not
reached
has
the
flood
of
crest
the
since that call, and
fellow citizens may
In order that these thousands of your homeless
of $10.000,000 will be
continue to receive necessary care, a minimum
2692
VFW CHRONICLE
[Vox. 124.
needed, and it is therefore decided that the quotas originally assigned as
(B) That continuance be authorized of the services of the Army, Navy,
a minimum to the various communities should be doubled.
Treasury, Agricultural and Commerce Departments through delegation
As President of the United States and as President of the American Red of personnale and supplies, with view to deficiency appropriations
from
Cross, I am therefore urging our people to give promptly and most gener- Congress to cover such outlays.
ously so that sufficient funds may be received to alleviate the suffering
(C) That the banking communities, national and local, should, In
among so many thousands.
co-operation with the Government institutions, organize some agencies
For the purposes of coordination and effectiveness in the administration by which production loans to farmers, advances to
merchants and to
of the relief fund, I recommend that all contributions be forwarded to the flooded banks can be mobilized at once.
nearest local Red Cross Chapter or to the American National Red Cross
I know that I express the admiration of the whole committee for the
Headquarters offices at Washington, St. Louis or San Francisco.
courageous and able work of the local committees, the State authorities,
CALVIN COOLIDGE.
the officers of the Red Cross, of the Army,the Army Engineers, the Navy,
The White House, May 2,1927.
Coast Guard, Commerce and Agriculture. They have all responded
an extraordinarily rapid manner and with an efficiency of organization
Mr. Hoover also submitted a detailed report of relief work in
which has in the highest degree mitigated the. death roll and suffering
at a conference at the Red Cross headquarters in Washington. throughout the region.
This report, taken from a special dispatch to the New
HERBERT HOOVER.
York Times, said:
The Special Mississippi River Flood Committee, comprising the Secretaries of War, Navy, Treasury, Agriculture and Commerce, the Acting
Chairman and Central Committee of the Red Cross, was appointed by
the President on April 22, and I was requested, as Chairman of the Committee, to take the active establishment of organization required by the
emergency.
On the same day instructions were given to concentrate all forces at
_Memphis as temporary headquarters and to build all relief measures around
the Red Cross.
,
On April 23, at the request of the President and accompanied by MajorGeneral Jadwin and Acting Chairman Fieser of the Red Cross, I let for
Mempnis.
The following short report and recommendations are submitted:
A further break in the main levee system of the Mississippi
occurred Tuesday near Duckport, a little river landing
about ten miles north of Vicksburg. The water surging
through this crevasse practically completed the inundation
of northeastern Louisiana, rendering homeless an additional
25,000 to 30,000 people living on 1,000,000 acres of fertile
farm lands. The towns of Tallulah and Mounds received
the full force of the waters. Flood waters from the Red
River in the west and the Arkansas and Ouachita in the
north added to the desolation.
A "Special Flood and Warning Bulletin" was issued in
New Orleans Wednesday evening, warning not only of the
crest in the Mississippi, but of situations that may develop
when the flooding Red and Ouachita rivers are at crest.
The Red River, the bulletin said, will be at high stage at
Alexandria in the next few days and the Ouachita at Monroe
on or about May 18. The warning reads in part:
Extent of the Disaster.
The crest of the flood is still seven days from its outlet to the Gulf and
further breaks in levees may occur. Therefore the full extent of the flood
and the liabilities it may involve cannot be known for another week.
Up to the present about 6,000,000 acres of land have been flooded,
involving a population of about 300,000 persons. About 200,000 of them
have been rescued or removed to safety and a large part provided with
temporary shelter in concentration camps.
In addition those who are still holding to the upper floors of the villages
The emergency crevasse near Polydras, below New Orleans, will soon
have to be fed, given medical attention and military police. A large part
reach a width of 2,000 feet. Stages at New Orleans will change very little
of the whole are rendered destitute by the floods.
for several days.
Organize:WM
It is officially reported that water is running over the levee at Winter
Red
Cross
not
under
the
co-ordinated
only the Quarters, right bank of the Mississippi, about eight miles above St. Joseph.
At Memphis we have
personnel, equipment and supplies of the Federal departments, but also La., with the wash widening rapidly.
The crevasses in the Arkansas River and in the right bank of the Missisco-ordinated that organization with the local citizens' committee, Red
Cross Chapters, State officials. Departments of Health. National Guard, sippi River into Louisiana, together with high waters in the Ouachita and
Red
common
problem.
rivers, will, within the next ten days, overflow all lowlands along and
the
American Legion and others engaged in
The organization comprises shelter, food supplies, medical supplies, boat east of the Ouachita River and Catahoula Lake not already inundated.
The depth of overflow in the lower Tensas Basin will be greater than in
control, accounting, railway transportation and other necessary working
any previous flood.
divisions.
these
organizations,
it
all
Crevasse
spirit
of
waters will further intensify the flood situation in the Mississippi
is possible
Due to the fine devotion and
to say that there is practically no one in the territory behind the flood crest River below Old River and in the Atchafalaya. The water from the Glasswho is not now receiving sufficient food, shelter and medical attention. cock and Bougere crevasses is already returning through Old River and has
The States are preserving order and have taken vigorous measures to caused a rise of 0.2 feet at Angola and Baton Rouge in twenty-four hours.
The gauge at Barbre Landing, at the head of the Atchafalaya, read 54.35
maintain public health.
There is suffering incident to the catastrophe, but it is minimized in this morning, a rise of 0.35 foot in twenty-four hours. At Jonesville on the
every way humanly possible. Organization has been developed in advance Black River, twenty miles west of Vidalia, the gauge to-day stood at 57.9
of the crest by reserve fleets of boats, airplanes, food supplies, &c.. under feet, showing a rise in the Tensas Basin of 1.8 feet since April 30.
capable leadership through which the spread of the flood should bring Hale
Consternation increased when heavy rains began to fall in
or no further loss of life, although it will greatly increase he financial
burden.
the Louisiana area on Wednesday. They continued for
Every human effort has been put forth under the direction of the engineers more than twenty-four hours.
and local authorities to maintain levees in the region below the crest and
The lowlands of Louisiana were completely flooded by
New Orleans has been protected by the diversion below the city.
Division of Organized Work.
The work of organization has developed into four phases:
1. Rescue work of those who would be otherwise drowned, into concentration camps. This stage should be over by next Saturday or Sunday,
when the crest finally reaches the Gulf of Mexico.
2. Sustenance work and protection to health by providing shelter, concentration camps, services of food, clotning, medical attention, public
health and police in both concentration camps and partially flooded towns
and villages. This will continue from four to six weeks after crest of flood
has gone by. This period has gone by in parts of Kentucky, Arkansas and
points to the north, and will follow southward as the flood recedes.
3. First stage of reconstruction work in resettlement of people from
concentration camps back to the farms and villages with provision on the
farms in case there is need of emergency seed, animals, feed, tools, &c.
Some emergency village help will be necessary. If a crop is to be gotten
this year this must be organized at once.
This stage should be defined as the aid necessary to get the population
self-supporting again.
4. The work of long-view reconstruction.
State Commissions Appointed.
It has seemed to us that the third and fourth stages must be undertaken under the leadership of each State involved. They best know
their problems. Their citizens have the best experience to deal with
them and therefore the Federal and other national agencies should give
support rather than attempt to direct.
In this light we have conferred with the Governors of Louisiana. Mississippi and Arkansas and they have appointed State commissions charged
with the responsibility of reconstruction (and where necessary with emergency functions In co-ordinating of State and national activities). These
commissions have been selected of able groups of citizens who are entirely
Independent of local or personal consideration.
We should like to see such an organization in Missouri. We assume
that these State commissions will create subordinate organizations in
the affected counties and villages. We have arranged that the representatives of the national agencies will, It wished, designate their members to these commissions and will in any event act in close co-operation
through them. One of the early functions of these State commissions
will be the careful determination of the need and method of reconstrucseparately.
tion in the third and fourth stages
Present Recommendations.
view of the extension of the
We shall need much further finance in
flood area.
sustenance and emerrescue,
the
of
expense
major
We must carry the
recommend that:
gency construction work. We therefore
35,000,000 to a minimum
(A) The Red Cross call be increased from
quotas.
of $10,000,000 by doubling all
Thursday. Naval aviators, flying over the inundated parishes of Northeastern Louisiana, said that little but water
could be seen. A report of their observations from the
correspondent of the New York Times said:
For mile after mile all the land in view Was the tops of levees, to which
thousands had fled for safety. In places the tops of giant cypress and
oak trees still swayed in the breeze, the only green spots In the picture.
The lake extends far into Arkansas and probably 100 miles east from the
bank of the Mississippi In Louisiana. The swiftly moving current of the
Yazoo, north of Vicksburg, was easily visible as it pounded its way back
into the Mississippi, from which most of it escaped two weeks ago when the
levee north of Greenville gave way.
To the South, along the banks of the Red River, valiant
efforts on the part of the inhabitants were reported, thousands
working desperately to buttress the levees against the oncoming crest of the River. These levees are now the only
protection afforded the southern tier of Louisiana parishes.
A breach in the ramparts would flood Atchafalaya River
country, the parishes of Evangeline, St. Martin, St. Landry,
Iberville, Iberia, Assumption and St. Mary.
New Orleans is safe under present conditions, according to
I. M. Kline, Meterologist there of the U. S. WeatherBureau.
The river, he said, will not go above 21 feet and should the
levees on the east bank above New Orleans give way, the
city is prepared to care for that.
The American Red Cross revealed at Memphis Thursday
night that it was then caring for 323,837 persons in the flood
area. The count includes not only those in refugee camps,
but also those marooned in their homes or on the upper floors
of buildings in flooded towns, and all receiving food or other
supplies from the Red Cross. Of the total, 173,566 persons
were refugees in sixty concentration camps in seven States.
Major General Edgar Jadwin, Chief of Army Engineers,
was asked by President Coolidge to co-operate with the
Mississippi River Commission to devise plans for future
control of floods. General Jadwin on Thursday asked
Colonel Charles L. Potter, President of that Commission
MAY 7 1927.]
THE CHRONICLE
2693
to submit new plans and estimates. His letter, sent to Colo- serve Bank and easier money in March and April." Among
other things the report discusses the movement of reserve
nel Potter at St. Louis, follows:
"The Chief of Engineers requests that the Mississippi River Commission funds and recites that "the amount of funds which the
revise its plans, estimates of costs and time of completion for the projecc for banks
are prepared to lend or invest depends in the last
the Missippi River and its tributaries and outlets, to provide with a reasonanalysis upon the condition of their reserves. For the banks
able factor of safety for any probable flood on the Mississippi.
"This revision should include for flood control purposes the tributaries as a whole the condition of reserves in turn depends upon
and outlets to the extent necessary to insure against possible overflow and
four principal factors: (1) international gold movements;
damage by water from, or back-water caused by, the Mississippi. It
should also include a study of any modifications desirable in the plans for (2) domestic currency requirements; (3) changes in reserve
improving the low water navigation and the stabilization of the Mississippi requirements arising from
increases or decreases in deposits
between Cairo and the head of the Passes.
"He desires to secure your report revised as above by Oct. 1 1927, and, and (4) changes in the volume of Reserve Bank credit in
if practicable, partial reports prior to that date. He also requests at an use arising either from borrowings of member banks or from
early date a preliminary report giving the river stages at critical points on open market operations of the
Reserve banks." In giving
which the flood control project is to be based,and a statement ofthe methods
the report herewith we omit the figures of profit and loss
by which these stages have been calculated."
Representative Stephen G.Porter of Pennsylvania on the same day urged account which were previously made
public and were given
upon President Coolidge the appointment of civil engineers to assist the
in our issue of Jan. 15, page 321. Below is the report, which,
Mississippi Flood Commission and army engineers in developing comprehensive flood control plans. He also made an appeal .As the Flood Commis- it is proper to note, contains a number of charts which we,,
sion of Pittsburgh. In his letter to the latter commission, he said:
of course, omit:
"It is true that reservoirs alone will not solve the problem. Neither will
The operations of the Federal Reserve Bank of New York are so closely
by-pass outlets alone do it. It also seems true that levees alone cannot
do it. Therefore, it is suggested that the three, or combinations of the
three, be considered.
"Many engineers believe important tributaries of the Ohio River can be
controlled either wholly or partly by reservoirs. It requires little imagination to picture what would be happening in the Mississippi Valley today if
the uncontrolled tributaries of the Ohio River and the Ohlo-River itself
were now in flood, or if all of the large tributaries of the Mississipp, should
happen to be in flood at the same time. The occurrence of such a colossal
disaster is by no Means impossible, with damage to life and property that
would be appalling.
"There is a national aspect to this whole problem because of the many
States directly affected and because the present Mississippi disaster not only
is tremendous in its effect upon those immediately concerned, but also
is affecting the entire country adversely in some degree."
Annual Report of Federal Reserve Bank of New York—
Membership of Bank Reached Highest Point in 1926
—Growth in Number of Branch Banks in
District—Influence upon Bank Reserve
Position of Gold Movement.
Under the head "Bank Changes in 1926," the Federal
Reserve Bank of New York, in its annual report for the
year ending Dec. 31 1926 (made public March 21) observes
that "two tendencies in banking organization in the district
are worthy of note; first, an increase in the number of new
banks, and second a tendency toward bank consolidations."
"Notwithstanding the consolidations that have taken
place," the report says, "there has been an increase of 16 in
the number of national banks in the district and an increase
of 37 in the State banks and trust companies, of which 17
were additions to member banks and 20 to non-member
banks." The report states that "in the country as a whole
the total number of commercial banks declined in five years
from about 29,000 to about 26,500, a reduction of about 9%,
largely due to failures and mergers. There has been no such
change in this district, because there have been few bank
failures, but the growth in number of banks had been comparatively slow in recent years until recent months, when
growth has been more rapid." A table is presented in the
report showing that membership in the New York Federal
Reserve Bank at the end of 1926 totaled 913, as compared
with 880 on Dec. 31 1925. According to the report, "in 1926
the membership of the Federal Reserve System in this district reached its highest point, due partly to an increase in
the number of banks and partly to a movement among State
institutions toward membership." The report refers to two
important consequences to the general banking situation
resulting from the tendency toward bank mergers during
the past generation. "One consequence," it says, "Is the
greater concentration of banking resources and the second
is an increase in branch banking within city limits." The
report further says:
The greater concentration of banking resources is illustrated by the figures for the total resources of the ten largest banks in the city. These
resources amounted to $343,000,000 in 1889 and $6,098,000,000 in 1926,
and showed a much more rapid growth than the resources of all banks.
In fact, in 1889 the resources of the 10 largest banks amounted to 33%
of the total commercial banking resources of the city, whereas on June SO
1926 they amounted to 69%. This tendency toward the greater concentration of banking power is in keeping with the experience of the older
European countries.
A table which the report carries indicates that whereas
but one bank in the district operated a branch in 1888, the
number of banks with branches in 1926 grew to 91, and that
the branches of these 91 banks totaled 474.
It is noted in the report that an important influence upon
the bank reserve position was a reversal in 1926 of the direction of gold movement," there having been in 1925 net exports of $134,000,000 of gold, whereas in 1926 there were
imports of nearly $100,000. "Imports were particularly
heavy in the first three months of the year," the report
states, "and were a factor in reduced borrowing at the Re-
related to changes in the credit situation in this district, and particularly
to changes in the money market that the business conducted by the Bank
can best be understood as a part of the broader picture of credit and money
market conditions. This report will therefore be devoted largely to a
review of the year's developments in finance, including a discussion of
Federal Reserve operations at the points where they have influenced or been
influenced by general credit developments.
Credit Conditions in 1926.
The year 1926 was characterized by the rather unusual combination of
very active business, declining commodity prices, and excellent business
profits, together with comparatively small additions to the total volume of
credit, and moderately easy money conditions.
The year 1925 had set many new records in production and trade, but in
many lines the 1926 figures were equal to or larger than those of 1926.
Available figures for business activity in the Second Federal Reserve district
are shown in the following table:
BUSINESS ACTIVITY IN THE SECOND DISTRICT.
1925.
1926.
Per cent
Change.
Sales of 45 department stores
$418,023,000
$434,199,000 +3.9
Number of employees In over 1,600 New
York State factories (average for year)
500,885
501,914 +0.2
Farm production, New York State_ _ _ _
2314,000,000
8267,000,000 —15.0
New Corporations formed in New York
State
24,703
25,388 +2.8
Bank debits, New York City
$313,373,000,000 $339,055,000,000 +8.2
Bank debits, district outside of New
York City
816,995,000,000 $18,188,000,000 +7.0
Building permits, New York City
$1,031,000,000 31,052,000,000 +2.0
Building permits in 62 cities in district
outside New York City
8361,000,000
$393,000,000 +8.9
The movement of commodity prices during the year is shown in Diagram 1.
While the principal downward movement ef prices has been in agricultural products, there was also some downward tendency in non-agricultural
products, particularly in the spring.
Notwithstanding the very large volume of trade during the year, the total
volume of credit employed showed comparatively little increase. The
changes in the total loans and investments of reporting member banks in
all districts and in the Second District are shown by weeks in Diagram 2.
The increase during the year in total loans and investments of these
banks throughout the country was $400,000,000, or 2%, as compared with
an increase of 21,000,000,000, or 6%, in 1925. In the Secend District the
amount of credit employed has remained practically constant except for
seasonal increases and decreases. There was a contrast in credit changes
between New York City and the rest of the district. As the following
table indicates, bank deposits tended to increase much more outside of
New York City than in the city itself.
Since net demand deposits decreased in New York City, where a reserve
of 13% is required, and since the entire growth was in time deposits against
which the reserve requirement is only 8%, the total increase in bank
deposits in the district has caused practically no increase in required
reserves.
DEPOSITS IN ALL MEMBER BANKS IN SECOND FEDERAL RESERVE
DISTRICT—Un millions of dollars).
it Sr
New York City.
Net
1)6- Time
mend.
Nov. 25 1925
Nov.24 1926
Chance
5,173
5,097
Elsewhere.
Total.
Net
Net
Total. De- Time. Total De- Time. Total.
mend.
mand.
812 5,985 1,235 1,371 2,600 6,408 2,183 8,591
929 6.026 1.266 1,501 2,767 6,863 2,430 8,793
—76 -1-117
-1-41
4-21
1120
.1.11k1
—As -LOA,
19119
The Year in the Money Market.
The movement of money rates during 1926 may be thought of as a continuation of the tendencies of the previous year and a half, but with an
important interruption of the movement in the spring and summer. The
relationship of 1926 rates to the rates of preceding years is shown in
Diagram 3.
In the autumn of 1926 money rates were generally higher than at any
time since the early part of 1924. The higher level of rates was reached,
however, only after a pronounced recession in the spring of 1926. This
recession was caused by the coincidence of a number of factors making for
easier money, including
1. Gold imports from Canada;
2. A decline in brokers' loans;
3. Some lull in business activity and apprehensions as to the future;
sT
;he purchase of $65,000,000 of Government securities by the Reserve
banks;
5. The reduction of the discount rate of the Federal Reserve Bank of
New York on April 23 from 4% to WA.
As the year progressed, however, the factors which had been influential
in the gradual upward movement of rates during the preceding 18 months
again became influential. After the middle of October there was again a
tendency towards slightly easier credit conditions and slightly lower rates
accompanying some lessening in industrial activity.
Use of Credit.—As has been indicated, the total loans and investments
of banks in the Second Federal Reserve District and especially in New York
2694
THE CHRONICLE
City have remained relatively more stable during the past two years and
have shown less increase than total loans and investments of banks in other
districts. But interesting changes have taken place between the different
kinds of loans and investments, which constitute the aggregate.
Commercial Loans.-Reflecting a high state of business activity, the
total of the items reported in the reporting member bank statements as
loans and discounts "secured by United States Government obligations"
and "all other loans and discounts," which consist largely of commercial
loans, continued to expand both in New York City and in the country as
a whole and the figures reached in the autumn of 1926 were the highest
since 1921. The increase in the country as a whole is largely accounted
-for by the increase in New York City. These tendencies are illustrated in
:Diagram 4.
Loans on Stocks and Bonds-In contrast with the movement of commercial loans, loans on stocks and bonds in New York City were lower in the
latter part of 1926 than in 1925. These figures are illustrated by Diagram 5.
The principal fluctuating element in loans on stocks and bonds of the
reporting member banks is loans to brokers and dealers in securities in
New York City. Such loans constitute about half of total reported loans
on stocks and bonds. Through a series of reports inaugurated by the Federal Reserve Board in January 1926, there are now publicly available each
week, figures for the loans to brokers and dealers by New York banks for
their own account, for the account of their domestic correspondent banks,
and for the account of others. There have also been made available by the
New York Stock Exchange somewhat similar figures, but reported by the
borrowers rather than the lenders of funds, and including the borrowings
from private banking institutions as well as from member banks. (a)
From these two series of data it now becomes possible to trace currently
the movement of loans to brokers and dealers in securities. Diagram 6
shows these figures for 1946, in comparison with the total loans on stocks
and bonds of the reporting member banks and with the movement of stock
prices as shown by the index of the Standard Statistics Corporation.(b)
These figures bring out a number of facts concerning the financing of
purchases of securities. It may first be observed that the general movement of loans to brokers fluctuates closely with the prices of securities.
Another relationship which the figures reveal is the shifting from time
to time between the carrying of securities by loans to brokers and carrying
them by loans placed directly with member banks. By subtracting from the
total loans on stocks and bonds of reporting member banks the loans which
New York City banks are making to brokers and dealers for their own and
other accounts, we secure a figure which represents roughly the amount
of money loaned by banks directly to their customers for carrying securities
or for other purposes where stock or bond collateral is required.(c) The
movements of these two curves are shown in Diagram 7.
The diagram shows that the decline in stock prices from the middle of
February until April was accompanied by a shifting of loans from brokers
to direct borrowing, but that on the other hand the rise in security prices
from May to October was accompanied by the reverse type of movement.
A further tendency during the year in brokers' loans has been a tendency
for loans by New York City banks for their own account and the account
of their domestic correspondent banks to decline, whereas loans for account
of others increased during the year. These changes are shown in Diagram 8.
In connection with the reduction since early in the year in loans to
brokers and dealers, it may be noted that in the course of the year there
has been a considerable increase in the total volume of securities dealt In.
Issues of new securities in 1926 were larger than in any previous year.
The amounts and character of these issues are shown in the accompanying
diagram.
A natural result of this large volume of new issues has been an increase
In the number of issues listed on the New York Stock Exchange and available potentially as collateral for loans, as is shown by the following figures
from the records of the New York Stock Exchange. The change in number of shares reflects stock dividends as well as new issues.
[Von. 124.
all of the financial operations which have an influence upon bank reserves
are reflected on the books of the Federal Reserve banks, and it is therefore
possible to trace the principal changes that are taking place in the demand
for and supply of funds. With the aid of these analyses the accompanying diagrams have been prepared showing for each quarter of 1926 the day
to day changes in the reserves of 23 of the largest New York City banks at
the Federal Reserve Bank, and the closing call loan rate, together with a
notation as to the causes which were operating at different times to bring
about the more important changes shown.
An inspection of these diagrams indicates that there have been a number of regular weekly, monthly, quarterly and holiday movements of funds
and a number of unusual causes which has influenced bank reserves, borrowing from the Reserve Bank, and money rates.
Of the regular influences, one of the most important is the movement
of currency. Every week when payrolls are made up and preparations are
made for week-end expenditures, member banks come to the Reserve Bank
and draw currency. The consequence is that on Thursday, Friday and
Saturday there is almost always a net withdrawal of funds from the Reserve
Bank, which amounts on the average to about 12 to 15 million dollars for
the three days. The currency which is paid out in payrolls on Saturday
finds its way back into the banks promptly on Monday and Tuesday, and
the banks in turn bring the currency back to the Reserve Bank, so that
there is usually a net receipt of 12 or 15 million dollars on Monday, Tuesday and Wednesday. This regular weekly movement of currency is, of
course, not limited to New York, but takes place throughout the country,
and probably amounts, for the country as a whole, to a net payment into
circulation of about $50,000,000 in the second half of the week, and the
return from circulation of about the same amount in the first half of the
week. Some of the banks in other districts instead of borrowing from
their local Reserve Bank in order to take care of the week-end demand for
currency, draw on their New York balances, and thus the New York market is affected not only by local currency movements but by currency
movements throughout the country.
The weekly withdrawal of currency is not the only important regular
currency movement. There are also withdrawals preceding and deposits
following every holiday, and the semi-monthly payroll dates. Certain
of these movements are from time to time obscured by changes in business
or by the particular day of the week on which the semi-monthly payroll
dates happen to fall, and other changing circumstances. So it is not possible to trace with exactness the influence of all the forces.
The general nature of some of these currency movements in the New
York District is shown in the accompanying table, which gives the daily
net receipts or payments of currency at the Federal Reserve Bank of New
York for the second and third quarters of 1926:
DAILY NET CURRENCY MOVEMENT IN NEW YORK CITY TO OR FROM
THE FEDERAL RESERVE BANK OF NEW YORK.
(+ Indicates deposits in Reserve Bank, and - withdrawals from Reserve Bank.)
(In millions of dollars.)
Thurs.
Fri.
Tues.
Wed.
Week Beginning- Mon.
+11.7
+6.7
-2.5
-4.5
April 5
+5.4
-8.0
12
-8.7
+3.3
+3.0
+7.7
-7.0
-5.2
-1.0
19
+2.6
+4.1
+8.3
-13.7
26
+3.5
-10.8
+1.5
+5.9
-0.3
-5.5
May 3
+6.5
-5.7
+0.1
+8.1
-2.2
-9.1
-9.7
10
+9.3
+3.9
+3.5
-0.0
17
+0.8
-6.8
-7.2
+7.8
+5.8
-4.0
24
-13.5
-12.4
+2.6
+6.3
+2.9
+0.4
Hol.
+7.2
-5.4
31
+0.7
+9.8
+5.0
-5.5
-7.1
-1.3
+6.1
June 7
-0.3
+3.0
-6.8
-1.6
mg 14
+3.7
-1.2
+4.1
-7.5
NM 21
+3.2
+7.7
-1.2
-14.8
-14.0
+1.6
!NC 28
+1.0
Hol.
+12.8
-0.8
+4.5
July 5
-2.1
+10.0
+3.6
-7.8
12
+4.0
-7.5
--7.2
--1.2
1 19
+0.8
+6.7
+4.3
+1.1
--9.6
--3.8
+6.5
+0.8
-10.5
26
-0.3
-8.7
---7.2
-4.6
+5.5
+3.2
Aug. 2
+2.2
-9.8
--9.3
+7.2
+3.1
-0.6
-0.7
+4.6
+3.2
-8.8
11 lg
+2.3
+3.4
-1.3
23
LISTINGS ON NEW YORK STOCK EXCHANGE
+7.0
-11.1
-1.8
+3.9
30
STOCKS.
Hol.
+7.9
-6.0
+0.6
Sept. 6
+0.8
Market Value.
Shares.
Issues.
-8.3
-6.3
+3.2
+8.4
+2.2
491,615,837
$34,489,227,125
1,043
January 1 1926
-0.3
Fri 2g
+1.5
+7.5
+4.4
-6.2
-6.0
38,376,162.138
585,641,222
1,081
January 1 1927
Fol 27
-8.5
+5.6
-0.9
-13.5
-11.4
$3,886,935,013
94,025,385
38
Increase
Average
+1.2
+6.2
-7.8
-1.4
+4.2
-8.2
BONDS.
It will be noticed that the weekly movement is exceedingly regular. The
Values
At Market.
first three days of the week regularly bring an inflow of currency and
Issues.
At Par.
$35,509,211,458 the last three days an outflow. The extra demand for currency which
$36,995,089,533
1,367
January 1 1926
37,167,607,468
37,900,053,650
1,420
January 1 1927
accompanies holidays is also shown and a careful reading of the table will
$1,658,396,010 reveal the effect of the semi-monthly payrolls. Larger withdrawals than
$904,964,117
53
Increase
receipts shown by the averages are due to the fact that the period covered
Bank Investments.-The changes in the investment holdings of New York was one when currency in circulation was increasing, due partly to seaCity banks and of reporting member banks in all principal centres are sonal causes.
shown in the following diagram.
It is generally recognized that there is a regular tendency for money
They indicate that, as the demand for funds for commercial uses has rates to be firmer at the beginning and end of the month than at the
banks
in
of
the
holdings
investment
to
increase
during
the
year,
the
tended
middle of the month. These recent studies appear to indicate that curall centres have had but little net increase, and the investment of banks rency requirements may be as great a factor in this monthly movement as
In New York City, which felt most directly the demands for additional dividend payments, payments of first of the month accounts, or other transcredit, have had no growth.
actions of that sort, which involve bank credit rather than currency. The
Movement of Reserve Funds.-Back of the changes in the use of credit effect on bank reserves of a payment of currency is ten times as great, on
shows
analysis
the
above,
described
market
during
money
1926,
In the
the average, as a corresponding increase or decrease in the demand deposits
certain underlying forces which have been at work. The amount of funds of banks, because the withdrawal of 100 dollars of currency reduces reserves
which the banks are prepared to lend or invest depends in the last analysis 100 dollars, whereas an increase of 100 dollars in demand deposits only
upon the condition of their reserves. For the banks as a whole, the con- involves on the rough average, an increase of about 10 dollars in bank
dition of reserves in turn depends upon four principal factors: (1) inter- reserves.
national gold movements, (2) domestic currency requirements, (3) changes
The effects of the different currency movements which we have been
In reserve requirements arising from increases or decreases in deposits, describing may be traced in diagrams on pages 16-17. It will be noted
and (4) changes in the volume of Reserve Bank credit in use arising either from these diagrams that bank borrowings tend to be higher at the close
from borrowings of member banks or from open-market operations of the of the week than at the beginning of the week. This is due in part to the
Reserve banks. There are a number of other minor factors which influence larger requirements for currency at the close of the week and is also due
reserve funds, but in the main these are the principal influences. If the In part to the adjustment of bank reserves at the end of the week. The
reserves of the banks generally are being diminished through gold exports heavier borrowings and higher call rates at the end of each month, together
or withdrawals of currency the banks ordinarily do not finance an increase, with effects of holiday currency withdrawals are also clearly indicated on
or even maintain the same amount of credit, without a rise in interest the diagrams.
rates; and, conversely, if bank reserves are being supplemented by gold
Quarterly Tax Periods.-On the fifteenth day of March, June, September
Imports or return of currency from circulation, the banks find themselves and December, the diagrams show the effects of the quarterly Treasury
In a position to make further credit advances without a rise in interest financing. The typical operations at these periods and the effects on the
rates.
money market were so fully described in the 1924 annual report of this
A little more than two years ago a series of studies was inaugurated by bank that the description is not repeated here. The comment may perhaps
more
analyzing
of
purpose
the
for
York
New
the Federal Reserve Bank of
large
practically be made, however, that the procedure in connection with these very
closely the day to day influences affecting bank reserves. Since
movements of funds at tax periods has now been so regularized that very
times
considerable
those
large
at
without
shifts
place
any
1926
a
of funds take
for November
a There was also published In the Federal Reserve Bulletinby
the New York City effect upon the market, as is indicated by the comparatively steady level
series of figures for loans to brokers which had been reported
banks to the Federal Reserve Bank of New York,from the fall of 1917 through Jan- of call money rates during these periods.
uary 1926.
Cuban Currency Demand.-In tracing the movement of bank reserves, of
b The Index has been adjusted to a new scale to facilitate the comparison.
borrowing, and of money rates during the year certain unusual occurrences
c The computation Is not precise because the two sets of loan figures do not cover leave their mark upon the figures. A brief but interesting movement of
'-lastly the same lenders.
MAY
7 1927.]
TH 141 CHRONICLE
2695
of sales to the
The sale of securities in August took the form in part
chart shows that at
by
this sort occurred in the second week of April. The
which in turn restored its balance at the Reserve banks
Treasury,
reduced
rapidly
were
banks
City
York
New
The payment for the securities.
that time the reserves of the
call rates, calling funds from all depository banks.
in
increase
sharp
a
followed
there
and
00,
directly
than
rather
$50,000,0
more than
banks in all districts
These changes were thus in effect was drawn from
and an increase in borrowing at the Reserve Bank.
is the case when securities are sold in the
April 10 and 12 certain from banks in New York City as
due to a sudden demand for currency in Cuba. On
was to offset gold imports being received
effect
market. The
York
New
of
the
account
and
account
own
their
for
member bank indebtedness at the
of the New York City banks,
to Cuba at that time, to increase somewhat
Canadian banks having branches in Cuba, transferred currency
to the effectiveness of the rate
drawing upon Reserve banks, and thus to add something
their
involved
This
banks.
Reserve
Federal
the
through
York.
New
in
increase
The
Cuba.
in
their reserves at the New York Bank and receiving currency
Foreign Relations.
to about
in Euroamount of such transfers on these two dates alone amounted in Diayear 1926 has been on the whole a year of improvement
The
period
for
that
shown
changes
the
for
return to
$40,000,000 and accounts
pean monetary matters and there has been progress toward the
disturbances which
gram lib.
bank reserve more stable conditions. Notwithstanding serious labor its monetary postGold Movements.—A more important influence upon the
Great Britain maintained
trade,
export
reduced
In
.
greatly
movement
gold
of
position was a reversal in 1926 of the direction
than in the preceding
gold. In 1926 there tion with less loss of gold and a firmer exchange
to
1925 there had been net exports of $134,000,000 of
in year, and particularly towards the end of the year money rates tended
heavy
ly
particular
were
Imports
000.
$100,000,
nearly
of
were imports
borrowing be easier.
two
past
the first three months of the year and were a factor in reduced
the
In other European money markets the gradual return over
by the
at the Reserve Bank and easier money in March and April.
shown in years to a more nearly normal situation is perhaps best indicated
The country's imports and exports of gold during the year are
of central bank rates, which is shown in the following diagram.
movement
directly
reflected
Canada
from
and
to
movement
The
table.
place in
the following
Available figures indicate that the reduction which has taken
were of
fluctuations in the exchanges, but most of the other movements
reduction in
and this period in open market money rates is as great as the
European
special character and bore only an indirect relation to the exchanges
important
the
of
and abroad. As ele- discount rates of banks of issue. In a number
distinctly low and,
the relative position of money rates in this country
1925 and 1926 money centres rates for short term money are now
ments in the reversal of direction of gold movement between
for
the domestic purchase of
available
readily
more
The first is that in funds are also much
mind.
in
he
borne
well
may
facts
important
of liquid capital
three
nearly $60,000,000 security issues. The evidence is that the acute shortage
1925 India had imported about $200,000,000, of which
not many months ago hay
imported somewhat less which existed in certain European countries
came from the United States; whereas in 1926 she
States being negligible. The now passed.
of this important change
than $100,000,000, shipments from the United
to about $150,000,It is still too early to discover what the effects
lessening of the
second is that although German gold imports amounted
from will be upon our money market. One would expect some
came
one-half
about
year
former
the
in
1928,
and
1925
000 in both
But the factors in the situation
one-third, a correspondingly pull from abroad upon American funds.
about
latter
in
the
and
States
United
the
to the position of the ex- are many and complex.
a long period of careful
heavier demand falling on London, where, owing
Stabilization of the Belgian Currency.—After
than in New York. The
nt became effecchanges, gold could be purchased more cheaply
from preparation the stabilization plan of the Belgian Governme
00
$25,000,0
over
imported
1925
in
which
Australia,
that
fixed by decree at a gold value,
third fact is
00 to the United States. tive on Oct. 25. The value of the franc was
$50,000,0
over
exported
in
1926
States,
a new unit of
purposes
United
nal
the
amounting to about 2.781 cents. For internatio
paper francs, with a
GOLD MOVEMENTS DURING 1926.
was created, the belga, equivalent to five
account
Exports to
Imports from
grams of fine gold or about 13.904 cents.
$42,000,000 fixed value of 0.209211
382.000,000
offered by the Belgian GovCanada
An international loan of $100,000,000 was
51,000.000
States,
Australia
48.000,000 ernment in England, Holland, Sweden, Switzerland, and the United
Germany
6,000,000 one-half of the total being offered in the United States. The proceeds of
24.000,000
Mexico
21,000,000
nt to the National Bank of
Chile
this loan were turned over by the Governme indebtedness to the Bank,
14,000,000
Japan
be applied in reducing the State's
to
20,000,000
Belgium
21,000,000
Other countries
n to the same end of the
which was further diminished by the applicatio existing reserves, hitherto
8116,000.000
Bank's
the
of
8213.000.000
n
revaluatio
the
from
arising
Total
profits
was a ten- carried at their pre-war value.
Easier Money in Autumn.—After the middle of October there
on of the Belgian currency, theReserve
As a part of the plans for the stabilizati
dency towards easier money rates and reduced borrowing at the
reflected a Federal Reserve Bank of New York, in association with other Federal
Bank. While this easing was partly seasonal in nature, it also
reduction Reserve banks, indicated its readiness to co-operate with tie Belgian bank
lessened demand for credit from the security markets and some
lessened of issue, the Banque Nationale de Belgique, by participating with other
a
only
not
was
There
payrolls.
for
In currency requirements
le banks of issue in credit arrangements under which the Federal Reserve
considerab
were
there
but
City,
York
New
in
demand
currency
credit and
In the sta- Bank of New York agreed, if desired, to purchase up to a total amount
transfers of funds to New York from other parts of the country.
place is per- of $10,000,000 of prime commercial bills from the Banque Nationale de
tistics of the Federal Reserve System the change which took
acted in
representing the Belgique. In these arrangements the Federal Reserve System
haps best shown in total holdings of bills and securities,
banks of Austria, England, France, Germany,
nine
central
first
the
the
During
with
ion
use.
in
collaborat
credit
Reserve
total amount of Federal
running about Elolland, Hungary, Japan and Sweden.
months of the year these total bills and securities had been
Bank cm behalf of all the Federal
October and NovemThe credit arrangement made by this
new
60 to 100 million dollars larger than in 1925, but in
the balance of Reserve banks with the National Bank of Belgium was the principal
ber they dipped under the 1925 line and stayed there for
banks of issue. A loan on gold
foreign
with
relations
New
the
by
the
and
System
in
the
nt
by
developme
the year. The total bills and securities held
Poland was entirely repaid during the
which had been made to the Bank of
York bank are shown in Diagram 12.
on the usual correspondent relationyear. This Bank continued to carry
which consisted principally of the mainDiscount and Open Market Policy.
ships with foreign banks of issue,
of the Federal tenance of balances here, the investment of funds in Government securities
There were three changes in 1926 in the discount rate
earmarking of gold.
follows:
as
or bankers' acceptances, and the
Reserve Bank of New York,
in 1926.
4%.
to
Changes
2
/
31
from
e
Bank
January 8—Increas
in the district are worthy of
2%.
/
23—Decrease from 4 to 31
April
Two tendencies in banking organization
new banks and second, a tendency
of
2 to 4%.
1
number
the
in
August 13—Increase from 3/
increase
an
note; first,
and trade toward bank consolidations.
The increase in January occurred at a time when production
banks in the district are shown
rates and
The changes in the number and kind of
were very active. It followed an increase in open market money
ly credit in the following table. Notwithstanding the consolidations which have
a considerable general increase in the volume of credit, particular
16 in the number of national
taken place, there has been an increase of
employed in the security markets,
in the State banks and trust
37
in
of
hesitation
increase
some
an
was
and
there
when
district
occurred
the
April
in
in
banks
The rate decrease
in companies of which 17 were additions to member banks and 20 to nonbusiness and apprehension as to the future. It followed some reduction
use member banks.
open market money rates and some decline in the volume of credit in
BANKS IN SECOND
.
NON-MEMBER
in the Second District.
NUMBER OF MEMBER ANDDISTRIC
T AT END OF YEAR.
The increase in August occurred when business was very active. It folFEDERAL RESERVE
nur
lowed an increase in open market money rates and in the volume of FedIIIIIIDecember 31 1926i'
December 311925.
eral Reserve credit in use.
ready
stood
the
bank
at
which
s
The buying rates for bankers' acceptance
Per Cad
NonPer Cent
NonType of Bank.
Members.
to purchase prime bankers' acceptances from member banks and dealers
Members. Members. Members. Members. Members.
buying
The
market
rates.
open
prevailing
the
closely
to
follow
continued
100°
750
100
734
rates in force at different times, during the year were as follows:
National banks._
20,1,
232
57
19
235
55
State banks._
3'7
179
106
37
156
91
16-30 31-45 48-60 61-90 91-120 121-150 151-180 Trust companies_
1-15
yl, Date of
69
Days.
Days.
Days.
Days.
Days.
411
Days.
Days.
913
Days.
89
391
PP Change.
880
Total
3%
334
334
331
334
334
334
*Jan. 1 1928_ 33(
*Exclusive of savings banks.
4
4
834
334
334
334
banks de334
Jan. 8 1928_ 334
334
4
In the country as a whole the total number of commercial
334
4
334
334
334
Apr. 27 1928. 314
reduction of
4
4
314
334
334
334
334
five years from about 29,000 to about 26,500, or a
in
clined
May 20 1926_ 334
ag
been no such
334
33
334
334
334
334
May 21 1926_ 334
about 9%, largely due to failures and mergers. There has
4
4
334
334
the
334
314
334
334
Aug. 16 1926.
because there have been few bank failures, but
district
this
in
change
4
4
354
354
354
334
1926.
334
334
Aug.23
recent years
A
stu
au
au
.
au
au
growth in number of banks had been comparatively slow in
Sent. I 1926_ au
until recent months, when growth has been more rapid.
*In effect on.
SECOND DISTRICT
Open market operations, which consist—as far as they reflect policy-- CHANGES IN FEDERAL RESERVE MEMBERSHIP IN
DURING 1926.
of purchases and sales of Government securities, are handled as a System
880
membership beginning of year
matter by an Open Market Investment Committee composed of the Gov- Total
Active—
33
the
with
acting
of
the
Fedapproval
banks,
Reserve
of
the
five
of
ernors
Increases—National banks organized
eral Reserve Board and the boards of directors of all twelve Reserve
Conversion of non-member banks
16
of
sale
50
the
millions of GovernAdmission of State banks
banks. Operations in 1926 consisted of
82
in
and
the
January
February,
purchase
of
ment securities in the latter part
Total Increases
7
of 6.5 millions in the early part of April, and the sale of 75 millions be- Decreases—Conversion of national banks to non-member
0
Withdrawal of State banks
tween the 11th of August and the 13th of September.
7
The sale in the latter part of January was the sequel to a temporary
Total decreases
45
purchase of 50 millions of securities in December. The effect of the whole Net active Increases
tendency
in
tight
towards
money
the
somewhat
operation was to offset
Passite—
12
banks combined with other members
0
the last week of December and conversely to offset somewhat the tendency Decreases—Member
Insolvencies
towards very easy money as currency returned from circulation in January.
12
to
the rate increase of the
The January sale, moreover, added effectiveness
Net passive decreases
33
Net final Increase
913
New York Bank.
year
of
end
p
membershi
Total
occurring
with
ously
April,
in
simultane
The purchase of securities
System in this district
In 1926 the membership of the Federal Reserve in
transfers from the interior, and following gold imports, enabled member
the number of banks
highest point, due partly to an increase
banks in New York City to liquidate temporarily much of their indebtedness reached its
s toward membership.
and partly to a movement among State institution
at the Reserve Bank, and preceded the decrease in rate.
2696
THE CHRONICLE
The changes in membership are set forth in
detail in the foregoing table.
The changes are divided into two types—ac
tive changes which reflect the
choice of banks as to membership, and
passive changes which result from
mergers, liquidations, etc.
It will be notad from the foregoin
g table that there have been 12
mergers or consolidations of member
banks in the district, most of which
have occurred in New York City and
other large centres. There have also
been a number of cases of member
banks absorbing non-member banks.
Two important consequences to the
general banking situation result from
the tendency toward bank mergers
during the past generation. One consequence is the greater concentra
tion of banking resources, and the second
is
an increase in branch banking within
city limits. The greater concentration of banking resources is perhaps
most vividly illustrated in the case of
New York Cty. Certain of the
principal facts are set forth in the following table, which gives the situation
at intervals since 1889.
CHANGES IN NUMBER AND
RESOURCES OF COMMERCIAL BANKS IN
NEW YORK CITY SINCE 1889..
No.
of
Banks.
1889
1900
1014
1920
1926
Total
Resources
All Banks.
Resources
10 Largest
Banks.
P.C. of Average
Average
10Lar. Resources Resources 10
to total All Banks. Largest Bks.
142
152
129
123
143
[voL. 124.
Reports of Operation.
As complete statistics of the
operations of each Reserve bank are
published in the annual report of
the Federal Reserce Board, detailed
figures
of the operations of this Bank
are omitted from this report, with
the exception of the following pages showing
the statement of condition at the
beginning and end of the year, the
income and disbursements during the
year,
and a table showing the volume
of operations in principal departme
nts,
including the Buffalo branch.
STATEMENT OF CONDITION.
Resources,
Cash Reserves held by this bank against
its
deposits and note circulation:
Gold held by the Federal Reserve Agent
as
part of the collateral deposited by the bank
when it obtains Federal Reserve notes.
This gold is lodged partly in the vaults of
the bunk and partly with the Treasurer of
the United States
Gold redemption fund in the hands of the
Treasurer of the United States to be used
to redeem such Federal Reserve notes as
are presented to the Treasury for redemption
Gold and gold certificates in vault
Gold in the gold settlement fund lodged with
the Treasurer of the United States for the
purpose of settling current transactions
between Federal Reserve districts
Legal tender notes, silver, and silver certificates in the vaults of the bank (available
as reserve only against deposits)
Dec. 311920.
Dec. 311925.
3282.987,466.39
$329,906,016.59
81,028,000,000 3343,000,000 33 917,000.000 834,000,0
00
2,111,000.000 766,000,000 36 14,000,000 77,000,00
0
3,911,000,000 1,850,000,000 47 30,000,000 185,000,000
15,197,976.79
13,516,129.74
8,441,000,000 4,530,000,000 54 69,000,000 453,000,000
439,891,808.03
331,225,694.40
10.370.000 000 5.005 OM non 59 73.000.000 610.000.
000
•Exclusive of savings banks.
The number of banks operatin
223.474,611.35
254,226,803.87
g in Greater New York has shown practically no net 'change during the
entire 37 years. There were 142 banks
operating in 1889 and there
are now 143, and the distribution of these
22,523,994.00
27,256,282.00
banks between national banks,
State banks, and trust companies is approxiTotal cash reserves
mately the same as it was a generati
3984,075,856.76 $956,220,926.60
on ago. Thus the mergers in this
Non-reserve cash consisting largely of
period have not actually diminish
national bank notes, and minor coin
ed the number of banks in operation.
$15,893,779.00
$16,966,978.42
Loans and Investments—
There have been new banks organized rapidly
enough to offset mergers, Loans to member
banks:
but not rapidly enough to keep pace with
the growth of population, so that
On the security of obligations of the United
each bank now serves a larger population.
States
$146,539,450.00 $197,709,000.00
. The greater concentration of banking
By the discount of commercial or agricultural
resources is illustrated by the
paper or acceptances
figures for the total resources of the
37,935,764.92
35,234,620.12
10 largest banks in the city. These Acceptances bought
in the open market
101,443,211.79
resources amounted to $343,000,000 in 1889
42,019,937.59
and $6,098,000,000 in 1926, United States Government bonds, notes and
and showed a much more rapid growth
certificates of indebtedness
than the resources of all banks.
58,863,750.00
57,109,050.00
Foreign loans on gold
In fact, in 1889 the resources of the 10 largest
banks amounted to 33% of
2,106.000.00
the total commercial banking resources
of the city, whereas on June 30 1926
Total loans and investments
$344,782,176.71 $334,268,607.71
they amounted to 59%. This tendency
Miscellaneous Resources—
toward the greater concentration of
banking power is in keeping with
the experience of the older European Bank Premises
$16,276,254.61
316,617,060.69
Checks and other Items in process of collection_
countries.
188,-150,357.86
170,992,612.34
All other miscellaneous resources
Somewhat similar changes have taken
1,788,471.18
4,162,451.27
place in other large cities of the
district as shown in the following
Total miscellaneous resources
table for the years 1889 and 1926:
3206,515,083.65 $191,772,124.30
RAM
CHANGES IN NUMBER AND
Total resources
RESOURCES OF COMMERCIAL BANKS IN
•
$1,551,266,896.12 $1,499,228,637.03
FOUR CITIES SINCE 1889..
Number
of
Banks.
Dec. 311026.
Resources Resources
Per Cent
All Banks 3 Largest
3 Largest
(inmillions) (inmillions) to All
1869 1926 1889 1926 1889. 1926 1889. 1926.
Albany
Buffalo
Rochester
Newark
10
13
9
11
5
7
8
OR
920 3143
31 461
16 245
19 Rar.
311 5134
13 408
8 139
A 15A
55
42
50
42
94
89
57
49
*Exclusive of savings banks.
This concentration of resources
has been accompanied by a growth in
the number of branches and
banking offices, in addition to the parent
banks. The growth in the number
of banks in the district having additional
offices of any kind and the number
of such offices is given approximately
for the past 39 years in the followin
g table compiled from replies to questionnaires sent to all banks in the
district having branches. The method
used in arriving at the figures was
to classify by year of establishment the
branches in operation as of June
30 1926 and accumulate the figures from
year to year. This method does
not take into account the branches that
were discontinued prior to June 30
1926.
NUMBER OF BANKS WITII BRANCH
ES AND NUMBER OF BRANCIIES
IN OPERATION IN SECOND FEDERA
L RESERVE DISTRICT ON
JUNE 30, EACH YEAR.
(Branches discontinued prior to June
30 1926 not included.)
Year.
New York
City.
Buffalo.
All Other in
in New York
State.
New Jersey
Total All
in Second Cites in SecFederal
sad Federal
Reserve
Reserve
District.
District.
•
1
1
2
2
2
2
2
2
2
2
3
3
3
4
4
4
4
4
5
6
6
7
7
8
9
Total notes in circulation
Deposits—
Reserve deposits maintained by member banks
as legal reserves against the deposits of their
customers
United States Government deposits carried at
the Reserve Bank for current requirements
of the Treasury
Other deposits including foreign deposits, deposits of non-member banks, &c
Total miscellaneous liabilities
Capital and surplus—
Capital paid in, equal to 3% of the capital and
surplus of member banks
Surplus—That portion of accumulated net
earnings which the bank is legally required
to retain
Dec. 31 1925.
$416.874,122.50
$393,036,812.50
$416,874,122.50
$393,036,812.50
3835,959.724.96
$847,248,550.07
498,341.80
3,183,106.57
34,844,167.75
11,282,630.44
$871,302,23451
$861,714,242.05
$162,884,891.11
2,142.447.02
$150,262,580.52
1,856,109 53
$165,027,339.03
$152,118,690.05
$36,449,250.00
832,394,500.00
Total deposits
Miscellaneous liabilities—
Deferred items, composed mostly of uncollected checks on banks in all parts of the
country. Such items are credited as deposits after the average time needed to collect
them elapses, ranging from 1 to 8 days
All other miscellaneous liabilities
Total capital and surplus
61,613,950.08
59,964,392.40
$08,063,200.08
$92.358,892.40
Total liabilities
51,551,266,896.12 $1,499,228.637,03
Volume of Operations.—The following
table indicates that the volume of
operations in the principal departme
nts of the bank has generally continued to increase during the year:
Number of Pieces Handled.
:
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for
own account
Currency received and counted_ _ _
Coln received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other
United States securities—issues,
redemptions, and exchanges by
fiscal agency department
Transfer of funds
.........
1
___
1 i
1
--___
1
1
1
2
2
1
2
2
1
2
2
1
-- ___
22
1
2
2
1
___
2
2
1 ------------2
2
1
___
3
3
6 ------------3
9
3
3'
20 ------------3
30 ------------3
3
44
___
1
1
3
3
50 .._ _
___
1
1
3
3
57 ___
1
1
3
3
73 ___
1
1
3
3
82 ___
1
1
3
3
86
___
1
1
3
3
91
___
2
2
3
3
94
___
___
2
2
3
3
98
___
2
2
3
3
___
105
2
2
3
3
115 __
2
2
4
4
123 _ _
__
2
2
7
9
130 ___
2
2
11
16
136
1
2
2
2
11
16
145
1
5
2
2
11
16
152
1
5
2
2
11
16
158
2
11
4
4
11
16
173
20
2
7
7
11
16
192
9
28
11
4
11
16
32
212
5
9
12
11
17
242
47
13
5
18
11
17
49
15
274
5
22
11
17
17
315
53
25
5
11
17
S
59
IA
an
II
17
*Exclusive of savings banks.
.......
1888
1
1889
1
1890
1
1891
1
18921
1893
1
1894
1
1895
1
1896
1
1897
1
1898
1
1899
3
1900
3
1901
6
1902
8
1903
14
1904
16
1905
16
1906
19
1907
20
1908
20
21
1909
1910
23
1911
24
1912
26
27
1913
1914
27
1915
29
1916
29
1917
30
30
1018
31
1919
33
1920
1921
36
38
1922
42
1923
46.
1924
53
1925
.........
Banks No. Banks No. Banks No, Banks No.
Banks No.
with
of
with
of
with
of
with
of
of
Bra's Bra's. Bra's Bra's Bra's Bra's. Bra's. Bra's. with
Bra's. Bra's.
Notes in circulation—
Federal Reserve notes in actual circulation,
payable on demand. These notes are secured in full by gold and discounted and purchased paper
1926.
1925.
1924.
16,249
35,660
15,528
36,272
12,452
39,622
76,466
605,280,000
1,129,027,000
155,488,000
63,037
554,123,000
081,654,000
143,175,
61,453
512,097,000
917,181.000
136,853,000
10,783,000
2,064,000
12,156,00
2.040,000
14,055,000
2,429.000
1,572,000
329,000
2,048,000
4,009,000
294,000
293,000
Amounts Handled
Bills discounted
$17,242,348,000 317,067,799,000 37,030,84
2,000
Bills purchased in open market for
own account
1,437,565,000
Currency received and counted.... 3,925,170.000 1,160,605,000 1,077,399,000
3,539,722,000 3,177,027,000
Coin received and counted
380.569,000
268,129,000
114,281,000
Checks handled
93,068,875.000 88,241,217,000 68,678,871,000
Collection items handled:
United States Government coupons paid
296,577.000
311,647,000
332,369,000
All other
2,065,742,000 2,085,032,000 1,873,743,000
United States securities—Issues,
redemptions, and exchanges by
fiscal agency department
2,635,722,000 2,960,523.000 3,526,342,000
Transfers of funds
44.392,474,000 38,821.282.000 35.182.641.000
Income and Diebursements.—The following table
shows the income and
disbursements for the years 1926 and 1925. Total
earnings in 1926 were
THE CHRONICLE
MAY 7 1927.]
partly to the higher rate of disnearly $400,000 larger than in 1925, due
during most of the year. Expenses
count and higher bill rates prevailing
slightly smaller than the preceding
of current bank operations again were
in the volume of operations of
year, notwithstanding a continued increase
sufficient to pay the 6% divithe bank. The net income for the year was
Federal Reserve Act, and to add
dend on capital stock provided by the
be increased by all
$1,649,500 to the surplus, which under the law must
to the total subscribed capital
net income after dividends until it is equal
the bank is now
of
stock
stock of the bank. The total subscribed capital
and the surplus
$72,898,500, the total paid in capital stock $36,449,250,
The capital increases each year
after this year's payment $61,613,950.08.
since member banks are
as the bank resources of the district increase,
stock equal to 6%
required to subscribe to an amount of Federal Reserve
one-half of the amount
in
pay
of their own capital and surplus, and to
subscribed.
1926.
1925.
2697
Mixed Commission comprised experts of various sections of the League Secretariat, and it is said their discussions were less political than those
engaged in by Governmental representatives.
The American document opposes accords between gas manufacturers as a
means of limiting the output of poison gases.
It opposes the proposal to make training for gas warfare criminal.
It opposes the use of budgets as a criterion for comparing armaments.
It opposes the principle of a scale of armaments based on consideration
of various factors such as population, communications, character of railroads, etc.
It opposes the conclusions of the Commission regarding the material resources of a country on a war footing, saying the list of raw materials
indicated as essential to waging war is incomplete.
Finally, it opposes the Commisson's conclusions on the question of regional agreements, declaring the belief that such agreements are practical,
regardless of whether the regions in question might be economically selfcontained.
"While the observations of the economic experts are perhaps of intermit,"
It says, "the practicability of regional agreements will be determined eventually by political conditions and the decisions of Governments as to
whether they wish to adopt a policy which promises immediate limitations
of land and air armaments."
The Mixed Commission took the attitude that regional agreements were
impracticable if a region embraced in the agreement was not economically
self-sufficient.
These questions, while comprising the agenda of the Mixed Commission,
must also be looked upon as the main points in dispute in the disarms;
ment question as a whole—naval problems aside.
France, as head of the Opposition, most probably will have to back up
when the Commission meets next Monday (March 21) because of the
American moves on the naval subject, and an uncompromising fight which
which
can only end in a harmless disarmament convention is the only thing
can be looked forward to to-night.
Earninos—
From loans to member banks and paper discounted $5,836,835.57 $5,188,505.53
for them
2,001,668.33 1,469,858.04
From acceptances owned
2,379,546.18 2,984,698.11
From United States Government obligations owned.
574,111.86
382,917.47
Other earnings
810,600,967.55 $10,217,173.53
Total earnings
Additions to Earnings—
For sundry additions to earnings, Including income
$174,366.14
from Annex Building
Deductions from Earninis—
figures include
For current bank operation. (These
most of the expenses incurred as fiscal agent of $5,991,459.59 $8,006,571.11
the United States)
mainly the cost of
For Federal Reserve Currency,
printing new notes to replace worn notes in circulation, and to maintain supplies unissued and
318,630.63
429,981.88
on hand, and the cost of redemption
For depreciation, self-insurance, and other re788,673.37
604,143.98
The following is the text of the memorandum of the
serves. ese
States as published in the "Times":
87,113,875.11
United
$7,025,585.45
earnings
from
Total deductions
merely the
additions to
The report of the Joint Commission represents, of course,
Net income available for dividends,
States
the
reduction and
United
to
payment
and
surplus,
views of a group of individuals as to the economic effect of
$3,103,298.42
$3,749,748.24
certain
Govornment
limitation of armaments, and conversely as to the influence of
Distribution of Net Income—
the problem of reduction and limita/it dividends paid to member banks, at the rate of 82,100,190.56 $1,888,195.73 economic and financial factors upon
are
Commission
6% on paid-in capital
tion of armaments. The views of individuals on the Joint
by
In additions to surplus—The bank is required
a considerable amount of labor. However, the
represent
and
interesting,
payafter
earnings,
net
law to accumulate out of
and, indeed,
applicability of conclusions reached by the Joint Commission,
ment of dividends, a surplus amounting to 100%
suggested
the appropriateness of taking into account the economic factors
. of the subscribed capital; and after such surplus
year
of reduceach
has been accumulated to pay into surplus
by the Joint Commission in approaching the concrete problem
consideration
10% of the net income remaining after paying
the
for
solely
of armament are matters
limitation
1,215,102.69
and
1,649,557.68
tion
dividends
Disarmament conand decision, first, by the Preparatory Commission for
Any netIncome reamining after paying dividends
thereon.
and making additions to surplus (as above) is paid
ference, and, second, by the Governments represented
franchise
a
as
e of the
to the United States Government
The American Government has noted that the sub-committe
tax. No balance remained for such payments In
Governments
Preparatory Commission has been careful to reserve for all
1926 or 1925.
observaany
make
to
right
the
represented on the Preparatory Commission
$3,749,748.241 $3,103,298.42
or orally, in the
Total net Income distributed
tions they may think fit, either in writing documents
of the Preparatory Comcourse of discussions at the forthcoming meeting
mission.
the
following remarks relaThe American Government desires to make
United States Government's Views on Report of
considered in the report of the Joint Commission, reserving
subjects
to
tive
League Commission Concerning International
the Preparatory Commission.
the right to amplify those remarks before
Supervision of Agreements Limiting
Supervision is Opposed—Section 1.
Armaments.
report contemplates supervision
This section of the Joint Commission's
national industries, and international
Any proposal partaking of the nature of international or regulation of certain essentialindustries
looking to the divulgence of
among such national
supervision of the administration of agreements limiting agreements
of manufactures. There is also
certain information, and the rationing
armaments is viewed unfavorably by the United States, contemplated a system for the collection and publication of statistics of
according to a memorandum received from Washington by manufactures.
stated by the AmeriAmerican Government, as has been repeatedly
any proposal partaking
the League of Nations at Geneva on March 17. The memo- canThe
delegation at Geneva, does not view favorably
on of agreeadministrati
the
toward
of
randum embodies the attitude of the United States
of the nature of international supervision
believes the surest foundation upon which
the proposals contained in a report of the League's Joint ments limiting armaments. It
and respect
such agreements is that of international good faith
Commission on Armament, the presentation of the views of to construct
the element of supervision and
for treaties. It believes the introduction of
s
disadvantage
the
this Government having been made in response to a request control is calculated to engender suspicion and ill-will,
derived from such superfrom the League Secretariat for an expression of view re- whereof would far outweigh any advantages to be
control.
national
garding the report. The report of the Committee was re- vision orregard
to the specific suggestion of agreements between
With
ceived from the League for comment in December with the industries, it may be pointed out that in the United States at least there
agreeinternational
to an
request that a reply be made within a brief time. The State might be grave legal and constitutional objections
to compel American industries to enter into
was
which
of
effect
the
ment
Department announced at the time that It could not comply
argeements with the industries of other countries.
of many countries,
within the time period but would submit its views as soon
It may be further pointed out that it is the practice
covering the
as possible. All nations were asked similarly to express including the United States, to publish periodically statistics
industries.
various
of
production
their views on the Committee report, and these expressions
Minority Views Stressed—Section 2.
are understood to form a part of the documentary exhibits
Joint Commission's report may be divided into two
the
of
creation
Ths
with which the Preparatory Commission on Arms Limitaparts:
convention at Geneva also is dealing.
First, the advisability of the insertion in a general disarmament Interof the
In indicating its views with regard to agreements limiting tion of provisions similar to those contained in the statute
upon
insisting
national Labor Office. Second, the effect economically of
of
armaments, the United States says:
. convention regarding prohibition of certain forms
provisions in the
It believes the surest foundation upon which to construct such agreements warfare.
limiting
is that of international good faith and respect for • treaties. It believes
As regards the insertion of such provisions in a convention
that the introduction of the element of supervision and control is calculated armaments, it is noted that the Joint Commission recommends a comprehenComthe
s
and
ill-will,
by
engender
suspicion
disadvantage
whereof
far
would
complaints
to
sive plan of procedure, providing for investigation and
Commission
outweigh any advantages to be derived from such supervision or control.
mission experts, and action upon the recommendation of that
With regard to the specific suggestion of agreements between national by the Council of the League of Nations. Quite aside from the fact that
Nations, and that
industries, it may be pointed out that in the United States at least there
the United States is not a member, of the League of
might be grave legal and constitutional objections to an international consequently proposals for investigation and action would necessarily not
particular attention
agreement the effect of which was to compel American industries to enter
concern it, the American Government desires to call
Geneva joined with
into agreements with the industries of other countries.
declaration in which the American delegation at
the
to
It May be further pointed out that it is the practice of many countries, the delegations of Chile, Italy and Japan in a report of the sub-commission
including the United States, to publish periodically statistics covering the on questions contained in Paragraph 2 of the repot', of the Preparatory
from the military
production of various industries.'
Commission to the Council. Objections there set forth
that contained in the statA Geneva copyright cablegram to the New York "Times" point of view to a system of control similar towould
seem to be virtually
ute of the International Labor organization
on March 17, summarizing the position taken by the United applicable from an economic viewpoint.
believes it
Government
States on the proposals advanced In the report, said in part:
In regard to this general question, the American
American delegation
The American document replies to the conclusions adopted by the Mixed appropriate to reiterate here the declaration which the
Empire, Chile, Italy,
Commission, upon which the United States refused representation because at Geneva made jointly with delegations of the British
of international control and
it was purely a League organism. To satisfy American amour propre on
Japan and Sweden with respect to the question
follows:
this subject the Disarmament Conference formed a civil sub-committee to supervision, the substance of which was as
an international body is
"Any supervision or control of armaments by
consider the Mixed Commission's report, but at the time the report was
between States than to
suspicion
and
received the Americans stated that they would make their observations more calculated to foment ill-will
be one of the more
directly to the preparatory body, which meets in Geneva next Monday. The create a spirit of international confidence, which should
2698
71-1144 CHRONICLE
important results of any agreement for reduction and limitation of armaments. The execution of provisions of any convention for reduction and
limitation of armaments must depend upon the good faith of nations to
scrupulously carry out their treaty obligations."
Commissions of Inquiry.
With reference to the proposal for commissions of inquiry, etc., submitted by certain delegations, generally similar to the proposal of the
Joint Commission, the six delegations above mentioned, made the following
observations:
"First—The work of the proposed commission would be complicated in
the highest degree. It should not only be regarded from a technical point
of view (military and economic), but should also be regarded from the
political point of view, since the primary criterion as to whether the armaments of a country are designed for defensive or offensive purposes lies in
an appreciation of the political intentions of the Government interested.
The commission in question would therefore be called upon carefully to
take account not only of military and economic considerations, but also of
political considerations. In other words, the commission should be composed of quite exceptional representatives of each country, and if it were
to do work effectively it should in fact be a kind of international General
Staff.
Duties Ilion;ld Be Difficult.
"It would be extremely difficult for such a body to carry out its duties.
It would be inevitably driven to encroach on the legitimate functions of
those bodies which in all countries are entrusted by Governments with the
duty of advising on measures to be taken to insure the safety of the State,
and to place it in a position to fulfill its international obligations.
"It has been contended by others that the above use of the term 'international general staff' cannot really be applied to a commission of this
sort; it was further contended that the power of such a commission would
not differ appreciably from those of many existing commissions. Six
delegations submitting this declaration do not share this opinion. They
know of no body whose duties would be comparable to the duties of the
commission proposed.
"Second—It would be very difficult for the proposed commission to arrive
at unanimous reports. More often there would be two or more divergent
opinions, a choice between which would have to be taken by appeal to the
higher body. In any case, in order to insure supervision of the execution
by a State of its obligations, the commission would be required to investigate further and to complete its information, and to invite that State to
furnish observations and applications. This would require considerable
time, during which the situation under examination might change.
"Third—If this organization were composed of all State signatories of
the convention, it would be unduly numerous, and its procedure would
therefore be very slow. If, on the other hand, it were composed of some
only among these States, difficulty would arise of settling which of the countries adhering to the convention should be represented on it.
"It has been contended by others that it cannot be claimed that the
creation of supervisory organizations is impossible on material or practical
grounds, since many precedents already exist. It is further contended that
precedent could be found in the opium convention, and in the statute of
the international labor organization. Six delegations submitting this
declaration wish to point out that there is no analogy between opium and
disarmament, and as to an extension of the statute of the International
Labor Office to disarmament, this could not be invoked as precedent; on
• the contrary, Subcommission A had been asked to examine whether an
application of that statute can be possible or not.
Doubt as to Practicability.
"Fourth—It is very doubtful whether the method of procedure contemplated for the proposed commission can be in practice applied. Example
will best explain its position. The commission receives reports which may
possibly lead to a suggestion that in some country there are certain indications which might be considered to show that that country is not fulfilling its formal obligations or to show the growth of aggressive intentions against another country. What will be the position of the proposed
commission? They will find themselves obliged at once to study questions
which have not only technical but political aspect, and it is safe to assume
that in many cases members of the commission will find themselves influenced by divergent political considerations. In a case that is 'clear,' these
political considerations may be disregarded, but if, as is more probable,
the position is a complicated one, then it is safe to say that these political
considerations are bound to hamper impartial inquiry. In such a situation
it is to be feared that divergent opinions will come to light, and the only
way of removing them would be by verifying the situation on the spot.
This means that proper application of the proposed method would frequently
lead to inquiries on the spot. Delegations subscribing to this declaration
consider that most unfortunate results, both political and technical, would
follow from these inquiries. It is impossible to disregard the possibility
that in certain circumstances one country might bring a charge against another in order to obtain unjustifiable information about secret defensive organizations of the country accused. Moreover, delegations of the British
Empire, Chile, the United States of America, Italy and Japan are entirely
unable to accept for their own Governments anything in the nature of
itinerant inquisitorial commissions.
"It was contended during deliberations on this question that the unfortunate results, both political and technical, mentioned above, which six
delegations submitting this declaration claim would follow from these
inquiries, would in fact not exist, since inquiries of this kind have already
been carried out to general satisfaction. Since obviously no such inquiries
of this nature have ever been carried out in the past, it is difficult to
understand how such a contention can be held.
[Vox.. 12i.
psychologically and from all experience, that the introduction of restrictions upon the sovereign rights of each State tends to militate against the
creation of this atmosphere. It is common knowledge that in every country restrictions of all kinds are necessary, but these restrictions have only
been imposed as the result of experience, and by the nation itself in exercise of its sovereign powers.
"The delegations of the British Empire consider that restrictions of this
nature should not be contemplated in international engagements except
where absolutely necessary, and with the fullest consent and approval of
the nations concerned.
"With regard to this entire declaration it developed during proceedings
on this question in Sub-commission A that others contended that the
authors of this declaration, in setting forth their observations, had stressed
political and psychological arguments, and omitted technical arguments.
The signatories to this declaration are of the opinion, on the contrary, that
they have submitted both technical and political arguments, but in any
case it will be for the Preparatory Commission to make this distinction if
it sees fit."
In regard to the second part of the Joint Commission's answer to this
question relative to the insertion in the convention, for prohibition of
certain forms of warfare, of provisions similar to those in the charter of
the International Labor Office, it is observed that indications of the Joint
Commission confine themselves to the typical case of chemical warfare.
It is further observed that these recommendations are conditioned upon
agreements among national industries concerned. The American Government does not consider that such agreements are in any way germane to the
question of limitation of national armaments. It is well known that a
great majority of chemical products which may be utilized for military purposes in time of war are essential to the daily peace time life of industry.
Factories and Poison Gas—Section 3.
This section of the report relates to questions concerning the convertibility of chemical factories for the manufacture of poison gas, and means for
the hindering of their conversion to such use. Proposals to that end are
made by the Joint Commission.
The views of the American Government as to the appropriateness of con'
elusion of industrial agreements among chemical industries have been
stated above. With respect to the proposal that a State undertake to
establish a crime at common law any exercising or training by military
persons or civilians in the use of bacteria, and particularly in the exercising
or training of air squadrons in their use, it is the opinion of the Amercan
Government that such a proposal is impracticable. In this connection it
may be pointed out that no nation could safely agree to refrain from preparations for defense against an attack by chemical warfare, regardless of
the existence of international conventions prohibiting the use of such
warfare.
In order to prepare against attack by such warfare, training in chemical
matters is essential. To forbid absolutely training in the use of poisons
and bacteria would in its broadest meaning put an end to chemical and
medical research. Such a measure would be impossible to administer.
Limiting Expenditures—Section 4.
This section deals with the possibility of using military expenditure as
a criterion for comparison of armaments, and of effecting arms limitation
by limitation of such expenditure.
Conclusions reached by the Joint Commission relative to the usefulness
of taking into consideration military expenditures, in comparison, for the
limitation of armaments, serve to emphasize a point of view which has
been expressed by the American delegation on the Preparatory Commission,
namely, that military expenditure constitutes neither a real measure for
comparison of armaments, nor an equitable basis for the limitation of
armaments. The Joint Commission's report points out that certain groups
of countries having similar military organizations, similar wage levels and
standards of living, might profitably use expenditure as a standard for comparison of their armaments. The American Government does not doubt
that it might be possible for certain countries to employ such a method of
comparison profitably, as among themselves.
Without commelting in detail upon the conclusions reached by the Joint
Commission on this subject, the American Government believes that the
true relation of budgetary expenditure to a comparison of armaments is
accurately stated in the declaration made by the delegations of Germany,
Argentina, Japan, Netherlands, Sweden and the United States at a meeting
of Sub-Commission A of the Preparatory Commission, as follows:
"The delegations of Germany, Argentina, Japan, Netherlands, Sweden
and the United States are of the opinion that while reduction in national
expenditure on armaments is highly desirable, as one of the results to be
attained by reduction and limitation of armaments, this result would automatically follow from any effective reduction and limitation of armaments.
"They are strongly of the opinion that monetary expenditure for the
creation and maintenance of armaments does not afford either true measure
of armaments or a fair basis for the limitation of armaments. They hold
this opinion for the following reasons:
"First—Direct and indirect costs of personnel under conscriptive and voluntary systems are so variable in different countries and in their overseas
possessions, and are influenced by so many different factors, that these
costs are practically impossible of simple and equitable conversion to a
common basis.
"Second—Due also to differences in rates of pay, production costs, maintenance charges, costs of labor and material, varying standards of living,
variations in rates of exchange and lack of uniformity in the preparation
of budgets, any attempt to apply this method of limitation would be unfair
and inequitable.
"Third—The method of limitation of expenditure is an indirect method
of obtaining limitation or reduction of armaments. All methods heretofore
considered have been positive and direct. The application of an indirect
method seems highly undesirable as a means accomplishing what might
be accomplished by direct methods.
Danger of Limited Powers.
"Fifth—Further, it may be pointed out that if in fact it were decided to
limit the task of the proposed commission to examining, comparing and
drawing conclusions from a variety of information at their disposal, reports
Direct Methods Practical.
drawn up by the commission would give rise to further objections.
"The above mentioned delegations maintain their opinion that, from •
"From a technical point of view, any conclusion at which the commission might arrive without inquiry and direct control likely to affect secret technical standpoint, armament can be effectively limited by direct methods.
military preparations of different States would be liable to be completely
"Fourth—While comparisons without limitation is possible, obviously
erroneous and misleading. The result might be that technical commissions there can be no equitable limitation of expenditure by international agreewould be writing reports impugning the good faith of nations without hav- ment without a comparison. In other words, a comparison of expenditures
ing at their disposal essential facts such as could only be gleaned from first Is prerequisite to equitable limitation of expenditure. Therefore, since a
hand study of a situation on the spot. And in general, it is inconceivable comparison cannot be made between the budgets of different countries, as
that Governments can view without irritation requests for explanations has been agreed upon in a study of standards of comparison, it will be
which would be the result of insufficient data, and which might therefore impracticable to use budgetary methods in any formula for reduction and
be regarded according to the different circumstances of the case as vexatious, limitation of armaments.
disingenuous or actually provocative.
"For these reasons the above delegations are firmly of the opinion that
"Sixth—The work so far carried out by Sub-commission A proves, in the a method of limitation of armaments based upon the limitation of budgetopinion of delegations subscribing to the present declaration, that the only ary expenditure is impracticabe, inequitable, and hence inadmissible.
basis on which it is possible to hope for satisfactory and permanent results
"Since the mandate of the Preparatory Commission calls for a reply to
is the creation of an atmosphere of good faith. It cannot be denied, this question only in case of limitation of
expenditure is considered prac-
2699
THE CHRONICLE
MAY 7 1927.]
with deposits of 137,During the first three weeks of March. 48 banks,
tioned delegations the
s during that period.
ticable, and since in the opinion of the above-men
to the question 349.000. were reported as having suspended operation
reply
a
that
appear
would
it
le,
inapplicab
member banks-9 of
method seems
re is not a practicable Of these, 37 were non-member banks and 11 were
expenditu
of
n
limitatio
a
that
be
should
non-member banks
submitted
them national banks and 2 member State banks. Ten
s."
reported to
method for limitation of reduction of armament
and 2 national banks which had previously suspended were
Scaling of Armaments—Section 5.
have resumed operations during the period.
it will be possible to
This section relates to a principle upon which
Details of bank suspensions during January were given
various countries, taking into
draw up a scale of armaments permissible to
and
length
cal situation,
as follows in the March number of the Federal Reserve
consideration the population, resources, geographi
character of railways, etc.
in":
"Bullet
nature of maritime communications, density and
general accord with the
The views of the American Government are in
During January 1927, 128 banks, with deposits of $35,995.000, were
n A, and it
commissio
d operations on
Subof
report
the
in
contained
question
reported to the Federal Reserve banks as having suspende
reply to this
in this document. It may account of financial difficulties, as against 114 banks, with deposits of
does not appear necessary to re-state those views
in
on
Commissi
with deposits
Joint
the
banks,
by
$45,120,000, reported for the preceding month, and 65
be observed, however, that conclusions reached
d
of clearness that the
reported for January 1926. Of the banks that suspende
000,
$17,220,
of
reply to this question indicate with a great degree
is that of population,
27 were members of
in January this year, 101 were non-member banks and
only factor which can be applied with any accuracy
reducor
n
State
9 member
of limitatio
the Federal Reserve System-18 of them national and
and that the application of this factor to the matter
for the determination of banks. Nearly half of the suspensions occurred in five States—South
tion of armaments should be merely a basis
forces.
Texas.
armed
in
s
and
Iowa
personnel
the
Carolina, Minnesota, South Dakota,
maximum allowable account for
reported to have
Fourteen banks that had previously suspended were
Influence of Resources—Section 6.
operations again during January—in the Cleveland district.
a
resumed
resources of
material
the
of
influence
the
with
deals
ber bank
section
non-mem
1
d
This
1 non-member bank in Ohio; in the Richmon district,
country on its war strength.
in the Chicago district, 1 non-member bank in Iowa; and
Carolina;
South
in
tion
considera
its
d
approache
has
It is noted that the Joint Commission
1 national bank in Montana and 10 non-member
out those factors which in the Minneapolis district,
Dakota. The accompanying figures
of this question apparently with a view to pointing
order to allow banks, 1 in Michigan and 9 in South
in
for,
te
compensa
or
to
equalize,
necessary
it would be
represent, so far as can be determined, banks which
war upon one another on a more for suspended banks
wage
to
world
the
of
countries
of supervisory authorities or by
order
various
by
the
have been closed to the public
es, and it is not
or less equal footing.
the directors of the banks on account of financial difficulti
the
upon
detail
in
comment
to
not
desire
nt
does
ns thus reported may ultimately prove
The American Governme
readily known how many of the institutio
be
will
it
since
regard,
this
in
on
Commissi
Joint
the
observations of
war a country must have to be solvent.
1927.
admitted that in order to wage an effective
BANK SUSPENSIONS DURING JANUARY
it elsewhere the necessary
either within its own borders or accessible to
With
resources.
financial
and
goods
Non-Member.
supplies, raw materials, manufactured
Member.a
AU Banks.
with a separate problem,
respect to these materials, each country is faced
Federal Reserve District.
Total
artificial international
Nunsby
Total
solved
be
Nunsnever
can
Total
sense
general
Nunsa
which in
and industrial facilities
ber. Deposits.b her. Deposits.b her. Depostte.b
agreements. Those countries rich in raw material
be
wealth
such
in
poor
cannot be deprived of that wealth, nor can countries
128 535,995,000 27 311,836,000 101 324.159.000
All districts
course of agricultural and inprovided with it except through the normal
nt.
developme
Boston
dustrial
Section 7.
New York
war-time power Philadelphia
8996,000
4
country's
a
of
9440.000
elements
1
certain
indicates
5 81,436,000
This section
Cleveland
3,409,000
ex1,860,000 13
being
of
2
on, capable
5.269.000
15
Richmond
which are, in the opinion of the Joint Commissi
4,940.000
14
4.940.000
14
Atlanta
2,257.000
8
1,993,000
pressed in figures.
6
4,250.000
14
Indicated Chicago
2,466,000
398.000 14
1
2.864,000
It may be pointed out in passing that the list of raw materials
15
6.144,000
to St. Louis
19
appear
not
does
2,534,000
war
waging
8
for
8.678,000
essential
as
on
27
Commissi
Minneapolis
by the Joint
1.980,000
9
352,000
1
2,332.000
10
Kansas City
1.622,000
be complete.
3,169,000 16
4
,000
4,791
20
Dallas
345.000
Section 8.
4
000
1.090
4
000
1.43S
R
ElAn Prstrarlarn
views
n's
The final section of the report contains the Joint Commissio
with deposits of $5,717,000 and 9 State member
banks
national
18
rises
Corn
a
as
world
the
of
regions
relative to the possibility of considering areas or
with deposits of $6.1 9,000.
date prior to the suspensions,
was raised in con- banks
essentially self-supporting economically. This question
b Figures represent deposits for the latest available
of suspension becomes
t and
agreemen
regional
of
lity
practicabi
subject to revision when information for the date
the
of
are
tion
considera
nection with the
available.
.
limitation
arms
for
banks, with deposits of
air armaDuring the first three weeks of February 54
The American Government believes that problems of land and
s, quite 326.396,000, were reported as having suspended operations during that
ments are particularly susceptible of regional limitation agreement
were member banks15
might be eco- period. Of these, 39 were non-member banks and
regardless of whether regions covered by such agreements
2 State institutions. Ten non-member banks and
experts
and
economic
of
national
ons
them
observati
of
13
While
not.
or
ined
nomically self-conta
to have
regional agree- one national bank which had previously suspended were reported
on this subject are perhaps of interest, the practicability of
s and by the resumed operations during the period.
ments will be determined eventually by political condition
in
a policy which
decisions of Governments as to whether they wish to adopt
In its report of December bank suspensions the Board
promises an immediate limitation of land and air armaments.
its February "Bulletin" said:
from November to and Including
Weeks of March.
Three
First
Federal Reserve Board furnishes
the
in"
"Bullet
April
In its
and
as follows the record of bank suspensions in February
the first three weeks of March:
Bank Suspensions
00, were
During February 1927. 80 banks, with deposits of $32,381,0
d operations on
reported to the Federal Reserve banks as having suspende
totals
the
than
smaller
were
totals
account of financial difficulties. These
deposits of $35,reported for the preceding month, when 128 banks, with
for February
995,000, suspended, but were larger than the figures reported
d. Of the
1926, when 52 banks, with deposits of $11,763.000, suspende
of $23,with
deposits
64,
year,
this
banks that suspended in February of
of 58.895.000. were
486,000, were non-member banks and 16. with deposits
Of the
member banks-14 of them national and 2 member State banks.
suspensions during the month, 30 were in the States of Minnesota.
Oklahoma and Kansas.
BANK SUSPENSIONS DURING FEBRUARY 1927.
AU Banks.
Federal Reserve District.
All districts
Member.a
Non-Member.
Total
NinaTotal
NunsTotal
Nunsher. Deposits.b her. Deposits.b her. Deposits.b
80 532,381,000 16 88,895,000 64 823.486.000
Boston
___
New York
Philadelphia
2 81,086,000
4 82,956,000
6 54,042.000
Cleveland
3
1,618.000
620,000
2
2,238,000
5
Richmond
8
6,631.000
6,631,000
8
Atlanta
991,000
3
2,491,000 c7
3,482,000
c10
Chicago
3
90,000
1
138.000
228,000
4
St. Louis
3,287.000
1,771,000 16
4
5,058,000
20
Minneapolis
5,139,000
400,000 16
1
5,539.000
17
Kansas City
6
474,000
474.000 •
6
Dallas
3
514.000
4,170,000
1
4.489,000
4
San Francisco
a Comprises 14 national banks with deposits of 87,744,000 and 2 State member
banks with deposits of El, 51,000.
prior to the suspensions,
b Figures represent deposits for the latest available date
dates of suspension become
and are subject to revision when information for the
available.
c Includes 1 private bank for which deposits are not available.
to have
Thirteen banks that had previously suspended were reported
the Atlanta district, 1 nonresumed operations again during February—in
national bank in Iowa;
member bank in Florida; in the Chicago district, 1
ber bank in Minnesota, 1 in North
In the Minneapolis district, I, non-mem
district, 1 member State
Dakota. and 7 in South Dakota; and in the Dallas
. All but two of
bank in Texas, and 1 non-member bank in Louisiana dates on which
months of the
these banks were reopened within three
figures for suspended
operations had been suspended. The accompanying
banks which have been closed
banks represent,so far as can be determined,
the directors of the
by
or
authorities
to the public by order of supervisory
it is not known how many
banks on account of financial difficulties, and
ultimately prove.to be solvent.
of the institutions thus reported may
with deposits of $45,120,000. were
During December 1926, 114 banks,
as having suspended operations on
reported to the Federal Reserve banks
These totals compare with 154 nanks,
account of financial difficulties.
for November, and 70 banks,
having deposits of 847,843.000. reported
for December 1925. Of the banks
having deposits of 322,103.000, reported
of 328365,000, were nondeposits
suspending in December 1926, 87, with
$16,955,000, were members of
member banks and 27, with deposits of
17 were national banks and 10 were
the Federal Reserve System—of these
the most part located in eight
member State banks. These banks were for
Minnesota,Iowa, Kansas,
States—South Carolina, Georgia, North Dakota.
Arkansas and Texas.
d were reported as having
Sixteen banks that had previously suspende
district, 1 non-member bank in
resumed operations again—in the Atlanta
and 7 non-member banks
Florida; in the Chicago district, 3 member banks
the St. Louis district, 1 nonIn Iowa,and 1 non-member bank in Illinois; in
lis district, 3 non-member
member bank in Arkansas; and in the Minneapo
figures for suspended banks
banks in South Dakota. The accompanying
have been closed to the
represent, so far as can be determined, banks which
by the directors of the banks on
public by order of supervisory authorities or
known how many of the
account of financial difficulties, and it is not
be solvent.
Institutions thus reported may ultimately prove to
1926.
DANK SUSPENSIONS DURING DECEMBER
Federal Reserve District.
All districts
Non-Member.
Member.a
AU Banks.
Total
NunsTotal
NunsTotat
Nunsbet. Deposits.b her. Deposits.b her. DeporUs.b
00
114 $45,120,000 27 $16,955,000 87 828,165.0
Boston
New York
_
Philadelphia
3224,000
1
1 51,543,000
2 $1,767,000
Cleveland
5,887.000
11
11
5.887,000 -__
Richmond
2,742,000
12
599.000
4
3,341,000
16
Atlanta
3,414,000
8 10,394,000 el1
c19 13,808,000
Chicago
4,897.000
2,278,000 11
4
7,175,000
15
St. Louis
3,835,000
19
741,000
3
4,576,000
22
Minneapolis
5,357.000
13
416,000
2
5,773,000
15
Kansas City
810,000
7
740,000
3
1,550,000
10
Dallas
999,000
2
244.000
2
1.243.090
4
San Francisco
State member
a Includes 17 national banks with deposits of $6 692,000 and 10
banks with deposits of $10,263,000.
prior to the suspensions,
b Figures represent deposits for the least available date
suspension becomes
and are subject to revision when information for the date of
available.
available.
not
is
figure
c Includes one private bank for which deposit
•
,000,
In indicating that 154 banks, with deposits of $47,843
having suswere reported to the Federal Reserve banks as
of financial
account
on
er
pended operations during Novemb
y Bulletin, added:
diffieultie , the Board, in its Januar
month during the Past
larger than for any previous
The number was
on is available, and comthree years, the period for which the informati 00, reported for October.
pares with 87 banks, having deposits of $19,991,0
2700
THE CHRONICLE
and 74 banks, having deposits of $19,791,000, reported for Novembe
r
1926. Of the total for November this year 121, with deposits
of $27,952,000, were non-member banks and 33, with deposits of
$19.891,0
00,
were member banks-27 of them national and six State institutions.
The number and deposits of banks which suspended in November are
shown in the accompanying table, by class of bank and by Federal
Reserve
district. In the Chicago district, where the largest number
of suspensions
occurred.43 of the suspending banks were in Iowa and 11 were
in Michigan;
in the Minneapolis district, 19 were in Minnesota, 9 in North
Dakota,
and 15 in South Dakota. Suspensions reported in the other
districts
were for the most part in South Carolina, Kansas, and Texas.
Fourteen
banks which had previously suspended were reported
as having resumed
operations again-in the Atlanta district one non-mem
ber bank in Florida;
In the Chicago district, three national banks and seven non-memb
er State
banks in Iowa; in the Minneapolis district, two non-mem
ber banks in
South Dakota; and in Kansas City district, one non-mem
ber in Kansas.
The figures for suspended banks represent, so far
as can be determined,
banks which have been closed to the public by order of superviso
ry authorities or by the directors of the banks on account of financial
and it is not known how many of the institutions thus reporteddifficulties.
may ultimately prove to be solvent.
BANK SUSPENSIONS DURING NOVEMBER 1926.
Federal Reserve District.
All districts
All Banks.
Member.
Non-Member.
NamTotal
WarnTotal
NumTotal
Sec. Deposits.b Sec. Deposits.b Sec. Deposits.b
154 547,843,000 33 519,891,000 121 327,952,000
Boston
New York
Philadelphia
1
5212,000
1
5212,000
Cleveland
Richmond
12
3.139,000
___
12
3,139,000
Atlanta
7
1,214,000
2
5500,000
5
714,000
Chicago
c56 17,943,000 15
8,394,000 c41
9,549,000
St. Louis
6
3,137,000
3
2,900,000
3
237.000
Minneapolis
44 13,179,000
8
4,031.000 36
9,148,000
Kansas City
16
5,986,000
1
2,086,000
15
3,900,000
Dallas
10
2
1,422,000
8
1,053,000
San Pram.Igen2 2,475,000
.1S000
2
558 000
a Comprise 27 national banks with deposits of S14,756,000 and 6
State
member
banks with deposits of $5,135,000.
b Figures represent deposits for the latest available
prior to the suspensions,
and are subject to revision when information for thedate
date of suspension becomes
available.
C Includes 14 private banks for which deposit figures are not available.
During the first three weeks of December 85 banks, with
deposits of
237,599,000, were reported as having been suspended during
that period;
of these 65 were non-member banks and 20 were member banks
-11 of them
national and 9 State institutions. Thirteen banks previousl
were reported to have resumed operations during the period. y suspended
[VoL. 124.
by law to accept and execute trusts, creating a trust
to assist, encourage
and promote the well-being or Well-doing of mankind
or of the inhabitants
of any community, provided that a copy of such resolutio
n, declaration or
deed of trust, certified by the secretary or assistant secretary
or by the
cashier or assistant cashier of such corporation, under
its corporate seal,
shall have been filed for record In the office of the secretary
of State of the
State of New York and in the office in which conveyance of real
property
are required by law to be filed for record in the county in whish
said corporation has its principal place of business.
Gain in Common and Preferred Shares of United States
Steel Corporation Held Abroad.
Statistics for the close of the first quarter of 1927 show an
increase in foreign holdings of both common and preferred
shares of U. S. Steel Corporation. As of March 31 1927
holdings abroad of common shares aggregated 130,340, as
compared with 123,090 shares at the end of 1926. Foreign
holdings of preferred shares amounted to 113,478 on March 31
1927,compared with 112,562 shares Dec.31 1926. Of course
there is a striking decline in the foreign holdings when compared with the period prior to the war. As of Dec. 31 1914
common shares held abroad amounted to 1,193,064 shares,
as against 130,348 shares on March 31 1927. Preferred
shares for the same date in 1914 totaled 309,457, but now are
113,478. Below we furnish a detailed statement of foreign
holdings at various dates since Dec. 31 1914:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION'
Mar.31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
1927. 1926. 1925. 1924. 1923. 1922. 1914.
Common Stock.
Africa
126
125
125
139
190
135
2
Algeria
340
Argentina
4
230
____
45
90
77
8
Australia
230
27
121
120
107
104
3
Austria
2,683 2.737 2,364 2,080 1.636 2.472
890
Belgium
2,290 2,290 2,388 2.346 2,318 2,214 3,509
Bermuda
100
100
200
196
191
190
48
Bolivia
1
Brazil
170
184
IAA
ia
145
145
18
British
17
Bulgaria
Canada
28,226 29,151 23;55e 22;555 23:455 24;545 54,259
Central America
261
260
322
243
226
75
882
Chile
244
235
165
230
209
187
8
China
54
50
48
141
172
76
18
Colombia
1
1
1
1
1
1
_
_
Figures of bank suspensions in September and October Denmark
26
28
26
26
26
16
2
2
2
appeared in these columns Jan. 1, page 45, while in our issue Ecuador
2
2
Egypt
43
_
60
60
England
28,346 29.385 26,217 100.689 101.118
of Nov. 4, pages 2341-2344 we gave a review of bank suspen- Finland
160.876 710-,821
4
4
4
France
sions during 1924, 1925 and 1926.
10,123 9,937 9,990 10,921 11,203 10,499 64,627
Germany
852
663
632
520
291 1,281 2,664
Gibraltar
100
Greece
8
6
Governor Smith of New York Signs Measures Amending Holland
6
a
35,037 36,168 40.285 45.606
51,054 48,827 342,646
India
13
35
Community Trust Bills Making Provisions
147
96
127
106
Ireland
131
134
184
228 '399
353 2,iii.
Italy
Applicable to National and State Banks.
500
500
386
461
317
273
146
Japan
30
24
23
19
66
62
5
The signature of Governor Smith has made effective bills Java
----___
---11
15
41
Luxembourg
1
1
1
1
1
21
approved by the Assembly and Senate, amending the so- Malta
40
40
40
40
40
40 "Iii
Mexico
94
92
211
225
called Community Trust bills of 1926 so as to apply their Norway
840
338
300
60
60
60
60
60
60
70
P
provisions to national and State banks, in addition to trust Poland eru5 33
20
----56.3
-5§8
-,
1
58
503
companies. The 1926 legislation authorized the official Portugal
7
r
7
A
recording in the office of the Secretary of State of such Rumania
Russia
3
3
3
3
s
14
id
Scotland
3,042 3,037 2,781 2,489 2,199 2,197
documents as the lengthy Resolution creating the New York Se
4,208
rvia8
8'
8
8
,..,..,.
Spain
Community Trust, which has been adopted by fifteen Sweden
-4'H
-Wiii
642
561
232
340 1,2211
385
385
157
104
178
165
1
financial institutions in New York, Brooklyn, Larchmont Switzerland_ _ _ 2,171 2,229
3,409 2,793 2,473 1.980 1,470
Turkey
156
199
199
197
and White Plains. Having been so recorded, this resolution Uruguay
197
197
18
--- ------_
-__
-___
Venezuela
-17
1 may be incorporated in wills "by reference" to the recorded Wales
lÔ
iii
copy without the necessity of recopying the complete docu- West Indies
3.ATO
3:A§A 37MA 3:AAA 3-,2,12 3-.5e 1,872
ment in each will as has heretofore been required in New
Total
130,348 123,090 119.414 198.010 203.109261.768
1,193,064
York. When last year's legislation was found to be appliPreferred Stock
Africa
392
cable only to trust companies, Assemblyman Samuel H. Algeria
393
339
89
116
47
68
76
Hofstadter and Senator Seabury C. Mastick, at the request Argentina
15
15
15
15
15
11
15
Australia
60
90
90
90
113
of the New York Community Trust, introduced the amend- Austria
113
484
445
410
422
428
28
____ 2,086
Azores
120
ments now enacted into law, placing State and national banks Belgium
120
120
120
120
120
614
614
257
192
292
287
-eit
Bermuda
747
on an equal footing with trust companies in regard to the Brazil
747
349
476
430
430
21
------174
168
36
recording privilege. "The strict provisions of the New British India_.
29
31
_
--81
Canada
28,62 28,966 28-,280 28-.6,19 27
York law," said William Greenough, counsel for the Com- Central
-g 27,f182 34,873
America
1
24
74
182
140
146
127
Chile
15
munity Trust, "previously required the reproduction of the China
15
15
15
41
12
45
139
139
139
106
100
92
42
twenty-page resolution creating the Community Trust as Colombia
5
a
5
5
6
Denmark
s ___,=.
260
260
55
50
70
58
a part of each will utilizing the Trust's facilities. After
au
Egypt
the England
140
60,936 42.039 44.693 45,444 46.513 54,201
legislature's action validating the recording of the resolu- France
17,514 14,337 18.317 14,170 15.644 15,675 174,906
38,749
Germany
tion at Albany and in the several counties, a brief reference Greece
1.114
961 1.134 1.374 1.101 4.131 3,252
5
5
5
5
5
88
5
to that record obviates the necessity of repeating the whole of Holland
11.130 11,040 10,210 10,616
10,742 9.180 29,000
India
616
616
302
302
290
the detailed resolution in every will naming the Community Ireland
325
i
754
756
971
989
939 1,049 4,119
1,724 1.724 1,884 1.880 1,958
Trust. It is a simplification that greatly facilitates the Com- Italy
1,791 1,878
Japan
1
1
1
1
1
1
81
urg _
63
munity Trust's operation and development." The following Luxembo
63
23
23
23
23
Malta
50
50
so
so
so
se
-ioi
Mexico
is the text of the new Act:
154
154
114
56
,
116
96
236
Morocco
Chapter 242 of the Laws of 1927, amending Section 113 of the Real Norway
7
12
12
12
12
Property Law (Chapter 239 of Laws of 1927 similarly amends Section 12 of Poland
12
27
12
Peru
Personal Property Law).
226
5
AN ACT to amend the real property law, in relation to gifts, grants and Portugal
120
Russia
9
9
15
i5
15
43
15
devises of real property for charitable purposes.
Scotland
1.623 1,648 1.438 1.318 1,448
13,747
1.468
The People of the State of New York, represented in Senate and Assembly, Serbia_2
--- - --_ 20
____
Spain
847
847
do enact as follows:
877
975 1,065 1,148
432
Sweden
749
749
102
84
Section 1. No such gift or devise contained in any will, executed in Switzerland
84
74 1,137
2,531 2,606 3.189 2,745 2.772
2,128 2,617
accordance with the requirements of law, shall be deemed invalid by Purkey
105
105
105
105
115
100
115
reason of the incorporation by reference in the will of any written or printed Wales
1,068
3.032 3,042 2.0:18 1,586
resolution, declaration or deed of trust identified as existing prior to the West Indies__
956
795
874
Tntstl
execution of such will and adopted or made by any corporation authorized
11.2 .4,
]Ct 'In ran 112 12V2 111 7R011, lle
101 one Ina la,
MAY 7 1927.]
THE CHRONICLE
COMMON.
PREFERRED.
DateShares. Per Cent. DateShares. Per Cent.
Mar. 31 1914
1,285,636 25.29 Mar. 31 1914
312.311 8.67
June. 30 1914
1,274,247 25.07 June 30 1914
312,832 8.67
Dec. 31 1914
1.193,064 23.47 Dec. 31 1914
309,457 8.59
Mar 31 1915
1.130,209 22.23 Mar. 31 1915
308.005 8.55
June 30 1915
957,587 18.84 June 30 1915
303,070 8.41
Sept. 30 1915
826.833 16.27 Sept. 30 1915
297,691 8.26
Dec. 31 1915
696,631 13.70 Dec. 31 1915
274,588 7.62
Mar. 31 1916
634,469 12.48 Mar. 31 1916
262,091 7.27
Sept.-30 1916
537,809 10.58 Sept. 30 1916
171.096 4.75
Dec. 31 1916
502.632 9.89 Dec. 31 1916
156.412 4.34
Mar. 31 1917
494,338 9.72 Mar. 31 1917
151.757. 4.21
June 30 1917
481.342 9.45 June 30 1917
142.226 3.94
Sept. 30 1917
477,109 9.39 Sept. 30 1917
140.039' 3.59
Dec. 31 1917
484.190 9.52 Dec. 31 1917
140.077 3.88
Mar. 31 1918
485,706 9.56 Mar. 31 1918
140.198 3.90
June 30 1918
491,464 9.66 June 30 1918
149,032 4.13
Sept. 30 1918
495,009 9.73 Sept. 30 1918
147,845 4.10
Dec. 31 1918
491,580 9.68 Dec. 31 1918
148.225 4.11
1919
31
Mar.
493,552 9.71 Mar. 31 1919
149.832 4.16
June 30 1919
465,434 9.15 June 30 1919
146,478 4.07
Sept. 30 1919
394.543 7.76 Sept. 30 1919
143.840 3.99
Dec. 31 1919
368,895 7.26 Dec. 31 1919
138.566 3.84
Mar. 31 1920
348.036 6.84 Mar. 31 1920
127,562 3.54
June 30 1920
342.567 6.74 June 30 1920
124,346 3.46
Sept. 30 1920
323,438 6.36 Sept. 30 1920
118,212 3.28
Dec. 31 1920
292.835 5.76 Dec. 31 1920
111,436 3.09
Mar. 31 1921
289.444 5.69 Mar. 31 1921
106.781 2.96
288,749 5.68 June 30 1921
June 30 1921
105,118 2.91
Sept. 30 1921
285,070 5.60 Sept. 30 1921
103.447 2.87
280.026 5.50 Dec. 31 1921
Dec. 31 1921
128,818 3.58
280,132 5.51 Mar. 31 1922
Mar. 31 1922
128.127 3.55
275.096 5.41 June 30 1922
June 30 1922
123.844 8.48
270.794 5.32 Sept. 30 1922
Sept. 30 1922
123.710 3.43
261,768 5.15 Dec. 30 1922
Dec. 30 1922
121.308 3.36
Mar. 29 1923
239,310 4.70 Mar. 29 1923
119.738 .3.32
207,041 4.07 June 30 1923
June 30 1923
117.631 3.27
210,799 4.14 Sept. 30 1923
Sept. 30 1923
118,435 3.29
203.109 3.99 Dec. 31 1923
Dec. 31 1923
113.155 3.10
201.636
Mar. 31 1924
Mar. 31 1924
112.521
3.19
203.059 3.99 June 30 1924
June 30 1924
112.191
3.12
201.691 3.97 Sept. 30 1924
Sept. 30 1924
111.557 3.01
199.010 3.89 Dec. 31 1924
Dec. 31 1924
111.759 3.19
195,689 3.85 Mar. 31 1925
Mar. 31 1925
111.463 3.10
127.335 2.50 June 30 1925
June 30 1925
111.800 3.10
127.078 2.50 Sept. 30 1925
Sept. 30 1925
112.679 3.12
119,414 2.35 Dec. 31 1925
Dec. 31 1925
113.843 3.16
Mar. 31 1926
122.098 2.40 Mar. 31 1926
112.844 3.13
1926
129,020
June 30
2.83 June 30 1926
111,908 3.10
Sept. 30 1926
123,557 2.43 Sept. 30 1926
112.822 3.14
Dec. 31 1926
123.090 2.52 Doc. 31 1926
112,562 3.12
Mar. 31 1927
120,348 2.37 Mar. 31 1927
113,478 3.15
In the following table is shown the number of shares of
the Steel Corporation distributed as between brokers and
investors on March 31 1927 and March 31 1926:
CommonMar, 31 1927.
Brokers, domestic and foreign--1,402,894
Investors,domestic and foreign_3.680,131
PreferredBrokers,domestic and foreign-- 196,376
Investors,domestic and foreign-3,406.435
Ratio.
27.59
72.41
9.45
94.55
2701
in his annual address. These were that the government's interference
might result in governmental censorship of newspaper advertising.
The Federal Trade Commission case was also mentioned in the report
of the bureau of advertising.
Price Fisitig Discussed.
Discussing the charge that the association, with other defendants,
had conspired to fix prices for advertising, oppress direct advertisers
and promote unfair competition, the report charged the commission
with trying to aid the powerful group of direct national advertisers.
"Nor is it far fetched," the report stated, "to see in the attainment
of these ends an effective control of newspapers which amounts to a
denial of freedom of the press with all the consequences arising
therefrom."
The report also dealt with the increasing inroads of free publicity
into the news columns of daily papers throughout the country. Although no action was taken, there was a strong sentiment for the
immediate checking of this tendency.
Fleming Newbold, of "The Washington Star," was elected to succeed William F. Rogers, of "The Boston Transcript," as head of the
bureau of advertising. Mr. Rogers's report showed that newspaper
national advertising in 1926 totaled $235,000,000, as compared with
$220,000,000 in 1925.
Annual Banquet of Association of Stock Exchange Firms.
At the annual banquet of the Association of Stock Exchange Firms, held at the Hotel Astor, this city, on April
30, Senator William E. Borah, Chairman of the Senate
Foreign Relations Committee, and Representative Theodore A. Burton of Ohio, were speakers. The following
were elected officers of the Association: President, Edward
Allen Pierce; Vice-President, Charles D. Draper; Treasurer, Jules S. Bache; Secretary, Frederick F. Lyden :
Governors, Allan M. Clement, J. Chester Hutchinson,
Joseph L. Lilienthal, Donald McL. Miller and Arthur G.
Somers.
Bank of America Election Upheld.
Announcing that the Bank of America won another victory yesterday, May 6, over minority stockholders who
Mar. 31 1926. Ratio.
1,521,220
29.92 brought action to set aside the election of directors at the
3,561,805
70.08 last annual meeting, the
"Sun" of last night reported that
112,844
3.13 issuance of a statement by both sides in the case saying:,
3,489.967
96.87
A statutory proceeding by Edward P. Morse and other stockholders
The following is of interest, as it shows the holdings of
of the Bank of America against the bank and the directors and the
brokers and investors in New York State:
voting trustees of the stock to set aside the election of directors at
CommonBrokers
Investors
PreferredBrokers
Investors
Mar. 31 1927.
1.335,880
1,203,783
167,162
1,464.134
Ratio. Mar. 31 1926.
26.28
1.233,613
23.68
1,234.868
Ratto.
24.27
24.29
4.64
40.63
3.86
41.36
139.103
1.490,297
the annual stockholders' meeting of the bank last January was submitted on agreed facts to Justice Gavegan in Special Term, Part I,
today.
The petition was denied on the authority of the decision of the
Appellate Division last year in the injunction suit brought by the
National Liberty Insurance Company and George U. Tampers against'
the bank and the voting trustees of the stock.
It is understood that the present decision will be promptly appealed.
Attorneys for the parties stated that a similar proceeding instituted by
Mr. Morse in Brooklyn last January, as well as two injunction suits
above mentioned, would now be discontinued by consent.
Possibility of Federal Censorship of Newspaper Advertising and Dissolution of Agency System Seen By
J. S. Bryan of American Newspaper Publishers'
Association As Result of Federal Trade
The "Sun" adds:
Commission Proceedings.
Litigation in connection with the voting trustees and subsequently
The investigation by the Federal Trade Commission of with the Bank of America's increase in capital has been in progress
an alleged conspiracy in restraint of trade on the part of more than a year. Previous court actions upheld the voting trust, but
advertising agents and newspaper associations was referred to by John Stewart Bryan, President of the American Newspaper Publishers' Association, at the opening of
the annual convention of the Association in this city on
April 27. This investigation, says the New York "World",
was begun at the instigation of a group of national advertisers, apparently intent upon saving the agent's 15%
commission by placing their newspaper advertising direct.
Mr. Bryan, in expressing the fear that ultimate censorship of advertising by a Government bureau might result
from the investigation, said:
the increase in capital has been deferred until final settlement of the
pending legal actions.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The following New York Stock Exchange membership
were reported posted for transfer this week with the consideration in each case:
Arthur Hofheimer, deceased, to Daniel McKinnon for
$192,000; of E. Sanford Hatch to C. Frederick Neilson for
$194,000; that of Cornelius W.Provost to Wesley C. Mort*
for $195,000; that of Sigmund M. Lehman to William I.
Spiegelberg, Jr., for $195,000; that of Frederick W. Loew,
deceased, to Benjamin V. Harrison, Jr., for $196,000; that
of Reginald E. Bonner to Emanuel H. Loeb for $196,000;
that of David Wagstaff to James B. Williams, Jr., for $200,000, and that of W.K.B. Emerson to Horace W.Goldsmith
for $200,000. The highest price a membership has ever sold
was reached this week when seats sold at $200,000.
"For more than a year this association," said Mr. Bryan, "has
been a defendant in a vexatious, unjustifiable and preposterous case
before the Federal Trade Commission. Members generally are aware
that the purpose of this proceeding is to convict this association of a
violation of Federal statutes against unfair competition and a
conspiracy in restraint of trade.
,"There is no member of this assocaition individually who is conscious of any such alleged dereliction, and for the Board of Directors
it can be stated categorically that, so far from entering into any such
conspiracy or agreement, the association has, on the contrary,
steadfastly avoided any such course of action. But in spite of conscious
The Times Square Branch of theIChemical National Bank
rectitude on our part it is due to the convention to point out that
this
proceeding involves the possibility of judgments being entered, which
of New York, opened on Monday, May 2, in the Paramount
in the absence of legal defense on our part may result in decisions Building at
Broadway and 44th Street. This is the first of
being made and findings being enforced that will almost certainly
the old conservative commercial banks to open a branch in
result in:
"1. The dissolution of the agency system.
the heart of the Times Square district. The bank's official
"2. The abolition of the agents' commission and the removal of
announcement about the new branch says, "It's 103 years
all differences between local and national rates.
"3, The ultimate censorship of advertising by a Government bureau." old the day it opens." The bank was founded in 1824 as
At the session of the Association on April 28 the proceedings of the Commission against the Association were
referred to the board of directors with full power to continue the fight against the Government's action, according
to the "Herald-Tribune", which said:
the first bank at 216 Broadway, opposite St. Paul's Church.
Times Square then was nothing but farming and grazing
land. This branch will be open every business day from
9.00 a. m. to 10:30 p. m., for transactions of all banking
Discussion on this subject was led by Charles H. Taylor, of "The business. Percy H. Johnston, President of the bank, toBoston Globe," the sentiments expressed being in complete accord with gether with members of the Board of Directors and members
those expressed by John Stewart Bryan, president of the association, of the Advisory Board of the Times SquarelBranch were
2702
THE CHRONICLE
[VOL 124.
The Manufacturers Trust Co. of New York on May 2 moved
present throughout the opening day. The members of the
its Canal Street unit from 415 Broadway, corner of Canal
Advisory Board of the Times Square Branch are:—
Robert Goelet a director of the Chemical Bank and a prominent real estate St., to its own new, larger and more modern building at 407
owner. His family have been connected with the bank for almost 100 years.
J. I. Herbert, Treasurer, J. C. Penney Co.
Messmore Kendall,Director,Metro-Goldwyn Cop'n.
Frederick A. Munschenbeim, President, Hotel Astor.
II. W. Saunders, Comptroller, Famous Players Lasky Co.
Adolph Zuker, President, Famous Players Lasky Co.
All of the above are on many important boards and have
extensive interests in the Times Square district. This
branch office will be in charge of Meridith Wood, Assistant
Vice President, who came to the bank from Williams College.
Associated with him are the following Assistant Managers:—
'Raymond C. Ball, Frederick J. Brettman, Jr., Walter D.
'Lee, Harold J. March. Mr. Lee will be in charge of the
tank at night. Others on the staff are Frank I. Curry
and Harry B. Fisher. This is the third branch of the
'Chemical Bank. The first one is at Fifth Avenue and
.29th Street, the second one is at Madison Avenue and 46th
Street, both of which are making fine progress. The bank
announces that during this year it will open a Plaza Branch
at Fifth Avenue and 54th Street, a Columbus Circle Branch
in the General Motors Building at Broadway and 57th Street,
and a Brooklyn Branch at 50 Court Street. During 1926
the bank will open a branch in the heart of the textile district
at 320 Broadway and will move the main office to its new
downtown location at 165 Broadway where a new building
is being erected now for that purpose. This building, which
is on the corner of Broadway and Cortland Street, will be
built especially for banking purposes and will be made a part
of the present Benenson Building. The Chemical Bank in
financial circles has long been known as "Old Bullion"
having been given this title during the panic of 1857 when it
was the only bank that continued making specie payments.
The Chemical Bank has had a unique and dramatic career.
Its stock sold at one time as high as $5,000 a share. That
was when its capital was only $300,000. It later declared a
-900% stock dividend in 1907. In January 1927 the bank
declared a $500,000 stock dividend, raising its capital to
$5,000,000. Its surplus and undivided profits are $19,000,000. The Chemical Bank is the outgrowth of the old Chemical Manufacturing Company which was located in Greenwich Village. The charter of this company was amended to
permit it to do a banking business, since it was very diffioult at that time to secure bank charters. Since that time
the name has remained unchanged.
At a meeting of the directors of the Hanover National
Bank of this city on May 2, William E. Cable Jr., Cashier of
the bank was elected Vice-President and Comptroller.
Frederick A. Thomas, Assistant Cashier was appointed
Cashier; J. Niemann, George E. Lewis and William J.
Logan, Assistant Cashiers were appointed Assistant VicePresidents. Frank Hammond of the Greenwich National
Bank which has been consolidated with the Hanover National
Bank was elected a Vice-President. Others formerly connected with the Greenwich National Bank were appointed
to the official staff of the Hanover as follows: Charles E.
Whyard, Thomas C. Meeks and Alfred E.Peterson, Asistant
Vice-Presidents; Archibald G. King, Herbert Renville and
Frederick D. Ives, Assistant Cashiers.
Broadway, just a few steps south of Canal. The new building is on the site occupied by the first Canal Street office
of the Columbia Bank which was merged with Manufacturers Trust Co. in 1923. A refined example of Italian
Renaissaance architecture, the new building gives the wholesale dry goods, cotton and linen goods section one of the
most commodious banks in Midtown New York. Roman
Ionic pilasters of buff Indiana limestone, a red Levanto
marble architrave enclosing the main entrance and a sevenfoot base of Deer Island polished granite give ithe facade an
air of stability and of beauty. In the basement is a Safe
Deposit Department. The vault is constructed of an extra
thick steel laced concrete shell, electrically protected, and
having a heavy steel inner lining and an emergency door
and a ventilating device. The Canal Street office is one of
fifteen units of Manufacturers Trust Co., which has offices
in Manhattan, Brooklyn, Queens and Bronx.
The seventh annual dinner of the women members of New
York Chapter, American Institute of Banking, was held on
Thursday evening, May 5, at the Hotel Astor. Miss Lena
Madesin Phillips, President of the National Federation of
Business and Professional Women's Clubs, was the principal
speaker. Her subject was "The Business Woman's Balance
Sheet." Dancing followed at 9 o'clock. The dinner was
given under the auspices of the Women's Committee, of
which Miss Marjory C. Todd of the National Bank of Commerce, in New York, is chairman.
The other members of the committee are: Mary Vail
Andress, Chase National Bank; Nell Cherrier, Bay Ridge
Savings Bank; Rosalie Cusack, International Banking
Corp.; Gertrude Fagan, American Exchange, Irving Trust
Co.; Alice Golding, National City Bank; Dorothy Hinks,
Chase National Bank; Toinette Johnson, Manufacturers
Trust Co.; Irma Klockgeter, Colonial Bank; Marie Kuschert, South Brooklyn Savings Institution; Pearl Lachmund,
National Bank of Commerce; Adeline Leiser, Bowery Savings Bank; Mrs. Mary Lyon, First National Bank; Dorothy
Madison, Seamen's Bank for Savings; Muriel MacCready,
Seaboard National Bank; Minnie MacCulley, Williamsburg
Savings Bank; Grace Neuschafer, Equitable Trust Co.;
Clare Paetzold, Long Island City Savings Bank; Anna E.
Shannon, Guaranty Company; Florence Steinberg, National
City Bank; Virginia Swain, Manufacturers Trust Co.; Ruth
Wheeler, Chatham-Phenix National Bank & Trust Co., and
Mrs. Gertrude P. Wixson, Manufacturers Safe Deposit Co.
The Bush Terminal Branch of the National City Bank of
New York, located at the northeast corner of Thirty-sixth
St. and Third Ave., Brooklyn, opened its doors for business
on May 2. This branch, the twelfth branch of the bank in
Brooklyn, is a complete banking unit offering the full range
of National City services. The building which it occupies
was recently purchased by the bank and has been completely
remodeled to provide modern banking quarters. Robert E.
Stack has been named as the manager of the Bush Terminal
Branch.
At the regular meeting this week of the executive committee of the National City Bank of New York,thefollowing
The Seventh National Bank of New York, whose head
were appointed assistant cashiers: Chase L. Day, Willis D. office is located at 7th Avenue and 28th Street, has been
Howe and Harold Osterhout.
authorized by the Comptroller of the Currency to establish
a branch office at 44th Street and 8th Avenue. Banking
On May 2, T. Reed Vreela-nd was appointed Assistant to quarters have been
leased at this address and it is expected
On
city.
this
the President of the Fidelity Trust Co. of
that they will be ready for occupancy about Sept. 1. The
the same date James J. Gallagher was promoted from As- branch will be the second established
by the bank which a
sistant Trust Officer to Assistant Secretary of the Fidelity year ago opened a branch at 116th
Street
and Lexington
Trust Co. Mr. Vreeland was formerly assistant to the Avenue. Deposits have shown
consistent growth.
President of the National Commercial Bank & Trust Co.
of Albany.
The Trade Bank of New York, organized four years ago,
will move to-day (May 7) into its new quarters in the Pennsylvania Building, 225 West Thirty-fourth St., four doors
east of its former location, 249 West Thirty-fourth St.
Starting in 1922 with a capital of $300,000 and deposits of
$188,000, the Trade Bank has grown under the direction of
Karl Schenk, President, until now deposits, according to the
laatest figures, are in the neighborhood of $5,000,000. The
capital of the bank has been increased to $500,000 and reOn May 4 Dunham B. Sher- er was elected a director of the cent figures show capital, surplus and undivided profits of
Corn Exchange Safe Deposit Co.,of this city to succeed the $825,000. The new quarters will provide ample room for
late J. L. Schaefer. Mr. Sherer is Vice-President of the the enlarged activities of the institution, including the savCorn Exchange Bank.
ings, foreign exchange, travel and thrift departments in ad-
The Liberty National Ban- k of this city on May 3 was
granted authority by the Comptroller of the Currency to
establish a downtown branch office at 50 Broadway. The
new office will occupy the ground and mezzanine floors of a
new thirty-four story office building now under construction.
The branch office will open for business on September 1.
The banks main office is at 256 West 57th St.
MAY 7 1927.1
THE CHRONICLE
deposit
dition to a modern fire-proof, burglar-proof safe
thirtycountry
this
to
came
vault and boxes. Mr. Schenk
ed with
four years ago and for eleven years was associat
under the
Hugo Lederer, whose business is now conducted
seventeen
name of The Standard Bank. For a period of
priNemeth,
John
with
ed
associat
was
he
er
thereaft
years
was
he
where
Bank,
Union
n
America
vate bankers, now the
First Vice-President. On September 18 1922, with the idea
of organizing his own bank, Mr. Schenk resigned and ninety
for
days later, on December 18 1922, his new bank opened
.
business
The two offices in this city of The Standard Bank at Avenue B, corner of Fourth St., and First Avenue at Seventyninth St., observed this week the forty-fifth anniversary of
the bank's organization. Established May 1 1882 to serve
New York's lower east side, The Standard Bank's clientele
to-day numbers over 30,000, and its service takes in every
phase in banking.
2703
Co., according to a dispatch from that city by the Associated
Press on May 3, printed in the Newark "News" of the same
apdate. The proposed merger, which is subject to.the
proval of the stockholders and the Comptroller of the Currency, is expected to take place about July 1. The new'
institution will have a combined capital and surplus of $3,000000 and deposits of more than $28,000,000. F. Morse
Archer, President of the First National State Bank, wiE
of
head the new bank, while Francis C. Howell, President
Board
the
of
n
Chairma
be
will
Bank,
National
Camden
the
of Directors.
According to the Philadelphia "Ledger" of April 23, the
Fern Rock Trust Co. of Philadelphia moved to its new building at the southwest corner of Broad St. and Nedro Ave. on
that day. The new structure is built of Indiana limestone
and contains a modern vault in which are 700 safety deposit
boxes. The officers of the trust company are: S. B. Davis,
President; Charles Rehfuss and William F. Doohan, VicePresidents, and C. M. Rittenhouse, Secretary and Treasurer.
A new financial institution is being organized in Abington,
Pa., under the title of the Abington Bank & Trust Co.,
according to the Philadelphia "Ledger" of May 4. The new
bank, which will be located at York and Susquehanna
roads, Abington, will be capitalized at $150,000 with surplus of $30,000.
That the Reading Trust Co., of Reading, Pa., had taken
over the Second National Bank of that city was reported
in a special dispatch from Reading on May 4 to the PhilaHoffman continues asPresident
Joseph Sessa,formerly head of the Sessa Bank of Brooklyn, delphia"Ledger". R. Monroe
Co., which has resources of
Trust
Reading
e
Exchang
enlarged
ial
the
of
Commerc
the
by
over
taken
which was recently
Baird, Vice-President, and
W.
George
while
latter
000,
the
of
$28,500,
Bank of New York, has been elected a director
y and Assistant Treasurer, also
Secretar
,
Hoffman
banking
J.
private
Charles
Sessa
Joseph
the
of
merger
The
on.
instituti
tion. Of the former officers of
business with the Commercial Exchange Bank became effec- remain with the new organiza
Hendel, President, has been
R.
John
tive April 16, at which time the Commercial Exchange Bank the absorbed bank,
ated bank; William H.
consolid
the
of
t
in
Presiden
Banks
Vicea
Sessa
the
of
made
offices
three
the
formally took over
r of the enlarged
Treasure
made
been
has
Bank.
e
Cashier,
,
Peacock
Brooklyn as branches of the Commercial Exchang
Assistant Cashier, has been
r,
Hessinge
S.
columns
E.
and
these
in
d
bank,
appeare
merger
the
g
regardin
item
An
diselected Assistant Treasurer. Additional officers, the
March 5, page 1308.
is
it
present,
the
For
later.
named
be
patch stated, may
of
On May 2 the stockholders of the National Shawmut said, both bank buildings will be used, so that patrons
busiBank of Boston voted to increase the capital stock of the the respective institutions can carry on their banking
be
will
Co.
Trust
nded
Reading
as
the
recomme
of
000,
ness as before. The office
institution from $10,000,000 to $15,000,
where
by the directors on March 31, according to the Boston in the main bank building, 5th and Court streets,
building at
"Herald" of May 3. The new stock (50,000 shares of the the trust department will function, while the
department,
par value of $100 a share) is being offered to stockholders of 519 Penn street will be used for the commercial
record at the close of business May 2 at $200 a share, payable it is said.
May 31, each stockholder being entitled to subscribe for one
Joseph P.
The Washington "Post" of May 1 stated that
share of new stock for each two shares of old stock owned by
the late
of
y
Secretar
private
years
eight
, for
him. The regular quarterly dividend of $3 per share has Tumulty
been elected a director of
had
Wilson,
w
Woodro
t
Presiden
ders
sharehol
been declared, it is said, payable July 1, to all
g to an
the District National Bank of that city, accordin
t
of record June 20. It will be necessary, therefore, for
Presiden
Harper,
N.
Robert
by
30
April
on
announcement
subscribers to the new stock to pay $2 per share in addition
on.
instituti
the
of
to the subscription price of $200 to cover the adjustment of
of
The officers and trustees of the Dollar Savings Bank
the dividend for the first two months of the quarter to
May 31, the date of payment for the new stock. When the Pittsburgh announce the death of A. Wenzel Pollock, Presiincrease in capital becomes effective, the capital resources dent of the bank. Mr. Pollock's death occurred on April 10.
of the National Shawmut Bank will be as follows: Capital
A dispatch by the Associated Press from Bridgeport, Ohio,
$15,000,000, surplus $10,000,000 and undivided profits
in the Cincinnati "Enquirer" of April
approximately $1,500,000. These figures, it is said, will be on April 22, printed
bank in Bridgeport owned by the
State
a
that
stated
23,
after providing the customary reserve accounts for accrued
was closed on that date and its
Co.
interest, unearned discount and other unearned income, Bridgeport Banking
, following the discovery of
arrested
Thomas,
E.
W.
Cashier,
putting
in
and
&c.,
to
addition
taxes,
payable,
dividends
in the institution's
to
$200,000
$165,000
from
of
aside $1,000,000 as a contingent fund to provide for any a shortage
for twenty yearn,
Cashier
been
had
who
Thomas,
.
l.
accounts
be
An
regarditem
may
abnorma
losses
when
period
future
tion. In an ininvestiga
pending
jail
county
the
in
held
on
was
ing the proposed increase in capital of this instituti
Attorney, he
ing
Prosecut
terview with P. B. Waddell, the
appeared in our issue of April 2, page 1931.
said,
was said to have admitted responsibility, the dispatch
At the semi-annual meeting of the directors of the Second for $50,000 of the shortage and also took the blame for part
National Bank of Cooperstown, N. Y., on April 30 the of the conditions existing at the institution, but denied he
surplus fund of the institution was increased to $300,000 was wholly responsible. He was reported as telling Mr.
by the addition of $125,000 to the account and a regular half- Waddell that the discrepancy was brought about largely
yearly dividend of 5% for the past six months was declared through bad notes and overdrafts. Bank examiners had
on the outstanding shares of the bank. At the present time been examining the institution's books for ten days previous
the institution, which is capitalized at $150,000, had deposits to the closing. They could tell there was a shortage, but were
of approximately $3,000,000 and total resources of $3,700,- unable to find it. At a midnight conference the officials;
000. The officers are: Hubbard L. Brazee, President; gave Thomas fifteen minutes to indicate the discrepaneyr.
F. L. Quaif, Vice-President; F. W. Spraker, Cashier, and When he was unable to do so, he was placed under arrest.
Harry H. Willsey and L. T. Pier, Assistant Cashier.
The dispatch furthermore stated that following the failure
the
of the Dollar Savings Bank of Bridgeport last year,
On May 2 announcement was made in Camden, N. J.,
of
ry
deposito
the
made
was
bank
rt Banking Co.'s
that the respective directors of the First National State Bridgepo
on, and that In
liquidati
pending
the
funds,
failed
bank's
Bank of that city and the Camden National Bank had
money, county funds will be tied up pending
approved a proposed consolidation of the institutions, addition to this
ation
of
the Bridgeport bank's affairs.
Investig
&
Trust
Bank
National
under the title of the First Camden
At a meeting of the stockholders of the Bronx County
Trust Co. of this city on May 3 the plans to increase the
capital of the institution from $1,000,000 to $1,500,000 were
rarified. The new stock will be offered to the present stockholders at $200 a share. The enlargement of the capital is
incidental to the proposed opening of a new office of the
trust company at Ogden and Boscobel Place. Rights to the
new stock were issued May 6; subscriptions are required
to be paid June 1st 1927.
2704
THE CHRONICLE
Advices by the Associated Press from
Columbus, Ohio, on
April 23, appearing in the Cincinnati "Enqu
irer" of April 24,
reported that the shortage at the bank
was growing, State
Bank Superintendent E. H. Blair havin
g notified his office
in Columbus by telephone on that day
(April 23) that the
shortage will be "at least $300,000 and
probably more." Mr.
Blair was also reported in the dispat
ch as saying that the
shortage ostensibly was brought about
by what is known as
"pulling sheets." This practice of
removing credit slips from
ledgers, the dispatch went on to say,
"tends to decrease the
liability of the bank, but at the same
time keeps accounts in
such a condition that they will
balance." The failure of the
Dollar Savings Bank of Bridgeport,
referred to above, took
place in January of last year,
and was noted in the "Chronicle" of January 30 1926, page 570.
The death occurred in Chicago on April
27 of Jens C.
Hansen, President of the Security Bank
of Chicago and the
Second Security Bank of that city and
for many years a
leader in Danish and Norwegian philanthropi
c movements
In Chicago. Mr. Hansen, who was in his
fifty-eighth year,
had been ill for eighteen months. The follo
wing account of
his career is taken from the "Chicago Journ
al of Commerce"
of April 28:
[Vor... 124.
ington Sts. To-day the institution is house
d in the center of
Chicago's financial district, at the south
east corner of La
Salle and Madison Sts., and occupies space
on several floors.
Its new name is deemed better fitted to
the broader scope of
its service, which includes commercial
banking, trusts, savings accounts and foreign exchange. The
proposed change
in name was referred to in these columns
April 9, page 2072.
The Schiff Trust and Savings Bank, Chica
go, which was
orgaanized in 1892 by Benjamin J. Schiff,
who is now President, will shortly offer for subscription
1,000 shares of its
stock at $275 per share. Of the proceeds
from the sale of
each share of stock, which heretofore has
been closely held
by members of the Schiff family, $100 will
be added to capital, $75 to surplus, and $100 will be paid over
to the Schiff
Mortgage and Investment Co., the stock
of which will be
held in trust for the benefit of stockh
olders of the bank.
The offering is the result of a plan to
become effective June
24 next whereby the institution will Increa
se its capital from
$500,0000 to $600,000; will transfer $25,00
0 from undivided
profits to surplus account, increasing
that item to $200,000,
and leaving undivided profits of about
$100,000.
Mr. Hansen was a protege of the late James
B. Forgan, President of the
Preliminary plans looking towards
First National Bank. He worked as a messeng
the consolidation of
er for the First National the
and attracted the attention of Mr.
Commonwealth-Federal Savings Bank
who obtained for him the posiof Detroit and
tion of Cashier in the Security Bank
Forgan
of 'Chicago, an institution of which the Commercial State Savings Bank
of that city under the
he later became President.
title of the Commonwealth-Commercia
Born in the village of Sommersted, Denmark,
l State Bank were anSeptember 9 1869, Mr.
nounced by the directorates of the
Hansen came to the United States with his parents
in 1872. The family
institutions on April 26,
settled in Chicago and young Hansen was educate
d at the Carpenter public according to the Detroit "Free Press" of
school and Bryant and Stratton's business college.
April 27. The consolidated bank, it was stated, will
From 1882 to 1887 he was employed by the
occupy the present locaIllinois Central Railroad and
tion of the Commonwealth-Fede
entered the banking business with the firm of
Peterson and Bay and then
ral Savings Bank in the
went into business for himself. He joined
the First National in 1891. Hammond Building at the corner
of Griswold and West Fort
In November 1914 he became President of
the Security Bank.
Sts.
The joint statement issued by
Under Mayor Dever, Mr. IIansen was Preside
the two banks is as
nt of the Police Retirement
Board and was a member of the West Parks
board under former Governor follows:
Frank 0. Lowden.
Preliminary plans have been prepare
d towards consolidating the
At the time of his death he was an official
Comof Mount Olive Cemetery monwealth Federal Stavings Bank and the
Association, Vice-President of the Morgan Park
Commercial State Savings Bank.
It
is
Militar
planned
y
to
call
Academ
the
y
new bank the Commonwealth
and a
member of the Art Institute of Chicago.
-Comme
rcial
Bank. When the details
State
of the merger have been complet
ed, the main
offices will be consolidated in the
banking rooms in the Hammond
Building
on
Fort
Street, now used by the Commonwealth
The Congress Trust & Savings Bank, Chica
Federal Savings Bank.
go, a State
When consolidated the new bank
will
bank, is now open for business. This new
twenty-two branches, providbank is located ing city-wide service and giving better andhave
more
conveni
ent facilities to the
in the downtown business district in the Congres
rs of both the old banks.
BankBuild- custome
The total assets will be over
ing,t5101So. Wabash Ave. The bank is
$23,000
,000,
with capital of $1,000,000,
particularly con- surplus of $800,000 and
undivided profits of $200,000.
venient for business organization and indivi
The personnel of the new institut
duals located
ion
will
consist
of the present officers
and directors of the banks to be
on Michigan Ave., Wabash Ave. and State St.
consolidated.
between
Monroe and 22d St. President Henry S. Hensc
hen is well
known in Chiago banking and investment
circles, having
beenWice-President of the State bank of Chiago
and later
President/of Henry S. Henschen & Co. The
board of directors'are:typical representatives of more than
one hundred
stockholders. The bank maintains general banki
ng, savings, and bond departments and safe deposit vaults
. It has
combined capital and surplus of $330,000. The organi
zation
of the institution was referred to in our issue of Jan.
1, page
66.
The City National Bank of Kearney,
Neb., capitalized at
$100,000, went into voluntary liquid
ation on March 30 and
has been succeeded by the City Natio
nal Bank in Kearney.
The proposed consolidation of the First
National Bank in
Oklahoma City, Oklahoma City, Okla.
, and the American
National Bank of that place, to which
reference was made
in our issue of Feb. 12, page 881, becam
e effective on April
22. The consolidated bank is know
n as The AmericanFirst National Bank in Oklahoma City
Effectitve May 1st, the name of Greenebaum
and is capitalized at
Sons Bank & $3,000,000
.
Trust Company, La Salle and Madison Sts., Chica
go, Ill., was
changed to The Bank of America. The manag
ement remains
That the Bethany Savings Bank of Betha
ny, Harrison
unchanged. The capital and surplus of
The Bank of Amer- County, Mo., was closed by its
directors on April 20, followica is $4,000,000. With the announcement of the
change in ing the failure a few days previously
of the Harrison County
corporate name, C. Howard Marfield, Execu
tive Vice-Presi- Bank of that place, was report
ed in a dispatch from Jefferdent, made the following statement:
son City, Mo., on that date to the Kansa
The Greenebaum Banking House was founded
s City "Star." The
in 1855. It is Chicago's dispatch
oldest banking house. It has been identified
read, in part, as follows:
with the civic development
of Chicago for seventy-two years. Due to the progres
s of our institution
in recent years and the broadened scope of our busines
s, the change of the
name to The Bank of America was deemed advisable.
The management
remains unchanged and we shall continue to serve
with the same courteous
and conservative policies which have been traditional with
the Greenebaum
Banking Houses for many years.
The Greenebaum Banking House was founded by
Elias
Greenebaum, who was born before Chicago had
reached even
earlie
st stages of settlement. Established at first
its
in
offices in the Meteropolitan Block, at the corner of
Randolph
and La Salle Sts., the bank occupied several different
locations as the need for larger quarters demanded, and was
doing business at 178 North Clark St. on the night of October
9 1871 when more than three-and-one-quarter miles of the
heart of the business and residential district of Chicago was
destroyed by the "Great Chicago Fire." While the ruins
were still smouldering the House of Greenebaum opened for
business two days later in a residence on Wabash Ave., just
south of Harrison Street, and some time later obtained a
more permanent home in what was then the First National
Bank Building at the southwest corner of State and Wash-
The Bethany Savings Bank had loans totalin
g $292,000; real estate of
438,500; cash on hand, $11,200; due
from other banks, $19,170; capital,
366,000; surplus, $25,000; deposits, $272,600;
no bills payable and
total
resources of $384,264.12.
F. M. Frisby is President and M.
L. Collins is Cashier.
That this bank was closely related
and interlocked with the
I lounty Bank that closed
Harrison
Monday is indicated by the fact that
E. H. Frisby
Is a member of the board of directo
rs of both banks.
Effective April 12 the Farmers' &
Merch
Bank of Farmersville, Tex., with capita aants' National
l of $75,000, went
into voluntary liquidation and has
been succeeded by the
Faimersville National Bank.
Stewart D. Beckley, active Vice-Preside
nt of the Second
National Bank of Houston, Tex., and
one of the best known
bankers in that State, died on April
27. Mr. Beckley
began his banking career as a runner
in the City National
Bank of Dallas and rose step by step
until he became Cashier
of the institution. In the early part of
1923 he resigned the
Cashiership of the Dallas bank to accept
the position of VicePresident and cashier of the Mercantile
Trust Co. of Calif-
MAY 7 1927.]
THE CHRONICLE
,2705.
ornia, San Francisco, a position he held until a few months THE WEEK ON THE NEW YGIZIC STOCK EXCHANGE.
Except for a brief period of irregularity on Saturday, the
ago when he became active Vice-President and a director of
the Second National Bank of Houston, the office he held at stock market has shown considerable improvement during
the present week and numerous new high records have been
the time of his death. Mr. Beckley was 41 years of age.
established, particularly among tho more active speculative
Effective April 12, the First National Bank of Santa Cruz, stocks. Railroad securities have been the predominant
Cal. (capitalized at $100,000) went into voluntary liquida- feature, though industrial stocks and oil shares have, to some
tion, the institution having been taken over by the Liberty extent, shared the general improvement. The market preBank of San Francisco, which institution later consolidated sented another series of confused price fluctuations during
with the Bank of America of Los Angeles forming the Liberty the short session on Saturday, most of the movements alterBank of America, San Francisco. This institution then in nating between gains and losses. Railroad stocks were the
turn was absorbed by the Bank of Italy. Still more recently outstanding strong features, particularly Missouri Pacific,
(March 1) the Bank of Italy was converted into the "Bank which bounded forward to 533
4 at its high for the day.
of Italy National Trust & Savings Association".
Chicago Great Western moved to the front in the first hour
A. H. Giannini, President of the Bancitaly Corporation and maintained a prominent place in the trading. Texas &
(the holding company of the Bank of Italy National Trust Pacific, Atchison and Chesapeake & Ohio were among other
& Savings Association, with headquarters in San Francisco) strong issues in the railroad list. As the day advanced
sailed for Italy on Wednesday of this week (May 4) accord- many of the leading stocks developed a heavy tone, United
ing to the New York daily papers of May 5. Mr. Giannini States Steel common standing out conspicuously in the
is expected to be absent several months. As he was on the heavy selling and closing more than 2 points down at 1653..
point of sailing, Mr. Giannini gave out the following state- General Motors was under pressure and after selling up to
8 slipped back to 189%. The weakest feature of the
ment, as printed in the New York "Journal of Commerce" 1929/
day was Continental Baking "A," which reached a new low
of Mar. 5:
"I am convinced that the big banks of New York City have not yet begun at 33%. Improvement occurred on Monday,though trading
to reflect the great prosperity of this country in the price of their stocks," was the lightest of any full day in more than a month. Gensaid Mr. Giannini.
"'The Bancitaly Corporation has $130,000,000 capitalization and all but eral Motors and Mack Truck led in the display of strength.
iL00.000 of that Is invested in securities. On July 2 it capitalization will The rally in the oil stocks was particularly noteworthy in
be increased to $180,000,000•
such shares as Barnsda,ll, Phillips and Marland, which sold
"During the past five years we have made 100% appreciation on all our
bank stock investments. We began purchasing bank stocks in 1919 because most heavily last week. In the early trading Chicago Great
I saw they were the only stocks that did not decline after the war, continu- Western preferred made a new high for the year and the coming to pay regular dividends and in some cases extra. Since 1919 some of
mon showed considerable improvement. A seven-point
our bank stock investments have appreciated over 250%•
A meeting of the stockholders of the Bancitaly Corpora- advance by Gulf Mobile & Northern was one of the spection is to be held in New York on June 4 to vote on a pro- tacular features of the day. The advances included more
posed increase in the authorized capital of the corporation than 16 new high records, while nine prominent issues
from $100,000,000 to $150,000,000. It is understood the yielded from 1 to 3 points to new lows.
On Tuesday the market was conspicuously strong, nearly
corporation will declare at least a 30% stock dividend, the
and
issues shooting up to new high levels for the year. Inter25
quarter,
second
the
in
earnings
on
amount depending
probably will place the stock on a $5 cash dividend basis, est centered largely in General Motors, many of the orders
for the stock coming in blocks of 5,000 to 10,000, and it
or more if justified.
moved briskly forward 4 points to its record high at 19634,
The American Colonial Bank of Porto Rico opened a made about two weeks ago. Wabash rose 3 points to 673.
Branch in Bayamon, P. R., on May 1. The head office Mo. Pee. was another strong feature and advanced more
of this institution is in San Juan, P. R., with branches at than 2 points to 54 2. Chesapeake & Ohio advanced nearly
Arecibo, Mayaguez, Ponce, Caguas, Santurce, and now 5 points at its high for the day. Industrial stocks also were
Bayamon. William Schall of William Schell & Co., 160 conspicuously strong, Baldwin Locomotive making a net
Broadway, New York, is President; F. M. Schell of Willaim gain of 33/i points followed by Colorado Fuel & Iron, which
Schall & Co., is Cice-President, and H. L. Cochran of San bounded forward about 6 points to 87. Timken Roller
Juan, P. R., is Executive Vice-President. The combined Bearing moved briskly forward 3 points to 94. Under the
capital surplus and undivided profits of this institution is leadership of General Motors, which shot forward two points
$2,643,676. The New York offices of the bank are at 160 to a new high record at 198, the market made further imBroadway.
provement on Wednesday. Many other motor stocks
this movement and substantial• gains were made
followed
A description of the new banking home of the Bank of
Hawaii, Ltd., recently opened in Honolulu (as contained in by Hudson Motors, Mack Truck, Chrysler and Packard.
the Honolulu "Star-Bulletin" of Mar. 28) has just recently The strong stocks of the day included such issues as American
come to hand. The new building, which is at the corner of Can, Allied Chemical & Dye, National Biscuit, Baldwin
Bishop and King Streets,is three stories in height and occupies Locomotive, Du Pont and Schulte, the latter reaching a
a ground area of 100 by 125 feet. It is constructed of rein- new top for 1927. Erie issues were the strong features of
forced steel, concrete and Davis sandstone and is said to be the railroad group, the common shooting forward about 2
both earthquake proof and fireproof. The exterior architec- points and the preferred 1 point. Considerable irregularity
ture is "an Hawaiian adaptation of the Spanish" and not characterized the trading on Thursday, though on the whole
only, it is said, does the architecture express Hawaii, but the trend of prices continued upward. Oil shares improved
wherever possible Hawaiian material has been used. A on the announcement that crude oil in the Mid-Continent
feature of the artistic and beautiful interior of the building field had been advanced 10 cents a barrel, Phillips Petroleum
is said to be the spacious marble floored lobby, 90 feet long leading the upward spurt with a gain of 2 points, followed
by 42 feet wide,in the center of which stands an ornamental by Marland Oil and a number of the other oil stocks with
fountain and fernery constructed of van -colored Spanish tile. fractional gains. Mack Trucks moved forward 5 points
Throughout, the building is equipped with ultra modern from its early low to a new high for the year at 116. Hudson
devices for the convenience and comfort of clients and em- was also strong and sold 2 points up at its high for the day.
ployees alike. Since its incorporation nearly thirty years Public utilities also moved up with the leaders, Peoples Gas
ago, the Bank of Hawaii has kept pace with the growth of of Chicago advancing five points, and Laclede Gas Co.
Hawaii. Beginning in a modest way with a capitalization preferred reaching a new high record at 118. General Elecof $300,000, the institution today has a capital of $1,500,000; tric closed with a new top at 99%. Colorado Fuel & Iron
combined surplus, undivided profits and pension fund of $1,- made a new high for the movement at 9134, though it lost
661,486; deposits of $26,353,672, and total resources of ap- part of its gain later in the day. Baldwin Locomotive,
proximately $31,000,000. In addition to its main office United States Cast Iron Pipe & Foundry and Du Pont ended
in Honolulu the bank maintains ten branch offices throughout the day with net declines. Railroad stocks assumed the
the Territory. The officers of the Bank of Hawaii are: leadership of the market on Friday, Ches.& Ohio advancing
President, C. H. Cooke; Vice-Presidents, E. D. Tenney, close to its top for the year at 17234. The burst of strength
E. F. Bishop, Roxor Damon, G. G. Fuller, R. McCorriston in this stock stimulated interest in other issues of the rail(and Cashier),Frank Crawford,and H.V.Patten;Secretary, road group and renewed activity was soon apparent in AtchiF. C. Atherton; Assistant Cashiers, F. C.Bailey, J. H.Bow- son, Bait. & Ohio, Reading, Wabash, Kansas City Southern
man, E. W. Carden, A. B. Clark, P. G. H. Deverill, C. T. and Union Pacific. Motor stocks also moved to the front
Littlejohn, Jr., and J. A. Radway, and Auditor, A. F. Bau- under the guidance of Hudson Motors, which reached a new
peak at 789/s, followed by Mack Truck, which improved
man.
2706
THE CHRONICLE
nearly 2 points. Penick & Ford was the outstanding strong
feature of the industrial stocks and reached its best lveel
2. New high levels for 1927 were recorded
for 1927 at 623/
by Allis-Chalmers and Montana Power, and substantial
advances ranging from 1 to 8 points were registered by many
prominent issues, including Union Bag & Paper up 8 points,
Nash Motors, Phillips Petroleum, American Ice, Brooklyn
Edison, Chic. & North Western and Radio Corporation.
The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
,tc.,
Bonds.
Slate,
Municipaland
Foreign Bonds.
908,040
1,523,500
1,949,235
2,186.220
2,090.102
2,018,500
54,129,000
8,317,000
8,608,000
10,340,000
9,646,000
9,202,000
$1,407,500
2,869,000
3,146,500
3,358,500
3,298,000
2,500,000
in 117A A07
SAll too non
Week Ended May 6
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•
Total
Sales at
New York Stock
Exchange.
'Total bonds
$345,000
1,414,800
1,011,100
736,150
1.262,800
1,141,000
15.010.050
Jan. Ito May 6.
1927.
1926.
1927.
United
States
Bonds
5111 570 500 I
Week Ended May 6.
Stocks-No, of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
EXCHANGE
1926.
10,675,597
5,082,789
187,180.618
162,893,335
55,910.850
16,579.500
50.242,000
$5,829,550
12,428,50'1
38,491,010
$115,006,300
347.155,400
857,962,550
$112,338.450
223,504,850
830,791,200
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revitted
from 169 to 182, dropped back to 170 and to-day advancesd
to 192, the close being at 188. American Rayon Products
improved from 634 to 10 and reacted finally to 9. Auburn
Automobile common was up from 108 to 115 the final transaction to-day being at 110. Bancitaly Corp. moved up
from 1103 to 116% and rested finally at 116%. A stock
dividend of 20% and an increase in the capital is to be acted
on at the next meeting. Deere & Co.jumped from 1043 to
129, to-day's close being at 128. American Arch was off
from 106 to 100, the close to-day being at 1013/
8. Among
utilities American Gas & Electric common sold up from 79/
3
2
to 84% and at 83% finally. American Light & Traction
common gained 10 points to 250, the final transaction to-day
being at 249. Blackstone Valley Gas & Electric common
ran up from 13134 to 15034 and ends the week at 149. United
Gas Improvement advanced from 993,4 to 1043
% and finished
to-day at 104. Oil stocks were comparatively quiet, but
firm in tone. Illinois Pipe Line rose from 1403i to 150
and closed to-day at 1483. Ohio Oil gained over three
points to 56%. Prairie Oil & Gas advanced from 45% to
48% and ends the week at 4734.
A complete record of Curb Market transactions for the
week will be found on page 2733.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
$72.732,350 $56,749,050 $1,32",124,250 $1,166,634,500
DAILY TRANSACTIONS AT TFIE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
May 6 1927.
rVor.. 124
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
15,124
22,604
33,572
31.560
31.918
14,870
$5,100
14,000
30,200
9.050
35.000
6,000
11,348
15.211
22.068
26,274
28.197
19,996
58,000
43,600
42,900
72.700
30,300
24,000
1,035
963
1,018
1,199
1.631
2,192
SA 000
311490
Z 6„;00
39,200
59,000
18,000
149,648
$99.350
123,094
5221,500
8.038
5189,600
182,021
5118,600
161,9191 $182.700
14,272
5285,700
THE CURB MARKET.
A heavy volume of business was done on the Curb Market
this week, prices moving up sharply to higher levels. The
advances were general. Towards the close there was a
lull, though the tone of the market was firm. Celanese Co.
of America, the new name of the American Cellulose & Chemical new stock, sold up from 47% to 503t and back to 47%,
the close to-day being at 48%. The old common advanced
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended May 6.
Ind&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
Mining.
75,565
57,756
100,446
150,964
151,996
143,854
35,060
53,320
69,520
38,350
72,490
71,240
680,581
339,980
Domestic. Poen Govt.
56,206 $1,393,000
33,000 1,796,000
35,178 2,264,000
46,660 2,707,000
31,485 2,848,000
86,940 2,801.000
$107,000
155,000
412,000
427,000
356,000
365,000
289,469 13,809,000 $1,822,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, Sic., at London,
as reported by cable, have been as follows the past week:
Apr. 30. May 2. May 3. May 4. May 5.
London,
Sat.
Mon.
Week Ending May 6.
Tues.
Wed. Thurs.
Silver, per oz
25 15-16 2534
d 25 11-16 2534
26
s
84.1134
Gold, per fine ounce
84.11
84.1134
84.1034 84.11
Holiday 5434
55 1-16 5634
Consols. 234 per cents ______
Holiday 10034
10034
British 5 per cents
10034
Holiday 9534
British 434 per cents
9534
9534
Paris)
.fr.
_
57.75
fin
57.50
Recites
57.35
French
57.85
77.25
French War Loan(InParis)..fr __76.25
75.75
76.90
May 6.
Fri.
26 1-16
84.11
559-16
10034
9534
57.35
77.45
The price of silver in New York on the same day has been:
Silver In N. Y.. per oz. (eta.):
Foreign
5534
5534
5634
5634
5634
56
Course of Bank Clearings
Bank clearings the present week will show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, May 6), bank exchanges for all the cities
of the United States from which it is possible to obtain weekly
returns will be 7.9% larger than those for the corresponding
week last year. The total stands at $11,344,050,624,against
$10,511,478,308 for the same week in 1926. At this centre
there is a gain for the five days of 11.4%. Our comparative
summary for the week is as follows:
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.645.000.000
876.079.695
488.000.000
506.000.000
125.023.821
125,300.000
164.839.000
157.478.000
164,997,918
146.339,510
108.209,804
104,408.216
52,322,488
55,066.000.000
723.111,314
468.000.000
454.000.000
112,701,380
134,200.000
160.193.000
145,137.000
142.830.962
143.405.753
92.366.473
105,602.031
57,758,556
+11.4
+21.1
+4.3
+11.4
+10.9
-6.6
+2.9
+8.5
+15.5
+2.0
+17.1
-1.1
-9.5
Thirteen cities, five days
Other cities, five days
58,663.998.452
956,043.735
$7,805.306.469
1,077.455,065
+11.0
-11.3
Total all cities, five days
All cities, one day
89.620.042.187
1,724,008,437
58,882.761.534
1.628.716,774
+8.3
+5.0
Clearings-Returns by Telegraph.
Week Ended May 7.
44,...,0 .11 enIon kw week
511.344.050.624 110.611_47R 11(114
.l-7.0
Complete and exact details for the week coverecl by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 30. For
that week there is a decrease of 1.5%, the 1927 aggregate of
clearings being $10,313,454,821, and the 1.926 aggregate
$10,474,463,078. Outside of New York City, the decrease
is 0.6%, the bank exchanges at this centre having decreased
1.2%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this it
appears that in the Boston Reserve District there is an
increase of 7.5% and in the Cleveland Reserve District of
3.7% but in the New York Reserve District (including
this city) there is a loss of 2.1%. In the Philadelphia
Reserve District there is a falling off of 1.6%,in theRichmond
Reserve District of 8.0% and in the Atlanta Reserve District
of 13.6%,for which the Florida points are mainly responsible,
Miami showing a loss of 61.7% and Jacksonville of 27.6%.
In the Chicago Reserve District the totals are 3.6% smaller;
in the St. Louis Reserve District 0.7% smaller, and in the
Minneapolis Reserve District5.2%. The Kansas City Reserve
District has a gain of 1.9%, the Dallas Reserve District of
8.4% and the San Francisco Reserve District of 0.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. April 30 1927.
Federal Reserve Diets.
1st Boston__ _12 cities
And New York _11 "
3rd Philadelphial0 "
5th Cleveland__ 8 "
5th Richmond 6 "
fith Atlanta___13 "
7th Chicago ___20 "
8th St. Louie _ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
llth Dallas
6"
12th San Fran 17 "
1927.
1926.
Inc.or
Dec.
1925.
1924.
+7.5
487,459.928
-2.1 6,474 713.665
-1.6
578.452.07
+37
375,646.681
-8.0
196,076.392
-13.6
208,363,749
-3.6 1,062 100.528
-0.7
198.640.660
-5.2
115.252.423
224.920,254
+1.9
+8.4
63,847.610
+0.7
479,914.028
479.031.972
6,810.433.653
619.624 635
351,949.768
192.420.249
192.073.095
972.491.750
197626.298
105.532.736
221.103,455
66.655.970
447,692.474
Total
129 cities 10.313.454,821 10.474,463.078 -1.6 10,463.388.283
4,153,654,750 4,176,957.693 -0.6 4,099.512,284
Outside N.Y. City
9.646,635.955
3,851665.128
Canada
29 cities
680.174.204
6,281.004,518
664.392.754
400.263.680
191.924,613
182.433.600
978.697.604
209.766.710
104.580.220
235.329.647
75.858.984
509.028,388
368,892,167
639 797,197
6,413,212.880
573,736.450
385,836.948
208,604.02
211.043.124
1,014,616.602
211.160.575
110.257.325
230.893,289
89,974,222
505.330.534
294,535,726 +25.2
277,410,498
358,248,763
MAY 7 1927.]
THE CHRONICLE
2707
MONTHLY CLEARINGS.
We also furnish to-day a summary by Federal Reserve
districts of the dealings for the month of April. For that
Clearing". Total AU.
Clearings Ottside New York.
month there is an increase for the whole country of 0.5%, Month.
1927.
1926.
1927.
1926.
%
%
the 1927 aggregate of the clearings being $45,718,620,044
S
$
$
$
and the 1926 aggregate $45,468,511,618. Although the Jan _ .. _ 45.209,424,033
47,611.459.198 -5.1 19.6,7.510,562 20.510.360.932
4.2
increase in ratio is only 0.5%, the present year's total Feb.__ 40281.518.749 '38,758.757.843 +4.1 17.303,393,426 17.305.400.188 -0.03
Mar,. 48.949,281,418 48.460,993,827 +1.0 20219.526.569 20,369.120.885 -0.7
establishes a new high record for the month of April. The
gain, however, is due mainly to the increase at New York 1st C1U. 134519304200 134831210668 -0.2 57,170,418,557 58.184.881.985 -1.8
City. Outside of New York City there is a decrease for Am __ 45.718.620.044 45.468.511.618 +0.5 19.253.159.393 19.504.450.850 -1.3
the month of 1.3%, while the bank exchanges at this centre
The course of bank clearings at leading cities of the country
register a gain of 1.9%. The Boston Reserve District for for the month of Aplit and since Jan. 1 in each of the last
the month shows a gain of 0.4%, the New York Reserve four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
District (including this city) of 1.9% and the Cleveland
April
Jan. 1 to April 30(000,0000
1927. 1926. 1925. 1924.
1927.
Reserve District of 5.6%. The Philadelphia Reserve Dis1926. 1925. 1924.
omitted.)
$
trict has a loss of 6.9%, the Richmond Reserve District of New York
26,465 25,664 22,849 20,326 103,814 102,610 93,996 78,785
Chicago
3,006 2,862 2.957 2,676
11,630 11,760 11,588 10,259
8.1% and the Atlanta Reserve.District of 20.5%, the latter Boston
2,195 2,199 1,826 1,729
8,597 8,158
7,341
7,056
2,310 2,497 2,447 2,087
9,407 10,019 9,374 8.250
following from the falling off at the Florida points, Miami Philadelphia
St. Louis
641
611
582
604
2,481
2,616 2,492 2,388
737
800
741
681
3.191
having a decrease of 62.1%, Tampa of 45.1% and Jackson- Pittsburgh
3,006
2,918 2,703
San Francisco
_ 817
744
808
693
3,259
3,304 2,983 2,753
ville of 37.7%. In the St. Louis Reserve District the totals Baltimore
422
468
482
533
1,848
1,953
1,757
1,671
Cincinnati
322
329
310
283
1,270
1.303
1.205
1.127
show a diminution of 3.9% and in the Minneapolis Reserve Kansas
City
545
582
563
2,409 2.230 2,251
508
2,034
523
479
553
508
2,076 1,987
1.881
1,821
District of 17.8% but the Chicago Reserve District has an Cleveland
Minneapolis
241
329
1,104 1,300
327
264
1,366
1.082
increase of 3.7%. In the Kansas City Reserve District the New Orleans
243
234
227
995 1,039
280
1,020
1,024
Detroit
730
735
672
2,792 2,820 2,540 2.431
629
totals are larger by 3.7%, in the Dallas Reserve District by Louisville
149
127
155
142
623
607
589
524
Omaha
166
676
178
159
175
718
726
636
2.4% and in the San Francisco Reserve District by 1.8%.
Providence
63
236 . 235
55
53
as
233
208
April
1927.
I Inc.orl
Apr41
1926.
1 "".
Federal Reserve Diets.
$
$
1st Boston _ _ _14 cities 2,461909,540 2,452,621,782
lad New York _14 " 27,168.061,667 26,652,009,330
2,502.078,812 2,689.315,913
3rd Phila4lelphial4
1,885.677.768 1,784,076.095
6th Cleveland_ _15
867 502.626
944,015,762
6th Richmond _10
905,023,519 1,138,273,371
6th Atlanta___18
4,407,023.715 4,248,961,898
7th Chicago __29
985,322.076
8th St. Louis. __10
947,259,613
639,048,334
9th Minneapolle13
443,101.511
1,183,246,584 1,141,109,504
10th Kansas City 16
llth Dallas
511,969.520
12
499,880,968
12th Ban Fran.. _28
2,435,765,169 2,393,876,585
April
1925.
April
1924.
% 1
+0.4 2,072,071,690
+1.9 23,464,586 787
-6.9 2.693,372,023
+5.6 1,750.292,825
659,505.419
-8.11
-205 1,004,929,480
+3.7! 4,252,035,098
-3.9, 931,368,742
-17.8' 536,838.766
+3.71 1,155,775,661
+2.41 473,655,224
+1.8 2,172,686,771
1,960,391,443
23,890,3/5,204
2,311,588.990
1,631,489.513
816,159,940
856,718.037
3,689.116.591
880.484,897
469.141.153
1,042,414,792
416,786,980
2,052,780,225
Total
193 cities 45,718,620,044 45,468,511,618 +0.5 41,397,118,485 37,217,375.765
Outside N. Y. City
19,253.159,393 19,504.450,850 -1.3 18,548,233.880 16,892,514,650
Canada
(29 cities)
1,532,194,164
1.467,518,688 +4.41 1,277i192•364
1,263,298,025
We append another table showing the clearings by Federal
Reserve districts for the four months back to 1924:
1926.
Inc.or
Dec.
1925. I
Federal Reserve Diets.
lit Boston ...„14 cities 9.597,497,451 9,176.153,942 +4.6, 8,310,541,469
2nd New York .14
106,471.091,190 105,230.527,164 +1.2 96,282,584,890
3rd PhIladelphial4 " 10,136,357.508 10,729.051.445 -6.5 10,234.173,803
6th Cleveland..15 "
7,308.368.103 . . .
+3.6 6,751,436,402
5th Richmond .10 "
3,405599.297 3.605,378,092 -5.5 3,405,894.188
6th Atlanta_18 "
3717,952.053 4,731,731,934 -21.41 4,050,191.330
7th Chicago ___29 " 17.068331.029 17.188.760,355 -0.8 16 585,819,621
8th Bt. Louis-10 "
3,882.878,567 4.068.857.960 -4.3 3,877.801,531
9th Minneapolls13 "
1,892,208 466 2.128,388.317, -11.11 2,198.046.229
10th Kansas CIty16 "
4,803.135,702 4,685.257,188 +2.6 4,676,914.776
11th Dail"
12 "
2,221.930.200 2,174.612.601' +2.11 2.143.845,244
12th San Fran-28 "
9,732,674.678 9.537 746,380 +20 8,541,281,467
29 cities
164
644
225
130
140
69
214
83
183
70
59
175
740
228
134
132
94
217
92
208
74
72
742
3,242
873
494
488
399
825
366
758
284
259
155
610
203
138
127
77
219
82
176
65
58
41,924 41,496 37,615 33,851
3,795 3,973 3,782 3.367
7.951.355.308
81,027.058.242
9,076.310,320
6,389.077,851
3,259.487,014
3,495.073.189
15.026.395.669
3,626.204.553
1,903.833,504
4,217,043.983
1,920.919.726
8,253,527,677
5,838,833,734 5,397,409,649' +8.2 4,985,496.3461 5098,185,329
720
2,947
911
530
526
373
895
416
780
289
287
677
2,569
842
522
548
286
902
390
687
268
238
634
2,561
757
558
516
328
902
358
697
248
225
165.138 164,355 152.189 132.534
15.099 15,944 15.070 13.492
Total all
45,719 45.469 41,397 37,218 180,237 180.299 167.059 146.028
Outside New York 19,253 19,504 18,548 16,892 76,424 77,689 73.083 67.241
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
April and the four months of 1927 and 1926 are given below:
Month Of April.
•
Four Months.
Description.
1927.
1924.
Total
193 cities 110437.924.244 190.299,722.286, -0.04 167.058.530,950 146.028,287,036
Outside N Y. City
76,423,577,960 77.689,332,835, -1.6 73,082.882 3571 67,240,960,441
Canada
Total
Other cities
179
783
232
124
140
98
209
83
201
73
72
1926.
1927.
Stock, number of shares. 49.781,211 30,326,714
Railroad & misc. bonds_ $197.673250 $219.572.150
State, foreign. &c.. bonds 75.021.200 54.840,500
U.S. Government bonds_ 23,837,750 30,102,200
Four Months.
1927.
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City_ _ _
Hartford
Total bonds
177,430.780
$811.849.550
109.440,750
331,983,400
1926.
157.312.280
5791.298.200
211.076.350
108,45b.300
8296.532,300 $304,514,850 31.253,273.700 $1,110,829.850
The volume of transactions in share properties on the
New York Stock Exchange for the month of April in 1924
to 1927 is indicated in the following:
1926.
1927.
1925.
1924.
No. Shares, No. Shares. No. Shares. No. Sharer.
Month of January
February
March
34.275.410
44.162,496
49,211,663
First quarter
Month of April
41.570.543
32.794,456
38.294.393
26.857,386
20,721,562
18.315,911
87.649,569 126,985,565 112.659.392
65.894.859
49.781.211
18,116.828
38.987.885
35.725.989
52,271,691
30.328,714
24.844.207
We now add our detailed statement showing the figures
The following compilation covers the clearings by months
for each city separately for April and since Jan. 1 for
since Jan. 1 in 1927 and 1926:
two years and for the week ending April 30 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL
30.
Month of April.
Clearings at1927.
1926.
$
$
First Federal Rese rye District- BostonMaine-Bangor
3,612.685
3,144.106
Portland
15.069.085
14.595.221
Mass.-Boston
2,195,000.000 2,199.000.000
Fall River
8,844,721
8,606.683
Holyoke
3,987,540
4.349.899
Lowell
5,394.932
4,770,464
Lynn
a
a
New Bedford
5,481,773 •
5,943.751
Springfield
25,185,411
25,194.539
Worcester
16,151,680
15,730.134
Conn.-Hartford --71.982.253
71,502,893
New Haven
33,911,617
30,861,690
Waterbury
11,099200
10.113.400
R. I.-Providence- _ 62.832,400
55.137,600
N. 32.-Manchester.3,356.143
3.671,402
Total(14 Cities)
Four Months.
Inc. or
Dec.
1927.
%
$
+14.9
+3.2
-0.2
+2.8
-8.3
+13.1
a
-7.8
-0.04
+2.7
+0.7
+9.9
-54.8
+13.9
-8.6
•
Week Ended Apr" 30.
1926.
Inc.or
Dec.
1927,
1926.
Inc. or
Dec.
1925.
$
%
$
8
%
8
14,008,704
12,088.262 +16.0
61,089,775
57.383.412 +6.4
8.597,087210 8,157.537.997 +5.4
33.637.294
35.437.176 -5.1
15.196.743
15.895,431 -4.4
20.948,232
17,857,285 +17.3
a
a
a
20.662,073
22.464,440 -8.0
99.671.118 -4.9
94,755,407
61.458.123 +0.8
61.955.155
286293,892 -9.7
259,181,751
122,084,383 +6.5
129,973.887
41,054,400
39.655.800 +3.5
235.718.800 . 235,095.200 +0.3
12.631,643 -3.2
12,228.020
732,606
3,344.286
527.000.000
1,665,948
a
1.104.217
a
1,098.048
5,322.503
3.089,722
15.030.388
7.523,008
13.661,200
622,278
866.071
3.529,050
488.000.000
1,622,744
a
894,300
a
1,239,998
5.185.867
3.440.642
15,088,548
7,368,093
1924. I
$ 4
+15.2
635,864
797,465
-5.2
3.491.021
3.217.010
+8.0 433,000.000 427,000.000
+22
1,998,071
2,056,757
a
a
a
+23.6
1,123,479
1.108,240
a
a
4
a
-11.5
1.338.416
1,218,699
+2.6
6.419.972
5,408.000
-10.8
3.720.984
3.698.373
--0.4
14.573,153
12,498,986
+2.1
6,881,084
8,182.288
11,815.000 +1.5..
976.886 -36.3
13,323.000
954.882
2,461,909,540 2,452,621,782
12.605.000
1,242,874
+0.4 9.597,497,451 9,176.153,942 +4.6 580,174,204 539.797,197 +7.5 487,459,926 479,031,972
Second Federal Re serve District -New York-N. Y.-Albany
81,103,994
30.670,821 +1.4
6,384.165
111,518.030
109,936,073 +1.4
7,083,002 -9.9
8.758243
6,623,993
Binghamton
5.187,165
5.165.800 +0.4
996.368
21.075.558
19,984,800 +5.5
1.042.600 -4.4
983.000
855.100
Buffalo
227,641.883 +1.8
231,878.024
51,048.868
873.273.038
911.114,328 -4.2
48.149,493 +8.1
47.075,888
44,296,549
Elmira
4,453.718 +4.8
4,668237
996.136
18.381.342
1,027.457 -3.1
17,027.244 +72
1.019.469
770.199
Jamestown
6.830.857 -7.8
6,301.700
c1,176.885
25.076.614
1.268.142
26.615.698 -5.8
-7.2
1.064.709
896.780
New York
26,465,460251 25,964.060.768 +1.9 103.814.346.294 102,610.389,451
+1.3 6.159.850.071 6,297,505,385 -1.2 6.363,875.999 5,695,570.829
Niagara Falls
4.516.533 +29.9
5.867.694
18.868.889
+10.8
17.022.367
Rochester
56.572.194 +11.6
83,138,393
13,189.658
235.667.054
+4.1
11.594.558 +13.7
226.471.021
12,245.583
12,167.091
Syracuse
25,952.854 +14.6
29,734,728
5,395.671
104.589.234
5.470.299 -1.4
100,629,794 +3.9
8.439,706
8,798,780
Conn.-Stamford-13.905.604 +24.9
15,976.636
c3,677.934
81.248,691
3,094.868 +18.8
57.007.228 +7.4
2,608.466
3,151.701
N. .4.-Montc1a1r---4,842,153 -14.7
4,132,663
1,103,552
14.618.592
970,818 +13.7
13.229.902
+10.5
824.601
875,042
Newark
107.167.859 +14.7
122.897.960
447.335.351
423.892.099 -14.6
Northern N J
193.625,341 -9.6
175,119.857
+3.9
87,185,412
699.040.841
36.006.258 +32 30.818,001
672.624.900
38.427.482
Oranges
6.793,365
6.603.145 +2.9
26.051.662
24.582,257 +6.0
.......g,lA Al.leal
97 1.10 Ital An,On ACO MO ./RA
J-1 0111n Att nnl Inn 1nm non enn Inn
„
A 1 0 n SRI
nna
KIR II 417 919 52411
-_
,
1 1 A ATA ',Ganz
[Vox- at.
THE CHRONICLE
2708
CLEARINGS-(Continued).
Wee* Ended April 30.
Four Months.
Month of April.
Clearings at1927.
1926.
Inc. or
Dec.
%
Third Federal Res erve District -Philadelphi a-7.083.525
7.001,565 +1.2
Pa.-Altoona
22,375,800
Bethlehem
22,977,800
6.208,000
Chester
6.262,359 -0.9
21,992.028
22,739,563
Harrisburg
13.154,639
Lancaster
14,067,378 -6.5
3,437,802
Lebanon
3,677,984 -33.7
3,947.106
Norristown
3,837.121
+2.9
Philadelphia
2,310.000,000 2,497,000,000
Reading
19,593,660
19,674.069 -0.4
27,010.800
Scranton
27.796.157
18,192,782
Wilkes-Barre
16,306.855 +11.6
York
9,254,122 +4.1
9,634,386
12,118,435
13.779,208 -12.1
N.J.-Camden
Trenton
27,329,849
24,941,732 +9.5
a
a
a
Del.-Wilmington
Total(14 eities)-
2,502,078,812 2.689,315,913
1927.
1928.
Inc. or
Dec.
-6.91 10,136,257,508 10,729,051,445
-2.0
-3.1
-1.8
+3.2
-4.5
541,010,000
4.307,707
5,618.900
4,520,332
2,099.855
489,000.000
3,963,583
5.642,618
4,120.822
1,698,099
7.558,996
a
5.136.288 +47.2
a
a
7.402.652
a
6,098.535
a
543,000,000
4,430.214
5,750.788
3,715.785
1.850,929
4.931.000 +29.8
3,447,015 +40.1
69.429.885 +0.9
120,170.917 -14.6
14,761,700 +5.8
a
a
4,970,000
4,730,246
64,859,356
108.766.517
14,391,000
a
6.974,000
4,692.650
61,104.620
100.715,997
13,796,500
a
Fifth Federal Rese rve District- Richmond5,552,223
6,248.417
W.Va.-Huntington_
a
Va.-Newport News_
Norfolk
23,546,951
35,520,994
Richmond
209,097,000
217,226,000
a
a
N. C.-Asheville_ _ _
Raleigh
10,649,596
12,353,908
a
Wilmington
a
10,613,047
10,234,000
8. C.-Charleston_ _ _
Columbia
6,994,730
8,719,535
Md.-Baltimore
468,391,977
532,603,327
Frederick
2,727,061
2,427,046
Hagerstown
4,128,907
4,365,880
D. C.-Washington...
115,978.418
124,139,371
-11.1
a
-33.7
-3.8
a
-14.8
a
+3.7
-14.9
-12.1
-11.0
+5.7
+7.0
24,157,268
a
98.601,275
825,154,000
a
46,675,697
a
42,249,696
32,148,904
1.847,737,552
8,190,529
14,611,548
466,072,828
25,342.702 -4.7
a
a
142,195,257 -30.7
895,134,000 -7.8
a
45,143,364
+3.4
a
46,198,275 -8.6
27,124.153 -30.4
1,953,218,626 -5.5
8,571,436 -4.5
14,093.567 +3.6
448,356,712 +3.9
944,015,762
-8.1
3,405,599,297
3.605.378,092
Sixth Federal Rese eve District- Atlanta37,538,436
Tenn.-Chattanooga _
34,058,409
Knoxville
13,543,123
13,901,772
Nashville
95.718,792
98,579,773
Ga.-Atlanta
291.117.668
214,270,477
8.355,812
Augusta
8,383,054
Columbus
4,521,604
4,675,926
8,629,840
Macon
8.914,785
a
Savannah
a
154,970,728
Fla.-Jacksonville _ _ _
06,567,939
71,692,481
Miami
27,154,717
40,719.000
Tampa
22,308,000
115,736,237
Ala.-Birmingham _ _ _
106,047,078
8,721,029
Mobile
9,058.787
7,578,599
Montgomery
6,588,616
6,923.602
Miss.-Hattiesburg
7,604,500
7.263.856
Jackson
6,831.250
3,723,048
Meridian
4,113,490
1.736.726
1,449,540
Vicksburg
259.773,790
La.-New Orleans__ 234,455,406
+2.6
+3.0
-26.4
+0.3
+3.4
+3.3
a
-37.7
-62.1
-45.1
-8.4
+3.9
-13.1
+9.8
-6.0
+20.5
-16.5
-9.8
135,207,324
55,762,903
383,173,040
872,970,348
35,603,825
18,704,573
34.466,540
a
395,846,155
126,022,415
92,707,828
419,093,442
36,491,633
27,597,149
33,797,584
30.351,196
17.576.570
7,133,716
995,445,812
136,509,306
55,961,137
385.475,277
1.239.708,877
35,789,927
18,319,741
28,648,797
a
642,657,145
333,328,955
187,657,233
470,178,708
37,130,166
32,680.292
32,890,628
30,693,176
16,933,894
7,721,073
1.039,447,603
905,023,519 1,138,273,371 -20.5
3,717,952,053
+3.6
a
a
d1,778,535
a
a
5,707,402
a
1,884,381
a
a
5,724,424
--5.6
a
-0.3
a
1,941,109
a
a
4,509,333
a
a
a
2,218,200
a
a
4,151,837
a
181,297,476
165,486,626
+9.5
171,479,120
158.295,964
400,263,680
385,835.948
+3.7
375,646,681
351,949,768
987,894
1,247,425 -20.9
1,478,185
2,091,514
d5,301,338
47,385,000
8.594,883 -38.3
51,302,000 -7.6
7.482.034
48.686,000
8,289,792
55,363,000
2,000,000
2,122,970
-6.8
1,923,215
3,313,816
109,833,526
120,103,927
-8.6
111,736,051
104,082,127
26.416,854
25.233,727
+4.7
24.770.907
20,280.000
-5.5
191,924.612
208,604,932
-8.0
196.076,392
192.420,249
---0.9
--0.3
--0.6
--39.6
--0.5
4-2.1
1-20.3
a
--38.4
--62.2
--50.6
--10.9
d7,551.564
2,715,938
22,566,677
44,495,762
1.956,189
6,891,690 +9.6
2,784,163 --2.5
20,324.354 +11.0
57,196.293 -22.2
1,769,485 A-10.5
6.178.000
2,933,095
20,962,690
54,417,026
1,639,409
5,580,000
2,691,760
18,786.913
56,648,642
v1,500,000
1,671,741
a
19,572,351
4,910,000
1,570,143 +6.5
ft
a
27,045,625 -27.6
12,476,986 -61.7
1,360,091
a
22,273,263
17,757,004
1,302,456
a
17,293,855
4,618,664
22,166,308
1,841,184
24,745,248 -10.4
1,956,529 -6.9
23,001,952
1,731,720
24,660,236
1,956,790
-15.6
+2.8
-1.1
+3.8
+5.9
918,000
1.419,255
-4.2
248,523
51,486.890
377.298 -34.1
52,725.310 -2.4
305.606
54,885,893
496,283
55,118,241
4,731,731,934 -21.4
182,433,500
211,043,124 -13.6
208,363.749
192,073,095
4,248,027 +1.1
4,295,426
4-6.1
19,169,662 +5.5
20,231,949
--0.8
1-0.7 2,791,912.325 2,830.189.705 -1.4
47,714,581 +18.1
56.377.088
1-29.9
146.201.398 -5.2
138,605,014
--4.1
30.635,785 +6.7
32,698,037
4-6.6
48,369,135 -11.5
42,804,224
-7.9
45,796,037 +9.8
50,276,969
4-20.3
99,371,064
+3.1
102.453,101
A-11.0
372,525,000
+7.1
399,168,410
4-3.6
50,043,690 +3.5
52.436.500
1-2.0
100,739,962 +9.8
110,592,000
1-5.7
66,781,416 -1.2
65,980,401
-5.8
719.055,616 +3.1
741,648,238
A-2.0
15,312,649 +9.8
16,808,375
+8.5
46.582,146 +2.6
47,801,980
1-9.2
170,874,939 +3.6
176.797,696
+3.2
187,384,947 -10.4
167,834.252
--9.8
7,873,698 +2.9
8,101,418
1-10.8
f
f
f
123,509,404 -8.5
112,950.331
--14.6
20.576,340 +8.8
22,375.468
1-4.4
28,341,155 -0.4
28,228,599
--4.5
29,759,942 -3.5
28,675,221
+2.6
4-5.1 11,630,185,475 11,759,879,913 -1.1
a
a
a
a
23.025,176
+1.1
23,279,211
1-3.7
87,211.062 -2.8
84,761,078
--0.3
55,233,550 +11.1
61,357,465
1-8.3
51,154,355 -2.9
49,696,778
--9.6
247,753
1,014.737
169.911.269
219,571 +22.8
.800,000 +26.8
+5.6
160,805,531
263,483
561.083
157,929,873
259,489
633,188
149,027,267
+3.7 17,068,331,029 17,188.760.354
-0.8
Eighth Federal Re serve District -St. Louis25,878.569
23,502,023 +10.1
Ind.-Evansville
834,599
768.329 +8.6
New Albany
810,500,985
640,824,575 -4.7
Mo.-St. Louis
a
a
a
Springfield
154,612,162
148,520,902 +4.1
1,453,866
1,538,425 -6.5
Owensboro
10,317,126
10,405,316 -0.9
Paducah
82,888,555
92,103,373 -10.0
Tenn.-Memphis__ _ 58,342,103 -11.1
51,879.661
Ark.-Little Rock_
1,688,982 +4.6
1,766.086
111,-Jacksonville.
7,178,004
7,628,068 -6.6
Quincy
98,377,050
3,249,276
2,480,630,665
a
622,841,727
7,750,751
38,585,049
366,366,014
231,611,026
6,616,648
26,850,361
90,052,519 +9.2
3.031,267 -F6.2
2,615,826,978 -5.2
a
607,179,377 +2.6
8,101,232 -4.3
37,354.725 +3.3
416,032.668 -11.9
244.548,302 -5.3
7,770,372 -14.9
28,960,560 -7.3
-3.9
3,882,878,567
4.058.857,960
532,000,000
4,294.373
5,650,511
d3,813,760
1,767,317
6.400,000
4,829,258
70,034,000
114,597,809
15,619,200
a
7,053,256,907
985,322,076
2,500,000
519,624.625
7,308,268,103
947,259,613
2,896,728
576.452,357
+5.6
Total(10 citles)_---
2,235.246 -14.3
1,915,090
-1.6
Total(15 cities).--- 1,885,677,768 1,784,076.095
Total(28 cities)---- 4,407,023,715 4,248,961,898
1,578,854
3,616,827
1,405.304
573,736,450
104,313,000 -4.9
69,336,599 +1.8
1,303.085,445 -2.6
1,987.192,945 +4.5
282,989,000 +6.1
a
a
16,914,452 +0.3
a
a
7,243,391 -0.2
35,741,038 -6.1
a
a
a
88,162.311 +10.4
11,793,428 +3.6
a
a
6,303,236 -14.3
23,136,478 +2.5
3,006,220,374 +6.1
37,936,820 -9.9
72,888,390 -2.9
Seventh Federal R eserve Distric t-Chicago1,112.448
1,180.249
Mich.-Adrian
4,730,495
4,692.505
Ann Arbor
729,806,611
735,285,832
Detroit
11,478,123
14,907.816
Flint
37.295,890
35,774,100
Grand Rapids
7.396.757
Jackson
7.884,899
11,148,064
Lansing
12,107,657
11,786,919
14,182,815
Ind.-Fort Wayne_ _ _
26,512,217
Gary
29,431.095
Indianapolis
97,894,00
94,468,000
South Bend
13,989,300
14.275,900
27,743,451
Terre Haute
26.240.527
Wis.-Madison
16,051,748
17,043.729
178,882,668
Milwaukee
175,332,316
Oshkosh
4.179,302
3.850,795
11.911,325
Iowa-Cedar Rapids.
10,909.234
Davenport
44,492,000
43.123.643
Des Moines
43,277,294
47,069,195
2,204,929
Iowa City
1,990,621
C
f
Mason City
26,370,676
Sioux City
30,871,991
6,118,441
Waterloo
5.861.308
7,342.713
7,684,079
111.-Aurora
8,259,954
Bloomington
8,046,037
3,006,346,330 2,862,400,255
Chicago
a
a
Danville
5,861,271
5,652,197
Decatur
21,160,298
21,216,892
Peoria
17,951,174
16,576,414
Rockford
12,212,866
13,508,248
Springfield
1,431.754
5,516,723
1,657.706
1,678,382
4.440,679
1,498,139
564,392,754
99,258,000
70,622,792
1,269.643,353
2,075,822,277
300.209,500
a
16,968,649
a
7,229,775
33,575,765
a
a
97,372,706
12,212,440
a
5,403,858
23,720,03
3,191,263,280
34,188,720
70,776,380
Total(18 cities)_---
-5.7
+0.1
-9.1
1,583.163
4,447.692
1.361,852
-5.5
-4.3
+14.6
+2.1
+5.6
+3.0
a
-17.
a
-21.2
-7.'
a
a
+0.1
-2.0
a
-9.
-0.3
+3.4
-5.7
+7.6
867,502,626
1924.
1926.
$
25,650,459 +10.9
28,447,051
73,863,071
+5.2
77.702.959
23,890,642 +3.0
24.602,689
79,554.426 +1.7
80,877.092
44,467,986 -9.1
40.426,020
10,872,589 +0.8
10,951,669
14,470.341
+6.3
15.383,618
9,407,000,000 10,019,000,000 -6.1
67.839,293 +6.6
72.346.841
105,581,804 +4.8
110,705,421
59,938,739 +13.8
68,232,569
31.773,062 -1.7
31.246.684
61.101,960 -20.7
48.467,143
111.047,073 +8.0
119.967,752
a
a
a
Fourth Federal Re serve District -Cleveland27,625,000
26,442,000
Ohio-Akron
16,976.014
Canton
19.471,413
322.378,306
329.268,801
Cincinnati
523.361.752
552,568.066
Cleveland
79,257,000
81,608,800
Columbus
a
a
Dayton
5,549,716
4.583,291
Hamilton
a
a
Lima
2,353,412
1,855,673
Lorain
0,186.616
8,503,067
Mansfield
a
a
Springfield
a
a
Toledo
25,108,644
25.126,272
Youngstown
3,098,215
3,004,102
Pa.-Beaver County.
a
a
Erie
1,479,144
1,341.728
Franklin
5.903,286
5,889,000
Greensburg
736,667,014
799,883,752
Pittsburgh
6,861.976
6,471,083
Ky.-Lexington
19,660,720
18,270,000
V. Va.-Wheeling_ _.
Total(10 cities)____
Inc.or
Dec.
1925.
1927.
-4.3
1,250,373
1,180,000
7,882,202
7,870,375
+0.1
7.668,737
6,768,613
2,768,000
2,452,232
2,386,328 +16.0
2,607.820 -6.0
2,535,324
2,531,733
2,944,154
2,684.497
20,401,000
2,911,200
5,036,054
20,798,000
3,227,400
5,401,625
--1.9
-9.8
--6.8
17,102,000
3,035,424
5,194,436
17,943,000
2,471,200
5,025,462
38,168,499
38,245,590
37,533,616
-0.2
36.195,006
2,514,087
2,186,415 +15.0
2,620,556
2,686,238
8,437,396
10,644,359 -20.7
11,362,758
11,686,061
5,686.360
1,162,102
6,382,260 -10.9
1,220,705 -5.5
7,189,970
1,448,922
6,486,116
1,415,079
1,781,538
696,747,539
a
1,214,253
4,482,482
3,694,926
2,183,975
1,437,633 +24.0
737,435,663 -5.5
a
a
1,285,793 -5.6
5,224.892 -14.2
3,656.401
+1.0
3,071,182 -28.9
1,449,546
792,375,125
1,359,086
4,945,437
3.549,407
2,782,622
1,411,897
710,862,478
a
1,335,174
5,030,478
3,259,960
3,027.783
-3.6 1,062,100,528
972,491,750
978,697,604 1,014,616,602
5,944,218
4,774,940
+2.3
133,000,000
133,900.000
32,087,217
250,112
35,948,465 -10.8
299.393 -16.5
28,884,308
358,372
28,098,954
411,358
16,800,000
12,533.290
416,347
1,460,419
19.074,334 -11.9
12,082.215 +3.7
624.637 -33.3
1,600,138 -12.0
17,227,895
11,206,577
584.375
1,434,915
18.217,039
9,825,881
611,458
1,786,668
-0.7
198,640,660
197,626,298
7,119,325
139,100,000
209,766.710
5.571,393 +27.9
135,900,000
211,160,575
MAY 7 1927.]
THE CHRONICLE
2709
CLEARING.S-(Concluded).
Month of April.
Cleartnas at
1927.
Four Months.
Inc. or
Dec.
1926.
$
3
%
Ninth Federal Re erve District -Minneapoll sMinn.-Duluth
29.227.361
29,283,817 -0.2
Minneapolis
241.298,284
327.407.046 -26.3
Rochester
2.852.960
2.097,655 +26.5
St. Paul
124.266.693
133,691.516 -7.1
No. Dals.-Fargo
8,331.547
8,614,382 -3.3
Grand Forks
5.825.000
5,824.000 +0.01
Minot
1,194.348
1,305.642 -8.5
So. Dak.-Aberdeen
4,715,328
6,043,385 -22.0
Sioux Falls
6,873.230
6,922,525 -0.7
Mont.-Billings
2,584.956
2,371,825 +9.0
Great Falls
3,421,420
3,080.372 +11.8
Helena
12,133,421
11.881,420 +2.1
Lewistown
576,963
544,749 +5.9
Total(13 cafe:).--
443,101,511
539,048,334 -17.8
Tenth Federal Re erve District -Kansas Cit
Neb.-Fremont
1,597.028
1,642,660
Hastings
•
1,958,627
2.850,035
Lincoln
•
20.467,555
20.216,185
Omaha
•
165,821,726
177,696,422
Kan.-Kansas City _ •
9,667,400
16.764831
Lawrence
a
a
Pittsburgh
a
a
Topeka
13,020,905
12,907,996
Wichita
32,937,481
31,736,608
Mo.-Joplin
7.149,174
7,648,384
Kansas City
581,832,583
545,398,926
St. Joseph
•
24,781,581
28,666.048
Okla.-Lawton
a
a
McAlester
924,950
Muskogee
a
a
Oklahoma City_ _ -.
124.028.728
112.842.396
Tulsa
49,619,180
40,305.319
Colo.-Colorado Sega.
4,882,935
4,750,08
Denver
139,784,281
131.639,57
Pueblo
5,697,400
5,119,88
y-2.8
-31.3
+1.2
-6.7
-32.3
a
a
+0.9
+3.8
-6.5
+6.7
-13.6
a
a
+9.9
+23.1
+2.8
+7.2
+11.3
Total(16 cities) --. 1,183,246,584 1,141,109,504 +3.7
Eleventh Federak Reserve DIstr let-DallasTex.-Austin
6,825.238
6,423,890 +6.2
Beaumont
9.181.000
6,629,000 +38.5
Dallas
206.026.628
182,010,737 +13.2
El Paso
19,726,067
21,483,258 -8.2
Fort Worth
49,767,666
51,137,709 -2.7
Galveston
33,032.000
42.949.000 -23.1
Houston
142,234,423
140,129,103 +1.5
Port Arthur
2,736,770
2,562,669 +6.8
Texarkana
2,334,609
2,994,806 -22.1
Waco
5,113,000
7,653.541 -33.2
Wichita Falls
12,970,000
14,499,000 -10.6
La.-Shreveport. .
22,022,119
21,408,255 +2.9
Week Ended April 30.
1927.
1926.
Int. or
Dec.
1927.
1926.
Inc. or
Dec.
1925.
3
$
%
$
$
%
8
106,629,986
1,103,598.484
9.348,270
494,525.911
31,674,621
21,827,000
4,645.304
18,151,914
28,565,699
9.936,296
13.836,827
47,224.236
2,243,918
113,225.428
1,300,136,103
7.890.398
530,312,188
31.080,808
21,791,000
4,446.136
24,459.575
24,152,514
9,485,679
11,952,625
47,250.402
2,205.461
1,892,208.466
2.128,388,317 -11.1
6,735,164
7,744,708
82.884.449
675,962,860
40.603,869
a
a
54.201.640
134,852,020
27,771,437
2,408,803,868
112.417,886
a
666,406
a
514.656,510
206,054,151
19,852,473
488,072,547
21,855,714
6,548,219
10,928,033
82,174.406
717.566.483
71,223,226
a
a
61,278.497
129,775,196
32.725,421
2,230,360,659
131,827,072
a
4,256,247
a
481,883,785
159,740,109
19.586.757
525,596,136
19,786,942
4,803,135,702
4.685,257.188
26,697.054
34,799.000
853,308,477
81,603,378
204,395,372
191,879,000
622,803,719
10,500,222
10,141,058
33,888.544
56,590,000
95.324.376
-.4.8
-15.1
+18.5
-6.8
+1.9
+0.2
+4.5
-25.8
+18.3
+4.7
+15.7
-0.1
+1.7
1924.
$
7.350.518
65,199,593
5,556,376 +32.3
68,855,368 -5.3
6,582.686
73,536.207
6.358.184
63.104,901
25,949,343
1,795,392
30,092.997 -13.8
1,647,861
+7.7
29,161.507
1,739.422
30,704.915
1.522,699
994,109
1,247,126 -20.3
1,269,351
136,677
512,265
434,432 +17.9
512,960
433,026
2,423,165 +15.5
2,495,290
2,272.334
2,799,000
104,580,220
110,257,325
-5.2
115,252,423
105,532.736
d353,423
385,210
4,636.113
37,190,495
376,978 -7.1
555,342 -30.6
4,294,735 +7.9
41,641,069 -10.7
461,602
568.576
4.884.884
39.994.666
398.076
545,108
2,272,421
37,196,575
2,549,239
6,903,843
2,302,377 +10.7
6,861,295 +0.6
2,731,815
6,923,574
2,274,130
6,619,018
132,828,961
5,075,944
126,021,971
+5.4
6,431,121 -21.1
120,211,001
6,467,210
124,673.587
6.367,484
a
+6.8
+29.0
+1.4
-7.1
+10.5
a
26.033,665
a
1,068,926
17,094,970
1,208,858
a
a
23,187,692 +12.3
a
a
838,419 +27.5
17,310,346 -1.3
1,071,944 +12.8
a
21,252,540
a
400,521
19.835.784
1,188,091
a
20,291,077
a
495,387
18,966.508
982,104
+2.5
235,329,647
224,920,264
221,103.455
29,191.793 -8.6
27,928.313 +25.3
838,577,060 +1.7
88.643.178 -8.0
224.320.771 -8.9
165,367,000 +16.0
587,483,035 +6.0
10.295,117 +2.0
13,011,094 -22.1
35,544,517• -4.7
61,099,224 -7.3
93,151,499 +2.3
1,4 7.521
1,277,946 +15.5
1,816,274
1,288,477
49.040.885
41,942,885 +16.9
38,192,007
36,403.978
12,693,256
8,212,000
a
13,165,047 -3.2
9,230,000 -11.0
a
a
9,434,621
9,491800
a
9.311.012
5,380,495
a
+2.9
-29.1
+0.9
-5.8
-43.0
a
a
-11.6
+3.9
-15.1
+8.0
-14.7
a
230,893,289
+1.9
4,437,322
4,358.344 +1.8
4,913,708
Total(12 cities) . 511,969,520
4,272,008
499,880,968 +2.4 2,221,930,200 2,174,612,601
+2.1
75,858,984
69,974,222 +8.4
63.847.610
Twelfth Federal t eserve Metric t-San
56,655,970
Franc
iscoWash.-Bellingham _
4,900,000
4,406,000 +11.2
16,481,000
15,803,000 +4.3
Seattle
200,991.217
208,417,416 -3.6
757.535,495
Spokane
779.621.366 -2.8
41,457,083
•
53,600,000
43,214,054 -4.1
51,900,
000 +3.3
205,646,000
38,012.000
200,778,000 +2.4
Tacoma
36.882.610
11,048,000
a
10,829,000 +2.1
a
a
a
10,224,000
a
Yakima
a
9.487.000
a
5,809,431
a
6,283,1
49
-7.6
a
22,993,
a
071
24,476,153 -6.1
Idaho-Bolse
a
1,120,2
82
4,943,872
1,060,1
4,542,7
86
23
+5.7
+8.8
18,702,120
1,060,104
Ore.-Eugene
18,625,
353
+0.4
1,070.123
2,668,000
2,268,790 +17.6
8,696,750
9,084,446 -4.3
Portland
173,464,813
166,784
.407
+4.0
625.965
,843
649,3(8.595 -3.6
Utah-Ogden
33,421,139
5,600,139
35,605,173 -6.1
5,782,053 -3.2
36,574,271
23,058,943
Salt Lake City_ _.
24,380,982 -5.4
35.057.296
72,528.795
73,501,615 -1.3
284,168,867
288,917,964 -1.7
Nev.-Reno
14,855.
763
15,942,
2,748,372
140 -6.8
2,867,6
34
-4.2
15,293,723
10,740,978
Arlz.-Phoenix
10.875,669 -1.2
15,891,775
a
12,836,000
a
10,891,000 +17.5
a
a
50,541,900
Calif.-Bakersfield
a
43.806,000 +15.4
a
5,055.947
a
5,239,163 -3.5
a
a
22,235,538
22.056,279 +1.3
a
Berkeley
.
21,682,274
19,208,
501 +12.9
86,537,664
Fresno
78,700,
532
+9.9
16,691,051
17,748,723 -6.0
69,280,969
Long Beach
64,231,651
+7.8
4,262.719
31,757,598
4,648.274 -8.3
32,431,079 -2.1
2,922,049
124,089,824
Los Angeles
128.426,589 -3.4
3,408.735
6,934,983
782,946.000
7,052.747 -1.7
739,583,000 +5.9 3,242,341,000 2,946.963,000
6,964,0
Modesto
7,170.118
+10.0
168,520,000 158,342,000 +6.4 147,896 51
3,488,225
3,279,3
00
+6.4
.000 138,576.000
14,254,
949
Oakland
13,753,124
+3.6
85,016,070
92,598,
570
-8.2
332,016.539
Pasadena
368.022,500 -9.8
18.341.765
31,026,210
18.678,456 -1.8
28,655.727 +8.3
20,222,492
125,044,366
17,182,200
Riverside
115,849,861
+7.9
6,434,419
5,695.875
5,907,749 +8.9
5,123,301 +11.2
5,917,229
21,990,367
Sacramento
18,702,
5,372,641
040
+17.6
29,421,406
34,413,955 +20.5
136.512
,846
San Diego
137,174
,206
-0.5
d6,263,839
25.677,095
7,394,132 -15.3
27,429,249 -6.4
7,479,066
110.999,166
San Franciseo
106,502,869 +4.2
7.291.753
.
5,044,4
817.311,146
24
5,721,1
807,915
48
,514
-11.8
+1.2
3,259,041,664 3,304,703,621 -1.4
4,431,882
San Jose
3,643,763
183,028,800 182,317,000 +0.4 175,349
10,696,704
11,518,281 -7.2
46,821,791
,894 159.200,000
Santa Barbara._
46,747,794 +0.1
6,220,276
2,596,483
2,489,036
7,005,248 +3.6
+4.3
24.375,631
Santa Monica_ _ .
2,221,505
27,439,649 -11.2
2,310,7
10,043,211
80
1,302,5
25
1,467,2
9,916.8
29
24
-11.2
+1.3
37,566,408
Santa Rosa
1,334,986
37,173,490 +1.0
1,159,581
2,150,742
2.079,164
2,110,763
2,250,410 -7.6
+1.9
Stockton
7,953,989
1,950,700
8.015,847 -0.8
2,040,348
10,794,700
12,054,600 -10.5
47,083,000
47,523,800 -0.9
2,317,000
2,411,800 -4.2
Total(28 cities)__ _
2.060,700
2.435,765.169 2,393.876,585 +1.8
1,942.100
9.732.674,678 9,537,746,380 +2.0
509.028
.388
505,330
,534 +0.7 479,914,028
Grand total(193 cities 45,718,620,044 45,536,
447,692,474
492,634 +0.5 180,237,924,24
4 180,502,176,445 -0.04 10313454,821
10474463,078 -1.5 104633
Outside New York_ 19,253,159,393
88,2839,546,635,955
19,572,431.866 -1.3 76,423,
577,950 77,991.786,994 -1.6 4,153,604,750
4.176,957.693 -0.6 4.099,512,284
3.851,065,126
CANADIAN CLEARINGS FOR
APRIL, SINCE JANUARY 1, AND
FOR WEEK ENDING APRIL
28.
Month of April.
Ckartnos at1927.
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
,,....,1 00 mope).___
$
504,480,586
499,773,737
187,723.404
73,547,657
29,218,267
28,581,634
13,789,086
23.812,081
29.434.134
10,152,188
8.935,980
13.172,855
21,386.657
16,658.214
2,207,754
2,366,184
7.499,326
4.806,093
4,872,599
4.103,872
3,362,621
1,191.258
3,921.340
4,280,045
4,721,181
20,067,454
1,165,579
3,509,099
3,453,409
1926.
Four Months.
Inc. or
Dec.
$
%
480,523,707 +58
487,307.087 +2.5
172,163.898 +9.0
73,653,773 -0.2
27,854,448 +4.9
24.271.261 +17.7
11,621,911 +18.6
20,040.959 +18.8
34,139.405 -13.8
11.762,421 -13.7
9.112,044 -1.9
12,022,604 +9.6
21,170,591
+1.0
18,365,994 -9.3
2,362,676 -6.6
2,322,872 +1.9
8.082.613 -7.0
4,556,068 +5.5
4,352,586 +11.9
2,817.400 +45.6
3,366,651 -0.1
1,089.372 +9.3
3,056.374 +28.3
3,325,578 +28.7
4.317,313 +9.3
15,846.704 +26.6
1,802,544 -35.4
3,379,977 +3.8
2,849,857 +21.2
1927.
$
1,873.904,371
1,932,695,756
731,423,488
284,784,041
107.757,343
103.471,666
49,595,230
90,295,327
125,997,790
41.811,919
34,487.726
50,625,054
82,745,346
63,952,502
8,266.270
8.568,347
28,215,288
19,391,575
18,637,675
14,218,564
12,425,654
4,522,624
14,014,305
15,219,542
17,965,733
72,230,378
5,960,261
13,729,546
11.920,413
1926.
Week Ended April 28.
Inc. or
Dec.
$
%
1,739.778,894 +7.7
1,682.959.791 +14.8
719.745.982 +1.6
289,129,524 -1.5
102.121,235 +5.5
89,714,012 +15.3
47,521,984
+4.4
76,541,584 +18.0
136,237,811 -7.5
45.637,372 -8.4
35,632,545 -2.2
42.746,584 +18.4
83,686,273 -1.1
64,028,741 -0.1
8,215,402 +0.6
9,248,667 -7.4
29,292,837 -3.7
17,556,103 +10.4
16,655.709 +11.9
12,233,232 +16.2
12,201,918 +1.8
5,320,730 -15.0
11,937,180 +17.4
12,945,389 +17.6
16,210,689 +10.8
59,647,601 +31.2
6,332.438 -5.9
13,375,659 +2.8
10.753.783 +10.8
5307 am aao .150
1927.
$
121,105,874
119,004,819
46,987,992
19.088,089
6,880.497
6.493,531
3,203.859
6,055,971
6,526,751
2,510,503
2,112,718
3,228,763
4,492,425
3,734.614
513.885
535,508
1,793,438
1,001,909
1,204,312
1,228,982
934,506
275,818
980,112
857,498
1,106,767
5,158,754
355,030
860,337
658.905
1926.
Inc. or
Dec.
$
%
91.165,786 +32.8
93,220,279 +27.6
38,759,634 +21.2
17.559,442 +8.8
5,018855 +37.1
4,832.496 +34.4
2,580,554 +24.1
4,612,721 +31.3
6,528,493 -0.03
2,399,414 +4.6
1,944,956
+8.6
2,331,619 +38.5
4,464,514 +0.6
5,883,968 -36.5
444,573 +15.5
599,782 -10.7
1.578,366 +13.6
892,073 +12.3
916,774 +31.4
531,818 +131.2
784,351 +19.1
209,350 +31.7
716,422 +36.8
627,126 +36.7
889,311 +24.4
3,485,270 +48.0
348,085 +2.0
737,334 +16.7
572,559 +15.1
1925.
$
82,366,210
85,547,467
45,477,456
16,211.481
5,308,786
4,981,608
2,629,483
4,074.616
4,848.474
2,395.367
1.828,016
2,843.178
3,608,269
2,835,199
454,329
417,720
1,235,084
909,949
787,127
695,089
608,758
218,839
661,186
705,444
820,802
3,542,951
253.308
707,574
636,728
1924.
$
128,629,085
109,705,105
47,527.563
15,999,489
6,782,197
7,621.672
2,497,811
5,004,351
5,617.173
2,599,673
1,981,498
2,913,098
4.748,851
2.882,933
339,444
488,486
1,499,921
953,315
654,971
822,802
757,323
280.261
800,390
761,942
890,740
3,627,159
332.338
896,179
633,003
1,532,194.164 1.467.518.688 +4.4
5.838.833.734
368.892.167 294.635.725 +25.2 277.410
b Do not respond to reduest
.498 358.246.753
s for figured. c Week ended April
27. d Week ended Apr1128. e
Week ended Apr1129. •Estimated.
a No longer report clearings.
2710
THE CHRONICLE
IVot- 124.
COMPTROLLER UNDER
BRANCHES AUTHORIZED BY THE
ACT OF FEB. 25 1927.
Cincinnati, Ohio. Location of
April 26-The Second National Bank of
s, Clifton,
branch-Vicinity of Telford and Ludlow avenue
-All
2788.
Cincinnati.
on of
Locati
J.
Breadstuffs figures brought from page
al State Bank of Elizabeth, N.
of grain- April 26-The Nation
Elizabeth.
the statements below regarding the movement
branch-Vicinity of Elmora Ave. and Edgar,Road,
on
Locati
Y.
N.
us
by
Vernon
of
red
Bank
Mount
American National
and Third
receipts, exports, visible supply, &c., are prepaExchange. April 26-The
of branch-Vicinity of the corner of Fourth Ave.
.
Vernon
from figures collected by the New York Produce,river
St., Mount
Location of
ports
First National Bank of West New York, N. J. 22d
First we give the receipts at Western lake and Aug. 1 for April 26-The
streets,
branch-Vicinity of Park Ave. between 19th and
since
and
day
Satur
g
last
endin
week
J.
N.
the
for
West New York,
brands
on
of
N. Y. Locati
April 26-Liberty National Bank in New York,
each of the last three years.
-Vicinity of No. 50 Broadway, N. Y.
on of
Locati
Y.
N.
ctady,
of
Schene
April 30-The Mohawk National Bank
Barley. 1 Rye.
.
Oats.
IVheat. I Corn.
Flour.
branch-Vicinity of the corner of Albany and Hulett streets
Receipts atSchenectady.
Ibs.
!bush.56
.481bs
ush
3218,.b
bush.
lbs
bbls.196lbs. bush.60 lbs.bush.56
15.000
826,000 167,000,
608,000
300.000,
235.000
Chicago
34.000
92,000 102,000
45,000
830.000i
Minneapolis_
Auction Sales.-Among other securities, the following,
310.000
138,009
774,000
Duluth
7.000
124.000
77.000
17,000
14,000
_
37,000
act.thly dealt in at the Stock Exchange, were sold ic auction
not
Milwaukee_
11,000
598,000
53,000
152,000
of
Toledo
4.000
9,000
in New York, Boston and Philadelphia on Wednesday
17.000
Detroit
2130,000
287,000
61,000
Indianapolis_
46,000
week:
this
396,000
327,000
214,000,
108,000
St. Louis_
17,000
7,000 396.000 171.000
64,000
Peoria
By R. L. Day & Co., Boston:
34.000
63.000
$ pets Is.
402.000,
Kansas City.
$ per sh. Shares Stocks.
68.000
Shares. Stocks
290.000
162.000
50 Smith&Dove Mfg. Co.. new pref. 2334
Omaha
415
12,000
National Bank
First
5
218,000
171
143.009
com
Cos.,
2 Mass. Ltg.
St. Joseph
4,000
1 First Nat Bank, Yarmouth, Yar-151
13,000
168,009
31-70 American Founders Tr., coin. 700.
Wichita
18,000
mouthport, Maas
34.000
103%
prof
5,000,
6%
Cos.,
Ltg.
Mass.
40
Sioux City__
330
1 Worcester Bank & Trust Co
100 Worcester Sub. El. Co.. par $25 9534
140
00 2.500.000 548.000 423,000 6 Fitchburg Bank & Trust Co
110 A
e Co
Cordag
th
Plymou
15
50c.
Total week '27 442.000 3,285,000 2,360.0
B
175.000
class
corn.,
00 2,936.000 590.000
70 Connecticut Mills,
20 Dedham & Hyde Park Gas dr
Same wk. '26 413.000 3,748.000 2,998,0
186
00 556.000 451.000 5 Ludlow Mfg. Associates
60%
Co., par $25
314,000 2,848,000 2,305,000 2,605,0
Electric
22
Same wk. '2
corn.
Co.,
ng
Finishi
&
1 Nat. Fabric
10334
15134 10 Mass. Ltg. Cos.,6% pref
Mills
171
Lyman
2
coin
Cos..
Ltg
35 Maas.
Since Aug.
36
115,827,000 16,875,000 25.298.000 5 Connecticut Mills, 1st pref
pt. 96
18,408.000 284.583.000 177,441,000
1926
8534 25 Commonwealth G.& E. Cos.,
,000 63.452,000 20.558.000
Mills
corn-S50 lot
17,364.000285.924,000 187,143,000 185,867,00056,008,00051.788,000 5 Brooksideta
1925
82% 800 Taunton Cranberry Co.,
Mills
225,083
,000
Wamsut
202,323
20
15
prof
1st
154,000
17.953.000444.
1924
734 20 Saco Lowell Shops,
10 Connecticut Mills, 2d pref
10 Old Colony Lt. & Pr Assoc., Pf-10034
for
Worcester RR., pref_ _139
ports
ard
&
h
seabo
Norwic
Eleothe
2
at
&
Gas
grain
Valley
and
one
50 Blackst
8%
Total receipts of flour
14414
16 East Middlesex St. Ry Co.,Co_
tri . Co., corn., par 1650
w:
8234
guar. by East. Mass. St. Ky.
the week ended Saturday, Apiii 30 follo
25 Springfield Gas Light Co.„ par 32575%
pf-103
5 Massachusetts Ltg Cos., 6%
Co.,
Pr.
&
Lt.
10334 10 Central Mass.
Rye.
pref. undeposited
Barley.
Oats.
Corn.
10 Rockbestos Products Corp., pref. 95
Wheat.
Receipts at- Flour.
40 Southeastern Mass. Power dr 7034 20 Nor. Bost. Ltg.Prop.,com.v.t.o.21634
$25
par
.
Co.,
Bushels
Elec.
.
Bushels
Bushels.
Bushels.
Edison Elec. III Co., Brockton,
50
Bushels.
Co.,
Barrels.
Power
&
7534
72.000 32 Weymouth Light
432.000 439,000
18.000
par $25
59
New York.... 240.000 3,291,000
525
par
1,000,
18,000
300 United Electric, Light Co.150
110.000
42.000
Portland, Me_
14 Gardner Gas, Fuel & Light Co 3034
8.000
$25
par
eld,
13.000
Springfi
811.000
70
41,000
Philadelphia__
3,000 15 State Threatre, pref
pref 84%
25,0001
25,000
13,000
20 Heywood Wakefield Co., 1st
736.000
19,000
Baltimore_ ___
$ per Right.
100 New Bedford Gas & Edison108%
Rights.
2,000
NewportNewo
Light Co., par $25
Boston 2934
Bank,
t
Shawmu
l
Nationa
50
98
132.000
2,000
Norfolk
Per Cent.
10 Hood Rubber Co., 734% pref.__
21,000
60,000
Bonds.
205,000
54,000
New Orleans .t
2 First National Stores, let pref.__ 99
$1,000 S D. Warren Co. 1st sink-103
431.000
Galveston_
625.000 52 Kidder Participations, Inc.,
242.000
143,000
1945
Feb.
65,
152.000
fund
ing
00
31-3134
25,000 2,832.0
Montreal _ _
23.000 244.000
common
Prudential
523,000
122% 2-11 interest liquidation
12.000,
St. John, N.B
2 No. Bost, Ltg. Prop.. pref
Realty Co. assets, consisting of
944.000 20 Fall River Elec. Light Co., un730.000
647,000
claim
$20 177
proof
and
256.000
cash
$880
6334
Total wk. '27 437.000 9,071.000
deposited. par $25
$500 lot
00 6.004.00011,230.000 5.305.000
Prudential Trust Co
68
Since Jan.1'27 7.263,000 72.633,000 3,808.0
3 units First Peoples Trust
145.000
'
190.000
885.000
n:
Bosto
279,000
By Wise, Hobbs & Arnold
Week 1926.... 454,000 1.231,000 6,812,0
00 13.518,000 8.427,000 2,717,000
$ per sls,
8 per sh. Shares. Stocks.
Since Jan.1'26 8,228,000 42.822.000
mg
for foreign ports Shares. Stocks.
Orleans
New
212 8 Charlestown Gas ttr Elec. Co____
through
passing
grain
13 Liberty Trust Co
6834
'Receipts do not include
Grant Co
T.
W.
25
80
7
40 Lawton Mills
Corp20
Dock
Wet
&
on through bills of lading.
Wharf
Central
20
11934
15 Pepperell Mfg, Co
300 New Bedford Gas & Edison
g
77
Co.__1
Cotton
Steam
ag
24 Naumke
0814
10734-1
ding
Co
Light
regar
n
2434
matio
Mfg. Co
National Banks.-The following infor
10 Fall River Elec. Lt. Co., v t. o. 62
45
Comptroller of the 30 Androscoggin Mill
5134 10 Ludlow Mfg. Associates_18334 ex-div,
national banks is from the office of the
68
25 Butler Mills
First Peoples Trust, units
4
12634-12734
7434
9 Batas Mfg. Co
Currency, Treasury Department:
NA 2 Springfield Gas Light Co
9 Arlington Mills
APPROVED.
undeponited.---171
Cos..
Lt
NIZE
Maas.
63
ORGA
TO
8334
N
Co
CATIO
Light
APPLI
Capital.
r
13 Worcester Gas
Wueble
J.
Carl
of
note
512.000
_ $500,000 100 National Mtge. & Deben., 300
dated April 6 1925, due April 8
al Bank of Aberdeen, Wash__
Pioneer Lynn Mining, 1 Wey- lot
Apri1:27-The American Nation
aux, Becker Bldg.,
1926: 53,500 note of Agnes R.
Correspondent, Wm. E. Lamore
mouth Agricultural Soelety__31345
Blocci, dated May 15 1925. due
Aberdeen, Wash.
17 special units First Peoples Trust_. 7734
May 15 1926: $8,334 note of
pref_..
6%
Am.
of
.
Tr.
APPROVED
25 Int. See.
Agnes R. Blood, dated May. 13
70
APPLICATION TO CONVERT
rs Trust
investo
Mass.
00
6
,000,0
ah,
Ga.-33
Savann
1925. due May 13 1926: $4,166 510
125
Southern Nat. Bank,
12 Keith Paper Co
April 27-The Citizens drthe Citizens & Southern Bank, Savannote of L. D. Hartford, dated
107
Conversion of
9 N. E. Equity Corp. units
20 1925, due July 20 1926: lot
July
20934
Co
Ins,
Life
Nat
nah, Ga.
Colum.
3
$9,000 note of Blanchem Realty
CHARTER ISSUED.
25 Kidder Participations. Inc., pt. 9034
dated May 5 1925. past
Corp.,
Minneof
Bank
al
110-111
th Cordage Co
Northwestern Nation
8100.000 26 Plymou,
April 30-The Fourth
due: $5,200 note of Mortgage
$1.74 lot
87 Conant Patrick & Co
apolis Minn
of
es Co., dated June 11925.
Bank
Securiti
State
lot
_56
estern
prat__
Northw
Co.,
&
300 Conant, Patrick
Conversion of the Fourth President, A. A. McRae;
due June 1 1926: $5,200 note of
40
Minneapolis, Minn.
16 Textile Securities Co
Mortgage Securities Co., dated
56 North Boston Lighting Prop., 2134
Cashier, S. T. Throbeck.
June 11925. due June 1 1927---12144-1
preferred
VOLUNTARY LIQUIDATIONS.
755
$50,000 1 Boston Athenaeum
$ Per MAL
Rights.
al Bank, Osage, Iowa
150 Blackstone Valley 0 & El. Co_1433( 261
30
April 25-The Osage Nation
ating agent, Birchard
National Shawmut Bank
8734
Co
Effective April 18 1927. Liquided by the Farmers NaMfg.
an
4
kmeric
Brush, Osage, Iowa. Absorb
which bank has
ia:
4S85.
delph
No.
Phila
Osage,
nd,
of
Lofla
&
Bank
s
tional
By Barne
s National Bank."
$ per sg
changed its title to "Osage Farmer
per sh. Shares. Stocks.
50.000 Shares. Stocks,
y Co.,
of Martinez. Calif
2734 Commonwealth Casualt
Title Ins. & Tr__620
Edw. C.
April 25-The National Bank
wealth
agent,
20
ating
Common
3
Liquid
1927.
12
Effective April
Absorbed by the
1334
1 Phila. Girard National Bank.....674
Phila. Life Ins. Co., par $10 oom 1134
Aldwell, San Francisco, Calif. which association
10 Ins Co. of N Am., par 510_ _ _ _ 5734 6
Co.;
Coal
Newton
B.
Liberty Bank of San Francisco, of America. Los
George
45
850____ 61
par
Co.,
86
m
Trust
coin_
Manhei
Bank
3
the
Co.,
Mg.
with
was consolidated
20 Morris Run Coal
98
Liberty Bank of
pref. 70
10 John J. Felin Co., 1st pref
Angeles, Calif., under the title
50 Morris Run Coal Mg. Co., ing
The latter association
4 Phila. Bourse. corn., par 850.... 27
America of San Francisco.
50 Internat. Educational Publish
351
lphia
FranPhilade
San
of
Bank
1134
Italy,
Nat
of
Tenth
50
Bank
Co., pref., par 50
was consolidated with the converted into a national
731
Market
10 Corn Exchange Nat Bank
cisco, and that bank was of Italy National Trust
5003 10 Pa. Cold Storage &
Bank
Nat.
150
nk
25
Manayu
"Bank
Co., par $50
bank under the title
196
2 Overbrook National Bank
15 Hayes-Hunt Corp
& Savings Association." of Alameda, Calif
426
100,000 1 Southwark National Bank
National Bank
284 34 25 Flint Motor Co., corn$10
C.
21%
Bank
l
Edw.
April 25-The Enonal
Nationa
Union
agent,
100
ating
Liquid
25 Reliance Ins. Co.. par
Effective April 5 1927.
2134
Absorbed by the
3 Nat.Bank of North Philadelphia_29534
80 Victory Ins. Co., par $10
Aldwell, San Francisco. Calif.
Philadelphia_295
which assoNorth
150
of
Calif.,
Bank
Nat.
2
sco,
Franci
San
14 Ridge Ave. Pass. Ry
a,
Bank
Liberty Bank of
Nat.
Americ
cs
of
Mechani
Bank
&
s
14
the
Farmer
drc-890
513 5 Penna. Co. for Ins. on Lives.
ciation was consolidated with
.....
of Woodbury, N. J
the title Liberty Bank of
3 Keystone Tel. of N.J., cora
224
Los Angeles. Calif., under
20 Colonial Trust Co., par $50
The latter association
224
America of San Francisco.
550
Franpar
San
Co.,
Italy,
Per Cent
Trust
15 Colonial
Bank of
Bonds.
was consolidated with the converted into a national
Richard
10 Colonial Trust Co., par $50.-224
$2.400 bond and 2d mtge
cisco, and that bank was of Italy National Trust
Co_694
Trust
lphia
Philade
Fidelity
15
Keeler,
C. Harlow to Reinhard 8
bank under the title "Bank
8 Fidelity Philadelphia Trust Co._694
dated Feb. 11 1926, due within
50,000 100 Bankers Trust Co., par $50,
& Savings Association."
and
al Bank of Madill, Okla
234 years from date at 8%
80
First
the
95
agent,
April 27-The First Nation
full paid
Liquidating
covering premises lots 94 and
80634
Effective Dec. 31 1926.
by the First
Trust Co
ded
dr
ood.
Title
Land
17
Succee
Beachw
.
at
Madill
of
lots
in
plan
on
510
National Bank
Co
Trust
n
16
Frankli
.
Delaware and Montgomery Coun60,000 5 Northeast Tacony Bank & Trust
National Bank in Madill
Madill, Okla..
County National Bank of
ties, Pa
106
$100
April 27-The Marshall 311926. Liquidating agent, the First
Co., par 550
$500 bond and 3d mtgeR.Lesley
First
Co-330
the
Dep.
• Effective Dec.
by
Safe
dr
Adam lot
ded
Trust
ee
Succee
5 Guarant
Bragg Adam and Anna
343
ef
National Bank in Madill..
pi
Co. of Pa., let
33
Finance
dated
Reeler.
Madill
S.
d
in
Reinhar
to
Bank
343
100,000 10 Finance Co.of Pa., 2d pref
National
, Wyo
years
National Bank of Casper
Jan. 5 1926, due within 10
265
g
April 27-The Citizens
Liquidating committee.
10 Aldine Trust Co
from date at 8% and coverin
Effective April 19 1927.
and M. J. Burke,
& Management
an
Men
Plan
1500
Chapm
11
Mitten
J.
block
J.
131n
s
an,
lot
premise
150
C. H. Horstm
$50
re
Trust
ng
par
Delawa
Wyomi
Co.,
Trust
at
by
Bank
of Iota at Brookline.
Casper, Wyo. Absorbed
Bank of No. Amer.& Trust Co_390
County, Pa.
Casper, Wyo.
$50 50
Calif
100.000 25
Or20 Security Title & Tr. Co., par
al Bank of Beverly Hills,
Benevolent Protective 12,
510.000
of
Co.
Trust
April 27-The Beverly Nation1927. Liquidating agent, Edw. C.
ics
Mechan
5 Farmers &
der of Elks, Phila. Lodge No
120
Libby
Effective April 19
75
ed
Absorb
Pa
,
Calif.
Chester
West
sco.
Franci
1942
6e,
gen. m
90
Aldwell, San
bank
San Francisco, which Fran7 Lancaster Ave. Title & Trust Co_
San
erty Bank of America of
Italy,
of
the Bank
Buffalo:
was consolidated with was
converted into a national
By A. J. Wright & Co.,eh.
5 pores,
cisco. and that bank"Bank
Shares. Stocks.
per
of Italy National Trust
120_31.50 lot
Shares. Stocks,
bank under the title
5 Kelter Qualitol, Inc.. par
29%
Pow., no par.
20o.
$1-East.
tion.
dr
Par
Associa
Niag.
Buff.
s
2
Corp..
Saving
50.000
&
3.050 Kay Copper
Lake,
Pineville, La
6o.
100National Bank ofLiquid
600 Consolidated West Dome
80. 100 March Gold. Inc., par Par $E 4e.
April 29-The First March
ating agents, Henry
15 1927.
$1
Mines,
par
Gold
n
Effective
son,
Baldwi
1,000
H. D. Murchi
and
Pref..
Pow.,
La.
,
East.
Urania
&
Nlag.
er,
20 Buff
E. Flardtn
2634
' by the Security BankDar $25
Alexandria, La. Succeeded
La.
ing Company of Pineville,
gonnitercial and:MiscellaneousItews
OVNIV
,,
•
•
••
•
•
•
IIIIIIIMIMMWO
CO..
THE CHRONICLE
MAY 7 1927.]
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per 8h.
142.500 note of the Smokeless Coal
Securities Co., dated Oct. 20 1922
due Dec. 30 1922 to the order of
Rinsely SS. Lines, Inc.. secured
by 450 ribs. Fire Creek Smokeless
Fuel Co. and 420 Ohs. Laurel $30
Smokeless Coal Co. as collateral. lot
$20.000 note of the Smokeless Coal
Securities Co. dated May 7 1923,
due June 6 1923 to the order of
Kiltsley SS. Lines, Inc.. secured
by 300 abs. Fire Creek Smokeless
Fuel Co. as collateral
Shares. Stocks.
$ per sh.
500 Chelan Consol Copper Co., Inc.
Washington, par $10
$3 lot
450 Fire Creek Smokeless Fuel Co)
420 Laurel Smokeless Coal Co_ _ _1210 lot
300 Fire Creek Smokeless Fuel Co
50 Raquel, Inc., 7% preferred_ _ _ _157 lot
140 Raquel, Inc., corn., no par__1
950 Amer. Book Match Co., Inc..1
preferred$4,000
7,600 Amer. Book Match Co..i
lot
Inc., common, no par
10 Empire Safe Deposit Co
155
Name of Company.
2711
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Studebaker Corp., corn. (quar.)
*$1.25 June 1 *Holders of rec. May
*I% June I *Holders of rec. May
Preferred (quar.)
Thatcher Manufacturing (quar.)(No. 1) *90e. May 16 *Holders of rec. May
Timken Roller Bearing (quar.)
*21
June 4 *Holders of rec. May
Extra
*25e. June 4 *Holders of rec. May
Union Tank Co. (quar.)
$1.25 June 1 Holders of rec. May
United Drug, first pref. (quar.)
1)4 Aug. 1 Holders of rec. July
Vacuum 011 (quar.)
50c June 20 Holders of rec. May
Extra
50e. June 20 Holders of rec. May
Welch Grape Juice, corn. (guar.)
25e. May 31 Holders of roe. May
Preferred (quar.)
1% May 31 Holders of rec. May
10
10
4
18
18
16
15
31
31
20
20
Below we give the dividends announced in previous weeks
DIVIDENDS.
and not yet paid. This list ,Joes not include dividends anDividends are grouped in two separate tables. In the nounced this week, these being given in the preceding table.
first we bring together all the dividends announced the
Per
When
Books Closed.
current week. Then we follow with a second table, in
Name of Company.
Cent Payable.
Days Inclusive.
which we show the dividends previously announced, but
Railroads (Steam).
which have not yet been paid.
Atchison Topeka dr Santa Fe, corn. (qtr.) 1% June 1 Holders of rec. May 60
The dividends announced this week are:
75c. June 1 Holders of rec. May 6a
Common (extra)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Railroads (Steam).
°23. June 30 *Holders of rec. May 31
Boston & Albany (quar.)
2)4 June 30 Holders of rec. June 1
Canadian Pacific, corn (quar.)
*2% May 23 *Holders of rec. May 13
Catawissa, 1st & 2d preferred
1
July 1 Holders of rec. June 15
Maine Central, corn.(quar.)
1% June 1 Holders of rec. May 16
Preferred (quan)
N.Y.Chicago & St. Louis, corn.(quar.)_ 2% July 1 Holders of rec. May 16
1)4 July 1 Holders of rec. May 16
Preferred (quar.)
Public Utilities.
Amer. Power & Light, common (quar.)_ *25c. June 1 *Holders of rec. May 16
June 1 *Holders of rec. May 16
Corn. (one-fiftieth share corn. stk.)._
1% June 1 Holders of rec. May 16a
Baton Rouge Elec. Co., pref. A (qu.)
$1.25 June 1 Holders of rec. May 10a
Blackstone Val., G. & EL, corn. (qu.)
June 1 Holders of rec. May 100
3
Preferred
1% June 1 Holders of rec. May 16a
Central Arkansas Ry.& Lt., prof (qu.) _
Central III. Public Serv., pref. (quar.).* $1.50 July 15 *Holders of rec. June 30
Central power Jr Light. pref. (quar.) _ _ _ _
1% May 2 Holders of rec. Apr. 15a
1% June 15 Holders of rec. May 14
Duquesne Light, 1st pref., series A (qu.)_
Eastern Shore Gas & El., pref. (quar.)_ _ •50c. June 1 *Holders of rec. May 15
Empire Gas & FuAl.8% pref.(marthly)* 66 2-3c June 1 *Holders of rec. May 14
58 1-3c June 1 *Holders of rec. May 14
Seven per ceht pr-ferred (monthly)
20e. July 1 Holders of rec. June 13
Federal Light St Trazition. coca
Corn.(in corn.stk.(1-100 of a share1). _ fl5e. July 1 Holders of rec. June 13
135 June 1 Holders of rec. May 14
Preferred (quar.)
Laclede Gas & Elec.. prior lien (quar.) _ _ *1% June 1 *Holders of rec. May 15
Louisville Gas St Elec., class A (quar.) _ _ 54334c June 25 Holders of rec. May 31
North American Edison Co., pref.(au).. $1.50 June 1 Holders of rec. May 16a
1% June 1 Holders of rec. Slay 20
NorthernStates Power, pref. (quar.)_ _ _ _
Public Service Corp. of N.J.. 6% pf.(qu)
Si May 31 Holders of rec. May 6
Southern Colorado Power, prof. (quer.). 1% June 15 Holders of rec. May 31
Standard Gas & Electric,8% pref.(qu.)_ $1
June 15 Holders of rec. May 31
West Penn Rya., pref. (guar.)
1% June 15 Holders of rec. May 25
Wisconsin Power At Light, pref.(quer.). _ *51.75 June 15 *Holders of rec. May 31
Fire Insurance.
Bankers & Shippers (quar.)
$2.50 May 2 Holders of rec. Apr. 28
Banks.
*6
May 4 *Holders of rec. May 4
Kensington (Brooklyn)
May 4 *Holders of rec. May 4
Extra
4
Atlanta & West Point
Atlantic Coast Line RR., corn
314
1)4
Common (extra)
234
Preferred
Baltimore & Ohio, corn. (quar.)
134
Preferred (quar.)
2
Central RR. of New Jersey (guar.)
Jr
Ohio.
(Soar)
ohesaneake
pref.
394
2
Colorado Southern, first preferred
Delaware & Hudson Co. (quar.)
2%
2)4
Georgia Southern & Florida. lot & 2d pf.
1%
Hudson & Manhattan RR., corn
Illinois Central, common (quar.)
194
Internat. Rys. of Cent. Amer.. nf. (qu ) 1%
1%
New Orleans Texas & Mexico (quar.)_ _ _
2
Norfolk Jr Western, common (quar.)__
"Inrfoik & Western, ad) pref. (quar.)_
Pennsylvania RR.(quar.)
Pere Marquette, corn. (in corn. stock)
Reading Company, corn. (quar.)
Reading Company, first pref.
Louis-San Francisco. preferred (cni.)
Preferred (quar.)
Wabash Ry.. pref. A (guar.)
Western Railway of Alabama
June 30 Holders of rec. June 20
July 11 Holders of rec. June 15a
July 11 Holders of rec. June 15a
May 10 Apr. 27 to
May 10
June 1 Holders of rec. Apr. 166
June I Holders of rec. Apr. 16a
May 16 Holders of rec. May 90
Tuly I Holders of rec. June 56
June 30 June 19 to June 30
June 20 Holders of rec. May 28a
May 26 Holders of rec. May 12
June 1 Holders of rec. May 166
June 1 Holders of rec. May 66
May 16 Holders of rec. Apr. 30a
June I Holders of rec. May 140
June 18 Holders of rec. May 310
May 19 Hoiden I,t roe. Apr. 30a
May 31 Holders of rec. May 2a
Subj. to stockholders meet. May18
May 12 Holders of roe. Apr. I3a
June 9 Holders of rec. May 230
Aug. 1 Holders of rec. July 15a
Nov. I Holders of rec. Oct. Ilia
May 25 Holders of rec. Apr. 166
June 30 Holders of rec. June 20
Public Utilities.
$1.50 May 14 Holders of rec. Apr. 30a
Amer. European Securities, pref. (qu.)
Amer. Superpower Corp.. part. pf. (qu.) 50c. May 16 Holders of rec. Apr. 2Ia
Amer. Water Works & Elec.. corn. (qu.) 400. May 16 Holders of rec. May 2a
lit May 16 Holders of rec. May 2a
First preferred (quar.)
Associated Gas & Elec., $6 pref (quar.)_ r51)4 June 1 Holders of rec. Apr. 300
$614 preferred (quar.)
r$1% June 1 Holders of roe. Apr. 306
Brazilian 'Frac., Lt. Jr Pow., ord.(quar.) 114 June 1 Holders of rec. Apr. 38
2
June 1 Holders of rec. May ha
Brooklyn Edison Co. (quar.)
Cedar Rapids Mfg. Jr Power (guar.) _ _
1% May 15 Holders of rec. Apr. 30a
.
$1.75 June 1 'Holders of rec. May 15
Central Gas & Electric. pref.(quer.).
Central At South West UM.. pref.(quar.) 1% May 16 Holders of rec. Apr. 30
1% May 16 Holders of rec. Apr. 30
Prior lien (quar.)
Chicago Rap.Tran., prior pref. A(mthly 65o. June 1 Holders of rec. May 17a
60e. June 1 Holders of rec. May 176
Prior preferred B (monthly)
1% June 1 Holders of rec. May 166
Cleveland Electric Ilium., pref. (guar.)
Columbia Gas Jr Elec. Corp.. corn. (qu ) $1.25 May 15 Holders of roe. Apr. 206
134 May 15 Holders of rec. Apr. 20a
(quar.)
cent
preferred
Six
per
Miscellaneous.
June 1 May 22 to June 1
Community Power & Lit. rani Pf.(clu.) $2
Adams Royalty (quar.)
*50c. July
*Holders of rec. June 15
$1.1212
May 14 Slay I to May 15
pf.(qu.)
corn.
&
Connecticut
Ry.
Jr
Ltg.,
American Felt, pref.(quar.)
*134 June . .Holders of rec. May 17
'
62340 July 1 *Holders of rec. June 15
Cons. G., E. L. Jr P., Bait., corn. (qu.)_
American Multigraph, cum.
*40. tune
Holders of rec. May 14
July 1 *Holders of rec. June 15
A (quard_ _ .2
cent
pref.,
series
Eight
per
Amer. Multigraph (quar.)
•40c. June
'Holders of rec. May 14
134 July
1 *Holders of rec. June 15
Seven per cent pref., series B (quar.)_'
Associated Oil (guard
*50c. June 2 Holders of rec. June 4
July 1 *Holders of roe. June 15
6)4% preferred, series C (quar.)
Extra
*40e. June
Holders of rec. June 4
*1%
July
1 *Holders of rec. June 15
(quar
)
preferred,
series
D
per
cent
Six
Belding Cortleelli, preferred (quer.).
1% June L Holders of rec. May 31
Consolidated Gas, New York, corn.(qu ) $1.25 June 15 Holders of rec. May 100
Boss Manufacturing, corn. (quar.)
Floldas of rec. Apr. 30
$2.5i May 1
1% July 1 Holders of rec. June 15
Consumers Power,6% pref. (guar.)._ _
1% May L Hollers of rec. Apr. 30
Preferred (quar.)
1.65 July 1 Holders of rec. June 15
6.6% preferred (quar.)
Brach (E. J.) & Sons, common (quar.)-- *70e. June
'Holders of rec. May 2
134 July 1 Holders of rec. June 15
Seven per cent preferred (quar.)
Brockway Motor Truck, corn. (quar.) _ _ 50e. slay : Holders of roe. Apr. 20
50e.
June 1 Holders of rec. May 16
(manthly)_.
cent
preferred
per
Six
day
Common (1-Z0th share common stock)
Holders of rec. Apr. 20
500. July 1 Holders of rec. June 15
Six per cent preferred (monthly)
May
$2
Brookside Mills
Holders of rec. May 12
55c. June 1 Holders of rec. May 16
6.6% preferred (monthly)
50c. • une
Brown Shoe, cum.(quar.)
Holders of rec. Slay 20
55c. July 1 Holders of rec. June 15
6.6% preferred (monthly)
750. ,uly 1 Holders of rec. June 20
Bucyrus Company, corn. (quar.)
I% June 15 Holders of rec. May 31
East Kootenay Power, pref. (guard
1% luly
Preferred (quar.)
Holders of rec. June 20
Foshay (W. B.) Co., corn.(monthly)._ 67e. May 10 Holders of rec. Apr. 30
one 1 Holders of rec. May 14
*50c.
California Petroleum (quar.)
(monthly)_
_
_
580.
May 10 Holders of rec. Apr. 30
preferred
per
cent
Seven
e30c. June 3C Holders of rec. May 20
Canadian Westinghouse
Eight per cent preferred (monthly)_ _ _ 670. May 10 Holders of rec. Apr. 30
1% day 1( Holders of rec. May 6a
Casein Co. of America (Del.) (guar.)._ _
$1.50
June
I Holders of rec. May 106
(quar.)
Electric
By..
pref.
Havana
1
day 1( Holders of rec. May 6a
Extra
Havana Electric Jr Utilities, 1st pf.(qu.) $1.50 May 16 Holders of rec. Apr. 25
Caterpillar Tractor (quar.)
O30e. day 2: 'Holders of rec. Slay 14
21.25 May 16 Holders of rec. Apr. 25
Cumulative preference (quar.)
une 1 'Holders of rec. May 21
Chicago Flexible Shaft Co.. pref. (quar.)
Illuminating Jr Power Securs..com. (qu.) 45e. May 10 Holders of rec. Apr. 30
day 11 "Holders cf rec. May 7
Chicago Mill At Lumber, corn. (quar.)_. *1
1% May 1
Holders of rec. Apr. 30
Preferred (quar.)
5
June 1 Holders of rec. May 27
City Investing. common
Kentucky Utilities, junior pref. (quar.)_ •13( May 2 *Holders of rec. Apr. 30
Common
2% July 1 Holders of rec. June 27
$1
June
'Holders of rec. May 18
Keystone Telep. of Phila.. pref. (quer.)..
one 1 Holders of rec. Slay 16
Cushman's Sons, Inc., $8 pref.(mar.) _ $2
$2
Tune
Slav 15 to May 31
Massachusetts Gas Companies, pref.
day 16 'Holders of rec. May 5
Dow Chemical, corn. (quar.)
*V
$1.50 May 1 Holders of roe. Apr. 306
Middle West Utilities (guar.)
day 16 "Holders of rec. May 5
Preferred (quar.)
Holders of rec. May 206
Mohawk Jr Hudson Pow., 2d pref. (qu.) $1.75 June
,une 1 Holders of rec. May 16
Finance Service Co.(Baltimore), corn._ _ 4
Montreal Water Jr Power, corn.(quar.)_ 6234c. May 1
Holders of rec. Apr. 30a
1% June 1 Holders of rec. May 16
Preferred (quar.)
13( May 1
Preferred (quar.)
Holders of rec. Apr. 306
250. May 20 Holders of rec. May 10
General Development (ontr.)
National Power Jr Light. corn. (quer.).- 20e. June
*50c. June 1 *Holders of rec. May 14
Holders of rec. May 146
Hiroo (Charles E.), class A (quar.)
North American Edison, pref. (guar.)._ $1.50 June
2
May 20 Holders of rec. May 4
Hollinger Consolidated Gold Mines_ _
Holders of rec. May 16a
21.75 May 1
North West Utilities. prof.(quar.)
Holders of rec. Apr. 304
_ •1% May 16 *Holders of rec. May 2
Holmes Manufacturing, pref.
1% June
Ohio Edison, 6% pref. (quar.)
*50c. Slay 25 *Holder sot rec. May 20
Homestake Mining (monthly)
Holders of rec. May 10
1.65 June
6.6% preferred (guar.)
Holders of rec. May 14
Hood Rubber Prod.. preferred (quar.)._ *13( June l*Holders of rec.May 20
1% June
7% preferred (quar.)
Holders of rec. May 16
Horn Jr ilardart of N. Y., pref. (quar.). •134 June 1 *Holders of rec. May 12
50c. June
*250. June 1 *Holders of rec. May 14
d% preferred (monthly)
Imperial 011 (quar.)
Holders of rec. May 16
55e. June
8.6% preferred (monthly)
Extra
Holders of rec. May 16
"12940 June 1 *Holders of rec. May 14
Penn-Ohio EdisonInternat. Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 20
1% June
7% prior preferre (quar.)
Kroger Grocery & Baking, corn. (quar.)_ *50c. Juno 1 *Holders of rec. May 16
Holders of rec. May 21
June 1 *Holders of rec. May 16
Common (payable in common stock)_ _ .15
2
Aug.
Penn:Ohio Pow. Jr Lt.,8% pref. (qu.)_
Holders of rec. July 20
*134 May 31 *Holders of rec. May 21
1% Aug.
Seven per cent preferred (quar.)
Lannon Monotype Machine (quar.) _ _ _
Holders of rec. July 20
60c. June
Liggett&Mi era Tob.,com. & com.B(qu.) 75e. June 1 Holders of rec. May 16
7.2% preferred (monthly)
Holders of rec. May 20
$2.50 June 1 Holders of rec. May 4
60e. July
7.2% preferred (monthly)
Ludlow Mfg. Associates (quar.)
Holders of rec. June 20
3734e June I Holders of rec. May 16
Manhattan Shirt, coin. (quar.)
60c. Aug.
7.2% preferred (monthly)
Holders of rec. July 20
1% May 1 Holders of rec. Apr. 27
6.6% preferred (monthly)
550. June
Holders of rec. May 20
Marks (Louis) Shoe, Inc., pref. (quar.)_
June 1
55c. July
6.6% preferred (monthly)
*$1
Marmon Motor Car, corn.(quar.)
Holders of rec. June 20
June 1 *Holders of rec. May 16
550. Aug.
6.6% preferred (monthly)
Holders of rec. July 20
May Department Stores, corn. (quar.) _ _ *21
Sept. 1 *Holders of rec. Aug. 15
Phila. Suburban Water, pref. (quar.) _
*21
Common (quar.)
1)4 June
Holders of rec. May lla
Southern California Edison. corn.(quar.) 50c. Slay 1
*50c. June 1 *Holders of rec. May 14
Maytag Company (quar.)
Holders of rec. Apr. 206
South. Colorado Pow.. el. A. corn. (qu.) 50e. May 2 Holders of rec. Apr. 30a
*25c. June 1 *Holders of rec. May 14
Extra
June 1 *Holders of rec. May 10
*2
Tampa Electric Co., corn. (quar.)
Holders of rec. Apr. 256
50c. May I
Miller Rubber. prof. (quar.)
May 14 *Holders of rec. May 5
•1
Corn.(stock dlv. 1-100 share corn.stk.) (u) May 1
Holders of rec. Apr. 25a
Neild Manufacturing (quar.)
May 14 *Holders of rec. May 5
*2
Tennessee Elec. Power 6% 1st pf. (qu.)
Extra
Holders of rec. June 15
1% July
*50c. June 15 *Holders of rec. May 14
Seven per cent first pref. guar.)
Holders of rec. June 15
134 July
Ohio 011 (quar.)
*25e. June 15 *Holders of rec. May 14
7.2 per cent first pref. (guar.)
Holders of rec. June 15
Extra
1.80 July
*50c. May 15 *Holders of rec. May 2
Six per cent first pref. (monthly)
Holders of rec. May 16
50c June
Ohio Seamless Tube. corn (quar.)
162-3c. June
Holders of recs. June 15
Six per cent first pref.(monthly)
*Holders of rec. May 20
50c July
Orpheum Circuit, corn.(monthly)
75c. July
Holders of rec. May 16
7.2 per cent first pref. (monthly)
Holders of rec. June 18
60c June
Page-Hershey Tubes, corn. (quar.)
1% July
Holders of rec. June 15
7.2 per cent first pref.(monthly)
Holders of rec. June 18
60c July
Preferred (quar.)
$1 June
Holders of rec. Apr. 30a
May 1
Holders of rec. May 20a United Itys. Jr Elec., Balt., corn.(qu.)
1
Phillips-Jones Corp., corn. (attar.)
Holders of rec. May 13
Utility Shares Corp., I ante. pref.(quar.) 30e. June
*Holders of rec. May 16
pines VII it erfront, deal A & B (quar.)_ *50e. lung
Holders of rec. May 2
West Penn Electric Co., 7% pref.(quar.) 1% May 1
*75e. June
*Holders of rec. May 14
Purity Bakeries, class A (quar.)
*Holders of rec. May 14
*50c. June
Six per cent preferred (guar.)
134 May 1 Holders of rec. May 2a
Class B (quar.)
*13( Juno
*Holders of rec. May 14
Preferred (quar.)
Joint Stock Land Bank.
*Holders of rec. June 20
Reliance Manufacturing, Pref. (quar.)_ _ '1% July
*Holders of rec. May 18
July 1 Holders of rec. June 256
4
Denver
Simon (Franklin) Co., prof. (quar.) _ _ *1% June
Juno
*
pref.
&
2d
Prof.
Holders
_
of
(quar.)
*1%
rec.
Co.,
May 16
Spear &
Miscellaneous.
06234c June 15 *Holders of rec. May 16
Standard Oil (California) (quar.)
*62 Sic June 15 *Holders of rec. May 16
Standard 011 (Indiana) (quar.)
May 10 Holders of rec. Apr. 30.
2
Alaska Packers Assn. (quar.)
*25e. Tune 15 *Holders of rec. May 16
Extra
$1.50 May 16 Holders of rec. Apr. 230
Allis-Chalmers Mfg., corn. (quar.)
*40c. June 15*Hol ders of roe. May 27
Standard Oil of N.Y.(quar.)
2712
Name of Company.
TT:1'F CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Name of Company.
[Vora. 124.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Aluminum Manufacturers, corn. (quar.) *50c. June 30 *Holders of roe. June 15
Fair (The), common (monthly)
20e. June 1 Holders of roe. May 21a
Common (guar.)
*50c. Sept.30 *Holders of rec. Sept. 15
Common (monthly)
20e. July 1 Holders of rec. June 20a
Common (guar.)
Dec. 31 *Holders of rec. Dec. 15
Common (monthly)
200. Aug. 1 Holders of roe. July 21a
American Can. corn.(qua?.)
50o. May 16 Holders of rec. Apr. 300
Preferred (guar.)
al% Aug. 1 *Holders of rec. July 21
American Chicle, common (guar.)
*750. July 1 *Holders of rec. June 15
Famous Players Can'n Corn., 1st td.(qtI.) 2
June 1 Holders of rec. Apr. 30
Prior preferred (qua?.)
Fanateel Products Co.. new stook
'134 July 1 *Holders of rec. June 15
75e. May 17 Holders of reo. Apr. 29
Six per cent preferred (guar.)
*135 July 1 *Holders of rec. June 15
Federal Motor Truck (guar.)
*20e. July 1 *Holders of rec. June 18
American Home Products Corp.(quar 1. 20c. June 1 Holders of rec. May 14a
Stock dividend
*6235 July 5 *Holders of roe. June 18
Amer. Laundry Machinery, com.(qu.). $1
June 1 Holders of rec. May 23
Firestone Tire & Rubber, 7% pref.(an.) Ili May 15 Holders of roe. May 1
American Mfg. Co.. corn. (quo.)
134 July 1 Holders of rec. June 160 Fisk Rubber, 2d pref. (guar.)
199 June 1 Holders of roe. May 16
Common (quar.)
134 Oct. 1 Holders of rec. Sept. 160 Mat Federal Foreign investment Trust_ $1.75 May 15 Holders of rec. May 6
Common (qua?.)
134 Dec. 31 Holders of rec. Dec. 160 Fitzsimmons & Connell Dredge & Dock
Preferred (guar.)
(guar.)
134 July I Holders of rect. June 160
*500. June 1 Holders of rec. May 20
Preferred (quar.)
135 Oct. 1 Holders of roe. Sept. 16a Foote Bros. Gear & Mach..com.(qu.).. 30c. July 1 June 21 to June 30
Preferred (guar.)
135 Dee. 31 Holders of roe. Dec. 160
Common (guar.)
30o. Oct. 1 Sept. 21 to Sept.30
American Metal, corn. (guar.)
Common (guar.)
750 June 1 Holders of rec. May 20a
30e Jan 1'28 Dee. 21 to Doe. 30
Preferred (oliar)
Preferred (quar.)
135 June I Holders of rec. May 21a
139 July 1 June 21 to June 30
American Radiator, corn. (guar.)
Preferred (guar.)
$11u.25 June 30 Holders of rec. June 150
134 Oct. 1 Sept.21 to Sept.30
Preferred (quar.)
Preferred (guar.)
May 16 Holders of rec. May 30
134 Ian 1'28 Dec 21 to Dec. 30
Amer. Rolling Mill. corn. (guar.)
Formica Insulation (guar.)
*50c. July 15 *Holders of rec. June 30
*250. July 1 Holders of rec. June 15
Common (payable in common stock). .15
Quarterly
July 30 *Holders of rec. July 1
.250. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Quarterly
'1 54 July I *Holders of rec. June 15
*250. Jan 1'28 Holders of reo. Doe. 15
American Seating, corn.(guar.)
General Asphalt. pref. (guar.)
.75c. July 1 *Holders of rec. June 20
151 June
Holders of roe. May 160
Common (extra)
General Box, pref. A and B (guar.)
250 July 1 Holders of rec. June 20
*50c. June
*Holders of reo. May 20
Common (piano
General Cigar, ',ref. ((Oar.)
25e Oct 1 Holders of rec. Sept. 20
199 June
Holders of rec. May 241
Amer. Smelting & Refining, t ref. (guar.) 131 June 1 Holders of rec. May 60
Debenture preferred (guar.)
199 July
Holders of rec. June 24.
American Tobacco, corn. & corn. B (qu.) $2
June 1 Holders of rec. May 10a General Outdoor Advertising, Cl. A (qu.) $1
May 1 Holders of roe. May 5*
4.13.5 May 1 *Holders of roe. May 5
Amparo Mining (quar.)
May 10 Holders of rec. Apr. 30
Preferred (guar.)
I
Anaconda Cooper Mining (quar.)
750 May 23 Holders of rec. Apr 16a Gillette Safety Razor (guar.)
$l
June
Holders of rec. May 2
Artloom Corp.. pref. (quar.)
Extra
155 June 1 Holders of rec. May 180
1259c June
Holders of reel May 2
Associated Dry Goods, 1st pref.(quar.)- 134 June 1 Holders of rec. Apr. 30a C. G. Spring & Bumper, corn. (quar.)
20c. May 16 Holders of rec. Apr. 250
Second preferred (quar.)
14 June 1 Holder; of rec. Apr. 30a
Common (extra)
Sc. May 16 Holders of rec. Apr. 254
Babcock & Wilms Co. (guar.)
131 July 1 Holders of rec. June 200 Goodrich (13. F.) Co., corn.(quar.)
SI
June 1 Holders of roe. May 15a
Quarterly
Preferred (attar.)
155 Oct. 1 Holders of rut. Sept. 200
.iuly 1 Holders of roe June 15s
155 Janl '28 Holders of rec. Dec. 200 Gorham Mfg., let pf.(aect.accum.dIv.). 5835 June 1 Holders of rec. May Ifla
Quarterly
Quarterly
199 Aprl'28 Hold. rec. Mar. 20 '2Sa Gossard (H. W.) Co.. corn. (mtbly.).- 33 I-3c June 1 Holders of rec. May 20a
25e. May 2 Holders of rec. Apr. 20
Balaban & Katz. corn.(monthly)
Common (monthly)
33 1-3c July 1 Holders of rec. June 20a
250. June 1 Holders of rec. May 20
Common (monthly)
Great Lakes Dredge & Dock (guar.).- - - 2
May 14 Holders of rec. May 7
250. July 1 Holders of rec. June 20
Common (monthly)
Greenfield Tap & Die Corp..6% Pf.(qu.) 13.5 July 1 Holders of rec. June 15
Preferred (quar.)
8% preferred (guar.)
134 July 1 Holders of rec. June 20a
2
July 1 Holders of rec. June 15
May
June
140
1 Holders of roe.
Bomberger (L.) & Co., Pref.(quar.)--- - 134
Guenther Publishing CO Preferred (quar.)
155 Sept. 1 Holders of roe. Aug. I3a
Preferred (quar.)
5
May 20 Holders of rec. Jan 20a
Preferred (quar.)
Quarterly
155 Dec. 1 Holders of rec. Nov. 12a
5
Aug. 20 Holders of rec. Jan. 204
July 15 Holders of rec. June 30
Bankers Capital Corp., pref. (quar.)__._ $2
Quarterly
5
Nov 20 Holders of rec. Jan. 204
Oct. 15 Holders of rec. Sept. 30
Gulf States Steel, first preferred (quar.) 199 July 1 Holders of rec. June 15a
Preferred (qua?.)
$2
an16'2e Holders of ree. T)ec. 31
$2
First preferred (quar.)
Preferred (quar.)
191 Oct. 1 Holders of rec. Sept. 151
First treferred (Guar.)
Beacon 011, pref.(quar.)
$1.8735 May 16 Holders of rec. May 2
191 Jan.3'28 Holders of rec. Dec. 15a
Beech-Nut Packing, corn. (guar.)
60c. July 9 Holders of rec. June 250 Hamilton Rank Note
Sc. Aug. 15 Holders of rec. Aug. 1
14 July 15 Holders of rec. July la Harblson-Walker Refrac.. corn. (guar.). 1)4 June 1 Holders of rec. May 20a
Preferred (guar.)
4,134 July 1 *Holders of rec. June 3
Bethlehem Steel. preferred (quar.)
Preferred (quar.)
134 July 20 Holders of rec. July 9a
Bloch Bros. Tobacco, common Mara
Hart. Schaffner & Marx. corn.(guar.)- 134 May 31 Holders of reo. May 170
37340. May 15 Holders of rec. May 10
Hartman Corporation. class A (quar.). 50o. June I Holders of rec. May 17a
Common (quar.)
3734e. Aug. 15 Holders of roe. Aug. 10
Common (guar.)
Class B (quar.) In class A stock
(0) June 1 Holders of rec. May 17a
3734c. Nov 15 Holders of roe. Nov. 10
Preferred (guar.)
14 June 30 Holders of rec. June 25
*134 June 15 Holders of rec. May 30
Hayes Wheel, pref.(guar.)
Hazeltine Corporation (quar.)
Preferred (guar.)
159 Sept. 3(1 Holders of rec. Sept.25
250. May 24 Holders of roe. May 4
Hercules Powder, preferred (guar.)
159 Dec. 31 Holders of roe. Doe. 26
Preferred (guar.)
155 May 14 Holders of roe. May 5
Bond & Mortgage Guarantee (guar.).- 4
May 14 Holders of rec. May 7
Hibbard.Spencer,Bartlett Co.(monthly) 30c. May,27 Holders of rec. May 20
Borden Company,corn. (guar.)
$1.25 June 1 Holders of roe. May 160
Monthly
30e. June 24 Holders of rec. June 17
British Columbia Fishing, corn. (guar.). $1.25 June 10 Holders of rec. May 31
Hollander(H.)& Son,Inc.. corn.(guar.) 6235c. May 16 Holders of rec. Apr. 290
Household Products (guar.)
Common (guar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
87340 June 1 Holders of roe. May 16a
Illinois Brick (guar.)
Common (guar.) •
$1.25 Dee. 10 Holders of rec. Nov.30
60e. July 15 July 3 to July 15
Common (guar.)
Quarterly
$1.25 3-19-'28 Holders of rec. Feb.28'28
60c. Oct. 15 Oct. 5 to Oct. 16
Preferred (guar.)
Illinois Pipe Line
I% June 10 Holders of rec. May 31
*6
June 15 *Holders of rec. May 16
Indiana Pipe Line (quar.)
Preferred (guar.)
191 Sept. 10 Holders of rec. Aug. 31
Si
May 14 Holders of rec. Apr. 22
Preferred (guar.)
155 Dec. 10 Holders of roe. Nov.30
750. June 1 Holders of rec. May 90
Ingersoll-Rand Co.,corn.(guar.)
Preferred (guar.)
155 3-10-'28 Holders of rec. Feb.28'2 Inland Steel, common (guar.)
623.40 June 1 Holders of rec. May 13a
Preferred (quar.)
1% July 1 Holders of rec. June 150
Brunswick-Balke-Collender, corn. (au.) 750. May 15 Holders of rec. May 5a
Buckeye Pipe Line (guar.)
June It Holders of rec. Apr. 23
International Harvester. pref. (guar.)._ 155 June 1 Holders of rec. May 1134
Si
Burns Brothers, corn., class A (quar.)--• $2.50 May 16 Holders of roe. May 2a International Paper, corn.(quar.)
50o. May 16 Holders of reo. May 241
Common, class B (quiz.)
134 June I Holders of rec. May 13a
500. May 16 Holders of rec. May 2a international Silver, corn. (guar.)
Preferred (guar.)
July 15 Holders of rec. July 8
134 July 1 Holders of rec. Junedna Interstate Iron & Steel, common (guar.) $I
Prior oreferred boom.)
Common (guar.)
$1
Oct. 15 Holders of reo. Oct. 8
134 Aug. I Holders of rein. July 15a
Butler Brothers (guar.)
Common (guar.)
an.I5'28 Holders of rec. Jan.913
500. May 16 Holders of reb. May 2
$1
California Packing (guar.)
Preferred (guar.)
'134 June 1 *Holders of rec. May 20
June 15 Holders of rec. May 3Ia
$I
Calumet & Ilecla Consol. Copper (guar.) 500. June 15 Holders of rec. May 310 Intertype Corporation, corn.(guar.)--.. 250. May 16 Holders of rec. May 3a
Canada Cement, pref. (guar.)
Jaeger Machine (guar.)
62340. June I Holders of rec. May 20
154 May 16 Holders of tee. Apr. 30
,11% July 1 *Holders of rec. June 15
Canadian Converters (guar.)
Jewel Tea. pref.(guar.)
134 May 16 Holders of rec. Apr. 30
Canfield OIL common (guar.)
Preferred (acct, accum. divIdends)__. *57
July 1 *Holders of rec. June 15
199 June ai Holders of rec June 20
Jones & Laughlin Steel, corn. (guar.)... •135 June 1 *Holders of rec. May 16
Common (gum.)
*159 Sept. 30 *Holders of rec. Sept. 20
2
June 1 Holders of rec. May 21a
Kinney (G. R.) Co., pref.(guar.)
Common (guar.)
'1 34 Dec. 31 *Holders of rec. Dee. 20
191 June 10 Holders of rec. May 31
Kirby Lumber, common (guar.)
Preferred (quar.)
191 June 30 Holders of rec. June 20
Common (guar.)
199 Sept. 10 Holders of roe. Aug. 81
Preferred (10Ar.)
*199 Sept.30 *Holders of rec. Sept. 20
199 Dee. 10 Holders of rec. Nov.30
Common (guar.)
Preferred (guar.)
•134 Dec. 31 *Holders of rec. Dec 20
$1.75 July 1 Holders of MO. June 15
Centrifugal Pipe Corporation (guar.)... 15e, May 16 Holders of rec. May 6
Knox Hat. Inc., prior pref.(guar.)
Prior preferred (quar.)
$1.75 Oct. 1 Holders of roe. Sept.15
Century Itibboa Mills. prel (quar.)_. 134 June 1 Holders of rec. May 200
Chicago Yellow Cab Co. (monthly)... 33 1-13e June 1 Holders of rec. May 204
Second preferred
63.50 Aug. 1 Holders of rec. July 15
Childs Company, corn, no par (guar.).60c. June 10 Holders of roe. May 270 Kniskal & Kruskal, Inc.(ouarterly)- 50c. May 16 Holders of rec. Apr. 290
Si
Lehigh Coal & Navigation (guar.)
Preferred (guar.)
May 31 Holders of rec. Apr. 30a
191 June 10 Holders of roe. May 27
Childs Co..cont.(pay.in no par com.stk.) fl
Extra
d25c. may 31 Holders of rec. Apr. 30a
July i Holders of rec. May 270
Common (payable in no par corn. stk.) /1
750. June I Holders of rec. May 16a
Oct. 1 Holders of rec. Aug. 26a Lebo &Fink (guar.)
Common (payable In no par corn.stk.1 /1
June 1 Holders of rec. May 190
Dee. 80 Holders of rec. Nov 250 Lima Locomotive Works, corn.(qua?.).. II
Chlle Copper Co.(guar.)
1% May 10 Holders of rec. Apr. 300
62350 June 30 Holders of rec. June 3a Lindsay Light. pref. (quar.)
Chrysler
referred A (quar.).__. $2
June 311 Holders of roe. June 150 Loose-Wiles BiscuitPreferred
Corp..(
A guar.)
Old corn.(one share of new no par oom) 25 July 1 Holders of rec. June Is
Sept.30 Holders of rec. Sept. 150
$2
Preferred A (guar.)
New no par common (quar)(No. 1)-- 9.40c. Aug. 1 Holders of roe. July 11
Jan 31$ Holders of roc. Dee. 150
$2
Cities Service. common (montbly)
Lord & Taylor, first pref. (guar.)
154 June 1 Holders of rec. May 17a
'34 June 1 *Holders of rec. May 15
Common (payable in common stock)_
Louisiana Oil Refining, pref.(qua?).... 199 May 16 Holders of reo. May 20
•153 June 1 *Holders of rec. May 15
.054 June 1 *Holders of rec. May 15
Preferred & preference B (monthly)
$1.28 May 16 Holders Of roe. Apr. 291
Mary (R. H.) St Co., corn.(No. I)
City Ice & Fuel (guar.)
Madison Square Garden Co. (quar.)--- 25o. July 16 Holders of roe. July 5
50o. June 1 Holders of rec. May 10a
Quarterly
500. Sept. 1 Holders of rec. Aug. 10a
25e. Oct. 15 Holders of rec. Oct. 5
Quarterly
Cleveland Stone (guar.)
50o. June 15 Holders of roe. June 50 Mandel Brothers, Inc.(No.1)(guar.).- *6234e July 2 *Holders of rec. June 2
Quarterly
50c. Sept.15 Holders of rots. Sept 5a Martin-Parry Corp. (guar.)
500. June 1 Holders of rec. May 160
Coca-Cola, new no par stock (guar.)._ $1.25 July 1 Holders of rec. June Ila Massey-Ilarria Co.. pref. (quar.)
134 May 16 Holders of rect. Apr. 30
Consol. Bond & Share Corp., Pf. (qu.). 134 May 15 Holders of rec. Apr. 15
McCrory Stores Corp., class A & B (qu.) 40c. June 1 Holders of res. May 200
Consolidated Cigar, pref. (guar.)
154 Aug. 1 Holders of rec. July 200
Preferred (quar.)
134 June 1 Holders of roe. May 140
Continental Can. Inc.. corn. (guar.)_ _ _ _ $1.25 May 16 Holders of rec. May 5a
154 Nov. 1 Holders of roe, Oct. 200
Preferred (guar.)
Coegrove-Meehan Coal. pref. Mum./ - - .1% July 1 *Hoidens of roe. June 27
McIntyre Porcupine Mines (Qum%)
25o. June I Holders of rec. May 2a.
•15i Oct. 1 *Holders of rec. Sept. 28
Preferred (guar.)
McKesson & Robbins, Inc.,corn.(du.).- 25o. May 10 Apr. 26 to May 10
Preferred (qua?.)
*155 Dec. 21 *Holders of rec. Dec. 19
Preferred (guar.)
154 May 10 Apr. 26 to May 10
Cuneo Press. MASS A (guar.)
June 16 Holders of roe. June
$1
Preferred (extra)
334 May 10 Apr. 26 to May 10
Cushman's Sons, Inc., corn. (guar.) _
June 1 Holders of rec. May lea McLellan Stores, coin. A and B (guar.). 25e. July 1 Holders of rec. June 20
$I
Common (payable in $51 pre' stock)
%II 50 Sept. I Holders of mu Aug In.
Common A and B (guar.)
25c. Oct. I Holders of rec. Sept.20
134 June 1 Holders of rec. May 16a
Seven per cent preferred (guar.)
250. Jan P28 Holders of rec. Dec. 20
Common A and B (guar.)
June 25 *Holders of rec. June 11
Davis Mills (guar.)
Mercantile Stores Co.. Inc., corn.(quar.) $I
*1
May 16 Holders of roe. Apr. 30
Decker (Alfred)& Cohn,corn.(quar.)_ _ _ *500. June 15 *Holders of rec. June 4
$1.75 May 16 Holders of rec. Apr. 30
Preferred (quo-)
Preferred (guar.)
*131 June 1 *Holders of rec. May 20
Merrimac Manufacturing, COM.(guar.). *134 Juno 1 *Holders of rec. Apr. 27
155 June 1 Holders of rec. May 14
Miami Copper Co. (guar.)
Deere & Co., pref.(quar.)
37340. May 16 Holders Of rec.
24
Preferred (acc't accum. diva.)
Mid-Continent Petroleum, pref.(quar.)- 191 June 1 Holders of roe, May
750. June 1 Holders of rec. May 14
may Ha2
June 15 Holden) of rec. May 3I0 Mohawk Mining (qua?.)
Diamond Match (Qua?.)
tt
June 1 Holders of rec. Mr. 30
(guar.)
Apr.
30
Holders
Bridge,
of
rec.
1
Ltd.
May 16
Dominion
$1
Montgomery Ward & Co.. corn.
May 16 Holders of rec. May 68
May 16 Holders of rec. Apr. 30
2
Bonus
Morse Twist Drill (guar.)
*$1.25 May 16 *Holders of roe. Apr. 28
400. June 1 Holders of rec. May 14a Motor Wheel Corporation. pref.(guar.). 2
Eagle-Picher Lead, corn. (qua?.)
May 16 Holders of rec. Ape. 30
.400. Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
Munsingwear, Inc. (guar.)
750. June 1 Holders of rec. May 11a
___.
9.400, Doe, 1 *Holders of rec. Nov. 15
Common (quar.)
National Deltas Hess Co., pref.(guar.)-- $1.75 June 1 Holders of reo. May alw*134 July 15 *Holders of roe. June 30
$1.25 July 15 Holders of rec. June 300
National Biscuit, corn.(guar.)
Preferred (guar.)
•159 Oct. 15 *Holders of rec. June 30
Preferred (qua?.)
Preferred (guar.)
134 May 31 Holders of rec. May her
6234c July 1 Holders of rec. June 200 National Brick, preferred (guar.)
159 May 16 Holders of roe. Apr. 30
Early & Daniels. common (guar.)
25e. July 1 Holders of rec. June 200 National Casket. common tuuar.)
$1 .00 May 15 Holders of rec. May 20
Common (extra)
133 1-3 Juno 17 Holders of rec. Juno 70
62)4c Oct. 1 Holders of rec. Sept.200 National Dairy Products, corn
Common (quar.)
25e. Oct. 1 Holders of rec. Sept.20a Nat'l Department Stores, 2d pref. (qu.)
Common (extra)
134 June 1 Holders of roe. May 160
62 340 Jan 1'28 Holders of roc Dee. 200 National Food Products, Class A (guar.) 62590 May 16 Holders of rec. May 50
Common (quar.)
250 Jan 1'28 Holders or rec. Dee. 200 National Lead. corn. (payable In stock)_ (n) May 26 Holders of rec. May(3)2
Common (extra)
June
200
of
rec.
1
liolders
$1.75
July
/National Lead, new (guar.)
Preferred (guar.)
*51.25 June 30 *Holders of rec. June 10
$1.75 Oct 1 Holders of rec. Sept.200
Seven per cent preferred (quar.)
Preferred (quar.)
154 June 15 Holders of rec. Ma/1200
$1.75 Jan 1'28 Holders of roe. Doe. 200 National Refining, com. (quar.)
37990 May 15 Holders of roe. May 1
Preferred (guar.)
62590 June 1 Holders of roe. May 16a National supply.common (qua?.)
Si
May 16 Holders of rec. May 50
Erie Steam Shovel, corn. (guar.)
155 June 1 Holders of rec. May Hia Nelson (Herman) Corp. (QUM%)
Preferred (quar.)
300• July 1 Holders of rec. June 20
July I Holders of rec. June 20
Stook dividend
el
Eureka Vacuum CleanerAug. 1 Holders of rec. July 200
Quarterly
30c. Oct. I Holders of rec. Sept.!
Common (payablein common stock).. 15
Oct. 1 Holders of rec. Sept 19
Stook dividend
el
Fairhanto, Morse & Co., cola • (guar.)- 750. June 30 Holders of rec. June 15a
.50c. May 23 *Holders of rec. May 60
134 June 1 Holders of rec. May 140 New Cornelia Copper Co.(quar.)
Preferred (qua?.)
MAY 7 1927.]
Name of Company.
TH l
Per
When
Cent. Payable.
CHRONICLE
Books Closed.
Days Inclusive.
2713
Weekly Returns of New York City Clearing
House
Banks and Trust Companies.
Miscellaneous (Concluded).
New Jersey Zinc (quar.)
*2
May 10 *Holders of rec.
The following shows the condition of the New York
Nineteen Hundred Washer, class A (qu.) 50c. May 15 Holders of rec. Apr. 20
City
Apr. 18
North Central Texas 011 (quar.)
I5c. June 1 Holders of rec. may 10
Clearing House members for the week ending Apr. 30.
011 Well Supply (quar.)
The
50c. July 1 Holders of rec. June 110
Ontario Steel Products, corn. (quar.)__ _ *1
figures for the separate banks are the averages of the
May 16 *Holders of rec. Apr. 30
daily
Preferred (guar.)
•1% May 16 °Holders of rec. Apr. 30
results.
In
the case of the grand totals, we also show the
Oppenhelm, Collins Co.. corn. (quar.)_ _ $1
May 16 Holders of rec. Apr. 29a
Otis Elevator, preferred (quar.)
11.4 July 15 Holders of rec. June 30a actual figures of conditio
n at the end of the week.
Preferred (quar.)
1M Oct. 15 Holders of rec. Sept. 30e
Preferred (quar.)
1
JanI5'2S Holders of roe. Dec. 310
NEW YORK WEEKLY CLEARING HOUSE
Overman Cushion Tire. Inc., corn. (qu.) $1.75 July 1
RETURNS
Owens Bottle. common (quar.)
7.5c. July 1 Holders of rec. June 15a
(Stated in thousands of dollars-that is, three ciphers
(000) omitted.)
Preferred (quar.)
pg July 1 Holders of rec. June 15a
Packard Motor Car, monthly
20c May 31 Holders of rec. May Ita
Monthly
New
20c. June 30 Holders of rec. June 150
Monthly
Capital. Profits Loans,
20c. July 30 Holders ef rec. July 15a
Rose?cc
Week Ending
Monthly
Discount, Cash
20c. Aug. 30 Holders of rec. Aug. 15a
with
Net
Time Bala
April 301927. Nat'l, Mar.23 InvestParamount Famous Laskv Corn..pf.tqu.) 2
May 2 Holders of rec. Ayr. 15a
in
Legal Demand
DePathe Exchange. common A & B (quar.) 75c. May 2 Holders of
State,
Mar.23
ments,
Vault. Deposi- Deposits. Posits. freerec.
Apr.
110
folios.
(000
Pathe Exchange. Inc., pref. (quar.)
omitted.) Tr.Cos.Slar.23
&c.
2
June 1 Holders of rec. May 11
tortes.
Pender (David) Grocery, class A (quar.) 873.4c June 1 Holders of
rec. May 20
Members
Penmans. Ltd.. corn. (quar.)
of
Fed.
Res.
Bank.
Average. Average Average Average.
II
May 16 Holders of rec. May 5
Average digo.
Bank of N Y
Peoples Drug Stores, Inc.,8% pref.(qu.) 2
$
May 16 Holders of rec. May 1
$
Trust Co.._ _ _ 4,000 13,42
Pick (Albert), Barth & Co., part. Pf.(qu.) 43%c. May 16 Holders of
74,039
462 7,231
rec. Apr. 25
53.106
8,646
Bk
of
hlanhat'n
Pittsburgh Steel, preferred (Quar.)
10,700 16,204 166,899 3,158 17,448
1% June 1 Holders of rec. May I4a
127,666 26,664
Bank of America 6.500 5,412
Prairie Oil & Gas Bluer.)
75.843 1,127, 11.020
*50e. May 31 *Holders of rec. Apr. 30
83.952 3,933
Pressed Steel Car, preferred (quar.)___ _
l°. June 30 Holders of rec. June la National City__ 75,000 66,126 794,722 3,872 80,943 '808,337166,157
Chemical Nat__ 5.000 18,91
96
Procter & Gamble Co.. corn.(quar.)__
134,355 1,146 15,891
$1.75 May 14 Holders of rec. Apr. 25
120,931: 3,011
Nat Bk of Com_ 25,000 42,88
349
Pro-phy-lac-tic Brush, pref. (quar.)
371,368
°$1.75 June 15 *Holders of rec. June 1
635 41,452
314,435 18,056,
Chat
___
Ph
N
B
Pullman Company (quar.)
&T
13,500
13,655 215,247 2,547, 22,553
2
May 16 Holders of rec. Apr. 300
162,684 45,187 6,128
Pure Oil, common (quar.)
143,380 2,113 17,012
37Mc June 1 Holders of rec. May 10a Hanover Nat__ 5,000 26,81
128.109 2.816
Common (extra)
123-hr June 1 Holders of rec. May 100 Corn Exchange_ 11,000 16,550 210,569 4,978 24.860 176.214 31,503
National
Q. R. S. Music, corn.(monthly)
Park__
10,000 24,98
155,147
I5c. May 15 Holders of rec. May la
913 15,778
119,896 7.026 4:61.
Bowery & E It.. 3,000 3,686
8
Quaker Oats, Preferred (quar.)
70,136 1,756 7,074
1(4 May 31 Holders of rec. May 2
48.874 21,451
First National__ 10,000 77,69
Reid Ice Cream Corp.. Pref. (quar.)
313,927
one 1 Holders of rec. May 20
5671 26,063, 197,234 14.692 2,978
1(
6,459
Republic Iron & Steel, corn. (quar.)
$1.
June 1 Ilolders of rec. May 14a Am Ex Irving Tr 32,000 29,170 442,805 4,119, 52,894
397.597
39.784
Preferred (quar.)
1% July 1 Holders of rec. June 14a Continental _.... _ 1,000 1,28
7,960
129,
826
5,850
410
_
Chase National_ 40,000 38,76
Rolls-Royce of America, Pref. (quar.)
596,6611 6,783; 70,972 .554,371 42.507
$1.75 May 16 Holders of me. Apr. 30
2:463
Fifth Avenue._
Russ Manufacturing (quar.)
500 3,215
28,093:
704 3,253'
13-4 May 15 IIolders of rec. Apr. 30
27,671
Commonwea
lth.
St. Joseph Lead (quar.)
800
67.
13,280
00c. June 20 June 10 to June 20
445: 1,332
9,069 4:488 -_-_-_-_
Garfield Nat'l._ 1,000 1,88
Extra
25e. June 20 June 10 t't June 20
17 9931
505, 2,912
17,582
961
' 1
Seaboard Nat'l_ 6,000 11,44
Quarterly
128,235
00e. Sept. 20 Sept. 10 to Sept. 20
872, 16.012
121,722 2,822
44
Bankers
Trust_
Extra
20,000
36,940 346,028
25e. Sept. 20 Sept. 10 to Sept. 20
853, 35,710 *301,445 40,524
U S Mtge & Tr
Quarterly
3,000 5.05
500. Dec. 20 Dec. 10 to Dec. 20
60,739
727i 7.262
53.933 6,685
Guaranty Trustl 30,000 31,85
Extra
450,911 1,402 46,9311 *423,518 56,934
25c. Dee. 20 Dec. 10 to Dee 20
Savage Arms, common (guar.)
42,119
$1
June 1 Holders of rec. May 160 Fidelity Trust__ 4,000 3,28
6611 4,940
36,650 3,9311
New York Trust 10,000 22,55
First preferred (quar.)
•1% July 1 *Holders of rec. June 15
166,036
594 17,795
131,079 26,311
Farmers L. Jr Ti 10,000 20,26
Second preferred (quar.)
5134 May 1( •Hoiders of rec. May 1
145,468
568 14,536 •109,009 20,613
Equitable
preferred
Second
(quar.)
Trust 30,000 23,92
•1). Aug. 15 *Holders of rec. Aug. 1
284,987 1,683, 31,552, *330,020 27,707.
Schulte Retail Stores. common ((Mar.)
873i0 June 1 Holders of roc. May 15a
Common (quar.)
367.000 556,681 ,456.953, 43,319 594,258 t4,292.029
87 Mc Sept. 1 Holders of roc Aug. 15a Total of averages 367,000
622,820 23,215
Common (quar.)
57(r Dee. 1 Holders of rec. Nov 15a
Totals, actual co[Mitten Apr. 305,535.135' 43.305602,810
Scotten-Dillon Co. (quar.)
*30c. May 14 *Holders of rec. May 6
c4,461.313 619,442 23,167
Totals,
Shell Union Oil, preferred (quar.)
actual
co ndition Apr. 23'5,424,197 42,889606.291 c4,347,496
1Si May 16 Holders of rec. Apr. 29
629,248 23,188
Sherwin-Williams Co., corn. (quar.)
Totals, actual co ndition Apr. 16 5,406,202 40,534 583,310
.50c. May 16 *Holders of rec. Apr. 30
c4.330,869 639,989 23,338
Common (extra)
*25c. May 16 *Holders of rec. Apr. 30
I
I
State Banks Not Members of Fed'I Res've Bank.
Preferred ((mar.)
1% June 1 Holders of rec. May 19a
State Bank _ _ 5,000 5,817 108.324 4,684 2,662
Sinclair Consolidated Oil, pref. (guar.)._
2
May 16 Holders of rec. May 2
39.917 63.67
Skelly 011 Co. (quar.)
35.366, 3,588 1,775
50c. June 15 Holders of rec. May 16a Colonial Bank_ 1,400 3,270
29,536 6,0021
Smith (A.0.) Corp., corn.(quar.)
$1
May 16 Holders of rec. May 2
Preferred (quar.)
Total
creerag
of
6,400
9,088
143,690
8,272 4,437
I$( May 16 Holders of rec. May 2
69,453
Spalding (A. G.)& Bros., first pref.
1% June 1 Holders of rec. May 140
Second preferred (guar.)
Totals, actual co ndition Apr. 30 144,31d 8,4311 4,446
2.
June 1 Holders of rec. May 14
70,482 69.6021
Standard 011 (Ohio), pref. (quar.)
Totals,
actual
co
ndition
Apr.
23 144,5431 8,205 4,396
1% June 1 Holders of rec. Apr. 29
69,957 69,72
Standard Sanitary Mfg., corn. (quar.)
Totals, actual co ndition Apr. 16 143,8811 8,136 4,219
$1.25 May 20 Holders of rec. May 5
69.482 69,669
Preferred (quar.)
1% May 20 Holders of rec. May 5
1
Stanley Works, pref. (quar.)...
Trust
Compan
lee
Not Members of Fed 'I Res'y e Bank
1% May
Holders of rec. Apr. 30
Title Guar & Tr 10,000 20,237
Stewart-Warner Speedometer (quar.) _ $1.50 May 16
65,9531 1,820 4,303
40,719 1,075
Swan & Finch 011 Corp., pref. (quar.) _ _ .1% June 16 Holders of rec. May 50 Lawyers Trust_ 3,000 3,463
23,625
936 1,866
18,840 1,001
*Holders
1
of
rec.
May
10
Thompson (John R.) Co.(monthly)._ _ _ 300. June
I Holders of rec. May 23a Total
of averages 13,000 23,701
Thompson Products, common (quar.) *23
89,578 2,756 6,169
July 1 *Holders of rec. June 20
59,559
Preferred (quar.)
•141 June 1 *Holders of rec. May 21
Tide Water Associated 011 (quar.)
90,250, 2,724 6,361
300. May 2 Holders of rec. Apr. 8a Totals, actual Co ndition Apr. 30
60,54. 2,0881
Tide Water Oil, pref. (quar.)
89,108 2,660 6,262
1% May 16 Holders of rec. May 2a Totals, actual Co edition Apr. 23
59,197 2.060 _-_Tobacco Products Corp.. class A (quar.) 13( May
Totals. actual co ndition Apr. 16
86,180,
2,558
6,048
56,241 2,0321
Holders
16
of
rec. Apr. 27a
Union Buffalo Mills, first preferred
*33-4 May 16
,
Gr'd
Union 011 Associates (quar.)
aggr.,
elope
386.400 592,026 5,690,2211 54,347604,864 4.521,041
*50c. May 10 *Holders of rec. Apr. 18
694,57623,215
Union 011 of California (quar.)
50c. May 10 Holders of rec. Apr. 18a Comparison wi h prey. week _ _ +42.560 + 1,484 +8.783 +37,743-7,258 -7
Union Storage Bluer.)
623.5c May 10 Holders of rec. May la
Quarterly
62(4r Aug. 10 Holders of rec. Aug. la Gr'd aggr., act')•,cond'n Apr. 30 5,769,7011 54,460 613,617 4,592,341 691.13223.167
Quarterly
62 Sic Nov. 10 Holders of rec. Nov. la Comparison wl ih prey. week _ _ + 111,8531 +706-3,332 +115,651-9,900 -21
United Biscuit, class A (quar.)
*El
June 1 *Holders of rec. Slay 10
1
United Drug, corn. (guar.)
234 June 1 Holders of rec. May 160 Gr'd aggr.. act' ,cond'n Apr. 235,657.848 53.754616,949 4,476,850 701,032 23.188
U.S. Cast Iron Pipe & Fdy.. corn.
Or'd aggr.. ad' icond'n Apr. 165,636.263, 51.228 593,577 A4,456,592
(qtr.)- 234 June 15 Holders of rec. June la Gr'd
Common (quar.)
aggr.,
ad' ,cond'n Apr. 95,647,505'55,027660,561 4,429,489 711,690 23,338
234 Sept. 15 Holders of rec. Sept. la
682.468 23,364
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la Gr'd aggr., act' condo Apr. 2S,767.2171 50,707 584,708 4,645,830 686.229 23,340
Preferred (quar.)
Gr'd
ad'
seer..
Icondo Mar.26 5,633,1591 54,305 657,722 4,481.980669,942
1% June 15 Holders of rec. June la
23,318
Preferred (quar.)
1% Sept. 15 Holders of rec. Sept. is Gr'd aggr., art' lenntl'n Star. 19 5.717.104 53.119681)112 4.574 51R 1172 145 95 9R5
Preferred (quar.)
1% Dec. 15 Holders of rec. Dec. la
U.S. Hoffman Machinery (quar.)
Note.-U. S. Deposits deducted from net demand deposits in
El
June 1 Holders of rec. May 20a
the general total
United States Rubber, let pref. (quar.)
2
May 14 Holders of rec. Apr. 200 above were as follows: Average total Apr. 30. $43,072,000. Actual totals,
United States Steel Corp.
Apr. 30,
S43,026,000; Apr. 23, $43,392,000; Apr. 16, 149,762,000; Apr.
9.
Common(payable in common stock)_
169,635,000
; Apr.2,
40
June 1 Holders of rec.May(t)2a $76,056,000; Mar. 26, $80,840,000. Bills payable, rediscounts,
Common (quar.)
acceptances and
other
liabilities,
134
average
June
week
Holders
for
29
Apr. 30, 5636,518.000; Apr.
of rec. June 7a
Preferred (quar.)
I% May 28 Holders of rec. May Is Apr. 16, $648,947,000: Apr. 9, $656,372,000; Apr. 2, $611,568,00 23, $616,046,000:
Universal Pipe & Radiator, corn. (quar.) .50c.
0; Mar. 26, $625.143,000. Actual totals Apr. 30, $655,976,000: Apr. 23,
July 1 *Holders of rec. June
Common (extra)
0: Apr. 16.
*25c. July 1 *Holders of rec. June 15
1619,584,00
0; Apr. 9, $745,839,000; Apr. 2, 1573,051,000; $659,792,00
15
Preferred (guar.)
Mar.
26, 5089.153,000.
1% Aug. 1 Holders of rec. July
* Includes deposits
foreign branches not included in total
Preferred Bluer.)
footings
1% Nov. 1 Holders of rec. Oct. 15a National City Bank, in
0: Chase National Bank, $12,385,000as folios's:
Van Benito Co., first pref. (quar.)
1% June I Holders of rec. May I5a Trust Co , $38,154,000$242,047,00
; Bankers
; Guaranty Trust Co., $79,476,000; Farmers'
Vanadium Corporation (quar.)
75c. May 16 Holders of rec. May 18a Co., $2,596,000;
Loan & Trust
Equitable Trust Co., $94,307,000. Balances
2a
Virginia-Carolina Chem., prior pf.(qu.). 1%
carried in banks In
June 1 Holders of rec. May 17a foreign countries as reserve for such
Vulcan Detinning, preferred Mani_
deposits
were:
National
City Bank, $45,605,000;
fi July 20 Holders of rec. July
Chase National
$2,512,000; Bankers Trust Co., $1,782,000:
Preferred (account accumulated dive.) 2
July 20 Molars of rec. July 9a Co., $2,847,000;Bank,
Guaranty Trust
Farmers' Loan & Trust Co., $2,596,000:
Oa
Preferred A (guar.)
1%
Equitable Trust Co..
Wayagamack Pulp & Paper (quar.)_ _ 75c. July 20 Holders of rec. July 9a $8,840,000.
June
I
Holders
of
rec.
May
16
Weber & Ileilbroner. pref. (guar.)
c Deposits In foreign branches not Included.
1'( June
Holders or roe. May Illa
White (.1. G.) Engineering Corp., pf.(qu.) 1% June 11
White (J. G.) Manag't Corp.. prof.(qtr.) 1% June 1 Holders of rec. Slay 15
Holders of rec. May 15
The reserve position of the different groups of instituti
White (J. G.) Co. preferred (quar.)
1M June 1 Holders of rec.
ons
May 15
Wilcox (H. F.) Oil Gas (hoar.)
50e. May 10 Holders of rec. Apr.
on
the basis of both the averages for the week and
15a
Baumer
Will &
Candle, corn. (quar.)
the
25c. May 16 Holders of rec.
Williams Oil-o-Matic Heating (quar.)
2
actual
conditio
537(4c May 16 *Holders of rec. May
n
at
the end of the week is shown in the
May
Wire Wheel Corporation, preferred
53.50 July I Holders of rec. June 2
Wolverine Portland Cement (quer.)
following two tables:
_ 15c. May 16 Holders of rec. May 20
Woolworth (F. W.) Co.(quar.)
5
$1.25 June 1 Holders of rce. Apr.
Wright Aeronautical Corp. (quar.)
25c. May 31 Holders of rec. Slay 28a STATEMENT OF RESERVE POSITION OF CLEARING
HOUSE BAN-KB
Wrigley (Wm.) Jr. & Co.(monthly)
25e. June 1 Holders of rec. May 16
AND TRUST COMPANIES
20a
Monthly
250.
WurlItzer (Rud.) Co., corn. (in com.stk.) 5/150 July 1 Holders of rec. June 200
Averages.
•From unofficial sources.
The New York Stock Exchange has
will not be quoted es-dividend on this date and not until( urtherruled that stock
Cash
Reserve
notice.
2
The
Curb
York
Market
New
Association has ruled that stock will not
Reserve
in
be quoted exTotal
Reserve
Surplus
dividend on this date and not until further notice.
in Vault. Depositaries Reserve.
Required.
Reserve.
a Transfer books not closed for this dividend. d Correction. e Payable
in stuck. Members Federal
j• payable In common stock. g Payable In scrip. A On account of
$
Reserve
Bank_
accumulate
d
dividends. es Payable In preferred stock.
594,258,000 594,258,000 589,644.370 4,609,630
State banks*
8,272,000 4,437,000 12,700,000 12,501,540
207,460
CUStnnfin & Sons common stock dividend Is
Trust companies*
payable in MI preferred mock on
2,756,000 6,169,000 8,925,000 8,933,850
-8.850
the
valuation of VW for preferred stock
Total April 30 _ _ _ _ 11,028,000604.864.00
0 615,892,000 611,083,760 4,808,240
jTo be declared at meeting on May 19.
Total April 23
11,077,000 596,081.000 607.158.000 606.394.780
763,220
k N Y. Stock Exchange rules that Nations, Lead shall not be
Total April 16
11,076,000
596.545.00
607,621.000
0
quoted
ex
-dividend
Total April 9.....'10,786,000 601,780,00 612,566.000 599.754,130 7,866.870
On May 2 and not until May 27.
0
609.292,250 3.273.750
()Subject to approval of stockholdere.
• Not members of Federal Reserve Bank.
r Payable either in cash or class A stock.
b This Is the reserve required on net demand
deposits in the case of State banks
u Tampa MOOCH; common stock dividend is 1-100 of a share of common.
and trust companies, but In the case of members
of the Federal Reserve Bank.
National Lead Co. stuck dividend is one-halt share common stock
includes also amount of reserve required on net time deposits, which was as follows:
and one-half Apr. 30,
for
pref.
class
B
each
118,684,600; Apr. 23, $18,902,910; Apr. 16, 118,787,530: Apr. 9, 518,share of common stock.
Share 6%
317,820; Apr. 2. $18,009,660; Mar. 26, $17,896,000.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Total
Total
Total
Total
Apr. 30_ _ _
Apr. 23
Apr. 16
Apr. 9..,,..
the
Boston Clearing House Weekly Returns.--In
the
in
items
the
of
all
y
following we furnish a summar
weeks
Boston Clearing House weekly statement for a series of
Figures.
Actual
Members Federal
Reserve Bank__ _ _
State banks*
Trust companies_ _ _
[Vol,. ]2t.
THE CHRONICLE
2714
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve,
BOSTON CLEARING HOUSE MEMBERS.
602,810.000 602,810,000 598,553,950
8,431,000 4,446,000 12,877,000 12.646,769
2,724,000 6,361.000 9,085.000 9,081,900
4,256,050
190,240
3,100
May 4
1927.
4,449,390
11,155,000 613,617,000 624,772.000 620.322,610 22,290,270
10,865.000 616,949.000 627.814,000 605.523.730
1,115.450
0
603,155.55
0
604,271,00
10,694,000 593,577,000
72,858,780
11.031,000 680,561,000 671.592,000 598,733.220
• Not members of Federal Reserve Bank.
of State banks
a This Is the reserve required on net demand deposits in the case
Reserve Bank inand trust companies, but in the case of members of the Federal
was as follows:
which
cludes also the amount of reserve required on net time deposits,
0: Apr. 9, $18,Apr. 30, $18,583,260; Apr. 23, $18,877,440; Apr. 16, $19,199,67
0
320,460; Apr. 2, $18,423,450; Mar. 26, 017.945,73
Changes from
Previous Week.
Apr. 27
1027.
April 20
1927.
$
$
3
$
71,900,000
71,900,000
71,900,000 Unchanged
Capital
96,309.000
96,309.000
295,000
96,014,000 Dec.
Surplus and profits_ _._
000 1,017,546,000
Loans, discls & Invest_ 1,017.879.000 Inc. 12,962,000 1,004,917, 0 673,286,000
680,612,000 Inc. 5,797.000 674,815,00
Individual deposits_ _
0
159,817,000 Inc. 6,951,000 152.866.000 152,921,000
Due to banks
760,000 234.212.000 234,271,00
234,972,000 Inc.
Time deposits
20,754,000
17.472,000
314.000
17,158,000 Dec.
United States deposits_
36,393,000
34.817.000
47,140,000 Inc. 12,323,000
Exchanges for Cl's H'se
93,924,000
96,288.000
88,413,600 Dec. 7,855,000
Due from other banks
79,703,000
79,523,000
81,320,000 Inc. 1,797,000
Reeve in legal deposles
9,288,000
9,587,000
487.000
9,100,000 Dec.
Cash in bank
432.000
1154000
98.000
752.000 Inc.
RPWVP excema 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
week ending Apr. 30, with comparative figures
figures showing the condition of State banks and trust com- return for the
weeks preceding, is given below. Reserve
two
follows:
the
for
as
House
panies in New York City not in the Clearing
members of the Federal Reserve System
for
ments
require
ES IN GREATER
demand deposits and 3% on time deposits, all
on
10%
SUMMARY OF STATE BANKS AND TRUST COMPANI
are
NT.
in vaults"
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEME
to be kept with the Federal Reserve Bank. "Cash
es not
compani
(Figures Furnished by State Banking Department.)Differencesfrom
trust
For
reserve.
legal
is no a part of
Previous Week.
April 31
reserve required
the
System
Reserve
Federal
the
of
1,200
s
1nc.$16,86
member
,400
$1.307,421
Loans and investments
29,500
5,000,700 Inc.
deposits and includes "Reserve with
Gold
802,100 is 10% on demand
24,648,700 Dec.
Currency notes
833.500
Inc.
107,967.100
legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_
1 348,186,600 Inc. 5,841,900
Total deposits
Deposits, eliminating amounts due from reserve decomtrust
and
banks
other
from
and
positaries
00 Inc. 8,795,700
panies in N.Y. City exchange, and U.S. deposits_1,274,146.8 0 Dec.
634,100
176,816,40
Reserve In deposits
20.4%.
reserves,
Percentage of
RESERVE.
—Trust Companies—State Banks—
397.858.600 15.61%
$39.757,900 16.59%
Cash in vault*
26,746.200
4.26%
5.19%
12.453.700
Deposits In banks and trust cos
$124,604,800
352,211,600 21.78%
Total
19.87%
New York, which for the
•Includes deposits with the Federal Reserve Bank of was 3107,967.100.
State banks and trust companies combined on Apr1130
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:
Week Ended April 30 1927.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, dIsc'ts & investrn'ts
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 vault.
Total reserve & cash held
Reserve required
Excess res. dr cash in vault..
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
OG0000000
TIONS OF NEW YORE
RETURN OF NON-MEMBER INSTITU
CLEARING HOUSE.
r0001 omitted)
(Staled in thousands of dollars, that is, three Ciphers
Week Ending
April 30 1927.
Members of
Petri Res'se Bank.
Grace Nat'l Bank__
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. H'ts
Trust Company.
Not Member of the
Federal Reserre Bank.
Mech.Tr., Etayonn
Loans.
Diecounts.
Net
Profits. Investmeets,
etc.
1.ss.
8
1,940
$
13,922
4ss
1,060
11,017
Cash
in
Vault.
Reserve
Net
Net
with
Legal Demand Time
Deposits.
Deposi- Deposits
fortes.
450
7,509
185
3,470
500
693
9.110
384
3,691
5,821
1.900
Gr'd aggr., Apr. 30
Comparison with prey, week
3,693
34.049
+463
1,356
+4
1,817 a18,580
+708
+94
13,273
+230
1,900
1,900
1,900
3.693
3,693
3,640
3.640
33,586
33,667,
33,800
33.572
1,311
1,321
1,232
1,170
1.723 al7.872
1,684 a17.729
1,712 17.886
1,726 17.658
13.043
13,061
13.105
13,050
Gr'd aggr., Apr. 23
Lied sggr. Apr. 16
Cir'd mgr.. A:r. 9
is. n ...... ea,. 9
1 000
029,000.
a United States deposits deducted,
s and other liabilities. 02,962,000.
Bills payable, rediscounts, acceptance
In reserve, $23,990 increase.
69.401,0
9,773,0
79,174,0
68,699.0
10,475.0
1,561,0
5.530,0
4,072.0
11,458.0
355,225,0
172,727,0
989,482.0
35,076.0
100.337,0
133.624,0
650.360.0
157,683,0
941.667,0
3,969,0
69,401,0
11,334.0
84,704,0
72771.0
11,933.0
April 16
1927
$55,225.0
172,727,0
991,242,0
33.534,0
104,449,0
138,441,0
653,249,0
157,145.0
948.835,0
3.605.0
69,744,0
11,544,0
84,893,0
73,205,0
11.688.0
•—
$55,255,0
172.604,0
999,655,0
36,991,0
108.758,0
139,459,0
657,303,0
157,959,0
954,721,0
2,694,0
67,737,0
11,546,0
81.977,0
73,130,0
8,847,0
May 4 1927. Apr. 27 1927. May
$
$
&MOM—
352,192.000 397,309,000 328,700,000
Agent
Reserve
Federal
Gold with
10.290,000
10,488,000
13,958,000
Treasury.
Gold redemp. fund with U. S.
0 407.797.000 338.990.000
366,150,00
notes_
R.
F.
agst.
exclusively
Gold held
_ 245,434,000 218,658.000 221,236,000
Gold settlement fund with F. R. Board_
476,641,000 479,992,000 365,716,000
Gold and gold certificates held by bank-Total gold reserves
Reserves other than gold
Excess
1,088.225,000 1,106,447,000
35,428,000
32.216.000
925,942,000
42,355,000
.1,120,441,000 1,141,875,000 968,297,000
Total reserves
15,831,000
15,802.000
13,967,000
Non-reserve cash
Bills discounted—
79,820.000 138,038,000
119,484,000
Secured by U.S. Govt. obligations.— 28,138,000
36,494,000
44.664,000
Other bills discounted
0 116,114,000 166,176,000
164,148,00
bills
discounted
Total
58,257,000
55,295,000
62,435,000
Rills bought In open market
U. A. Government securities—
11,762,000
7,317,000
9.317,000
Bonds
41,463,000
12,937,000
12.937,000
Treasury notes
27,545,000
35,206,000
34,309,000
Certificates of Indebtedness
80,770,000
55.460,000
54,563,000
Total U.S. Government securities._
2,055,000
Foreign loans on gold
281,146,000 226,869,000 307,258,000
Total bills and securities (See :Vote)
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Average Average Average Average.
$
0
.3
0
3,982
7,380
1,182
5:
01
85.000,0
17,849.0
45,921.0
358,0
18,0
1,044.0
25,705,0
2,348,0
29.097.0
3,989,0
April 23
1927.
York.
Condition of the Federal Reserve Bank of New
Reserve
—The following shows the condition of the Federal
4 1927 in
Bank of New York at the close of business May
onding
comparison with the previous week and the corresp
year:
last
date
5 1926
ComNew York City Non-Member Banks and Trust
panies.—The following are the returns to tho Clearing
House by clearing non-member institutions and which are not
g:
included in the "Clearing House Returns" in the foregoin
CLEARING
NON-MEMBERS Capital.
050.255.0
154,878,0
943,561.0
34,718,0
100,319,0
132,580.0
624,655,0
155,335,0
912,570,0
1927
Total.
Federal Reserve members.
•Cash in vault not counted as reserve for
8888E8
1.4
N OM
$
95.908,300
91,552,900
91.267,300
81.093,000
85,754,700
83.192,800
86.678,800
84,366.800
86.470,300
83,732,500
83,958,400
82.581,000
82,657,800
83,196,200
83,475.800
83,546.900
83,285.000
83.998.400
000.41VMMNN,...MM.4 0.0
$
$
6.837,671,900 5,741,187,400
6,954,175,000 5.898,416,700
6,819,857.900 5,789,308,200
8,755.555.500 5,801.064.500
6.710.870,100 5,714,684.400
6,728,899,400 5,721,854,900
6,670,129,400 5.642,353.800
8,657,735,000 5,545,046.000
8,682.585,900 5,549,193,800
6,770,284,900 5.845,318,300
6,769,161,600 5,635,476,400
6,932,195.300 5.793,224,100
6.947,733.100 5,788.391.100
6,954,724,700 5.799.657,600
6,981,549.800 5,757.598,200
8,921,592,500 5,691.228,400
6,938.221.200 5,748,649,000
6997 642.400 5.795.187.800
Reserve In
Depositaries.
,,,,VM.A0ZOONCN
Week Ended—
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.28
Apr. 2
Apr. 9
Apr. 16
Apr. 23
an, 10
Total Cash
Os Vaults.
Demand
Deposits,
Trust
Membersof
F.R.Systern Companies
Total resources
680.000
177,822,000
16,276,000
3,144,000
660,000
171.765.000
16,276.000
2,504.000
686,000
150,376,000
16,714,000
5,446,000
.1,613,456.000 1.575.751,000 1,464,608,000
Liabilities —
0
0 369,322,000
Fedi Reserve notes in actual circulation_ 411,237,000 409,752,000 851,821,000
917,971,00
900,098.00
Deposits—Member bank, reserve acc't—
4,046,000
2,258,000
3,415,000
Government
1,872,000
1,611,000
1,113,000
Foreign hank (See Note)
12,742,000
8,201,000
37.706,000
Other deposits
959.546,000 912,827,000 870.481,000
Total deposits
139,243,000 149,606,000 126,658,000
Deferred availability Items
35,190,000
38,762,000
38.761,000
Capital paid in
59,964.000
61,614,000
81,614,000
Surplus
2,993.000
3,055,000
3,190,000
All other liabilities
1,464,608,000
000
000
1,575,751,
1.613,456.
Total liabilities
Ratio of total reserves to deposit and
78.1%
81.7%
86.3%
Feell Reeve note liabilities combined
Contingent liability on bills purchased
17,126,000
41.245,000
42,851,000
ence
for foreign correspond
Items were added
NOTE.—BeginnIng with the statement of Oct. 7 1925, two new
held abroad and amounts due is
n order to show separately the amount of balances
assets." preearning
caption
other
"All
the
addition.
In
nte
fni9.1.,.,
irrcationrie
credit bank
as
livtously made of Federal Intermediate
1
th.
oras
d tu
ehallesec
.w s
to "TotalbIll
debentures
e,..,, „,,,,, .
us the caption "Total earning AMON'
the total of the dliiThe latter term was adopted as a more accurate description ofof Sections 13 and 111
I ooun, acc.iiiitneali Ann securities acquired under the provisions
itemsIncluded Oath,.
of the Federal Reserve Act. which It was stated. are the only
MAY 71927.]
THE CHRONICLE
2715
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 4 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 2671 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY
4 1927.
May 4 1927. Apr. 27 1927. Apr. 20 1927. Apr. 13 1927. April 6 1927. Mar.30 1927, Afar.23 1927. Mar,
181927. May 5 1926.
RESOURCES.
S
$
5
8
$
5
$
$
S
Gold with Federal Reserve agents
1,571,158,000 1,628,235,000 1,658,165.000 1,628.860.000 1,630,855.000 1,613,495,000 1,619,911,000 1,889.080,000
1,414,141.000
Gold redemption fund with U. S. Treas.
50,456,000
40,618,000
51,299,000
45,304,000
48,740,000
52,021,000
51,105,000
46,481,000
45,892,000
Gold held exclusively eget. F. R. notes 1,621,614,000 1,668.853.000 1,709.464.000 1.677,600.000 1,676,159,000 1,665,516,000 1,671,016,000
Gold settlement fund with F.It. Board.._ 694,657,000 638.802.000 598,325.000 622,994.000 613,278.000 620.488,000 608.963.000 1,735.561,000 1,460,033,000
Gold and gold certificates held by banks_ 727,632,000 733,202,000 727.539,000 730,049,000 733,509,000 735,895,000 753,657,000 524.085,000 700,106.000
764,095,000 632,397,000
Total gold reserves
3,043,903,000 3,040.857,000 3,035,328,000 3,030,643,000 3,022,946,000 3,021,899.000 3,033,636,000 3.023,741,000
2,792,536,000
Reserves other than gold
162,728,000 166,501,000 167,852,000 160,280,000 160,490,000 160,794.000 159,644,000
161,144,000 158,045.000
Total reserves
3,206,631,000 3,207.358.000 3,203,180.000 3,190.923,000 3,183,436,000 3,182,693,000 3,193,280,000 3,184,885,000
2,950,581.000
Non-reserve cash
60,430,000
66,089,000
65,769,000
61,480,000
59,972,000
63,759,000
66,465,000
57,198,000
67,896,000
Bills discounted:
Secured by U. S. Govt. obligations
308,583.000 256,588.000 246,820,000 248,722,000 213,306.000 259,084,000 268,421,000 175,457,000
302,280,000
Other bills discounted
199,059,000 186,965,000 167,623,000 177,045,000 188,642,000 196.937,000 188,716,000
155,065,000 244,901,000
Total bills discounted
507,642,000 443,553,000 414,443,000 425,767,000 401,948,000 456,023,000 457,137,000
330,522,000 547,181,000
Bills bought in open market
244,220,000 241,899,000 247,396,000 256,724,000 239,221.000 237,409,000 231,259,000 218,870,000
213,384,000
U. S. Government securities:
Bonds
69,598,000
70,673,000
73,911,000
78,099,000
74,870,000
68,206.000
61,950,000
58,364,000
99,092,000
Treasury notes
90,957,000
89,311,000
93,626.000
88,836.000
85,377,000
88,380.000
71,733,000
61.394,000 162,513,000
Certificates of indebtedness
155,724,000 158,341,000 165,292,000 188,409,000 181.688,000 196,516,000 208,564,000
355,582,000 133,721,000
Total U. S. Government securities
316,279,000 318.325.000 332,829,000 355,344,000 341,935.000 353,102,000 342,247.000 475,340,000 395,326.000
Other securities (see note)
1,800,000
1,800,000
1,500,000
2,500,000
2,500,000
2,500,000
2,000,000
4.635,000
2.000,000
Foreign loans on gold
7,500,000
Total bills and securities (see note)._
1,069,941,000 1,005.577,000 996,168,000 1,040,335,000 985,604,000 1,049,034.000 1.032,643.000
1,026,732,000 1,168,026,000
Due from ()reign banks (see note)
660,000
660,000
659,000
659.000
659,000
660.000
660,000
686.000
659,000
Uncollected items
676,857,000 653,714,000 725,306,000 734,298.000 643,961,000 602,896,000 644,812,000
844,454,000 644,473,000
Bank premises
58,614,000
58,588,000
58,567,000
58,561,000
58,558,000
58,485,000
58,471,000
59,554,000
58,464,000
All other resources
12,954,000
12,998,000
12,753,000
13,022,000
12,982.000
13,057,000
11,688,000
11,541,000
16,831.000
Total resources
5,086,087,000 5.004.664,0505,062.722.000 5,099,278,000 4,945,172,000 4,970,584,000 5,008,019,000
5,194,631.000 4,897,349,000
LIABILITIES.
F. R. notes in actual circulation
1,720,754,000 1,718,257,000 1.729.751,000 1,743,827,000 1,727,429,000 1,711,337,000 1,701,642,000
1.706,227.000 1,672,016,000
DepositsMember banks-reserve account
2,326,222,000 2.269,513,000 2,249,695,000 2,264,762,000 2,231.951,000 2,274,464.000 2,300,454.000 2,295,305,000 2,230,801,0010
Government
13.445,000
24,138,000
29,360,000
22,842,000
13,527,000
31,869,000
5,700,000
2,830,000
27,785,000
Foreign banks (see 001e)
4,945,000
4,913,000
6,013,000
4,925,000
4.697,000
5,546,000
5,759,000
5,227,1100
4.818,000
Other deposits
44,684.000
15,296,000
14,538,000
15,064,000
14,966,000
15,622,000
17,424,000
20,079,000
22,225,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
Ali other liabilities
Total liabilities
itatio of gold reserves to deposit and
F. R. note liabilities combined
Ratio of total reserv at to depoeit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
Distribution by aturittes1-15 days bills bought In open market_
1-16 days bills discounted
1-16 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.
16-30 days municipal warrants
81-60 days bills bought in open market_
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
11-60 days municipal warrants
61-90 days bills bought In open market_
61-90 days bills discounted
61-90 days U. S. emit. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. 10. Agent
Issued to Federal Reserve Banks
2,389,296.000 2,313,860,000 2.299.606.000 2,307,267 r r I 2,265.467,000 2,327,501.000 2,329,337,000 2,323,032,000 2,286,038,000
605,250,000 601,649,000 663,162,000 678,127,',' 582,633,000 562.660,000 608,526.000 797,302,000 581,175,000
128,962,000 128,806,000 128,410,000 128,280,000 128,212.000 127,602,000 127.567,000 127,692.000 122,186,000
228,775,000 228,775,000 228,775.000 228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 220,310,000
13,050,000
13,317,000
13.018.000
13,002,000
12,656,000
12,709,000
12,172,000
15,624,000
11,603,000
5,086,087,000 5,004,664,000 5,062,722,000 5,099,278,000 4.945,172,000 4,970,584.000 5.008,019.000 5,194,631,000 4,897,349,046
74.1%
75.4%
75.3%
74.8%
75.7%
74.8%
75.2%
75.0%
70.6%
78.0%
79.5%
79.5%
78.8%
79.7%
78.8%
79.2%
79.0%
74.5%
148,990,000
146,943,000
146,069,000
148,269.000
147.819,000
147.698,000
147.946,000
145,583,000
65,509,000
5
129,307,000
416,986,000
3
121,147,000
351,538,000
5
119.831.000
324,707,000
8,105,000
5
122,602,000
337,315.000
6,490,000
5
107,296.000
312,414.000
370,000
$
115,041.000
364,820,000
5,206,000
5
102,980.000
370,035,000
9,140.000
$
89.599.000
241.049,000
177,500,000
$
126,997,000
406,382,000
1.720,000
59,553,000
20,942,000
68,003,000
21,037,000
68,368.000
20,360,000
64.950,000
21,960.000
68,371.000
23,799,000
53,777,000
22,153,000
58,518,000
25,881,000
550,000
58.439,000
24,948,000
650,000
36,959,000
33,955,000
4,689,000
41.594,000
35,094,000
53,877,000
38,412,000
36,778,000
50,387,000
43,282,000
35.084,000
49,206,000
50,274,000
32.717,000
200.000
48,143,000
34,724,000
53,125,000
36,630,000
56,206,000
32,075.000
52,369,000
33,445,000
33,098.000
55,749,000
55,168,000
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
13,242.000
21,380,000
76,644,000
11,999,000
20,252,000
74,709,000
15,563,000
21,640,000
146,000
12,669,000
27,379,000
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
2.224,000
11,040,000
116,666.000
1,556,000
8,894,000
124,165,000
2.990.000
9,440,000
177.286,000
3,661,000
23,716,000
72,144,000
2.967,460,000 2,978,801,0002,975,025.000 2,970.910,000 2,947.635,000 2.927,452,000
2,926,576,000 2,921,182,000 2.848,364.000
857,388,000 859.783,000 838,658,000 845,364,000 835.133.000
829,156,000 833,073,000 828,973,000 847,386,001
2,110,072,000 2,119,018,000 2,136,367,000 2.125.546.0002.112,502,000
2.098,296.000 1,093,503,000 2,092.209,000 2,000,978.000
How SecuredBy gold and gold certificates
409,605,000 409.605,000 406,606,000 404,605,000
401.604,000 401,604.000 400,640.000 400,640,000 303,554,000
Gold redemption fund
92,139,000 101,375,000
96,986,000 100.683,000
99.834,000 106.974,000 101,864,000
96,137.000 104,790,000
Gold fund-Federal Reserve Board._.. 1,069,414,000 1,117,255,000 1,154,573,000
1,123.572,000 1,129,417,000 1,104,917.000 1.117.387.000 1,192,303.000 1,005,797,000
By eligible paper
715,324,000 654,902,000 641.656.000 650.279,000
620,052,000 670.937.000 666.442,000 532,184,000 736,862,000
Total.
2,286.482,000 2.283.137.000 2 299 R91 non, 970 110 non ,0,41 007 non', 912,1 AW, non', 04A 1o1 non,',
991 'MAMA, 161 mil 500
NOTE.-Beginning with the statement of Oct. 7 1925, two new
tents were Aimee in order to show separate y the amount of balances
to foreign correspondents. In addition. the caption, "All other earning
held abroad and amounts rite
"Other securities, and the caption," "Total earning assets" to "Total assets." previously made up of Foreign Intermediate Credit Bank debentures. was changed 4,
the discounts, acceptances and securities acquired under the provisions ofbills and securities." The latter item was adopted as a more accurate description of the total of
Sections 13 and 1401 the Federal Reserve Act, which, it was stated, are the only Items Included.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 4 1027
Two ciphers (00) milted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
Missal Reserve Bank ofSi. Lout,. Minneap. Kan, City Dallas. San Fran.
F0441.
RESOURCES.
$
$
$
3
$
3
$
5
5
Gold with Federal Reserve Agen 124,410,0 352,192.0 119,623,0 186,542,0 61,124,0
$
$
$
$
158,212.0 234,186,0 15,778,0 53,446,0 58,824,0 32.529,0 174,272,0
Gold rod'n fund with U.S. Treas. 7,882,0
13,958,0 5,601,0 4,986,0
1,831,0 2,146,0 2,879,0 1,953,0 1,974,0 2,655,0 1,649,0 2,942,0 1,571,158,0
50,456.0
Gold held excl. eget. F.R. notes 132,292,0 366,150,0 125.224,0 191,528,0 62.9,55,0
237,065,0 17,731.0 55,440,0 61,479,0 34,178,0 177,214.0 1,621,614.0
Gold irettle't fund with F.R.Board 50,241,0 245,434,0 54,466,0 64,794,0 28,088,0 160,358,0
18,290,0 121,786,0
odd and gold certificatee
29,004,0 476,641,0 28,848,0 57,848.0 5,349,0 4,371,0 53,646,0 19,977,0 16,045,0 23,998.0 15,449,0 36,089,0 694.657.0
15,111,0 6.829,0 7,755,0 9,051,0 33,179,0 727.632,0
Total gold reserves
211,537,0 1,088,225.0 208,538,0 314,170,0 96,392,0 183,019,0 412,497,0
52,819,0 78,314,0 93,232,0 58,678,0 246,482.0 3,043,903.0
Reserves other than gold
32,216,0 5,798,0 11.464,0 9,354,0 13,589,0
21,676,0
24,182,0 18,547,0 4,224,0 5.515,0 7,674,0 8,489.0 162,728,0
Total reserves
238,213,0 1,120,441,0 214,336,0 325,634,0 105.746,0 196,608,0 436,679,0
Non-reserve cash
13,967,0 1.658,0 4,957,0 6.711,0 4,615,0 9,376,0 71,3660 82,538.0 98,747,0 66.352,0 254,971,0 3,206,631,0
6,477,0
3,484,0
1,040,0 2,126,0 2,684,0 3,335,0
60,430,0
Bills discounted:
See. by U. S. Govt. obligations 18.435,0 119,484,0 25,737,0 31,754.0 8,9530 40300
9,152,0 3,959.0 4.851,0 2.205,0 32.298,0 308,583,0
Other bills discounted
44,664,0 14,531,0 15,784,0 15,668.0 28,606,0 46,825,0
9,205,0
25,552,0 8,128,0 3,280,0 10.462,0 2.268,0 20,911,0 199,059,0
Total bitis discounted
27,640,0 164.148,0 40,268,0 47,538,0 24,621,0 33.536,0 72.377,0 17,280,0 7,239,0 15,313,0 4,473,0 53,209,0
507,642,0
Bids bought in open market__. 22,817,0
62,435,0 13,549,0 20,420,0 10,317,0 11,336,0 31,201,0 16,475,0 12,101,0 11,592,0
9,506,0 22,471,0 244,220,0
U. S. Government securities.
Bonds
1,644,0
7,317,0 1,200.0 3.983,0
1,918.0
232,0 23,501.0 5,334,0 5,615,0 10,338,0 4,792,0 3.724,0
69.598,0
Treasury notes
2,045,0
12,937,0 5,145,0 16,719,0 1,408,0
394.0 7,508,0 10,110,0 5,139,0 4,978.0 8,906,0
90.957.0
Cart "states of indebtedneee
5,616,0
34,309,0 13,304,0 15,878,0 3,728,0 3,429,0 17,703,0 12,109,0 5,719,0 12,640,0 11,834,0 15,668.0
19,455,0 155,724.0
Total U. S. Gov.. securities
9,305,0
54,563,0 19,649.0 36,580.0 7,054.0 4.055.0 48.712.0 27.553.0 16,473,0 27.956,0 25.532.0
38.847.0 316 276 0
(Vol,. 124.
THE CHRONICLE
2716
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
$
$
$
1,500,0
Other securities
Total biLs and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
59,762,0
64,060,0
3.948,0
39,0
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. blinneap. Kan. City Dallas. San Fran.
Phila.
$
300,0
$
$
$
$
$
$
$
$
$
1,800.0
281,146,0 74,966,0 104,538.0 41,992,0 49,227,0 152,290,0 61,308,0 35,813.0 54,861,0 39,511,0 114,527,0 1,069,941,0
680,0
660,0
177,822,0 59,295,0 62,796,0 57,418,0 27,572,0 82,402.0 32,174,0 11,529,0 39,566.0 23,704,0 38,520,9 676.857,0
58,614,0
16,276,0 1,735,0 7,119,0 2,152,0 2,898,0 8,059,0 3,957,0 2.774,0 4,459,0 1,752,0 3,487.0
12,954,0
493,0
440,0 1,238,0
874.0 1,782,0
278,0 1,845,0 1,618,0
146,0 1.057,0
3,144,0
367,497,0 1,613,456,0 352,135,0 506,101,0 214,297,0 282,765,0 690,424,0 173,163,0 135,476,0 200,252,0 134,443,0 416,078,0 5,086,087,0
Total resources
LIABILITIES.
V. R. notes in actual limulation. 130,170,0 411,237,0 120,769,0 210,456,0 67,130,0 172,947,0 223,662,0 43,203,0 63.397,0 65,008,0 37,075,p 175,702,0 1.720,754,0
Deposits:
Member bank-reserve met_ 146,909,0 917,971,0 140,194.0 195.709,0 73,814,0 67,114,0 337,888,0 81,798,0 49,073.0 86,460,0 58,230,0 171.082,0 2,326.222,0
13.445,0
73.0
954,0
853,0
880.0
847.0
878,0 2,586.0
361,0
1,042,0
2,258,0 1.223,0 1,490,0
Government
4,945,0
323.0
138,0
171,0
161,0
198,0
636,0
189,0
240,0
489,0
443,0
1,611,0
346,0
Foreign bank
44,684,0
319,0
154,0
105,0
844,0
38.0 3,780,0
96,0
196,0
190,0 1,145,0
111,0
37,706,0
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
148,408,0
81,859.0
9,027,0
77,606,0
427,0
959,546.0 142,050,0 198,833.0 74,611,0 68,277,0 341.954,0 83,162,0 50.245,0 86,809,0 59,383,0 176,018,0 2,389,298,0
139,243,0 54,588,0 57,832,0 53,393,0 26,214,0 73,406,0 30,557,0 10,276,0 34.553.0 25,028.0 38,301,0 605,250,0
38,761,0 13,004,0 13,844,0 6,191,0 5,107,0 17,019,0 5,292,0 3,002,0 4,207.0 4,256,0 9.252,0 128,962,0
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 31.881,0 9,939,0 7,527.0 9.029,0 8,215,0 16,121,0 228,775.0
13,050,0
684,0
486,0
1,010,0
1,029,0
648.0
588,0 2.502,0
774,0
457,0 1,390,0
3,055,0
5,086,087,0
Total linbilities
367,497,0 1,613,456,0 352.135,0 506,101,0 214,297,0 282,765,0 690,424,0 173.163,0 135.476,0 200.252,0 134,443,0 416.078,0
Memoranda.
78.0
72.5
68.8
72.6
65.0
56.5
81.5
77.2
74.6
79.6
81.6
81.7
Reserve ratio (per cent)
83.7
Contingent liability on bills pur148,990,0
10.276,0
5.432,0
5,138,0
4,404,0
6,313.0
7,634,0
6.019,0
20.259,0
15,561,0
42.851.0 14,093,0
chased for foreign eorrespondls 11.010,0
ilt. notes on hand (notes recd
from F. It. Agent lees notes In
42,474.0 389.318,0
26,727,0 123,607,0 42,854,0 30,129,0 16,859.0 28,647.0 53,965,0 3.430,0 4,508,0 10,515.0 5,603.0
Circulation)
MAY 4 1927
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
Federal Reserve Agent at-
Boston.
3
(Two ciphers (00) omitted.)
WiTt.notes rec'd from Comptroller 249,297,0
Filt.notee held by F. R. Agent__ 92,400,0
F.11.notee issued to F. It. Bank
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R. Board.-Eligible paper
156,897,0
35.300,0
10,110,0
79,000,0
50,457,0
174.367.0
Total collateral
Total.
Phila. Cleveland. Richmond Atlanta. Chicago. St Louis, Minneap. Ran. City Dallas. San Fran.
$
$
$
$
2,967,460,0
826,924,0 193,923,0 279,275,0 107,083,0 277,174,0 455,227,0 68,893,0 86,612,0 102,361,0 60,715,0 259,976,0 857,388,0
292,080,0 30,300,0 38,890,0 23,094,0 75,580,0 177,600,0 22.260,0 18,707.0 26,840.0 18,037,0 41,800,0
534,844,0 163,623,0 240,585,0 83,989,0 201.594,0 277,627,0 46,633,0 67,905,0 75,521,0 42,678,0 218,176,0 2,110,072.0
New York.
s
s
s
$
$
s
$
$
18,238,0
7.750,0 13,507,0
8,780,0 36,469,0 16,457,0
235,104,0
959,0 4,964,0 2,291,0
1,728,0
22,088,0 10,546,0 12,762,0 4,655,0 6,755,0 2,186,0
12,000,0
53,860,0
39,000,0
6,300,0
135,000.0
232,000,0
165,000,0
20,000,0
95,000,0 109,077,0
203,672,0 46,752,0 66.040,0 32,071.0 44,596,0 103,052,0 33,376,0 19,193,0' 26.800,0 13,898,0
38,000,0 409,605,0
92,139,0
13,095,0
123.177,0 1.069,414,0
75,417,0 715,324,0
555 884 0 166.375.0 252.582.0 93.195.0 202.808.0 337.238.0 49.154.0 72.659.0 85.624.0 46.427.0 249.689.0 2.286.482,
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
behind
and liabilities of the 670 member banks from which weekly returns are obtained. These figures are always a week
statement
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the
figures
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
for the latest week appears in our department of "Current Events and Discussions," on page 2671.
I. Data for all reporting member banks In each Federal Reserve District at close of business April 27 1927
8081011. New York
Federal Reserve Distrid.
Phila.
(Three ciphers (000) omitted.)
Cleveland Richmond Atlanta. Chicago. St. Lout:. Minneap. Kan. Cily Dallas. SanFran.
112,752
302,153
$
2,432
78,673
236,613
493,363
231,046
419,251
317,718 1,302,643 14,352,807
81,074
122,023
64.251
56.494
109.495
96,955
$
4,680
151,737
358,882
S
S
22,479
5,428
105.860 873,944
389,331 1,243,223
$
4,461
193,264
295,638
789,507 1,418,550
515,299
500,619 2,139,646
109,852
283,404
272,684
380.240
71,441
73.803
393,256
652,924
1,388,057 7,551,123 1,182,763 2,071,474
Total loans and inveetments._
78,804 130,392
99.158 782,924
Reserve balances with F.R. Bank....
29,181
15,386
71,923
19.378
bash in vault
901,557 5,712,221 766,867 1,033,070
Net demand deposits
430.341 1,412,538 262,044 901,254
Time deposits
13,082
19,368
50,709
16,710
Government deposits
58,394 111,639
59,059 149,117
Due from banks
•
146,953 1,178,831 171,249 244,217
Due to banks
Bills Pay. & redis. with F. R. Bk.:
28,126
10,610
65,044
1,095
Secured by 1.1.13.Gov't obligations
8.011
8,647
25,742
2,728
All other
Total loans and discounts
Investments:
U. S. Government securities
Other bonds. Mocks and securities
Total Investments
TntAl hnnystalmna fre.nt pm n...fr
71
67
3
$
64,368
7,416
330,143 2,324,851
629,743 2,868,646
$
10,005
395,507
383,995
$
19,361
617,671
781,518
967,302 5,257,863
147,916 1,043,949
270,839 1,249.311
418,755 2,293,260
9 vol
on 7528
102.67
36.137
34
670
$
$
159,581
11,632
320,288 5,581.400
970,723 8,611,828
$
2,975
78.710
151,361
24
49
Total.
45
31
92
36
59
65
97
Number of reporting banks
Leans and discounts, gross:
Secured by U.8.Gov't obligations
Secured by stocks and bonds.__
All other loans and discounts
s4,346
53,576
59.702
318,215
467,794
145,244
113,278
786,009
203,097
120,745
206,450
660,543
40,468
13,678
373,440
221,670
6,195
54,021
108,702
613,897 2.925.655
40,900 244,885
11,908
45,194
335,303 1,771,755
235.845 1,070,603
17,484
8,774
64,955 229,438
107,158 493,863
696,460
47,176
7,413
399.670
235,493
4,839
53,421
137,352
351,791
23,373
6,009
205,492
125,631
1,408
46,062
85,672
625,701
53.936
12,485
488,677
150,159
2,224
108,588
202,422
58,256
27.990
259,347 2,590,056
245.166 3,333,721
86,246
504,513 5.923,777
403,964 1,807,156 20,276,584
30.611 108.202 1.678,827
264,396
21,803
10,038
282,116 771,095 13,041.263
106,531 936.189 6,088,298
166.083
20.041
5,453
64,895 140,407 1,139,998
94,802 211,348 3,182,369
4.581
4.066
3,667
15,873
29,133
15,062
5,335
3,875
2,725
639
5,466
3.704
2,035
670
31.659
7.568
189,456
96,581
8.627
10.640
44 Inc
0 910
q qa&
a t7n
0 711
qa 'Son
905 MI
2. Data of reporting member banks In New York City. Chicago. and for the whole country.
All Reporting Member Banks.
Reporting (ember Banks in N. F. Cit.
Reporting Member Banks In
mosso,
_
1926.
Apr.27 1927. Apr.20 1927. Apr. 28 1926. Apr. 27 1927. Apr. 20 1927. Apr. 28 1928. Apr. 27 1927. Apr. 20 1927. Apr. 28
706
54
59
671
54
670
amber of reportirgg banks
$
IS
$
$
$
$
discounts, gross:
163,749,000
52,313,000
61.790,000
62,424,000
159.545,000
159,581.000
U.S.
Gov't
obligations
by
Secured
5,581,400,000 5,524,133.000 5.289,965,000 1,993.078.000 1,965,400,000 1,986,592.000
Secured by stocks and bonds
8,611,826,000 8,632,214,000 8,495,157,000 2,516,569,000 2,529,977,000 2,370,143,000
All other loans and discounts
one and
45
$
15.786,000
655,853.000
685.096,000
45
$
12,813,000
650,629,000
689,117,000
46
$
16,421,000
585,556,000
694,167.000
14,352,807,000 14,315,892,000 13,948,871,000 4,571,437,000 4,557,801,000 4,409,048,000 1,356,735,000 1,352.459,000 1,296,144,000
Total loans and discounts
Investments opasseioarp
2,590,056,000 2,644,583,000 2,533,270,000 946,319,000 914,830.000 895,045,000 182,998,000 172,458,000 164,349,000
U. B. Government securities
203,743,000
Other bonds, stocks and securities. 3,333,721.000 3.322,433,000 3,042,865,000 925,132.000 936,917,000 887.681.000 221,458,000 218,362,000
to
1
11111111
368,092,000
1,782,726,000
5.576,135.000
390.820,000
404,456,000
1,871,451,000 1,851,747.000
5,923.777.000 5,867,016,000
Total Investments
111 . sea..
20,276.584.00020,182,908.060 19,525,006.000 6,442,888,000 6,409.548,000 6,191.774,000 1.761,191,000 1,743,279,000 1,664,238.000
Total loans and investments
1,652,364,000 1,838,210,000 708,476,000 674,650,000 711,897,000 169,185,000 175,792,000 158,173,000
seerve balances with F. R. Banks._ 1,678,827,000
21,181,000
19,700,000
63,835,000
20,089.000
276,149,000
260,277,000
55.472,000
58.554,000
264.398,000
will In vault
12,829,008,000 5,106,543.000 5,062,450,000 5,038,589,000 1.186,925,000 1,177,103.000 1,138,409.000
.13031627,000
13,041,263,000
it demand deposits
6,088.298,000 .6,035,670,000 5,555,469,000 949,629,000 954,138,000 833.534,000 521.978,000 519,676,000 501.776,000
me deposits
9,342,000
10,976,000
10,328,000
42,828.000
241,270.000
176.179.000
50,764,000
47.863,000
166,083,000
Mernment depoults
109,751,000 109,775.000 111,629,000 144,401,000 145,382,000 161,398,000
1,139,996,000 1.159.245,000
se from banks
1,078,359,000 353,888,000 351,872,000 366,957,000
1,098.048,000
1,110,512,000
.3,206,945,000
3,182,369,000
banks
m to
Ms payable and rediscounts with
Federal Reserve Banks:
8,420,000
21.965,000
81,732,000
20,433,000
191.387,000
43,150,000
51.600.000
189,456,000 •179,261,000
mired by U.S. Gov't obligations__
2,211,000
3,719,000
13,151.000
6,495,000
114,255,000
.83,798,000
14,666,000
25,427.000
96,581,000
AU other
8,631.000
25,684,000
94,883,000
28,928,000
263,059,000
57,818,000
305,642.000
288,037,000
77,027,000
Wm_
R.
Total borrowing's from F.
----bonds) made by reporting
an. to brokers and dealers (secured by stocks and
member banks in New York City:
• Revised flgurea
935,588,000 912,277.000 897.940,000
For own account
1 143,294,000 1,150,982,000 1,023,681,000
For account of out-of-town banks
542,076,000
804,112,000 814,864,000
For account of others
2.882.994,0002.878,123,000 2.463,697.000
Total
2,181.875,000 2,201.997,000 1.672.651.000
On demand
701.119.000 676.128.000 791.046.000
__.. -- ...._
MAY 7 1927.]
THE CHRONICLE
Jklanhers' e5azet1e,.
Wall Street, Friday Night, May 6 1927.
Rarroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2705.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 6.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lorst.
2717
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
America•____ 300
Amer Unlone_ 194
Bowery EastR 540
Bronx Bona*.0420
Bronx Nat__ 490
Bryant Park• 200
Capitol Nat_ 216
Cent Mercan. 287
Central
138
Chase
460
Chath Phenix,
Nat Bk &Tr 408
Chelsea Exch• 278
Chemical_ _ _ _ 880
Colonials_ _ _ 975
Commerce_ _ - 480
Com'nwealth• 330
Continental_ 275
Corn Exch__L 5.58
Cosmop tan•_ 320
Fifth Avenues 2300
First
2875
Franklin
Garfield
415
Globe Exch•_ 245
Grace
325
11 amilton. _ 198
Ilanover
1230
Ask
310
200
560
450
510
225
222
293
143
464
r,
Banks.
Bid.
i'Harriman___. 630
1Manhattan •_ 270
'Mutual*
610
, National City 530
,New
ds• 345
'Park
220
,Penn Exch
145
',Port Morris
375
Public
564
'Seaboard
810
,Seventh
180
Standard
675
State•
560
Trade*
195
United
185
United States* 335
Wash'n
700
Yorktown •_ 135
Brooklyn.
Coney Island. 300
Dewey •
240
First
385
Mechanics'•
305
Montauk •
400
Municipal•
308
Nassau
350
People's
750
Ask. Trust Co.. Bid. AA
650
New York.
274 Ara Ex Iry Tr. 337 340
Bank of N Y
534
es Trust Co. 870 885
355 1 Bankers Trust 805 812
222 I Bronx Co Tr_ 340
155 Central Union 1010 1025
IE
Co
mun
pir
te
y
315 325
667
402 408
820 Equitable Tr_ 312 315
190 1Farm L dt Tr_ 565 573
413
825 Fidelity Trust 304 310
284
570 1Fulton
480 490
895
205 ,Guaranty Tr_ 450 454
1100
195 'Interstate__ _ 215 220
484
345 Lawyers Trust
360
900 I Manufacturer 697 705
--..
142 Mw-ray Hill_ 120 225
565
Mutual(West335
350 ! chester)
240 255
2490
_ N Y Trust
590 605
2895
395 Terminal Tr. 195 205
190
313 Times Square. 135
140
430
Title Gu & Tr 698 704
265
313 U 8 Mtg & Tr 4r0 465
375 United States 1(155 1975
203
WestcheeVrT 850
1250
Brooklyn.
Brooklyn_ _ _ _ 870 915
Kings Co_
2(10 2200
Midwood_ _ _ 255
270
• Banks marked (*) are State banks. I New stock.
z
e
ES-nt.A•eli
V Es-rights.
1
I Highest.
Par. Shares $ per share. $ per share.
per share.S per share.
RailroadsBuff & Sus pref v t c_100
300 48
May 2 50
May 5 40
Apr 50
May
Caro Clinch & Ohio_ _100
50 90
May 5 90
May 5 83% Jan 90
May
Stamped
100
21)101
May 2 101
May 2 98% Feb 102% Mar
Chic Ind & Lou pref_100
40 72% Apr 30 72% Apr 30 70% Jan 74
Feb
Chic St P MM &Com_100
100 60
May 5 60
Slay 5 55
Jan 66
Feb
Cleve & Pittsburgh -50
50 76% May 5 763-4 May 5 73
Feb 76% May
Dul S S & A pref__ A00
100 4% May 2 45-4 May 2 4
Mar' 7% Apr
Erie & Pittsburgh. _ _ _50
10 6354 May 4 63% May 4 61% Jan 66
Apr
Gt Northern pr ctfs_ _100 1,600 86
Apr 30 87% May 6 85% Mar 87%
Haintna Electric Ry___•
100 24% May 6 24% May 6 24% Apr 26% Apr
Jan
Preferred
100
200 82
May 4 82
May 4 80
Mar 82% Apr
Iowa Central
100
20 2% May 3 23-4 May 3 1
Jan 6% Feb
Minn & St L ctf
100
200 3
May 3 3
May 3 1
Feb 3% Apr
Morris & Essex
50
40 8314 May 5 833.4 May 3 80
Feb 8354 Apr
NY & Harlem
50
80 170
Apr 30 182
Slay 6 168% Mar 185
Apr
NY State Rys pref_ _100
100 43
May 4 43
May 4 3454 Jan 50% Mar
Northern Pacific ctfs_100
900 85
May 3 87% May 6 8454 Apr 8754 May
Pacific Coast 1st pref 100
50 4554 MaY/5 4555 May 5 45
Apr 62
Feb
St Louis-San Fran righ 13,600 3% May 2 3% May 3 2% Mar
454 Apr
New York City Realty and Surety Compan•es.
Twin City R T pref _ _100
120 100
May 3 101
May 3 99
Apr
Vicksb Stir & Pac_ _ _100
100 99% May 4 99% May 4 9754 Jan 10654 Mar
All prices dollars per share.
9954 Apr
Big. Ask
Industrial & Miscall.
Bid. Ask IBid I Ask
sthance
ft'ity
50
Albany Pert Wrap Pap_. 500 18
53
'Mtge
Bond.. 147
May 2 1854 May 2 18
153 Realty Assoc's
Apr 23
Feb
tmer Surety_ 224 228 Nat Surety
All Amer Cables ctfs_100
200 ISO
May 4 180
247
252
May 4 167
(lIklyn)conk' 240 246
Mar 180
Apr
Bond & 51 0_ 338
343 N Y Title &
Am Br Shoe & Fdy new • 6,700 3554 May 2 38% May 5 3
let pref__._ 92
96
554 hlaY' 38% May
Lawyers
Mitre
283
Amer Piano pref_ _100
•
287
Mortgage., 435 490
270104
Apr 30 105
May 3 101% Jan 110% Mar Lawyers
2d prof_ ___ 99
02
Title
S Casualty 315 335 ,Westchester
Ana Type Founders pf100
130110% Apr 30 11234 May 2 107% Feb 112% May
4 Onarantee 282 286
Am Wholesale Corp pf 100
10 103 55 May 5 103% May 5 99% Jan 105
1 Title k TV 500
Apr
Am Writ Paper ctfs____• 1,500 1054 May 6 1054 May 2 1055 Mayl 12
Apr Quotation
Preferred certifs__100
700 28
s for U. S. Treas Ctfs. of Indebtedness, &c.
May 3 2854 May 3 2534 Apr 32
Apr
Bamberger(L)&Co pf 100 000109% Apr 30 109%
May 5 106% Mar 10934 May
Int.
Barnet Leather
• 5,800 47
Apr 30 5555 May 6 40
int.
Jan 593-4 Feb
Maturity.
Preferred
Rale.
Bid. Asked.
100
30 96
Maturity.
May 5 100
Rate.
865. A shed .
May 5 9554 Mar 101
Feb
Bayuk Bros 1st pref_100
250 105
May 6 106
May 3 101
Jan
Mar
1073.4
June 15 1927__ _ 314% 99'131 100
Beech Nut Pack pref _100
40117% May 2117% May 2 11454 Jan 119
Sept. 15 1927_ _ _
% 99"te 99%
Mar Sept.15 1927_ _ _ 311%
s
Brooklyn Edison rights_ _ 29,200 9
99%
99"
Mar.
15 1928_ _ 354% 991&32 9921at
May 2 1054 May 6 9
Ap 1054 May Dec. 15 1927... 4;i%
Byers & Co prof
100% 100.'21 Mar. 15 1930-'32 334% 99151, 100
100
30105% May 3 1075-4 May 2 105% May 109
Feb
Central Leather etfs_100 1,000 10
May 3 1054 May .5 7% Jan 1054 Apr
Preferred certifs
100 1,700 6234 May 2 64
United States Liberty Loan Bonds and Treasury
May 5 54
Jan 67
Mar
Cert-Teed Prod 2d p1.100
20010054 Apt 3010154 May 3 100% Ap 10134 May Certificates on
the New York Stock Exchange.
City Stores class B_• 1,100 41% May 3 42
Apr 30 4155 Ap 4434 Mar
Colo Fuel & Iron prof.100
50 132
May 3
May
Jan 132 55 May
Consolidated Gas prat* 18,500 95% May 2 1323-4 May 4 116
Daily
Record
of U. S. Bond P*Icee. Apr. 30 May 2. May 3. Slay 4. May 5
4 93
9534
Ma 96
Apr
Continental Can prat.100
May 6.
60124% May 3 125
May 6 120
Jan 1253-4 Mar
Deere & Co pref
100 1,140108% May 2 114
First Liberty Loan
May 4 105% Jan 114
lligh
__-_ 100"33 101
May
101
101
Devoe & Rayn, 1st pf 100. 150105% May 6 107
101
3 5.4 % bonds of 1923-47_ _ Low_
May 3 101
____ 100"33 100"31 1001132 100"33 100.
Jan 108
Apr
Diamond Match _ _ _ _100
131
110 122
May 4 123
(First 31.58)
May 6 115
Close
---- 100113 101
Feb 123
Apr
10011n 101
Durham Hosiery
100.
1s1
50
100 7
May 4 7
Total
sales
in $1.000 units_ _ _
May 4 7
____
265
Apr 834 Apr
327
13
53
107
Eastman Kodak pref_ 100
70 123
May 2123% May 2 119% Jan 123% May
Converted 4% bonds ofIlligh
____
____
---_
-___
____ 10Pii
Eisenloh & Bros prof 100
100 91
May 3 91
1932-47 (First 4s)_ _ _ _ Low_
May 3 89
---Jan 95% Feb
------------- 101711
Fairbanks Co
25 600 5
May 3 6% May 4 354 Feb 8
Mar
General Baking pref_. 2201123
Apr 301125
Total
sales
$1,000
in
units
May 3 118
_
__
____
____
____
Ap
_
125
___
____
Jan
2
Gen Motors prat 6)_100
100 105
Converted 434% bondsHigh
Apr 30 105 Apr 30 104% Feb 105
I
1031it 1031ss 103,32 103,3t 1031.32 103'st
Jan
Guantanamo Sus pf_100
90 100
of 1932-47 (First 434s) Low. 10313s 103111 103.13 103"3:
May 5 100
May 5 95% Jan 101
Apr
103.33 103'n
Gulf States St'l 1st pf.100
10105% May 5105% May 5 99% Jan 108% Mar
Close 103'3, 1031st 103"st 1031st 103132 103,31
Hackensack Water__ _25
10 23% May 6 23% May 61 23% Ap 26% Apr
Total sales in $1,000 units_ _ _
3
7
17
22
7
53
Preferred A
25
60 25% Apr 30 29% May 2 25% M, 29%
Second Converted 45.4 %IHigh
May
Hayes Wheel, prof_ _ _100
bonds
120108% May 6109% Apr 30 100
of 1932-47 (First Low.
____
Fe, 109% Apr
____
____
____
____
____
Hollander A) de Son ___• 10,300 32
Second 4%s
Apr 3 35% May 6 32
close
Ap 35% May
Ingersoll Hand, pref_100
300120
Total sales in S1.000 units._
May 5 120
May 5 120
-__
May 120
____
----- _
May
____
___ _
Internat Paper rights__ 1,400 954 May 6 10
May 6' 9% May 10
{High
-__ May Second Liberty Loan
---__-- 100.n
International Salt_ _100
40 66
Apr 30 66% May 3 6454 Ma 72
4% bonds of l927-42...,..
..Low_
___-- Jan
__ - ---_
_ --- 100,n
International Silver_100 5,900157% May 2 171
(Second
May 3135% NI 171
4s)
May
Island Creek Coal
I
200 5434 May 4 55
Total sales in $1,000 units_ _ _
May 6 48% M, 60
_______
Apr
____
____
____
3
Preferred
1
10105
Converted 454% bonder High 1000n 1001,s1 100"12 1003131 1001
May 5 105
May 3105
Ma 105% Apr
ti 1001 0
Jones & L Steel prof_ _100 270120% May 5121% May 6 117
of 1927-42 (second (Low_ 100,3s 100"it 1001'n 1001,31
Feb 121% May
1001132
1001.31
Kinney Co pref
100 360 77
May 3 84
414s)
May 6 70
(Close 1005532 100"32 1001 31 1001,32 1001231 100141
Apr 86% Jan
Kress Co, new
•1 200 69% May 5 69% May 3 59
Total sales in $1,000 units_ _ _
Jan 74% Mar
102
208
319
107
58
Kuppenhelmer
88
10 40
May 4 40
I
May 4 34
Jan1 40
Mar Third Liberty LoanHigh 100,131 1001'n 100.31 100.32 100"n 100"n
Laclede Gas, pret_.100I 250 114
May 3123
May
4
54
%
6
bonds
of
95
1928
Jan
{
Low_
128
100"33
Feb
100"is 100"n 100113, 100"33 100"st
McCrary Stores C A___*
90 69% May 2 70
May
(Third
3
55
4
Man
Si
75
8)
Close 1002in 10024n 1002in 100iin 100"is 100,4n
Jan
McCrory Stores, prof.100 600 98
May 4 100
May 6 97
Total sales in 31,000 units_ __
Mar 116% Jan
66
71
Macy Co
87
94
118
74
•1 6,200164
May 2181% May 5 124
Jan 181% May Fourth Liberty 1.oan
II1dh 103"as 103"31 103"32 103,1s, 104.31 101'st
Mallinson & Co preL10
100 70
May 2 70
May
2
67
44%
bonds of 1933-38
Man 70
Low. 1034532 103"n 103"n 103"n 103nn 104
May
Manati Sugar----- 100 1 100 43
May 2 43
May 2 40
(Fourth 44s)
Man 46
Close
Feb
103iin
Mexican Petroleum_ _ 100
103"31
103"n 103"., 104
10215
104
May 5 215
May 5 200
Total sales in $1.000 U11113_ __
Apr 215
143
May
210
Milw Elec Ry & L, p1100
402
252
301
91
20 100
May 5 100
May 5 98
Apr 100
f High 113"st 113"ss 113"n 114
Apr Treasury
Mullins Body, pref__100 450 88
114'n 114,12
Apr 30 90
May 5 80
4%8,
1947-52
Jan
90
I
Low_
11311,3
May
National Bell Iless
113"ss 1131'st 113e's 11311n 114,3s
• 1,600 39
May 2 3954 May 2 38
Apr
44%
(Close 113143, 113"n 1131,32 114
Preferred
100 1,100 93
114.32 114'33
May 3 9334 May 2 92% Ap 96% Apr
Total sales in 21,000 unit.,_
Apr
6
108
Nat Dairy Prod new WI•12,000 5934 May 3 61
124
13
14
20
May 6 59% May 61
{High 10610o 1081(n 105",,10S45: 108"ss 108"n
National Supply pref.100
70 118
May 6 118% May 4114% Jan 118% May
46, 1944-1954
Apr
Low. 1081.32 108'st 108103t 108n3 1081032 108",,
Natioiaal Surety
100
180249
May 4 253
May 6 238
Feb
26155
Close
Apr
1085.12
108i(ii
1085iss 1084(s 10824,, 108"ii
• 200109
N Y Steam Pf 7%
may 6 110
May 6 105
Total sales in $1,000 units _
Jan
May
1
Northwestern Teleg_50
109
76
150, 50% May 3 51% May 3 47% Jan 110
189
697
351
{High 105"st 1051'n 105"31 105"st 105"s3 105"n
623-4 Mar
Norwalk T & Rub pf_100
10 50
May 6 50
May 6 4334 Anil 75
348,
1946-1956
Jan
Low
105"
n 105.32 105"31 105"s3 105:11/ 105"11
Oil Well Supply pref _100
170 106% Apr 30107% May 4 10234 Mar.108%
Close 105503/ 10511,, 105"at 105"32 105"st 105"n
Jan
Omnibus Pr A
100 2,100 93% May 2 953-4 May 3 81
Total sales in 81 .1)00 units .
Janl 05% May
1
2
Owens Bottle pref._ _100
1
21
51
5
20117% Apr 30117% Apr 30 115
Janj118
Apr
Pacific Tel & Tel _ _ _ _100
340 126
May 3131% May 6 124
Mar 140
Jan
Note.-The above table includes only sales
Patin° Mines & Ent pf 25 1,000 21% Apr 30 23% May 3 20
coupon
of
Mar
2735
Feb
Penick & Ford pref. _100
10102% May 3102%May 3 1003.4 Apr 104
bonds. Transactions in registered bonds
Mar
were:
Pettibone Mull 1st p1100
30 100
May 5100% May 4 100
2 1st 434s
Apr 100% May
102.32 to 103132 120 3d 451'S
Phila Co 5% prof
50
30 42% May 5 44% May 5 40
10011.3 to 100113s
83
Jan
2d 4%s
45
Apr
100.33 to 1001'31137 4th 434s.
pbolips Jones Corp p1100
100, 85
May 4 85
103.31 to 103"st
May 4 85
Feb, 8554 Mar
100
Pitts Term Coal
100, 35
Fore!gn Exchange.May 5 35
May 5 3054 Apn 433.4 Jan
Preferred
100
70 753-4 Apr 30 76
Apr 30 74
Apr, 83
Mar
To-day's (Friday's) actual rates
Pullman Co ctfs
100
200 175
May 3 178
for sterling exchange were 4.85 5-160
May 6 175
May 178
Mar 4.85 11-32 for checks and
Reid Ice Cream pref_100
100, 97% May 5 97% May 5 973-4 Mar 100
4.85 13-1604.85 29-32 for cables. Commercial
Feb on banks, sight. 4.85
Rels(Robt)&Co let pf100
5001 66
May 5 69
3-1604.85
May 5 66
7-32;
sixty days. 4.81 3-1604.81 7.32:
hlayl
733-4 Jan ninety days. 4.79 1-1604.79
Remington-Rand
*48,400 42% May 6 443-4 Apr 30 3755 Ap,l 4654
3-32, and documents for payment (sixty days).
Apr 4.81 7-1604.81 15-32; cotton
100
600 100% May 5 101
1st preferred
for
Apr 30 99
payment,
Apr
4.85 3-1604.85 7-32. and
102
55
Apr
grain for payment. 4.85
Sherwin Wm S Pr_ _ _100
3-1604.85 7-32.
2010734 Apr 30107% Apr 30 10554 Feb110
Jan
To-day's (Friday's) actual
Sloss-Sheff St & Jr pf.100
200 106
May 2 106
rates for Paris bankers francs were 3.893-4
May 2 10434 Mar 108
Jan
for
short.
German
South Calif Edison as_ 41,120;
55 Apr 30
54 May 5
55 Apr bills. Amsterdam bankers' guilders are not yet quoted for long and short
Spalding Bros let pf_100
2o iossi May 5 10634 May 5 10355 Apr,
bankers' guilders were 40.00% for short.
Jan 110
Mar
Exchange at Paris on London,
Stand Plate Glass pr_100
60105% May 2 11
May 2 10
Mar
124.02; week's range. 124.01 high and
1454
Apr
124.04 low.
UnderwoodTypewr 1)1100
30122% May 6 1225-4 May 6 120
Jan 123
Jan
180 42
The range for foreign exchange for the week follows:
May 5 42
United Dyewood pf _ _100
May
40
Ap, 49
Jan
u s Distributing new
14.300; 14% May 5 16% May 3 1434 hlayl
Sterling, Actual163.4 Apr
Checks.
Cables.
100 2,600 81
Preferred
May 5 84% May 3 81
May! 85% Apr High for the week
4.86
4.85%
Low for the week
• 100 10% May 3 10% May 3 103-4 Apr,
Van Raalte
Feb
14%
4.853-4
4.8551
100
Paris Bankers' Francs100 55
Apr 30 55
Apr 30 50
lat preferred
Apr, 6754 Jan
Mae
High
•27.600
for
Talk
38%
the
3
May
3935
May 3 3234 Feb; 41
week
Victor
3.91
3.92
Apr
3,300 00A, May 2 93% May 4 90
8% preferred
Jan' 9654 Apr Low for the week
3.90%
3.9134
Germany Bankers' Marks7% prior preferred 100 1.800 98
May 3 983.4 Apr 30 97
Feb 10034 Apr
110
pref
Coke
100
High
74
for the week
Apr 30 75
Apr 30 723-4 Apr, 76
Ya Coal &
23.69%
Feb
23.70%
120 23
May 4 243-4 May 3 163-4 Janl 2934 Apr Low for the week
Vulcan Hennaing_ _ _100
23.69
23.70
100
10 106
Amsterdam Bankers' GuildersMay 4 106
May 4 90
Preferred
Jan111855 Apr
120 104% May 5 105
May 3 10055 Jan,10634 Mar High for the week
West Penn Pr 6% P1_100
40.01%
40.02%
Low
200 84
Westinghouse El 1st pre
for
the
week
Apr 30 84
Apr 30 82
Marl 8534 Mar
40.0054
40.0134
mite sow Machine- 5.500 26%. Apr 30 21 54 May 4 2135 Mari 31% May
Domestic Exchange.-Chicago. par. St. Louis, 15025c.
per $1,000
discount. Boston. par. San Francisco, par. Montreal, 10.0375
per
•No pax value.
$1.000 premium. Cincinnati. par.
2718
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
Inactive. see preceding page
For sales during rho wmok of smocks usually
rEll 011111[15
PICK WIAIM
.
Range for Previous
Range Since Jan. 1 1927
STOCKS
Sales
NOT PER CENT.
Year 1928
lots
-share
100
of
basis
On
HIGH AND LOW SALE PRICES-PER SHARE,
NEW YORK STOCK
for
EXCHANGE
the
Friday.
Highest
Wednesday, Thursday,
Lowest
Tuesday,
Highest
Monday,
Lowest
Saturday,
Week.
May 6.
May 5.
May 4.
May 3.
May 2.
April 30.
$ per share $ Per share $ per share
share
per
i
Shares
share
per
$ per share 3
Par
Railroads.
$ Per share $ Per share $ Per share $ per share
16134 Jan 6 18658 Apr 23 122 Mar 172 DU
18358 x17912 1823 28,600 Ateh Topeka & Santa Fe__100
Dee
100 993* Jan 5 103 Apr 25 9418 Mar 102
18014 18134 17934 18112 18158 18258 183 18338 182 10278 *10212 10258
Preferred
10 Jan
13 May
10212
10212 103
178 Feb 3
58 Jan 3
100
&
Atlantio
Birm
10258 1024 10212 10258 10212 10212
Atlanta
____ ____
Jan
26212
Mar
18112
_ ____ __ ____ ____ ____ ____ _
3
Jan
100 17478 Apr 6 205
2,300 Atlantic Coast Line RR
179 181 *18112 18212 18012 182
180 no
100 10612 Jan 4 12138May 6 8312 Mar 10934 Sept
178 178
312 179
1.
17
120 1218 62,800 Baltimore & Ohio
8
1207
Aug
8
7
73
120
Jan
6712
4
May
11914
12058
78
8
11712
118
3
1193
Jan
11712
7314
100
11718 118
7758 7758 1,700 Preferred
Feb
78
*77
7712 7712 78
77
*7612 77
50 44 Jan 6 9412 Apr 29 33 Mar 46 Dee
*7634 77
9278 19,500 Bangor & Aroostook
89
9134 8912 91
89
90
100 10112 Jan 10 11134May 5 9758 Feb 103 Dec
8712 9014 8812 9114 89
190 Preferred
11058
11014
4
1113
77%
111
Mar
111
5418
8
20
Jan
1105
70%
111
4
11114 11114 *11012 111 *11012
Bkln-Manh Trao • t 0-No Par 6414May
4 Dee
6478 6612 65% 66% 24,300
6612 6412 6538 6414 66
No par 8558 Apr 2 88 Jan 4 78 Mar 893
64% 6518 65
8712 874 8714 4,900 Preferred•t o
812 Mar 1858 Nov
7
so 868 87
8634 8634 864 864 86% 867
4 1,000 Brunswick Term & By Sec.100913 Jan 25 1518 Jan 10 8934 Mar 8734 July
113
4
113
1114
114
1112
1134 1118 1118 1138
1118 *11
11
130 Build.) Rochester & Pitts-100 8014 Jan 8 115 Mar
99
96
97 100
*9912 100
9914 100
*99 100 .99 100
58 Jan 61 Junt
100 59 Jan 18 61 Apr 5
Canada Southern
17014 Da
*6034 6112 *6034 63
*6034 63
100 165 Jan 6 19212 Feb 28 14612 Jan 305
*6034 63
*6034 63
63
•60
18018 5,400 Canadian Pacific
Jam
17912
180
17912
Mar
240
1
181
Apr
180
309
4
17958 181
18014 18034 17978 180
200 Central RR of New Jersey_100 285 Jan
3044 3044 *300 305
6 112 Mar 17888 SeDi
25
17512May
Jan
4
100
15111
301 301 *300 305
Ohio
&
*295 308 *295 305
Chesapeake
63,600
17134 171 17512
Sept 1152 Feb
8
5
414
170
9
172
Feb
171
4
104
1723
8
Jan
4
8
43
100
1677
8
1677
Alton
4
16614 16714 1653
814 9,700 Chicago &
8
814
8
618 May 1814 Feb
814 88
74 Jan 5 137 Feb 8
88
71$ 7t2
100
8
74 858
Ang
1212 1278 28,400 Preferred
1212 13
100 275 Jan 31 302 Feb 16 17314 Mar 275 Feb
1114 1152 1134 1358 1258 1314 1258 1338 *270
100 C C C & St Louis
280 280
300
Dec 37
30
300
3
May
*270
39
10
Jan
3013
300
100
5270 300 *270 300 *270
2,300 Chic & East Illinois RR
37
Feb
36
51%
37
Mar
35
3612
39
*37
100 43 Jan 8 557sMay 3
39
36
36
*34
378 38
8,800 Preferred
5312 54
734 Mar 1218 Sepl
812 Jan 6 2212May 2
5413, 5578 5434 5434 5312 5312
55
51
53
51
198 232,900 Chicago Great Western_100 2314
Sep'
8
315
19
2058
Mar
1614
1914
8
Feb
21
8
4
493
183
7
Jan
100
1812 2118
2214
Preferred
1818 1934 20
3618 3734 3618 37 255,000 Chicago
814 Dec 1412 Jam
9 Jan 4 17% Feb 9
112)
Milw & St Paul
3352 374 3712 4038 3538 3812 3512 3912 1414 158 1434 15
8,900
734 Dec 14 Jam
9 Jan 4 1714 Apr 6
100
1412 1412 1438 1558 1458 1514 1478 15
7,000 Certificates
1514
1518
8
145
Mar 24 A1111
8
145
1418
15
6
4
1514 *143
100 1853 Jan 3 2614 Apr
1378 1378 1334 1514 15
Apr 23113 API
2334 2312 2334 234 2418 13.600 Preferred eertlficates
14
6
8
Apr
26
235
3
Jan
8
184
237
100
233
2414
2214
4
3
2212 22
234 2378 4,800 Preferred
2312
Mar 834 SW
23
8
7
6514
23
18
Feb
4
233
3
5
27
87
Jan
8
237
8
2312
87% 96,100 Chicago & North Weetern-100 783 Jan 3 135 May 6 11812 Jan 12612 Apt
224 2234 2212 24
8358 834 8434 85
12414
100
801$ 8114 80
8158 8114 8172 82
Preferred
1,400
135
134
*13234 134
4012 Mar 7114 Del
Rook Isl &Pacific_100 6812 Jan 4 1013* Apr21
13112 13112 *13114 134 *13134 134
1013114 134
38 9934 10012 26,700 Chicagopreferred
96 Mar 108 Del
100 10234 Jan 4 10812 Apr 6
9914 9734 9914 9918 9978 9912 100
7%
9812 994 98
1,000
10812
8
1083
10812 13812
8314 Mar 98 Nov
100 9514 Jan 28 10112 Apr21
10814 10814 10838 10858 10858 10812 *10014 101
108 108
600 6% preferred
101 101
52 Mar 9614 0881
100 84 Jan 3 10412 Mar 31
Colorado & Southern
*100 10034 10034 10034 10058 10084 10078 10078 102 10312 104 104
1,000
62 Mar 74 OP
Apr21
10112 102
100 70 Jan 4 76
101 101
784
First preferred
15101 102 151C0 107
7812 *76
*76
5
59 Jan 72 Beni
7212May
7812
14
Jan
*76
68
100
7812
*76
preferred
7812
Second
*76
7812
200
*76
7212 7212 7034 73
7012 7012 *7034 73
73
•70
73
6834 Nov7213 Del
6 77 May 6
*70
42,400 Como'RR of ClIna pref_100 6878 Apr 28 21534 Apr26 15014 Mar 18312 Bela
77
75
4
763
75
Jan
75
100 17118
7418 73
72
72
72
7158 72
206 20982 10,900 Delaware & Hudson
20612 20734 208 207
50 1404 Jan 27 173 Mar 23 129 Mar 15312 Jam
204 20634 206 208
30312 204
16312 16482 5,300 Delaware Lack & Western3713May 47 Jam
5 66% Apr21
164 14634 164 16412
164 165
162 163
2,200 Deny & Rio Or Weert pref 100 411$ Jan 3
163 164
6278
62
6112
2212 Mar 42 Del
5634 Apr21
100 3912 Jan
6212 6212 61
627s 63
63
63
5912 gl
g 111,000 Erie
3334 Mar 554 Da
5438 56% 54% 557
Jan 4 6014 Apr 5
5258
100
5384
56
5314
514
preferred
5214
4
First
5112
573
5114 5212
23,500
5634
5812
23
30 Mar 5014 Del
4
5612
Apr
563
4
Jan
8
49
577
100
5634 5684
5612 56
56
1,500 Second Preferred
6553 56
5518
6812 Mar 844 DM
553* 555$ 55
55
100 7958 Jan 4 9112 Feb 19
5512 55
543$ 5453 *54
55
*64
8834 17,300 Great Northern preferred par
4
8814 88
18 Dec 2714 FM
2314
Feb
13
8753
Jan
4
1914
873
8
867
o
4
863
Properties__N
3614
Ore
8534 86
86
2084 4,300 Iron
86
2518 Apr 413* Sete
204 2014 20
Jan 6 7534May 3
1912 1912 1914 1912 1914 1912 1932 20% 70
67,900 Gulf Mobile & Northern 1003512
72
7314 70
95 Mar 10912 Sepl
Jan 14 11214 Apr 27
105
3
3
73
100
4
713
4
3
75
7112
7434
Preferred
67
6814
300
6634
*109 11078
3453 Jan 4112 Dei
100 4012 Jan 3 6333May 3
11034 11034 110 110 *100 111
61,900 Hudson & Manhattan
•10912 112 *10912 112
61
59
6734 Mar 80 Del
6012 62
100 78 Jan 6 8934May 3
584 5833 6233 6158 63% 6012 6212 8812 8878 88
2,100 Preferred
158
88
13034 Apr 8 11312 Mar 131 BeP1
10
Jan
12118
88
88
4
100
893
87
864
85
85
"84
Seel
124 12482 212212 12382 2,300 Illinois Central
12353 124
100 1204 Jan 12 12912 Apr 8 11513 Mar 12912
12312 124
•124 12512 124 124
200 Preferred
128 "120 125
714 Jan 77 JUIN
Jan 4 80 Ahr 12
125 125 "120 129 •120
Railroad Sec Series A__1000 74 Apr
0122 127 "120 129
*7718 78
24 Dec 31 FM
Jan
79
15
25
*774
20
4
773
23
"774
100
79
*774
79
*77
79
100 hat By. of Cent Amerlea
*77
4 2611
62 Mar 66 jt1114
*2514 2612 *2534 2612 *2538
100 62 Apr 29 6512 Feb 9
25
248 25
247 *23
.23
Preferred
"607 65
2412 Jan 5334 De
*6078 65
41 Apr 12 5218 Feb 26
*604 65
•6133 6312 "604 6414 *607$ 65
4312 4514 19,800 Interboro Rapid Tran•t o-100
8
11
344 Mar 5132 Sep
Apr
433
6212
4211
4
Jan
8
433
4114
41
100
4
423
41
43,200 Kansas City Southern
4214 4214 4114 42
5958
5713
3 Mar 6812 Bea
16
605
Apr
5914
70
5818
7
100 64% Jan
5852 5812 5934
5412 564 5512 5638 55
100 Preferred
70
7512 Mar 106 De
6934 *69
6912 "69
50 9934 Jan 6 12612 Apr 23
7012 *69
6912 6912 '69
*6834 70
123 1243* 4,700 Lehigh Valley
118
Mar 144 Sep
27
123
Apr
4
1393
123
14
Jan
4
1233
12858
12114
100
120 12253
120 120
120 120
1,100 Loulaville &Nashvllle
138 1384
137 137 *1374 138
84 Mar 9234 Ap
138 13834 13712 13712 13734 138
guar_100 85 Jan 26 90 Feb 11
Elevated
Manhattan
90
*8714
Jan 8178 Mal
3818
*8714 90
100 4712 Mar 30 6478 Febr28
*8714 90
*8714 90
*8714 90
Modified guaranty
*8714 90
5134 8,200
413 July 10 Fel
638Mar 25
412 Feb 2
4814 4934 4912 4934 4914
100
49
200 Market Street Rallway
6
4
1912
Oct 40 Eel
*5
2112May
484 4878 5712 4812 48
6
*5
10
6
*5
100 18 Feb
5
5
7
*5
6
400 Preferred
*5
21
39',June5132 Fe]
21
22
2013 2112 *20
100 4158 Feb 7 4812May 4
4738 3,900 Prior preferred
. 30 •____ 30 •____ 30
*.--T
30
114
Oct 2212 Eel
Mar
4712
4758
16
47
15
Mar
4812
1152
100
4534 48
37 Ja/
100 Second preferred
16
4413 4412 4414 4412 45
118 Dec
*12
458 Feb 3
138 Jan 13
1218 1218 •1212 16
Loula_100
16
*12
16
"12
16
.12
314
3'2 9,700 Minneapolis & St Marle_100 27 Jan 6 40 Feb 4
257 Dec 52% Fe]
358
312
312
314
4
34
8
B
234 34
3
3,100 Minn St Paul &
3
33
Eel
3158
5()
79
Dec
8
Feb
33
4
3
58
32
28
Apr
4
323
30
100 50
31
*29
30
•29
31
700 Preferred
*29
52
60
Oct 6678 Fe]
5234 52
51
5034 52
100 5814 Mar 25 6312 Apr 14
55
"49
51
550 Leased llnee
55 .48
•48
4712 Eel
*6218 6338
Oct
23
2912
5012
Apr
63
63
6
Jan
3112
63
62
par
82'z
621 *62
"61
62
61
4614 4818 53,800 Mo-1(an-Texas RR.......No 100 95$4 Jan 4 10458 Apr21
82 Mar 9633 De
4832 4614 48
4334 4532 4334 4534 4612 478 4712 103'2 103 1031 .103 10314 6,100 Preferred
27 Mar 45 Sett
100 3778 Jan 4 62 Apr 23
10234 1031 10312
10234 103
1024 103
5414 115,400 Missouri Pacific
53
7113 Mar 96 Sell
55
23
Apr
4
11112
5314
Jan
5582
9018
100
4
3
54
55
524 5334 5238 5312 53
10312 1044 40,100 Preferred
884 Jai
434 Apr
512 Feb 3
412 Mar 9
10538 104 104
104
pref.-100
105
10312
1044
1st
10212
Max
Rya
of
Nat
4
100
1043
10258
584
44 Jai
4 434
43
2
134 Oct
Feb
2
3
2
*43
*4
7
Apr
3
5
8
15
100
3
5
*414
*414 534
400 Second preferred
lh
*414 53
4
13
Jai
2
Mar
13212
120
8
*15
4
Apr
4
1483
8
2
Jan
*158
134 *158 2
158
40 New On Texas & Mex1co...100 121 Jan 27 15152 Apr 8 117 Mar 14712 Sep
*114 2
140 140
1427 14018 141
*141
13714
143
100
*141
143
*141
Central
•140 141
14818 14912 53,200 New York
14914
Mar
20412
148
130
Ben
21
8
1974
Feb
Jan
14814
186
149'z
4
1483
100
14553 1464 14518 14678 147
191 19278 4,400 NY Chic ee St Louis Co
191 191
93 Mar 106 Jul:
100 102 Mar 8 10612 Apr 11
190 19014 19034 191
189 189
800 Preferred
•187 189
10614 1063s
10512 106
3053 Mar 4833 Jul:
100 4153 Jan 4 5852 Feb 16
106 10614 '10514 10614 106 106
106 106
N Y N H & Hartford
78.100
50
4918
4
3
50
4914
5034
1934 Mar 2878 Fe)
4912
18
15
3414
Feb
Jan
5012
4758 4914 4773 5014 4938
11,900 N Y Ontario & Weetern_100 2314
29
2934 2812 2912 29
6 Jan 2014 Bel
29
Apr 13 1534 Jan 14
10
8
295
par
284
ettla_No
2914
pref
264
8
267
NY
Railways
2614
12
*10
*912 12
13
*912
13
*914
m314 134 *94 12
13 Deer 2812 Jai
3 22 Feb 3
100 Now York State Railways-100r 14 May 14
18
'12
16
I*12
16
12
277
3 Apr 4438 Sell
Mar
4
563
Jan
*1312
374
14
14
100
14
*13
Southern
14
*13
5278 5214 5214 5178 5214 3,200 Norfolk & Western
5212 51
100 156 Jan 4 18418 Apr 2 1304 Mar 1707$ Oe
50
52
51
51
•49
10,230 Norfolk
177 17712 17712 180
Nov 8533 Aa
6
8313
8612May
17714
3
Feb
17613
84
178
100
174
17614
174
300 Preferred
175 176
6534 Mar 8212 Au
*8414 8612 *8414 8612 8612 8612 13.600 Northern Pacific
100 78 Jan 3 91 12 Feb18
8412 8412 "8414 86
*8412 86
Oct 48 Je
8638 8612 87% 8658 874
15
2714 Feb 15
3
8518
Feb
1514
52
85
8
100
845
8
845
2
3
84
8
Coast
847
Pacific
8458
*154 20
*1512 20
20
4858 Mar 571s Oa
20 '14
60 5634 Jan 3 6234 Apr 5
"14
20
*14
20
Pennsylvania
20,300
•I4
6112
4
603
6112
604
1578 Oct 2634 Ja
6138
100 20 Jan25 3534May 3
6014 604 61
6118 6112 6012 62
3534 26,100 Peoria & Eastern
32
34
67 Mar 122 De
100 11412 Jan 6 12633 Mar 2
3514 3334 3534 3414 344 3334 119
1,400 Pere Marquette
3012 3012 31
12014
119
119
Mar 98 Jul:
11
79
954
Jan
119
22
Jan
100 93
900 Prior preferred
*118 119 *118 11812 11878 1184 119
*9358 94
7034 Mar 914 Jul
9312 9312 0312 *9312 9412
100 8984 Jan 4 93 Apr21
9312 9312 *93
700 Preferred
*9212 95
9258 9212 0282
Mar 13514 De
*9214
148
Feb
Jan
8
85
18
0212
12212
9212
2912
100
9212
500 Pittsburgh & West Va
9212 9212 9212 9212
12612 12712 126 126
79 Mar 10114 De
50 94 Jan 4 115 Apr23
126 126
512513 126 '125 128 "125 127
11234 11334 1134 11422 48,800 Reeding
Dec 42 Al]
13
4212
Feb
16
11314
394
Jan
404
11112
50
11214
8
1113
4
1113
8
1105
1,300 First preferred
11034 11218
42
42
40 Mar 4534 De
50 4334 Jan 12 50 Feb 16
4134 4134 414 42
42
.41
42
200 Second preferred
42 '41
*41
4614 464 464
42 Apr 6114 Au
Jan 7 5914 Feb 8
43
4614 *46
4614
100
4614
'46
4614
pre/
4146
RR
4614
2,000
Rutland
154512
5334 56
54
*53
6
85 Mar 1034 De
Apr 23
55
55 .54
5512 *52
52
20,700 St Louis-San Franclaco-- _100 10034 Jan 26 11614
113
'5112 54
9978May 5
834 Apr 9713 De
11258 11338 11214 1133s 1124
100 96 Jan
400 Preferred A
11112 11278 11178 1124 112 11314 *9918 9912 9958 9978 *9912 998
Apr21
6
3
5712 Mar 74 Fe
78
Jan
61
9912
100
9912
9912
Southweetern
*99
Louie
9912
*99
7234 7338 2,90081
4
723
4
723
6
8
72 Mar 8014 Jul
88
Apr
Jan
7414
3
767
73
100
7314 7312 74
Preferred
73
700
74
84
73
84
86
2712 Mar 51 De
100 2813 Mar 31 4114 Feb 17
*8334 8512 83% 834 *84
4,300 Seaboard Air Line
854 8534 *834 86
3138 3012 307
3012
4
3
3113 Mar 4838 Fe
28
43
4
Apr
Feb
3212
303*
3018
100
304
30
1,500 Preferred
35
4
343
3058 304 3034 307
8
347
3412
28
11512
Jan
34
964 Mar 11214 Di
Apr 8
34
100 10614
34
34
34
Pacific, Co
34
35
*34
8 11314 11258 1134 31,400 Southern
1127
8
1133
13114888
1124
1124
112
112
111 11114 11034
100 119 Jan 28 127 Jan 3 10353 Mar
12458 21,030 Southern Railway
874 Apr 9513 Au
123 12334 12234 12512 124
100 94 Mar 10 98 May 5
9753 2,300 Preferred
6153 Ja
97
1233 12334 122 12312 123 12334 9758 9752 974 98
Mar
424
7
Apr
Jan
23
834
2
100 537
9738 9712 9758
97
97
97
7684 7412 7558 20,200 Texaa & Pacific
134 Jan 43 AS
100 3334 Apr 11 41 Feb 8
7718 7658 7712 75
7512 75
74
368 5,900 Third Avenue
79
16838 04
38
75
3612
Mar
36
27
14112
Apr21
Jan
s
1747
15912
37
34
100
34
34
*3312 34
17,300 Union Pacific
173 174
*3212 35
7434 Jan 8114 Au
100 77 Mar 5 8258May 4
17134 1724 172 173
Ja
17034 17114 17134 172
8212 824 1.400 Preferred
17114 172
334 Mar 52
100 4012 Jan 4 7534 Feb 28
8218 8218 8258 8212 824 6638 69s 57,700 Wabash
"814 824 *82
82
82
Mar 78% Ja
68
8
68
665
Jan
11
3
9613
76
Apr
68
100
Preferred A
„Is
6538 6778 67
10,700
95
72
95
634 664 634 65
Mar
95
9434
57
100 65 Jan 15 93 Mar 28
9434 95
95
Ja
500 Preferred B
92
92
9334 9412 9334 9334 9378
11 Mar 1653
100 1334 Jan 6 4434 Feb 7
9112 9112 9112 92
95
*90
95
•90
3658 3714 43,600 Western Maryland
93
•90
1658 Mar 24% Set
100 23 Jan 7 5812 Apr 6
374 3718 384 3658 377g 4934 505* 16,000 Second preferred
3588 3882 3582 3738 36
5014
274 Dec 3914 Ja
100 251s Apr 26 3912 Feb 9
5112 4934 50% 494 27
5114 49
01
264 2783 14,900 Western Pacing, new
5012 49
49
72 Dec 86588Ja
100 55 Apr 26 7633 Feb 7
58 2634 25% 5784 5714 577 15,600 Preferred new
27% 284 2858 254 2838 25
27
18 Mar 32
2713 Jan 3 130 Feb 8
5718 5638
By...100
Erle
Lake
55
&
Wheeling
5812
300
5612
75
58
73
584
Mar 5012 Ja
73
564 58
'68
37
7
Jan
8
93
4712
Feb
100
73
"68
73
600 Preferred
85
73 '68
82
*694 73 '63
*7834 82
*784 82
*7834 82
*7834 82
•7834 82
Industrial & Miscellaneous.
7034 May 98 891
9284 3,200 Abitibi Power & Paper-No par 83 Jan 27 94 Apr 6 10
y 72 Di
I m
:
4M
3
88'2 89
44
88
21,4
13
b 2 18
ar
Fe
88
2 Apr 20
3M
014
12
•86
Abraham & Straus--No par 16
90
4,800
88
77
"75
90
78
894 "87
77
*89
ul
'
78
77
Preferr
2 JD
15
79
10 Preferred
75
15
1121
Jan
4
15724 75
"1113
72
1121
72
131
4
•1113
20
16
182
Apr
Feb
100 13914
11214 11214
____ __ An America Cables
___ *175
"112 11214 •112 11214 *11134 11214 41175
9978 Mar 136 Sel
_ *175
25
139
Feb
Jan
5
124
100
Exprees
182
ael
Adams
*179
1374 1-3-8 8 1,300
•175 185 "175 185
8 Dec 22
94 Jan 3 1534 Feb 9
100
•135 1-3i •135 1354 12
2,100 Advance Rumeli
12
15135 138 "135 138 •135 138
12
1238 12
1012
12
12
12
1214 12
12
Em-rights.
•E:d and a.ked prIces. s 1Di-dividend. a
New York Stock Record-Continued -Page 2
2719
For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 30.
Monday,
May 2.
Tuesday,
May 3.
Wednesday, Thursday,
May 4.
May 5.
Friday,
May 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
-per share $ per share
per share $ per share 3 per share $ per share Shares Indus. & 'Mime!. (Con.) Par
3234 3234 3234 3234 3234 3234 *3212 3312 *3212 3312 *3212 3312
300 Advance Rumely pref
100
4
4
334 4
*37a
4
4
334 4
4
334 4
3,800 Ahumada Lead
1
*156 158 .15612 15778 15758 15734 15712 15934 158 15934 158 15912 5,300 Air Reduction, Ino__--NO
Par
1034 10
10
1012 1018 1018 1018 1014 1018 1012
978 1014 10,403 Ajax Rubber, Inc
No par
138
138
138
138
138
138
138
138
138 *138
138
138 1,100 Alaska Juneau Gold MM... 10
138 139
13738 139'
13858 14078 13834 14012 138 13934 29,100 Allied Chemical dr llye_No par
8 137 138
12114 12114 *12012 12112 *12058 12112'312114 12112 *12114 12112 12112 12112
200 Preferred
100
10338 10434 103 10312 103 104
10438 10734 10634 10834 108 11034 23,900 Allis-Chalmers Mfg
100
*11012 11214 *11012 112
11112 11112 *11012 11112 *110 11112 *110 11112
100 Preferred
100
•1512 1612 *1512 1612 *1558 1612 16
16
1612 1714 *1612 1712
800 Amalgamated Leather_No par
2778 28
2778 2818 28
2778 28
2834 28
2912 2828 2912 12,800 Amerada Corp
No par
1038 1033 1014 104 1078 1078 1012 1012 1032 1052 1014 10,4
1,300 Amer Agricultural Chem __100
3513 3512 *34
35
341a 35
345n 3434 35
35
*344 35
603 Preferred
100
46
46
4618 4714 *4714 4712 474 5018 4934 4978 4958 4033 5,100 Amer Bank Note
10
*58
*58
58
59,8 58
5918 59
5934 5812 5934 5934 5934
300 Preferred
50
.19
20
19
*1834 20
19
1918 197s
19
19
194 20
600 American Beet Sugar_No par
.52
57
56
56
52
*4812 56
50
55
48
*4814 50
800 Preferred
100
1514 1512 15
1533 1518 154 154 16
16
1618
1512 1534 3,300 Amer Bosch Magneto_ _No Par
0142 145 *140 145
143 143 *143 145
100 Am Brake Shoe & F___No Par
012014 122 *12014 122 *12014 122
122 122
122 122 *12234 124
200 Preferred
100
2138 2214 214 2238 2218 23
2234 2312 2234 2338 2238 23
14,500 Amer Brown Boverl El_No par
*8412 89
*8434 87
*8434 89
86
86
8634 8678 *804 864
100 Preferred
100
47
4818 4614 4714 47
4778 4738 4918 4814 49
4818 487 100,200 American Can
25
*128 130 .128 130 *128 12978 *128 129 •128 129 *128 129
Preferred
100
10058 10118 10012 10112 101 101
10134 10438 104 10534 10338 105
14,700 American Car & Fdy___No par
*12614 12934 812614 12978 *12614 12978 *12614 12978 *12614 12978 *12614 1297
Preferred
100
American Chain,class A._ _ _25
4414 4434 ;44- 45
*4313 45
4313 45 - 1,400 American Chicle
4353 4353 -;45i4 45
No pa
*4318 4334 44
45
4434 4434 *44 45 *4312 4434 *4313 4438 1,100 Do certificates
No pa
1212 13
1278 1314 1238 13
13
1312 1318 134 134 14
67,200 Amer Druggists Syndicate_ 10
*130 13112 *12912 13012 *130 13012 13012 13012 130 131
13112 13212 1,800 American Express
100
2012 21
2012 2112 2134 2234 2238 23
2238 2314 2238 2318 16,600 Amer & For'n Power__No pa
96
9612 9678 9634 9672 9612 9734 4,000 Preferred
9612 9512 9578 9558 97
No pa
*9
912
878 938
758 758
818 834
938 94
9
9
2,900 American Hide & Leather_100
51
5234 5358 5314 5314 5278 5314 5314 544 4,600 Preferred
5118 53
51
100
3134 3134 3153 3138 32
32
324 3218 3214 3214 3214 3212 2,200 Amer Home Product* _No pa
12714 12714 128 13012 130 13114 131 135
12714 128 *127 128
11,600 American Ice
100
.88
8912 8813 8912 90
8914 *88
921
9213 9278 93
95
2,000 Preferred
100
4218 4212 43
424 3
44
44
4478 4413 4538 454 4714 18,100 Amer Internat Corp__ No pa
512
51,
514
*514
512
512 512
538 2,600 American La France F E___1
5,2 54
5,4 5,4
2312 2312 2314 2314 *2312 2412 24
26
2413 2534 2538 2512 2,800 American Linseed
100
54
*53
5412 *52
5414 5414 56
5612 5614 574 574 5934 3,100 Preferred
100
108 10834 108 10812 10812 10918 10878 1107 110 111
11014 9,100 American LocomotIve_No par
10958
•119 12112 12112 12112 12112 12112 •119 121 *119 121 *119 121
300 Preferred
100
*77
.1.77
78
79
7812 78
80
80
80
80
*7938 81
400 Amer Machine & Fdy __No par
*13334 140 *135 140 *135 140 *135 140 *135 140 *13514
140
Preferred
100
4112 4112 42
42
4138 4138 42
42
42
42
*42
4218
700 Amer Metal Co Ltd
No par
*110 11218 *110 11212 *110 11212 •110 11012 *11012 111 •11012 11212
Preferred
100
5973 6018 60
6012 594 6012 60
6014 GO
62
60341 62
6,800 Am Power & Light___No par
11812 11912 11834 1184 11914 12278 122 125
124 126
12312 12412 20,800 American Radiator
25
•90
9013 90
90
9012 9012 *9034 934 *91
93
9118 914
303 Amer Railway Exprees___100
*45
49
*45
49
*45
4712 •45
*45
48
4712
48
47
200 American Repubilcs___No par
4812 49
49
49
49
49
*4913 5012 49
4938 4958 494 1,300 American Safety Razor__ __100
*412 512
414 47
5
5
412 434
44 44
41
43
1,203 Amer
14518 14614 14514 14752 147 1474 1474 14858 14758 14913 14934 15112 107,600 Amer Ship & Comm_ _No par
Smelting & Refining _100
•125 126
12578 12612 126 126
1267s 12678 12614 12612 *125 12514
800 Preferred
100
•122 127 *122 127 •___ 12712 •123 12712 *123 12712 *123 1271
American Snuff
100
4
*42
424 4238 4234 4234 4 3
4312 4334 44
43
4378 4414 3,800 Amer Steel Foundries_No par
•11314 115 .11314 115 *11314 115
11313 11312 *11314 115 *11314 115
100 Preferred
100
8712 8812 8712 89
8818 8912 89
894 8814 8914 89
9114 13,300 Amer Sugar Refining
100
0•11012 111
111 111
11058 11114 •11034 11112 •11034 11112 11112 11112
500 Preferred
100
•54
55
55
55
55
5512 55
5614 5418 56
5534 55
6,600 Am Sum Tub v t c__No par
2834 2834 2834 2933 2913 2934 *2912 2934 2912 2912 2912 3038 1,500 Amer Telegraph & Cable_100
16218 16258 16218 16278 16238 16412 1644 16612 16478 1664 16412 16534 18,100 Amer Tafel) Tales
&
100
12712 12712 12658 12734 12734 1295* 12978 13112 131 131
13078 132
3,700 American Tobacco com__ __50
127 127
12714 1274 1274 12934 1294 13034 12934 1307 1294 131
9,500 Common Class B
al
*114 11412 *114 11412 *114 11412 114 114 *114 11412 *114 11478
100 Preferred
100
.132 13515 13314 13314 13313 1331 135 13578 13514 136
13513 13512
700 American Type Founders_ _100
8114 8238 z81
8218 8118 8218 8114 814 8118 8212 814 8234 18,500 'm Water Works Sr Elec___2
*10912 10958 *10734 10814 •10734 10814 10734 1074 •106 10814 10814 10814
200 1st preferred (7%)
10
194 1938 1914 194 1912 193
1912 1934 194 2138 1958 2012 8.600 ALaerican Woolen
100
*5414 56
*55
50
5658 5618 564 5634 5934 5612 5714 6,40
55
Preferred
100
Amer Writing Paper pref 100
- 13-4 *712 734 *7l 734 71 71, •72 - 734
40 Amer Zinc, Lead & Sme1t_2
4634 4634 4612 4612 *4612 4634 4618 4618 46
4614 46
4614
90
Preferred
2
4538 4578 4538 454 4512 454 4512 4534 4558 4578 4558 4578 5,800 Anaconda Copper
Mining-50
404 4012 4012 4012 4012 4034 41
4112 4112 42
•41
42
2,30 Archer, Bart.'s, MidI'd_No pa
*107 109 *107 109
107 107 •107 109
10714 10714 *107 10712
Preferred
4
100
.87
88
*8712 88
*8712 88
8712 8712 87
88
86
87
80 Armour & Co (Del) pref
100
10
10
978 10
934 978
814 94
812 834
812 834 16.20 Armour of Illinois Class A__25
534 54
6
6
534 534
518
512
512 534
538 538 3,90
Class B
25
.66
70
*66
70
65
6834 6834 62
67
65
6252 6258
Preferred
90
100
2212 2212 *22
2212 *22
2212 2212 24
2312 24
•2312 24
Arnold
Constable Corp_No par
900
•2312 24
*2312. 24
24
24
*2312 24
*2312 24
2313 2312
Construction_
Art
200
Metal
___10
*4834 4912 '
04834 4912 *4812 4912 *4813 4912 4912 5034 50
5158 3,700 Artloom Corp
No par
•113 11414 *113 1144 •113 11414 •113 11414 *113 11414
*113 11414
Preferred
10
43
4314 4212 43
431* 44
4318 4378 4278 4338 4233 423
9,700 Assoc Dry Goods
No pa
•10112 104 *102 104 •102 104 *102 104 *1*)
10312 1031
100 let preferred
100
•106 109 *107 109 *106 109 *107 109 *107 109 *107
109
2d preferred
100
*44
47
.44
46
45
4512 46
40
*44
48
45l
45
500 Associated 011
2
*33
34
*33
3412 *33
34
34
35
3514 3514 3512 361
1,400 AU G & W IS S Llne__No pa
*31
*31
33
33
*31
35
3278 3414 *31
35
3438 341
700 Preferred
100
10814 10912 10714 10812 10834 11112 10914 11012 10934 10934 11012 11013
3,700 Atlantic Refining
100
•116 117 *116 11712 •116 11712 *116 117 •116 117 *116 117
Preferred
100
594 5978 *57
*57
60
5912 5934 5934 5972 597s *5934 60
300 Atlas Powder
No pa
10212 103
103 103
103 103 *103 105
105 105
104 104
90 Preferred
100
1114 *1034 1114 1014 1034 *10
•11
101 *10
1012 *10
1013
600 Atlas Tack
No pa
5
5
434 434
5
518
5
5
5
5
5
5
1,300 Austin. Nichola&Co ate No pa
*32
*31
38
38
*31
38
*32
37
.32
37
*32
37
Preferred
100
Auto Knitter Hosiery __No pa
18134 1853* 18412 18914 187E8 1-9-1-3.
182 185
-1 18834 193
i8612 -4 -9-6:665 Baldwin
Locomotive Wks_10
•120 1204 120 120 *12014 12114 •120 12114 *120 12114 *120 1663
12114
100 Preferred
100
234 244 244 25
2434 25,3 247s 2538 25
2534 2534 26
28,100 Hamadan Corp class A
2
23
2334 2378 2338 2312 23
22
2314 234 2334 244 244 2,700
Class
B
2
6338 6458 6612 6538 66
6313 6334 63
6614 6934 68
6834 10,100 Bayuk Cigars, Ina
No par
*5012 52
*5013 52
*5012 52
52
5218 53
53
5214 .5214
600 Beech Nut Packing
20
20
20
1912 1912 19
1914 1918 1928 1914 1958 •1912 1934
4858 4914 4812 494 49
5038 5014 5238 5112 5213 5038 5178 2,100 Belding Ilern'way Co__No par
39,300 Bethlehem Steel Corp
100
11012 11012 11014 11012 11014 11012 11012 11038 11058 111
11012 111
1,900 Preferred (7%)
100
37
38
•37
3718 37
37
*3714 38
•37
38
38
400 Bloomingdale Bros____No par
11014 11014 11014 11014 *11014 111 *11014 111 *11014 38
*110 111
111
60 Preferred
100
5512 5512 5514 5514 5514 5514 5514 5533 5514
5512 554 5534 2,300 Bon Aml, class A
*7
712
7
No par
7
*7
712
712 734
758 734
73
4
1,700
73
4
Booth
Fisheries
No
49
par
*45
50
*45
*47
50
50
5234 50
52
53
53
1,700
1st preferred
20
20 .19
100
*19
*19
20
18
18
19
18
18
18
600 Botany Cons Mills class A50
2938 2978 2932 2978 2913 2934 2918 2934 294 2912 2814 291
12,300
Briggs
Manufacturin
g._No pa
*58
24
*4
*33
34
34
*4
34
*NI
34
*38
3
2.000 British Empire Steel
100
15614 156,2 15612 15612 15612 157
157 15938 15914 16134 16034 1641
8,000
9912 100
9934 102
100
9914 100
10112 103
10234 10412 10214 10438 47.800 Brooklyn Edison, Inc
34
*33
33
No pa
33
•33
34
3428 3438 3478 3478 3518 4,230 Bklyn Union Gas
34
Brown Shoe Inc
No pa,
•115 118 *115 118 *114 118 *114 118 •114 118 *114 118
Preferred
.3013 31
31
3112 3012 3112 230
100
3038 31
30
30
30
2,300 Brunew-Balke-Collan'r_No pa
x09 10012 99 10078 100 10014 100 100
10113 102
99
99
2,200 Burns Bros new clAcom No pa
32514 2678 2514 2512 2533 2612 2514 2534 2514 251
2512 26
8.100
New class B com____No pa
•944 95
*9418 95
*9418 95
*0418 95
*9418 964 *944 961
Preferred
94
*92
*9218 94
100
94
•92
*9212 94 .92
93
93
94
100 Burroughs Add Mach_No pa
38
38
3712 38
39
39
3912 4214 4034 4214 4014 41
7,200
Bush Terminal new____No pa
98
.96
*95
97
•93
98
964 964 *96
9712 *96
98
100 Debenture
113 113 *113 11334 113 113 *11314 11334
100
11314 11314 113 113
150 Bush Term Bldgs, pref._ _100
5
5
5
5
518
5
518
5
51s
5
5
8,300 Butte Copper & Zino
55
*54
*5312 55
55
.5
5434 *54
*54
55
55
*54
55
100 Butterick Co
100
878 84
10
*9
9
9
938 938
914 912
9
9
600 Butte & Superior Mining
10
7912 80,8 7934 8078 80
8012 794 80
•80
8018 8038 8232 5,200 By-Products
Coke_ _ __No par
*6214 6234 6112 6234 62
6334 6158 62
614 625 6113 6214 3,900
Byers & Co (A M)_ _ __No par
•BIO and asked prices: no sales on thIS flag. •En-dividend.
PER SHARE
Range Since Jan. 1 1927
On Oasts of 100-share lots
Lowest
Highest
$ per share
3014 Jan 25
338 Apr 22
13412 Jan 26
9 Jan 4
114 Jan 6
131 Jan 25
120 Mar 11
88 Jan 25
109 Feb 9
1534 Mar 24
274 Apr 28
818 Apr 6
2814 Apr 6
41 Jan 6
5612 Jan 4
1818 Apr 28
48 May 4
13 Jan 20
134 Jan 28
11714 Feb 7
:204 Apr 29
844 Apr 26
434 Mar 31
126 Jan 14
9912 Jan 28
12734 Feb 10
2514 Jan 7
36 Jan 26
35 Jan 4
938 Apr 20
127 Jan 17
1878 Feb 17
8612 Feb 15
74 Apr 26
48 Mar 1
3038 Jan 3
11418 Jan 26
84 Jan 7
37 Mar 23
5 Apr 8
2018 Apr 5
4638 Mar 19
10534 Jan 19
11912 Feb 23
7314 Jan 3
12518 Jan 6
4078 Apr 12
108 Jan 6
54 Jan 27
11013 Jan 21
8712 Apr 4
3518 Jan 4
48 Jan 28
312 Mar 23
13258 Jan 25
11914 Mar 16
11938 Jan 17
4113 Apr 29
113 Jan 7
79 Jan 2'
10773 Mar 3
4112 Jan 3
26 Apr 1
14914 Jan 3
120 Jan 7
11914 Jan 5
11018 Jan 4
125 Jan 7
6214 Jan 3
10412Mar 1
1814 Apr 13
51 Apr 13
1 Jan 3
753 Apr 28
42 Jan 5
45 Feb 9
38 Mar 12
106 Jan 4
86 Apr 13
814May 4
513May 5
CO Apr 13
21 Apr 1
22 Jan 11
49 Apr 4
112 Apr 4
3912 Feb 9
9712 Mar 3
105 Mar 23
45 May 3
3038 Mar 25
2934 Mar 25
107 Jan 28
11512 Feb 1
5612 Mar 17
98 Jan 6
738Mar 14
414 Mar 22
37 Apr 7
$ Per share
41 Feb 9
51 2 Mar 5
164 Apr 19
1334 Mar 25
214 Feb 18
14614 Apr 18
122 Feb 16
11034May 6
11212 Apr 21
2418 Feb 11
3738 Feb 7
1434 Feb 14
5134 Jan 10
5018May 4
59341May 4
2334 Mar 14
6018 Jan 3
184 Feb 28
15212 Mar 18
128 Mar 12
3913 Jan 5
98 Feb 1
50,4 Feb 28
130 Mar 9
10714 Feb 28
13034 Mar 22
3038 Mar 1
52 Mar 17
48 Mar 17
14 May 6
138 Feb 28
2512 Mar 29
99 Apr 20
1012 Feb 8
5434May 6
34 Mar 17
135 Mar 1
95 May 6
4714May 6
10 Jan 3
3012 Jan 12
714 Jan 3
11514 Mar 1
124 Apr 2
86 Feb 21
149 Mar 29
44 Jan 20
111 Mar 17
6414 Apr 23
126 May 5
94 Feb 2
6012 Feb 9
6112 Mar 28
634 Jan 7
15312 Mar 4
12678May 4
1304 Mar 11)
4612 Feb 14
115 Jan 13
9114May 6
11112May 6
5838 Apr 16
3038May 6
17238 Apr 8
132 May 6
131 May 6
11578 Mar 9
146 Feb 18
8318 Apr 29
1104 Jan 21
334 Jan 5
8612 Jan 7
158Mar 7
104 Feb 17
5114 Feb 18
4913 Jan 12
42 Jan 18
108 Feb 23
964 Feb 16
1578 Jan 7
91s Jan 6
8614 Jan 27
25 Jan 20
27 Mar 12
5434 Jan 5
113 Feb 8
4478 April
10312May 6
108 Apr 19
504 Feb 19
42 Jan 5
3813 Jan 8
11778 Mar 1
118 Mar 11
6212 Jan 20
105 May 5
124 Apr 7
1014 Jan 3
61 Jan 5
143'14
8j
Ja
a n 13
8
116 Jan 14
2318 Apr 29
22 Apr 30
4912 Jan 25
5014 Al,r29
1834 Apr 29
4334 Jan 27
10434 Jan 3
347sMar24
10913 Jan 20
5318 Jan 5
64 Jan 28
45 Jan 11
18 May 4
2814 Apr 23
12 Apr 11
14812 Feb 11
8958 Apr 4
3012 Feb 1
109 Feb 7
2812 Mar 21
9414 Mar 18
1614 Mar 18
9418 Apr 16
390 Mar 2
294 Jan 12
9114 Jan 5
10333 Feb 14
334 Mar 19
5012 Jan 3
734 Apr 4
66 Jan 29
42 Jan 3
2013'3
4 F
ja
en
b 23
7
12012 Apr 1
3512 Feb 26
3212 Feb 28
6934May 5
6078 Feb 13
2714 Jan 7
5614 Apr 7
111 Mar 28
414 Jan 11
1134 Apr 18
58 Mar 14
838 Apr 14
534 Apr 22
2813 Jan 5
3638 Feb 23
138 Feb 10
16412May 6
10412May 5
3512 Apr 23
118 Apr 22
3878 Jan 10
12534 Jan 20
34114 Jan 27
100 Jan 3
126 Feb 2S
4414 Mar 17
9773 Mar 21
115 Apr 11
51sMay 2
6134 Feb lb
1134 Jan 7
86 Apr 9
684 Mar 30
PER SHARE
Range for Prerious
Year 1926
Lowest
Highest
$ per share $ per share
2878 Dec 6534 Sept
434 Nov
918 JaD
10714 May 14634 Deo
74 Oct 16 Feb
73 Oct
Jan
2
100 Mar 14878 Dec
11834 Mar 12'234 Dee
7814 Mar 9458 Jan
105 Apr iiii2 Dec
1434 Oct 21 Sept
24'g May 3278 Aug
9
Oct 3432 Jan
3538 Oet 9612 Jan
3438 Mar 46
Oct
55
Jan 5812 July
2012 Sept 3854 Feb
55 Nov 83
Feb
16 May 344 Jan
110 May 180
Feb
11014 Mar 12814 Feb
3014 Mar 50 Aug
8612 Mar 9718 Jan
3878 Mar 6318 Aug
121
Jan 13018 Dee
9112 Mar 11478 Jan
12012 Oct 13014 Dee
2314 Mar 2614 July
31
Oct 51
Jan
28
Oct 4714 Jan
414 Jan
1038 Aug
10578 Mar 140
Jan
1414 Nov 4238. Jan
79
Oct 98 Feb
7 May 1713 Feb
331j May 6714 Feb
2358 Oct 3058 Dee
109 Mar 136 June
8112 Oct 8634 June
3134 July 4634 Feb
978 Dec 1578 Jan
2558 Oct 524 Jan
674 Oct 87
Jan
9014 Mar 11978 Jan
116 Aug 12414 Dec
6514 Oct 8012 Aug
114 July 125 Dec
4314 Dec 5738 Feb
11312 Apr 120 Feb
5034 May 7213 Sept
10114 May 12238 Aug
7738 Mar 90 Dec
3978 Nov 74 Jan
42 Apr 7034 Aug
532 Dec 1178 Mar
10958 Apr 152 Aug
11278 Mar 12233 Dec
12134 Oct 165 Feb
40 May 47 Aug
11014 Sept 115 Feb
6514 Apr 8714 Nov
100 June 1104 Nov
294 Aug 44 Dec
2512 July 4118 Feb
1305* June 151 Dec
11138 Mar 124114 Sept
11018 Mar 124 Sept
10618 Jan 113 May
114
Jan 135 Feb
4334 Apr 74 Jan
10112 Mar 10814 Jan
19 June 4272 Jan
66 Apr 9014 Dee
4 Aug
538 Jan
5s May
124 Feb
20 May 54 Dec
4112 Star 5178 Aug
3478 June 4434 Jan
100 Mar 108
Oct
9014 May 9778 Jan
131g May 2512 Feb
534 May 17
Jan
80 Apr 93 Feb
18
Apr 314 Jan
1918 Jan 234 Oct
4634 Sept 6312 Jan
108 Mar 113 Dee
3714 Mar 547e Jan
90 Mar 10213 Jap
102 May 110 Dec
4434 Jan 60 Mar
29
Oct 6838 Jan
3314 Oct 504 Jan
97 Mar 12833 May
11518 Oct 120 June
54 Mar 64 Nov
Jan 9738 Dee
94
8
Oct 1713 Jan
74 Oct 28
Jan
54 Nov 93 Jan
24 Feb
14 Oct
9278 Mar 1674 Dee
105 Mar 11914 Nov
2311 May 3312 Jan
2213 Oct 3912 Jan
39 Mar 5538 Nov
5214 Oct 7178 Feb
26 Dec 3934 Jan
3714 May 5118 Sept
99 June 10573 Dee
28 June 42 Dee
10414 Jun 110 Dee
5312 Dec 5618 Deo
418 Ma
94 Jan
3434 Oct 5113 Jan
20 May 4118 Jan
Oct 3712 Jan
24
33 May
3 Jan
133 Mar 163 Sept
68 Mar 98 Dee
2913 June 4858 Jan
107 June 111 Mar
2433 Mar 3934 Sept
121 Mar 144 July
2612 Nov 44 Feb
97 Mar 10313 June
7713 Apr 124 Deo
1634 Mar 3414 July
Apr 93 Aug
86
9912 Jan 104 Nov
4 Dec
64 Feb
1734 Mar 71 Sept
74 May
1614 Jan
53 June 90 Sept
28 Mar 447a Nov
New York Stock Record-continued-Page 3
2720
For sales during the week of stocks usually inactive, see third page precis
41-.11 J..11.11
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 30.
Monday,
May 2.
Tuesday,
May 3.
Wednesday, Thursday,
May 5.
May 4.
Friday,
May 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
41-11.11, ass ells.
Range for Previous
Year 1926
Lowest
Highest
Shares Indus. & Miscall.(Con.) Par $ per share $ per share $ per share 3 per share
6614 Oct 17912 Feb
70 Jan 5
15.000 California Packing_ _ __No par 6014 Apr 1
2934 Oct 3818 Feb
25 21 12 Apr 28 3278 Jan 18
44.200 California Petroleum
258 Jan
112 Mar
24 Jan 17
14 Jan 3
10
1,300'Callahan Zinc-Lead
5513 Mar 7358 Aug
10 6112 Apr 13 70 Apr 21
900 Calumet A rillna Mining
1338 Mar 1812 Aug
25 1412 Jan 4 17 Apr 20
2,200 Calumet A H :Ma
324 Oct 49 Sept
4,200 Canada Dry Ginger Ale.No par 36 Jan 5 4613 Apr 5
624 Jan 176 Aug
100 132 Jan 27 182 May 3
10,000 Caw Thresh Machine
Jan 11812 Aug
96
100 111 Feb 28 117 Jan 12
Preferred
2812 Oct 33/
4 Aug
1
1.100 Central Alloy Steel____No par 24 Apr 1 31 Apr 14
7 Nov 2012 Jan
833 Jan 3 1034 Jan 7
100
1,000 Central Leather
4314 Apr 6834 Jan
100 54 Jan 14 72 Apr 2
300 Preferred
1014 Oct 3278 Jan
1012 Jan 26 1612 Mar 18
400 Century Ribbon Mills__No par
4 Dec 90
/
781
Jan
100 70 Jan 24 83 Apr 22
Preferred
Jan 734 Aug
5712
24
Feb
6312
28
Apr
59
par
copper_No
Pasco
11,500 Cerro de
3618 May 4913 Jan
51,600 Certain-Teed Products_No par 42 Jan 25 5214May 4
100 108 Feb 1 11034 Mar 7 100 May 10614 Nov
100 let preferred
812 Nov
28 Feb
818 Jan 6 14 Mar 22
10,800 ChandlerCleveland MotNo par
2054 Dec 4514 Feb
No par 2118 Jan 25 2614May 6
14,500 Preferred
Apr
9412
2
12814
Mar
13714
Dee
3
Jan
12012
-100
Chicago
ToolPneumatic
1.900
454 May 6638 Jan
No par 484 Mar 31 5958May 5
12,100 Childs Co
8
30 Mar 363 Jan
25 3432 Jan 3 3914 Mar 21
10,400 Chile Copper
18 Mar 26 Nov
5 2218 Jan 7 24 Apr 11
Chino Copper
2912 Oct 6334 Jan
5
May
51
5
Jan
344
2,000 Christie-Brown tem ctfs No par
2812 Mar 5478 Jan
No par 3818 Jan 28 46 Apr 11
85,400 Chrysler Corp
Jan
93 Mar 108
No par 10238 Apr 11 108 Apr 21
1,000 Preferred
60 Dec 6812 Jan
600 Cluett Peabody dr Co No par 5678 Mar 17 6634 Jan 21
100 11114 Jan 6 120 May 4 10314 Jan 116 Sept
430 Preferred
No par c9612 Apr 27 19912 Apr 22 128 Mar 1744 Dec
54.200 Coca Cola Co
3434 May 8912 Dec
No par 63 Jan 4 8614 Feb 28
20,900 Collins dr Alkman
98°4 May 13813 Dec
100 126 Jan 4 165 Mar 9
Preferred
2738 Mar 4938 Oct
5
:1118May
100 424 Jan 4
9118 8812 9034 225,900 Colorado Fuel & Iron
87
8618 89
7814 81
7858 8038 8034 87
5558 Jan 7034 Dec
6,400 Columbian Carbon v to No par 6678 Jan 3 8512 Mar 18
76
76
7512 7612 7312 7518 7212 76
7612 77
764 77
Nov 91 Dec
8552
16
Apr
8
967
11
Feb
824
par
new_No
Elea
&
9438 24,400 Colum Gas
9012 9012 9012 9112 9058 9134 9158 9232 9214 9278 92
9878 Nov 10158 Nov
100 9912 Jan 24 10558 Apr 14
1,900 Preferred now
105 10514
10412 10458 10412 10413 10458 10458 10434 10434 1044 105
Nov 4712 Jan
1612
21
Feb
20)8
1
Feb
8
145
par
Credit____No
Commercial
400
1612
*18
1612 1612 *1614 17
17
.16
*1612 17
17
17
2114 Nov 2614 Jan
25 19 May 6 23 Mar 10
10 Preferred
19
19
*2012 21
*2012 21
*2012 21
*2012 21
21
*19
20 Nov 2734 Jan
23 Jan 7
19
Feb
191s
25
B
Preferred
120
2012
*2014
2014
20
2018
no 2018 20 2012 2012 2012 *20
8512 Dec 9912 Feb
200 let preferred (635 %)__ 100 7412May 2 8518 Jan 12
75
*70
75
*70
85
*70
75
7412 7412 *70
.7412 75
Jan
5412 Dec 72
5634 Mar 14
41 18 4278 4234 4278 4312 4312 1,800 Comm Invest Trust_ _ _No par 4818May 4 9812
43
42
44
42
45
45
Jan
97 June 104
27
Jan
21
Apr
95
100
preferred
7%
200
*9512 97
*954 97
9512 9512 9558 9558 *9512 97
*954 97
Jan
100
May
89
14
Mar
95
2
8May
.100 887
600 Preferred (6¼)
90
*89
90
9018 *89
*89
90
*89
9012 8873 90
*90
Apr 14 11814 Jan 237 Nov
4
3573
3
B
Jan
Solvents
223
par
No
Commercial
12,100
34714
340
347
4
3363
338
335
324 32612 328 335
324 328
1212 May 2938 Sept
1714 Jan 26 2238May 4
2112 94,900 Congoleum-Nairn Ino__No par
4 2153 21
/
2014 2053 2014 2012 2038 2214 2112 2238 211
4012 May 57 Dee
No par 47 Mar 11 6178 Apr 18
6134 18,600 Congress Cigar
594 5912 6158 61
5912 59
5933 59
5834 594 59
1 Mar
38 Dec
14 Feb 1
58 Jan 5
No par
stpd_
Foil
Tin
Conley
900
8
3
8
3
12
12
12
13
4
*12
34
*12
78
*12
4514 Apr 8714 Dee
No par 7578 Apr 30 8512 Feb 17
7912 7912 5.000 Consolidated Cigar
7912 80
80
7612 7634 7814 78
76
754 76
July
1075s
Mar
91
22
Mar
2
99
Feb
100
10212
Preferred
*9812 101
*9813 101
*9812 101
*9812 101
612 Jan
.9812 101
.9812 101
113 Aug
212 Feb 4
114 Apr 4
600 Consolidated Distrib're No par
138
138 *114
138 *114
138
138
138
112
.133 112 *138
115
Mar
87
Aug
10
8
5
Jan
10912
9
Mar
94
par
Gas
No
(NY)
9834 9938 984 9953 9834 10014 41,800 Consolidated
9812 99
9714 9814 9758 98
414 Nov
11* May
34 Mar 14
678May 6
638 678 95,700 Consolidated Textile__.No par
614 634
512 558
578 612
512 538
558 534
5012 Oct 934 Aug
6
Jan
8
747
30
Apr
3313
par
ANo
cl
20,700
Baking
Continental
4
373
3714
4
383
3814 3712
3914 36
36
3312 3412 3334 35
758 Oct 1518 Sent
4 Jan 5
/
418May 2 101
No par
412 458 22,000 Class B
412 434
458 478
414 44
418 413
414 433
Oct 9612 Aug
87
100 72 Apr 1 9714 Jan 13
4,400 Preferred
8114 8112 8012 81
82
8278 80
81
7834 81
79
78
Mar 9212 Jan
70
3
Jan
7312
9
Apr
4
583
par
Inc__No
15,300
Can.
Continental
6514
6412
634 6438 6413 6434 6434 6534 z6314 6512
64
64
4 Apr 4 122 Mar 14434 Jan
/
25 135 Jan 27 1641
157 15878 158 1581, 158 16134 16112 16234 4.100 Continental Insurance
154 154 *153 154
978 May 1378 Dec
1133 Jan 28 1334 Jan 6
1214 14,200 Continental Motors_ _ _No par
12
1158 114 1112 1178 1158 1178 1158 1 178 1178 1214
3558 Mar 5158 Dee
6018 6078 5934 6038 32,400 Corn Products Reflning____25 4678 Jan 12 624 Apr 23
5912 5918 61
59
5812 594 5812 59
100 128 Jan 11 13034 Apr 14 12212 Jan 13014 Deo
100 Preferred
129 129 .129 13012 *129 13012 *129 13012
.129 131 *129 131
4412 Mar 62 Dec
No par 56 Jan 3 7514 Mar 29
7012 1,400 Coty. Inc
7078 7012 7058 70
70
70
6834 6834 70
*6912 70
64 Apr 8234 Dee
8612 5,500 Crucible Steel of America _100 77 Jan 4 9634 Mar 4
86
8578 8614 8614 87
8413 86
8413 8312 84
84
98 Mar 104 Des
100 103 Jan 18 109 Mar 17
Preferred
400
107
10612
108
108
108
*107
108 108
•107 10812 *107 108
2814 0 t 534 June
No par 2814 Feb 2 344 Jan 8
3118 3212 17,700 Cuba Co_
3114 3112 3134 324 3238 3334 3258 3358 3212 33
1112 Jan
858May
1034 Jan 5
8 Apr 11
No par
94 94 1,400 Cuba Cane Sugar
938
938 .39
9
9
9
854 9
*834 9
35's June 5033 Dee
Apr 5 5034 Jan 4
394
100
Preferred
3,300
4312
43
8
427
4212
8
427
4234 4214 4258 4212
*4112 424 42
3 Jan
303
Aug
204
3
Jan
2812
6
Apr
224
10
Sugar1,400
Cuban-Amer1can
*2414 2412 *2414 2412 244 2414 2412 2412 2434 25
24
24
974 Jan 105 Nov
100 102 Jan 31 10438 Apr 21
Preferred
*104 10712 *104 10712 *104 10712 *104 10712 *104 10713 *104 10712
Juno
2014
Sept
1512
1,800 Cuban Dom'canSug newNopar 134 Apr 29 18 Jan 21
16
15
15
1512 15
*15
1514 1514 *1514 16
1412 15
5118 Nov 55 Dec
Si) 4312 Apr 8 5278 Feb 23
4578 4578 1,100 Cudahy Packing new
4578 46
46
*444 4514 4512 4512 *4514 4558 46
Dee
108
Mar
774
17
Jan
112
4
Apr
103
par
No
Sons
500 Cushman'*
109 109
109 10978 *10812 110
110 110
Jan
*103 109 *103 110
32 Nov 51
No par 30 Apr 28 3458 A pr 11
3,700 Cuyamel Fruit
33
3112 3134 314 3118 *32
Feb
*3014 3034 3012 3112 *3114 32
4
463
Oct
2318
1
Mar
3212
28
e_No
Apr
2614
par
t
v
Chemical
Davison
3,300
8
274 2634 2712 2718 273
2714 27
Dee
2612 2758 27
27
14112
Mar
27
12312
5
Slay
145
21
Jan
100 13312
144 14412 2,500 Detroit Edison
143 145
14214 14214 142 143
Oct 10418 Feb
141 141 *141 143
31
25 4238 Feb 2
3912 3978 3934 3934 1,000 Devoe At Raynolds A__No par 3738 Jan
3912 3912 *3814 39
39
39
2114 May 4714 Jan
3814 39
1768 Apr 22 2712 Jan 5
33,900 Dodge Bros Class A___No par
1918 1934 1918 1934 1938 1934 1914 1912 10,403 Preferred certlf
1878 1014
7912 Slay 90 July
1812 19
No par 70 Apr 28 85 Feb 14
7214
7114
72
7112
72
7218 7112
7118 71
8 Oct 20 Mar
703.4 7114 71
74 Apr 20 1114 Jan 4
No par
838 812 1.400 Dome Mines. Ltd
814 812 *84 812
812 812 *838 84
19 Mar 46 Nov
834 84
413 Jan 3 6378May 6
No par
6378 4,000 Douglas Pectin
6118 8234 624 6312 62
6018 61
60
60
60
60
11414 Mar 2 11612May 4 11112 Mar 11634 Aug
pref___100
1st
Light
Duquesne
400
11614
11614
117
*116
•116 11612 *116 11612 *11618 11612 11614 11612
Apr 4 10658 Mar 1364 Dee
143 14678 5,200 Eastman Kodak Co_ N0 par 12814 Jan 28 14712
14118 14114 142 14314 14312 14312 14258 143
23 Oct 3234 Feb
142 142
2S
2734 18,800 Eaton Axle & Spring_ _ _No par 2418 Mar 21 2813 Mar 22
2578 2734 27
2514 2514 2558 2553 26
2513 25
25
15434 Nov 18112 Dec
Apr
2534
25
Jan
168
pa
new_No
Nem
de
Pont
du
I
E
48,130
4
2453
24112
4 24534 24434 24478 243 247
/
4 Apr 1104 flea
238 24234 238 24184 2411
1003
3
May
112
5
Feb
10512
100
deb
905 6% non-vol
11112 112
112 112
112 112
11118 112
•11058 112 *111 112
1034 Oct 204 Feb
25 1178 Jan 3 1612 Feb 15
1378 1,500 Eisenlohr dr Bros
4 Mar 82 Feb
1334 1334 1312 134 1318 1318 *1314 1312 1314 1312 1358 82
613
5
May
82
13
Jan
par
6312
No
Autollte
Electrlo
21,400
8034
8014 7914 794 7934 8114 804 82
78
78
4 Mar 16 Dee
78
1312 Mar 2 2033 Apr 20
No par
24,800 Electric Boat
1712 19
1714 1734 1718 1812 1712 1814 1778 1814 1712 18
1514 Oct3412 Feb
Jan 27 2138May 5
1812
par
No
Lt
&
Pow
Electric
82,400
2114
4
203
2
213
s
197
1878 1953 1914 1934 1912 204
1834 19
9912 Mar 115 Feb
500 Allot ells for prof 40% pd.. 10378 Jan 28 11218 Apr 21
10912 109)2 10912 10912 *10912 11058 *10912 11012 11014 11014 110 110 ...... Allot ctfs for pref full pd___ 10812 Apr 8 11134 Apr 18 10212 Oct11012 Feb
____ •10812 ____ *109
____
____ *109 ____
*110
8912 Mar 984 Sept
20
Apr
No par 96 Jan 14 103
4 1,950 Preferred
/
10013 1011
10111 10158 100 10112 101 101
3338 Dec 7812June
102 102 .101 102
3738 Jan 3
2612 2718 17,800 Electric Refrigeration No par 2212 Apr 12 7913
2512 2538 2578 2618 2612 254 27
25
2453 25
711,8 Mar 9418 Aug
6
Jan
3
24,500 Elsa Storage Battery _No par 6314May
6678 6538 6878 6812 71
654 6538 6414 6578 6314 6578 66
64 Dec
4 Dec
1
8/
4 13 Apr 14
Jan
74
.Nopar
A
Emerson-Brant
Class
11
*8
11
*8
11
*8
11
.8
12
*8
11
*8
Mar 7258 Feb
6512
25
Feb
69
28
Jan
4
3
64
50
CorpEndlcott-Johnson
6614 2.100
6578 6614 6614 664 6611 6618 66
66
Jan 120 Sept
66
66
66
100 11638 Jan 5 12112131ar 28 114
Preferred
100
4
1213
4
*1183
4
1213
4
*1183
4
1213
4
*1183
121
121
121
iota Oct 2412 July
•11834 121 *119
2,800 Engineers Public Serv__No par 2134 Jan 11 2512 Mar 30
2418 2414 2414 2438 2438 244 2438 25
*2414 2434 24 24
9214 Nov 964 Aug
No par 9334 Jan 8 101 May 6
800 Preferred
1034 104
2112 Oct 2552 Nov
.10212 10334 *10212 10312 10212 10212 10258 10318 *____ 104
5 2434 Jan 3 3114 Mar 25
Shovel
Steam
Erie
13,800
8
293
8
285
8
297
2858
2834 2814 2812 284 2978
28
28
Oct 102 Nov
28
100 10112 Jan 6 10712 Jan 17 100
300 Preferred
106 106 *10512 108
106 106
9978 June 13214 July
*104 10612 .105 10612 106 106
100 Equitable Office Bldg pfd_100 1181 1 Feb 5 14238 Apr 14
*13814 140
43 May 684 Dec
*13712 13934 13712 13710 *13712 140 *13712 140 *138 140
7212 Apr 10
Jan25
8
607
par
Clean_No
7,700
Vacuum
Eureka
6918
6818
6914
6958 69
1434 July
17 Apr
1934 Apr 21
6914 6912 6938 6938 6014 7038 69
1513 Jan 25
Exchange Buffet Corp_No par
•194 1934 .1834 1932 •1834 1938 *1834 1933 *1834 1938 *1834 1938 2,300 Fairbanks Morse
3758 Dec 594 Feb
N. par 3714May 2 4278 Jan 22
3734 3734 374 3712
Feb
2
115
Mar
Nov
3712 3852 3714 3738 3778 377s 3712 38
10612
112
7
Feb
1074
100
Preferred
112
112 *11012
*11012 112 *11012 112 *11012 112 .11012 112 *11012
par 10512 Mar 30 11431 Feb 24 10312 Jan 12715 June
108 11134 10912 11158 10878 10934 40,700 Famous Players-1.asky_No 100 116 Apr 25 12438 Jan 12 115 Mar 12412 Dec
10714 10833 1074 10814 107,2 108
Preferred
1,200
11812
(8%)
*11712
11712
11712
11612 11612 *11614 117 *1174 118
28 Mar 4713 Deo
•11612 117
16 374 Jan 17 47 Slay 3
58,100 Federal Light & Trae
4412 46
4514 4612 454 47
4578 47
4314 4414 4334 46
86 June 94 Dec
No par 9112 Feb 23 9012 Mar 31
160 Preferred
974 9712 9712
9712 9712 *97
*9712 99
99
99
99
120 Mar 12
41 May 11134 Jan
9
99
Feb
60
Smeit'6_100
&
Mining
Federal
120
*107
120
61 Mar 105 Jan
•107 115 *107 120 *107 115 *107 120 *107
100 7513 Jan 28 97 Mar 12
9334 *9214 9312 1,000 Preferred
9312 93
9212 924 *93
90
88
94
23 Oct 3438 Aug
*90
23 Apr 18 304 Jan 10
par
_.Vo
Truck_
Motor
Federal
2,700,
4
243
2412
2414
2414
2412
4
233
24,8 *2334 24
244 2413 24
4,800,Fidel Phen Fire Ins of NY. 25 9312 Feb 23 193 Jan 8 180 Apr 20014 Jan
10634 10812 109 11034 111 11234 11234 114
10534 10534 *10512 107
103
13
Jan
Mar
96
4
May 107 Feb
9712
pref_100
200 First Nat'l Plc. 1st
10118 10118 *10118 10158 10112 10112 *10112 10234 *10112 10234
28 Nov 4938 Feb
•10118 102
No par 20 May 2 30 Feb 7
2218 5,600 First Nat'l Storni
22
2238 2118 2214 2112 214 2178 22
24
264 Jan
2278 20
20
Jan
20
Apr
Slay
4
141
16
22
par
No
Rubber
Fisk
11,000
8
177
8
175
174 1818 1758 18
1758 18
1712 1818
1724 18
7678 Apr 8414 Mar
400 1st preferred stamped_100 81 Jan 5 8914 Apr 5
8712 *8812 8712 8612 87
*87
88
*87
87
87
87
94 June 107 Mar
97 Jan 24 101 Apr 21
100
*86
cony
preferred
1st
*98
2
,
99
4
993
*98
100
*98
100
5578 Apr16
3214 Mar ow: Feb
*98 10018 *98 10018 *98
5518 5458 5514 67.600 Fleischman Co new____No par 464 Feb 1
4 5412 544 5533 54
1
53/
734 Dec 17034 Jan
No par 7214May 6 88,8 Apr 1
5378 5414 5318 534 81
813.1 7478 794 724 7414 20,800 Foundation Co
80
81
81
80
7413
25
Apr
79
Mar 85 Jan
6
5418
Jan
5518
par
79
No
Film
Fox
A
36,800
Class
60
5812
59
.5512 5634 5612 5758 564 5734 5712
194 Jan 38 Dec
NO par 3414 Jan 4 7434 Apr 9
5534 57
59.400 Freeport Texas Co_
oh 6424 6312 6558 6358 6434 641s 6532 6438 6738 8614 6758
2558 Nov 42 Feb
No par 2918 Jan 3 4112May 5
A
Snubber
Gabriel
59,600
414
4018
414
40
3934
3
383
4
383
3714
3612 3678 3612 37
94 Jan
538 Nov
61 Jan 27 1138 Apr 22
No par
11,400 Gardner Motor
1058 1058 1012 1138 1034 1114 1038 11
4 1058 11
/
39 Mar 554 Jan
104 111
4812 3,003 Gen Amer Tank Car_ No par 46 Jae 3 5058 Feb 25
4778 4734 474 4712 4818 48
109 Dec
1 10912 Apr 30
Mar
June
8
9912
1063
464 4713 474 474 4712 110
100
500
10914
Preferred
10914
10912
*10914
*109 110
50 Mar 9414 Aug
10834 10919 .10912 110 *109
100 7212 Apr 28 9684 Mar 2
7638 29,500 General Asphalt
774 75
75
7534 7414 76
944 Mar 14018 Aug
751; 7318 7514 74
100 113 Apr 28 14478 Mar 2
73
300 Preferred
*113 11614 11614 11614 11634 11634 *117 12212
5912 Feb
26
Jan
52
2
897
48 Ala
24
Feb
par
.11034 11614 *114 11614 58
new_No
2,200
574
General
Ina
Cigar,
5714
5712 58
58
58
58
4.5712 5778 5778 58
Jan 118 Dee
IGO 116 Jan 5 134 Feb 24 109
Preferred (7)
*12014 121 *12014 121 *12014 121 *12014 121
*12014 121 *12014 121 .11718 120 *1174 120 *11718 120 .11718 120
Debenture preferred (7)A00 116 Jan 11 11818 Apr 26 10914 Apr 11812 Feb
51 Mar 5638 Aug
554 1,300 Gen Outdoor Adv A_ __No par 5458 Apr 11 5812 Feb 9
•11718 120 *11718 124
5534 5534 5518 5512 *54
56
56
5512 5512 554 56
2658 Mar 394 Dec
Jan 18 464 Mar 2
414 4238 4218 4234 4212 4234 15,300 Trust certlfleates__No par 37 Jan 27 10014May
43
42
43
79 June 9512 Aug
5
81
par
117,600
100
4
/
981
New__No
General
10014
Electric
404 4178 41
1184 Dec
9738 97,2 9812 974 1112 his 1112 3,600 General Electric ipeclal____10 1114 Jan 3 114 Jan 5
Jan
11
0638 96
95
9578 97
1138
Jac
34 Mar 59
114 1158 1138 1112 11331 1112
34 Apr 1 4712 Feb 2
par
A__No
1112 1112 so
Elea
3,800
&
8
Gas
403
General
40
4014
40
8
3912 395
354 40
An
stock.
In
100%
Ex-dividend
c
-rights.
Ex
a
Ex-dividend.
z
day.
this
*Bid and asked prices; no sales on
$ per share $ per share $ per share $ per share $ per share $ per share
684 6534 68,2
6313 64
664 67
65
64
.64
6338 64
2512 264 2558 2614
2312 2378 2418 2434 244 244 2512 26
134
14
158
158
158
134
158
134
158
153
158
158
6834 6758 6734 674 67% *67
68
68
68
68
67
67
16
4
153
1614
16
16
1534 1578 16
1614 1614 1534 16
4412 444 4412 4414 4412
4434 4434 444 4478 43
45
45
176 1794
180 18178 17978 181
17614 17834 17614 18014 17918 182
.110 11312 *110 11313 *110 11312 *110 11312 *110 11312 *110 11312
27
2712 *2612 2738 2612 2634
27
27
27
27
*2634 27
978 1038 *1014 1012 1012 1012 1014 1014 1014 1012
10
10
7012 7012 7 12
7012 7034 *70
7034 *6934 7012 *69
71
*68
*1312 15
15
1478 1478 1413 1412 1412 1412 15
15
*14
82
*80
82
*80
82
*80
82
*80
*80
82
84
*80
6012 6038 6034 604 6134 6114 6214 6114 6134 6112 6178
60
5214 5034 5112 5058 5114
4814 4732 494 484 5158 51
47
10812 10812 10678 ____
.10712 110 *10712 110 *10712 110 *10758 110
134
1314 1212 1278 12
1118 1118 1138 1178 12
11
11
2414 2614
2412 25
4 26
/
241
2234 24
224 23
23
23
133 13312
13112 13112 13112 13112 13134 13134 13134 13212 132 133
5838 57
5734 5734 5834 584 5958 5812 59
5734 5878 58
4 3633 3638 3658
/
3658 3678 3618 3612 361
3678 37
37
37
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
.2214 26
50
50
51
4778 46
4614 474 4878 49
4734 *46
*46
4358 4418
444
4378
4378
4234 4418 4258 4312 '4318 4334 434
10712 10758 1074 1074
107 107
10712 10712 107 107 .10612 107
5812 5834 5934 5934
58
58
.5712 5812 *5712 5812 *5713 58
11814 11814 *118 119
11638 117
11712 11712 11812 120
117 117
4 1044 1064 1074 10614 10713
/
103 10434 1031
99
9912 99 104
8118 8058 8138
7934 7938 804 80
7712 7934 79
77
77
New York Stock Record-Continued-Page 4
1,
02 sales during the week of stocks usuall
y Inactive, sea fourth pegs oreoo
ding
27'21
111011 AND LOW SALE PRICES-PER SIIAR
_
PER SHARE
E, NOT PER CENT.
Sales
PER SII.414E
STOCKS
Range Since Jan. I 1927
for
Range for Previous
NEW YORK STOCK
Monday,
Tuesday,
Wednesday, Thursday,
On
basis
of
100
-share
Friday
lots
,
the
Year 1926
EXCHANGE
May 2.
May 3.
May 4.
May 5.
May 6.
Week.
Lowest
Highest
Lowest
per share S per share $ per share $ per share $ per share
HOAsa
$ per share Shares Indus. & Miscall. (Con.) Par
•10212 105
1038 10378 .10212 105 *10212 105
Per share $ per share $ per
*9912,104.
1
100 Gen Gas & Elec pf A (7)No par 100
share Per share
•114 11412 11412 11412 11458 11458 *114 1143 *10212 105
Jan
3
4
*1143
107,2
115
4
Jan
*115
24
411712
95 May 100 Dec
700 Preferred A (8)
101 101
*9912 10112 "101 10112 102 102 *10112 ____
Vs par 11314 Mar 22 11534
*1001 -Jan 28 10512 Apr 113 Sept
200 Preferred B (7)
18918 192/
1
4 18838 19212 19234 19614 195/
No par
1
4 193
19514 198
195/
1
4 19712 657,400 General Motors Corp_ No par 96 Jan 13 102 May 4
9214 Apr 96
12012 1205* 12012 120/
1
4 12014 12034 12014 1201
Jan
14512
Jan
/
4
25
12012
198
120
/
1
4
May
120/
4 11314 Mar 22534 Aug
1
4 12012 5,100 7% preferred
'104 ____ *104 ___ 105 105
100 11812 Mar 9 122 Jan 7
10518 10518 *104
____ *104
200 6% preferred
108% 10912 107/
1
4 108/
1
4 10934 1108 Ill 112
100 104 Mar 7 10518May 4 11312 Jan 12214 Dee
110
/
1
4
1124
110
11114
98,4 Apr 105 June
9,90010en Ry Signal new _ _ _ No par 8218 Jan
.45
49
*45
49
*47
49
*47
49
*47
14 12014 Apr 6
49
48
48
6012 Mar 93% Aug
100iGeneral Refractories ___No par 38
.44
45
4418 448 45
4678 4458 46
Jan 14 52 Apr 6
45
4618 4512 46
4,100101m bet Bros
38 Slay 49
10578 105% '102 108 "102 106 *102 106
Jan
No par 3712 Mar 24 4934 Apr 11
103.1
03
*102
105
4114 Nov 78% Jan
700 Preferred
*1858 1878 19
1914
1914 1938 19/
100 9918 Mar 18 1057 Apr 30
1
4 2018 197 2014 20
14 6,800,0114den Co
20
100
'50
Nov 1111
5014 5012 5214 52/
/
4 Jan
No par
1
4 54
1812 Jan 26 22 Mar 10
5318 5312 527 538 52/
1
4
5314
16,100
153
8
10014 Dust Corp
55/
55
June 2534 Jan
1
4 54/
1
4 5834 56
oNo par 42 Mar 9 54 Apr
5612 557 56/
1
4 55/
1
4 561
/
4 5514 5614 7,9001Goodrich Co (B v t
21
4112 Mar 56% Feb
.9934 100
*99/
1
4 100
100 100
F)
*9934 100
No Par 4234 Jan 3 5834 Mar 3
100 100 *100 10112
3912 Nov 70/
3001 Preferred
109 11038 108 10914 109 10914 109 110
1
4 Feb
100 95 Jan 3 100,2 Mar 14
1097
1103
3
10912
110
9412
•109 11018 *109 11012 108/
Dec 100 Feb
1
4 10858 '108/
1
4 110 *109 110 *10918 10912 10,200 Goodyear T & Rub pf v t a-100 9818 Jan 27 1111
/
4 Apr 4
9612 Dec 109% Aug
100 Prior prererrea
6414 6414 63
634 63
6418 63/
100 105 Jan 7 I0934 Apr 22
1
4 64/
1
4 6412 6434 6412 6478 3,800
6338 63/
10414
1
4 *63
Dec
Gotha
m Silk Hosiery_No par 5732 Jan 12 6778
6412 62/
109 Sept
1
4 6434 6312
Mar 25
3314 Mar 6912 Nov
'107 10712 *10614 10712 '10614 10712 *10612 6412 638 648 6412 641
/
4 3,3001 New
No par 58 Jan 12 67/
10712 *10614 10712 10612 10612
1
4 Feb 24
4712 July 68% Nov
100 Preferred new
100 104 Jar 28 10912 Apr 9
818 818
8
8
*712 8
8
8
812 812
834 83
1 0:0 Gould coupler A
3814 3834 3814 38/
1
4 38
38/
1
4 38
No par
8 Mar 18
38/
1
4
958 Jan 13
8
Oct 2112 Jan
112 11212 1111
/
4 11334 11214 11212 11318 11334 3712 3814 3718 378 13,800 Granby Cons M Sm & Pr_100 3118 Jan 27 40
112% 11314 11312 11534 8,630 Great Wester
Apr 25
1613 Mar 3073 Dec
118 118
11714 11714 11714 118
n Sugar tem ctf25 109 Jan 26 11914 Feb
118 118
118 118
28
118 118
89
430
Apr 11312 Dec
Prefer
*42
44
4214 4334 4334 44
red
43
100
11612
Feb
4338 431
28
1217
/
4
8
Jan
4312
17
4312 45,2 8,230 Greene Canaries Coppe
10812 Mar 11814 July
*9
912
914 914
914 914
r _ 100 2914 Jan 27 45/
912 912
9/
1
4 Apr 19
1
4 9/
95, 9/
1
4
1
4 2,100 Guantanamo Sugar_
934 Apr 34/
527 527
5314 534 5314 5312 5334 5412 *54
1
4 Dec
No Par
8 Jan 25 10 Jan 4
54/
1
4 5314 5414 2,100 Gulf States Steel
518 Jan
'56' 58
107g Feb
56,4 5614 *5614 57
5814 5614 •5614 58
100
52
Apr
28
64
Feb
28
58
511
58
/
4 Oct 93/
120
Hanna
•25
27 '25 '27
1s1
*25
1
4
pref
class
Jan
27
A
.25
___
_100
26
58 Jan 31 67 Jan 19
*2514 27
*2512 27
45 June 6012 Dec
Hartman Corp ela..s A -Vo Pa
27/
1
4 2738 278 27% 27/
1
4 28
2814 2812 *2712 28
25 Jan 22 2714 Mar 29
2718 273
28
1,900 Class B
Oct 2812 Nov
2612 27/
1
4 26/
1
4 26/
1
4 2612 27
No
2712 2712 2612 2714 26
par
2312
Feb
9 2938 Apr 18
2614 5,400 Hayes Wheel
24/
1
4 Dee 30 Sept
92
971 '90
92 '92
95
*94
No pa
9712 *94
1512 Feb 15 2812 Mar 31
971 *94
9712
1718 Dec 46
100 Helme(0 W)
.2512 28
2612 261
26
Jan
26
25 7612 Jan 14 10178 Nfar 17
27
*2512 28
*2512 28
68 Nlar 88 Deo
200 Hoe(R) & Co
.60
6112 *60
611 *60
61
No
*60
pa
61
22
'60
Jan 31 3334 Feb 14
61
*60
61
17't Slay 3512 Aug
Ilornestake Mining
4812 4812 48/
1
4 483 "4812 4878 *4812 49
10
60
48/
Jan
1
4
25
487
6318
49
Jan
15
49
4712
Jan
1,900
Househ Prod,Inc.tem ctfNo par 434
63
11514 11978 116 1185, 117 119 *11812 11914 12118
Oct
Jan 3 5014 Mar 17
124
40 Mar 4838 Jan
377 334 38
38'2 388 3912 388 3914 3914 391 11934 12314 82,900 Houston 01101 Tex tern ctfe100 8018 Jan 11 I243*
Mar 8
3812 3834 4,900 Howe Sound
5014 Star 71
72/
Jan
1
4 7314 7212 74
737 7514 7518 767
No
7
pa
37
7814 77
Feb
764
14
417
8
Apr
18
784
27
199,303 Hudson Motor Car
Jan 45 Sept
20
20
1978 201 • 19/
1
4 20
20
2014
4814 Jan 24 7834May 6
1978 20
197 2018 7,700 Hupp Motor Car ___ _No pa
4034 Oct 12314 Jan
1858 18% 188 191
1918 1934 1912 19/
1
4 191
19 Apr 22 2358 Jan 10
/
4 207
2034 2118 10,400 Independent Oil & Corp___ _1
17 Mar 28/
•1618 1612 1612 181
1
4 Jan
1612 17
Gae_No pa
17
17
18
1612
Apr
28
161
7
32
*1612
/
1
4
Feb 1
8
16
19/
1
4 Nlar 34 Jan
8
800 Indian Motocycle
.8
9
*8
9
NO Pa
813 R13
13 Mar 30 1838 Apr 13
818 81
812 812
712 71
1412 Dec 2414 Feb
703 Indian Refining
/
4
738 7/
1
4
8
8
8
1
8
7/
7/
1
4 Jan 29 111
1
4 8
/
4 Mar 14
734 78 9,022 Certificates
7/
1
4 Oct 13,4 Feb
1
738May
*93
9334 *92,2 94
1012Mar 14
*0212 931 *9212 9312 L*9212 93
712 Oct 1212 Feb
9312 9618
1,400 Ingersoll Rand new__ __No par
423 4312 43
43
43
4314 43
4314
92 Jan 10 9812 Apr 2
434 431
4212 43
804
3,500 Inland Steel
Mar 104
•113 11312 "11318 11312 *113 11315 11312 11312 "11312
Jan
No
par 41 Feb 15 47
115 *11312 115
Apr 18
100 Preferred
34'2 Slay 4354 Dee
1814 1814
18
1812 18
iSis
100 111 Jan 3 111 Mar
18
18
1814 1812 1812 1812 3,100 Inspiration
16 10834 Mar 115 Feb
1334 14
137 14
Cons
13/
1
4 137
CoPPer
14
-__20
14
18
Slay 2 2512 Jan 12
*1378 14
1378 137
*6
3,100 Intercont'l Rubber___No par
712
20/
1
4 Mar 2858 Nov
618 618
7
7
7
1112 Jan 3 1534 Nlar 12
7
7
7
"6
7
*334 34
700 Internet Agricul
34
12 Dec 2134 Feb
3418 *3414 3534 34
No par
34
61s Apr 23 1078 Feb 23
*34
3412 *34
35
400 Prior preferred
9%
7512 7512 75
Dec 2614 Jan
76
753 767s 7634 7778 7758 79
100
33 Mar 20 65 Feb 14
7878 7914 13,800 lot Business Machi
56/
52/
1
4 Dec 95
1
4 53
5214 524 52/
Jan
1
4 53
nes_No par 5318 Jan 13 794Ma
53
5312 5234 5318 52/
1
4 5314
y 6
1,100 International Cement _No par 454
10834 10834 *10854 11012 *10834 10912 *10834 10912
3818 Mar 5678 Dec
*1083
Jan
21 547k A pr
4 10912 10834 l09's
4438 Oct 7178 Jan
495 5212 4912 51
400 Preferred
50/
1
4 5238 5212 5414 511
100 10214 Jan 21 10912May 22
/
4 5414 50
5318 133,500 Inter Comb Eng Corp
6
160 16018 15814 1597 160 16414 163/
101%
Oct 108
Jan
No par 4318 Jan 28 64 Mar
1
4 165
16312 16412 163 164
1
*129 130 *12914 130 '1294 130
15,800 International Harvester
3312 Mar 6412 Jan
1297 129% 130 130
100 13538 Jan 18 185 May 4
130 130
*63
300 Preferred
1124 Star 15818 Dec
714 *7
75, *7
714 *7
100 126/
75,
1
4
Jan
12
718
130
Slay
74
8
5
78
8
15,500 lot Mercantile Marine___ _100
39
118
401: 3958 4112 4114 42
Jan 129 Dec
41
43/
1
4 4212 44/
1
4 45
8/
1
4 Fen 7
4734 122,300 Preferred
6818 66% 66
6 Sep
117
1238 Feb
67
6812 6838 7034 6914 7012 69/
64 Jan
109 371
4734May 6
1
4 7034 13,500 International Match pref__
27 Ma
55/
1
4 5612 555s 5612 56
4838 Feb
5814 5734 5918 57/
62
35
Mar
2
1
4
7414
58
/
1
4
57
Apr
/
1
4 58/
16
*104
1
4 118,800 International Nickel (The).25 3814
5312 Ma
____ *104
____ *104
663
8 Feb
____ "104 ____ •104
Jan
3 60/
____104
1
4 A pr 25
32/
1
4 Ma
52
5212 25112 5232 47
49,2 50
Preferred
4814 Jan
5112 46/
1
4 49/
1
4 4834 5014
68,100 International Paper___,Av' 10 10358 Mar 2 10614 Feb 2 101 18 Jan 10412 Dee
"98
984 *97
98
9712 9712 97
ppa.
463
8Nlay
98
4
6078
Mar 7
978 978 9738 9778 2,200 Preferred
"175 185
44,8 Apr 63/
173 173 "173 185 *175 185 *176
1
4 Aug
(7%)
100 981 Jan
185 '176 185
89 May
13334 13458 13312 134,2 134 13658
100 international Shoe__ _No pa 160 2 Jan 3 10014 Mar 15
133,2 136% 135 136
21 180 Apr 20 135 May 100 Dec
135 1351
/
4 11,600 Internet Telep & Teleg
.2234 4 '23
175
24
Jan
24
100
2458 2314 24
12214
Jan
25
.2312 2412 *2312 2412 1,400 Intert
1385, Apr 20 Ill Ma 133
ype Coro
Jan
1912 Jan 31 2918 Apr 2
2 No par
6112 6112 6212 6334 63
1812 Jul
66
64
6534 643 6538 65
29
Jan
'120 122 *120 122 "120 122
,
5,800!
657
Jewel
Tea,
Inc
No pa
5312 Jan 3 66 May 3
*120 122 '120 122 *120 122
25
Jan 5612 Dee
2213 2214 21
I Preferred
2214 2171 2334 2312 2438 2414 245
10
117 Mar
8 2318 24
1
4 Jan 12712 Nov
•18
12,900 Jones Bros Tea, Incidstpd _ _100 1058 Jan 18 12512 Mar 15 115/
1818 1738 18
17/
1
4 171
1712 1734
3 2714 Apr 6
1734 18% 1812 18/
9 Dec
1912 Feb
1
4 2,200 Jordan Motor Car
No par
Mar
15':
3
2212
Jan
5
12 Nov 66 Feb
•11312 11434 *HI 11412'111 11412
Kansas Gulf
10
Jan 11
*113 11412 ..113 11412 11438 11438
14 Jan 11
4 Mar
4912 5012 4914 4978 4912 5012
100 Kan City P&L let pf A.No pa 11214 Feb 10
/
1
4 Jan
115
5012
Apr
513
4
2i
5012
51
10714
5012
Mar
5114 7,100 Kayser (J) Co v t e___ _No par 49 Apr
22
115 Nov
2278 22
244 2314 24
2312 2438
29 574 Jan 31
334 May 511
.71
39,000 Kelly-Springfield Tire
/
4
73
Dee
7012 7012 7012 7012 7012 7012 2212 2414 2214 23
912
25
Jan 27 2858 Apr 21
6614 6614 67
9 Oct 2112 Feb
70
*6618 70/
600 . 8% preferred
1
4 *66
71
70
100 35 Feb 2 7538 Apr 21
70
*70
71
'66
4312 Oct 74/
72
"66
71
834 8314 .83
100 8% preferred
1
4
Feb
86
*83
100
44
86
*83
Jan
19
88
76 Apr 21
81
83
45 Dec 734 Feb
81
6338 63% 8318 83% 6312 644
8112 1,000 Kelsey Wheel, Ino
100 65 Mar 25 91) Niar 31
6412 65
84/
1
4 65
76/
1
4 Nov 126 Feb
6458 641
/
4 25,500 Kennecott Copper
•12
/
1
4
*1
No
/
4
/
1
4
par
60
/
1
4
Feb
/
1
4
9
.
I.
12
661
/
4
/
1
4
Apr
22
12
1
4 Mar 6414 Nov
49/
*12
31
31
58
200 Keystone Tire & Rubb_No par
32
32
*29
33/
1
4 *29
Jan
3312 '29
Star 11
331
/
4 .29
3312
*58
1r May
58
218 Jan
200 Kinney Co
*56
53 .56
*6614 6612 *5814 5612
58
No par 21112
4 FIe)13
1
45
1 J an 5
39 Nov 8218 Jan
5612 561,
5158 5212 511
300 Kraft Cheese
/
4 524 5238 53
25
52
50
/
1
4
Feb
53
10
523
4
628 Feb 25
53
511
/
4 5258 12,600 Kresge (S 5) Co new
"11212 11312 *11212 11312 11218 11312
5658 Dec 68 Nov
7
11312 11312 *11278 113
10 45 Jan '28 55 Jan 7
113 113,4
'14
42/
1
4
1512 '14
40 Preferred
147
Jan
1412 1412 '14
100 11018 Feb 9 11312 Niar 11 11212 Mar 82
16
*14
16
*14
16
*80
Nov 114/
70
"46
100 Kresge Dept Stores_ _No par
70
1
4 Feb
*50
70
.46
14 Apr 14 1712 Feb 8
70 '46
70
*46
•198 199 .198 200
70
1518
Mar 33/
1
4 Jan
Prefer
19712 197,2 199 216
red
100 60 Apr 27 80 Jan 4
214 219
21812 219
2558 2614 2538 2614 2558 26/
7014
Niar
5,300 Laclede
9314 Feb
L (St Louls) 100 17334 Jan 27 219 Slay 5
1
4 26
2838 2838 277
265
, 2754 10,700,Lago OilGas
70% 707
146 Mar 1964 Dec
70
7078 70
& Transport_No par 2012 Jan 13 3212
70
7018 715s 717 718 *701
Apr 9
818 818
2 7034 2,390 Lambert Co
1918 May 2412June
818 85* "318 812
No par 66 Jan 28 7434 Mar 18
814 834
878 878
8,4 838 1,300 Lee Rubbe
3912May 72 Nov
r & TIre
11‘33103 3312 3312 3312 335 3618
No par
7 Jan 4
938 Mar 14
35
35121 3352 35
914 Dec
14 Jan
3334 3412 7,200 Lehn & Fink
22
2212 23
24
2334 2334 2334 233
No pa
321
/
4 Apr 27 37/
,1 2378 2373 *23
1
4 Jan 19
1
•100 10212 .100 10212 .100 101
30
23
/
1
4 Ma
2
2,900
Life
4118 Jan
Savers
101
No pa
2114 Apr 16 2478 Feb 17
1
4 10234 10258 1025g
1001g 10018 1001s 19018 100 10078 10013 101 '100/
174
May 25 Dec
1,100 Liggett & Myers Tobacco2 *8712 Feb
8 10018 10034 101 10178
10 10278 Jan 4
•12814 130 .12614 130 *126 130 *126 1007
7218 Ma 103 Dec
4,200 Series 11
130 '126 130 "126 130
25 .
2/
1
4 Feb
6
86
ja 10
6 102:
76
7012 7112 7114 721. 7112 7234 7114
71 Ma
Preferred
7234 Dec
7212
100
124
70
/
1
4
3
4
Jan
727
27
8
70
1293
3
Apr
4
4
5
5014 5014 50
72,4 7,900 Lima Loo Wks
119/
5014 5012 51
1
4 Jan 129/
1
4 May
5012 51
No pa
494 50
6612 56
/
4 49/
apnr 2
18
6
5518 58
5312 Ma
1
4 8,200 Liquid Carbonic certifs_No pa
5514 5558 5514 5712 5714 5812 481
89% Jan
4818Mar 15 59/
567s 58
1
4
Feb
614 614
14
613 618
4312
612 611
37,503
Loew's Incorporated.. No pa
Oct 5875 Nov
614 614
614
46%
Jan
4
6
7
,
837
4
8 Mar 17
*3412 3512 34
6,4 61
35
/
4 1,700 Loft Incorporated
"35
3414 Ma
3578 357 36
4832 Dec
No Pa
36
6 Feb 23
36
*3538 3638
7/
1
4 Jan 20
.160 168 *162 163
16634 1683 1671
700 Long Bell Lumber A
6
Oct 114 Feb
/
4 17012 16972 170
3212 Apr 26 43 Mar 7
NO Pa
173 172
4160 170 *180 170 *160 168 4 168
2,300 Lootie-Wiles Biscuit
411
/
4 De
170 *168 172
5012 Feb
100
150
Jan
18
170
17312 Feb 26
170
2518 2534 2312 25
24/
300 24 preferred
1
4 25
88 Mar 17712 Dec
2434 2514 25
2534 25
10 157 Mar 11 170 May 4
254 10,400 Lorillard
*112 11414 11414 11414 114 114 *112 115 *112
12014 Mar 175 Dec
114
2
231253
ay
11218
112)8
2
327
121
/
4 1212 1212 1212 1278
Jan 3
1212
300 Preferred
27/
1
4 Oct 4214 Feb
1234 1273
125* 13
10
12/
1
4 13
*92
94
.93
9512 92
7,500 Louisiana 011 temp etfs_No Pa 11138 Mar 18 11812 Jan 13 1111g Apr 120 Aug
92
"92
93 '92
93
1212 Apr 29
*92
93
1818 Jan 5
2614 26
2618 2614 26
100 Preferred
26
12 Mar 19% June
26
264 26% 261
10
/
4
90
263
8
Apr
6 97 Feb 5
27
2712 28
2632 2,700 Louisville 0 &
27
28
28
93 Dee 98 Dec
2712 23
*28
A____No pa
28/
1
4 *28
23/
1
4 Jan 3 2758 Mar 24
•120 124 "120 12312 11912 11912 120 120 *120
2834 1,100 Ludlum Steel El
2234 Mar 2818 Feb
121 "120 12034
No pa
26% Jan 12 3314 Nlar 18
7012 "69
707 •691
/
4 7012 '69
330 Mackay Companies
22
/
1
4 Oct 5814 Feb
707
8
'69
I
7012
100
11912M
*69
ay 3 127/
7012
1
4 Feb 25 122
109 11012 109 11134 11058 112
11114 11212 111 116
Prefer
Oct 138 Feb
red
10
70 Mar 17 72 Jan 27
11618 118 255.300 Mack
•110 112 '110 111 '11114 113 '111 112 *11114
68 Mar 73% Feb
Trucks, Inc
112
No
pa
*110
8314
Jan
112
24 118 May 6
104 104 "10414 106 *10412 1061
/
4 •10412 10618 *10412 106 *10412
let preferred
89
/
1
4
Nov
159
Jan
100 109 Jan 25 11112 Apr
10618
100 2d preferred
*3334 34
34
ed
3312 34
34
1(10 102 Jan 18 106 Mar 22 10712 Nov 113 June
3312 3334 34
34
14 102
335* 3438 2,200 magma
Oct
1612 1712 1678 IS
10834
Sept
165* 1713
1633 165
Copper.
, 16
No par 2912 Feb 9 3818
1678 1612 165* 11,900
'69
71
71
*69
Mar 7
"69
71
Mallinson (II It) & Co_No par
34 AD
*69
44% Feb
7073 *69
71
71
1112 Apr 7 IS May 2
72
6378 6918 69
400 Manatl Sugar
68% 69
691 2 6914 70
1258 Nov 2818 Jan
7012 7078 6973 7012
Pref
100
2918 2912 2912 2912 30
77 Fen 23
1
4 29
29/
3,800
*29
Mani) Elea Supply ___ _No par 69 Apr 1
55 June 82 Feb
29
30
/
1
4
28
/
1
4
5318
28
Jan 25 72 Mar 14
/
1
4 2,500 Manhattan
4412 *44
4412 *44
*44
4412 *44
44
Oct 87/
4412 44
1
4 July
Shirt
44
*4334 1"
25 2414 Jan 18 311
1334 13/
14
1
4 '13/
/
4 Apr 22
1
4 14
14
Manila Electric Corp__No
21% Oct 32% Jan
1312 14
1312 144
3618 3738 3618 37/
1
14
1
4 36/
1.31110
)Maracaibo 011 Expl____No par 40 Ian 22 48 NIar 10
1
4 38
2712 Mar 4538 Sept
3678 377
37
/
1
4
3914
3812
par
1312May 4 22/
3912 137,810
33 '311* 33
1
4 Jan
32
33
32
1612 Oct 28 Feb
33
3318 '3234 3318 *32
3318 1,800 Marland 011
No par 38 Apr 28 5812 Jan 18
*1812 19
'1812 19
•1812 10
Marlin-Rockwell
4914 Mar 6338 June
*18
19
*1812 19
No par 27 Jan 10 33 Feb 17
1712 18
300 Martin-Parry Corp
9
2412
Oct 33 Mar
1)98 10118 100 10034 102 10218 10234 102/
7
1
4
1023
4
104
_.No
*102 104
7112 717g 7112 7214 72
3,800 Mathieson Alkali Works par 1712 Apr 13 2434 Feb 24
17 May 23 June
7118 72
72% 71/
1
4 72/
1
4 7178
.50 82 Jan 6 1091
13,800 May Dept Stores
/
4 Nlar 29
6212 May 106,8 Jan
2912 2978 2912 3034 2934 3038 2934 3012 3014 3012 3012 7214
new
,
5
25
31
6714 Jan 27 73/
1
4 Apr 27
7112 7213 7278 73
6912 Dec 70 Dec
7012 72
Maytag Co
7234 72/
1
4 7278 7314 7234 7234 15,900
No par
2338 Jan 15 3158Nlay
1,900
19 Mar 2412 Sept
25/
2514 2512 *2518 2612 25
1
4 *2512 25/
1
4 258 257 *26
2612 1,400 McCrory Stores Class B No par 5612 Mar 4 7512 Jan 6
72 Mar 121
3
'2514 2534 *25,4 2512 25,2 2512 *2512 2534 251
McIntyre Porcupine
Jan
251
/
4
2 2514 25,4
Mines-5 '241
/
4 Mar 14 2712 Feb 28
534 678
300
6
6
2214
Oct 30 Feb
57
Metro
634 *6
-Gold
wyn Pictures of _27 2434 Jan 3
612
6,2 612 *6
612 1,400 Mexican
2814 Feb 21
16
21538 155* 15% 153* 1512 1571 1512
2214 Jan 2512 Nov
16
Seaboard 011 No par
153
4
157
15
/
1
4
5
/
Apr
1
4
30
914 Feb 18
2,400 Miami Copper
1
4 2934 29/
6 Feb
1
4 30/
13/
1
4 July
1
4 29% 29/
29/
1
4 2034 3014 30
31
31
1434 Feb 8 1612 Feb 28
a
313 24,030 Mid-Conti
*971, 10012 "91,2 99
II Mar
17/
1
4 Oct
*97% 100,2 '98
nent Petro _Ns par 29 Apr 29
99 100 100
100 100
3938 Jan 21
212 234
200 Mid-Cont Petrol
2712 July 37
253 272
212 212
Jan
234 273
prof
23
27
4
23
4
100
97 Apr 28 05 Feb 3
3
le
34,700 Middle States
90 Mar 1044 Dec
4,11, 11/4
i3
13*
18
178
11
/
4
134
11
/
4 134
11
/
4 Jan 3
18
18 1,800 Certificates Oil Corp___ 10
314 Feb 8
Ili Nov
107 107
10612 10678 *10612 107
•107 - 109
212 Jan
10612 10638 107 107
10
11
/
4
Jan
25
214
Feb
1,000 Midland Steel Prod
Oct
11
/
4 Des
r'reL MO 108 Apr 11 1191.Feb 17 10712 Mar
*Hifi and sited ortata. 00 11(11 00 11111 dam. •sx-aiviactna.
13312 Feb
I as-righs..
Saturday,
April 30.
*2512
r
2722
New York Stock Record -Continued-Page
nelson, Inactive, are fifth gage yrecading
For sales during tn. weak of stocks
ran MIAMI
NOT PER CENT.
HIGH AND LOW SALE PRICES-PER SHARE,
Friday,
Thursday,
Wednesday,
Tuesday,
Monday,
Saturday,
Slay 6.
May 5.
May 4.
May 3.
May 2.
April 30.
per share
$
share
per
I per share $ per share a Per share $ Per share $
3318 3312
34
.3378 3412 *3378 3412 3378 3378 3358 34 .3312
973
4 10134
963
4
963
97
97
9712
954 9558 9534 9634 97
6612 6512 6638
6634 z65
8558 6634 6512 6634 657s 6612 66
812 858
912
3'
85
914
84
818
812
818
4
73
8
8
4
4
4
4
418
4
418
4
44 418
44 418
1114 ' 1012 1034
11
1078 *1014 1078 1012 1012 1012 11
10
3678
3614
364
3412
3
363
3512
37
4
363
3678 3758 3612 37
2438 2414 2412
*2414 2412 2414 2438 2438 2411 2414 2438 2418 1718 1678 1678
17
1634 17
17
1634 1634 17
16
16
*3612 37
37
*3612
37
*364
3712
374 *36
3812 *36
*36
3218 3114 32
3112 3134 3134 32
31
31
31
3053 31
6112 634
6112
6118
8
613
61
6112
604
8
607
6012
607s 61
512 584 *513 6
*512 612 *512 6t2
512 512 *512 6
122 12434 12134 123'z
11478 11578 11412 11678 11634 11912 11912 12413 *13414
. __ *135 14014
_ *134 1354 134 134
*13458
•13412
4358 44
4358 44
4334 4312 44
43 -434 4234 -4-3-4 43
____ ____ ___ ____ ____ ____ ____ ____ ____
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sinai Jan. 1 1927
On basis of 100-share lots
ran °kr....
Range for Preview
Year 1926
Highest
Lowest
Highest
Lowest
Per share
share
$
I
Per
share
per
$
share
per
Shares Indus.& Miscall.(Om) Par $
30 May 4434 Feb
25 3634 Apr 12
500 Miller Rubber etfs____No par 314 Jan
6933 Mar 8612 Noy
6
4May
1013
28
Jan
8112
100
Power
23,000 Montana
56 May 82 Jan
8 70 Apr 22
19,800 Monte Ward & Co III corp_ 10 6038 Feb 13
914 Nov 3732 Feb
1212 Jan 5
734 Apr
No par
4,100 Moon Motors
712 Feb
4 Nov
3
Jan
8
43
9
Feb
4
par
5,500 Mother Lode Coalition_No
4 Dec 234 JUIN
103
18
Mar
1653
958 Apr 26
No par
2,500 Motion Picture
Feb
5353
3334 May
No par 3212 Mar 31 3834 Apr 18
8,500 Motor Meter A
Nov 3378 Feb
No par 2034 Jan 3 2773 Mar 29 • 1918 Nov
2,000 Motor Wheel
Feb
4
193
8
12
Apr
10 Jan 5 1712
No par
1,700 Mullins Body Corp
3434 Apr 3834 Ju17
No par 36 Feb 25 3973 Jan 11
Munsingwear Co
No par 2zus Mar 23 43 Feb 23
3,300 Murray Body new
8 -Dee
707No par 6014 Apr 25 7312 Jan 5 -52 Mar
25,000 Nash Motors Co
1278 Jan
5 Nov
653 Jan 7
5 Feb 15
300 National Acme stamped_100
Dec
102
Jan
74
5
1243
4May
25 9434 Jan 27
39,900 National Biscuit
Jan 13112 Ape
100 130 Jan 10 13434 Apr 8 126
Preferred
100
64 Jay
Oct
3712
21
Mar
3
454
Jan
3
397
par
6,900 Nat Cash Register Awl No
Jan
18 Nov 57
100 18 Jan 22 4473 April
National Cloak & Sult
584 Nov 9212 Jan
100 61 Jan 31 9733 Apr 16
Preferred
Jam
80
Apr
53
13
Apr
s
807
17,200NatDairyProdtemotrallopar 704 Jan 3
7938 7918 7958 794 80718
79
7834 80
7812 79
24 Oct4232 Jam
784 79
No par 2458 Eeb 7 2738 Mar 1
Stores
Department
Nat
Jan
8,800
26
97
2678 2578
8934 Oct
4 Jan 10
1
254 2512 2612 26
100 90 Apr 18 94/
25
25
25
25
25
let preferred
100
1212 May 34 Jar
91 18 9118 9118 *9118 9112 6,700 Nat Distill Prod Ws_ __No par 17 Feb 8 2712 Feb 16
914 *9012 9118 *9012 9118 *91
.90
Jan
8
245
7318
24
Aug
2412
2418
3712
Feb 21
2312 2378 2258 2412 2412 2434 2418 2434
300 Preferred temp otf--No par 43 Mar 22 5512 Feb
48
4718 *47
2118 July 4012 Jail
347
28
48
*47
48
4878 4878 47
49
49
700 Nat Enarn & Stamping_ -100 1918 Apr 29 3014
4 Jan
893
____
July
21
76
21
28
Jan
21
8312
*20
100 694 Apr 29
21
2112 *20
20
20
20
300 Preferred
181 Det
7033 7038 7134 -7-1-3-4
71
*139
71
1041 160 Jan 27 200 Apr 1 138 Apr 120 Ma3
7038 *(39
6912 6912 *70
2,000 National Lead
193 194
Jan
19478 195
100 11714 Feb 3 13014May 6 116
Preferred
19112 19234 *19212 19412 *191 19434 19112 19234 *12912 1294 12978 13014 1,400
3838 Jar
Mar
4
163
12912 12912
12978 12978 12912 12912 1297s 130
National Pr & Lt ctfs__No par 1953 Jan 28 2378 Mar 24
5512 Jan 88 Dec
2112 22181 2134 2234 2233 2278 22,300 National Supply
50 8134May 6 9534 Feb 18
2138 2134 2114 2134 2114 22
Jail
4,100
238
82
4
813
Nov
8212
11612
z82
15
84
122
Mar
834
18
Apr
No par 108
8318 8378 8318 84
*8312 84
National Tea Co
4 Nos
1
1158 June 16/
*108 10812 *108 10812
5 1378 Feb 10 15 Jan 3
•108 112 *108 10812 *108 112 *108 10812 144 1458 1412 1458 6,600 Nevada Consol Copper
Jan 4613 Elepl
3612
1
1
Feb
1453
8
144
477
8
Jan
1458
8
403
par
1412
No
1458
1412 1458 1438
2018 Nov 8434 Jan
4234 4458 4358 4412 5,600 NY Air Brake
No par 134 Apr 21 2178 Jan 3
4238 4214 4234 4212 4212 4234 43
42
1458 1358 1358 8,700 N Y Canners
7014 Dec 85 Api
1412 1434 14
No par 43 Mar 30 72 Jan 13
1478 1578 1434 1518 1458 15
300 Preferred
50
*48
49
32 Oct4578 Fel
49
25
Mar
.50
4312
*4812
14
Jan
34
4914
100
*4812
49
49
49
Dock
49
York
New
300
4012
May 77 Da
*39
4012
69
3912 394 4012 339
100 7218 Feb 9 7734 Mar 25
*38
41
4012 *38
*38
Preferred
300
7612
*74
76
2758 Mar 2912 Da
76
2
75
8May
295
75
31
Jan
75
4
273
new_25
*74
pf
75
*74
Jaz
76
*74
2914 1,280 Niagara Falls Power
Mar 67
2914
294
42
32914
25
2914
Feb
294
8
10 4558 Jan 14 507
4 2918 2918
/
2911
Co
*2914 2912 29
4 Aul
1
Jan 52/
49
4918 4812 4918 4838 4918 17,000 North American
60 50 Jan 10 52 Mar 23
Preferred
4712 4778 4714 4778 4738 4878 4858 52
1,200
52
Mar 97 Del
•51
52
914
.52
8
4
1014
Apr
513
6
Jan
52
8
965
par
52
52
52
52
52
800 No Amer Edison pref__No
101 10118
418 Oct1518 Jaz
101
538 Feb 10
3 May 2
10018 10078 10012 10012 *10034 101 *10012
.100 101
34 378 5,500 Norwalk Tire Ss Rubber___ _10
318 378
1234 Dec 174 Jai
314 358
1018 Mar 28 13 Jan 19
313 34
318
3
333 34
200 Nunnally Co (The)____No par
1112
*1012
1112
*1012
1112
*1012
11
1038
*1014 II
30 July 3633 001
*1014 12
25 3114 Jan 28 4038 Feb 7
Well Supply
Oct2214 Fat
12
3312 3312 3312 3312 3334 3384 2,500 Oil
11 Mar 25 1538 Apr 4
No par
Corp
3378 334 3312 34
3312 34
Omnibus
9,200
1412
1414
47 Jan 6358 San'
1378 1453
8 6778 Feb 28
1414 1358 14
1214 1212 1214 144 14
1,500 Oppenheim Collins & CoNo par 5312 Feb
Mar 334 Noz
6418
8
274
637
7
Apr
644
35
64
4
Jan
8412
3018
*644
1
Inc
*6312 6434 *6313 6414 6312 64
Jan 105 API
3114 3112 *3112 314 3,700 Orpheum Cirt.ult.
314 32
100 10312Mar 23 10718 Apr 12 101
3212 3134 32
Preferred
3218 32
32
May 136 Do
10912 *10612 1091 *10612 10912
50 z103 Feb 2 131 Jan 18 106 4 Jan 10912 Alit
•10612 10912 *10612 10912 *10612 109 *10612 12178 120 12114 11914 11934 17,100 Otis Elevator
1023
22
Mar
11814
16
Feb
120
100 108
11334 11534 11512 11712 11758 11734
Preferred
250
11434 11434
8 Oct1412 Jai
113 113
115
714 Feb 10 1214 Apr 14
No par
•113 11378 113 113 *113 11378 113
63 Nov74 San
934 1138 1014 1058 104 1012 15,200 Otis Steel
100 614 Feb 8 78 Apr 14
953
914
912 912
Prior prat
1,200
95* 953
74
74
4 Mar 9034 Do
533
14
75
Mar
*7112
7278 75
25 754 Jan 18 8412
*7114 74 *7112 74
4 Do
1
*7112 74
7934 2,800 Owens Bottle
44 May 55/
7778 793 *79
774 78
78
No par 5234 Jan 24 61 Feb 23
100 Outlet Co
7758 7758 7758 7838 78
60
Apr1074 Do
*56
60
9712
7
*56
Apr
110
60
Jan27
*56
107
60
100
.57
57
57
60
Preferred
*57
*109
__
5
_ *109
__ *108
25 31 Feb 18 37 May
_ *109
0108___ *108
364 3612 17,500 Pacific Gas & Elea new
ni May 133,8 Fel
178 Jan 7
3453 1538 3512 -3-7
114 Mar 29
No par
34 -3-54 3453 -3-5
*3334 -34
114 2,200 Pacific 011
114
114
3134 Mar 4514 11111
114
114
114
114
10 3334 Apr 28 3712 Mar 14
114
114
Car
114
Motor
138
Packard
•114
15,200
8
4
353
353
35
9 Nov 2812 Jal
4
778 Mar 22 1412May
3412 344 3434 3458 3434 3434 141
4 34
1
34/
82,225 Paige Det Motor Car __No par
34
1318 la
5618 Mar 764 Jai
8
19
133
Jan
8
657
1412
5
Apr
124
5618
4
1038
113
50
8
94
103
912 10
4,500 Pan-Amer Petr & Trans
s
577
5712
8 Mar 7838 Jai
58
567
20
4
Jan
563
8
663
574 5714
50 5638 Apr 5
57
Class B
5714 5714 57
*5634 58
Oct 48 Jai
8 5734 5958 43,800
30
19 Mar 30 3778 Jan 24
4 5734 5814 5758 585
1
5718 574 5718 5712 5714 58/
2384 2313 2334 8,500 Pan-Am West Petrol B_No par
Jan 32 Jun
412
17
2312
Jan
8
187
8
213
29
Apr
23
8
4
213
2112 2112
2012 21
Panhandle Prod & Ref_No par
7,600
20
8
115
994 Jun
8
95
Jan
938
51
938
17
Jan
4
94 94
100 6812 Mar 15 813
812 934
Preferred
84 812
814 814
70
*51
1858 Oct 2813 Jai
70
*51
25 Feb 28
70
*51
70
*51
70
*51
800 Park & Milord tem oths_No par 20 Jan 27
70
*51
812 Fel
55*
221 *2113 2278
Sept
4
2213
Mar
8
3
227
3
Jan
6
*2212
1
500 Park Utah C M
2112 2112 2153 23
•2112 22
634 634
*135* 64
64 634
3214 Nov 83 Jai
634 634 *634 64 *634 67s
Exchange A____No par 37 Feb 14 50 Apr 18
Pathe
5,700
No
3112
8
447
4484
Nov
8
3
4312
23
8
50 20 Apr 29 32 Jan
4478 4434 4434 4434 4513 44
4434 4478 44
2614 9,300 Peerless Motor Car
1678 Jan 24 De
26's 25
2234 2312 23
No par 21 Jan 17 2612May 6
23
23
38,900 Penick & Ford
Oo
19
2212 2312 2258 23
2612
24
Aug
7
27
Apr
24'2
1714
4
233
19
Jan
2312
50 1014
2213 2318 2234
800 Penn Coal de Coke
2158 23
22
22
16
38 Dec 41 De
•14
16
16
1614
8 Apr 7 3953 Jan 13
1614 16
*14
17
*14
5,900 Penn-Dixie Cement., _No par 3254
16
*14
3712 38
99 Nov 10012 No
13
Jan
377
8
997
374
Mar
8
374
983
100
37
Preferred
3678 37
900
214 Ja
3512 3512 3678 37
58 Oct
*9812 100
118 Feb 14
*9812 100
58 Jan 3
9834 9912 *9834 100
99
58 5,300 Penn-Seaboard RI vto No par 126 Jan 14 141 Apr 9 117 Jan 131 De
9958 99
34
58
99
58
34
58
53
58
4,500 People's 13 L & C (Chic)_100
13,
53
58
91
14012
Mar
34
5918
140
38
25
Mar
110
140'8
13812
18
Jan
4
8514
1373
900 Philadelphia Co (Pittsb)---50
.135 136 *13514 13512 13514 13514 136
Oct 5114 Jul:
45
104 1051 *100 104
100 103
50 50 Jan 6 53 Feb 10
*99 104
0% preferred
200
9612 961 *98 104
5214 5214
3614 Apr 4835 Fe'
4
521z
Mar
8
5
47
*52
2
Apr
521
4113
4
*513
par
5212
C & I---No
5212 5212 *5184
53
•52
3634 June 4134 Jai
4214 4234 4213 4358 28,400 Phila & Read of int-No par 4034 Apr 11 47 Mar 4
4212 431
Certificates
100
4313
4212 43's 4258 4438 4314 44
45 Dec 5534 Ja:
*4114 431 *43
Jan 3 62 Mar 7
44
*42
45
100 Phillipe-Jones Corp____No par 47 Apr 29 4118 Jan 10
4334 4334 *43
44
51
*42
*47
16 Apr 41 De
51
*47
51
3014
*47
-10
4
493
*48
47
4934 47
Phillip Morris & Co, Ltd
2,100
33
324
*47
8
325
40 Mar 5732 De
16
3212
Feb
6014
28
3258
par 3934 Apr
3112 3284 32
31
3012 30¼ 31
4312 434 4414 223,900 Phillips Petroleum____No 5 42 Jan 7 51 Mar 17
31 Mar 4614 No
8 42
423
41
8
423
8
407
200 Phoenix Hosiery
404 417s
404 411
45
On
*44
45
94 Mar 103
*44
45
*44
100 103 Jan 5 106 Mar 7
45
Preferred
4513 45'2 44
46
*45
19 May 434 Ja
*104 10934 *104 1093 *104 1094
par 1278 Apr 27 2358Mar 8
.104 1041 *104 10934 *104 1093
1614 1478 1512 22,400 Pierce-Arrow Mot Car No
Apr 12714 Au
1418
7612
3
Jan
164
10212
27
Apr
8
157
56
8
100
163
Preferred
11,100
1453 1538 147s 1578 1553 6812 67
14 Ja
66s 6112 64
i7 Mar 25
12 Oct
34 Jan 4
6858 61
25
6714
500 Pierce Oil Corporation
6412 68
54
6412 65
58 *58
114 Nov 274 Ja
58
54
*58
100 1312 Mar 24 1812 Apr 25
5
*53
33
Preferred
400
53
1812 1812
33
19
Ja
53
7
Aug
*1712
214
13
1812
Jan
378
22
1812
Mar
213
18
par
18
*174 19
314 4,200 Plerce Petrol'm tern ctfeNo
314
•1718 19
314 32
29 June 4212 Ja
314 312
314 313
100 3234 Mar 22 42,7 Apr 5
314 338
1,400 Pittsburgh Coal of Pa
37
312 31
35
39
3334 36
4
333
331
3312
Ja
85
36
June
70
*3312
•3318 36
100 7058 Mar 10 7912 Apr 5
Preferred
400
*7412 7812 7538 75321
94 Mar 1004 De
7313 76
*7313 78
100 9512 Apr 11 101 Jan 18
7358 74
Pitteburgh Steel pref
76
99
*74
*97
Fe
99
12478
Mar
*97
7512
99
14
*97
16
Jan
10234
Mar
99
*97
No par 9258
98
*97
98
*97
9612 9838 33,100 Postum Co, Inc
3418 May 44 No
9458 9934 97 100
100 3612 Feb 5 70 Mar 28
9412 9414 95
94
9412 941
63l4 6212 6458 23,000 Pressed Steel Car new
7712 Dec 9534 Ja
6212 62
62
61
100 7612 Feb 5 8978Mar 25
61
62
61
Preferred
1,600
6134 631
8812
86
86
86
86
11 Mar 2034 Oa
861 •85
*85
87
2918 79,300 Producers di Refiners Corp_50 1634 Jan 5 32 Feb 10
861 *85
*85
3014 May 4134 On
2918 3014 2818 297s 28
31
50 364 Jan 6 50 Feb 9
2812 2733 3012 29
Preferred
810
45
27
*44
451
44
4358
Oct 3338 No,
3
3114
435
Apr
11
6
3912
Jan
70
No par 32
44¼ 4378 454 *51
44
On
3812 3778 3814 29,600 PubServCorp of NJ new
9612 Apr 101
3812 38
38
100 9812 Feb 19 101 Mar 11
374 381
300 6% Preferred
3612 377 364 374 10012
10014 100 100
*100
10014
Jan 110 No
*100
1034
1001
23
6
11553Mar
Jan
10812
100
7% preferred
200
1134
10038 10038 *100 10012
11312
No
114
4
1243
*10014
Mar
114
113 113 *113
100 125 Jan 10 13112May 6 115
300 8% preferred
•113 114 *113 114
13112 13112
Jan 1041s Sep
97
13018 1305* 131 131
300 Pub fiery Elea & Gal pfd 100 102 Jan 4 10758 Apr 25
____
*130 132 *130 132 *13018 132
Jan 114 Au
4 10758 10758 10758 1074 10712 .10712
1
/
Pr pref_100 11353 Jan 18 1161s mar 3i 106
Elea
Pub
Service
.10714 10758 10714 10714 *107
,.. ,..= _„-_Apr 12 18912 Jan 3 14514 Mar 1994 Berl
1724
100
-- -,-- .- r,,Company
Pullman
5,200
179
*11438 - ---4 De
/
491
1-785s 17734
17612
Apr
712
33
7
1
3
3
176
22
467
Jan
Mar
76
1
3418
175
60
5
7
17334 1414 1,000 Punta Alegre Sugar
•174 1-75
40
Jai
2514 Oct 31
3978 3978 *3914 40
41
25 26 Apr 28 3312Mar 4
4012 4012 *39
14,000 Pure 011 (The)
•3913 40
Apr 11234 Jua
274 274 2734 2738 28
27
106
11
113
24
Jan
Feb
2714
4
/
1111
4
100
263
8
267
8
265
200
8% Preferred
264 2678
*11212 113
No
8
114
493
Oct
*11214
11212
11212
31
58
3
Mar
4
May
47
1123
4
423
4,700 Purity Bakeries class A_,_25
*11212 11234 11234 11234 *11213 58
564 5578 56
4112 Nov 44 De
5712 56
56
No par 4134 Jan 3 7012May 4
Class B
5313 5434 54
9,000
54
67
54
6753 684 67
Oct 103 De
99
100 10114 Jan 8 105 Mar 10
Preferred
100
_
6233 6173 654 674 6878 687s 7012
*10512
62
*10512
___
1
32 Mar 6158 No
4
Apr
13
563
Mar
4118
*105
1044 10412 *10412
8 69,900 Ra4110 Corp of Anier___NO par
467*10412 106
4534 4454 -Mar 5E3 D
53 Feb 28
3
„,,
May
444
49
50
424 4278 4253 -4333 43 -4514 4413 50
Preferred
424 43
900
50
*49
*49
50
3 `-"
'
41
3234 AP
*48
50
49
No par 40 Jan 5 4638 Apr 25
50
Rand Mines. Ltd
4912 4912 50
*4512 4612 *4518 4812 *454 4612
NO
46
*4513
4
163
4712
Mar
*454
1012
1512Mar
1
Feb
7
4612
1412
3
*457
2,100 Ray Consolidated Conner-10
3712 Nov 5014 Oc
1514 1518 154 15181 154
10 394 Jan25 49 Apr 20
1514 1514 1514 1514 1518 1514 •1518 4558 4518 4638 4612 4714 8,400 Real Silk Hosiery
9314 Dec 100 No
100 91 Jan 29 99 Mar 2
Preferred
100
4418 4434 4413 4478 4412 4558 45
98
98
Ja
9812
•98
3934 Dec 56
9812
*98
No par 3813 Jan 24 4312 Mar 15
9812
Cream
*98
Ice
Reld
9812
100
*98
42
99
*41
*9818
41
9 Jan 10
74 July 184 Fe
4158 41
6 Mar 19
No par
4158 *40
74 3,400 Reis (Robt) dc Co
Fa
2
67
.4034 4134 *4034 4158 *41
127
8
73
Apr
612
8312
12
8
210
20
Jan
Apr
63
11212
614
6
6
Remington Typewriter____100
Ot
---614 614
,...:*614 612
.,-.
..,,,r
_
100 110 Feb 18 11712 Feb 10 106 Apr 118 Au
. ____ ...,,_ „,....,
30 7% 1st preferred
__44n12 11512
4
1
•195 200
100 111 Jan 6 126 Apr 25 105 Apr 115/
*11414 1-1-9- *3454 1-1-9
20 8% 2d preferred
•114 119 *114 1-1-9- •114 119 *11514 12114 *11514 12114 *11512 1214
Ja
s
7
Oct15
8
30
1312
Jan 10
918 Apr
No par
115 115
4,600 Replogle Steel
Ja
972 10
978 10
•115 12112 *115 12112
934 978
44 May 6352
100 5612 Jan 4 7578 Mar 11
912 953
014 914
918 914
6614 4,600 Republic Iron & Steel
136
6612
Mar
99
66
8
"
9114
3
1043
11
4
Jan
8
Mar
965
100
6612
Preferred
6414 65
700
64
103
Is.
103
6412 6378 64
Oct104
64
10312
414
633 Apr 19
4 Feb 21
*10212 10312 *103
No par
700 Reynolds Spring
514
10334 10334 10312 10312 *10212 10312
514 514 *5
90 Mar 12178 No
Feb 24 124 Jan 14
514 514 .514 512
Ja
514 538
12212 12312 9,400 Reynolds (11,1) Tob class B 25 93'3
*54 534
7618 Dec 100
25 74 Jan 13 90 May 6
12012 12012 12118 12312 7914 90
Co
Insurance
012
Roada
12
5,700
4
1
/
0
12
121
120
12114
7912
12034
77
77
*76
21 Feb
44
54
77
a
3 64
7
*75
8 j
Fe
A 24
1
77
504 2,700 Royal Dutch CO(NT sbNaorespalor 48
532644
'264
4818
Oncy 5"
80 •75
4934 50
8a Ni
51%
7
•75
2
5
3
4
4938
4
9
r
4918
ts
4
M
483
No
.4834 4914 4853 4878 4858 4853
394 3934 3914 3914 1,000 St Joseph Lead
40
Mar
39
8
397
4
came
393
Safety
4,700
8
Fe
60
397
8
5912
10212
397
61
*3913 40
60
6714 Nov
61
100 Savage Arms Corporation_100 54 May 6 7212 Mar 5
54
54
*584 5818 5814 5873 59
59
57
59
ac 51051'42
De
*52
212 M
57
178 Mar 30
334 Jan 10
*51
No par
*5112 57
900 Seneca Copper
*5112 57
57
.51
214 214 *214 238
52 Mar 705* Jul
12 136 Mar 10
Jan
214
5612
par
24
214
CorP_No
218
Theatre
212
Shubert
700
24 .218 5712 .57
5812 5812 5812
*2
Mar 1384 Ja
*58
4213
4
Jan
58
18
47
8May
545
574
5712
par
612
5
No
an% 5E02
5414 5234 5312 127,200 Schulte Retail StoresJan 120 Bet
5378 5458 53
100 11814 Jan 22 120 May 5 1124 Mar
54
Preferred
400
1434 Ms
5058 5234 53
120 120
5038 51
120 120
1212
1358 Jan 3
No par 107s Apr 25
*11918 120 *11018 120
800 Seagrave Corp
1212
*11918 120
*11
1212
•119 120
*1112
12
12
12
10
if.
1
..,_
... ..,_
new
of
011
Canturnia
Standard
of
Re-rights. a Ex-dividend one share
no owes on this day. S Ex-dividend. a
sad „ikon omen.
New York Stock Record-Continued-Page 6
2723
For sales during the week or stocks usually inactive. nee sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 30.
Monday,
May 2.
Tuesday,
May 3.
Wednesday, Thursday,
May 4.
May 5.
Friday,
May 6.
per share $ per share
$ per share $ per share $ per share $ per share
8 54% 54
*5414 5434 5414 5414 5419 545* 54,
5434 5418 5412
6612 65
6612
6634 *65
6418 6518 643* 6538 66
66'2 66
4412 *4312 441, *4412 45
45
45
*43% 4478 *4338 448 *43
2678 274 2738 2778 277 28
277 2818
26% 2678 2634 27
*10834 111 *10834 111 *10834 111 *10858 111 *10834 111 *10834 111
1734 1818
1712 1734 1714 175* 1712 1734 1712 1734 1714 18
3834 3834 375 383* 3758 3812
387 3878 387 39
3878 39
110 110
110 110 *108 111 *109 111
110 110
109,2 no
17
18
1758 1814
1658 1678 1612 1678 16% 173* 1718 17%
99
*98
99
9812 9812 99
*98
99
*99
9912
100 100
2612 2614 27313 27
2514 2534 2514 2534 2534 2614 26
275*
127 128 *126 128
*12412 123 •125 127
12734 12734 *125 127
19018 19414 191 19434 191 1945*
194 19714 193 19712 1935* 196
126 126 *127 128 *127 128 *127 128 *127 128
*126 123
32
321* 32
31% 32
3214 324 3234 323 337
3312 34
2112 21% 2112 2158 2112 21 12 2112 2112 2114 2112 2114 2112
9% 918
9% 914
918 918
9
8% 9
8% 9
9,4
*1018 12
*1013 10,2 *1018 12
*1018 12
*1018 12
*1018 12
*7812 80
*79
*7812 80
79
80
*79
79
80
*79
80
2414 25 2334 2334 2412 255* 25% 2634 2612 2714 2612 2714
*10812 110 *106 110 *10612 110 *107 110 *10912 110 *109,
8 110
5638 56% 5618 5612 5618 56,2 5614 56,
4 5612 5734 5718 57%
61
61
61
6114 6158 62
61
61
6212 63
6258 6234
7412 7412 *73
74
7412 *73% 7412 7414 74,4 74
74
*73
9012 9012 *9014 91
*9012 91
91
91
9114 9112
9034 91
5233 533* 5358 54,4 53% 55
5234 525* 533
54
52
5514
7
1
35% 35% 3534 3614 35% 36%
3514 3534 3514 35 2 3514 35
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
Lowest
Shares Indus. & Miceli.(Con.) Par
7,600 Sears.Roebuck & Co newNopar
To par
1,600 Shatuck (F 0)
100 Shell Transport & Trading_£2
26,200 Shell Union 011
No par
Preferred
100
15,500 Simms Petroleum
10
No par
2,000!Simlnaos Co
100
280 Preferred
34,200 Sinclair Cone OH Corp_No par
500 Preferred
100
30,000 Skelly 011 Co
25
600 Sloss-Sheffleld Steel dr Iron 100
16,600 South Porto Rico Sugar_.100
20 Preferred
100
29,200 Southern Calif Edison
25
2,600 Southern Dairies cl A_No par
10,5001 Claes B
No par
No par
Spear & Co
•
100 Preferred
100
24,500 Spicer Mfg Co
No par
100
I Preferred
18,200'Standard Oas & El Co_No par
1,7001 Preferred
50
100
400 Standard Milling
2601 Preferred
100
60,400,Standard 011 of Cal new.No Par
35,300 Standard 01101 New Jersey _25
Fret non-voting
100
4 -56- -5-0.1, -30T8 303* -3014 303* -3013 3054 -5-0-,3001Standard 011 of New York_ _25
-30T8 -361; - 6"i2 -3-61314
28
318 *234 318 *278 318
800,Stand Plate Glass Co__No par
3% 3% *3
*238 3
No par
98% 93% 9812 9918 2,2001 Sterling Producte
9812 9812 9834 983 98,2 9812 96% 97
6118 6214 6234 63
63
63
651. 26218 63
62
6212 21,700,Stewart-Warn Sp Corp_No par
62
*3312 35
35
*3412 3512 35
35
35
35
35
35
400,Strotnberg Carburetor_No par
35
7 5334 5338 5334 5312 5418 53% 5414 24,200 Studeb'reorp(The) now No par
5212 53% 5212 5334 52,
*11912 122 *11912 123 *11912 123 *11912 120 *11912 120 *11912 120
100
Preferred
434 6
5% 612
534 6,4
618 . 634
4% 4%
6% 612 98,600 Submarine Boat
No par
3112 3118 3118 3058 3034 3178 32
32
*31
1,500 Sun 011
No par
3034 3178 31
412 43*
412 412
414 412
412 4%
412 4% 6,800 Superior 011
414 4,2
No par
25
25
*23
*23
25
*23
25
*23
25
200 Superior Steel
2218 2212 *23
100
912 1018 3,400 Sweets Co of America
712 912
*7% 912 *713 912 *712 912 *8
912
50
312 312
414
414
35* 35
*312 4,4
4% 412
7001SymIngton temp ctfe__No par
*334 412
*912 10
10
*9
10
1018 11
1112 11% 1,200 Class A temp ctfs____No par
1114 1513 12
ITelautograph Corp___ .,No pa
•1234 1312 *1234 1312 •1234 13,4 *1234 1314 •1234. 1314 *1234 13,4
8 3,400 Tenn Copp & C
No pa
1114 11 12 1134 1218 1112 1158 1112 1158 1112 11% 1158 11,
•50
55
1Texas Company (The)
25
4 457 4614 4614 4612 4634 4714 23,300 Texas Corporation
4512 4534 458 453* 45% 1612'
5934 6138 60% 60% 60,
8 6112 615 6214 6212 63 110,000 Texas Gulf Sulphur new No pa
6018 61
12
1214
1214 1212 1212 125* 1238 1278 1234 13
1214 12%
6,800 Texas Pacific Coal & 011___ _10
18
1814 17% 18
18% 18
1734 18
178 1834 18
188 14,100 Texas Pan Land Trust new._1
31
31
*30
3118 3118 31
.30
3212 3212 3314 3314 3312 10,700 The Fair
No pa
*4813 48% 4878 4878 4878 4878 49
49
4912 491
4912 4912
25
500 Thompson (J R) Co
25
•23
*23
2412 *23
25
*23
25
*23
100
241 *23
25
Tide Water 011
89
*8634 8734 8712 8712 88
89
8814 8712 88
1,2001 Preferred
100
87
87
92
90% 91% 91% 94% 91% 93% 9238 945* 92
90
e
n Roller 13earing_No pa
933* 98,600:Timk
9838 9712 981, 9813 99
9814 9934 03
9734 9834 98
99,4 13,600 Tobacco Products Corp_ 100
11034 11034 11034 111 *110 111
110 110
100
110 110
11018 11018 1,4001 C13138 A
37
37
334 4
3% 4
4
3
,
4 3%
4
4
4
13,800 Tranee't'l Oliternott nowNopa
1112 *10
*1012 1112 •10
1114 10
10
1018 10's
1018 1118
2001Transue & Williams St'l No pa
53
53
5234 5318 53
53,2 5412 56
5612 56
5412 551, 3,100:Underwood Typewriter ____2
51
50
5112 5034 5218 51
50
5214 5212 5434 56
6234 53,600,Union Bag & Paper Corp 100
113 11418 112 113
11314 11434 115 11734 1173* 119
11518 11814 23,900 Union Carbide & Carb_No pa
41
42
42% 4312 4512 4212 44
42% 4218 43
2
4334 437 37,300 Union 011 California.
*105 107
106 106
106 106 *105 106
10
107 10954 109 109
1,300 Union Tank Car new
87
87% 8612 86% 87
2
8712 8714 8812 8714 881
88% 8834 3,800i United Cigar Stores
*140% 147 *14038 141 *14038 141 *14038 ____ *14038 ____ *14038
100
I Preferred
17312 17334 174 174
174 175
100
171 17334 17014 17184 170] 173
7,700'United Drug
*59
5978 5918 597
5978 597 *5912 60
50
5918 5912 *59
8001 1st Preferred
59%
127 127
127 127
No par
127 12814 12712 12712 12814 1297* 128 130
3,000 United Fruit
•19
24
*18
25
19
100
19
19
19
*16
24
*16
24
300 United Paperboard
*100 103 *100 103 *100 102 •100 102
1001Universal Pictures let pfd_100
102 102 *100 10412
311
3112 31
313* 3134 31
31
3212 313* 3212 3112 3212 24,900 Universal Pipe & Bad._No par
89
8914 80
89
8914 901
100
8978 9112 90
9214 9218 94% 9,400; Preferred
22014 225
220 224
224 2291 22712 231
12,700,13 8 Cast Iron Pipe & Fdy_100
230 232
22612 229
*112 115
114 114
100
113 1137 *113 114
114 114 *11334 11434
4001 Preferred
*5614 57
5614 5718 575* 573
574 573
5314 5612 *5512 5713 2,7001U El Distrib Corp tern at No par
5918 5938 59
59
5834 583 *5812 59
5914 593* 58% 5834 1,200,U S Hoff Mach Corp vtoNo par
7412 7512 7412 7558 75
761
100
7534 7614 7514 7514 7512 76% 14,000 U S Industrial Alcohol_
*108 11012'109 10914 109 109 *107 10812 *108 10934 *108 109,
100
1001 Preferred
4
*5534 59
5512 5512 541, 551
56
5518 5512 55
58
6,30013 S Realty & Impt new.No par
56,
4
5912 575
56
583
57
100
585
5718 5334 5614 5754 5418 57
66,900 United States Rubber
10714 1077 10614 10712 106 106
10614 10612 10614 10612 105 107
100
3,2001 hot Preferred
*36
37
3612 365* 3634 37
3634 3634 36
3614 38
36% 1,500 U fi Smelting, Ref & Min___50
*48
4814 "48
4814 *48
481 *48
4814 48
50
48
4814 4814
2001 Preferred
5
16512 16712 164 16634 16514 16714 1657 16738 16634 16812 167% 18914 90,400 United Statee Steel Corp__100
119 12038 1183 11934 1185, 1204 119 12014 11978 12078 12014 1211 172,400
New w I
1334 13314 2131 131
131 131
13034 13034 131 13118 13078 130%
100
1.700 Preferred
•75
80
*75
80
*7512, 78
*7512 78
*7512 78
*7512 78
No par
U S Tobacco
*125 128 *125 128 *125 128 •125 128 .125 128 •125 128
100
Preferred
•115 125 •115 11812 .115 11618 *115 125 •115 125 •115 125
10
Copper
!Utah
2878 29
28
2812 28% 2878 2818 2812 28,
8 30
2834 2914 4,800 Utilities Pow & Lt A---No Dar
4712 47% *4634 47
4634 4713 47
47
47
48
4712 481
No par
Vanadium Corp
2,000
55%56
56
5618
56% 55,
8 55% 55% 56
5514 5614 3,500 Vick Chemical
No par
ni, 8 *712 8 5614
778 7% *7% 8
8
8
No par
7% 7%
500 Virg-Caro Chem
28
*27
*27
2712 2718 2718 *27
28
*27
28
*27
100
preferred
28
100:
6%
77
*7512 7712 *7512 7712 *7512 7712 *7512 77
*76
*7512 77
100
I 7% preferred
50
50
50
*40
*50
53
504 5014 *50
53
49
50
1,100 Virginia Iron Coal lk Coke_100
3312 3312 3314 3312 33% 3312 33% 3412 34% 3434 3438 341 13,400 Vlvaudou (V)
's,To par
*10234 105 •102% 105 *10234 105 •105 10818 106 106 *103 107
100
100 Preferred
2238 *2218 2212 *2218 22% *2218 2214 *22
.2238 2278 22
No par
2214
300
Waldorf
System
21
"2012,
21
2018 2012 2034 2034 2078 2078 21
2034
223,3 2,300 Walworth Co Ws
No
par
•85
90
*85
95
*85
90
*85
90
*87
90
*87
90
_
par
Ward 13aldng Class A_No
20% 20% 20% 2034 21% 2114 21% 2112 *21
2178 21
21
par
No
1,7001
Class
B
86
*86
8414 8414 86
87
86
87,2 *86
8712 88
88
No par
9001 Preferred (100)
33% 34% 3314 3312 33% 3418 34
3618 3412 35% 34,
8 35
14,400. Warner Bros Pictures A._._10
80
80
*80 84
*7914 82
*8014 84
•8I
84
.81
83
No
par
100
Broa
Warren
• 6112 6112 6178 62
60% 61
62
63
6312 65
6412 6534 3.800 Weber & Helibr, new c_No par
*152 15412 152 152
153 154% 155 162
158 16134 158 16212 13,000 Western Union Telegraph.100
14714 14814 148 149 '14914 15114 15112 15312 152 153% 15112 15214 13,400
Westinghouse Air Brake50
71% 7212 71% 72
7214 7234 72% 7318 7212 74% 73
7418 11,000 Westinghotum Elea & Mfg. _50
•16
1614
1618 1618 *1614 17
16% 16%
1614 1614
1614 1614
400
Weston
Elec Instrum't_No par
*33,8 34
*33% 34
34
34
34
34
*34
3412 *34 1,3412
400 Class A
No par
105 105 *105
10412 105
_ 107 110 408 109 *10612 10612
420 West Penn Eleo ol A vtt No par
10958 109% 210712 10814 107 10712 10712 108
10712 10814 108 10812
470 Preferred
100
11512 11512 11434 11434 115 115
11434 115
115 115
115 11512
300 Weet Penn Power °ref
_100
22,4 222 2238 2218 2212 2318 2314 2312 2312 233* 2312 2,300
22
White Eagle 011 &Refg_No par
463
46% 4714 46
4614 4718 4612 4714 47
4814 48
4914 15,800 White Motor
50
*3012 3112 *31
3112 *31
3112 3112 32% 32% 3212 *32
3212
600 White Rock Min Bp ett_No par
5014 521, 508 51
4934 50
51
5114 5012 51/4 5,300 White Sewing Mach of_No par
5112 51
4,58
78
"4
711
34
84
58
34
34
54
54
54 2,000 Wickwire Spencer ctf__No par
195* 20
1934 20
1978 2014
1934 20
197 2012 2014 2034 33,000,Willy,-Overland
5
(The)
90
90
90
8918 90
•90
90
90
90
9018 8978 90
1,500 Preferred
100
1034 1034 •105* 11
11
10
10% 1078
11
11
11
11
I,9001W Boon & Co, Inc, new_No par
1834 1834 1104 1834 18
18,4 19
1834 1614 1834 17,
8 18
3,800 Class A
*6112 64
64
*62
64
*61
64
60
*81
61
*60
62
1,100, Preferred
No 1p00
ar
138 139,2 136 13834 13878 14112 141 18 142
14112 14312 14012 14214 33,000.Woolworth
(F NV)
25
30
30
3014 3014 *30
3014 3012 3212 3112 32% 5.800 Worthington P & Co
31
31
M
100
52
52 '51
53
*50
54
53
*51
*52
53
*50
53
1 Preferred A
100
4412 4234 4234 *4212 4312 4312 4312 4314 4518 45
*43
45
1,100 Preferred B
100
2718 2714 2714 275* 28
2712 2734 *2712 28
27
271 28
h,700
Wright Aeronautical__ _No Par
52% 5212 5314 5212 5212 *5212 53
53
*52
53
53
53
000,Wrigley (Wm Jr)
No par
*73
7434 *7378 7434 7434 7434 *73% 7434 *7378 7434 737 737
200 Yale & Towne
25
2914 2812 2938 27% 28% 2818 287
2814 29,2 28
277 2878 106,200 Yellow Truck &Coach ____100
93
93
*9312 94
9212 92,2 92
9334 9214 93
93,
8 9358 2,200 Preferred
100
8614
863
8
86% 87
8712 8812 884 8912 88', 8914 3,100 Youngstown Sheet & T_No par
8638 87%
_
'Bid and asked prime: no sales on this day. O Ex-dividend and ex-rights z Ez-dlvidend _ .
PER SHARE
Range Since Jan, 1 1927
On basis of 100-share lots
1
PER SHARE
Range for Precious
Year 1926
Highest
Lowest
181'122M
T:er
r 19
10% Jan 4
51 Apr 11
45 Apr 19
49 Jan 3
12 Apr 29
1512 Jan 25
2414 Jan 11
47 Jan '26
234 Apr 19
87 Slay 6
78 Jan 3
9312 April
108 Apr 16
334 Apr 30
10 May 4
45 Jan 21
3812 Jan 25
99% Jan 26
38% Apr 27
94 Jan
82 Apr
125 Jan
159 Jan 25
5812 Jan 6
11312 Jan 26
1612Mar 2
98 Jan 14
2712 Jan 25
8134 Jan 27
202 Jan 25
112 Mar 14
514 Feb 14
5158 Feb 1
69 Mar 30
10714 Apr 4
54 Apr 6
5118May 9
105 May 6
3338 Jan 13
455* Jan 18
15312 Jan 28
11138 Jan 28
129 Jan 28
67 Jan 4
123 Jan 14
$ per share
5638 Feb 25
6812 Apr 21
4778 Feb 10
311 Feb 7
111 Apr 18
2234 Feb 16
40 Feb 25
110 Feb 10
2238 Jan 20
10314 Jan 31
373 Feb 21
13414 Apr 6
1971,Nlay 2
12834 Apr 25
3412 Feb 23
4538 Jan 13
20 Jan 7
13 Jan 20
80 Feb 14
2712 Mar 20
110 Mar 19
58 Mar 11
63 Slay 5
784 Feb 28
91 12Nlay
6034 Jan 19
41,
8 Feb 5
11814 Feb 11
3418 Jan 18
414 Jan 3
10314 Mar 12
6814 Apr 20
54',Slar 1
57 Apr 8
122 Feb 23
634May 5
34% Jan 17
812 Feb 18
2514 Jan 21
13% Feb 3
6 Jan 14
13% Jan 14
1412 Apr 8
1314 Jan 13
58 Jan 17
58 Jan 17
6514 Apr 9
1638 Jan 12
2134 Mar 1
3312May 6
50 Feb 24
2918 Jan 13
89% Apr 25
95% Feb 16
110% Jan 5
11612 Jan 18
5 Feb 14
154 Jan 6
60% Apr 18
6234May 6
122 Apr 6
5612 Jan 6
11234 Apr 13
100 Jan 6
1405* Apr 20
1827 Apr 20
60 Jan 12
130 Apr 21
19 Apr 7
1033* Apr 26
3714 Mar 29
9214May 5
234 Apr 25
115 Jan 5
80% Jan 12
613 Apr 25
89 Feb 28
1101251er 15
66% Feb 7
6718 Feb 28
111% Apr 8
42 Niar 24
49 Mar 4
17234 Apr 11
12478 Apr 11
13314 Apr 21
8212 Mar 21
125 Feb 16
$ per share
4414 Mar
47 Mar
4012 July
24 Mar
103 Mar
1518 Aug
28% Oct
10511 Nov
1634 Oct
90 Mar
26,
8 Nlar
103
Apr
92 Apr
110
Oct
30 Dec
41
Oct
17% Oct
10 Dec
72 Apr
18% Apr
101
Jan
51 Mar
5334 Mar
674 Oct
80 Mar
52,
8 May
3738 Dec
115 Nov
3212 Dec
313 Nov
75 Mar
61 Nov
4734 Dec
47 May
11412 Feb
112 July
3018 Nfar
1 July
1912 Apr
8,
8 Apr
4 Nov
10,
8 Oct
11
Apr
10,
8 Dec
48 Niar
5312 Nov
39
Oct
12
Oct
Per short
58% Sept
69% Jan
48% Jan
31 Nov
114 July
28,
8 Jan
5412 Jan
10912 July
2478 Feb
9913 June
374 June
14212 Aug
16912 Deo
121 Dec
33 July
5512 July
35% Mar
17% Feb
8212 Jan
31% Feb
10714 Deo
69 Feb
57% Feb
9212 Feb
90
Feb
63
,
8 Sept
46% Jan
11918 May
3314 Deo
10% Feb
964 Nov
9278 Jan
7714 Jan
62 Sept
12211 June
334 Feb
41% Jan
54 Deo
34% Sept
17,
8 Sept
1412 Jan
2078 Feb
1478 Jan
16 Feb
58 Aug
57% Deo
5238 Nov
1912 Jan
-265; Dec
4214 May
27 Nov
8714 Nov
44% Mar
9514 Apr
103 Mar
3 Mar
15 Aug
4314 Nov
35 May
7712 Ma
3714 Jan
93 Dec
8318 Feb
114% Star
134 Ma
55% Ma
98
Apr
17 De
90 Ma
13% Ma
52 Mar
150 May
10014 Mar
39 Mar
4578 Jan
45% Ma
9914 Apr
41118 Ma
5014 Ma
10112 Ma
30
Oct
42
Oct
117
Apr
113% Ife
12412 Ma
5612 Jan
112 Mar
34 -i;C2
5012 Sept
3014 Jan
Ill Feb 11
27 Jan 8
37 Jan 20
48 Jan 3
734 Mar I
2. 18 Apr 4
74 Mar 18
43 Feb 9
3212 Jan 24
104 Mar 30
2134 Niar 23
18 Jan 14
8918 Apr 13
19% Apr 1
84 Apr 9
233* Star 21
65 Jan 14
5612 Jan 5
14412 Jan 8
13312 Jan 4
67,
3 Jan 4
15 Jan 8
3014 Jan 8
9778 Jan 4
102 Jan 4
111 Jan 1 r
22 Apr 25
45% Mar 31
28 Jan 26
48 Feb 18
12 Jan 28
1912 Jan 24
88 Mar 26
10 May 5
1614May 5
58 Apr 7
11734 Jan 11
2012 Jan 27
46 Jan 22
40 Feb 2
2412 Apr 5
5078 Jan 4
7014 Jan 8
25 Jan 14
8912 Apr 11
8518 Jan 29
11518 Apr 20
93 Apr 116 Nov
3078 Feb 28
27% Dec 37 Feb
5212 Mar 30
29 Mar 43 Aug
58 Feb 11
4314 July 52 Aug
10% Feb 14
9
Oct 25% Feb
3634 Feb 14
31% Oct 69
Jan
8734 Feb 11
83
Oct 9818 Jan
51 Jan 4
40 May 5012 Not
35% Jan 31
26 Mar 364 Dec
108 Feb 3
9434 Jan 11012 Dec
25 Feb 7
17
Jan
23 Deo
2412 Apr 1
1214 June 2314 Jan
10512 Mar 17
Jan
99 June 195
333* Feb 18
2114 Oct 85% Feb
9534 Feb 3
8812 Oct 11012 Jan
4513 Jan 8
12 June 6914 Sept
904 Feb 18
43% Apr 69 Deo
6534May 6
53 Apr 8512 Jan
16212May 6 13412 Mar 157% Sept
15734 Mar 12 10514 Mar 146 Deo
763* Mar 28
65 May 7912 Feb
18% Feb 15
13% May 1912 July
3434 Apr 20
2714 Jan 3212 Oct
110 May 4
8813 Jan 9812 Oct
9511 Slay 10212 Des
110 Apr 28
11512 Apr 6 108 Mar 115 Sept
2518 Apr 29% Feb
2712 Feb 15
585* Feb 28
5118 Apr 90 Feb
Oct 3838 Feb
22
3812 Apr 2
4612 Oct 6414 Oct
59 Jan 17
3% Jan
38 Dec
1,2 Feb 14
Jan
18 May 34
2434 Mar 3
8812 Oct 99 Feb
95 Jan 11
May 1438 Deo
17% Feb 21
8 Deo
14 May 30,
3278 Feb 23
42 Slay 8138 Des
8434 Feb 23
14438 Apr 22 120% Dec 128 Dec
19 Nov 4434 Jan
32% Apr 20
44 Nov 80 Feb
54'2 Mar 1
3714 Nov 65 Feb
4512 Apr 26
2412 Mar 39% July
3514 Jan 6
5344May 2
47
Apr 5934 Feb
6018 Mar 7212 Aug
77 Apr 25
20 May 39
,
8 Sept
3014 Apr 19
9113 Apr 10712 Sept
99 Jan 3
69 May 9514 Aug
9714 Mar 24
Per share
51 Jan 17
563* Jan 17
433* Apr 28
,Apr 29
253
107% Jan 27
1714May 2
3312 Jan 6
10714 Jan 4
1612 Apr 29
97 Jan 8
25 Apr 29
12314 Jan 20
154 Jan 25
11812 Nlar 4
315* Jan 3
21 18 Apr 9
712 Mar 22
104 Apr 261
73 Feb 24
2012 Jan 27
104 Feb 21
54 Jan 25
574 Jan 3
7014 Jan 4
84 Jan 5
50% Apr 28
35'A
Fepbr 29
5
,ss
2978May 2
2 Mar 29
9012 fan 4
5114 Mar 15
32% Apr 29
4914 Mar 18
118 Feb 10
212 Feb 28
30 Mar 21
334 Mar 3
19% Jan 25
7 Apr 27
312 Apr 12
Highest
103
Jan
8532 Nov
116% Sent
11838 Sept
511 July
27
Jan
63% Jan
7114 Jan
10034 Dec
58% Sept
9514 Deo
109% Aug
125 JUD6
174 Dec
69 11117
126 Nov
3813 Slay
9813 Deo
3412 Des
9012 Dec
24812 Aug
118 Deo
6112 Feb
5938 Feb
8412 Deo
114% Nov
7178 Jan
8814 Jan
109
Jan
4978 Jan
50
Jan
16012 Deo
117 Deo
130% Dec
87 Deo
123 Dec
2724
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 Ms /Isaias.. method of quoting bonds toas clasped 0130 prizes are Bow "awl Isiterssr—main for income aid defaulted bonds
BONDS
FL T.STOCK EXCHANGE
Week Ended May 0.
Price
Friday,
May 6.
Week's
Range or
Last Sale
443
H100 No.
Ask Low
Bid
mint.
U. S.0
First Liberty Loan765
ID 1003131 sale 100114,101
8)4% of 1932-1947
2
ID 101182 Sale 1014, 10141
Cony 4% of 1932-47
3D 10381 Sale 10341 1031033 99
Cony 44% of 1932-47
ID 1021741
10217n A pr'27
2d cony 4(% of 1932-47
Second Liberty LoanMN 100 433 Sale 10014, 100i,
3
4. of 1927-1942
MN 1001,4, Sale 100,s4 1001,8 882
Cony 4% of 1927-1942
Third Liberty LoanMS 100,1n Sale 1002,44100,144 410
4M% of 1928
Fourth Liberty LoanAO 104
Sale 1032344104331 1399
41(% of 1933-1938
1947-1952 AO 114631 Sale 1131,44114,st 296
Treasury 4ifs
1944-1954 J O 1081743 Sale 1054,42 108,113: 1433
Treasury 48
Treasury 3%/1
1946-1956 MS 1056144 Sale 1051.44105,0u 62
Stat. and City Securities.
1007 Apr'27
N Y City-41.1s Corp 8tock_1960 MS 100%
3
1964 MS 10478 10534 10558 105%
4(c Corporate Clock
1966 AO 10478 106 1025 Mar'27
41.(e Corporate stock
AO
Apr'27
10538
106
10514
1972
448 Corporate stock
10714 Mar'27
1971 J o 109
414e Corporate stock
414s Corporate stock_Ju1y1967 J J 10858 -- 10918 Apr'27
1965 ID 10812 -- 1065 Jan'27
4148 Corporate stock
10812
3
1963 M
4i5s Corporate stock
- 10812 10812
10012 Apr'27
1959 MN
4% Corporate stock
3
1958 MN 10014 161 10034 10034
4% Corporate stock
99% Jan'27
1957 MN
4% Corporate stock
9812 Nov'26
1956 MN 99%
4% Corporate stock
1955 MN 99% ____ 98% Oet'26
4% Corporate stock
99 Mar'26
1938 MN 9912 _
4% Corporate stock
0858 Apr'27
41.4% Corporate stock _1957 MN 108 109
08% 10834
3
434% Corporate stock _1957 MN 108 109
93
9258
8
814% Corporate stk_May 1954 MN 9212
9114 11,1ar'27
334% Corporate stk_Noy 1954 MN 9212
1955 MN 924 ____ 89 Apr'26
814it Corporate stock
0212 Oet'26
New York State Canal Im 48.1961 • J
0258 Mar'27
1960
48 Canal
02
Apr'213
1964
4148 Canal !mut
S
111 Dee'26
Highway imprort 414s_ 1963
7612 Feb'25
1991 J .1
Virginia 2-3e
Foreign Gov't and Municipal's
9512 Sale 95
9512 40
Antioquia (Dept) Col 73 A._1945 J
9534 33
1945 Ii 9538 Sale 95
External 8 f 79 ser B
99
89
Argentine Govt Pub Wks 68_1960 AC 9834 Sale 98%
Argentine Nation (Govt of)—
9914 192
Sink fund 68 of June 1926_1969 ID 99 Sale 9858
0
*
9914 Sale 985g
1959
09,4 72
Eon s f Sc of Oct 1925
99,2 57
Sink fund to Series A__ _1957 11 S 9912 Sale 9834
9914 Sale 9878
99,2 60
External Si series B__Dee 1958 J
99 Sale 988
40
1960 MN
99
Extl sfils of May 1926
75
99
Extltis Sanitary Works...1961 FA 99 Sale 9858
6
9038
1945 MS 9038 Sale 90
argentine Treasury 56 Z
98
151
Australia 30-yr 58__ _July 15 1955 J .1 98 Sale 972
29
1943 ID 1028 Sale 10134 103
Austrian (Govt) a I 78
5
50
1945 FA 99 Sale 9912 100
Bavaria (Free State) 6%8
11212 53
Belgium 25-yr ext s f 714811_1945 ID 11238 Sale 11178
10834 31
1941 FA 1081 Sale 10814
20-years 88
1949 M $ 10112 Sale 10014 10112 58
26-year external 6148
97 Sale 9638
9714 302
1955 J J
External s 1 68
105
187
External 30-year e 1 71 A955 ID 1047 Sale 10418
1951 MN 10338 Sale 10258 10312 137
Stabilization loan 78
11314
1
1945 MN 11312 1133 11314
Bergen (Norway) a f 88
1
25-year sinking fund 68_1949 AO 10014 101 10034 10034
9914 42
1950 * 0 99 Sale 99
Berlin (Germany)(lyis
104
24
Bogota (City) ext'l a f 8.,.,._1942 AO 10318 1038 103
10412 77
Bolivia (Republic of) Bs__ ..1947 MN 10438 Sale 104
J
J
65
9412
96
Sale
9612
1958
tern
Esti see 7s
3
N
M
9714 139
9634 97 4 9614
Bordeaux (City of) 15-yr 131_1934
78
1941 ID 10512 Sale 10512 107
Brasil (II Sof)external 8s
92% 364
External at 6128 of 1926 1957 AO 923 Sale 92
D 9612 Sale 95
9612 56
1952
74 (Central Railway)
5
7148(coffee occur) £(M40_1952 AO 1038 105 10314 10314
10312 42
1935 MS 10312 Sale 103
Bremen (State of) ext'l 7s
10114
14
Bueno8 Aires (City) esti 63481955 J J 10014 10012 100
91% 68
Bulgaria (Kingdom) a I 7s 1967 II 9132 Sale 91
9832 39
Calda8 Dept of(Colombla)7128.46 I J 9734 Sale 9712
1931 A0 10112 10134 10l12 10134 35
Canada(Dominion of) 5s
10278 196
1929 FA 102 Sale 102
10-year 634a
10512 35
1952 MN 105% Sale 105
58
9914 99
99% 10
1938 FA 99
4)45
106
1954 II 10434 106 106
Carthbad (CRY) e f Els
FA 10812 Sale 10734 10938 105
1941
8s
Cf
ext'l
(Republic)
Chile
20-year external s f 78._ 1942 MN 10012 Sale 9934 10038 132
1948 MN 10812 109 10713 10834 123
25-year external s f 8s_
9112 202
External sinking fund 69_11360 * 0 9138 Sale 91
9112 310
1961 FA 9138 Sale 91
External Cf 69
94 Sale 9314
9414 41
011dle Mtge Bk 6148 June 30 1957 ID
ID
9618
Sale
97
97
103
1961
30
1928June
of
648
25
1
Chinese(Hukuang Ry)Sc. 1951 ID 25 Sale 25
Christiania (Oslo) 30-yr et 681954 MS 10214 Sale 10214 10214 18
98% Sale 9812
99
21
Cologne(City) Germany6)01950 M
AO
8
8
1005
10138 1005
10132
4
Colombia (Republic)634s_ _1927
Copenhagen 25-year at 5141.1944 J J 10012 10034 10012 10034 13
9912 Sale 9812
9918 40
Cordoba (Prov) Argentina 781942
1944 MCubaSeof S 10014 Sale 10014 10014
4
1904
External Soot 1914 ser A_1949 F A 100 10178 10134 Apr'27
9412 38
External loan 434 ger C 1949 F A 94 Sale 94
1953 J J 10112 Sale 10112 103
38
Sinking fund 51411
9414 33
Oundinamarca (Dept-Col) 7s '48 J D 9334 Sale 9334
Czechoslovakia(Rep of) 811.. 1951 A 0 10812 Sale 10812 10852 33
7
1952 A 0 10812 Sale 10832 10812
Sinking gund fis ear B
External f 714s series A1946 A 0 10512 Sale 10512 105% 58
11118 38
Daniell Cone Municip 88 A 1948 F A 111 Sale 11034
9
1948 F A 111 Sale 11012 111
Berle. B sf88
20
1942 J J 105 Sale 10438 105
Denmark 20-year Se
99
23
9834 Sale 9834
DOWIDICAll Rep Cud All 5148 '42 M
99
31
1940 A 0 99 Sale 9834
let sec 5148 of 1926
10114 17
Dyeetion (city) external 7e 1946 M N 10114 102 101
14
4
10
J
1023
1947J
1023
Sale
4
6I__.
esti
238
Indiee
Dutch East
40
1962 M
10212 Sale 10213 103
40-year 63 ex ternal_
1023
4
lO1I8
8
Sale
M
18
10118
1953
5348
external
-year
80
10112 13
1953 M N 101 18 Sale 1011o
SO-year external 53.48
13
El Salvador (Repub) 88 ____1948 J J 108% Sale 10832 109
64
95
Finland (Republic) esti 6.-1946 M S 95 Sale 93
10012 58
10012 Sale 00
External sink fund 7a____1950 M
9834 76
1956 M S 9838 Sale 9814
External f 6348
99
10
9918 99
Finnish Mon Loan 63.48 A 1954 A 0 99
8
9912
9912 99
External834i8erleeB1b54 A 0 99
137
110
10838
S
Sale
11038
M
88.1945
French Repub 25-yr ext,
20-year external loan 7%6.1941 I D 11312 Sale 11232 11312 337
10418 719
1949 J D 104 Sale 10318
External Ts of 1924
1949 A 0 10712 Sale 10714 10714 275
German Republic ext'l 7e
4 39
German Cent Agri., Bank 712_1950 M S 10238 Sale 10212 10238
1033
8
1964 MN 103 Sale 103
Graz (Municipality) 88
Sale 10458 10478 81
Ot Brit & Ire'(UK of) 5348-1937 IF A 10434
34
119
A
2
1183
11914
F
4
1183
1929
514e
10-year cony
11
10478 105
Greater Prague(City)7%8 1962 M N 10514 105% 9512
9634 30
1984 M N 9512 97
Greek Government 78
10012
12
100
Sale
0
100
A
1952
Haiti (Republic) a I 6s
2
10412 10412
Heidelberg (Germany)ext 7)4850 .1 .1 10412 10514
100
30
Hungarian Munk)Loan 71.48.1945 J J 9934 Sale 9912
963
4
38
Sale
4
953
4
963
J
SePt 1 1946
External s I 7s
10234 63
Hungary (Kingd of) at 7148.1944 F A 10234 Sale 10238 10038 31
Ind Bank of Japan 6% notes.1927 PA 1001 Sale 988
9618 577
8
953
Sale
D
95
Daly (Kingdom of) ext'l 7...1961 J
9114 200
Japanese Gov{ loan 40.-1931 I J 903 Sale 9014 10038 465
Sale
98%
100
A
F
1954
80-year s f 51)411
9514 101
Oriental Development 611-1953 M 8 9518 Sale 9334
Range
Since
Jan. 1.
Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 6.
h
High
LeiPlIg (Germany)Cf 78.___1947 FA
OW.441011344 Lyons (City of) 15-year 68__1934 MN
Marseilles(City of) 15-yr 68_1934 MN
001,8 102
102104411133144 Mexican Irrigation 4348_ _1943 MN
1943
1021,44103
Assenting at 414s
J
Mexico(U 8) ext158 of 1899 £'45
100 101
1945
Assenting Soot 1899
1004: 101 In
Assenting 58 large
1954 J O
Gold deb 4s of 1904
100,,44101,1141
Assenting 48011904
Assenting 42 of 1904 large
1031,441041'ss
Assenting 48 of 1904 small
J J
110.44114nu
Assenting 4 of 1910
106,441082,n
AseentIng 460? 1910 large.....
103.14106,n
Assenting 450f 1910 email.....
Trees 68 of'13 assent(large) *33 II
10038 10118
Small
10212 10538 Milan (City, Italy) ext'l 6348 '52 AO
102% 10252 Montevideo (City of) 7s____1952 ID
10252 10514 Netherlands 613 (flat pr4ces)__1972 MS
10712 107.2
30-year external Se(IMO --HIM AG
1943 FA
10858 10912 Norway 20-year eat] 68
1944 FA
10658 10638
20-year external 613
1952 A0
20-year external 68
10638 10812
1965 ID
99 101158
40-year 8 f 6148
1955 MN
99 10034 Oslo(City) 30-year of 68.,
98% 100
1946 P A
Sinking fund 5149
J D
_1953
Panama (Rep) mai 54t.
Peru (Rep of) en!88(of'24).1944 * 0
1944 AO
Ext1 8s (ser of 1926)
105% 108,
1940 MN
Ext1 sink fd 714s
10534 108%
EMI 8 f sec 7148 (of I926)A956 MS
*0
8978 93
Se
1940
gold
Poland (Rep of)
8972 9114
1950 II
Esti sink fd g 88
1961 J O
Porto Alegre (City of)88
Queensland (State) eatl s f 78 1941 AC
1947 P A
10238 10238
25-year external 68
Rio Grande do Sul esti I 89_1946 * 0
Rio de Janeiro 25-yr s f 88.__1946 * 0
1947 * 0
25-yr esti 8s
1952 * 0
Rome (City) extl 6148
94
9712 Rotterdam (City) esti 66.__1964 MN
9712 Sao Paulo (City) of 8s__Mar 1952 MN
94
9738 100
San PAM()(State) esti 81 82_1936 J J
1950 II
External sec s f 88
9734 100
External s f 7e Water L'n_1956 MS
9754 101) Santa Fe (Prov. Arg Rep) 7s 1942 MS
9711 10073 Seine. Dept of (France)ertl 78'42 II
97313 10038 Serbs. Croats & Slovenes 88_1962 MN
9704 100
1936 MN
Soissons (City of) extl6s
98 100
1939 ID
Sweden 20-year 68
92
89
1954 MN
External loan 5148
9714 98,2 Swiss Confed'n 20-yr of 8s 1940 II
*0
10114 105
ext
Govt
510_1946
Switzerland
9818 10014 Tokyo City 5s loan of 1912..1952 MS
111 114
1961 * 0
Extl 81 5144 guar
108 10912 Trondhjem (City) esti 6140_1944 JJ
9634 10212 Upper Austria (Prov) 78.___1945 ID
9238 98
Uruguay (Republic)esti 88__1946 FA
10212 10534
1960 MN
External s f 68
10138 104
Yokohama (City) extl 6s.. 1961 J
11218 114
Railroad
9914 10138 Ala Gt Sou let cons A 58
1943 J O
98% 100,
4 Ala Mid let guar gold 58
1928 MN
10234 10412 Alb & Susq let guar 3148 _1946 AG
10312 10512 Alleg & West 1st g gu 4s___.1998 AO
9412 98
1942• B
Alleg Val gen guar g 48
93% 974 Ann Arbor 1st g 48
July 1995 Q J
104 10812 Atch Top a,s Fe—Gen a 48_1995 AO
AO
96
89
Registered
944 9912
Adjustment gold 48__July 1995 Nov
July 1995 MN
102% 107
Stamped
MN
10218 105
Registered
1955 ID
9914 102,4
Cony gold 42 0(1909
91
9414
1955 ID
Cony 48 011905
9634 9834
Cony g 48 issue of 1910.._1960• D
1928 MS
10014 102
East Okla Div let g 4s
J
1965
101% 102%
Rocky Mtn Div let 48
104 10512
Trans-Con Short L let 48_1958 J J
98% 99%
Cal-Ariz Oat dr ref 434a A 1962 M
10312 1061 2 All Knoxv & Nor 1st g 56._1946 JO
10614 10932 Atl & Charl AL let A 410_1944 J J
9912 101
1944 J J
18t 30-year 68 eerie, B
1951 Ii
10614 109
Atlantic City lit cone 48
91
9312 All Coast Line 1st eons 44 July '62 M
9338
91
1930 MN
10-year secured 78
93% 9(112
1964 ID
General unified 43.4e
96
9814
L & N coil gold 0____Oet 1952 MN
30
1948 II
24
All & Danv let g 46
99% 10212
1945 Ii
2d 4s
97% 10012 All & Tad let g guar 431
1943 * 0
9912 101% Austin & N W 1st gu lit 513—A941
991,4 101 12 Bait & Ohio lit g 4B__._July 1948 *0
97,2 9912
July 1948 Q J
Registered
1933 M
10018 101 12
20-year cony 454e
10114 102
Refund dr gen fe serial A 1996 Jo
9358 95%
1948 AO
1st g 5.
101% 103%
1929 Ii
10-year Se
9334 96
1995 JO
Ref & gen 6a series C
105 110
PLE&WVaSys ref 4s 1941 MN
1950 J J
10434 109
Boutbw Div let 58
1044 10814
Tol & Cln Div let ref 48 A_1959 J J
2000 MS
10938 111 12
Ref & gen 58 series D
1943 J J
10914 1I138 Bangor & Aroostook 53
1951 J
1034 10514
Con ref 48
9834 10012 Battle Crk de Slur let gu 3s....1989 J
9834 110
Beech Creek lit gu g 44_1938 J J
J J
10012 10412
Registered
1936 J J
10214 104%
2d guar g Sc
1951 *0
10214 10358 Beech Crk Est 1st g 834e
10038 10234 Big Bandy let 48
1944 JD
10052 103
Bost & N Y Air Line 1st 48-1955 FA
1938 J J
10614 109
Bruns & W let gu gold 48
97
93
Buffalo R & Peon gold 511_1937 MS
9814 102
1957 MN
Conooi434a
MN
96 100%
Registered
99
98
1934 AG
Burl C R & Nor 1st 58
95% 9912 Canada Sou cons gu A 5e____1982 AO
10812 110
Canadian Nat 4348.Sept 16 1954 MS
105 11312
5-year gold 434e Feb 15 19341 FA
99 104.2 Canadian North deb e f 78_1940 JO
10612 10912
1946 J J
25-year, f deb 63411
101 10358
10-yr gold 414s_ __Feb 15 1935 FA
10112 10312 Canadian Pao Ry 4% deb stock__ J J
10412 10534
1946 MS
Col tr 414s
11634 119
1932 MS
Carb & Shaw let gold 4._
10338 107
1949 J
Caro Cent let cons g 48
9314 97
Caro Clinch & 0 161 30-yr 581938 ID
99 10014
lit & con g Sc series A...._1952 JO
103% 106
1981 JO
Cart & Ad let gu g 4e
9758 1014 Cent Branch U P latg 4s_1948 ID
9514 99
Central of Oa let g 68_Nov 1945 FA
10014 105
1945 MN
Consol gold 58
9912 10078
10-year secured 6s...June 1929 ID
9234 97
Ref & gen 510 aeries B_1959 *0
8814 924
Chatt Div pur money g 48.1951 ID
984 102
Mau & Nor Div 1st g 58_1946 13
1946 11
9212 98
Mobile Division 58
Price
Friday,
May G.
456 row
Bid
Heel
101 Sale 101
10138
9714 Sale 9612
97,4
9714
968 Sale 9612
30 Mar'26
36
3638 36
36
Feb'27
:1_1 :1_ 1: 2
53
4
4
1314
9
4114
4258 Apr'27
2738 34 July'26
27
26
2714
27 Dee'26
254 Sept'26
2634 27
27% Jan'27
26%
2714
24
42%
4314 Apr'27
4234
4314
92 Sale 92
9212
101 12
10114 Sale 10078
1063 Sale 10512 10634
10312
10314 Sale 10314
103 Sale 10212 103
1021 Sale 10212 103
10212 Sale 102
10312
100% Sale 100
10034
103% Sale 10234
103
9934 Sale 9912
99%
10212 103 100
10212
104 1044 10312 10414
104 Sale 110312 10412
10112 Sale 1100
10114
10014 Sale 10014
101
8278 Sale 8212
83
9812 Sale 98
9918
10512 Sale 10434
10512
11312 Sale 11212
11312
105 106 10512
10512
10512
10512 Sale 1o514
10434 Sale 10412 105
10414 Sale 104
10412
91 18 Sale 9034
91 18
105% 10578 10512 10578
11012 Sale 11012
111
10678 Sale 106
106%
10714 Sale 0612 10714
98% 99
9812
9914
3
94 Sale 9418
9658
10214 Sale 10114
10214
10138 Sale 1011o
10134
9534 Sale 9434
4
95,
10434
03%
10434 Sale 0414
10434
2%
2
14
14
10
Sale 0
18 s
11218
104%
7712 Sale 7614
4
77,
8834 Sale 8738
8834
100 Sale 100
1014
94% 95
94%
9514
1088 Sale 10834 109
955, Sale 9518
95%
9438 Sale 9258
0412
10314
100%
884
883
9634
8138
9634
Raises
Sloes
Jan. 1.
Week's
Range or
Last Sale
We Low
23 1004
96
934
134
9314
High
10278
9778
9778
30
60
3932
3968
41
50
50
4238
15
2438
IA
37
16
273*
264
2238
41
2786
alls
264
4818
02
9214
43
591i
10114
10114
100
9834
10038
li10
3
0:9
i
827'
104
104
10334
1014
10314
5
3
_
11
4
283
66
34
31
44
27
70
16
•10
10
22
36
72
136
56
222
4
9
2
16
13
15
300
6
11
28
36
33
23
171
66
27
36
33
13
44
40
206
34
19
4
(12
394
10318 Feb'27
10014
2
100,4
883 Apr'27
85 Mar'27
963
0634 - in
8138
8112
2
9512
963 143
95
95
10
Sale
898
895,
89%
8
9018 Sale 90
9918 31
88% 8812 881
8818
1
89
8934 85
85
5
90
89
89
89
1
89% Apr'27
100 Sale 993
100
If)
89 Sale 89
89
1
92 Sale 92
9214
6
9912
99
Apr'27
10434 Mar'27
983 9912 9834 Apr'27
106 Sale 106
106
2
8812 8912 8634 Dee'26
97 Sale 96%
97
30
103 10318 103
10318 12
9834 Sale 98
21
9212 923 9212
93
844 24
8I12 8138 8112
8112
7312 Sale 73,2
97311
765
1
8
04
8512 Sale 8514
10214
0212 Apr'27
96 Sale 95
94 Sale 94
9834 Sale 9812
94
99
2
120
10312 Sale 10213 104
117
10714 Sale 10618
10218 Sale 1023
93
10
738 9
55
1
10934 Sale 1095, 110
40
9518 Sale 9412
9512 21
103% Sale 10212
10312 60
8512 86
851280
10318 Sale 10212 1034 329
102% _
10218 Apr'27 84
863 Sale 86
87
101
8914
____
Sale
Sale
Sale
96
6
'8 6
54
9696
1 6
6'1
96:42
6
- 94% Mar'27
9238
8
9
92
83
963
10378
9814
-8-4-9314
8378
97
8
9%
91
9318
8212
9638
10312
Sale 9712
95
10118 102 102
107% Sale 106%
98% 99
98%
9958 Sale
11558 Sale 19
58
9%
15
11834 Sale 11834
9812 9838 98%
85% Sale 85
9712 Sale
9712 9812 98
2
18
77
86
103 10312 10311
10758 Sale 10733
9134 93
9214
85% 85% 86
105
— 0578
10458 1055, l063
10212 Sale l02I8
1054 106
054
914
103 105 10234
10312 105 104
111;2
A.1
1 21
;
7
9338
83
Apr'27
Apr'27
9814
Mar'27
102
107%
99
19
978
16
11834
98%
85%
71
98
Apr'27
Apr'27
10738
Mar'27
2
1
7
7 10134
90
10
7
034 1103
1(
1)
9934 103
3::
11 174112 1110116
100
10338 106%
10214 105
099:91
11:13
8323 6 2
4
4811
105
14
7,3
98
93%
4'2
1 1:0 69:98062604951:4
10712
2
14
.
0
02
10
95,8
2%
07
4 10
714
90
0
10312 10434
105
10138 1153%
10
11
112
2138%1 137e
10238 106
7978
75
864 9031
4
1%
07
4 4 19
99
1085, 112
9612
95
9214 974
10238
10(
)1
87¼
8478
9514
79%
92%
92
10811
1814
18
85
9834
82
97
96
885
8
778814 8
998
8
11114
85
8978
874 894
988
8
96'12 166
9)
8934
90', 9238
9718 9914
104% 10434
98% 100
10334 106
-1553.4
103
97
914
784
71 14
8218
10212
If
105%
98
4
,
9318
814
754
80
10434
358 97
92
4%1
974 104
1001
9914
10454 108
10014 10318
10738 110
9214 96
1014 1034
86
64
82 103
l000
10218 1024
8514 87
2
8
61114
5
966
9
96
941
99
99
8
34
13
93
91138 8
8
7838 8378
9534 9631
348
08
1% 19
94
10
78
19
8
2
33
10
5
10
105
84
1
954
1 102
95
10
3s
94
07
74 11
05
11
99
518 100
99
11434 11614
97% 99
83% 8812
558 9812
96
9
4
04
,
3
2
86
0
8 19
',2
0%
93
02
18
20
83
r627 _Ap5
1063
3
1027s 27
106
4
Mar'27
Apr'27
Apr'27
8812
1110
2 11106806:2914
s
211:2
4
00:247
isi
58'o 914
4 1004
3s
17
,
02
1
New York Bond Record--Continued—Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 6.
Price
Friday,
May 6.
Ask Low
BO
8412
Cent New Ens let gu 45._ 1961 J 3 8312 85
9912
Central Ohio reorg 4945____1930 MS 9912 100
Central RR of Ga coil g 58__1937 MN 101 Sale 101
____ 11518
Central of NJ gen gold 68___1987 J J 116
1987 Q J 11612 Sale 11512
Registered
1949 FA
93 Sale 9234
Cent Pao let ref gu g 48
P A 90
9212 92
Registered
Mtge guar gold 314e_Aug 1929 3D 9812 ____ 9812
Through St List gu 48___19E4 AO 9012 9112 91
1960 FA 10334 Sale 103
Guaranteed g be
'
3 11838 ____ 11812
Charleston & Savo'', let 78 1938
Chen & Ohio fund & hunt 58A929• J 10038 101 10038
1939 MN 10634 Sale 10634
let consul gold 55
1939 MN 105 Sale 105
Registered
1992 MS 99 Sale 9814
General gold 431e
M
9438
Registered
1930 FA 100 Sale 100
20-year cony 4 Re
1940 33 10078 ____ 10078
Craig Valley let 58
92
9138
Potts Creek Branch let 48_1946 3' 89
R & A Div let con g 46_1989 .1 3 8912 Sale 8812
1989 ▪ J 8678 ____ 8678
2t1 consul gold 45
__ 10018
Warm Springs V 1st g 68 1941 MS 10014
Chic & Alton RR ref g 36__ A949 AO 7213 Sale 7212
72 Sale 7112
Ctf dep stpd Apr 1926 Int___ _
66 Sale 6413
Railway first lien 3Re__1950
6412 Sale 64
Cite dep Jan '23 & sub coup
Ohio Burl dr Q—Ill Div 3J48.1949 33 89 Sale 88
8712 ____ 8612
Registered
1949 J J 9614 Sale 9614
Illinois Division 48
1927 MN
9978
Nebraska Extension 48
MN
9912
Registered
1958 MS 9612 Sale 9518
General 46
MS 96
9614 9218
Registered
1977 FA 9812 Sale 97,
lst & ref 4 Rs ser B
3
FA
1971
10634 Sale 10668
5s
series
A
let & ref
____ 106
Chicago & East III let 68.-1934 AO 106
8718 Sale 8412
0 & E Ill Ry (new co) con 581951 MN
N 1071 108 10768
1982
Ohio .k Erie let gold 55
Chicago Great West let 48_ _1959 MS 7378 Sale 73
____ 116
Ohio Ind & Louise—Ref 13e_1947 .1 J 116
1947• J 10318 10038 10358
Refunding gold 5e
1947 3, 9634 ____ 9114
Refunding 45 Series C
1966 MN 10238 Sale 10214
General 5e A
May 1968 .1 J 10818 10818 108
General 68 B
9414 ____ 9512
CI& Ind de Sou 50-year 45_1968 .1 .1
9718 ___- 9712
Chlo L S & East 1st 4Re____19691J D
0 M & Puget St1 let gu 48___1949 J J
II S Tr certife of deposit
Ch M & St P gen g 4eSer A_e1989 J .1
Registered
@ J
General gold 3348 ser B_ _e1989 J J
Oen 4345 Series C__ _May 1989.7 3
Glen & ref ser A 4 q s._ Jan 2014 A 0
- Guar 'Fr certlfs of deposit
Gen ref cony ser B 6s_Jan 2014 i-A
Guar Tr certife of depoeit
1934 1-5
let sec 63
1932 J D
Debenture 4345
Bankers Tr certils of deposit
Debenture 48
1925 ID
IT S Mtge & Tr Ws of dep__
1934 i—i
56-year debenture 46
Farm L dr Tr cal of dep._ _
.
M141
Ohio & N'weet gen g 334s....,
.1987 -Q F
Registered
1987 M N
General 46
Q F
Registered
Stpd 4s non-p Fed in tax '87 M N
Gen 4116stpd Fed lee tax_1987 MN
Gen 58 stpd Fed Inc tax1987 M N
Sinking fund 65
1879-1929 A 0
A 0
Registered
1879-1929 A 0
Sinking fund Se
1879-1929 A 0
Registered
1933 M l's,
Sinking fund deb Os
M N
Registered
1930.7 D
10-year secured Teg
15-year secured 8555 g
1930 NI
1st & ref g 6.3
May 20373 D
Chien I & P Railway gen 419_1988 Z
J
Registered
Refunding gold 49
1934 A 0
A 0
Registered
Ch Eit L & N 0 Mem Div 48..1951 J D
Ch St L & P let cone g 513_1932 A 0
Onto St P M & 0 cons 6s__1930 J D
Cone 65 reduced to 334e1930 J D
Debenture 56
1930 M
Stamped
Ohio T H & So East lat 58_1960 .1 D
Inc gu 56
Deo 1 1960 M 8
Ohio Un Sta'n let gu 4Re A-1963 J J
19833 J
let 56 series B
1944 J D
Guaranteed g 68
19833 J
let 8 Me series C
Chic & West Ind gen g 6e__p1932 Q M
1952.7 J
Consol 60-year 45
1962 M 5
let ref 510 ser A
1952 M N
Choc Okla & Gulf cone 56
1937 J J
CM H & D 2d gold 4356
0 I St L & C let g 4e___Aug 1936Q F
Aug 1036 Q F
Registered
1942 M N
Chi Leb At Nor Hu 4e g
1928 J J
Cln S & CI cone 1st g 66
Cleve Cin Ch & St L gen 43_1993 .1 D
19313 J
20-year deb 4348
1993.7 D
General 6e Series B
1929 J J
Ref & impt 65 series A
1941 1 .1
(Miseries C
1963.7 J
56 seriee D
Cairo Div let gold 45__ _ _1939 3 J
Cln W & M Div let g 4a-1991 J J
Eit L Div 1st eon tr g g 118 1990 MN
M N
Registered
Spr & Col Div let g 49_1940 M S
W W Val Div 1st g 4s____1940 J J
10004,1 gen cons g 6s--__1934 J .1
Clev Lor & W con 1st g 56_1933 A 0
Cleve & Mahon Val g 68.,....i9383 J
1935 MN
CI & Mar let gu g4345
ohm R p gen gu 4.1-Ie B01' B_1942 A 0
1942 3 J
Series A 43.43
1948 M N
Series C 3Rs
1960 F A
Series D 3445
4148_1961 A 0
Cleve Shor Line let gu
Term
6)48
1972
A 0
Union
Cleve
1973 A 0
181 g t 56 eer B
1945 3 D
Coal River Ry let gu 4,6
Colorado & Couth 1st g 48_1929 F A
Refunding & exten 4 Rs1936 M N
1948 A 0
Col & II V let ext g 46
1955 F A
Col & Tol let ext 46
Conn & Passum RI? let 45 1943 A 0
1930 F A
Gonsol Ry deb 48
1964.7 J
NO11-001211 48
J D
Registered
Non-eon' debenture 4e-1955 J J
Non-cone debenture 48_1966 1 J
High No
29
85
Apr'27 _
2
101
11534 47
11512 ---9314 42
Apr'27 _
9812 10
1
91
10334 53
Oct.26
4
10038
9
10634
1
105
45
99
Oct'26
10038 49
Feb'27
5
913p.
1
8812
Apr'27
Feb'27
7212 10
20
72
137
66
6514 303
8
89
Dec'26
1
9614
Apr'27
Nov'26
96,2 63
Mar'26
9833 504
4
10634
Apr'27
8714 646
2
1075
741 1450
11
11614
Mar'27
Apr.57
10212 16
3
108
9512
2
Apr'27
6212 __ 64
Apr'27
6212 64
62,
8
6318
87 Sale 86
87
84
8634 8314 Mar'27
77 Sale 77
77
964 Sale 9614
9612
6434 Sale 6312
6434
6412 Sale 64
6434
6258 6338 625s
6314
6314 Sale 6238
6314
104 Sale 10334
104
6312 6418 6338
64
6334 Sale 6314
64
6358 Sale 6338
6334
6312 Sale 6318
6334
6318 64
6314
6314
6314 6358 6318
6358
82
8258 8134
821
7414 _
7413 Jan'27
94 Sale 9378
94
8912
87 Aug'26
9314 9412 94
Apr'27
10738 109 109
Apr'27
11312 Sale 11312 11312
10278 10318 10318 Apr'27
10238 10318 10238
10238
10034 10138 10034
10034
10012 10118 10012 10012
10238 10212 10218
10218
10138 ____ 10138 Apr'27
10658 Sale 10612 10634
11238 11234 11238
11234
108 Sale 10512 109
90
9012 90
9012
8818 ____ 8778 Apr'27
9412
9438 Sale 04
9333 Mar'27
-9013 Sale 9014 9012
10238 10212 10218 Jan'27
10318 Sale 10318
10318
9614
9614 -- 9614
9958
9978 100
100
10014
9912 -- 10014
9878 Sale 9838
99
9434 Sale 9434
9514
9914
9834 99,2 9834
10412 Sale 10412 10412
10414 Sale 10334
10414
11712 11734 11738 11738
10612 _ _ 10534 Mar'27
89 Sale 8818
89
105 10514 105
105
10414 Apr'27
104
100
9738 Apr'27
9714 98
97
Apr'27
9612
9518 Jan'27
9312 9334 9312
9334
10014 ---- 10014
10014
9314
93,4 ---- 9314
995e ____ 9958
9934
113 Sale 113
113
103 Sale 10234
103
105%
10518
108
1041
10412 Sale 10414
95
95
9418
9012 Apr'27
894
8918 90
89,4
8714
874
9612 ____ 9618 Apr'27
9618 9712 9612 Apr'27
10918
10878 -- 10918
10258 Sale 10258 10234
10014
- - 10012 Apr'27
99
9914 9858 Apr'27
9918 Aug'26
102313
101 Mar'27
10238
8938 9014 8514 Oct'26
8812 ____ 8458 Sept'26
10314 Sale 10212 10314
109
10878 10912 109
10518 Sale 10412 1051s
9058
9012 ____ 9012
99
9914 99
99,4
98
98 Sale 9718
94
9412 Sale 9413
9012 Mar'27
91
94
88 Nov'26
87%
8238 Dec'26
944
76
78 Sale 7412
70 Sept'26
7412 7614 7538 Apr'27
744 7714 7534 Apr'27
b Due Feb. •Due May. P DUO Dee.
gangs
Since
Jan. 1.
Week's
Range or
Last Sale
High
Low
784 85
9914 10034
9912 101 12
112 116
11238118
9114 9338
9038 92
9734 91-34
8912 93
10112 10334
_
61-12
11661-8 1.
10338 10634
10212 105
9718 99
2
28
4
5
55
50
18
109
10
48
69
40
51
1
41
6
12
_
2
1
17
2
1
_
22
33
28
38
146
11
3
2
27,
5'
44,
21
10
10
8
2
31
31
_
2
1
1
10
1
29
4
32
1
4
1
5
3
13
10
44
2
14
36
1
_
5
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 6.
2725
Fries
Friday,
May 6,
Week's
Range or
Last Sate
Bid
Ask Low
Cuba RR let 50-year 55 g___1952 3' 9634 Sale 9634
let ref 71-48 ser A
1936 3D 10812 Sale 10812
let lien & ret Os ser B
1936 3D 9938 Sale 9938
Cuba N wtbern Ry lot 651966 J J 10414 Sale 10418
9938 99%
Day & Mich let cone 4 Re1931 33 99
Del & Hudson 1st & ref 481943 MN 9434 Sale 94%
30-year cony 56
1935 A0 13912 Sale 135
105
10412
1937 MN 10412
16-year 5 Re
10-year secured 76
1930 J D 107 Sale 106%
D RR & Bdge let gu 4e g
1936 FA
96,4
'
I 9213 Sale 9134
Den & R
let cons g 4e_ 1936
Consul gold 45421
1936 33 9134 9218 9512
Improvement gold 58..,...l928• D 10014 Sale 9934
Den & ho West gen 58-Aulif 1955 MN 8938 Sale 87
45
35
Des M & Ft D let gu 48_1935'.7 35
33
34
35
Temporary ctfe of deposit_ ___
9634
Des Plaines Val let gu 430_1947 11-6 99
74
75
Det & Mack let lien g 48_ 1995 J D 74
65
68
Gold.45
1995• D 65
9834 98
Detroit River Tunnel 4 R6_1961 MN 97
Dul Missabe & Nor gen 58_1941 • J 104 ____ 10434
1937 A0 10238 ---- 10238
Dui & Iron Range let 68
Dui Sou Shore & All g 58_1937 33 84 Sale 84
Hipb
97,4
10812
9938
10414
Apr'27
95,
4
13912
10714
10658
Apr'27
9238
Apr'27
10014
8934
Apr'27
34
Aug'26
7534
65
98
Apr'27
10238
85
13
CO Q
Ns. Low
23
94I2
1 107
2
99%
9
99%
98%
53
934
152 1144
30 103
11 10634
96
136
914
94
19
9912
605
7332
34
6
33,4
Mak
9714
10912
10212
10414
9934
9534
142,4
1074
10774
96,
4
93
97
10(14
894
38
35
-70T4
65
9714
10334
10134
754
1
/
5.3.4
6814
997g
10434
103
86
-591-s 161-1;
1003, 101
12
9138 9138
2
1
8734 901s
8534 87,2
1
9978 10018
14
71
7338
7112 72
94 Apr'27
6114 68% East Ry Minn Nor Div let 48_148 * 0 9358 96
80
67
East T Va & Oa Div g 56_1930.7' 10114 -- 10212 Apr'27
10612
10612
1956 MN 10658
2
Cone 1st gold 55
8838 8914
96
45
1 MN 103 10434 10318 Apr'27
Elgin Joliet & East lst g 68._ 19
948 -9-7-1* 0 10614
10614 Apr'27
4 El Paso & SW let 65
10612 21
9934 10013 Erie let consul gold 75 ext..1930 MS 10612 Sale 10638
5532
56
let cons g 45 prior
1996• J 85 Sale 8412
79
Jan'27
Registe gred
1997• J
let consol en lien g 45
7814 454
1996• J 78 Sale 7712
673138 Y6'4
7612 Apr'27
9-i53
1998 33
Registered
.
3
9914
Penn coil trust gold 4s
1951 FA 9914 Sale 9914
10513 107
8412 198
106 106
60-year cony 4e series A—I963 AO 8412 Sale 8378
8412 256
Series B
1953 AO 8414 Sale 8378
808 8714
105 10814
Gen cony 45 series D
1953 AO 11012 Sale 10314 113 3503
6914 7413
Erie & Jersey let 8 f 65_
1955 3, 11312 Sale 11212 11312 31
11378 11614
Genesee River let e f 6e 1957 3' 113 Sale 11238 11278 12
I, 8834
8812 Nov'26
10338 1038, Erie & Pitts gu g 3Sig
89
Apr'27
9114 9114
Series C 31-Is
1940 3, 89
99-8 103
Est RR ex@ g 178
1964 MN 10038 Sale 9912 10012 120
10634 10838
10058 Apr'27
9218 9512 Fla Cent & Penn letextgSsA93OJ J 10012
10138 10134
10138
Consul gold be
4
1943
96% 9712
Florida East Coast let 434e.19593 D 9814 Sale 9814
3
9814
let & ref 56 series A
1974 M S 9818 Sale 9512
5538 64
9612 145
5
6114
5534 6418 Fonda Johns & Gloy 4546_1952 M N 6114 Sale 61
9414 Feb'27
9478
88
Fort 51.17 D Co let g 440_1941 J
86
__
10634 Mar'27
1961 3D 107
8314 8314 Ft W & Den C 1st g 5 Re
9814
4
98i4
Ft Worth & Rio Or 1st g 4a 1928 3' 9838 99
75,
8 78
9478 98
Apr'27
1933 AO 10714 109
Frem Elk & Mo Val lst 6e
57
6512
2
5678 655 GII&SAM&Plet58_1931 MN 10034 Sale 10034 10034
3, 10034 -- 10078 Apr'27
2d extene Es guar
5512 64
100 Apr'27
193
933
1 * 0 9918
5534 6418 Gals' bus & Hend 1st 58
9938 22
10314 10612 Oa & Ala Ry 1st cons 58_Oct 1946 J J 0938 Sale 99
6611 6434 Ga Caro & Nor let gu g 66_1929 3, 10014 10012 10014 Apr'27
7458 Apr'27
76
1946 AG 75
56
6434 Georgia Midland let 35
5612 6438 or R I est 1st gu g 4 Re-1941 33 9818 100
9812 Apr'27
193
46
0 A0 11578 Sale 11512 11678 23
6612 6512 Grand Trunk of Can deb 76_1
MS 10734 Sale 10734 108
19
56lz 6414 15-year e f 68
9514 Mar'26
1947 3D 9818
563s 6412 Grays Point Term let Es
11412 114
1936• .1 11434 Sale 11418
748113
8 6
1314 Great Nor gen 75 series A
J .1
11338 Nov'26
Registered
98 Sale 100
100
3
9012 9413
let & ref 4318 aeries A____1961 J
112 Sale 11013 112
1952 .1
24
General 5 Rs series B
105 Sale 10434 105
31
1973
9013 9414
General 65 series C
49
9634
98
1976 3, 97313 98
General 4 Rs series D
105 109
85 Mar'27
10814 1134 Green Bay & West deb ctfs A____ Feb 8518 90
24
Feb 23 Sale 23
14
10114 103
,
,
Debentures ate B
92 Dec'26
101 10234 Greenbrier Ry let gu 4e____1940 MN 9312 95
4
100 10134 Gulf Mob & Nor let 5R8_1
19
950 A0 106 1063 10568 1053
A0 10112 Sale 10114 101%
6
10018 10214
bet Si 6s series C
107
17
101 10212 Gulf & S list ref & ter g 58 _01952 33 107 1083 107
10118 101%
10414 18
106 107
Hocking Val let cone g 4148_1999 3, 10414 Sale 10318
3,
9534 Mar'27
111,
8 112,
4
Registered
99
37
9 MN -5534 176614 9934 Apr'27
10212 109
Housatonic Ry cons g 5_1
,1_ __ 19
10134 -- 10134 Apr'27
1937
874 9012 H & T C 1st g int guar
8612 8738
Waco & N W div let 6e 1930 MN 10134 -- 10134 Mar'26
10034 Sale 10034 10034
1
9214 95
Houston Belt & Term 1st 55_1937
10018
10018
2
9
82
91%4 9
93
178 Houston E & W Tex let 58_1933 MN 10018
101
Apr'27
let guar 5e red
1933 MN 10118
10114 10218 Bud & Manhat 58 series A 1957 FA 10018 Sale 9912
10014 131
FA
10318 104
97
Apr'26
Registered
96
93141 520
9614
Adjustment income 56 Feb 1967 A0 9212 Sale 9058
9911 100
9958 10014 Illinois Central let goIC 45_1951'3 9434
9412 Mar'27
93,
8 99
9258 Apr'27,____
Registered
1951 J
8734 9534
'
3 -8712 10- 7438 Jan'271 ____
let gold 31
1951
-Is
33
Registered
8234 Jan'25
10
94
74 10
'
Extended 1st gold 3348_1951 *0 8712 ____ 8838 Apr'27
99
6:
31
,10112 10538
let gold 3e sterling
1951 MS 7518
73
Jan'27
_
117 11834
Collateral trust gold 45
1952 AO 924 Sale 9112
8
9214
AO
1064 106
Registered
8912 Mar'27
86% 89
96
let refunding 45
1965 MN -oU 97
9614 20
10313 105
Purchased lines 31-48
1952 3' 8614 883s 8838 Apr'27
10314 104 1 4
Collateral trust gold 48-1953 MN 8834 8912 881z
6
8912
MN
9734 9734
8513 Oct'26
Registered
95,4 9714
Refunding Es
1955 MN 10734 110 10734 108
7
95,8 951,
15-year secured 614s
1934'3 10112 Sale 101
10111 90
113 Sale 11213 113
9014 9334
16-year secured 6348 g_,,1936
17
100 l00A 9958 Sale 9838
9934 222
Aug 1 19811
40-year 4 Re
89
9438
Cairo Bridge gold 45
1960
93,4 -- 9338 Mar'27
9838 100
7638 ____ 7814
Litchfield Div let gold 38-1951
7814
2
10734 113
8334 __
Loulsv Div & Term g 3J43_1963 .1
8312 Mar'27
10218 103,4
_ 8118 Aug'26
Registered
A 763
106 108
___ 7634 Apr'27
Omaha Div let gold 36____1951
10314 106
7918
8-82
St Louie Div & Term g 35_1951
7878 Apr'27
9312 0514
8538
1951
Gold 31-Is
86
Apr'27
86
90,2
Springfield Div beta 330_1951
84 Sept'26
A
87% 91
9112
Western Lines beta 48
1951
9118 Apr'27
III Central & Chic St LANG—
917k 96's
105 Sale 10458 105
Joint let ref As series A
1963
73
91
9712
10468 10714 10438 Mar'27
1951
Gold be
10714 109,8
10358
Registered
10312 Mar'27
38
10314
7958
_
1961
Gold 334s
102
7812 Feb'26
10012 10013 Ind Bloom & West 1st ext 45_1940 A
9312 -9412
-- 9338 Dec'26
98,
8 98% Ind III & Iowa 1st g 45
9418 95
1950
9438 Apr'27
8612 Sale 8612
Ind & Louisville let gu 4e
1956
1
8612
100 101
10218 10278 10218 Mar'27
Ind Union RI gen 58 ger A 1965
102711 10312 10278 Apr'27
1965
Gen & ref 55 aeries B
10634 107 10614
Int & Ort Nor let 6555? A 1952
107
13
bOIls 1-64Adjustment 63 Ber A July 1952 Aprl 9438 Sale 9312
94313 50
Aprt 8434 Sale 8458
108% 110%
Stamped
8434
8
10312 10618
10018 10012 9912 10033 23
1956 J
1st 58 series B
88% 9038 lot Rye Cent Amer let 58-1972 MN 7614 Sale 7512
7614 15
MN
92,
1941
4 93
98
,
4 9912
1st coil tr 8% notes
93
93
1
98% 99
Iowa Central 1st gold 69-1938• D 5134 55
51
5212 14
52
917s 9412
52
8
57
Certificates of deposit
52
1961 M
1912 33
Refunding gold 48
9012 90,2
1712 1812 18
93% Apr'27
James Frank & Clear let 45_1959• D 9313 94
-7
03 /8-le Ka A & G R 1st gu g 58
Kan & M 1st 1;11 g 411
6918 77%
2d 20-year 58
8918 77
K C Ft 13 & M sone g 6e
103
1938 J
1990 * 0 8614
1927 J
100
1928 MN 10138
Range
Since
Jan. 1.
Sale 103
103
88
8614 Mar'27
10018 100 Apr'27
10158 10112 10113
2
5
94
94
100% 10212
108 1064
102 104%
10414 10613
106 10713
814 86
79
79
7312 794
72
7612
9814 10014
784 8512
79
8514
8414 113
11112 11334
11132 nal,
"ill 89
9M 1014
lows lops
10138 lora
974 984
944 1014
61
65
94
9414
10634 10634
9764 9512
10712 10814
10012
101
Ion%
9612 100
984 99%
99 10012
7211 7514
9714 9834
1154 116
10674 1084
001s
1134 1-11"ii
.166;
1
108 112
10234 10664
944 994
••• 86
21
2.512
16558 1o612
101 14 10134
10614 107
97% 104%
9534 95%
9813 9934
10018 10134
-9918
10012
100,4
98
;
10-1-1
10152
101
10014
84
9314
94
93
,
8
92% 92
74% 74.1s
87
73
9013
8913
9314
86
88
89'4
7431
93
894
96%
8838
9013
RIF! 1-6/44
101 10311
111% 11312
961s 9934
92ia 9334
764 7814
83,4 84,4
76
V7i;
764 79
88
87
904 9116
10314 10514
10438 10512
10312 1034
-1538s
84
1021s
1024
1053s
8334
314
9912
76
93
50
494
17
91%
-644
87
10314
10274
10734
98
88,4
10058
7712
95,4
6812
66
2112
93%
103 103
86% 67
100 100%
101% 101re
2726
BONDS
Y STOCK EXCHANGE
Week Ended May 6.
New York Bond Record-continued--Page 3
BONDS
Price
Range
Week's
17
a.
IC C Ft 8 & M Ry ref g 417_1938 A 0
K C & M R & B 1st gu 5a_1929 A 0
Kansas City Sou 1st gold 35.1950 A 0
Ref & hnot 55.... _ Apr 1950 J .1
Kansas City Term 1st 4s__ _1960 J J
Kentucky Central gold 45.1987 J 1
Kentucky & Ind Term 4358_1961 1 J
Stamped
1961 J .7
Lake Erie & West 1st g 5a 1937 J J
20 gold be
1941 J 1
Lake Shr & Mich S g 330_1997 J D
RegIstered
1997 J I)
Debenture gold 45
1928 57 S
25-year gold 40
1931 M N
Registered
1931 M N
Leh Val Harbor Term 614_ _1954 F A
Leh Val N Y 1st gu g 431a...1940 J 1
Lehigh Val (Pa) cons g 40_2003 M N
M N
Registered
General cons 431s
Lehigh Val RR gen 55 eeries..013
Leh V Term Ry let gu g 6e 1941 A 0
A 0
Registered
Leh &N Y 1st guar gold 4s__1945 M 5
Lox & East let 50-yr 58 gu_1965 A 0
Little MIAMI gen 48 Ser A __1962 M N
Long Dock consol g Be
1935 A 0
Long Isid let con gold 5aJu1y1931 Q J
151 consol gold 4e____Ju1y1931 @ 2
General gold 42
1938 J D
Gold 4s
1932 J D
Unified gold 45
1949 M S
Debenture gold M
20-year p m deb 55
Guar refunding gold 4s
1949 M S
Nor Sh 13 lot con gu 58 Oct '32 Q J
Louisiana & Ark 1st g be- _1927 M 5
Lou & Jeff Bdge Co gu g 45 1945 M 8
Louisville de Nashville 55-1937 M N
Unified gold 48
1940J .7
J J
Registered
Collateral trust gold 58_1931 M N
10-year secured 7s
1930 M N
let refund Vie series A 2003 A 0
let h ref 5e aeries B
15t & ref 4 1ti series C
M
NO & M let gold 6s
1930 2 2
20 gold Cs
1930 i J
Paducah & Mem Div 4a 1946 F A
St Louis Div 20 gold 35..1980 M 8
Mob & Montg let g 431s...1945 M 5
South Ry joint Monon 48_1952 2 .1
AU Knoxv & Cln Div 477_1955 M N
Lousy Chi & Lox Div g 4112'31 MN
Mahon Coal RR. 1st be
1934 2 2
Manila RR (South Linea) 48-1939 MN
1st 48
1959 M N
Manitoba SW Coloniza'n bs 1934 J D
Man GB & N W 1st 331e__ _1941 -7 7
Mich Cent Det & Bay City 56_731 8 M
Registered
QM
Mich Air Line 45
1940 2
.1 .7
Registered
3 L & S let gold 371e
1451 M 9
tat gold 3 Sia
1952 M N
213-year debenture 4e
1929 A 0
Mld of N J 1st ext 58
1940 A 0
Milw L S & West
est imp g Es1029 F A
M & Nor 1st ext4352(1880)1934 J D
Cone ext 43413 (1884)
1934 i D
Mil Spar & N W let gu 4s
1947 M 5
Milw & State List gu 330-1941 811 J
.141 1:,'
Friday,
May 6.
Range or
Last Sale
,
[1.2
Nob
Ask Low
Bid
9234 Sale 92:58
9333 40
19
10014 ____ 10014
10014
80
7418
75
7438 75
10012 41
10012 Sale 9978
91 Sale 9012
9118 50
0018 ____ 8938 Apr'27
87
87
8514 90
9
_ _ 9014 Mar'27
10238 14
10218 1-0238 10218
1
10114 10178 10114
10114
4
83
____ 824
83
83
___ 82
Apr'27
9938 -9912 9918
9912 60
984 42
9834 Sale 9812
96 Dec'25
16512 Sale 10512
10512 20
` 20
100 71
10018 10012 100
9038 Sale 9018
9134 12
8912 Apr'27
2
9958
-5938 9934 9958
5
10718 Sale 106
10718
1
104
10334 ____ 104
10218 Mar'27
9058 Feb'27
9034
1121 1 1-1
.
3 11214 Apr'27
8712 9212 90 Mar'27
5
10912 110 10912 109,2
Apr'27
10112 ____ 101
9614 ____ 98 Feb'27
0318 Sale 93
10
93
934
9318
9534
1
__ 8914
8914
10014 Apr'27
89142
9912
99
9912 99
3
90
90 Sale 8934
__ 10034 Apr'27
100
100 10012
Apr'27
1012
91
91
91
10612 ___ 10618 Apr'27
9734 53
9734 Sale 9718
95 Mar'27
10153 1014 10112 Apr'27
10412 Sale .10334
10412 24
3
10778
10812 109 10778
5
10612 Sale 10612 10638
101,
4 10212 10112 10152
10338 104 10378 Apr'27
10334 10
10338 104 1034
95 Mar'27
96
2
6812 Sale 6812
6812
10118 Apr'27
10038 _
4
90
90 Sale 8912
9518
2
96
9678 9518
10014 Apr'27
10014
1031110318 Apr'27
69i8
6912 -70 - 6912
7812
7812
78
80
Apr'27
100 101 101
88
________ 8312 Oct'26
10134 Apr'27
10134
Dec'26
101
1
954
9578
_
92 Nov'26
-8 3.1 -_-_-_-_ 179 Nov'26
8912 Apr'27
8838
9
9912
99149918
LT gi 13 0034 100-
22
Minn & St Louis 1st 75
1927 J D
Let guar g 78
1927 -I D
let comma gold 58
1934 M N
MN
Temp ctfs of deposit
let & refunding gold 42_ _1949 M 8
Ref & ext 50-yr Si ser A_ -1962 C.1 F
MEMP&EISMcong Mintgu'38 J i
let cone Si
1938 J J
let cone be gu as to int
1938 J J
10-year coil trust 6315
1931 M 8
lit & ref 65 series A
1946 J 2
25-755r 531e
1949 M 8
let Chicago Term a 147;_1941 M N
Mississippi Ceatral let So...1949 2 J
Mo Kan & Tex let gold is 1990 J I)
14o-K-T RR pr lien 58 ser A-1982 2 J
40-year 45 series B
1962 J J
10-year 6s series C
1932 2 J
Cum adjust be ser A Jan_1967 A 0
Missouri Pacific
let & refunding 58 ser A 1965 F A
let & refunding 65 ser D...1949 F A
let & refund 697 sec E__ _ _1955 M N
General 4s
1975 M 8
1977 M S
1st & ref baser F
Mo Pee 3d 78 ext at4% July 1938 MN
10
96
13
12
8
9634
9634
9418
84
97
1'8
-ii i 10
-6i12 9512
964
98
95
95
___ 8318
9812 9934 9812
9934 10018 10012
5312
5133 56
5212
50
55
2114 2214 2018
1314 1438 1314
8712 Sale 8714
9612 96
96
9712 Sale 97
10034 Sale 10012
9934 10014 100
8212 8412 8212
9638 ____ 9734
96129712
8812 16- 8734
10318 10314 10278
8812 Sale 8734
10278 Sale 10234
10414 Sale 10338
A9
1e
01237
8
Dec'26
Apr'27
Apr'27
Dec'25
Apr'27
Apr'27
5312
5312 19
2212 62
3
1312
8712 25
9612 32
9712 13
10078 51
10012 10
1
8212
Jan'27
Apr'27
8812 61
10314 30
8812 32
10338 20
10412 238
10078 82
100 Sale 9934
10712 Sale 10712 10738 82
10738 Apr'27
7738 224
764:
21t:le 7612
949
100
100 Sale 9914
Apr'27 ___ _
95
9314 95
Apr'27
Mob & Sir prior lien 5 5a
1945 2 2 110018 ____ 99
18t m gold 48
.
78
_ 8714 Mar'27
1945 J J 8778 _i5
8212 Apr'27
Small
1945 J J 8238
10038
Mobile& Ohio sew gold Ba_1927 2 D 10012 10114 10038
lat extended gold 6e-Ju1y1927 Q J 10018 10038 10018 Apr'27
9334
General gold 45
1938 M 5 9334 Sale 9334
Montgomery Div let g 54_1947 F A 10034 1024 10114 Apr'27
St Louie Division 5e
8 10014 9978 Apr'27
19
3,
74
1927 J D 19
5
9418 Apr'27
9238
Mob & Mar 1st gu gold 48 1991 M
11314 Apr'27
Sale
T
1937 J .8
Most C let gu g 65
J J
11112 Mar'27
Registered
8 104 Mar'27
let guar gold 58
1937 2 2 ioi- 1-057Morria & Essex let gu 3358._2000 J D 8334 8412 8434 Apr'27
10014
Nashv Chatt & St L 1st 58_1928 A 0 10014 101 10014
N Fla & S let go g be
1937 F A 10318 10434 10312 Apr'27
Nat By of Mex pr lien 475s_ .1957 2 i -------- 30 Sept'24
15 2 163 1534 Apr'27
Assent cash war rct No 3 on 1
Aug'25
_
1977 1--15 --------8753
Guar 70-year 5140
2014
2014 Sale 2014
Assent cash war rct No 3 on
Nat RR Mex prior lien 4318_1926 i"-J --------3812 July'25
J
J
24
Sept'25
coupon
on
1914
July
_5 - 242
.1 23 Apr'27
Assent cash war rot No 3 on_ TO5
28
Apr'25
1961 I
lit consol 48
A 0 ---- ---1812 June'26
_
April 1914 coupon on
1334
15f4 -1-4
1334
Assent cash war rot No 3 on_ ----
877.
1g12 I .ii 100
85
New England 00118 55
Consul guar 45
1986 F A
N .7.7000 RR guar let 5i
NO & NE lit ref&imp 4312 A'62 .1 .1
J
.,.1953J
48_
lit
Term
Orleans
New
0
N 0 Texas & Mex a-c ino 55_1935 A
let 55 aeries B
ggl t''
let 58 series C
1954 A 0
lst 5.3111 aeries A
J J
4358_1945
guar
gen
N &0 Balm
Nyg &mg 122 90p g 52_1935 A 0
MN
611-1935
deb
RR
Sony
Cent
NY
MN
Registered
2
10012
8878
8512
9714 -9i3-8 9734
8814 8918 8814
10014 Sale 10014
10014 Sale 10018
10438
1054 Sale 10478
8 ____ 9814
10078 102 101
108 Sale 10718
--------11614
2
5
5
Apr'27
Apr'27
Jan'27
Apr'27
4
8814
9
10012
149
101
Apr'27 ____
10514 24
Mar'27
Mar'27
19
108
Mar'26 ____
Since
Jan. 1.
N.Y STOCK EXCHANGE
Week Ended Slay 6.
Prtc.
Friday,
Mayo. .
Week's
Suttee or
Last Sale
i48e
Range
Since
Jan. 1.
Low
High New York Central (Concluded).
BM
Ask Low
HO) No,
94
92
42 miles A
9358 9334 9338
17
94
oelz i0138
A 10114 Sale 10012
F O
Ref & impt 4 Jill A"___ _2
1013
998 A
5
10114
Ref &'Mot 52 aeries C
2013 A 0 10714 Sale 10634
7318 7532
1077, 90
Registered..
.
A 0
9414 101
10512 Jan'27
91 18 N Y Central & Hudson River88
.1 8418
8112 8934
1997
Mortgage 3.75,1
_ 8258
4
8412
Registered
1997 .1 J 8312 Sale 8312
8518 9112
8312 14
M N 9712 Sale 9712
Debenture gold 42
1934 68
8812 90)2
25
98
Registered
10253 10234
Feb'27
---- -- 96
30-year debenture 48
1942 J J 9712 Sale 9738
10018 10114
5
9712
8012 844
Registered
93 Feb'25
Lake Shore coll gold 3310_1998 F A
80
82,4
8158 Sale 8112
57
82
Registered
1998 F A
9814 9934
81 Mar'27
_
Mich Cent colt gold 334s.1998 F A 82 Sale 82
9738 99
3
82
Registered
82 Apr'27
8112 84
1044 10512 N Y Chic & St L let g 4a
1998
37
O
A
95
2
9512
9512 95
Registered
9812 1008
1937 A 0
9314 May'26
25-year debenture 45
1931 M N
8614 9134
97
9712 9712
9712
2d 677 series A B C
1931
N 10234 Sale 10234
84
8912
3
10314
Refunding 5345 series A 1974 A 0 10538 Sale 105
97 100
10618 25
10312 1074
10538 Sale 10512 10614 26
Refunding 534s series B 1975 J
Y Connect 1st gu 431s A1953 F A 97
10212 10512
15
9758
98
98
102,8 10212
1st guar 5s series B
1953 F A 10412 Sale 10412
2
10412
90
905s N Y & Erie 1st est gold 48.._1947 M N
9134 Oct'28
3d ext gold 4315
1933 M S 9812 ____ 9878 Mar'27
109
,
4 113
4th ext gold 58
1930 A 0 10018 _
8638 9012
10012 Apr'27
10834 10912
5th ext gold Is
99,4
- 99 Mar'26
N Y & Greenw L gu g 681
194
928 i
MD
N 9978 10012 100 Apr'27
10084 101
98
98
2
N Y & Harlem gold 3715_2000 M N
8518
8518
924 944
M N
Registered
8212 Mar'27
934 9438
N Y Lack & W lat at ref 5a__1973
N 10278 ____ 80 July'25
90
89
First & ref 4348
1973 M N 10512 ____ 10314 Apr'27
99 10034
9818 99,
4 N Y LE&W ist 78 ext__1930 M S 10558 ____ 106
Feb'27 __NY & Jersey 1st be
1932 F A 10034 10112 10058 Apr'27 ____
88
,
4 90
100 10034 N Y & Long Branch gen g 481941 M S 9014 ____ 90 Dec'26
100 10034 NY&NE Bost Term 471_1939 A 0
Apr'27
91
8958 92
NYNH& It n-c deb 48_1947 M S 8114 8338 83 Apr'27
1061e 10658
Non-cony debenture 370_1947 M S 72
Apr'27
___ 76
Non-cony debenture 330_1954 A 0 70 -721 7012
9578 9812
7212 10
4
115
95
Non-cony debenture 4s
1955 J .1 7912 80
7912
79,2
1014 102
Non-cony debenture 4s
1958 M N
7912 7934 7912
7978 13
Cony debenture 330
10318 108
1956 3 J
7012 7112 7012
7134 21
Cony debenture 85
1948 J J 10914 Sale 10914
105 110
10938 41
Registered
10534 10634
.7
Apr'27
107
58
Collateral trust Os
1940 A 0 104 Sale 103
994 10212
104
5
Debenture 48
10334 1034
70
7412 7314
74
Harlem R & Pt Ches let 481
1034 10334
195
954
7MN
9018 9034 90
Apr'27
9378 95
N Y & Northern 1st g bs__ _ _1927 A 0 9978 Sale 9978
3
100
6612 6812 N YO&W rot let g 4e_June 1992 M S 7938 Sale 7838
793s 53
10082 101'N
Registered $5,000 only
M S 7834 7938 7212 Dec'26
87,2 9012
General 45
1955 1 D 7812 7634 76
764 28
9312 96 A N Y Providence& Boston 45.1942 A 0 893
___ 8612 Dec'26
100 10012 N Y & Putnam 1st con gu 4a 1993 A 0 9112
4-9218 9112 Apr'27
10312 10318 N Y &RD lat gold 5s
1927 M S 994 10012 994 Apr'27
66
6934 NY Susq & West let ref 5a_1937 J J 94 Sale 9212
21
94
7312 7812
2d gold 434s
10
1937 F A
78
80
79
79
100 101
General gold Es
59
1940 F A
7834 Sale 7534
77
Terminal 1st gold ba
991
___ 9912 Jan'27
ioiEs 161-4 N Y W'ches & B Ist ser I 4318194463 IN
JJ
N 82 4-8314 82
8238 -160
Low
90
9772
10514
10512
High
94
10114
108
10512
804
7838
9812
96
9412
8432
8312
98
96
9712
-7953
7834
7934
7872
9434
53
81
8412
8214
-ii
"8978
781,
9514 -9572 Nord By ext'l Sf 63177
1950 A 0
Norfolk South 1st & ref A 58_1961 F A
Norfolk di South let gold 58_1941 M N
-116i4 W12 Norfolk & West gen gold 62_1931 M N
9832 9912
Improvement & ext 62-1934 F A
New River 1st gold 13s
95
1932 A 0
98,s
100,
2 10133
tteleisty
reldet cons g 4a_1996 A 0
1996 A 0
DWI 1st lien & gong 48.1944 J J
"95r2 "9-7"
10-yr cony. 8s
1929 181 S
924 95
Pocah C & C joint M___1941 .7 D
_
North Cent gen & ref be A__1974 M
99
98
North Ohio 1st guar g 5s__ 199
45
7Q
A
100 10012 North Pacific prior lien 45 _1997 Q J
5114 57
Registered
Gen'i lien gold 3s____Jan 2047 Q F
5114 55
174 23
Registered
Jan2047 Q F
13
1514
Ref & impt 4358 series A2047 J 3
Registered
.7 J
87
884
98
Ref &!mot 68 series B_-__2047
9838
J
9612 OS
J J
Registered
1004 102
Ref & inapt be series C ..„2047
J
994 102
Ref & inapt bs aeries D2047 J J
824 89
Nor Pee Term Co 1st g 74-1933 J J
0704 9734 Nor of Calif guar g be
1938 A 0
9512 9712 North Wisconsin let Gs
19303 .7
8632 8978
101 10314 02 & L Cham let gU 471 2-1948 J J
8512 8834 Ohlo Connecting Ry 1st 4s 1943 M S
10238 104
Ohio River RR 1st a 55
1936 J D
96 10534
General gold be
1937 A 0
Oregon at Cal 1st guar g 158_ 1927._
9934 101
Oregon RR & Nay con g 45_1946 J D
10612 109
Ore Shore Line let cone g 58_1946 J
108 108
Guar cons be
1946 J J
76
7914
Guar refunding 45
9914 10012 Oregon-Wash let & ref 4a
1961
29 .1
3 D
J
95
9278
Pacific Coast Co 1st g 5s _..,,1946 J D
Pao RR of Mo let extl g 4s,._ 1938 F A
09
93
2d extended gold be
1938 J J
8618 8714 Paducah & Ills 1st s f 4315...1955 .7 J
82
8212 Paris-Lyons-Med RR
F A
10014 10134
Sinking fund external 75..1958 M
9984 10012 Paris-Orleans RR 8 f 75
1954 M S
9518 Paulista Railway 78
93
1942 M
1004 1014 Pennsylvania RR cons 248...1943 M N
9978 10014
Consol gold 45
1948 M N
4s Merl stpd dollar_May 1 1948 M N
9114 9712
111112 11312
Consolidated 431s
1960 F A
11112 11112
General 4315 series A __ _ _ 19653 D
10318 101
General be aeries B
1968 J D
8012 85
10-year secured 75
1930 A 0
10014 101 12
15-year secured 63117
1936 F A
F A
10232 10312
68
40
-year
1964 M N
"ii" /6" Pa Co gu 330 coll tr A reg--1937 M S
Qua.,Z 7.15 call trust ser B_1941 F A
"iirs -2.6" Guar 3046 .rust etla C I942 J D
1944 J
Guar 3355 trust etre D
1931 A 0
Guar 16-25-Year gold 4a
23 -2-6;
Guar 4aseriesE
A'7
57
2 AO
M N
Pa Ohio & Det lat & ref 47is 19
Peoria & Eastern let cons 46_1940 A 0
"Hit 16"1"2 Income 45
April 1990 Apr.
Peoria & Pekin Un 1st 5.315-1974 F A
9912 10034 Pere Marquette let ser A 58_1956 J .1
8778 89
1956.7 J
let 45 series B
8512 854 Phila Bait & Wash let g 48_1943 M N
9812 9734
1974 F A
General 55 series B
874 89
Philippine By let 30-yr of 4e 1937.7 J
1)
2J
A 0
100 101
93
40
16
Pine Creek registered Be
10012 10112 PCC&StLgu431sA
10438 10438
1942 A 0
Series B 4718 guar
10434 10534
1942 M N
Series C Sis guar
9714 98,
4
Series D 4s guar
100,
4 101
19
94
49
5M N
Series E 331s guar gold
1963J D
10632 108
Series F 48 guar gold
1957 M N
Series G 43 guar
9314
9034
10012
10512
10812
10634
924
924
93
158
924
10538
944
9114
0032
8538
6338
98
9814
9332
10112
10632
10834
107
9834
95
944
180
96
106
934
9512
9414
694
6752
9914
iia"
110
9734 Sale 9612
924 Sale 9214
10114 - - 10112
10512
106
10812 110 10812
10634
10834
9634 -9718 9612
95
__ 95
544 9412 9378
176 Sale 1.76
95 Sale 9434
106
102
9918 Sale 9818
95 Sale 94
9414 Sale 9312
68 Sale 6712
6714
- 6738
9914 sale 9812
9234 _ _ _ _ 8534
11478 Sale 11414
11158
11014
10738 Sale 10512
10614 Sale 10512
10978
10978
106
10614
10318
10212
9814 25
924 30
Apr'27
10618
Apr'27
Apr'27
0634 14
Mar'27
9418 13
2
176
21
95
Jan'27
3
9858
9518 58
6
9414
68,
4 71
Apr'27
9914 125
Feb'25
11434 22
Mar'26
107,
2 18
6
10614
Apr'27
7
10614
Mar'27
85
5
85
8534 85
8514 _ _ _ 8438 Mar'27 _ _ 10278
10278 25
10034 10412
2
104- 103
103
100 10014 100
2
100
9312
9312
6
934
9914 -99% 01914 Apr'27 _ _ _ _
10914 Sale 10914
10912
9918 Sale 994
0912 81
90
44
894 Sale 8914
5
91
91
91
95 Sale 95
95
2
10212
10212
10214
3
9934 99
99
Apr'27 - 9514 Sale 94
0534 303
10112 Sale 101
10134 126
100 Sale 9934
10014 72
10212 Sale 10214
10212
3
9214 98
97
Apr'27
9614
6
96,
_ 9618
96348 9712 9638
9632
1
10334 Sale 10234
10314 18
10112 Sale 10018
10112 07
11012 Sale 10914
11012 30
10612 Salo 10612
10634 56
113 Sale 11234
113
29
1108
11114 Oet'26 _10338 Sale 103
10334 57
89 Mar'27 _874
8618 -87
8618 Apr'27 _86
8812 8612 Mar'27 -8512 8812 8434 Apr'27 _8814 8838 9814
984
3
90
____ 8912 Mar'27 -9738 Sale 9633
9734
3
9012 Sale 8812
9012 113
4712 Sale 4638
21
48
10512 Sale 10512 106
7
10412 Sale 10412 10434 18
9038 92
8
904
904
9738 Sale 97
97%
1
11114 11312 11214 Apr'27
4314 Sale 43
4312
0
1
10638
10638
10114 Sale 10114
4
10114
10078 Sale 10078
10078
3
10034 10278 01114 Apr'27
96
9814 9614 Mar'27
96
9312 Nov'26 --9714 Apr'27
9632
064
2
96
'oars
98
10212 10314
1044 10672
10418 107
9438 99
10338 105
-9812 9871
9832 10012
-9913 10814
8134 854
8234 8212
10214 10314
106 106
10033 1014
"ii
91
74
83
724 76
6934 7312
76
8084
7714 8084
6934 7314
10512 10912
103 107
103 10514
6912 78
89
90
9972 100
784 791i
Oils
9972 100
8712 94
7234 80
714 774
984 994
7812 8314
1034 1074
1034 10634
10934 109712
10512 10614
1027s 1034
8132 8684
944 948s
102 10272
10114 103
100 10012
8832 9312
107 1094
10712 10912
9814 994
8672 91
9014 93
93
,
4 95
102 10212
99
98
8712 9534,
9812 10134
9514 10114
1014 103
9512 9734
944 9714
944 97
102 1054
9974 10172
10672 1104
10614 10732
1114 113
ioi" 1-645;
89
89
8912
88
Ms
86
8434 8434
9712 98l
8912
88
0632 97
,
4
8614 9012
4172 4812
104 10614
10382 105
89
92
9532 974
11012 11214
42
434
10612 10634
9938 1014
10014 10112
1004 10114
96
9614
9714 1-664
9652 97
2727
New York Bond Record—Continued— Page 4
•
Price
Fridad,
May 6.
BONDS
N. Y STOCK EXCHANGE
Week Ended May 6.
Bid
Pitts(An Chic & St L (Concluded)
1980 FA
Series H 46
Series I cons guar 434..__ _1963 FA
1984 MN
SerieiJ4i
General M 58 series A1970 ID
3D
Registered
1975 *0
Gen mtge 58 series B
1928
__Jan
5s_
g
*0
2d
Erie
L
&
Pitts
1932 J J
Pitts MoIC & Y 1st gu6s
1934 J J
2nd guar 611
1940 AG
PftteSh & L E 1st g ba
1943
J
let consol gold 58
1943 MN
Pitts Va & Char lert 4a
1927 MN
Pitts Y & Ash let cons fa
1948 ID
1st gen 48 Barks A
1962 FA
lit gen Si series B
1957 MN
Providence Secur deb 4a
19543 MS
Providence Term lit 45
Ask Low
Higb No
10012 Jan'27
10314 Apr'27
4 10238
1
102/
10934
109
Oct'26
102
110
110 Sale 109
100 10014 9972 Apr'27
106
_ 106
106
_ 10134 Nov.26
10372
10212
Apr'27
102
10112 10272 10012 Apr21
9114 May'25
9272
10014 Dec'26
10012 _
94 Mar'27
9312
2
104,
-- 10628 Jan'27
7334
7l'2 73/
4 7358
1
8452 Aug'26
8414 _ _
96
10212
10212 104
10934 Sale
95
Reading Co Jersey Cent coil 48_ A0 9434 Sale 9472
Registered
4
,
99
Gen & ref 4)48 aeriea A..1997 Ii 9914 99'l 9914
1948 MN 80
8214 82 Apr'27
RIM & Meek lst g 4e
10252 Apr'27
Itlehm Term Ay lit gu 56._-1952'S 10172
10114
Rio Grande June lit gu 5s_.1939 JO 10114 gz:le 10114
.1
Rio Grande Sou lit gold 45._1940
-- 712 Dec'26
4
,
7
6 May'25
Guaranteed (Jan 1922 coup on)5' 734
9314
2
9234 Side- 92,
Rio Grande West let gold 48_1939
87
Mtge & eon trust 48 A ___ _1949 A0 87 Sale 8612
M
9712 Sale 9612
9712
RI Ark & Louis let 4giia 1934 Si
84
8534 8372 Apr'27
Rut-Canada lit go 46-1949
1941 3, 94
9512
Rutland lit con g 414i
9514 9512
St Joe & Grand 181 lift g 4s-1947'3 8814 8914 8814 Apr'27
1996 5, 100
___ 100 Feb'27
St Lawr & Adir lat g 58
1996 AO 106
10534 Mar'27
2t11 gold 58
1931'S 9634 98
9714
St L & Cairo guar g 411
9714
A0 10112 Sale 10072
10112
5e-1931
con
gen
St L Ir Mt&
1931 *0 101 102 10032 Sept'26
Stamped guar 58
1929 5, 9872 Sale 9852
09
Unified dt ref gold 415
9484
1933 MN 9412 Sale 9414
Ely & G Div lat g 48_
St L M Midge Ter gu 5e. _.1930 *0 101 10134 10014 Apr'27
4
1
87/
St L & Ban Fran (reorg co)461950 5' 8752 Sale 8634
5,
8212 Oct'26
Registered
1950 3' 10112 Sale 10052
10152
Prior lien aeries B 55
J 10172 Sale 10112
1928
10172
Prior lien aeries C 65
10234
Prior lien Vie aeries 13 _1942'3 10212 Sale 10214
Cum adjust ser A 6'..July 1955 A0 10114 Sale 10012 102
9812
9812 Sale 9758
Income series A 68..July 1960 Oct
St Louie & San Fr Ry gen 66_1031 j
1931 J J
General gold 56
St L Peer & N W let gu 5e 1948 J J
St Louis Sou 1st gu g 46.— _1931 MS
St L SW lets 441 bond otfe_1989 MN
26 g Leine bond etfs_Nov 1089 J J
19321 D
Como'gold 45
let terminal & unifying 56_1952 J J
&Paul& K C1313L 1st 045_1941 F A
1931F A
et Paul & Duluth lat ba
1988 J D
let come) gold 46
St Paul E Gr Trunk 434s.. _ _1947 J
St Paul Minn & Man con 48_1933 J J
1933 .1
lit consol g 66
J J
Registered
13s reduced to gold 4lie_ _1933 J I
1937 J D
Mont ext lit gold de
J D
Registered
Pacific eat guards(sterling)'40 J J
St Paul Union Depot 5e--_ _1972 J
105
105
10114 ---- 10114
1037s 107 10514
9812 0912 9812
8712 8734 87
83 Sale 8272
9552 Sale 9532
9712 Sale 97
9514 Sale 9412
10134 -- 10134
_ 93
9212
_ _ 98
9538
9712 9814 9758
10814 109 10832
___ _ 10714
107
10032
10032
9712
9732
9512
9112
9214 ____ 9214
10634 Sale 10634
IA & Arnim lst gu g 48__1943 J
m
Santa Fe Prea & Phen
1534 A 0
lit gold fa
1934 A 0
licloto V& N E let gu g 85_1989 MN
1950 A 0
Seaboard Air Line g 4a
Gold 45 stamped
1950 A 0
Adjustment 56
Oct 1949 F A
Refunding 45
1959 A 0
1946M S
let & cons 68 aeries A
Atl & Birm 30-yr let 48_61933 M S
Seaboard All Fla lit gu 68 A.1935 F A
Series 13
1935 F A
1931 J J
Seaboard & Roan be extd
1929 M N
So Car & Ga 1st ext 534a
1936 F A
FS& N Ala conagug 544
Gen cons guar 50-yr be_ _1963 A 0
So Pao cioll 48(Ceat Pao coil) 3'49 J D
J D
Registered
20-year cony 46
June 1929M S
1934 J D
30-year cony 56
1944 M N
29-year gold 58
Ban Fran Terml let 513_1950 A 0
A 0
Registered
1937 M N
So Pac of Cal—Gu g 5e
Bo Pao Coast lat gu 4s___ _1937 J J
19651 J
So Pac RR Ist ref 4s
J J
Registered
Southern-1st cons g 5a____1994 J J
.1
J
Registered
Devel & gen 46 series A___1958 A 0
1956 A 0
Develop & gen es
1958 A 0
Devel & gen
_1996 .1 J
Mem Div let 5 511
1951
46
letS
Div
Louie
St
East Tenn reorg lien 52_1938 M S
Blob & Ohio coil tr 48_ _ _1938 M S
Spokane Intermit lit g 58._.1955 I
Bupbury & Lewiston let 45_1936 J J
Superior Short Lime lift 58._61930 M S
9112
102
109
10258
99.Fla & Weat litgOs
Term Assn of St L 1st g 4As..1939 A 0
1944 F A
let cons gold 56
19531 J
Gen refund 11 f g 41
e A 1950 F A
Texarkana & Ft B let
1943 J J
Tex & NO con gold 56
2000 J D
Texas & Pee 1st gold 5s
B
1977 A 0
series
Ss
ref
Gen &
La Div B L let g 651931 J J
M S
530-1984
Ter
Pao
Pac-MO
Tel
1935 J .11
Tol & Ohio Cent lit gu 5s
1935 A 0
Western Div let g 56
1935 J D
General gold be
Toledo Peoria & Weet 48_—_1917 J J
4i.,1950
g
50-yr
A 0
W
&
L
St
Tol
19313 J
T0IWV&0gu4146.6
letgwje 43'is aeries B---1933 J J
1942 M S
in War 418, series 0
TorUam&Buf18548lS40J D
Apr'27
Apr'27
Feb'27
Apr'27
8734
83
9534
9812
9514
Apr'27
Mar'27
Jan'27
9752
Apr'27
Apr'27
10032
Apr'27
Jan'27
9214
10634
92
Sale 9112
____ 10212 Mar'27
10912 10834 Mar'27
104 103 Apr'27
9472
9472
Apr'27
8232 ___ 83
82
8128 Sale 8132
8514
8428 Sale 8312
7212 Sale 7134
7212
9612
9614 Sale 9472
9212 9312 9312 Apr'27
96
9534 Sale 94
9434
_
9572
Apr'27
100 10604 100
101
101 Sale 101
10428 ____ 10412 Apr'27
11214
11214 Sale 112
9112
9112 Sale 9052
87 Feb'27
8634 88
9914 Sale 99
9914
102
10112 10212 102
101 10114 10114
10114
94 i9258
92
9314
93
91
88
10612
____ 10612
106
951,2 ____ 9512 Mar'27
9612
9514
9512
9512
108- Sale 10728 10972
Jan'27
105 10612 104
8812
8812 Sale 8734
116
116 Sale 11434
12212
12212 Sale 122
10714 10772 10714 Apr'27
9128
9152 92
9128
Apr'27
10112 ____ 94
9312 Apr'27
9234
88
8812 Sale 8712
_ 9212 Jan'27
9312
9932 ____ 10012 Sept'26
9912 10014 9934
10314 10334 10312
8972 89
89
10512 Sale 10412
10012 100,
2 100
107 10712 107
10012 Sale 9972
10028 10072 10032
10512 Sale 10512
10012 10214 10118
10012
4
/
1001
10014 10084 10014
15
-___ 32
90/
4 9012
1
4 90/
1
99
_ 99
9652
9912
9412957 94
9113 91
91
J D 6213 63
Uleter & Del 1st eons'56-1928
1052 A 0 39/
4 42
1
lit refunding g 40
3J
gt
Id
9714 Sale
413'47
&
RR
lit
Pacific
[Talon
J J 97
9714
Registered
1927J .1 99/
4 100
1
10-year cony da
J J
RegiStered
M S 9512 Sale
lat lien & ref 48.- —June 2008
June 2008 M S 112 Sale
et lien & ref 55
68-1928
10112 Sale
secured
10-year perm
Due may. e Due Jct.. k Due Aug.
Range
Since
Jan. 8.
Week's
Range or
Last Sale
100
10312
8912
105
Apr'27
1073s
Apr'27
Apr'27
10512
Mar'27
10012
Apr'27
Jan'27
9052
Jan'27
Dec'26
Jan'27
Apr'27
63
6212
42 Apr'27
9714
4
1
96/
Apr'27
96
9978
9972
4 Apr'27
/
941
9513
4
/
941
4 11158
/
1111
4
/
10113 1011
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 6.
Z
PfiC4
Friday,
May 6.
Week's
Range or
Last Sale
Ask Low
Bid
High
U N 3 RR & Can gen 4e_ _1944 M B 9434 9614 941
4
/
19333 .1
10013 10012 Utah & Nor let ext 4s
4 9834 98
1
97/
4 10314 Vandalla cons g 45 series A1955 F A
1
99/
4
1
95/
9714
4 Wiz 901
1
100 10313
95/
Consol 45 Bede° B
4
/
7M N
54
93
19
4 11014 Vera Crus & P 1st feu! iie
1
106/
3 1 24
July 1914 coupon on
2712 24
1934
4 111
1
106/
24 Sale 24
Assenting lit 4 iis
1931
4 Virginia Mid 56 series F
1
99 100/
10034
10034
1938 M N 1021
4 1028* 10238
/
10578 106
General lis
Va & Bouthw'n lit gu 5a-2003 I J 10212 _ _ _ 10212
1958 A 0 96 Sale 96
ioiis 1621; let cons 50-year fis
10012 10012 Virginian let 58 series A__ _ _1962 SI N 10612 Sale 10514
1939 M N 10334 Sale 10352
Wabash lot gold 58
1939 F A 10212 Sale 102
2d gold 58
1975 M S 10412 Sale 10412
Ref s 11530 series A
9284 94
1976 F A 10114 Sale 10014
10438 10658
Ref & gen 58 serlea B
75
72
Debenture B Si registered.1939I i 99
8314
lat Hen 50-yr g term 4a__ _1954 1 J 87
8812
Det & Chl ext 1st g 58_ __ _1941 3 J 104
105
92 100
Dee Moines Div 1st 5 4& l939 J J 9212
9212
1941 A 0 8412 85
8412
Om Div 1st g 314s
98 10013
1941 M S 9114
9012
Tol & Ch Div g 48
2 Warren let ref gu g 3346._ _ _2000 F A
7911 82,
82
81
8112
102 103
1948 Q M 88
8814
Wash Cent lot gold La
gips -66
1945 F A
87
10058 10114 Wash Term 1st gu 3 Sie
88
1945 F A 9152
lat 40-year guar 48___.
Low
5
78
37
1
6
14
23
_
1
18
22
22
2
5
19
73
66
429
100
43
33
137
380
28
23
43
27
23
20
1
10
10
ii-E-3
4
-15612 13-184
4
1
87/
9458 9714
8212 8511
4 9512
/
911
8634 89
100 100
10512 10714
gat 9712
10014 101/
4
1
W Mln W & N W lat 16.1 58_1930 F A
9914 Sale 9914
Watt Maryland lit g La.__ _1952 A 0 84 Sale 8272
102
West N Y & Pa lst 5 158._ _1937 1 J 10214
Gen gold 46
1943 A 0 8914 Sale 8914
g58
In
Income
45
Apr 1 1943 Nov
M S -993s 9914 99
46r6H
946
Weetem Pac let ser A 56_ 19
4
/
103 Sale 1021
lst gold 68 series B
2361 J 3 8914 Sale 87
West Shore let 45 guar
2361 J 3 8614 88
87
Registered
Wheeling & Lake Erie
___ 10014
Wheeling Div lit gold 58_1928 J J 100
975k 99
1930 F A 10018
Ext'n & impt gold 58
100
4 95
1
93/
Refunding 4345 series A1966 M S 9314 dide: 92/
4
1
1966 M S _
100 101
Refunding 5s series B
10012
1949 M S 8914 Sale 8914
4 88
1
84/
RR let consol 4a
Wilk & East let gu g 58.,.., _1942 J D 79,
2 Sale 7952
9954 102
19381 D 10434
2
Will & B F let gold be
104,
100 10238 Winston-Salem S B lit 4a__ _1960 J J 8932 Sale 8932
10112 102/
4 Wis Cent 50-yr let gen 48-1949 I , 8412 Sale 8214
1
99 102
92 Sale 9052
Sup & Dul div & term 1st 48'38 MN
9514 9914 Wor & Con East let 4.45-1943 J .3 9212
89
105 105/
4
1
4
/
10012 1011
105 10513
9612 9812
8612 89
83
81
9418 9638
9934
95
9272 96
10134 102
92
93
98
93
2 9812
,
97
10772 10832
10714 10714
9934 10052
4 9814
1
95/
9513 9513
91
9212
10514 10714
4
1
8838 92/
10218 10218
10834 10834
10234 103
95
91
5
8112 84
8118 8772
37
831s 8812
378
71
7634
118
9434 9932
336
9114 94
94
2
98,
110
06
171 94
100 10052
5 101 1019
10372 10412
8 11014 11214
81314 9112
33
87
86
983a 9913
126
4 103
/
1 1001
10 100 103
901s 9414
122
87
93
21
2 10412 10612
9514 9512
9332 9672
69
9512 9512
6
4 10972
81 106,
2 104
103,
89
88
149
28 11338 116
27 11914 123
4 105
/
1081
8934 9234
2
94
94
92
0328
8412 8912
20
4
1
9212 92/
26
20
1
6
26
7
1
9852 100
1023s 10334
8772 897a
10334 10632
100 10112
10518 10812
9912 10014
100 10012
111 1.4 10114
4C0 10212
10014 102
10012 10114
15
15
2 91
89,
99
99
94
90
3
40
14
88
18
35
94
911s
15613 84
4 42
1
89/
4 9934
1
94/
4 96
1
93/
9952 10018
9412 9412
9114 96
2 113
108,
10128 103
INDUSTRIALS
Adams Express cell tr 5 4a._1948 M El
Ajax Rubber let 15-yr if 86_1936 J D
1925 M B
Alaska Gold M deb Si A
1926 M B
Cony deb (is aeries B
1955 M S
Alpine-Montan Steel 7s
1928 A 0
Am Agile Chem lit 58
1941 F A
let ref if 734i g
Amer Beet Bug cony deb 83_1935 F A
American Chain deb if 68_1933 A 0
Am Cot Oil debenture 58_1931 M N
1936 3 J
Am Dock & Impt gu 65
1939 A 0
Am Mach & Fdy s 68
Am Republic Corp deb 68_1937 A 0
Am Sm & R lit 30-yr 58 set A '47 A 0
1947 A 0
let M 43s series B
Amer Sugar Ref 15-yr 6a_ _ _1937 1 J
Am Telep & Teleg coil tr 48_1929 J J
1936 M S
Convertible 45
1933 M 5
20-year cony 4345
1948 J D
30-year coil tr 56
Registered
J 0
1980 5
35-yr e f deb be
1943 MN
20-year a f 5345
1940 A 0
Am Type Found deb (Se
Am Wat Wks & El col tr 55_1934 A 0
1975 NI N
Deb g 85 sec A
Am Writ Paper s f 7-66__1939 1 J
- __ _
,
Temp interchangeable °Us del
19471 J
1st g 8s temp
Range
Naos
Jan. 1
r
al'
Nigh
High No, Low
4
/
9418 9411
Apr'27
97
98
Apr'27
9212 9714
Apr'27
Oct'26
Apr'26
5
24
Apr'27
Apr'27
Apr'27
9614 12
10612 72
119
104
10212 10
47
105
10114 144
Feb'25
Apr'27
Apr'27
5
9212
4
85
Feb'27
Apr'27
Apr'27
Apr'27
Apr'27
2754
23
1003, 10034
1023$ 10278
102 1021g
943g 68
10213 106/
4
1
103 10413
4 10334
1
100/
10316 10514
10014 101/
4
1
"iira
10312 105
8813
8334
90
80
8714
8558
88
93
85
91
82/
4
1
8814
87
9213
9814
7614
10113
88
4
1
99/
4
/
641
4
1
102/
90
1
9914
8414 282
Apr'27
8934 30
Feb'25
4 47
1
99/
8
103
8914 14
30
88
10211 1041s
8614 90
88
86
10014
Apr'27
9313
Apr'27
8914
7952
Mar'27
8932
8412
92
Jan'27
9984 101
9911 100
901g 9313
10011 1004
8714 90
7214 8034
104 10458
8658 90
8214 8614
92
89
89
89
19
9
5
38
18
921s
89
27
90 Sale 8914
90
4 Sale 10634
/
1071
10718 12 1057s 10928
1112
3
314 5/
4 313 Feb'27
1
312 Ms
513 313 Apr'27
3
9212 9712
4 Sale 9314
/
941
9412 36
Oct'26
103
115078 giti-e- 1001
4 10112 57 'Ws folc3;
/
9234 98
3
9234 9313 93
93
16 101 10312
103 Sale 102/
4 103
1
08a4
95
3
9713 977s 98
9814
4
1
10513 105/
1053
___ 10534 Apr'27
10312 104
105 10334 Apr'27
410334
99
3
9934
9914 Sale 9914
9913
4 10214 90 10013 10234
/
4 Sale 1011
/
1011
9 10738 109
108 10813 108
10814
10513 68 104 10534
105 Sale 10413
9814 9913
9918 Sale 99
4 160
/
991
9314 97
1
9534
9534
9413 96
981a 1001g
1
9912 Sale 9912
9912
10412 Sale 10414
104/
4 50 10234 10434
1
--------103 June'28
g le 103
10314 132 jai" 10314
10712 85 10514 10718
10712 Sale 107
29 10312 10614
106 Sale 10572 106
98
991s
9952 Sale 9852
99511 64
21 10014 103
4 103
1
4 Sale 102/
1
102/
5818 64
5673 64
Apr'27
-_-_-_-_ 7_2 215
5512 23
4 86
1
83/
8514 Sale 85
104/
4 1831
1
Anaconda Cop 53113 let 86_1953 F A 10413 Sale 104
- 10434 Dec'26
Registered
10878 104
1938 F A 10814 Sale 108
15-year cony deb 71
183
106
Andes Cop Min cony deb 741_1943 J J 108 Sale 105
95 Sale 9134
9514 708
Anglo-Chilean 78 without war_'45 ____
zo'
96
Manta(Comp(Ante) 7iis-1939 J J 9514 Sale 95
4 10013 Apr'27
/
Ark & Mem Bridge & Ter 58_1984 FA 5 101 1011
897 122
4
1
Armour & Co let real eet 4Si s'391 D 8972 Sale 88/
2938 128
Armour & Co of Del 5 46.._ _1943 J J 9018 Sale 8212
14
4 Sale 10213 1023
/
Associated 011835 gold notes 1935 M S 1021
19473 D 10113 1031 9938 Mar'2
Atlanta Gas L let 58
4 Dec'26
1
15/
Atlantic Fruit 76 Ws dep-1934 J D 1538 24
Jan'27
18
4
1
15/
Stamped ctfa of deposit _______ I____
13
72
Atl Gulf & W I SS L col tr 541_1959 J J 72 Sale 7013
1011
44
19374 1 10114 Sale 10118
Atlantic Refg deb be
1
Baldw Loco Works lit 56.-1940 Si N 107 10713 10713 Apr'27
4 ____ 107/
1
Baragua(Comp As) 7)01_1937 J J 107/
4 10758 22
1
4 107
1
99/
Hamadan Corp 13s with warr_1940 J D 9913 Sale 9614
9113 89/
9114 96
Deb (is (without warrant)-1940 J D 91
4
1
1936 J J 9514 Sale 9514
Belding-Hemingway 68
951/4 21
Bell Telephone of Pa 1544
1948 J J 10413 Sale 10414
104/
4 .22
1
10538 23
lit & ref fis series C
4 Sale 105
1
1960 A 0 105/
Beth Steel let & ref fa guar A '42 M N 10113 Sale 100/
4 10214 32
1
30-yr p m & imp g f fa_ - _ _1936 3 J 10014 Sale 10018
4 19
1
100/
Cons 30-year 436 series A...1948 F A 10314 Sale 10314
4 121
1
103/
4 90
/
Cons 30 year 5Sig aeries 13_1953 F A 10114 Sale 10013 1011
Bing & Bing deb 6348
1950 PA 13 93
4
1
9313 93/
9313
Booth Fisheries debit 6e_1928 A 0 10214
_ 10118 Feb'27
1934 A 0 8013 Bale 80
Botany Cons Mille 6iis
8013 19
1942 A 0 10534 Sale 105/
Beier Hill Steel let 53ts
4 10534 32
1
26
75
B'way & 7th Av let c g 58...,l943 J D 7318 Sale 7413
7
Ctfa of dett atinpd Dec.'26 int73/
7313
4
1
4 7334 72/
1
4 23
1
;I-94/
1941 .i
Brooklyn City RR be
9413 Sale 9413
Bklyn Edison Inc gen 58 A 1949 J J 10514 Sale 104
10514 57
13
105
1930 J J 1041
4 Sale 104
/
General Si aeries B
1968 J J 10034 Sale 10013 10112 2141
Bklyn-Man R T see Os
1
64
Bklyn Qu Co & Sub eon fad ISe '41 M N 6312 65
64
1941 J 1 7812 84
7912 Mar'27
let 58
8813 Aug'26
Brooklyn R Tr 1st cony g 48,20023 J
1921 J J ___ ____ 13813 Nov'25
3-yr 7% secured notes_
CUi of deposit stamped ______ _—_ ___ ____ 12813 Nov'25
2
98
97 Sale 97
1950 FA
Bklyn 1111 El lit g 4-5e
9718 11
4 97
1
9634 97/
Stamped guard-Se
1950 F A
3
10534
Bklyn Un Gas 1st cons g fa_ _1945 M N 10534 ____ 10534
1st lien & ref Si series A-1947 M N 11518 ____ 11514 Apr'27
409
174
1936 1 J 17713 Sale 170
Cony deb 6345
9214 Jan'27
19321 D
Buff & (luso Iron e f 55
4
/
911
9138
1
4 92
/
1912 A 0 911
Bush Terminal let 48
18
9814
9734
99
1955 J J 98
Consol 56
10114
Bush Term Bldga 5e 211 tax-ex 'ee A 0 10118 Sale 1011s
4 10172 10132
/
10132
Ca113 & E Corp unit & ref 66_1937 MN 1011
9414 88
Cal Petroleum cony deb if 581939 F A 9418 Sale 92
99
73
1938 M N 99 Sale 9734
Cony deb s t 534s
9934 17
9934
Camaguey Sug 1451S15-1942 A 0 9934 106
5
10312
4 ___ 10318
/
Cent Diet Tel lit 30-yr 544-1943 J D 1031
3
98
98
98
Cent Foundry Ist I f fie_May1931 F AI 98
2
4 10214 10134
1
4
/
1011
Cent Leather let lien a ftla-1945 1 3. 101/
10378 10471
103115 10913
4
1
105 108/
4
1
8813 95/
9313 9714
4 10214
1
100/
8813 9318
4
1
4 95/
1
87/
10034 104
18 11"
704 76%
10014 10214
106 10714
10614 10814
9614100¼
4 9413
1
89/
95
981*
10234 1051g
1027g 1054
100 10214
9828 101334
10111 10514
9714 102
9414
92
10118 1014
92
80
10314 10534
7234 7912
4 76
1
72/
927g 95
10318 1004
10234 105
4
/
981g 1011
6312 II
791g 7912
'74"
18.9718
04
4 10571
1
102/
4 11514
1
113/
155 17834
9214 9214
90s 92
9513 9814
9914101':
10138 193
92
9578
9712 10214
9534 um
10934 lops
9534 98
101
10212
2728
Y.H
BONDS
STOCK EXCHANGE
Week Ended May 6.
Central Steel let g f 88_1941 MN
Cespedee Sugar Co let f 7Hs'39 M
Ohio City & Conn Rye 58Jan1927 A 0
Cle L & Coke 1st gu g 5e__1937 J
Chicago Rye let Si
1927 F A
Clneln Gas & Eleo 1st & ref 56 58 A 0
5545 eer B due
Jan 1 1961 A 0
Cities fiery Pow & L f Os_ _ _1944 M N
Clearfield Bit Coal let 45_1940
.1
Colo F & I Co gen ef 5e____1943 F A
Col Indus lst de coil 58 gu___1934 F A
Col & 9th Av 1st gu g 5s_ _ _1993 M
Columbus Gas let gold 58_ _ _1932 J J
Commercial Cable let g 46..2397 Q J
Commercial Credit s f 6s_.1934 M N
Col tr s f 534% notes
1935 J
Commonwealth Power Os_..1947 M N
Computing-Tab-Rec 5 1 Si._1941 .1 J
Conn Ry & L let & ref g 43451951 J
Stamped guar 434e
J
1951
Consolidated Cigars f 6e_ 1936 A 0
Consolidated Hydro-Elea Works
of Upper Wuertemberg 7s..1958 J J
Cons Coal of Md 1st & ref 58_1950 J D
Consul Gas(N Y)deb 530_1945 F A
Coat Pap & Bag Mills6 Hs_ _1944 F A
Consumere Gas of Chic gu 501936 J D
Consumers Power let 5s_ _ 1952 M N
Container Corp 1st 6s
1946 5 13
Copenhagen Telep ext 65_1950 A 0
Corn Prod Refg lit 25-yr e f 58'34 MN
Crown Cork & Seal let if 85_1942 F A
Crown-Willamette Pap 6e_ _ _1951 J .1
Cuba Cane Sugar cony 75_ _1930 J
J
Cony deben stamped 8% _1930
Julian Am Sugar lit coil 8s.1931 M S
Cuban Dom Sue lit 73.0_1944 M N
J
Cumb T & T 1st & gen 5s_.1937
Cuyamel Fruit 1st s fee A
1940 A 0
J
Davison Chemical deb 5345_1931
Oen Gas & E L Ist & ref e fg 58'51 MN
Stamped as to Pa tax
Dory Corp (D 0) 1st e f 7e_ _1942 M S
Detroit Edison let coil hr 68.19331
let & ref de series A_July 1940 M S
lit
Gen & ref 58 series A
1949 A 0
1st & ref 68 series B_ _July 1940 M S
Gen & ref 5e sec B
Del United let cons g 4148_193
-1 13
21
1955
Dodge Bros deb Be
1940 M N
Dold (Jacob) Pack let 86_1942 M N
Dominion Iron da Steel 5s 1939 M
Certificates of deposit
Donner Steel litre!7s
1942.7
Duke-Price Pow lst Si ser A '66 M N
Duquesne Lt lit & coil 6s_ _1949 J
let coil trust 5348 fierles B.1949 11
Fast Cuba Sue I5-yr f g 7%8'37 M 18
Ed El Ill Bkn let con g 4s_ _1939 J .1
Ed Else ill let eons g 1545._ 195.7_
.1
Elea Pow Corp(Germany)634/e50 M S
Elk Horn Coal let & ref 8348.1931 J D
Deb 7% notes (with warete'31 .1 D
Empire Cu & Fuel 7)45.___1937 M N
let & ref 614e(with warete)'4I A 0
Equip Gas Light lit con 5e_ _1932 M E3
Federal Light & Tr let 58_1942 M
let lien if Si slam ped _ _1942 M 8
lit lien tte stamped
1942 M
130-year deb 138 ger B
1984 J D
Federated Metals s f 7s
D
1939
Flat deb is (with warr)
1948
Without stock purch
813_
warrants
Flak Rubber let s f
1941 M
Ft Smitla Lt & l'r let g 5e_ 1936 M
Framerle Ind & Dev 20-yr 73042 .1 J
Francisco Sugar let if 734e-1942 M N
French Nat Mall SS Linea 7e 1949 J D
Uae&ElofBergCoconegSil94gJ 13
Gen Asphalt cony 5s
Gen Electric deb g 330.- 219
A
2F
49
93
Gen Elec(Germany)75Jan15245
J
t deb 634s with war
19401 D
D
Without warr'ts attach'd '40
Oen! Petrol 1st g Ee
1940 F A
Oen Refr let s gas tier A
1952 F A
Good HOPO Steel & I sea 7s..1945 A 0
Goodrich (B F) Co let 6%5_1947 J J
Goodyear Tire & Rub let 8..1941 MN
10-year if deb g BellIes 1931 F A
Gotham Silk Hosiery deb 68.19361 D
Gould Coupler 1st f Se_ _1940 F A
Granby Cone M El & P eon-65 A'28 M N
Stamped
1928 rd N
Cony deb 7e
1930 M N
Registered
1St Cons El Power(Japan)76.1944 F A
Great Falls Power let if 5i__1940 MN
Hackensack Water let 4s_1952 J J
Hartford St Ry lit 48
1930 M S
Havana Elec consul g 5e_
1952 F A
Deb 5He series of 1925.__1951 M
Elersbey Choc lit & coil 6 Hs1940 J J
Boo(R)& Co lit S45 4er A.1934 A 0
Holland-Amer Line Si Ulan _1947 M N
Hudson Co Gas let g 5e
1940 M N
Humble 011 & Refining 5He.1932 J J
Deb gold 55 when issued_1937 A 0
Illinois Bell Telephone 68_1956 J 1)
Mlnois Steel deb 444e
1940 A 0
Ileeder Sten ICurp s f 7s
1946 A 0
Ind Nat Gas & Oil 58
1936 M N
1952 M N
Indiana Steel let 58
Ingersoll-Rand 1st 58 Dec 311935 J J
1945 M N
Inland Steel deb 5348
Inspiration Con Copper 610.1931 SI 8
Interboro Metrop coil 434e_ _1958 A 0
Guaranty Tr Co etts dip
Interboro Rap Tran 191 58__1966 J J
J J
Stamped
1932 A 0
10-year Si
10-year cony 7% netes-1932 M S
fat Aerie Corp let 20-yr 6a..1932 M N
Stamped extended to 1942.... M N
Inter Mercan Marine s 165..1941 A 0
1947.7 J
International Paper 55
1955M S
Ref a f Baser A
1941 A 0
Cony deb Os
fin Tafel) & Teleg eon,6146 945 M
Italian Cred Consortium is A1937 M S
1947M 8
Ext1 sec s f 78 ser B
Italian Public Utility eat 76-1952 J J
Jurgene Works Os(10115,1134.1947 j
Kansas City Pow & Lt 55-1952 M S
Kansas Gas & Electric Ss__ _1952 M
Kayser (Julius) & Co lets! 71'42 F A
Keith (B F) Corp let 65._ _1946 M 5
Kelly-Spring'Tire8% notee_1931 MN
New York Bond Record-continued-Page
Price
Friday,
May 6
Week'.
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 6.
H
Pries
Friday,
May 6.
Week's
Range or
Last Sale
814
Ask Low
High
High Ne. Low
High
98 Sale 96
12438 43 118% 124% !Boston Telep Co let 58_1935 .1
96
_
1001e 19
9814 10112 Kings County El & P g 58_ _ _1937 AO 104
10378 Mar'27
63
6314
Apr'27
Purchase money Si
__1997 * 0 12634 1-30 12634 12654
9 102 103
854 8434 Apr'27
Kings County Elev let g 4e..1949 FA 85
10214
121
8512 8512
744 84
85
84
Stamped guar 45
1949 ✓ A 84
2 101 102,2 Kings County Lighting 58-1954II 104
_
102
104
104
9 1044 105,4
117
117
10514
First & ref 6He
1954 J J 1174
98
102
9732 104
Kinney(GR)& Co 734% notes'36 J O 10334 Sale 10334 105
Mar'27
8512 8512 Kresge Found'n coil tr fle
1936 ID 10314 Sale 10212 10314
2
B 10134 101% 10134 102
96 10014 Lackawanna Steel lit 55 A._1950
10014
35
1017g
9312 WS Lac Gas L 01St L ref&ext 55_1934 AO 10112 Sale 101
96
Oct'25
Coll & ref 534e series C_1953 FA 10512 Sale 10458 10512
1
9934
9634 9714 Lehigh C & Nay if 430 A-1954 33 99% 10014 9934
9634
77
10112
82
Lehigh Valley Coal let g 513_ _1933 3.7 10114 10134 101
8012 19
2
9312 97
94
Jan'27
lit 40-yr gu int red 43 4% _1933 J J 0812 _ _ 97
002
1
1st & ref s 1 55
10114 Apr'27
9012 92
1934 FA 101
22 104% 10512
105
1st & ref s f Si
1944 FA 10118
9978 Apr'27
5 104% 1081 2
10118 1014
let & ref 5e
10614
1954 FA 1014
_
10112 Apr'27
9618 954
181 .4 ref fie
Apr'27
1964 P A 101
Apr'27
101
Ist & ref s f 5s
Apr'27
1974 FA 10112
9434 9812
4012 Feb'26
984 1013s Lox Ave &P F let go g 56..1993 MS
9934 66
123
Liggett & Myers Tobacco 76.1944 A0 122 FiZe" 122
15
99 101
100
100 Sale 9914
1951 P A 10312 Sale 10238 10314
5s
32
FA 6914 _-- -- 10114 Feb'2
76
81
8315
8012 Sale 80
Registered
10614 Sale 10513 10612 134 10512 1064 Liquid Carbonic Corp 65-1941 P A 10434 Sale 10434 10534
_
811s Loew's Inc deb 6s with warr.
75 Sale 75
.1941 * 0 10334 Sale 10214 10414
75
7518
963s Sale 96
9612
10114 102
1013e ____ 10114 Apr'27
Without stock pur Warrants_
43 102 10334 Lorillard (P) CO 7/1
1161g
103 Sale 10234 103
1944 ;Co 11534 Sale 115
15
9878
98
9814
9834 98
98
981s
1961 P A 9712 9814 9712
5a
1
FA
9712 Apr'27
100
10012 10012
9912 101
Registered
10134
10134 1-02 1017g Apr'27
1011s 103
Louisville Gas & Elea(KO 58 52 MN 117113-4 Elt;le 101
10134 Sale 10112 10212 18
98
9334 10312 Louisville Ry let cons 55_ __.1930 11 9812 9734 9732
10012 12
9938 101
10014 Sale 10014
Lower Austrian Hydro Elec Pow7
9212
9612
97
96
97
95
1944 P A 9214 Sale 92
9934
1st s f 6 Hs
997 Sale 9914
9814 102
994 71
108 Sale 1077g
10834 21 10712 108% Manati Sugar let af 7345.-1942 AO 10412 Sale 1044 10518
7112
10014 Sale 100
10012 48
99 101
Manhat Ry(NY)cons g 48_1990 * 0 7112 Sale 694
13 10012 10214
10134 Sale 10134 102
2013• D 6212 63 61 Mar'27
2d 45
98
7
94 Sale 94
94
06
94
Manila Elea Ry & Lt if 58-1953 MS 9614 96% 98
07
9534 9558
90
95
9534 13
Mfrs Tr Co etfe of panic In
1061s
105
10118 Sale 100
1011s 27
98 101 18
A 1 Namm & Son 1st 6s_1943 3go
99
9838 Sale 98
1
10014 Sale 10014
9814 100% Market St Ry 75 see A Apr111940 Q
100,4
4
81
73 Sale 73
73
73
Metr Ed Ist & ref g 6sser B_I952 FA 10814 Sale 10814 10814
10138
3 1013e 103
10178 10214 10214
I 10114 Sale 01
'
10214
1953
lat & ref 6s aeries C
10358 Sale 10314
10358 17 102 a 103% Metropolitan Power 1st Se A1953 ID 10614 10612 0618 1064
7834
79%
10314 1035s 10234 10318 24 10215 1043s Metr West Side El(Chic)45_1938 P A 7834 80
10412
10818 Sale 1077s 10812 34 10712 1082 Mid-Cont Petrol let 63W 1940•S 10412 Sale 04
10338 10334 10314 10312 33 101% 10312 Midvale Steel &0convert)," 1936 MB 9934 Sale 9834
99%
9214 9338 9312
935s 27
9512 Milw Elec Ry&Lt ref&ext 4)4s'31 I' 99 Bale 9834
93
99
9018 Sale 89
913
89
1951 JD 100% -- 0012 101
9014 456
General & ref 5s A
4
993s
89%
88
88
8614 89 88
1961 J o 9914 Bale 99
1st & ref 58 B
9978 Apr'27
48
6512 Milwaukee Gas Light lit 48_1927 MN
65 Sale 64
6512 54
102)4 121;le 0112 10214
4914 85
33
65
65 Sale 82
Montana Power let 58 A...1943
10
9912
99
95% 98
96
96
_
Montreal Tram let & ref 5a_ _1941 JJ 99 Sale
6 105 10512
9918 Apr'27
10514
10514 Sale 105
Gen & ref if Si aeries A 1955 AO 10214 Sale
43 105 10612 Morris & Co 1st f 4411
1 85 Sale 844
85
106
105 Sale 105
1939
_ _ _ _ 81 Dee'28
105 Sale 105
10612 37 1047s 10612 Mortgage-Bond Co 412 ser 2_1966 AO 84
9734
1932 JJ 9734 Sale 9734
10-25-year 55 series 3
97%
10612 Sale 10534 10611 81 105% 108
1934 JO 9734 98 97%
Murray Body lit 6344
1
9534 ____ 96
06
94% 96
Mutual Fuel Gas let go 6 6s-1947 MN 10172 _ _ _ 10172 1017s
10134 Apr'27
___ 10832 Mar'27
1087s 1083s Mut Un Tel gin best 4% 1941 MN 101%
10
99
991a
9912 9814
97
99
10834984 100
5
9912 9934 9914
9912
Namm (A I) & Son-See Mfrs Tr
9812 Nassau Else guar gold Ie.__ _1951 II 6038 Sale 60%
95
974 9912 Apr'27
97
614
466 1054 110 National Acmelets!7 He_.1931 JO 100 Sale 100 100
110
110 Sale 109
98 11034 Nat Dairy Prod 6% notes_ -1940 MN 10212 Sale 10112 103
105 Sale 10412 10514 167
103
99% 101
10012 10078 1004 Mar'27 - Nat Enam & Stampg let 55.1929 ID 103 Sale 103
95
9612 Nat Starch 20-year deb 58..1930 II 99,4 100,4 9934 Apr'27
9614 Sale 9514
9614 35
9614 24
95
9614 National Tube let s f 58.. .1962 MN 10458 Sale 10412 104%
9614 Sale 9514
3 103 104
103
10312 104 103
Newark Comet Gas eons 58 1948 JO 10234 10334 10234 10234
10412
97 1004 New England Tel & Tel 54 A 1952 ID 1043s Sale 10A2
10012 12
100 Sale 100
974
10
89
89
91
8978 89
89
lstg434iserleSB
1981 MN 97% Sale 91114
9512
10512 109
9212 108 12 New On Pub Sere 1st 5s A_ _1952 AO 9412 Sale 94
10514 Sale 103%
95
9414 Sale 9438
9134 97
9534 60
9434 Sale 9434
First & ref 5e series B
1955
11518 Bale 11518 11578 17 116 11614 N Y Air Brake let cony 6e_1928 MN 101 10112 10034 10034
8912
5
86
8712 9014 N Y Dock 50-year let g 45_ _1951 FA 9514 Sale 85,4
11514 11534 8912
25
9812 105% NY Edison let & ref 6346 A.1941 A 0 11814 Sale 11612 116%
104 Sale 10312 103
10432
8 105 10912
10614 1074 107
108
First lien & ref Sell
1944 A 0 10438 Sale 104
9434 1004 N Y Gas EI Lt & Pow g 58-1948 J D 107% Sale 107% 10778
9912 Sale 9814
9934 143
1 10238 102%
93,4
10214 Sale 102% 102%
Purchase money gold 48_1949 F A 974 97% 9314
101 July'213
10712 24 106 11212 NY L E& W C& RR 5345_1942 M N 10112
107 Sale 106¼
I 10078 101 10172 Mar'27
16
93
93
9212
91
923 93
NY LE& W Dock & Imp 561943
101
101
8 103 1054 NY &QEIL&P 114115a-1930 FA
104 10412 10414 104%
6712 Dee'213
85
135 Sale 135¼
13814 40 11312 1384 NY Rye let R E& ref 45.-1942 33 60
57
62 Mar'27
10034 Sale 0014
101
994 102
Certificates of deposit
512 15
10114 Sale 10034
10114 70 10012 102
7 Dec'26
30-year ad) Inc 511_ _Jan 1942 AO
1 101 12 10312
512 10
10212 Sale 10213 10212
54 Mar'27
Certificates of depoelt......
22
103
9912 103.2 N Y Rye Corp Inc 6s_ _Jan 1955 -Air- 274 Sale 2614
10214 Sale 10214
28
1074 Sale 1067s
1074 39 1057s 108
83
Prior lien 65 serles A
1965 J J 8234 8312 8134
55 12934 12214 N Y & Richm Gas 1st Os_ -1951 MN 10412 __
121 Sale 121
122
10432 10432
1103s Sale 1012 11034 71 1104 111 1, NY State Rye let cons 4348_1962 MN 57 Sale 564
574
62
9934 Sale 9932 100
9834 1001g
77 Apr'27
let cone° He series B
1982 M N 7534 77
8212 10
8212 Sale 8212
8212 87
N Y Steam let 25-yr 6sser A 1947 MN 10818 Sale 0534 10835
101 1015g 101
Apr'27
101 102
N Y Telep let & gen s f 430_1939 MN 9934 Sale 9912 10014
101 10512 102 Mar'27
101 102
11012 Sale 104 110%
30-year deben e 6s._ _Feb 1949
152 Sale l5Ol2 155
127 159
IS
10812
20-year refunding gold Se.1941 A0 1084 Sale 08
43 Mar'27 143 143
Niagara Falls Power let 851_1032 II 10114 10134 0114 10314
0814 54
97% Sale 9712
94% 9912
Ref & gen 13e
Jan 1932 * 0 10534 Sale 0314 10534
103% 10414 0334 Mar'27 - _ _ 102% 10132 Niag Look &O pr let be A.-1955 * 0 10238 Sale 017s 1025s
8814 ____ 8834 Apr'27 - - - 884 8838 No Amer Cement deb8He A.1940 M S 92 Sale 9114
92
1
95 Sale 95
95
9312 95
97 Sale 97
98
Nor Ohio Tree & Light Se__ _1047 M
_
9712 _ 9712 Apr'27
954 9734 Nor'n States Pow 25-yr 5e A.1941 * 0 101 Sale 00% 101,4
89 -8914 89
883s 903s
8
8912
let & ref 25-ir Efe aeries B.1941 * 0 105 10512 0514 105%
71 10134 10.334 North W T 1st fd g4Hs gtd_1934
10234 Sale 10212 103
9934 0012 Apr'27
3 98
'
10034 Sale 100
98 101 12
10013 16
15
98
977 Sale 9734
914 10112 Ohio Public Service 734s A..1946 A0 11512 Sale 1l5S
116
4 102 10338
102,2 10312 103
10318
115
1st & ref 711 series B
1947 FA 11412 Sale 11414
1023i 65 102 10244 Ohio River Edison let 55-1948
10212 Sale 102
I 10612 10714 10634 107
'
255
99
9878 Sale 9838
97 10014 Old Ben Coal 1st 66
9114 Sale 903g
9112
1944 FA
10414 Sale 10418 1044 26 10234 10412 Ontario Power N F let 55_1943 FA 102 Sale 10134 102
99 Sale 9812
41
99
9634 9312 Ontario Transmission 5s___ _1945 MN 10158 Sale 10134 Apr'27
7 100 103
10112 Sale 10112 103
9534
Otis Steel let M Sc ner A
1041 MS 9558 Sale 9514
9818
1
9818 99
9818
98
984 Pacific Gas& El gen & ref 68.1942 II 10118 Sale 1004 10112
10412 10514
8 10312 10514 Pao Pow & Lt lst&ref 20-yr 58'30 P A 100 10014 100
10014
10018 10012 9934 Dee'25 -104381021g
Pacific Tel & Tel let 5e
1937• J 102 10218 1017s
10278 Sale 10234 103
25 lin; 16414
Ref mtge 58 series A
1952 ▪ N 1024 10258 1025s 1027s
101% 21 10014 101% Pan-Amer P.1 T cony if 60_1934 MN 10312 Sale 10258 10354
10134 Sale 101
11
15
Aor'25 - -1st lien cony 10-yr 75
1930 FA 10514 Bale 01518 10514
13 Nov'28
Pan-Am Pet Co(of Cal)cony 68'40 JO 943* Sale 9234
943s
78% Sale 7634
787 244 "iirx
Paramount-Sway lit 530_1951• J 10012 Bale 100
10012
78% 724
7834 Sale 7612
8912 Sale 85
75% 7914 Pack-Lax St leasehold 014a_ _1963
8912
8212 Sale 80%
8212 100
79
103 ____ 10314 Apr'27
8212 Pat & Passaic G & El cons 54.1949 PA
9814 Sale 9818
987k 331
967s 99
Penn-Dixie Cement 613 A
_1941 MS 1003* Sale 10018
10012
8134 8212 8134 Apr'27
815s 90
* 0 1133* 114 114 Apr'27
Peon Gas & C let cones
78
73
7012 Apr'27
6712 83
Refunding gold fe
1947 MS 10214 Sale 10214 1024
1014 Sale 100
10112 412
9558 10278
MS 9914 101
9914 Apr'27
Registered
9812 Sale 9714
98% 138
9912 Philadelphia Co colt tr 65 A_1944 FA 10312 Sale 10314 10334
97
101 Sale 10012 10112 55
995g 103
10312
M
Sale
10318
15-year cony deb 5346
10312
.-1938
9814 Sale 9712
9812 172
9714 987s Phil& & Reading C& I ref 58.1973• J 10134 Sale 10138 lova
111 ale 1 012 11114 251 1037s 11214 Pleree-Arrow Mot Car deb 851943 M
99 Sale 974 10014
951s Sae 9334
9512 61
9358 964 Pierce 011deb 818s_ _Dec 15 1931 J O 100 101 100 Apr'27
94 Sale 94
9412 41
97
94
Pillsbury Fl Mille 20-yr 68-1943 AO 10312 Sale 10312 104
977g Sale 97
903s 101
100 Apr'27
Pleasant Pal Coal let get63-1929 J J
1r114
III Sale 09
10434 111
Pocah Con Collieries 1st if 681957.7, 9114 9112 9112 Apr'27
104 10414 10313 1044 58 103 1057s Port Arthur Can & Dl 815 A-1953 FA 10518 ____ 105
10514
10514 Sale 105
1054 33 10334 10534
1953 F A 10458 ___ 105 Mar'27
lit M 13e series B
17 10634 l0.'4
108 Sale 10778 108
Portland Elec Pow lit 6s 13-1947 M N 102 Sale 10034 102
9934 Sale 99
9934 72
98
1935 J J 1003* Sale 10058 10034
9934 Portland Gen Else let 5e
10512 Sale 1054 106
80
99 10614 Portland Ry lat & ref 5e_1930 M N 9534 9684 9658 Apr'27
Ask Low
Rid
12432 Sale 121
100 Sale 100
68 6314
64
102 10214 102
8312 Sale 824
10178 Sale 102
10412 Sale 1047s
101% Sale 10114
8512
100 16614 100
9532 Sale 9534
10
-5534 -98 - 9634
8012 .803s 8012
9412 9312
94
914 9312 914
10434 Sale 1044
105 106 106
9614
984 98
9612 9812 9838
9912 Sale 99
?It
ill
Range
Since
Jan. 1.
No Lore
High
2
93 96
10314 1037s
1 12414 12834
86
82
19
81
86
2 1011r 1041$
2 11214 11714
8 1007s 10612
14 102 104
19
9914 102
20 10012 10214
62 10334 10612
9712 99%
2 101 102
97
97
101 104
9978 10012
9954 1011s
3
9934 10113
100 101
_
17
8
67
218
15
7
4
81
22
120 1-2-31;
10214 104
10114 1014
104 112
101 10572
98
99
115 120
9634 10012
9634 9714
992a 10172
94
99
30
894 96,2
22
39
6
10412 108
6714 7134
60 63
9334 98
11
78
15
27
3
3
60
177
105 10612
4 99
96,
1054 10834
5
29
23
17
49
7
8
18
13
51
25
2
15
75
120
105
3
12
13
29
28
6
100
10134
105,4
76
104
9714
981s
994
98
9812
10112
95%
964
83
1067s
80
1054
99%
99
10115
100
100
102%
9932
100%
8914
-9014 -Of
gel, 9814
10114 102
10114 10124
6014 634
98% 102
100 10314
4 104
/
1011
99% 9934
10332 104%
10235 10311
103 104%
95% 9734
93% 98
93% 97
10034 102%
84115 87
1154 1164
10232 104%
108 108
924 9834
1011, 1015
10012 1011e
62
ioi
8
2
28
_
10
33
55
77
24
14
58
29
21
40
10
4
213
10
25
7
59
36
11
25
14
92
20
84
38
39
42
4
28
25
77
5
7
6
23
4
83
--We -II;
26
304
81
854
102 106
5344 6912
82
71
10514 107
9832 1004
110 11133
10772 109
10012 10314
10311 106
10014 10234
00
95,4
9514 984
100 1014
1041t 106
98 10012
114 116
11334 11512
10511 1074
91%
90
101 1024
10034 10114
9312 9612
99% 10112
9934 10114
10114 10273
10112 1034
10238 1064
10412 1054
92 10012
98 1004
83
9312
10214 103,4
9102 101
11312 115
101% 10234
9914 994
10314 10478
1004 10412
904 10212
9112 10714
994 10372
10214 1064
9912 100
014 9212
103% 105%
10424 105
10014 102
100 101
9415 97
THE CHRONICLE
MAY 7 1927.]
New York Bond Record-Concluded-Page 6
2729
Quotations of Sundry Securities
MI hond noires are "end Inter'-at" ereent where marked
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 6.
Price
Friday.
May 6.
Week's
Range or
Last Sale
Portland Ry L & P 1st ref 58.1942 F A
lat Ilan & ref 68 series B_ _ _1947 MN
let & refund 7146 series A-1946 M N
Pressed Steel(Mir conv g be_ _1933 J
D
Prod & Ref s f 80(with warts)•ai
Without warrants attached__ J D
Pub fiery Corp of N J sec 68_1944 F A
Pub Serv Elea & Gas let514s1959 A o
1964 A 0
let & ref 15148
Punta Alegre Sugar deb 781937.1 .1
Rand Kardex 6148(with warr)'31 J J
Without stock put warrants_ _ _
Remington Arms 68
1937
RepubI&Sl0-30-yr6ia1l940 A 0
Ref & gen 532e series A
1953 J J
Rheinelbe Union 78 with war 1946 .1 J
Without ink purch warlis_1946 J 3
RhIne-Main-Danube 7s A_ _ _1950 M S
Rhine-Westphalia Elect Pow 78'50 M N
_1955 F A
alma Steel lit of 78
Robbins & Myers 1st el 7s__1952 J D
Rochester Gas & El 73 ser B _1946 M S
Gin mtge 5tis series C__ _1948 M S
Rocb & Pitts C&Ipm 5s_ _1946 M N
Rogers-Brown Iron gen&ref 78'42 M N
Si N
Stamped
Ask Low
Bid
9534 9634 9512
101 Sale 101
107/
1
4 -- -- 10738
9512 Sale 9412
11118
11118
11034
111
10658 Sale 106
105 10512 105
10518 Sale 10478
10812 Sale 10818
19018
19118
10178
10178
98 Sale 9712
10238 Sale 10238
/
4
10112 Sale 1011
12314 Sale 12412
10058 Sale 10012
10214 Sale 10214
103 Sale 103
9612 Sale 96
60 Sale 5934
11114 11234 111
10534 106 10558
90
9212 9212
10
3712 38
10
38
35
Hick No
9578 13
4
10114
3
10738
9512 13
Apr'27
11034
10612 49
10558
6
10518 18
10812 10
Apr'27 - - -31
102
50
98
10238
4
10134 33
12634 68
97
101
10234
2
103/
1
4
9
9738 33
8
66
112
10
10558
1
Jan'27 ---Apr'27,-- Apr'27
St Jos Ry Lt & Pr 1st 58---1937 MN
St Joseph Stk Yds 1st 45'01-A930
J
St L Rock Mt & P58 atmpd..1955 J J
Si Paul City Cable cons 58_ _1937 .1 J
San Antonio Pub Serv 1st 68_1952 J J
Saxon Pub Wks(Germany) 78'45 F A
3951 11N
Gen ref guar 635e
&blue° co guar 6 Sill
1946.1 .1
Guar of 614s Series B_ _ _.1946 A 0
Sharon Steel HOOD let fle ser A '41 m S
Sheffield Farms let & ref 6
'42 A o
Sierra & San Fran Power 58_1949 F A
/
40._ _1946 F A
Silesia Elec Corp if 61
Sileelan-Am Exp col tr 75_1941 p A
Simms Petrol 6% notes... _ _1929 M N
Sinclair Cons 011 15-year 7s..1937 m
let rn eol tr 6s C with war_1927 j D
1938.1 ID
lot lien 614s series B
Sinclair Crude 011 3-yr 6s A_1928 F A
Sinclair Pipe Line s 1 58
1942 A o
Smith (A o)Corp let 6146_1933 MN
South Porto Rico Sugar 78_1941J D
South Bell Tel & Tel let 81581941 .1 .1
Southern Cob Power 65 A 1947 .1 .1
8'west Bell Tel let & ref 5e_ _1954 F A
Spring Val Water 1st g 58
1943 Si N
Standard Milling let 56
1930IM N
lst&re1514e
1945M S
Stand Oil of N J deb 5e.Deri 1546 F A
Stand 011 of N Y deb 4tie_ _1951 J D
Stevens Hotel let 138 set A_1945 J .1
Sugar Estates (Oriente) 78 1942 M S
Superior Oil lit 81 70
1929 F A
Syracuse Lighting let g 58_.195l J D
Tenn Coal Iron & RR gen 58_1951 .1 .1
Tenn Copp & Chem deb 65_1941 A o
Tennessee Moo Powlet fle_ 1947 11 D
Third Ave let ref 45
19603 3
Adj
58 tax-ex N Y Jan 1960 A 0
Third Ave Ry 1st g 58
1937J
Toll° Elec Pow let 75
1955 Si S
6% gold notes _ _ __July 15 1929 J
Tokyo Mee Light 6% notes_1928 F A
Toledo Edison let 78
1941 M S
Toledo Tr L & P 534% notes 1930 J .1
Trenton
dr El 1st g 5s___ _1949 M S
Trumbull Steel let of 6s___ _1940 M N
Twenty-third St RT ref 514._ _1962 J .1
Tyrol Hydro-Elec Pow 714o-1955 m N
9718 9734 9718
9734 ____ 9734
79
80
7914
9514 9634 9634
10614 Sale 10614
10234 Sale 100/
1
4
9858 Sale 9712
101 Sale 10012
10012 Sale 9958
108/
1
4 109 10834
10814 Sale 10712
9918 Sale 9812
____ 9638 9514
100 Sale 9912
10012 Sale 9934
100 Sale 99/
1
4
0934 Sale 99/
1
4
96/
1
4 Sale 9538
10012 Sale 99/
1
4
93 Sale 9112
102 Sale 10134
10834 Sale 10834
10314 ____ 103
103/
1
4 Sale 10312
10414 Sale 10418
9914 10038 10038
10014 101 110138
10214 10234 103
102 Sale 10178
9538 Sale 9514
10012 Sale 100
100 Sale 9934
10014 10012 10014
10312 ____ 10334
10358 104 10314
10014 Sale 9912
107 Sale 106
70 Sale 68
6134 Sale 5834
99 Sale 9818
9814 Sale 9634
9712 Sale 9614
9838 Sale 98
108 10812 108
9978 109 9934
10234 ____ 102/
1
4
100 Sale
9914
6678 Sale 66/
1
4
101 10138 101
97/
1
4
1
Feb'271- 7914
5
9634
1
106141
6
1021
/
4'
9858 105
10114 31
10012 28
7
109
6
10814
9918 93
24
96
10034 42
10012 41
10012 54
9978 138
9678 204
10038 31
9312 38
10214 10
9
109
2
103
26
104
104/
1
4 113
Apr'27
Apr'27
Apr'27
10214 196
9558 131
10034 25
9
10014
Apr'27
_
Apr'27
1
10314
21
10014
53
107
102
70
6178 214
20
99
9812 303
9712 81
981 156
10814 32
25
100
Apr'27 34
100
3
66/
1
4
10112 25
Wigawa El Pow o f 78
1945 M
)
.•
Otaderged of London 414i1933
Income 61
1948
Onion Elea Lt & Pr(Mo)58_1932 17)ii
Ref & ext 58
1933 MN
Un E L&P(III)Mg 5 tie eer A1954 J
Union Elev Ry(Chic) 58___ A945 AO
Union Oil let lien 8158
1931
'3
30-yr 6eseries A
May 1942 FA
let lien s f 58 series C Feb _1935 AO
United Drug 20-yr 6s_Oct 15 1944 AO
United Fuel Gas lit f 6s__ _1936 J
United Rye St L let g 4e____1934 J J
United SO Co 15-yr lis
1937 MN
United Steel Wks(Germany)7s'51 A 0
United Stores Realty 20-yr Os'42 AO
0$ Rubber let & ref loser A 1947 J J
Registered
ii
10-yr 73.4% secured notes_1930 FA
▪ S Steel Corp coupon Apr 1983 MN
• I 10-60-yr Eallregist__ Apr 1963 MN
Universal Me & had 05.....1936
Utah Lt & Trac let & ref 5s-1944 A 0
1944
A
Utah Power dr Lt lit be
1950
Utica Elea L & P let 5e
Utica Gas & Elec ref de ext be 1957
Vertientes Sugar lot ref 78_1942
victor Fuel let o f be
1953
V alron Coal & Coke lot g be 1949
1934
Va Ry Pow let & ref 541
/
1
4s(with war)'35 AO
Walworth deb 6.
let sink fund (te series A_ --1945 AO
Warner Sugar Refin let 7s 1941 Jo
Warner Sugar Corp let 78_ _1939.13
Wash Water Power s f Is...-1939 J
Weetchee Ltg g 58 stmpd gtd 1950 3D
West KY Coal let 78
1944 MN
1946 MS
West Penn Power ser A 68
1963 MS
let be series E
1953 AO
let bAs series F
1956 3D
let Bee 5e series0
'
3
1950
Weet Va C & C let 68
98/
1
4 Sale 9712
9878 98
9534 9714 9534 Mar'27
_
9718
96/
1
4 Mar'27
102 Sale 102
102
1
10134 Sale 10134
102
3
10234 10314 10234
105
4
8414 8412 8334 Apr'27 _ _ _
10158
10134
102
29
108 Sale 10734
108
11
9812 Sale 97/
1
4
9812 73
108 Sale 108
10812 10
105 Sale 10418
105
26
79
8012 81
Apr'27
_
97 Sale .9612
97
200
9934 100 1011
/
4 102
26
10518 Sale 10518
105141 413
9614 Sale 9534
9612
5
941
/
4 Feb'27 _ _ _ _
1
4 10614 58
1058 6,"de" 105/
108 Sale 108
10812 279
10734
10734
1
8938 Sale 8918
8934 26
9458 Sale 9412
9514
16
9914 Sale 9834
9914 89
102/
1
4 _ -- 102/
1
4 Oet'26 -10312 Sale 10312
10312
5
100 Sale 100
10012 19
5714 80
5714 Apr'27 _ _ _ _
94/
1
4 _ _ _ _ 95
95
4
9934 15
99,4 9934 9912
9512 Sale 9512
96
5
94 Sale 94
96
17
107 Sale 10612 107
73
9414 Sale 9312
95
32
103
103
Apr'27 -10258
-- 10258
10258
3
10184 Sale 10134
10134
3
101 102 10112
10112
2
102 10358 10112 10312 18
10514 106 10514
10514
2
102 Sale 10158
102
121
79
32
78 Sale 78
Western Electric deb bs
1944 A 0
Western Union coil tr cur 58_1938 J J
Fund & real est g 434s___ -1950 M N
1930 F A
15-year 6 Sis g
1951 J D
25-year gold 58
Weil:louse E M 20-yr g 50_1946 MS
Westphalia tin El Pow 6 t4s.1950 J D
Wheeling Steel Corp lit 51481948 J
White Sew Mach Os(with war)'36.1 J
1935 J J
Wickwire(Men St'l let 7e
enehwire Sp St'l Co 78 Jan 1935 M N
Willys-Overiand f 6
M S
Wilson & Co 1st 25-yr f(Se 1941 A 0
A o
Registered
1941
Winchester Arms 734,
Toung'n Sheet & 'I' 20-yr 08.19433 J
10258 Sale
103 Sale
9818 99
11134 - - -103 Sale
103 Sale
97 Sale
9912 Sale
10712 Sale
44
3812 Sale
10212 Sale
10012 Sale
Range
Singe
Jan, 1.
Per CI. Baste
Standard 01ISccccc Par Bta I Ask,
Public Utilities
Anglo-Amer Oil vot stock_ £1 *19581 1912 American Gas A Electrio_t *83
8312
*2110
0
49
0
512 2110
0
505
114
Non-voting stock
£1
934 11
19
1
Deb
6%
100 10
Low
High Atlantic Refining
Preferred
100 116 117 Amer Light
& Trete com
pdrpreferredt
:
M 100
11N
911
/
4 9618
Borne Scrymser Co new...... _ *53
55
100 115 125
Preferred
1001
/
4 102
5312 Amer Pow dr Light prof_ _100 101 10112
Buckeye Pipe Line Co_ ___50 *53
10612 108
9214
Mars 10358 10378
Deb 6s 2016
9412 97% Chesebrough Mfg Cons.. 25 *91
*1812
1834 Amer Public Util corn_ __100 55
65
10
11118 11118 Continental 011 v t c
94
frerr
rred____100 92
efem
110 11112 Crescent Pipe Line Co.. 50
93
P
7%
artple
rio
nrre
9
10384 10612 CumberlandPlpe Line___100 90
Eureka Pipe Line Co___ _100 5214 54 Associated Gas & Elec comrt
(116
8
17
7
1
88
104/
1
4 106
812 10
Original preferred
t (15253
•
104 10558 Galena Signal 011 com__ _100
$6 preferred
100 4812 50
Preferred old
t d91
93
107 11112
42
$6;,/ preferred
Preferre 1 new
100 36
rred
10212 19018
.5712
$7 preferred
Humble Oli & Reflning___25
11504
99
2
100 102
Illinois Pipe Line
100 14812 149 Blackstone Val G&E com_mi
tt la11490971
95/
1
4 98
*44/
1
4 4412 Com'w'Ith Pow Corp
06
914
2 9
47
912
104 *4
10018 10312 Imperial Oil
67
Preferred
9858 1021, Indiana Pipe Line Co_ _ _ _50 *66
3014 Elect Bond & Share pref _100 10712 10734
11811 12634 International Petroleum_ _ _ t *313
1
4 Elec Bond dr Share Becur__ t 7118 7112
99/
1
4 10412 National Transit Co_12.50 *1538 15/
102 10412 New York Transit Co_ _ _100 3212 3312 Lehigh Power Securities_ _ _t *1878 19
80 Mississippi Riv Pow pref.100 101 103
Northern Pipe Line Co_..100 78
10104 105
1
4
First mtge 58 1951
Ohio 011
25 5618 56/
Jda 10112
93/
1
4 98
16
Deb Is 1947
Penn Mex Fuel Co
25 *15
MAN - --- 66174
5912 65
111 11214 Prairie 011 dr Gas new__ _ _25 *4714 4712 National Pow & Light pref_t *106 10612
105 10814 Prairie Pipe Line new__ _100 16414 16434 North States Pow com__100 116 117
Preferred
100 104 10512
100 182 185
9212 9212 Solar Refining
32
3712 49/
1
4 Southern Pipe Line Co _50 *1612 1712 Nor Texas Elm Co com_100 30
100 72
Preferred
South Penn Oil
25 *3518 3534
74
3534 50
Southwest Pa Pipe Lines.100 *6712 69 Ohio Pub Serv. 7% pref-100 10534 10614
*547.5 55 Pacific Gas & El 1st pref_ _25 *25/
1
4 2558
9532 9712 Standard 011 (California)1
4 6712 Power Securities corn
t *5
8
97/
1
4 9734 Standard Oil (Indiana) 25 *67/
Second preferred
75/
1
4 8114 Standard 011 (Kansas)_ _ _25 *1658 17
Coll trust Os 1949_ __J&D
t:
9
32
1
9
32
4
954 9634 Standard Oil (Kentucky)_25 *11312 114
4612
25 *46
Incomes June 1949__F&A *86
88
1051/ 107/
1
4 Standard 011 (Neb)
Jer
_
_25
*36
36
/
1
4
Standard
011
of
New
Puget
Sound
Pow
&
Lt_
100
32
3312
101 104
/
4 6% preferred
89
100 87
9733 9912 Standard 011 of New York.25 *3034 301
100 320 327
7% preferred
100 10712 10912
99/
1
4 10111 Standard 011(Ohio)
1
4
New
25 •80
81
1st & ref 51i8 1949_ _J&D 10034 101/
99 10114
Preferred
100 118 119 South Cal Edison 8% pf _ _25 *35 - --1074 10912
100 1512 1612 Stand 0& E 7% pr pf _ _100 107 108
107 10814 Swan & Finch
Union Tank Car Co
100 107 109 Tenn Elec Power let pref 7% 106 107
95 100
25 *11214 11234 Toledo Edison 7% pref_100 10712 108
9614 9814 Vacuum 011
Washington
011
10
8% preferred
9834 10112
19
61411
10
11
Western Pow Corp pro01
19
f
9934 105
Other 011 Stocks
Chic It Stk Ld Bk Bonds
9734 10234
*1
/
4
II8 540 Nov 1 1951 opt 1931._ 100 1011
991
/
4 10214 Atlantic Lobos 011
Preferred
50 *212 312 55 Nov 1 1951 opt 1931__
9812 110
1
4
9214 102/
Gulf
011
•88
25
8812
1932_
9812
100
58
May
1
1952
opt
99/
1
4 10118
9712 99
10 *2612 2734 441s Nov 1 1952 opt 1932._
9112 9538 Mountain Producers
100 258 265 44/5 Nov 1 1952 opt 1932-- 98 I 99
1
4 National Fuel Gas
10158 102/
New
w
I
*257
8
2614
11903
1933_
9714
99
448
May
opt
107 10914
Salt Creek Consol Oil__ _10 *614 634 58 Nov 1 1963 opt 1933__ 9812 100
10212 104
9612 9812
2812 4345 Nov 11904 opt 1934_
10018 10412 Salt Creek Producers_ __ _10 28
9612' 9812
440 Oct 1 1965 opt 1935._
1
4
1
4 104/
102/
Pee Coast of Portland,OreRailroad Equipments
9812 100,8
101141103
(is
Atlantic
Coast
Line
5.00
4.85
58
1955
opt
1935___M&N
100 • 102
4.65 4.62
58 1954 opt 1934___MAN 10118 10258
Equipment0348
10178 103/
1
4
5.00 4.90
Sugar Stocks
10134 10234 Baltimore & Ohio 65
50 *1
3
Equipment 434s dr U.-. 4.60 4.50 Caracas Sugar
9518 96
99 10034 Buff Roch & Pitts equip fts_ 4.85 4.70 Cent Aguirre Sugar com 20 *108 109
158
Pacific
4
328
&
6e
4.75
4.55
Fajardo
Sugar
100
*157
Canadian
9812 10012
5.00 4.85 Federal Sugar Ref com_100 30
40
9914 10214 Central RR of NJ 614
Preferred
4.90 4.80
75
100 50
10284 10334 Chesapeake& Ohio 66
4.75 4.65 Godchaux Sugars,Ine
t •1
3
Equipment Otis
103 10558
Preferred
19
Equipment58
4.65 4.55
100 16
9912 10114
34
Holly
Sugar
Corp
com____t
*32
&
Qulncy
80_
4.90
Chicago
Burl
5.00
10518 10712
Preferred
84
100 80
Chicago dr North West 68_ 5.00 4.90
70
63
Equipment6148
4.75 4.65 National Sugar Refining_100 142 144
5612 611
/
4
Nlquero Sugar
68...
New
100
65
70
Chic
12
I
&
Pm
414e
&
4.80
4.65
97
99
5.05 4.95 Santa Cecilia Bug Corp rif100
Equipment68
941
/
4 9934
Savannah Sugar corn
1442
;(is___.
*iii
Southern
5.10'
5.00
t
Colorado
&
9914
91
Preferred
100 *115 120
5.00 4.90
98
9912 Delaware & Hudson 68
4.75 Sugar Estates Oriente pf _100 78
81
5.00
Erie
4348
&
be
10734 1081
/
4
75
100 65
5.25 5.10 VertientesSugar pf
Equipment88
9834 1001s
Tobacco Stocks
5.00 4.90
102/
1
4 10238 Great Northern (le
American
Cigar
com_
_
_100
115
119
50
4.70
4.60
Equipment
117t2 10114
4.75 4.60
Preferred
100 100
6878 8712 Hocking Valley 543
2
Equipment65
5.00 4.90 British-Amer Tobac ord. gl *2412 15199 10214
:24
2414
2 26
514
Illinois Central 4345 & be-. 4.60 4.50
BearerE
Tob of0B &Irel'd1
Equipment85
5.00 4.85 Imperial
9512 100
48
Equipment 75& 6340..... 4.70 4.60 Int Cigar Machinery New100 *46
9.5,
4 96
75
Michigan 85._
5.20 5.00 Johnson Tin Foil & Met_100 60
9678 96/
1
4 Kanawha &
10114 10212 Kansas City Southern 538e. 5.10 4.85 MacAndrews & Forbee_100 411* 43
*4
102292
Nashville
68....
5.00
4.95
Louisville
&
Preferred
10114 1021
/
4
16"
Equipment814e
4.70 4.82 Mengel Co '
1011
/
4 10312
44
81
8412 Michigan Central be & Os_ _ 4.95 4.75 Universal Leaf Tob corn !Ft
100 104 106
Minn St PASS M 434s& be 5.10 4.85
Preferred
10111 102
Equipment 840 dr M._ 5.10 4.80 Young (J 8) Co
100 104 110
10734 109
Pacific Os& 6SO
100 104 108
4.90 4.75
Preferred
971
/
4 99/
1
4 Missouri
4.80 4.65 Rubb Stks (Cleve'el guotarn)
10812 10812 Mobile & Ohio 58
New York Central 430 de 55 4.60 4.50 Falls Rubber corn
t *4
5
10212 105
17
Equipment85
4.85, 4.75
25 *
Preferred
81
76
Equipment75
4.70, 4.65 Firestone Tire & Rub com.10 125 130
90
9712
100 10512
4.551 4.45
6% preferred
101 10214 Norfolk & Western 4 Ms__
4.80; 4.75
7% preferred
10378 10512 Northern Pacific 75
_ 25 *1
14
99
53 156"
94/
1
4 9678 Pacific Fruit Exprem 7e_ - _ _ 4.70 4.65 General Tire & Rub corn_ 199
Preferred
100 105 10712
911
/
4 9438 Pennsylvania RR eq 55 & 6s 4.95; 4.50
4.90, 4.70 Goody'r R & R of Can pf 1001100 101
10314 106,
4 Pittsb & Lake Erie 6)45
27
Equipment85
5.00' 4.80 India Tire & Rubber new__ t
1061s 10432
4.55 4.50 Mason Tire & Rubber com_t
10544 111678 Reading Co 4448 dr Is
St Louis & San Francisco 5.5. 4.7.51 4.60
Preferred
100 2P 2t44
8714 90
9358 9512 Seaboard Air Line 6345 & 68 5.25, 4.95 Miller Rubber preferred_100 10212 10272
16
100
97/
1
4 9934 Southern Pacific Co 4 As _ 4.60; 4.50 Mohawk Rubber
Equipment75
Preferred
100 *2312 2314
4.70 4.65
40
4.85 4.70 Seiberling Tire & Rubber..1
t 35
10218 1663:4 Southern Ry 4388 & 5e
Equipment tis
Preferred
5.00, 4.90
100 99
98/
1
4 101
5.051 4.90
Water Bonds.
5614 5738 Toledo & Ohlo Central Os..
Union Pacific 72
4.651 4.62 Arkan Wet 1st 58'56 A A&O 9434 9514
9458 95
Birm WW 1st 55.2eA'54.AA0 103 104
9858 100
Short Term Securities
lst M Is 1954 ser B._JAD 9912 100
92
9612
Anaconda Cop Min(Ss'29JAJ 102181102/
1
4 Butler Wet Co s f 58'27.J&J
934 97
58 Sept 2 1931____M&S 1 9612 98
9178 10712 Chic RI & Par be 1929A&J 10034 10112
5% notes 1929
ht&S 10034 10114 CityW(Chatt)5448'544 JAD 10384 104111
7818 9814
J&D 99 100
411% notes 1928_ _ _ _J&D 9972 10012
let M 58 1954
10234 103
Federal
Sug Ref 05'33 MAN
10238 10312
87 1 90 City of New Castle Water
95
55 Dec 2 1941____J&D 1 93
101 12 10238 Missouri Pacific 55'27_ _J&J 100 110038
10018 102,4 Sloss-Sheff S & I 6s'29_F&A 10214 103 Clinton WW let 58'39_F&A 95
Indus. & Miscall
Com'w'th Wet let 5348A '47 103 164"
100t4 103,2 American
9312
Hardware
25 •73
82 Connellsv W 580ct2'39A&01 92
10412 105/
1
4
97
Babcock & Wilcox
100 118 121
E St L dr Int Wat 5s'42.J&J 96
100 102
J&J 103 104
Bliss(E W)Co
13 *23
1st M 135 1942
25
78
80
50 *58
Preferred
_ Huntington 1st 68'54_141&S 104
1954 9612 -9712
Borden Company corn.. _50 *108 1-1-0Si
10118 103
--100 20
22 Mid States WW 85'38 MAN
10138 10514 Celluloid Company
9412 9512
100 70
Preferred
72 MonmConW let 55'56AJ&D 1009712 100
Mourn Val Wt 53.4s '50 J&J 10012 10034
11114 11214 Childs Company pre_..100 119 121
100 188 198 Muncie WW Ets Oct 2'39 A01
101 10314 Hercules Powder
100 117 11812 fit Joseph Water 58 1941A&O 97 I
Preferred
101 10314
_100
-- Shenango ValWat 58 58A&O 9412 9512
9634 9912 1nternat Silver 7% pref
98
A 98
7 99
Lehigh Valley Coal Sales_50 116*96
98 - So Pitts Wet let 58 1960FTJ
96/
1
4 100
100
Corp
Phelps
114
119
lit M 58 1955
Dodge
97/
1
4 108/
1
4
Royal Baking Pow com_100 188 173 Ter H WW 88 '49 A J&D 102
58
40
100 101 10212
let M 55 1956 ser B.._ FAA
Preferred
35
52
10184 10378 Singer Manufacturing--100 376 379 Wichita Wet lot Os'49-M&S 103
El
96
let M be 1958 ser 13_ _ F&A 95
97
,
4 1027s Singer Mfg Ltd
10218
1021
/
4 45
10212
103
3
9858
9912 16
11112
11178 13
10212
103
111
103
103
10214
9634
9712 34
9812
9912 59
104
10814 151
44
44
9
38
42
2
10214
10212 21
100
10034 58
93 Feb'25
_
10
7
08 fit;le 106
10614
15' 104T2 1661;
1
4 105
104/
1
4 84 103/
106 Sale 10438
'11
•Per share. t No par value. b Bards. d Purchaser also pays accrued dividend.
r New stock. f Flat price. k Last sale it Nominal. I Ex-dividend. y Ex-rights.
Sale price.
r Canadian quotation.
BOSTON STOCK EXCHANGE- Stock Record
2730
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 30.
Monday,
May 2.
Tuesday,
May 3.
Wednesday, Thursday,
May 4.
May 5.
Friday,
May 6.
Sales
for
the
Week.
STOCKS
BOSTON S COCK
EXCHANGE
arrernage
Range Since Jan. 1.
Lowest
Highest
FEE MAKE
Range for Prestos,
Year 1926
Lawest
Highest
Railroads.
Shares
100 171 Jan 7 185 Apr 27 159
Jan 17512 Dee
88 Boston & Albany
18112 182
178's_*
18212 184 *17812 182
184 184 "184 186
100 82 Apr 29 94 Jan 15
453 Boston Elevated
77 May 851g July
8112 8112 81
8112 82
8112 82
82
-8112 8112 8112
82
100 9812 Apr 27 102 Mar 22
89 Feb 103 Dec
*9912 10012 *9912 10012 *9934 10012 --------10 Preferred
10012 10012 *9912 100
100 109 Mar 30 117 Mar 17 11212 Dec 122
70 let preferred
Jan
__ 114 114 *114
11512 1512
__ +114
___ 114 115
*114
100 101 Jan 20 10712 Feb 28
Jan
9812 Jan 112
104 10414 10414 1-0414 1044 10412 --------122 2d preferred
-*104 1-6414 104 104
100 5118 Mar 7 6114May 6
35 Mar 5812 July
6034 6114 6,565 Boston dc Maine
57
59
56
57
5978 61
.5612 5612 55N 57
Preferred
100 56 Jan 22 65 Apr 26
32 Apr 6112 Deo
100 7634 Jan 15 86 Feb 6
59 Apr 86 Dee
--------------------111 Series A ist pref
1181
+81
84
84 Apr 130 Deo
100 125 Jan 8 139 May 3
30 Series B 1st pref
_-- ---120 130
____ 139 139 *120
•120
____ *120
74 Apr 110 Sept
Series C 1st prof
100 104 Feb 15 113 Feb 4
____ *103 ___ *103 ____ *103
*103
____ *103
Series D hit pref
100 155 Jan 15 165 Apr 21 105 Jan 165 Dec
__ *155
*155
..*155
*155
"155
94 Apr 1071. Dec,
284 Prior preferred
10412May 6 111 Apr 25
no no *10722 110 10412 10412
105 116
109 1-1-0
13109 11-0
100 196 Jan 18 205 Mar 30 x17512 Mar 20712 Dec
--------11 Boston & Providence
•198 200 '198 200 11196 198 *196 198
198 198
28
Jan
Oct 61
100 25 Feb 4 30 Feb 28
388 East Mass Street By Co
28
2834 2934 2834 2834 2812 2812 28
2812 28
132834 30
5912 Apr 71
100 64 Feb 8 71 Jan 11
Jam
1st preferred
6
*64
__ - - - - -*64
65
"64
65
64
64
*64
66
65
Jan
56 May 69
Preferred B
100 60 Mar 14 67 Jan 5
62
*61
62 '61
62
62 '61
1361
62 "61
40
Apr 4914 Jan
100 42 Apr 1 4814 Jan 4
382 Adjustment
4414
4412 43
*44
4412 4512 4512 4412 44N 4412 4412 *44
49 Sept 60 Feb
100 4711 Jan 13 74 Mar 29
681 Maine Central
70
70
7012 70
6934 71
69
70
69
69
694 70
317g Mar 483s July
100 4118 Jan 6 5834 Feb 16
4738 4914 474 504 4938 5058 4938 504 498 5012 4918 5012 2,750 N Y N H & Hartford
81 Apr 9812 Dec
--------25 Northern New Hampahlre_100 9212 Jan 13 10114 Mar 9
_ 100 100
'100 ____ *MO
*100 ____ 131C0
__ .... Norwich & Worcester prei_100 127 Jan 4 140 Feb 15 120 Apr 132 Dec
-__
13138 140 *138 140 '138 140 *138 140 *138 140
Jan 125 Sept
131 May 3 111
100 122 Jan
96 Old Colony
13018 13018 13018 131
1013018 134
13014 13014 *13014
-- "130 134
9934 Mar 107 Dec
Vermont & Massaohusetts-100 107 Jan 6 116 Jan 31
___ _ __
*110 116 *110 116 '111 116 "111 115 *111 1-1-6Miscellaneous.
e3
2 Nov
418 Mar 1
5 Jan
____ ____ ___ _ _ Amer Pneumatic Servioe-25
31
312 *3
214 Jar 3
312 *3
3i2 *3
312 *3
18 Dec 2414 June
50 1512 Jan 12 21 Mar 17
19
1912 19
1814 1814 --------385 Preferred
19
19
19
19
19
3,570 Amer Telephone & Teleg-100 14912 Jan 3 172 Apr 7 13912 June 150% Feb
1611 16212 16178 163
16218 16434 16458 16614 1644 1663 165 166
Jam
4812 July 71
No par 48 Jan 17 70 Mar 14
6334 6412 5,124 Amoskeag Mfg
62
64
63
5912 6034 6078 6134 61
60
60
7212 Nov 78 Feb
No par 7358 Jan 10 85 Mar 7
--------20 Preferred
81
81
"80
'80
_ *80 _ _
80
_ _
Mgr
30
Jan
417
8
364
25
Assoc
Gas
&
Elmo
class
A
__
__
--------855
403
4
401
8
4
0
-78
ox4034 _-41
- 4034
4034 4-078
- 4034 4-078
4 Jam
54 Jan 19 59 Feb 10 -5212 -Apr 63355 Atlas Plywood tr Mfg
_ _ _- _ _ _ _
56
1355
56
*55
55
•55
56
55
55
55
814 Oct 1714 Jam
8 Jan 22 12 Apr 7
No par
Atlas Tack Corp
____ ____
•---- 12 *____ 12 +____ 12 •__ __ 12 *__ 12
1418 May 2012 Jam
1534 Apr 5 2012 Jan 3
Beacon Oil Co corn tr otts____
_- ___ _
171 ____
•-_-_ 1714 *_ ___ 1714 • ..,1712 *_ __ _ 1712 *
74 Nov 9812 Jan
375 Bigelow-Hartf Carpet_No par 77 Feb 17 8612 Jan 7
84 '84 -85
84
8412 85
83
8412 -93- 83
84
84
5 Jan 3
114May 2
____ ____
50 Cold .k Corp., class A T C
1
114 *____
114 "1
114
114 *1
'11114
112
__- 67 Jan 26 84 Apr 22 -57 May -71 Dec
85 Dominion Stores, Ltd_No par
____ ____
83
83
82
82
82
82
82
*79
3130
83
312 Jam
112 Dec
334 Feb 3
112 Jan 26
10
10 East Boston Land
*112 2
*112 2
*112 2
2
*2
214
2
312 Mar
734 Mar 17
73s Oct
312 Jan 11
75 Eastern Manufacturing
5
*534 -6
51
53
*512 6
*512 6
*512 6
*512 6
44 Nov 884 Jan
25 45 Jan 4 70 May 6
980 Eastern SS Lines, Inc
6912 6912 70
69
6912 69
• 6814 68N 6812 6914 6834 69
Jam
34 Nov 45
No par 35 Feb 15 4234 Apr 5
255 Preferred
4112 4113 417 4178
.4134 42
42
4112 4112 42
+4112 42
9014 Oct 9912 Jam
100 8734 Feb 17 97 Apr 13
9612 961 --------130 let Preferred
97 '9612 97
97
97
97
'96
97
14 Nov 26 Fat
12 Feb 3 1434 Jan 18
10 Economy Grocery Stores
____
_
*1134 12
*1134 12
12
12
'113 12
•11N 12
100 217 Feb 18 253 Mar 29 x207 Jan 250 Feb
1,604 Edison Electric Ilium
247 256
245 249
245 246
245N 24514 245 24612 245 246
27 Apr 26 2934 Jan 26
- ---170 Federal Water Seri/ con)
2712 271 2778 *274 2734 -------•27
27
27
•27
28
*23 . __ '23. ------------10 Galveston-Houston Ele0-100 2212 Apr 20 30 Jan 31 11 June -67. Oct
23
23
*2214 24
*2312 24
I15
17
Jar
Dec
11
14
Feb
3
Jan
11
Corp
corn_.
131
General
Pub
Serv
--------5
*1314
*1312
1112
14
*1314
134
1314
14
+134
19 Feb 2 2112 Jan 4
130 Germ Cred A Inv lot pref
__
.......
19
19
19
19
20
1319
1119
20
1319
20
------No par 3514 Apr 29 38 Mar 15
340 Gilchrist Co
3414 Apr 4058 lax
3534 3534 3534 3534 3534 353
3534 38
*3512 36
8812 Mar 11312 Feb
997 °nett() Safety Razor_No par 8412 Mar 22 9514 Jan 11
8712 88
8812 8914 8712 881
8812 8918 8734 8814 873 89
10 May 14 Sept
25 1018 Apr 5 1212Mar 2
--------100 Greenfield Tap di Die
12
*10
31014 12 '1012 12
1012 1012 '
*1012 12
12 Jan 17 13 Mar 14
244 Hathaway Baking coin
12
12
14
12
12 '12
•12
14
"12
14
14
1312
4514
-Dec -684 -Fel
Jan
3
Hood
4,104
47
36
May
5
Rubber
No
par
39
36
37'Z 38
3933 3934 3834 3938 3734 3878 364 38
Kidder,Peab Amp A pref-100 94 Apr 26 9522 Feb 3 z93 Apr 96 Jull
09444 _ - 9412 9412 9412 9412 9412 9412 9412 941 --------85
--------116
612
Aug 1034 Dm
1012
Jan
6
24
914Mar
LIbby____10
Libby,
McNeill
&
958
938
*95
8
10
4
+93
8
93
934
• 914 -9-38 *938
6 July 1218 Jan
6 Jan 3 10 Jan 18
25
123 Loeiv's Theatres
612 612
63
612 61
612 612
*612 658
638
638 63
80 Apr 9412 Noi
714 Massachusetts Gas Cos-100 84 Mar 25 9012 Apr 27
8912 9012
8914 90
8814 89
8812 89
89
89
89
89
65 Jan 70N Yet
--------382 Preferred
100 70 Jan 3 75 Jan 25
7312 74
7314 7334 7318 7314 7318 7318 7318 74
320 Mergenthaler Linotype_No par 108 Feb 18 112 Jan 21 $104 June 1110 Ma.1
11012 1111 110 110
10912 11034 110 11012 111 111
111 III
Jaz
89 Apr 96
Miss Riv Pow stpd pref-100 95 Jan 22 99 Apr 13
•11034 111 "10114 _ _ *10114 .. _ *10114 . _ *10114
4N Jan
2 Aug
438 Jan 20
214 Mar 24
170 National Leather
10
238 .-2N ____ ____
238 138 *238 -658
214 214 *238 -i-12
1512 Jan 2912 Jul]
2812 283 --------837 Nelson (Herman) Corp.__ 5 2312 Feb 14 3118 Apr 16
2812 2834 2838 2834 2812 2834 284 29
Jan .95 Api
New Eng Oil Ref Co tr °Us__ .20 Feb 1 .20 Feb 1 .20
____ ____
3.20 .30 +.20 .30 +.20 .3
•____
.30 .3.20 .30 '
1012 Jaz
3 July
5 Mar 30
100
3N Jan 11
Preferred tr ate
---- ____
4
•_ _
4 *_ _
4 13_ _
4 +_
•
____ ____
77 New England Pub Serv $7 pref 91 Jan 18 98 Apr 18
97
97F7
7 97
97
;ilia_ _ *60/4 _ _ ii
1
01
- Sept
65
Sept
103
Mar
18
Jan
26
974
Prior
preferred
20
____
103
*10112
*10112
103
10112 1-01-12 *10112 103
103 1-038 Fat
314 Feb 23 .50 Dec
1
1
70 New Eng South 511118._No par .75 Apr 14
134
134 *.40 14 1..40
*.40
134 13.40 14 13.40
2 Dec 28 Jan
878 Feb 28
2 Apr 1
100
5
530 Preferred
4
5
5
4
4
4
*312 4
4
*312 4
900 New Eng Telep & Teleg-100 11512 Jan 4 130 Mar 22 11078 Apr 11834 Fel
12512 126
12512 126
12512 12512 12518 12512 12512 126
126 126
89 Feb 96 Fel
_ ____ ____
125 No Amer Utll let pf full paid- 90 Jan 5 95 Feb 29
_
9138 9138 9112 9138 *9112 _ _ *9112
1434 Dec 27 Fet
40 Jan 6 4612 Feb 23
--------200 1st pref 50% paid
46
*45
*45 16 *9112--45
45
45
45
46
*45
100 3512Mar 28 4312 Jan 7II 3512 July 55 Jac
1,250 Pacific Mills
42
40
3912 3912 40
3878 3834 388 39
38
38
*37
40 Mar 6814 Jan
____ ____
33
60 Plant (Thos 0). let pref_100 20 Feb 5 4258 Jan 3
"27
29
29
*26
2834 30
29
•26
29
15 Feb
10 15 Mar 17 1612 Feb 10
1714 Aul
70 Reece Button Hole
____ ____
*1512 1534 .1514 1534 *1514 153 *1514 15N *1514 16
118 Dec2 Noi
1 Mar 4
10
138 Jan 11
100 Reece Folding Maohine
_
112112 *132
*132
11
138
138 +138
*118
138
98 May 110 Atli
960 Swed-Amer Inv part pref-100 10512 Jan 5 115 May 6
*11012 11112 11112 11112 111 11214 112 11212 11312 11312 115 iii
Apr 11814 Del
100 115 Jan 3 120 Feb 24 111
380 Swift & Co
____ ____
116 116
11534 11614 11534 11614 116 11614 11534 116
54 Mar 72 13/391
25 66 Jan 3 7014 Feb 23
130 Torrington Co
_
7014 ____
7014 1369
7014 '69
"69
69
69
69
69
958 Jan 31
4 Mar 3
440 Tower Manufacturing_
452 _-44
414
414
414
4 *414 412
414 414
*414 412
1638 Jan 4 1822 Mar 2211
305 Traveller Shoe Co T C
1712 ____ ____
1712 17
*17
1712 1712 1712 "17
*1712 18
1512 Fel
7 Jan
5 11 Jan 4 1412 Jan 24
11
11__
315 Union Twist Drill
___
11
1178 *1012 12
117 1I7
1911N 12
Jan 3 553 Apr 2511 47 Mar 5314 Aui
7
50
25
United
Shoe
Mach
corp
4,234
55
5412
54
7
5438
55
1
5412
55
54
55
54
5434 55
Juni
28
293
4
Apr
3
30
Jan
Jan
28
25
Preferred
291
29
29N
2918
2918
29
7tI
29
29
2912 29
"29
29
29
235 U S & Foreign Sec lilt pref f pd 83 May 3 89 Jan 311 82 Nov 135 Fel
____ ____
84
84
84
84
84
8312 8312 83
84
84
82
Feb
74
Apr
30
90
Api
60
May
let
pref
75%
paid
--------175
7412
*73
74
7412
4II
74
75
76
*74
74
74
54 Jan 26 11 Apr 3011
370 Venezuela Holding Corp
64 ---61
6
*54 612 *5N 6
11 •____
11
6
2238 2212 224 2234 2214 2212 2214 2214 2214 2214 --------820 WaidortSys,Inc, new 518 No par 2158Mar 26 2712 Feb 2311 17 Jan -2234 0110 Walth Watch ol B com_No par 4012 Jan 21 5412 Apr 21 11 29 Jan 41 Del
____ ____
*50
53
53
*51
54
52
V____ 52 *--- 52
40 Preferred trust otfs
100 61 Jan 3 75 Apr 2211 4818 Nov 61 Del
__ _ _ _ _ __
*75
77
77
73
75 '73
75
*70
76 '70
100 110 Mar 14 116 Apr 511 101 Sept 112 Del
Prior preferred
____ ___
____ '116 119
____ '116
____ *116
____ •I16
•116
1234 May 23
20 1734 Jan 18 2434 Apr 1
Jai
100 Walworth Company
____
_.
•20N 2114 +2014 2012 *2014 2034 2053 2078 *2012 21
44 Mar 69 Dei
50 6518 Jan 13 91 Feb 18
1,010 Warren Bros
8118 8212 82 Si
mg 8014 8018 8012 8014 8012 8012 81
39 Apr 46 Del
50 44 Jan 5 50 Feb 16
40 let preferred
*4512 4612 *4512 4614 ---- ---46
46
46
•451 4634 46
42 Apr 47 Fel
26 preferred
50 45 Jan 17 52 Apr 14
____ ____
52 *m1612 1634 *11614 164 *.r1614 1634 *5112 52
'51
Will & Baumer Candle oom--- 14 Jan 12 1714 Mar 15
1034 Aug 1712 Jai
131614 1034 *1612 1634 *1612 1634 *1612 1634 *1614 1634
Mining.
Adventure Consolidated.-28 .05 Jan 14 .20 Feb 10 .05 Mar .40 lull
.25 *_ .25 '__.25
.25 +____
.25'...._
• ___
.25 *
100 Arcadian Consolidated-- 25 .28 May 3 .89 Jan 15 .25 Mar
138 Ant
.28 .28 1..30 .45 •.30 .45 ____ _ _
-*.35 .45 11.35 .45
638 Apr 28 1014 Jan 6
1234 Jm
5
914 May
160 Arizona Commercial
-77
7
136N
612 64 *612 7
634 64
*632 672
10 30 Jan 3 49 Apr21
29 June 5534 Jan
180 Bingham Mince
*4412 4512
45
45
*45
46
48
46
4614 46
47
+45
25 1458 Jan 7 17 Apr 20
134 June
1838 Aul
168 164 1,634 Calumet & Heels
ups 1614 16
1614 1618 1638 164 1614
164 18
1 .10 Jan 7 .60 Apr 29 .10 Dec 60
Jai
100 Carson Hill Gold
.50 .50 13.30 .50 '.30 .50 •.30 .50
,•.50 .60 13.50 .70
830 Copper Range Co
25 12 May 2 1434 Jan 19
Jaz
13 May 20
1214 1212 1212 1214 1212 1232 13
1214 12
1212 1212 12
Apr
29
21
4
1
12
,10
Fel
Jan
East
lidin1tit
2
4
4
Butte
Copper
1,020
24
Oct
13
IN
13
4
13
4
2
*13
4
134 1%
14 14
112 134
Franklin
114 Jai
15 .05 Feb 1 .80 Mar 17 .25 Nov
.75 "a.40 .65 *a.40 .65
.65 +.a50
.75 •a.40
.75 "a.50
*a.50
.30 .32
200 Hancock Consolidated
114 Jul]
25 .25 Apr 16 .75 Jan 13 .27 Dec
•.35 .50 '35 .50 '.35 .50 *.32 .35 +.32 .50
14 Apr 26 18 Jan 7
1
Hardy Coal Co
14 Mar 2114 Jai
*1612 16
*1412 16
*1412 16
*1412 16
• *1412 18
25 .60 Apr 26 .85 Jan 6 .75
2 Jai
- - _ - _ _ Helvetia
_ ____
Oct
.3
+.60
1
*.60
1
1
•60
1
•.60
1 47 Feb 28 61 Mar 16
1,596 Island Creek Coal
55 -5514
55
.60-5514
_55
54
5412 54
55
54
6412 55
1 105 Feb 10 107 Apr 13
50 Preferred
9912 Jan 106 Jul]
____ ____
105 105 +105 107 *105 107
33105 107 *105- 107
5 1014 ______
912 Feb 19 1158 Jan 19
25
649
97
Isle
Royale
Copper
911 June 14 Aul
*9
9
52
2
93
4
10
97
10
1012
*934
278 Sep,
Jan
27,Feb 4 .50
112 Jan 6
28
410
Keweenaw
Copper
*I.N
214
218
218
2
"15
8
2
2
214
132
118 Mar 18 .60
1-18
25 .80 Jan 7
285 Lake Copper Co
IN Jul]
118 .3.90
Oct
.90 .95 1..90
118
gm
118
.99 .99 +.90
Ls Salle Copper
25 .50 Mar 28 90 Apr 22 .80 June
212 54a
".75
1
'.75
1
1
.3.75
1
.3.75
*.75
1
2
13
sMay
5
Jan
4
Mason
6
150
*114
IN
Jan
------I
138
112
valley
Mine
Ds
*114
152
238 Sep,
•114
112
112
*114
25 .15 Apr 8 .85 Jan 3 .15 Dec .75 Jail
100 Mass Consolidated
.25 .25 *.25 .50
• 1..25 .50 •.25 .50 1..25 .50 ".25 .50
112 Jan 11 .40 Dec
May 3
.25
25
4,114
.25
.30
112 Jai
Mayflower-Old
Colony
.30
.30
.26
.39
.30
.25
.30
.30
.30
•
.26
25 37 Feb 18 4111 Apr 20
355 Mohawk
30 Mar 46 00
3812 3812
38
3822 39
39 *x3812 3834 3812 39 .323812 40
1812 May 24 Aul
6 2178 Mar 25 24 Jan 20
350 New Cornelia Copper
2234 2234 ---- ---*2212 23
225 23
2212 2212 *2212 23
.08 Feb 1 .06 Feb 1 .05
_ _ _ New Dominion Copper
____
Jan .20 Juni
.3.05 .15 +.05 .15 *.05 .18 ".05 .18 '.05 .15 ___
100 18 May 2 18 May 2
30 New River Company
___ ____
18 Dec 25 Fel
20 *____ 20
*16
20
18 '16
18
18
*17
58 Apr 14 75 Feb 8
72 Fel
100
345
July
Preferred
____
45
_--65
6614
68
1166
68
68
68
68
67
67
6 Apr 29 1018 Feb 2
5
840 NipissIng Mines
5 July 104 DO
64 68 *614 612 1014 658 -__
6N *618 612
"6
338 Jan 5
Pie Mar 24
10
37s Sep
1
2 Apr
134 1,197 North Butte Mining
1% 21
4 1
238 238
IN __-218 214
214 214
2 No.
114 Jan 26 .50
Ojibway Mining
25 .75 Apr 7
112
Jan
112 *.95
112 5.95
114 *.95
112 1..95
.0.95
13 Dec 20 Jail
13
26 12 Feb 18 15 Apr 1
90016 Dominion Co
1212 1212 *12
13
12 '12
12
12
12
•1212 13
Jai
1013 Mar 16
875 P'd Crk Pocahontas Co No par 11 Jan 4 13 Feb 4
1112 1112 ____
1112 12
12
12
12
12
1184 12'
215 Quincy
25 1414 Feb 17 1918 Apr 22
158 ___1534
16
16
15l May 25 Jul]
*1512 16
*1534 16
16
16
1612 1618
25 2014 Feb 17 2514 Jan 6
16081 Mary's Mineral Land
25 Dec 3812 Fel
2212 2212
22
22
2114 2114 2134 214 2134 21N
22
1321
938 Jai
312 Jan 14
IN Apr 1
212 ____ ___2N Dec
Seneca Mahn
212 +2
212 •2
212 *2
212 *2
*2
Jai
10 .20 Jan 6 .40 Jan 12 .15 Dec SO
Shannon
*.20 .30 +.20 .30 .3.20 .30
•.20 .30 +.20 .30 +.20 .30 1..25 .40 .3.20 .40 --------100 Superior & Boston Copper- 10 .15 Mar 23 .40 Feb 23 .20 Nov
1 Ma
14
.25
.25
.40
*.25
.40
$.25
77 Feb 24
514May
4
5
1154
Fel
Oct
Utah-Apex
1,120
4
8
4
Mining
53
514
5
4
*514
64
514
514
512
512 512
*588 6
2 Feb 2 .25 Dec 2% Ma
1 Jan 3
1
*114
132 --------690 Utah Metal & Tunnel
13
114
132 18
112
112 .3114
.114
114May 3 .40 May .75 Fel
28 .51 Feb 10
620 Victoria
.99 .99
114
114 .3.95
114 13.95
114
1
.95
114
•.95
Mar
9
.21
.03
--------100
Jan 17 .10 Sept AO Jul
Winona
28
.15
*.07
.10
.10
.10 .10
12 *.07 .12
*flir
i Now stook 5 Ex-dividend. 11 Ex NMI,. •6z-dividend sad ruins*
a Asamsmant paid S Es Moak 6 vldend
• Rid r.nd gazed oricen no said. on this dim
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Prize. Low. High. Shares.
9814
82%
85
68
833.4
833-4
6834
4734
4534
10534
11234
10334
10274
96
106%
100
773.4
8834
1003.4
102%
$1,000
4,000
36,000
61,000
28,000
20,000
7,000
69,000
3,000
1,000
1,000
5,000
3,000
2,000
143,000
25,000
1,000
14,000
15,000
3,000
9734 9734
99% 99%
100
100
9934 99%
9734
99%
100
99%
48,000
44,000
21,000
21,000
onld dphcritcrp
100
100
1037
843.4
68
473-4
103%
10634
100
8834
100
.
9834
82
84
6454
82%
823.4
6834
46
4534
105%
11234
10334
10234
96
104%
100
7734
88
10054
10134
BondsBrown Paper Mill 1st M
sinking fund 6s.1929-41
Cal & So Ch Ry 1st 55_1927
Chicago City Ry 5s_ _ _1927
Chic City&Con Rys 58 1927
Chicago Railways 5s..1927
1st M ctf of dep 5s_ _1927
5s series A
1927
5s series B
1927
Purchase money 55_1927
Commonw Edison 58_ _1943
1st M 6s
1943
1st M 5s series A _ _ _1953
1st M 59 series B___1954
1st M 43
-is series C.1956
HousG G Cos f g 6%51931
Loew's T & R lat I 6% sf 47
Metr WSide El ext g 451938
Northwestern Kiev 55_1941
1945
Ogden Gas Coin
Swift dr Co 1st 5 f g 5s_1944
I_In P S Co 15-yr 6% e t g
1942
1929
2-year 6% g n
17n P 11 1st 16% "A"_1947
3-year gold n 5 Ms._1930
Westvaco Ch Pw 514% s f
5.000
9834
8234
8534
69
84
8334
70
4714
473.4
10534
11234
10334
103
9634
10634
100
7734
883.4
10034
102%
•
May
May
Apr
Apr
Apr
May
Apr
Apr
Apr
Apr
May
May
Mar
Mar
May
Mar
May
Apr
May
Mar
9734
99%
100
9914
Apr
Apr
Apr
Apr
100
dam
* No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange April 30 to May 6, both inclusive, compiled from official sales lists:
3534
27
275
185
117
163.4
20
2034
56
128
202
107
405
3834
15%
65
84
191
3634
2593.4
40
52
10354 10334
34% 3534
230 230
135 1363-4
27
27
26% 26%
265 275
185 185
117 117
1634 17
20
20
20% 2034
76
76
55% 57
10754 10734
11034 11134
114 11434
12734 128
31
3234
90
90
51
51
2154 23
74% 74%
200 205
954 954
17
1754
933.4 98
30
30
1914 1934
10634 108
405 405
38
39
24
2434
1534 16
65
67
84
84
191 191
153-4 1554
3634 37
22
2234
259 265
40
40
52
52
25
2,236
55
100
101
10
70
3
9
68
71
125
15
500
20
90
14
65
182
10
25
75
25
483
45
65
281
26
100
216
4
202
1,217
79
268
10
60
270
225
340
183
25
4
Low.
4 X X
Amer Wholesale, pref. _100
Arundel Corp new stock_ _*
Atlantic Coast L(Conn)_50
Baltimore Trust Co
50
Baltimore Tube, pref __100
25
Benesch (I), pref
•
Canton Co, corn
50
Century Trust
Ches&Pot Tel of Balt pf100
•
Commercial Credit
Preferred
25
Preferred B
25
100
634% preferred
Consol Gas, EL dr Pow_ *
6% preferred
DEto
100
634% preferred
7% preferred
100
8% preferred
100
Consolidation Coal_ _100
Preferred
100
Crooks Steel, pref
Eastern Roll Mill new stic..•
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America_ _25
Finance Service Class A_10
Hone 011 pref v t c
100
Manufacturers Finance_25
First preferred
25
Maryland Casualty Co_ _25
Mercantile Trust Co_ _ _ _50
March & Miners new_ _ _ _•
Monon Vail Trac prat_ _25
Mt V-Wood Mills v t r_100
New Amsterdam Cas Co.10
Northern Central
50
Penna Water & Power_100
Silica Gel Corporation_ .•
Un Porto Rico Sug corn. _*
United Ry & Electric. _50
US Fidelity & Guar__ -.50
West Md Dairy, Inc, corn.•
Prior preferred
50
.
Range SW* Jan. 1.
r rx
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
rx
High.
X XXX
Low.
1,375 20% Apr 32% Feb
20% 24
5
Apr 10% Mar
300
5% 6
Apr 96% Apr
93 93
96% 96%
20
2234
700 19% Mar 22% May
Jan 103
May
10114 103
655 94
Jan 88
Apr
202 73
87
87%
Feb
84
60 791£ Jan 86
82
234 Apr
3
3% 2,450
434 Jan
3
Apr
454 Jan
3
3% 2,310
34 Mar
1
Jan
948
34
34
Apr 96% Feb
405 86
86% 8734
63% 69%
2,558 5914 Apt 86% Jan
Jan
780
834 10
834 May 16
5
5
May
Jan
5
100
9
Apr 3834 Feb
35
225 35
3614
107 114% 17,000 68% Jan 115
Apr
Mar 63
61
61%
Jan
285 60
2
Apr
4
2% 2%
100
Jan
38
Jan 39
38
Mar
350 38
49% 5334 4,575 36% Jan 54
Apr
Jan 6334 Apr
5834 6234 8,323 53
26
27
835 24
Feb 3534 Jan
19% 2134 6,695 17
Jan 2334 Feb
69% 73
745 69% Apr 83% Jan
Apr 9114 Mar
87
176 87
8834
90% 91
350 88% Jan 95% Apr
8934 89%
153 8534 Jan 90
Mar
88
88
20 8534 Jan 90
Mar
17% 18
575 17
Jan
183.4 May
62
58
1,410 56% Jan 6754 Feb
1,104 9334 Jan 97% Apr
9434 9634
100 101%
Apr
1,075 98% Jan 103
34
1% 1,995
1% Apr
% Jan
8% 10% 4,785
3% Jan 12% Apr
233.4 24%
Mar
775 23% Apr 26
3334
Jan 34% Feb
32
125 30
May 95
May
95
95
50 95
30% 3034
55 30
Apr 3634 Jan
99% 100
105 99
Jan 101% Mar
102 103
77 102
May 104% Feb
1% I%
340
2% Apr
% Feb
143% 146
1,060 138
Jan 146 34 Apr
7% 7%
Apr
735
834 Apr
75
310 69% Feb 78
Jan
7634
48
49
69 47
Apr 52
Jan
118 121
336 117
Feb 121
May
53%
440 49% Mar 53% May
51
25
10 25
Ma
25
28
Jan
10534 105%
110 104% Mar 10534 May
110 115
546 106
Jan 115
May
122 122
15 116
Jan 122% Apr
28% 30
810 20
Apr 30
May
12
12%
450 11
Jan 14% Jan
260
734 Apr 1254 Jan
7% 8
96% 97
267 92% Ma
9734 Apr
10334 105
126 100% Ma 105
May
38% 39% 4,300 28
Jan 3934 May
37% 3934 4,835 24% Jan 39% May
3034 3334 18,750 2234 Mar 33% May
65 105
106% 107%
Feb 109
Apr
13
1334
375 12
Jan 14% Jan
4
4
200
2% Apr
5% Feb
32
33
235 32
Apr 46
Jan
141% 149
550 140
Mar 152
Jan
39
39
20 38% Jan 40
Jan
115 115
100 110
Jan 115
Feb
20
20
10 1934 Apr 2334 Jan
52
54% 2,685 49
Jan 55% Mar
25
25
105 24
Mar
5% Feb
95
95
100 93
Mar 95
May
13
1,220 13
1334
May
1934 Mar
44
96
96
96
Jan 98
Jan
40 94% Jan 97% Feb
9614 9634
250 45
55
Mar 55% May
5534
12 8834 Mar 92
90
90
Jan
40 41
57
57
Feb 63
Feb
80 36
39
40
Jan 40
Apr
15 105
106 106
Feb 106
Apr
381
5% Mar
6% 6%
9
Jan
9
Mar 10% Jan
9% 9% 2,550
13.4 Mar
240
2% 2%
2% Apr
60 37
Apr 40
37
37
Jan
20 17
Jan 21
17% 17%
Jan
100 26
Jan 3114 May
31% 3134
140 25
Apr 31
25
26
Jan
1,655 108
Apr 114% Feb
109 110%
1,055 105 34 Jan 113% Feb
106 107
280 117% Jan 120
118 118%
Feb
45 38
Apr 4734 Feb
3834 38%
135 98
Jan 102% Mar
102 102%
65 96% Mar 99% Feb
98
98
Jan 68% May
64% 6834 11,250 58
200 130% Feb 137 34 Mar
136 137
215 2334 Feb 25% Jan
24% 24%
80 9334 Jan 9734 Apr
9614 9634
2% Apr
2% 2% 2,500
4% Jan
Apr
3434 3551 2,850 30% Jan 36
445 22% Jan 30
Jan
28% 2934
55 97% Mar 101
9774 98
Jan
125 94% Mar 00
95
963.4
Feb
100
9
Apr
9
9
9
Apr
50 82% Feb 94
94
94
Apr
60 19
Jan 21 • Feb
1934 1934
329 19% Jan 2134 Feb
19% 20
1,270 40
40
4134
May 51 34 Jan
X
24
Adams Royalty Co corn _
6
All America Radio ci A_ _5
Am Fur Mart Bldg Pf- -100 96%
Amer Multigraph corn_ _ _* 22
American Pub Serv pref 100 103
Am Pub Urn Co par pfd 100 87%
American Shipbuilding _100
334
Amer States Secur Corp A •
•
334
Class B
Warrants
34
Armour & Co(Del)pref_100
100 64%
Armour & Co pref
814
• Common cl A v t e..25
Common cl B v t c_ _25
Associated Investment co*
Auburn Auto Co com_ _ _25 110
Balaban & Katz v t c..2,5 61
Beaver Board v t "A".10
100
Fret vet tr etre
10 51%
Bendix Corp cl A
10 61%
Borg & Beck corn
27
Brach & Sons(E J) corn_
Butler Brothers
20 21%
Celotex Co corn
73
100
Preferred
Central Ill Pub Serv pref.*
_100 89%
Central Ind Power pref.
Certifs of deposit_...100
Central Pub Serv (Del)__* 18
Central S W Util corn.
61
• Preferred
96
Prior lien pref
1(
Chic City & Con Ry pt sh *
• 10
Participation pref
*
Chic Electric Mfg "A"
Chic Fuse Mfg Co corn....' 333.4
Chic Mill & Lumber p1.100
Chic N S & Milw corn_ _100 30%
Prior lien preferred_ _100
Chic R T pr pref A__ _ _100
Chic Rys part ctf ser 2.100
Commonwealth Edison.100 144%
Consumers Co corn
5
7%
100 76
' Preferred
25
Crane Co corn
Preferred
100
Cuneo Press A pref
50 52%
Decker (Alf) & Cohn, Inc..*
Preferred
100 10534
100
Deere dr Co prof
Diamond Match corn _ _100
Eddy Paper Corp (The)_ _• 30
El Household Util Corp_10 1234
Else Research Lab, Inc_ _ _•
Empire G & F Co 7% pf100 HA
100 105
8% preferred
Evans dr Co, Inc, class A_5 3871
Class 13
5 3834
'Fair Co (The) corn
33%
100 107
Preferred
Foote Bros(G & M) Co_ _5
4
Gill Manufacturing Co._10
3234
Gossard Co (H W) Corn...
Great Lakes D & D_ __ _100 146
Greif Bros Coop'ge A cern,*
Kart,Schaffner & Marx 100
Ilupp Mot Car Corp com10
25 53%
Illinois Brick Co
ill Wire & Cable Co com _10
Interstate Pow Co pref___*
Kellogg Switchb'd corn._10 1334
Preferred
100 96
Ky Hydro-Elec pref_ 100
Keystone St & Wire corn100
Preferred
100
Kraft Cheese Co corn._ _25 57
Kup'heimer & Co(B) Inc_5 40
Class"B" preferred_ _100 106
6%
La Salle Ext Univ com_10
Libby, McNeill & Libby _10
934
10
2%
Lindsay Light corn
McCord Radiator Mrg A.
mcQuay-Norris Mfg
•
31%
Maytag Co COM
Mer & Mfrs Sec Co pr pf100 25
Middle West Utilities__* 109%
Preferred
100 107%
Prior lien preferred_ _100 118%
Midland Steel Prod corn. _ «
3834
Midland Util prior lien _100 102%
100 98
Preferred A
Morgan Lithograph corn_* 663.4
100 136
Nat Carbon prof
24%
Nat Elcc Power A part_
foo
7% preferred
National Leather cam_ _ _10
23.4
National Standard con__* 3534
North American Car corn *
Nor West Util pr In pref 100
100
7% preferred
Novadel Process Co corn.*
100
Omnibus pref A
Penn Gas & Elec A corn _ _* 1934
Pick, Barth & Co part Df_• 19%
pines Winterfront A com_5
Range Since Jan. 1.
I
.,,
...
-...amat,...,
..4 ,
m,...j,.,.c...4...1c.4...m4Z> ,
F4244gggC44V&EV,V,Mg2,447inEn4grgegMe4tt
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
. .
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange April 30 to May 6, both inclusive,
compiled from official sales lists:
xx x rrrr r r xx rrrxr=r xr x
444...m 4y 4.... 4,,,..t 4
.
,.
..
4.
.n wag vi nt t744 g g gwagmg n4 nE .E n g rliggg
Jan
Apr
May
Feb
Feb
Jan
Jan
May
Mar
Mar
Jan
May
Jan
Feb
Feb
Mar
Jan
1* ....
.. 10..00...QqW 410..000N.W00W.0WW
WbZ.0
C00.40.0.§..N00.44.01NOCION4141,1NOCZOW0.14N ,
00-40WWWW0
High.
75
90%
102
69
75
85
104
94%
99%
99
100%
96%
10134
104%
96
102%
101%
rxx x
K X =X X
.
• .>.>.p. ..4c.,.K,....4,.....c..,
gggg tt nEstncE gggt4
”
7g, 74
May
Feb
Jan
Apr
Jan
Feb
Apr
Mar
May
Feb
Apr
May
Jan
Jan
May
Feb
Jan
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Feb
Jan
Mar
Feb
Apr
mar
Jan
Feb
Apr
May
Mar
May
May
Jan
Apr
Apr
Jan
Jan
Apr
Mar
Feb
May
Jan
Feb
Jan
Jan
Jan
Mar
Apr
Jan
=XX
Low.
70
89%
100%
64%
69
82
101
91
09%
97%
99%
96%
100%
102
95%
101
100%
Yigh.
142
139
1053.4
116%
39%
190
112
48%
23%
28
98
6834
120%
23 •
50 41
121%
4554
7
96
52%
1534
18
20
60
109
122
17
37
1434
117
16%
7
634
53
2734
3034
5534
C.V.005.'4.00U,P055581.DWN.4,10.4.40
• C.00..4...0.049.WGraJNNWtOVINA.a.NO.P.W
CO
$3,000
3,000
1,000
19,000
18,000
4,000
10,000
4,000
1,000
10,000
1,000
1,000
3,000
2,000
2,000
10,000
4,000
Low.
.
.
.
71%
70
90% 90%
101% 102
65% 66%
75
72
84
84
102 102%
94% 94%
9934 99%
98% 98%
9914 99%
96% 96%
101% 101%
103% 103%
95% 95%
101% 102
1003/, wig
184
85
200
24
527
85
465
20
2,236
385
162
5,145
1,245
6,310
1,435
40
5,825
2,350
560
70
325
110
50
12
580
36
192
150
2,360
326
1,820
100
85
580
1,845
1,205
815
.
- 2
Atl G dr W I SS L 58_ _1959
Chic Jet Ry & US Yd 4540
1940
55
E Mass St Ry 414s A__1948 66%
1948
55 series B
1948
65 series D
1937 102
Hood Rubber 75
1934
K C M & B 4s
Mass Cities Realty 75_1953
1931
Mass Gas 4%s
1929
4%8
New Eng T & T 4s_ _ _1930
1932
58
PC Pocah Co 78 deb_ _1935
1947
Sayre & Fisher 65
1944
Swift & Co 55
Western Tel & Tel 55_ _1932
Range Since Jan. 1.
135% 133% 135%
13334 134
105% 105% 105%
114% 114% 114%
36% 37
186 186
111% 110% 111%
5 44%
44%
21% 20% 21%
26% 26% 26%
98
97
98
62
61
65
11534 11534 11534
21% 203-4 2254
4954 48% 49%
113 115
115
45
41
453-4
434 534
96
953.4 95
52% 52
52%
1334 14
15
15
1534
19
19
60
60
993-4 9954 101%
122 122
1514
15
15%
3334
333-1 33
12% 1434
1334
115
115 115 34
11
11
1134
5
5
534
534 514
52% 5234 53
21
1934 21
28% 293-4
40%
4034 40
0$
x
Bonds-
Pub Serv of Nor III corn...
Pub Serv of Nor 111 corn.100
6% preferred
100
7% preferred
100
Q 41.-S Music Co corn_
•
Quaker Oats Co corn
*
Preferred
100
Real Silk Hos Mins com 100
Roe Motor Car Co
10
So Colo Pr Else A corn. 25
So'W G & El Co 7% Pf-100
Stewart-Warner Speedom.*
100
Swift & Co
15
Swift International
Thompson (J R) corn_ 25
Union Carbide & Carbon_*
United Biscuit class A_ _ ..5
United Iron Works com__*
United L & P,class A pf__*
Class B preferred
•
Common class A new .5
Common class B flew..'
United Pap Board com _100
100
Preferred
20
U S Gypsum
100
Preferred
Util P & L class B v t c__•
Vesta Battery Corp com_10
•
Wahl Co common
Ward (1‘fontg) & Co cl A.10
Williams OLIO klat corn _ _*
Wolff Mfg Corp corn
•
Wolverine Portland com _10
Wrigley(Wm Jr) Co corn.'
Yates Machine part DM...*
Yellow Tr & Coach MfgB10
Yellow Cab Co Inc (Chic).*
8gEEL
x'I 0'
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange April 30 to May 6, both inclusive:
Range Since Jan. I.
n148.n5tAacnr;c
tl
Outside Stock Exchanges
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
2731
High.
105
Mar
36
Jan
240
Feb
144
Apr
3634 Jan
2754 Feb
275
May
198
Feb
11734 Apr
29
Feb
2254 Jan
23 (Jan
Jan
82
57
Apr
1075-4 Feb
1123-4 . Mar
11514 Feb
Mar
129
3754 Jan
90
May
May
51
Feb
28
Feb
75
Apr
215
1014 Feb
1834 Jan
98
may
Jan
44
2254 Feb
Mar
116
Jan
409
Jan
43
Feb
25
18 34 Jan
6714 Apr
84
May
19134 Apr
Mar
19
3834 Jan
2314 Apr
Apr
276
Apr
40
5234 Apr
BondsBernheimer-Leader 78_1943
10434
10434 104% $1,000
8654
Carolina Central 48_ _ _1949
86 34 8634
1,000
99%
Charles Con Ry,G&E 55'99
995.4 995.4 2,000
78
Colorado & Southern 45..... 78
1,000
78
78
Commercial Credit 65_1934
9634
7,000
94
94
100
Cense' G,EL&P 4148-1935
1.000
100 100
10634
10634 10634 5.000
534% notes, ser E..1952
82
Consol Coal ref 5s......1950
1.000
8034 8034
1,000
9974
Elkhorn Coal Corp 63-Is '32
9934 9934
96
1,000
Fair & Clarks Trac 58_1938
96
96
104
1935
10354 10354 5,000
Houston 011 6548
1,000
9454
Monon Valley Trac 58_1942
94% 94%
105
_1953
1,000
Penna W & P 5
105 105
1st75.'29101
14
101
101% 2,000
Titusville Ir Wks14a-10234
36,000
101% 102
Un Porto Rican Sug 7% '31
E ga M HI
;
xx x
=
KK4,-01m,-.44m4K
t44Mg411142,44
MAY 7 1927.]
May
May
Apr
May
Mar
May
Jan
Apr
Feb
Apr
Feb
Apr
May
Feb
Apr
THE CHRONICLE
Stocks-
Friday
Sale.,
Last Week's Range for
Sale
ofPrices.
Week,
Par. Price. Low. High. Shares
IndustrialsAmer Laund Mach,com _25
Preferred
100
American Products, pref.•
Amer Rolling Mill, com-25
Preferred
100
Amer Thermos Bottle"A".
Baldwin, new pref
100
Buckeye Incubator
5
Burger Bros, prat
50
Campbell (J B) Mfg
*
Carey (Philip) corn-_.1O0
Central Trust
100
Champ Fibre, pref.__ _100
Churngold Corporation_ _ 5
Cincinnati Car Co
50
Cincinnati Gas & Elec_100
Cinc Gas Transport'n_ _100
C N &0Lt & Trac,com 100
Preferred
100
Cincinnati Street Ry _ _ _50
Cinc & Suburban Tel_ _ _50
One Postal Term, pref_100
City Ice & Fuel
•
Coca Cola "A"
•
Col Ry Pr, 1st pref. _100
Preferred
100
Cooper Corp, new pref_100
Crown Overall, pref._ _100
Eagle-Picher Lead, corn 2O
Early & Daniel, corn
•
Preferred
100
Fifth-Third-Union Tr_ _100
Formica Insulation
•
French Bros-Bauer, pf_100
Giant Tire
*
Gibson Art, corn
•
Globe Wernicke, com_100
Preferred
100
Gruen Watch, corn
•
Preferred
100
Hatfleld-Rellance,com-_ 5
Hobart Manufacturing...*
Jaeger Machine
•
Kahn, first pref
100
Kahn participating
40
Kroger, corn
10
Lunkenheimer
*
Nash(A)
100
McLaren Cons"A"
*
Mead Pulp sp•scial pref_100
Ohio Bell Tel. pref.__ _100
Paragon Refining. corn. _25
Procter & Gamble, com_20
100
o preferred
Pure OIL 6% pref
100
8% preferred
100
*
U S Can. corn
Preferred
100
U S Playing Card
10
U S Print & Litho,com_100
Preferred
100
•
US Shoe, corn
Preferred
100
Whitaker Paper, pref_100
118
117 117
125 125
24
24
24%
53% 51% 53%
112% 112% 112%
10% 1014
108% 108%
49
47% 49
56% 56%
50
50
225 225
255 255
105 105
40% 40
41%
25% 25
261.4
96% 96% 96%
127 12734
9534 94% 9534
7434 72% 7434
4334 4234 433.4
9634 96 34 97
92
92
91
27
2634 27
33% 30% 31%
101% 101%
103 103
101
101
103 103
26% 26% 26%
50
50
104 104
324% 324%
20
20
20
91% 92%
47% 4734 4734
3934 39%
89
90
93
93
56
4734 47
113 113
113
15
15
29% 30
30
30% 31
105 105
42% 42%
128% 127 130
29
30
30
122% 122% 124%
18
16% 18
100% 100% 101
112% 111% 112%
6
6
191
188% 191
113% 113% 114
98% 98% 98%
11234 112 11234
39
3934
9834
9814 97
98% 98%
74
75
98
98
98%
7
6% 7
43
43
43
9934 99%
BondsChamber of Commerce1942
Champ Fibre notes 68_1941
Dalton Adding Machine104.1
2,029
25
26
1.502
104
200
10
1,164
6
100
5
14
20
40
1,809
345
57
147
261
337
298
60
130
1,332
6
6
15
3
1,412
4
2
24
35
148
10
487
50
13
68
46
10
253
215
2
40
1,212
361
46
25
122
437
211
651
34
117
48
75
374
93
7
30
460
10
5
78%
60
85%
100
100%
101
78
104
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
of transactions
May. 5, both
Range Since Jan. 1.
Low.
High.
Apr
110
Jan 120
124% Apr 126% Mar
21% Feb 25% Mar
Jan 55
Apr
44
Feb
110% Mar 114
Mar 11
Mar
7
10614 Jan 108% Apr
Jan 51
Apr
44
50% Mar 56
Apr
May 50
May
50
Apr
Jan 225
190
Apr 260
Feb
255
Jan 105% Feb
103
Mar
3414 Jan 45
21% Feb 26% Apr
9314 Jan 97% Mar
112% Jan 12734 May
91
Mar 94% May
Jan 73
Jan
70
Apr
38% Jan 45
Mar
9034 Jan 98
Apr
Apr 91
90
22% Jan 2734 Apr
27% Apr 31% May
9934 Feb 101% Apr
May
Jan 103
96
Jan
Apr 103
100
Jan
103
Apr 105
May
26% Apr 31
Feb 60
May
47
Jan 104
Mar
102
Mar
Apr 330
320
May 25
Mar
20
90% Mar 94% Apr
43% Jan 55
Feb
Mar 44
Feb
40
Apr
Jan 91
8.5
Jan 93
May
85
4434 Feb 56% Jan
Apr
109
Feb 114
Mar 18
15
Jan
26% Feb 29% May
27% Feb 31
May
91
Jan 106
Apr
40
Jan 45
Jan
124% Jan 133% Feb
26% Apr 30
Apr
98% Jan 129
Apr
May
16% May 18
Feb
9934 Apr 109
Mar
110% Jan 114
6
Apr
734 Jan
177
Feb 192
Apr
Feb 116
112
Mar
97
Feb 99% Mar
112
May 112% Apr
38
Apr 42
Feb
97
May 100
Mar
Apr
8534 Jan 100
74
May 78% Feb
92% Jan 100% Feb
5
Jan
May
7
35
Jan 43
May
Apr 100% Mar
99
104
4 500 10414 May 10414 May
of transactions
at Philadelphia Stock Exchange, April 30 to May 6, both
inclusive, compiled from official sales lists:
Friday
Last Week's Range Sales
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
1034
114%
49
1334
734
5334
57
107
18%
24
53Si
77
Apr
May
Apr
Feb
Apr
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Feb
May
Mar
Mar
Apr
May
Apr
Jan
Jan
Apr
Jan
Jan
Slay
Jan
Mar
May
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Jan
10734
94
104%
19
137
11
4334
2234
435
10
3734
76
8334
20
10334 104
634 734
70
70
107% 1074
1234 12%
91% 94
104 104%
19
18
934 10
300 300
137 137
1034 1134
43%
42
75
75
734 734
27
27
22
2234
435 435
10
10
3734 37%
76
76
334 334
240 240
614 654
8234 8434
19
2034
13
13
15034 153
100 101
0514
0.1 4:
30
1.355
10
20
15
80
25
170
350
10
15
1,548
2,910
8
230
225
1,703
20
135
100
50
50
305
225
683
325
111
89
42
51000
Friday
Sates
Last Week's Range for
of Prices.
Sale
Week.
Par, Price. Low. High. Shares.
High.
10334 Feb
May
258
17% Jan
Apr
55
7334 Jan
197% Feb
Feb
15
Jan
92
114% May
May
50
Mar
42
2234 May
May
51
Feb
16
7934 Jan
834 Apr
Jan
55
9534 Mar
Jan
261
Jan
55
Apr
61
Apr
85
119% Jan
20% Apr
126% Apr
Jan
28
Feb
42
14% Apr
101
Mar
1% Apr
54
Jan
8334 May
Mar
75
68% Jan
7934 Apr
106% Mar
52% May
High.
Feb
Jan
Apr
Feb
Mar
Jan
Mar
Jan
Jan
May
Feb
Mar
Feb
Apr
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Mar
54
Jan
14% Mar
5434 Jan
Mar
47
Mar
60
15% Mar
38% Mar
112% Apr
Apr
46
24% Jan
10014 Apr
9034 Feb
234 Mar
2% Apr
3934 Mar
10434 May
1534 Jan
1234 May
41
Apr
9634 Apr
10034 Apr
47% Mar
May
57
May
41
Feb 100% Apr
95
May
Jan 88
62
May
Jan 59
54
May
48% Jan 51
May
Feb 96
93
9434
9934
6234
9934
103
10334
105
105
107
103
95%
63
111 14
Mar
May
May
Jan
Jan
Feb
Mar
Feb
Jan
Jan
May
Jan
Jan
9534
9934
71
10231
104%
106
107%
10734
10834
105%
9534
69
9614
May
May
Jan
May
Mar
May
Feb
Mar
Feb
Feb
May
Mar
Mar
Range Since Jan. 1.
Low.
High.
109
834
70
108
1334
9634
105
20
15
300
138
1234
4634
75
9
30%
23
435
11%
4034
79
3%
270
8
9234
2634
15%
157
100
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Feb
Apr
Mar
May
Feb
Mar
Feb
May
Jan
Apr
Apr
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Jan
OA 1-Z
Anis
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
April 30 to May 6, both inclusive, compiled from official
sales lists:
Stocks-
15 100
100 100
10 258
258 258
10% 1134
555 1034
140 48
54
54
64% 6514 1,995 63
165 147
18434 18934
171 15
15
15
92
6 92
92
239 112%
11434 114%
20 42
50
50
171 4034
4134 41%
215 17%
20% 2234
2.770 3534
4334 51
16 1234
13% 13%
715 6334
6334 68%
1,075
7% 8
534
125 51
5334 5434
665 72%
73
7634
250 208
208 210
590 5034
51% 5234
532 5134
57
5834
80 76
85
85
615 105%
105% 107
18% 19% 11,772 15%
170 100
121% 123%
820 24
24%
24
10 41%
42
42
13% 13%
150 12%
60 98%
9834 9934
%
%
%
500
256 53
53% 54
100 8134
83% 83%
176 7134
74%
74
60% 61% 20,900 56%
161 7534
7634 7734
50 87%
96% 96%
408 4934
5134 5234
734
1010
Range Since Jan. 1.
Low.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Am Wind GI Co pref._ _100
Arkansas Nat Gas com _100
Biaw-Knox Co
25
Byers(A 131) Co prat_ _103
Carnegie Metals Co__ _ _10
Columbia Gas & Elec._ _.
Conley Tank Car pref. A00
Consolidated Ice pref....50
Devonian 011
10
Duquesne Nat Bank_ _ _100
Harb-Walker Ref com_100
Houston Gulf Gas
*
Lone Star Gas
25
Merchants Say & Trust_50
Nat Fireproofing com_100
Preferred
100
Okla Nat Gas cif of dep... _
Peoples Say & Trust_ _ _100
Pitts Brewing pref
50
Pittsburgh Coal com
*
Preferred
100
Pitts Oil& Gas
5
corn.
_100
Pitts Plate Glass
Salt Creek Consol 011_ _ 10
Stand Sanit Mfg corn_ _ _25
Tidal Osage 011
100
United States Glass Co_ _25
West'house Air Brake_._50
West Pa Ry pref
100
Bonds-
Philadelphia Stock Exchange.-Record
Abbotts Al Dairy, pref _100
Aldine Trust
Almar Stores
Alliance Insurance
10
•
American Stores
Baldwin Locomotive__ _100
•
Bearings Co corn
Preferred
Bell Tel Co of Penns prat.
Buff & Susq pref v t c _ _100
Cambria Iron
50
Congoleum Co, Inc
*
Consol Traction of N J_100
Eisenlohr (Otto)
100
Electric Storage Batt'y_100
Fairmount Park
Fire Association, new_ _ _10
100
General Asphalt
Horn & Ilardart(Phila)com
Horn & Hardart (11 IC) com
Insurance Co of N A _ _ _10
Keystone Watch Case__ -•
Lehigh Navigation
50
Lehigh Power Securities_ _ _
Lehigh Valley
51)
Lit Brothers
10
Little Schuylkill
50
Louis Mark corn
Preferred
Man Rubber
10
Minehill & Schuyl Hav_ _50
Northern Central
50
Penn Cent L & P cum pr.*
Pennsylvania RR
50
Pennsylvania Salt Mfg _.50
Philadelphia Co (Pitts) _ _50
Preferred (cumul 6%1_50
Stocks-
* No par value.
10414
Low.
4634
9
52
4234
53
11%
36%
94%
4334
21
97%
6734
134
234
36
8914
1234
9
33%
8734
97
40
51
3734
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange April 30 to May 6, both
inclusive, compiled from official sales lists:
101% 101% $2,000 101% Apr 101% May
5,00' 100
100 100
May 100
May
* No par value.
Stocks-
Phila Electric of Pa
25 47% 47
4834 14,590
Power receipts
25 13% 13% 13% 1,247
Phlla Rapid Transit__ -50
52% 52%
418
Phila & Read C & I Co__ _*
42% 44
428
Philadelphia Traction. _ _50
56% 57
317
Phila. & Western
50
14
14
10
Preferred
50 38% 3734 38%
404
Reading Company
50
111% 112%
276
2d preferred
50
40
4534 45%
3hreve El Dorado Pipe L 25 2134 21
21%
635
3cott Paper Co prat_ _ _100
47
9831 9934
3tanley Co of America_ _.• 70% 6734 71
13,687
Dario-Belmont Havel__ _1
1% 2,235
134
Yonopah Mining
1
2% 21110 1,670
Union Traction
50 3734 3734 37%
1,785
United Gas Impt
50 10334 99 104% 19,582
Union Light & Power
13%
13% 14
300
US Dairy Prod "B"
*
1234 1234
200
Victor Talk Machine new__
38% 3934
571
6%
90% 90%
25
7%
160
9834 9834
West Jersey & Sea Shore_50
43
44
166
Westmoreland Coal new_50
56
57
15
York Railways pref
50
40
41
210
Bondskmer Gas de Elea 58_2007 10034 9634 10034 $15,500
Joru3o1Trac NJ 151 5,1932 86
8234 88 127,000
(lee & Peoples tr Ws 4545
57
59
9,401)
[nter-State Rys coil 48 1943
51
51
2,000
{eystone Telep 1st 58.1935 96
95
96
5,001)
,ehigh C & Nay fund &
impt 48
1948
9534 9534 1,000
-ehigh Vail annuity 430_ _
99H 9934 1,000
'eoples Pass tr ctfs 43_1942
6234 6234 1,000
shila Co stpd sk fd & red'51
101% 10234 4,000
1hila Elec (Pa) 58...._ _1960 10334 103% 104
2,000
1st 58
1966 10534 10434 106
17,300
1947 107
534s
107 107
1,000
1953
10534 107
534s
2,600
1941 107% 106 107% 7,000
6s
'hila Flee Pow Co 530'72 10434 10434 10434 2,000
lub Counter G & E ref 43is 95% 95% 95% 3,000
Jolted Rys gold tr elf 48'49 68
65
68
5,100
Cork Railways 1st 68_1937 96
96
96
4.000
* No par value.
Range Since Jan. 1.
American Trust Co
355
Anglo & London P Ni Bk.
Armour Ar Co "A" corn_ __ _ ___
Bancitaly Corporation _ ___ 116
Bank of California N A___ 250
Bank of Italy
172
Booth, FE. preferred
Calamba Sugar, pref
82
California Copper
Calif Oregon Power pref.__ __ __ __
California Packing Corp_._ 67
California Petroleum corn_
2634
Caterpillar Tractor
28
Coast Co Gas & El 1st pref. 9634
East Bay Water "A" pref
97
East Bay Water"B" pref
______
Emporium Corporation_
Ewa Plantation Co
4034
Fageol Motors preferred__ _
634
Federal Brandeis
1634
Fireman's Fund Insurance_ 8934
Foster & Kleiser corn
1234
Great Western Power pref. 10234
Hale Bros Stores
Hawaiian Comm'l & Sugar
Hawaiian Pineapple
Hawaiian Sugar
Home Fire & Marine Ins
__ __ __
Ilonolulu Cons 011
36
Hunt Bros Pack"A"corn.. 2434
Hutchinson Sugar Plant'n_
Illinois Pacific Glass "A".. 34
Langendorf Baking
LA Gas & Electric pref.__
9934
Mangln, I, common
18
Nor Am Investment prat
9434
Common
102
1.Jr.Mh A rnerInftn All
2614
Range Since Jan. 1.
Low.
350 355
62 300
Jan
212 213
122 195
Jan
9% 10
20
9% May
11134 11634 35,779 8934 Jan
250 250
40 250
Feb
171
17334 4,328 171
Apr
97
97
5 97
Jan
82
8114
35 80
Apr
2.54) 2.75
200
2.50 Apr
103% 10334
75 102% Jan
6334 6834 3.922 61
Apr
2334 26% 7,875 2134 Apr
2734 28
4,145 2634 Feb
120 94
96
97
Jan
97
9734
230 96
Jan
15 10534 Jan
1103i 11034
3436 3434
175 34
Mar
10 4034 May
4034 4014
634 634
675
5
Jan
16
1734 4,360
9% Feb
8934 8934
788 88
Mar
1234 1234
105 12
Apr
305 102% Apr
10234 103
230 31
3134 3234
Apr
48% 48%
50 48
Apr
50
50
110 4934 Feb
42
42
50 4034 Jan
30% 3034
25 2834 Mar
3634
35
1,465 33% Apr
24
24%
245 24
Apr
14
14
30 12% Jan
31% 34
1,375 3134 Apr
12% 12%
80 1234 Jan
99
560 98% Jan
9934
1734 18
176 16% Apr
9434 9434
25 9234 Jan
102 102
60 101
Mar
22
27
15 345
0414 A nr
High.
guzn-Ignntn5tnttliNtvig4241gtM414t84
Cincinnati Stock Exchange.-Record
at Cincinnati Stock Exchange April 30
@FedFRASER