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r The
Pninurcial
VOL. 127.
• financial
tIrtintrie
SATURDAY,DECEMBER 11928.
finantial Chratucte
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The Financial Situation.
Decidedly the most important news this week relates to the railroads. The returns of earnings of
the different railroad companies for the month of
October have been .coming to hand in large numbers and have attracted attention by reason of their
extremely favorable character. The improvement,
as compared with the corresponding month of last
year, is so general and so pronounced that the headlines in one of the daily papers termed it "phenomenal." At all events, it constitutes a new development in the railroad world. Previously, while the
public prints were filled with stories of the activity
and prosperity of the motor industry, the steel trade
and some other branches of business that have been
favored in that way, there has been an entire absence of improvement in railroad traffic and railroad revenues, apparently belying the statements
so commonly heard in many different quarters that
trade and industry as a whole were showing growing activity.
Quite to the contrary, the income returns of the
roads as they came in, month after month, made it
plain that these rail carriers were far from doing
well. Except in special cases, gross earnings were
falling below those for the corresponding periods in
the previous year—in not a few instances, too, after
larger or smaller losses in this previous year. The
one redeeming feature of these returns of earnings
was that the comparisons of the net earnings were
as a rule better than the comparisons of the gross
revenues, the officials of the roads having through
economies of operation and greater efficiency of
management succeeded in offsetting the losses in
revenues by reductions in expenses.
Now at length, these rail transportation systems
are beginning to fall in line with other branches of
business activity in recording enlarged results. Evi-
NO. 3310.
dence of the fact therefore deserves to be noted—
as an indication possibly of a permanent change for
the better. We shall not enter into a discussion of
the probabilities in that respect, but shall content
ourselves by citing simply a few illustrations of the
pronounced character and widespread nature of the
improvement disclosed by the returns that have thus
far been received. At the outset, however, it should
be mentioned that the railroads have had a distinct
advantage the present year in the fact that October contained only four Sundays, while October last
year had five Sundays, and as a consequence the
roads had the benefit of an extra working day. Proper allowance should be made for this, of course. But
that, after all, could have been only a minor factor
in the change for the better, considering the extent
of the gains now recorded. One factor of unquestionably large consequence has been the return of the
coal trade to a more nearly normal condition, with
a resulting great increase in the quantity of coal
mined. Coal is the largest single item of traffic on
many railroads, particularly in the Middle and Middle Western States. Until October, the amount of
soft coal produced in the United States continued
to fall below that for the corresponding period last
year notwithstanding the strike which then prevailed at the unionized bituminous coal mines
throughout the country, heavily reducing the output of coal at that time.
In October this was changed, and instead of the
long-continued previous record of decreases there
was now a substantial gain as compared with the
lowered output of 1927. The abandonment of the
Jacksonville schedule of high wages at many of the
mines in the Middle West had much to do with the
increase, though continued trade revival and the
fact that accumulated stocks of coal had been pretty
well worked off were features operating in the same
direction. Under these favoring conditions, the
production of bituminous coal in the United States
during the month the present year reached an aggregate of '50,360,000 tons, against 43,827,000 tons
in the same month of 1927. At the same time, as it
happened, the anthracite coal trade, long depressed,
revived, and as a consequence, 8,554,000 tons of anthracite were mined in October 1928 against only
7,353,000 tons in October 1927.
All this, as well as some other favorable circumstances, are reflected in the returns of earnings that
have been filed with the Inter-State Commerce Commission the present week. Take first the large East
and West trunk lines. The Pennsylvania RR. reports for the month gross earnings of $62,669,817 the
present year against $58,131,572 for October last
year, and net earnings (after the deduction of operating and taxes) of $16,144,034 against $11,928,066.
The Baltimore & Ohio shows gross of $22,851,505,
2998
FINANCIAL CHRONICLE
[voL. 127.
against $21,952,261 and net of $6,494,969, against $4,- the less regrettable and with each further addition
826,030; the New York Central gross of $35,886,- to the total furnishes new occasion for concern and
233 against $33,043,192 and net of $6,930,500 against worriment. The fresh increase this week is no less
$4,951,610; the Erie gross of $11,188,890, against than $132,768,000 and it follows $176,315,000 in$9,901,570, and net of $3,174,986 against $1,754,532. crease the previous week and in fact follows uninIn the case of the anthracite carriers, the Lehigh terrupted increases for the previous twelve weeks,
Valley reports gross of $7,399,025, against $6,692,- making fourteen successive weeks of such increases.
710 and net of $2,231,357 against $1,101,677; the The grand total of these loans to brokers and dealers
Reading gross of $9,188,968, against $8,403,616 and (secured by stocks and bonds) by the 44 reporting
net of $2,605,524 against $1,924,565; the Lackawan- member banks in New York City has now reached
na gross of $7,803,739 against $7,742,165, and net of the huge figure of $5,289,900,000, at which compari$2,125,918, against $1,961,207 and the Delaware & son is with $4,201,131,000 on Aug. 22, giving an inHudson gross of $4,092,933, against $3,771,104, and crease for the 14 weeks of $1,088,769,000. As against
net of $914,597, against $839,285. Down in New the present total of $5,289,900,000 for Nov. 28 1928,
England the New Haven shows gross of $12,807,825 the amount on Nov. 30 1927 was no more than $3,against $12,146,071, and net of $4,424,787, against 510,849,000, though even the latter was of inordinate
$3,432,388, and the Boston & Maine gross of $7,- proportions. Thus the expansion in the period of
379,404, against $6,936,675, and net of $1,324,510, 12 months has been $1,779,051,000 or 50%.
against $1,334,123.
In the latest week's increase of $132,768,000, loans
Among Western roads, the Union Pacific is about under all the different categories have shared, the
the only large system showing a slight decrease, at loans made by the 44 reporting member banks for
least in the net; it reports gross of $24,878,151, their own account having contributed the largest
against $24,589,369, with net of $9,717,477, against amount of increase, the loans under that heading
$10,087,811. On the other hand, the Milwaukee & having risen from $1,125,922,000 to $1,234,660,000.
St. Paul shows gross of $17,755,774, against $17,- At the same time the loans made by these 44 report093,624, and net of $5,433,961, against $4,333,667; ing member banks for account of out-of-town banks
the Northern Pacific gross of $12,174,735, against increased from $1,750,794,000 to $1,768,236,000,
$11,515,225, and net of $4,631,290 against $4,354,- while the loans "for account of others"—chiefly
571, and the Great Northern gross of $18,528,804, large depositors who insist on having their money
against $15,974,095, and net of $7,156,599 against loaned out to their own profit and advantage—have
$6,057,040. The Burlington & Quincy shows gross risen from $2,280,416,000 to $2,287,004,000, estabof $16,874,335, •against $15,570,593, and net of $4,- lishing, of course, a new high peak in all time. It
824,666 against $3,997,460; the Atchison gross of should not escape attention that these loans for ac$26,969,772, against $25,774,486, and net of $10,- count of others are now well above 21/
4 billion dol202,261 against $7,846,439; the Chicago & North lars, and the loans for account of the out-of-town
Western gross of $15,121,304 against $14,639,930 and banks well above 13
% billion dollars, making over
net of $3,529,972, against $2,663,230; the South. Pa- 4 billion dollars together. A year ago, on Nov. 30
cific gross of $30,588,968 against $28,717,352 and net 1927, the loans for account of others were only $963,of $8,745,388 against $7,836,367. Even Southern rail- 976,000 against the present total of $2,287,004,000.
ways, which have for so long suffered from the busi- and the loans for account of out-of-town banks were
ness depression prevailing in that part of the coun- then only $1,270,032,000, as compared with the prestry, are at length able to show improved returns in ent amount of $1,768,236,000.
not a few instances, even though the improvement
It unfortunately happens, too, that the further exmay be only moderate in some cases. The Southern pansion in brokers' loans the present week has been
Rwy. system reports gross of $17,411,047, against attended by a big increase in member bank borrow$17,278,258, and net of $4,803,560, against $4,712,- ing at the Federal Reserve institutions. This in503; the Louisville & Nashville gross of $12,589,746 crease in member bank borrowing for the week falls
against $13,048,226, and net of $3,019,517, against only a little short of $200,000,000, the discount hold$2)657,531; the Atlantic Coat Line gross of $5,705,- ings of the twelve Reserve institutions having risen
815, against $5,963,858, and net of $657,141, against from $799,946,000 on Nov.21 to $990,240,000 on Nov.
$209,438; the Seaboard Air Line gross of $4,842,406, 28. No doubt, it will be contended that this large
against $4,893,830, and net of $1,001,991, against additional borrowing is to be ascribed in part at
$997,201. In the ease of the coal carrying roads in least to the holiday demand for money on the part
the Pocahontas region, the Chesapeake & Ohio re- of the depositors of the member banks, and the point
ports gross of $12,210,171, against $11,743,799, and may well be granted, but it serves to illustrate the
net of $4,296,260 against $3,289,667 and the Norfolk condition of strain in which these banks find them& Western gross of $10,703,838 against $9,668,225 selves when they are obliged to run around to the
and.net of $4,286,773 against $3,290,667. And these Federal Reserve bank in their district whenever
illustrations might be continued almost indefinitely, their depositors need a little extra money for holiall going to show that the railroads in their monthly day purposes.
statements have at length turned the corner and that
As against discount holdings now by the twelve
henceforward apparently the changes are going to be Reserve institutions of $990,240,000, the amount a
of a favorable nature in place of the long continued year ago, on Nov. 30 1927, was only $477,025,000. It
record of decreases.
deserves to be noted that of the $190,294,000 increase
in member bank borrowing at the Reserve instituBrokers' loans on the Stock Exchange the present tions during the week, no less than $146,954,000 ocweek took another huge forward leap. Perhaps this curred at the Federal Reserve Bank of New York
is unavoidable while the present frenzied specula- which serves New York City, the speculative center
tion on the Stock Exchange continues, constantly of the country. In the so-called open market operaabsorbing more and more bank credit, but it is none tions of the Federal Reserve banks, there has been
DEC. 1 1928.]
FINANCIAL C1TRONICLE
little change during the week. The holdings of acceptances bought in the open market are alittlelower
at $482,843,000, against $484,164,000, and the holdings of U. S. Government securities are a little
larger at $229,282,000 against $226,055,000. The result, altogether, is that total bill and security holdings this week are $1,706,255,000, against $1,514,555,000 a week ago, and comparing with $1,380,515,000 at the corresponding date a year ago.. Federal
Reserve notes in circulation increased during the
week from $1,716,635,000 to $1,765,585,000, while
gold reserves declined from $2,666,467,000 to $2,600,471,000.
shares on Tuesday; 3,034,400 shares on Wednesday
and 3,122,000 shares on Friday. Never previous to
the present week have the sales on the Curb Exchange footed up on any one day three million
shares. It should be noted furthermore that on
Friday with the Curb sales 3,122,000 shares and the
sales on the Stock Exchange 6,414,600, the total of
the dealings on the two Exchanges did not fall far
short of ten million shares, the actual total for the
day being 9,536,600 shares.
The high-priced shares again were star performers. Montgomery Ward & Co. closed yesterday at
2 against 422 the close the previous Friday;
1
434/
Radio Corporation of America rose to 400 on Nov.
2 against 368 the
1
28 and closed yesterday at 382/
previous Friday; Wright Aeronautic closed at 263
4
/
against 255; American & Foreign Power at 753
against 53%; Brooklyn Union Gas (on rumors of a
consolidation with Consolidated Gas) at 197 against
167; Consolidated Gas of New York at 109% against
2; Public
1
95½; Columbia Gas at 135% against 130/
8 against
Service Corporation of New Jersey at 791/
2;
1
4; Sears, Roebuck & Co. at 194% against 185/
/
731
2 against 203; Ameri1
International Nickel at 210/
can Can, notwithstanding the declaration of an extra dividend, closed at 1085/s against 111; Victor
2 against 146; Al1
Talking Machine closed at 145/
4 against 234; Timken
/
lied Chemical & Dye at 2413
/8; American ExRoller Bearing at 150 against 1467
2; Warner Bros. Pictures
1
press at 309 against 299/
4 against 12; Com3
at 128 against 127; Pathe at 11/
mercial Solvents at 238% against 240; American
2 against 194; General Electric at
1
Tel. & Tel. at 195/
2001/
4 against 187; Mack Truck at 1041/8 against
8 against 39/
/s; Yellow Truck & Coach at 501/
1025
78;
2 against 128; Western
1
National Dairy at 126/
Union Tel. at 188 against 191; Westinghouse Elec8 against 135%; Johnstric & Manufacturing at 1361/
4 against 189; National Bellas Hess
3
Manville at 188/
4
4 against 169; American Radiator at 1851/
at 1671/
/8
2; Associated Dry Goods at 627
1
against 189/
78; Commonwealth Power at 99% against
against 59/
4; Lambert at 132 against 131%; Texas Gulf
3
91/
Sulphur at 76% against 78; Bolster Radio at 92
4. It is almost needless to say that a
against 931/
of new high records for the year
number
large
very
list includes, among others:
The
established.
were
Prices on the Stock Exchange have continued to
sweep upward, though with trading somewhat more
subdued, yet with the tone just as confident as
before and with not the slightest abatement of the
feeling of buoyancy which has been so decidedly
in evidence since the day after election when it appeared that Mr. Hoover and the Republican party
had achieved a tremendous success at the polls, insuring a continuance, so it is thought, of the era of
industrial activity and prosperity which the country
has been enjoying during nearly the whole of the
last eight years. A renewed spurt in the money
market, call loans on the Stock Exchange mounting
2%, on Tuesday to 9%, and yester1
on Monday to 7/
on preparations for the heavy
chiefly
70,
day to 10.
December
and dividend disburseinterest
of
1st
ments, served to moderate somewhat the speculative fever, or at least induced the powerful financial
interests which are engaged in manipulating the
market upward to refrain for the time being from
bidding up prices quite as rapidly as before. Doubtless also the higher money rates were deemed a good
occasion for moves to shake out too extensive a following of weakly held accounts.
For the reasons mentioned and also because of
heavy selling to realize profits, the list showed more
or less irregularity at times, but with the trend nevertheless always upward. On Saturday last the Stock
Exchange was closed in accordance with previous
ahnouncement so as to allow brokers to bring their
bookkeeping and clerical work up to date, and also
AO as to afford a breathing spell to the whole Stock
Exchange fraternity. On Monday the volume of
trading, while exceedingly large, did not quite come
lip to expectations. After the record-breaking total
(for a full day's business) of 6,954,020 shares
reached last Friday, and with two days intervening,
it was supposed that dealings on Monday would establish another new high record and go well above
7,000,000; instead the dealings footed up no more
than 5,326,750 and on Tuesday reached about the
same figure, being 5,278,370 shares, but on Wednesday speculation once more became rampant and the
sales for the day reached 6,366,690 shares. Thursday was Thanksgiving day and a holiday. On Friday, with the accumulation of orders over the holiday, the day's business aggregated 6,414,600 shares.
The Federal Reserve statement, with its further
increase in brokers' loans, did not appear until after
the close of business on Friday instead of Thursday evening, the customary time, and therefore did
not exist as an influence to affect the market. The
advance in call money rates to 10%, however, acted
as somewhat of a restraining agency. On the Curb
Exchange the speculative fervor also continued, with
the sales 2,126,600 shares on Monday; 2,273,700
2999
STOCKS MAKING NEW HIGH FOR YEAR.
Railroads—
Boston & Maine
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Rock Island & Pacific
Erie
Internat Rys. of Central Ametica
Kansas City Southern
Missouri Kansas & Texas
N.Y. Central
N. Y. New Haven & Hartford
Norfolk & Western
Pennsylvania
Pere Marquette
Industrial crt Miscellaneous—
Allied Chemical & Dye
Allis Chalmers
American Bosch Magneto
American Chicle
American Encaustic Tiling
American Express
American & Foreign Power
American International
American Linseed
American Metal
American Snuff
American Sugar Refining
American Tobacco
American Water Works & Elec.
Anaconda Copper
Archer Daniels Midland
Associated Dry Goods
Autosales Corp.
Barker Bros.
Bethlehem Steel
Blumenthal & Co. pref.
Brooklyn Edison
Brooklyn Union Gas
Burroughs Adding Machine
Butte Copper & Zinc
Byers & Co.
By-Products Coke
Cerro de Pasco Copper
Childs
Chile Copper
Columbia Gas & Electric
Commonwealth Power
Corn Products Refining
Davison Chemical
Diamond Match
Eisenlohr & Bros.
Eitingon Schild
Electric Autolite
Engineers Public Service
Federal Light & Traction
Federal Mining & Smelting
First National Stores
General American Tank Car
General Electric
Glidden Co.
Gold Dust Corp.
Goodyear Tire & Rubber
Hershey Chocolate
Howe Sound
Hupp Motor Car
Ingersoll Rand
International Cement
International Combustion Eng.
International Nickel
International Printing Ink
3000
Kayser dr Co.
Keith-Albee-Orpheum
Kelley Springfield Tire
Kennecott Copper
Kress Co.
Ludlum Steel
Mack Trucks
Marlin-Rockwell
McKeesport Tin Plate
Mexican Seaboard Oil
Mid-Continent Petroleum
Midland Steel Products, pref.
Montgomery Ward
Nash Motors
National Biscuit
National Power & Light
Nevada Cons. Copper
North American
Otis Elevator
Pacific Gas & Electric
Pacific Telephone & Telegraph
Packard Motor Car
Peoples Gas Light & Coke
Porto Rican-American Tobacco A
Public Service Corp. of New Jersey
Radio Corp. of America
FINANCIAL CHRONICLE
Real Silk Hosiery
Reis & Co.
Reynolds Tobacco, class B
Rossia Insurance
St. Joseph Lead
Simmons Co.
Southern California Edison
Standard Gas Jr Electric
Standard Oil of California
Standard Oil of New Jersey
Standard Sanitary Mfg.
Stewart-Warner
Stromberg Carburetor
Sun Oil
Superior Oil
Tennessee Corp.& Chemical
The Fair
Tide Water Oil
Underwood-Elliott-Fisher
Union 011 of California
U.S. Smelting & Refining
Vulcan Detinning
White Eagle Oil
White Sewing Machine
Worthington P. & M.
Yellow Truck & Coach, class B
The copper group was active, but only a few of
them show further advances for the week. Kennecott Copper closed yesterday ex-dividend of $2.00 per
share at 1453
/
4 against 145/
1
2 on Friday of last week
With the dividend still on; and Calumet & Hecla
closed ex-dividend of $1.00 per share at 44% against
45%; Greene-Cananea Copper closed at 161 against
1663
/
4; Anaconda Copper closed at 114% against
/
4; Inspira111%; Andes Copper at 51 against 513
tion Copper at 46% against 47%; Chile Copper at
73/
78 against 685/s; Calumet & Ariz. at 122/
1 8 against
126; Granby Copper at 84 against 837
/8; American
4 against 278, and U. S.
Smelting & Refining at 2811/
Smelting & Rfg. & Min. at 68 against 62. In the
motor group Packard Motor holds chief place for
its large rise; it closed yesterday at 144/
78 against
1211/
2 on Friday of last week. General Motors
shares have been rather irregular in their movements and not exceptionally active; the close yesterday was at 211/
1
2 against 2141/2 the previous Friday; Chrysler closed at 1291/
8 against 129%; Studebaker at 76% against 75%; Nash at 110 against
105; Hudson at 86% against 835/s;Chandler & Cleveland preferred at 35% against 2934; Hupp (on reports of a merger with Chandler) at 84 against 74.
The rubber stocks made a further upward bound
during the week. U. S. Rubber closed yesterday
at 413
4 against 40% the previous Friday, and the
preferred at 71 against 69; Goodyear Tire & Rubber closed at 101 against 94% and B. F. Goodrich
at 86 against 8134.
The steel stocks have been firm and yet inclined
to be reactionary; after sharing in the reaction of
the general market on Friday, they ended lower for
the week the most of them. U. S. Steel closed yesterday ex-dividend of 13
/
4
4% at 167% against 1673
the close the previous Friday; Bethlehem Steel
closed at 801/s against 83; Republic Iron & Steel at
841% against 881%; Inland Steel at 733
4 against
7y8, and Ludlum Steel at 88/
78. The
1
2 against 84/
oil stocks are also irregularly changed for the week.
Phillips Petroleum declared an extra dividend of
50c. a share in addition to the regular quarterly payment of 37/
1
2c. per share; it closed yesterday at 507
/8
against 52/
1
2 on Friday of last week; Texas Corporation closed at 683
/
4 against 68%; Richfield Oil at
51% against 53; Atlantic Rfg.(new) at 507
/ against
537
/8; Marland Oil at 467
/8 against 481/
4; Standard
Oil of New Jersey at 59% against 533
/
4; Standard
Oil of New York at 41 against 39%, and Pure Oil at
28/
78 against 30.
The railroad list has the present week commanded
more speculative interest than for some time past.
This is largely because of the extremely favorable
[VOL. 127.
character of the returns of earnings that have been
coming in for the month of October. Another auspicious development of the week has been the fact
that the New York New Haven & Hartford in declaring another dividend of 1% expressly termed it
a regular quarterly dividend, thus placing the shares
on a 4% dividend basis; New Haven stock closed
/
4 against 76% on Friday of last
yesterday at 771
week. New York Central closed at 1943
/
s against
184%; Union Pacific at 215/
78; Cana78 against 217/
dian Pacific at 244 against 246/
1
2;Baltimore & Ohio
•at 119% against 116; New York Chicago & St. Louis
at 1373
/
4 against 1357
/8; Delaware & Hudson at 191
against 192; Atchison at 201/
1 8 against 198%; Southern Pacific at 127 against 1265
/8; Texas & Pacific
at 180 against 181; Missouri Pacific at 723
/
4 against
703
/
8; Kansas City Southern at 93 against 841/8; St.
Louis Southwestern at 1203
/
4 against 1171%; St.
Louis-San Francisco at 118% against 118; MissouriKansas-Texas at 561/
8 against 51%; Rock Island at
136/
78 against 133; Great Northern at 111/
1
2 against
108; Northern Pacific at 111/
1
2against 113; Milwaukee & St. Paul preferred at 5714 against 54.
Securities exchanges at the important European
centers have been irregular the past week, upward
and downward movements alternating in trading
that has been generally rather limited. Occasional
flurries of speculation have occurred on the Continental markets, observers attributing them to the
stimulating influence afforded by searing Wall
Street markets and to extensive purchases for
American account. International shares have fluctuated on all markets with a violence that has
equalled the rapid movements at New York. The
London Stock Exchange began the week quietly with
activity in the industrial section confined chiefly to
shares dependent on the New York market. Mond
Nickel and Canadian Marconi took the lead in this
respect, retaining their firmness even in the face of
a general decline in London Tuesday. Trading
Wednesday was again heavy in most departments,
home rails showing particular weakness on reports
of heavy decreases in traffic. The industrial market also declined on this day, rubber, shipping, brewery and iron and steel shares all showing the effects
of continued liquidation. Home rails continued to
droop Thursday, although price movements were in
general narrow. Notwithstanding the closing of the
New York markets, international shares continued
to furnish the chief incitement for speculative activities. Yesterday's market was again dull excepting
for a few lively issues in the international list. Home
rails were again easier, while industrials were
quiet. The gilt-edged division has been firm all
week, with prices advancing materially in several
of the mid-week sessions.
The Paris Bourse opened the week with a wave
of selling attributed to month-end liquidation. The
weakness was pronounced, with trading tapering off
until there were very few transactions. Trading was
again very restricted Tuesday, but it gained momentum as the day advanced and prices also showed
slight improvement. Further strength was manifested Wednesday in a session that became increasingly active, with bank shares leading an upward
movement that• finally extended throughout the
French list. With the month-end settlements impending Thursday, the Bourse showed some irregularity, but a generally firm tone, which gave con-
DEC. 1 1928.]
FINANCIAL CHRONICLE
3001
States on all ships of war not already covered by
the Washington Treaty." This step was taken, Mr.
Britten explained, on the basis of Premier Baldwin's
publicly expressed desire for more frequent personal
discussions between American and British representatives. Press dispatches from Washington indicated that the State Department was somewhat
vexed at the suggestion which was regarded as irregular in view of the Constitutional provision
which vests the conduct of foreign relations in the
President.
In London on Nov. 28, Viscount Cecil of Chelwood
declared in a public address that he is "in favor of
absolute and complete mathematical naval equality
with the United States both in tons and guns." The
address was made before the League of Nations Parliamentary Committee in the House of Commons.
Americans, Lord Cecil suggested, might prefer to
base an agreement on total cruiser tonnage, whereas
he himself felt that the more classes were subdivided
the more completely equality would be secured. "It
Some efforts were again made the past week to- is probable, too, that America might now desire to
ward smoothing out the not altogether definite diffi- raise the question of freedom of the seas," he conculties in Anglo-American relations which have been tinued. "My own view. is that acceptance of the
vexing statesmen and internationally minded pub- principle of freedom for neutrals to trade with
licists in recent months. The open declaration last belligerents subject to the old rules of blockade
week by Lord Lee of Fareham that relations between would be advantageous to this country rather than
the United States and Great Britain are worse than otherwise. We should be prepared to come to terms
they have been for years caused further considera- on this point, provided America is prepared to join
tion of the problem, particularly in England. It in enforcing the principles w'hen once they are acwas pointed out by the Manchester Guardian, a lead- cepted." In case of an agreement on this basis with
ing exponent of the international viewpoint, that the United States, Lord Cecil added, there was no
the present attempts on both sides of the Atlantic question that Japan would fall in with it, and it
to understand the views prevalent on the other, give would then be advisable in some way to meet the
promise that the present wave of suspicion and re- French demand for limitation by total tonnage, procrimination will blow over rapidly. "It is not," vided France maintained the offer she had already
this journal said, "that any danger of an Anglo- made to notify the other powers in advance of any
American war has arisen, but that Anglo-American changes in her naval program.
co-operation has been suspended and the fires in the
London dispatches late yesterday indicated that
forges and armories that were creating the world's Prime Minister Baldwin has made a friendly reply
peace have died down. To establish peace is more to the proposal of Representative Britten for an
than to avoid war. It is an evolutionary, creative Anglo-American parliamentary conference on naval
act that cannot be accomplished save under strong affairs. The Premier's reply, an Associated Press
and united leadership. Great Britain and America report said, was inspired by the same spirit which
alone are capable of giving this leadership, and by animated the invitation. Diplomatic procedure is
British and American co-operation the world's peace not to be .ignored, apparently, as the reply was
reported to have been sent to Sir Esme Howard,
lives or dies."
Specifically, several important suggestions were the British Ambassador to Washington, who is commade for overcoming the divergences in views of municating with the State Department on the matnaval strength. Voices were raised on both sides ter. Interpellations on naval disarmament again
to uphold the idea of a conference to re-define the occurred in the House of Commons, Sir Frederick
rights of blockade, in the belief that such a meeting Hall asking Mr. Baldwin whether, as preliminary
would afford a better approach to cruiser limita- to any further discussion on the naval disarmation than continued wrangles between rival naval ment question by the League of Nations, Britain
experts. "Inquiry among British politicians of all would consider inviting the French and American
three parties elicited the same warm welcome to Governments to participate in a three-power conferthe idea of a new and altered discussion," a London ence. The Prime Minister replied that his Governdispatch of Nov. 25 to the New York "Times" re- ment was considering the steps that could usefully
ported. Official denial was made at the same time be taken for further naval limitation. "I doubt,"
of any intention of renewing the Anglo-Japanese he said, "whether the specific expedient proposed
alliance, which was allowed to lapse partly on ac- by my honorable and gallant friend would be likely
count of its effect on Anglo-American relations. In to attain the object which he evidently has in view."
Washington, Representative Fred A. Britten of IlliInformal suggestions by President Coolidge at a
nois, announced Nov. 27 that as Chairman of the
House Committee on Naval Affairs, he had cabled White House breakfast last Saturday were viewed
Prime Minister Stanley Baldwin suggesting a meet- by some of the fifteen Senators present as indicating between the Naval Affairs Committee and a ing an inclination on the part of the present Adselect committee of Members of Parliament for the ministration to make another effort to bring the
purpose of "applying the principle of equality in United States into membership of the League of
sea power between Great Britain and the United Nations' Permanent Court of International Justice, •
siderable encouragement to speculators. Trading,
though not greatly increased in volume, was fairly
well sustained. The Berlin Boerse was dull and
depressed on the opening day of the week, with continuance of the Ruhr metal lock-out the chief cause
of the liquidation. Sporadic advances in the opening hour Tuesday lent the market a better tone,
Which gradually extended throughout the list of
stocks. Trading became very lively Wednesday,
and prices rose sharply, to the surprise of observers,
as somewhat of a decline had been looked for on
the basis of indicated increases in railway rates
which would be looked upon as increasing
the charges on industry, and the lack of
progress in effecting a settlement of the Ruhr
difficulty. The upward movement continued
at the opening Thursday, but the situation changed
as trading progressed. Buying orders diminished
in volume and the market turned dull, share values
rapidly losing their original gains.
3002
FINANCIAL CHRONICLE
or the "World Court," as it is commonly called. No
formal announcement was made, nor was there any
disclosure to indicate that exchanges for overcoming the difficulties presented by the Senate reservations had been initiated. The impression was
nevertheless conveyed, dispatches said, "that Mr.
Coolidge was anxious to round out his Presidential
career by the ratification of the Kellogg anti-war
treaty, the enactment of the fifteen cruiser bill, and
an arrangement with the powers signatory to the
World Court Protocol by which the obstacle to
American adherence to the protocol offered by the
Senate's reservations would be overcome." Additional Washington reports, dated Nov. 27, indicated
that Mr. Coolidge has no definite plan of procedure
in mind, but merely expressed the hope that European objections to the Senate reservations might
be overcome. There was a disposition in some quarters, a New York "Times" report said, "to characterize his course as a mere gesture, possibly intended
to soften European resentment of the references to
Allied debts, militarism, and the Anglo-French
naval accord in his Armistice Day speech." Some
surprise was occasioned in British official circles by
this development. The understanding had prevailed
that four of the Senate's reservations would be
acceptable, it was pointed out, but the fifth
was deemed just as difficult of acceptance
now as when it was first considered. The fifth reservation forbids the World Court, without the consent of the United States, to entertain a request for
an advisory opinion touching "any question wherein
the United States has or claims to have an interest."
President-elect Herbert Hoover paid the first visits of his Latin-American tour of good-will and
friendship to the Central-American Republics of
Honduras and Salvador, Monday. The battleship
Maryland, carrying the Hoover party, steamed into
the Gulf of Fonseca early Monday morning and Mr.
Hoover immediately proceeded to Amapala, Honduras. "I come to pay a call of friendship," Mr.
Hoover said in a public address at Amapala.
"In a sense, I represent on this occasion
the people of the United States, extending a friendly
greeting to our fellow democracies on the American
Continent. . . We have a desire to maintain not
only the cordial relations of Governments with each
other, but the relations of good neighbors through
the greater understanding that comes with more
contact. We may build up that common respect and
service which is the only enduring basis of international friendship. It is also my desire to learn more
of our common problems in the Western Hemisphere
that I may be better fitted for the task which lies
before me; and we are all of us in the West interested in one great common task. That task is the
advancement of the welfare of the people of our respective countries." Substantially the same sentiments were expressed by him later in the day at
La Union, Salvador, appropriate speeches of welcome being made by high officials of the two Republics, who greeted the party.
The Maryland steamed to Corinto, Nicaragua,
Tuesday, where Mr. Hoover was greeted with public
acclaim on a brief visit to the port. At luncheon
he was host aboard ship to President Diaz of Nicaragua, President-elect Moncada and former President Chamorro. Brief speeches were made expressing a desire for good-will and better understanding
(Vol- 127
between the United States and Nicaragua and hopes
for permanent peace and prosperity in the Central
American Republic. Costa Ricans greeted President-elect Hoover with open-hearted enthusiasm on
his next call, Wednesday. The Maryland arrived
at Punta Arenas, Costa Rica, early on that day, and
Mr. Hoover proceeded by special train to San Jose,
the capital, where President Viquez extended an official welcome. "My hope and purpose and aspiration," Mr. Hoover said in reply, "is that a better acquaintance and larger knowledge of our sister Republics of Latin-America and personal contact with
the men who bear the responsibilities of Government,
will enable me better to execute the task before me.
A large part of that task is co-operation with other
nations for the common upbuilding of prosperity
and progress throughout the world." The next stop
on the tour will be at Guayaquil, Ecuador, where
the Maryland is due to arrive today.
Sessions of the British Parliament this week were
taken up largely by consideration of the measure for
reforming "rates" or local taxes, which passed its
second reading Wednesday by a majority of 179
votes. The bill is designed for the relief of British
industry as well as the reform of local government.
It was expounded to an interested House of Commons, Monday, in a speech lasting two and a half
hours by Arthur Neville Chamberlain, Minister of
Health in the Conservative Government. The Minister pointed out that most of the provisions of the
bill merely carried out the recommendations made
by Joseph Chamberlain and other experts at intervals during the last forty years. English local government, he said, was half a century out of date.
Among the results of its anachronisms, he continued, were the injustices of the rating system, which
was slowly strangling industry and agriculture,
and the chaos in the relationship of local to national
finance, which resulted in the poorest local authorities receiving the least help and in a gross overlapping of functions. The relief of industry by lowering the rates was neither a subsidy nor a bribe,
but an act of justice, he contended, since under the
present system a factory might be heavily taxed,
though it was steadily losing money. The bill would
lift a burden of $120,000,000 from industry as a
whole and $90,000,000 from the more depressed industries, Mr. Chamberlain declared.
American commercial interests in France displayed keen interest in the past week in a •new
French tariff ruling which was taken to presage
difficulties for importers of certain American products, and in the outcome of French court decisions
requiring foreign companies operating as subsidiary
French corporations to pay large sums in additional
taxation. The new ruling of the French Director
General of Customs was considered of minor importance in itself, since it concerns only American
lard, on which the import tax was raised one cent
a pound, or 45% a metric quintal. The view was
expressed in business circles, however, a Paris dispatch to the New York "Times" said, that the ruling
is merely further proof of the necessity for the two
nations to sit down and frame a permanent commercial accord. "In the natural order of things,"
the dispatch added, "the Americans are almost certain eventually to find themselves at a disadvantage
in the French market unless some mutual under-
DEC. 1 1928.]
FINANCIAL CHRONICLE
stand is reached under which France and America
can exchange concessions and advantages." It was
mentioned in the report, incidentally, that resentment is still keen in French business quarters over
the last tariff note from the State Department, although officially the French Government Department of Commerce is going ahead with its reply in
the hope of reaching some compromise on the question of appraisals.
Two lower courts in France have already decided
against foreign corporations in the matter of taxation in such a way as to impose increased levies running into the millions of dollars in the event of a
final adverse decision by the French Supreme Court,
which is now reconsidering the cases. The decisions
in the lower courts say in effect, according to a
Paris dispatch to the New York "Times," that in
future an American concern doing business in
France through a "societe anonyme," or legally organized subsidiary, must pay a double tax on its
profits. Under the existing French tax laws all
French companies pay an 18% profits tax and this
tax had naturally been applied equally to American concerns. If the French Supreme Court sustains the decisions of the two lower courts, foreign
companies, it is pointed out, will be obliged to pay a
36% tax on their annual business in France. The
."Times" dispatch reported further that "American
officials are closely watching the outcome of this
important appeal, for should it go against the very
considerable American interests at stake, many
American companies will be faced with the necessity of closing down in France and removing their
bases of operations to another European country."
American officials, according to a Paris cable of
Nov. 26 to the "Times," have begun a careful investigation to ascertain the effect upon the large American business interests in France of the expected
decision of the French Supreme Court. "It is understood," this report added, "that the investigation being made by American officials has thus far
made it more than apparent that an unfavorable decision by the Supreme Court would in all probability
place a burden of taxation upon the American firms
under which many of them would find it too great
to operate. While some American jurists in Paris
have taken the attitude that the case is aimed only
at those American and other foreign companies
which, by one means or another, have been avoiding the existing taxes, the majority of American
lawyers, as well as business men, are genuinely disturbed over the prospects. There remains a certain amount of doubt as to how the new tax-11I%
—would be computed, but it is felt there is little
doubt about what the French tax authorities will do
if the high court sustains the two previous decisions.
Feeling that tax collectors the world over are eager
to roll up the highest possible totals for their respective departments, Americans say it would be very
unwise to depend upon the benevolence of the French
fiscal department. As has been explained in previous dispatches, the projected tax would be collected after the current 15% tax on profits and the
18% tax upon distributed profits or dividends had
been assessed. It would be arrived at by comparing
the profits, distributed and otherwise, of the parent
company and all its branches with the profits of
the French subsidiary. The assessor would then
fix an arbitrary figure and the tax would be paid
on that amount."
3003
Application of one-year military service in
France in 1930 will reduce the French army to
598,000 officers and men, or 130,000 less than the
total number of men under arms in France and the
colonies on the eve of the World War, according to
statements made in the Chamber of Deputies
Wednesday by Paul Painleve, Minister of 'War.
These figures were given by the Minister in reply
to assertions by Radical Deputies that there had
been no real reduction in the French fighting force.
"The time has not yet come," M. Painleve added,
"when France can abandon her right arm, the Army,
to defend herself and maintain only a naval force
to assure her security. There may come a time
when war between the States of Europe may be
counted as impossible as war between the States of
America. But that time has not yet come. There
are still in Europe too many disturbing elements to
permit France to give an example in disarmament."
Earlier in the week a good deal of controversy developed in the French Chamber over the budgetary
requirements of the Ministry of War. This was
straightened out some extent by an understanding
between the Finance Committee members and the
Government. Henri Cheron, the new Finance Minister, obtained general support, Monday, in a plea
for speeding up the budget discussion. He demanded that the Chamber complete its discussion by Dec.
5, holding night sessions if necessary to complete
the work that has been scheduled.
Soviet officials in Russia have again decided that
vigorous class warfare is to be pursued in town and
country, with one hundred per cent socialism the
ultimate.aim. The agrarian and industrial situation
and policies remain unchanged after a plenary session of the Communist Party's highest executives
which ended last Saturday. These results, a Moscow dispatch of last Sunday to the New York
"Times" reported, were embodied in a resolution
which was unanimously adopted by the party executives, who are said to be the supreme authority in
the Soviet Union. The fact that the resolution was
voted unanimously is an important point, the dispatch said, because critics of the current policies
were present at the session. The resolution, it was
added, "frankly admits the economic aim and the
financial difficulties caused by rapid industrialization and the attempttosocialize the villages. Butitis
interesting to note that while recognizing the larger
growth of agriculture as compared to industry as a
source of financial and other economic difficulties,
the resolution dismisses criticism of agrarian policy
on the ground that it was the bad weather last winter and later in the summer that was principally responsible." Emphasis was placed, in this latest declaration of Russian Communist policy, on the importance of increasing the supply of manufactured
goods in the villages at the cheapest possible rates,
which might perhaps be done by importations, should
appropriate credits be found, and of "revising the
agrarian single tax for the benefit of the middle
and poorer peasants," and of modifying certain paragraphs of the legal code for the same purpose."
Rumania is to be placed on a constitutional basis
closely according with that of Western nations, extensive reforms being projected by the new Peasants
Party Cabinet of Premier Juliu Maniu in order to
achieve this result. Public servants, courts and the
3004
FINANCIAL CHRONICLE
army are to be made independent of political powers,
while the Government is to be decentralized by establishing local elective autonomy. One of the results aimed at, according to a manifesto issued
Thursday by the new Premier, is a revision of the
Bratianu laws of 1924 so as to enable foreign capital to enter Rumania. The manifesto read in part
as follows:"In economic policy the guiding thought
will be that Rumania is an agricultural country;
hence the existence of other branches of production
will be dependent upon agriculture. Export taxes
will be reduced and later abolished in order to secure
the profitableness of agriculture. Agricultural credits will be created, co-operative effort will be authorized, insurance will be introduced. Bratianu's
economic laws of 1924 will be revised, including the
mining law, thus enabling foreign capital to participate in the exploitation of Rumanian natural resources. Railroads will be placed on an autonomous economic basis through the establishment of
budget equilibrium by the suppression of the present deficit of 7,000,000,000 lei. The minorities question will be regulated by a just law in keeping with
the Constitution and the spirit of the times. The
traditional policy of maintenance of friendships and
loyalty to treaties will be preserved, but relations
with other countries will be rendered normal. The
Government is willing to forget all former enmities
and promote future friendships. It places great confidence in the League of Nations as the best guarantee for peace."
Internal difficulties of a serious nature have
arisen in the Balkan Kingdom of Bulgaria, disaffected Macedonian elements committing terroristic
acts and threatening to plunge the country into
civil war. The Macedonians,led by Ivan Michailoff,
are said to be seeking autonomous government for
their Province, and several members of the Bulgarian Cabinet are understood to favor their demands. King Boris has striven constantly to maintain peace with the disaffected Macedonians, a Sofia
dispatch to the Associated Press indicates. The
bloody feuds continuing, Britain and France were
reported last Saturday to have jointly demanded cessation of the strife, as not only menacing Bulgaria,
but jeopardizing the peace of the Balkans. Foreign
Minister Buroff replied, the Associated Press report
said, that the Government had sufficient troops to
subdue Ivan Michailoff, but that it was most difficult to capture him and his thousands of wellarmed Macedonian revolutionaries who flee to inaccessible mountain retreats when confronted with
danger. After an exchange of defiances troops
were, however, dispatched to Macedonia in an attempt to capture the belligerent faction and their
leader. A pitched battle is expected to develop in
the Petritch district of Bulgaria. Denials were
issued meanwhile by Finance Minister 3foloff that
any serious troubles had arisen from the Macedonian
disputes. The rumors had been spread, he said, with
the sole object of compromising the success of the
Bulgarian loan abroad.
Several complimentary exchanges between the
United States and Czechoslovakia occurred last
week, one exchange being occasioned by formal assumption of his diplomatic duties by Dr. Ferdinand
Vereka, newly appointed Minister of Czechoslovakia,
while another official conversation was brought
[VOL. 127.
about by the inauguration of telephone service between the two countries. Dr. Vereka, in presenting his credentials, assured President Coolidge that
his countrymen well realize how much they owe to
the United States for the part played by America
in the creation of the new country. President Coolidge in reply said: "The American people have
watched with the greatest sympathy the efforts of
the Czechoslovak leaders, who, under the guidance
of your great President, Mr. Masaryk, have achieved
national independence for their country, the tenth
anniversary of which has just been celebrated. I
also take great pleasure in noting the steadily increasing flow of trade between our two countries
and I sincerely hope that in the future the conclusion of the treaty which is now being negotiated
between them will open the way for an even greater
exchange of our products, and at the same time remove such technical difficulties as are of necessity
inherent in a temporary arrangement."
Radio-telephone service between the two countries was begun last Saturday, with conversations between Secretary of State Frank B. Kellogg and Dr. Edouard Benes, Foreign Minister
of Czechoslovakia. "It is most impressive," Mr.
Kellogg said, "to think of our voices bridging the
space and distance between us at one bound and
I cannot but feel that the result of the linking
together of our two countries by this new means
of communication will be the further increasing of
the friendly ties of sympathy and understanding
which have existed between our two peoples since
the establishment of your State." Dr. Benes in reply expressed pleasure over the achievement of technical science, saying: "Our business men welcome
the possibility of direct speech with the citizens
of the United States of America, and with them also
a large number of our citizens who have relations
and friends in the United States of America. Direct
telephonic communication brings our nation still
closer to the North American nation, whom we esteem so highly for their momentous share in our
struggle for liberty and whose sons made such sacrifices in the -common fight aid who play the role of
pioneer in the daily economic and cultural life of
the world."
There have been no changes this week in discount
rates by any of the central banks of Europe, but
cable advices from Sofia yesterday stated that the
National Bank of Bulgaria would reduce its discount
rate on Dec. 15 from 10% to 9%, restoring it again
to 10% on Jan. 1. Rates continue at 7% in Germany; 63/2% in Austria; 53'% in Italy and Norway;
5% in Denmark and Madrid; 432% in London, Holland and Sweden; 4% in Belgium, and 33'% in
France and Switzerland. In London open market
discounts are 43i.@4 5-16% for short bills, against
4%% on Friday of last week, and 4 5-16@ 4%%
for three months bills, as against 43 % the previous
Friday. Money on call in London was down to 2%
yesterday. At Paris open market discounts have
risen from 33(% to 431.% but in Switzerland, are
down from 3%% to 3 5-16%.
The Bank of England report this week is the first
to show the changes produced by the currency
amalgamation, and the increase of £234,199,000 in
its note circulation marks the addition caused by
taking over the currency notes. It will be observed
DEC. 1 1928.]
FINANCIAL CHRONICLE
that while note circulation expanded £234,199,000,
the total of the outstanding currency notes a week
ago was £286,750,000; this is explained, however,
by the fact that £56,250,000 Bank of England notes
had been placed as reserve against the currency
notes and that part of the Bank's own circulation
was automatically cancelled by the amalgamation.
There was a loss in gold of £2,239,000. Public
deposits rose £6,554,000 and "other" deposits also
increased, but only £92,000. Loans on Government securities increased £3,840,000 while loans
on "other" securities dropped £956,000. Gold
holdings total £159,845,986, a decrease for the week
of £2,238,603; at the corresponding date last year
the total was £149,918,765. Notes in circulation
now aggregate £367,002,000 against £136,904,860
in 1927, the large increase being due, of course, to
the aforementioned note amalgamation. There
has been no change in the Bank's minimum rate of
discount since Apr. 21 1927 when the current rate
(43/2%) went into effect. Below we furnish comparisons of the various items of the Bank of England
return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1925.
1928.
1924.
tn. 30.
Nov. 80.
Dec. 1.
Dec.2.
Dec. 3.
Circulation
387,002,000 138,904,860 139,693,905b143,283,450 123,796.065
Public deposits... 21,452,000 18,371,801
9,191,372 8,525,449 10,399,675
Other deposits
99,585,000 95,182,732 117,827,262 129,923,749 133,269,701
Governm't securities 52,180.000 41,275,179 42.257,539 62,437,794 64,152,363
Other securities
33,801,000 57,355,259 69,672,926 71,694,738 72,851,663
Reserve notes & coin 52,844,000 32,763,905 32,932,174 22,126,507 24,448,655
Coin and bullion„a159,845,986 149,918,765 152,876,079 145,659,957 128,494,720
Proportion of reserve
to liabilities
43.87%
28.85%
25.93%
16%
17%
Bank rate
41i%
41%
5%
5%
4%
a Includes, beginning with April 29 1925, 227,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes 227,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
In its statement of Nov. 24 the Bank of France
reports a decrease in note circulation of 412,000,000
francs, reducing the total to 60,997,660,420 francs.
On the other hand, creditor current accounts rose
1,279,000,000 francs and current accounts and deposits 1,406,000,000 francs. Gold holdings, which
gained 361,983,918 francs during the week, now aggregate 31,213,823,770 francs, but credit balances
abroad showed a loss of 281,077,574 francs. French
commercial bills discounted advanced 1,007,000,000
francs and bills bought abroad rose 32,000,000 francs,
while advances against securities declined 80,000,000
francs. A comparison of the various items of the
Bank's return for the past three weeks is furnished
below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
Rains as of
for liTeek.
Nor. 24 1928. Nov. 17 1928. Nov. 10 1928.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ ___Inc. 381,983,918 31,213,823,770 30,851.839.852 30,830,139.316
Credit bale. abr'd _Dec.281,077,574 13,608,600,070 13,889,877,644 13,904,044,680
French commercial
bills discounted Inc 1,007,000,000 2,788,757,157 3,793.757,157 4,428,757,157
Bills:bought abr'd-Ine. 32,000,000 18.807,888,301 18,775,888,301 18.848,888,301
Adv.agst.secure_ _Dec. 80,000,000 2,122,417,739 2.202,417,739 2,225,417,739
Note circulation_ _Dec.412,000,000 60,997,660,420 81,409.860,420 61,954,860,420
Cred. curr. accts—Ine 1279,000,000 20,067.945,128 18,788,945.126 18,778.945.126
Curr. accts. & dep_Inc 1408,000.000 8,752,810,118 5,348,810,118 5,508.810,118
In its statement for the third week of November,
the Bank of Germany reports a decrease in note circulation of 129,473,000 marks, reducing the total
to 4,043,265,000 marks, against 3,583,253,000 marks
a year ago and 3,374,470,000 marks in 1926. Other
daily maturing obligations rose 19,267,000 marks
while other liabilities dropped 20,054,000 marks.
On the asset side of the account gold and bullion rose
9,935,000 marks, reserve in foreign currency increase I
3005
4,862,000 marks, silver and other coin 6,403,000
marks, notes on other German banks 4,759,000 marks
and investments 2,000 marks. On the other hand,
bills of exchange and checks dropped 120,078,000
marks, advances 33,376,000 marks and other assets
2,767,000 marks. Deposits abroad remained unchanged at 85,626,000 marks. Below we furnish a
comparison of the various items of the Bank's return •
for the past three years:
REICHSBANICS COMPARATIVE STATEMENT.
Changer for
Nov. 23 1928. Nov. 23 1927. Nov. 30 1920
Week.
Retchsmarks
Retthemarks. Reichsmark.?. Reichsmark,
Assets—
Inc. 9,935,000 2,573,480.000 1,855.999.000 1,754,959,000
Gold and bullion
85,626,000
71,931,000 176,627.000
Unchanged
Of which degas.abed.
Ree've in torn curr_ _the. 4,862,000 190,462,000 285,673,000 418,406,000
1,759,053,000
120,078,000
2,116,128,000
1,286,298,000
Bills ofeach.& ehecks.Dee.
68,118,000 130,219,000
Silver and other coin_ _Inc. 6,403,000 106,401,000
29,083,000
25,199,000
11,410,000
Notes on 0th. Ger.bks.Inc. 4,759,000
27,114,000 321,314,000
38,552,000
Dec. 33,376,000
Advances
Inc.
2,000
92,311,000
92,080,000
91,108,000
Investments
Dec. 2,767,000 524,778,000 604,140.000 581,447.000
Other assets
Ltabflittes—
Notes in cIrculation_Dec.-129,473,000 4,043,265,000 3,583,253,000 3,374.470,000
Oth.dally matur.oblig.Ine. 19,267,000 550.188,000 767,178,000 528,301,000
Dec. 20,054,000 273,148,000 357,841,000 332,517,000
Other liabilities
A rapid advance in call money rates featured the
New York money market this week, the customary
month-end demand for funds again causing the
stringency with which this period has been associated
recently. The tone was firm from the start, Monday, call loans rising from 6% to 71A% in the
initial session of the week, notwithstanding a virtual
absence of withdrawals The banks called loans
heavily on Tuesday, however, a total of $40,000,000
being withdrawn causing a rise in demand loans from
7% to 9%, the higher figure ruling at the close. The
e Wednesday was 8% throughout, with withdrawals only nominal and a few loans reported in the
After the holiday Thursoutside market at
day the rate opened at 8% yesterday, awl on
the basis of withdrawals totaling $50,000,000, advanced to 10%, the highest figure for the year, which
has been reached only twice previously in 1928. Bankers are inclined to look for stiff money rates throughout December, due to the heavy currency demands
and the year-end settlements. Immediately after the
turn of the year some easing of rates is expected in
accordance with the customary relaxation of the
period. As already noted a further expansion of
$132,768,000 was registered in broker's loans against
stock and bond collateral in the statement for the
week ended Wednesday night issued by the Federal
Reserve Bank of New York after the close of business
yesterday. This carries the total of these speculative
loans to a further high record.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 63/2%, but the rate for new loans
On Tuesday the renewal rate
advanced to
was marked up to 7% and the charge for new loans
went to 9%. On Wednesday all loans were at 8%
including renewals. Thursday was a holiday, being
Thanksgiving. On Friday the renewal rate was
again 8%, but with a splurge to 10% in the rate for
new loans. The time loans ruled throughout the
week at 6A@7%,for all maturities from 30 days to
six months until Wednesday when the single rate of
7% was quoted for all maturities except those for
five and six months. For commercial paper the rate
for names of choice character maturing in four to
six months has remained at 53'@5M%, with the
bulk of the business being transacted at the latter
figure and a few exceptional names moving in spots
at the lower quotation. For names less well known
3006
FINANCIAL CHRONICLE
[VOL. 127.
the rate continues at 53.@6%. New England mill buying small amounts of gold in London almost
every day. Whether these gold takings are large
paper still commands 532@59'%.
enough to cause the Bank of England to raise its
The posted rates of the American Acceptance rediscount rate is doubtful.
Council for prime bankers' acceptances eligible for
Bankers in general are of the opinion that the
purchase by the Federal Reserve banks have again Bank of England rate will not be increased this
remained unchanged at 4%% bid and 41
/
2% asked year and that in two or three weeks at most the
for bills running 30 days and also for bills running seasonal pressure will come to an end. Whether
60 to 90 days, 43
4% bid and 4%% asked for 120 or not a lower bank rate will follow after the turn
days, and 4 8% bid and 4%% asked for 150 and of the year is equally a matter of doubt, as Con180 days. The posted rate of the Acceptance Coun- tinental money rates are inclined to firmness on
cil for call loans against acceptances continued at account of the great demand for credit. It is be532% on Monday and Tuesday, but was advanced lieved that several of the European central banks
to 632% on Wednesday and to 7% on Friday. Open will have to increase their rate of re-discount. It is
market rates for acceptances have remained un- , quite possible that the Italian and French central
banks will advance their rates in the near future and
changed and continue as follows:
such a contingency will almost certainly eliminate the
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— prospect of a
lower Bank of England rate. Gold
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
43j
4%
Prime eligible bills
imports into England during October totaled £3,251,4%
4%
43
43.
—90Days— —60Days— —30 Days— 706.
Exports were £9,369,543, making a net loss of
Asked.
Bid.
Asked.
Asked.
Bid.
Bid.
4A
4%
4%
Prime eligible bills
4%
4A
43
£6,117,837. Of the exports, Germany took £5,787,FOR DELIVERY WITHIN THIRTY DAYS.
257, the United States £1,940,223, Switzerland
4% bid
Eligible member banks
4% bid £657,585 and Belgium
£401,485. Gold imports
Eligible nen-saember banks
for the ten months were £39,577,686, against 07,There have been no changes this week in Federal 413,338 last year. Of the gold exports for the tenReserve Bank Rates. The following is the schedule month period, which totaled £46,655,192, Germany
of rates now in effect for the various classes of paper took £12,611,308, France £19,831,246, the United
at the different Reserve banks:
States £2,440,428, India £1,874,126, Switzerland
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES £3,507,504, Holland £1,342,913, Belgium £715,673,
AND MATURITIES OF ELIGIBLE PAPER.
Sweden £500,848 and Egypt £384,435. Official supRate in
Date
Previous port alone is not sufficient to account for the firmer
Federal Reserve Bank.
Effect on
Established.
Rate.
Nov. 30.
sterling quotation in recent weeks, especially in view
Boston
5
July 19 1928
43.4
of the fact that high money rates here are attracting
New York
5
July 13 1928
4J.
Philadelphia
5
July 26 1928
43.
European funds. Foreign markets have been heavy
Cleveland
5
Aug. 1 1928
41d
Richmond
5
July 13 1928
4A
purchasers of stocks in New York for many months,
Atlanta
5
July 14 1928
4A
Chicago
5
July 11 1928
4A
but especially since the election. Abitrage in stocks
St. Louis
5
July 19 1928
43d
Minneapolis
43
Apr. 25 1928
4
and bonds between London and New York is steadily
4A
Kansas City
June 7 1928
4
Dallas
May 7 1928
4
43d
San Francisco
June 2 1928
4
increasing. Before the war stock arbitrage took
4%
place only in American stocks, but now it is in both
Sterling exchange firmed up during the week, British and American. An important bullish factor
continuing the advance which began around Nov. 15, bearing on the sterling rate is the larger amount of
but reacted to slightly lower figures again the latter European financing being done here. In the past
part of the week. The range this week has been five weeks foreign loans floated here totaled approxifrom 4.84% to 4.84 15-16 for bankers' sight, com- mately $100,000,000. Foreign stock offerings have
pared with 4.84 19-32 to 4.84 11-16 last week. increased and are expected to expand further. These
The range for cable transfers has been from 4.85 influences, together with the general expectation that
to 4.85 5-16, compared with 4.85 to 4.85 1-16 the European money rates are on the up grade and that
previous week. The position of sterling as against the spread between here and the European capitals
the dollar is now better than at any time in several will narrow and gradually disappear in the coming
weeks. At present rates gold shipments from London months, are giving firmness to all the European rates
to New York are no longer profitable. Sterling is and especially to sterling.
This week the Bank of England statement, the
still under seasonal pressure, but because of the
firmer quotations of the last few weeks the market first to reflect changes resulting from the currency
is absorbing offerings of sterling cotton and grain amalgamation, shows a decrease in gold reserve of
bills without difficulty. In view of the fact that £2,238,603. The day-to-day withdrawals during the
the market is still in a period of seasonal pressure week pointed to a probable reduction in gold holdand that money rates are so high in New York, it is ings. The statement shows an increase of $234,199,the more surprising that sterling should have ad- 000 in note circulation as a result of the amalgamavanced to a point where it is no longer profitable tion. The total outstanding currency notes a week
to ship gold from London here. The only explana- ago was £286,750,000. Before the fusion of the curtion that the market has to offer is that sterling is rencies, however, £56,250,000 of Bank of England
finding official support in London. The chief diffi- notes had been pledged as reserve against the Treasculty in the way of the maintenance of a firm sterling ury currency notes and so much of the Bank of Engquotation at this time is the unfavorable position of land's own circulation was automatically canceled.
On Monday the Bank of England sold £383,000 in
sterling with respect to German marks, Swedish,
and Dutch exchange. Germany continues to draw gold bars, on Tuesday £379,000 in gold bars, on
gold from London, and the Swedish and Dutch Wednesday £211,000 in gold bars, and on Thursday
exchanges are very close to the point at which it £254,617 in gold bars. At the Port of New York
might be profitable to withdraw gold from the the gold movement for the week Nov. 21-Nov. 28, as
Bank of England. German bankers have been reported by the Federal Reserve Bank of New York,
DEC. 1 19281
'FINANCIAL CHRONICLE
consisted of imports of $8,775,000 of which $8,606,000
came from the United Kingdom, $165,000 from Latin
America and $4,000 from Japan. The exports were
$21,106,000 of which $21,000,000 went to Canada
and $106,000 to Germany. It appears also that
$11,987,000 more gold was earmarked. Montreal
funds have ruled at a premium throughout the week,
ranging froth 5-32 to 3-16 of 1%, except on Friday
when Canadian funds sold for from 1-32 of 1%
premium to 1-64 of 1% discount.
Referring to day-to-day rates, sterling on Saturday last was steady. Bankers' sight was 4.84%®
4.84 11-16; cable transfers, 4.85@4.85 1-32. On
Monday the market was fairly active and sterling
advanced. The range was 4.84%@4.84 13-16 for
bankers' sight and 4.85®4.85 3-16 for cable transfers. On Tuesday sterling continued to advance.
Bankers' sight was 4.84 11-16@4.84 15-16; cable
transfers, 4.85@4.85 5-16. On Wednesday London
was slightly easier in tone but firm. The range was
%@4.84 29-32 for bankers' sight and 4.85/
1 8@,
4.843
cable
transfers.
On
for
Thursday,
Thanks4.853
giving, there was no market in New York. On Friday the market was still easier. The range was
4.84 11-16@4.84 13-16 for bankers' sight and 4.851A
@4.85 3-16 for cable transfers. Closing quotations
on Friday were 4.849 for demand and 4.85A3 for
cable transfers. Commercial sight bills finished at
4.84%; 60-day bills at 4.80 11-16; 90-day bills
at 4.787A; documents for payment (60 days) at
4.80 11-16, and seven-day grain bills at 4.84. Cotton
and grain for payment closed at 4.84%.
The Continental exchanges have been firm, reflecting the firmer tone in sterling and the somewhat
general expectation of higher money rates in most of
the European centres. The general features underlying the several Continental exchanges have not
changed in the course of the past few weeks. Although money rates in New York are attractive to
European funds and the period of seasonal pressure
on these currencies continues, nevertheless the rates
remain firm, largely because there is more than usual
demand for credit accommodation in most of the Continental markets. The Federal Reserve Bulletin for
November points out that the foreign central banks
have supported the exchange value of their currencies
during the period of seasonal pressure by disposing
of part of their dollar assets. German marks continue in demand. As noted above, Germany has
drawn heavily on London for gold. Short-term credits for Germany continue to be arranged in large volume in New York, although London, Amsterdam
and Paris bankers are sharing in these credits. This
week the Reichsbank shows total gold reserves of
2,573,480,000 marks, an increase over the previous
week of 9,935,000 marks and an increase over a year
ago of 717,500,000 marks. This week $106,000 gold
was shipped to Germany from New York, this makes
a total of $869,000 shipped in small amounts over a
period of 16 weeks.
French francs have been ruling slightly firmer
around 3.91 for cable transfers. The pegged point
is automatically lifted by the Bank of France in order
to protect its gold holdings. Germany is in an especially strong position to withdraw French gold except
for the pegging of the franc rate. The Bank of
France is the principal bank in Europe disposing of
its exchange holdings in order to maintain its currency.
The Paris money market continues easy, but it is
3007
believed that before long it must follow the generally
higher trend of other European centres. French
funds continue to move to Germany and to the United
States for investment. The Bank of France continues to buy gold from hoarded stocks. A week
ago its purchases of such hoarded stock totaled 21,000,000 francs. This week the Bank of France
shows an increase of 362,000,000 francs in its gold
reserves, or approximately $14,000,000. The market takes this increase to mean that the $13,000,000
gold "earmarked" last week by the Federal Reserve
Bank for a foreign correspondent was credited to the
Bank of France. Italian exchange continues to be
one of the more active units in the New York market,
due, as stated here.several times, to the flow of funds
for investment in Italian securities and to immigrant
remittances.
Rumanian exchange is one of the most inactive in
the New York market. Interest attaches to it at
this time owing to the proposed stabilization loan.
Recent advices from Bucharest to London state that
the new Rumanian Government is demanding an
increase in the amount and better terms for its stabilization loan, declaring it has decided to apply to
the League of Nations if these demands are not
granted.
The London check rate on Paris closed at 124.10
on Friday of this week, against 124.11 on Friday of
last week. In New York sight bills on the French
centre finished at 3.90 11-16, against 3.903' a week
ago; cable transfers at 3.90 15-16, against 3.90%,
and commercial sight bills at 3.907-16, against 3.903t.
Antwerp belgas finished at 13.89 32for checks, and at
13.903 for cable transfers, as against 13.89%, and
13.90 on Friday of last , week. Final quotations for
Berlin marks were 23.83M for checks, and 23.843/
for cable transfers, in comparison with 23.83 and
23.84 a week earlier. Italian lire closed at 5.23%
for bankers' sight bills, and at 5.24 for cable transfers,
as against 5.23% and 5.24. Austrian schillings have
not changed from 14A. Exchange on Czechoslovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.60%, against 0.603'; on Poland at
11.19, against 11.19, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29 for checks, and
for cable transfers, against 1.29 and
at 1.29
1.20M.
In the exchanges on the countries neutral during
the war the greater activity is seen in Holland
guilders. The guilder and Swedish krona, like the
German mark, are all strong with respect to the
pound sterling and are close to points which might
make it profitable to withdraw gold from London.
Though guilder exchange is under seasonal pressure
with respect to New York, the rate is firm, a condition which is the more surprising in view of the
fact that Dutch funds are constantly coming to this
side as well as moving to Germany and other European
centers where interest rates are attractive. The
economic situation of Holland is very satisfactory
and the prosperous condition of the Dutch tropical
colonies is constantly increasing the volume of loanable funds in Amsterdam. The Scandinavian exchanges have been dull, but remarkably steady for
several weeks, and this week have reflected the firmer
tone in sterling. Spanish pesetas, as during the
past few weeks, show that the exchange control
committee in Madrid has managed to stop decline
in the unit. It was noted here last week that the
3008
, Spanish Government contemplates a return to the
gold standard. No further information has developed respecting this intention, but peseta futures
have been in good demand at a substantial premium.
The demand for futures has arisen both from extension of outstanding long commitments and from
new long commitments. London expects Spain
to return to gold very soon at something slightly
above present exchange rate, rather than at the
pre-war parity of 19.30. Bankers in New York,
however, are rather critical of any plan to revaluate
the Spanish currency. They point out that all the
other European neutrals have returned to gold at
pre-war parity, and that as Spain was as prosperous
during the war as any of these other neutrals, it has
no excuse for not returning to the pre-war gold standard. It is pointed out, on the other hand, that Spain
has had the expense of several years of warfare in
Morocco and has been retarded by internal political
uncertainties. Spain never did maintain a free gold
market. Before the war the peseta was usually at a.
substantial discount in foreign markets. Now the
country's gold holdings are well above pre-war levels,
but since the Latin Monetary Union no longer exists,
it seems quite improbable that there will be a return
to pre-war parity from motives of national pride.
London appears to feel that the establishment of an
actual gold standard in Spain, even below nominal
parity, would be preferable to uncertainty. The
only losers by such a return would be foreign specu
la tors in the peseta.
Bankers' sight on Amsterdam finished on Friday
I t 40.15%, against 40.133 on Friday of last week;
cable transfers at 40.173., against 40.153, and commercial sight bills at 40.12, against 40.093. Swiss
francs closed at 19.259 for bankers' sight bills and
at 19.26% for cable transfers, in comparison with
1925 and 1926 a week earlier. Copenhagen checks
finished at 26.66 and cable transfers at 26.67,
against 26.65 and 26.66. Checks on Sweden
closed at 26.71/
1 2 and cable transfers at 26.73, against
26.72 and 26.7314, while checks on Norway finished
at 26.65M and cable transfers at 26.67, against
26.643/2 and 26.66. Spanish pesetas closed at 16.17
for checks and at 16.18 for cable transfers, which
compares with 16.11 and 16.12 a week earlier.
The South American exchanges are dull but steady.
The Latin Americans exhibit a better tone, owing to
the near approach of the export season, which it is
expected will be more prosperous than any in several
years of exceptionally good foreign trade. Commerce throughout Argentina is undergoing a process
of change due to various causes-taste, standards of
living, with their reaction upon manners and styles,
altered methods of communication, local industrial
production, and other business changes indicating
revolutionary progress in methods since 1914. Argentina is to-day an advanced market and stands on a
level with Europe and the United States in many
ways, so far as purchasing is concerned. The influence of the coffee industry, especially on the national
wealth and credit of Brazil, is so great that constant
consideration of its position and development is
imperative by those whose interests are directly or
indirectly related thereto. It is unquestionable that
the institution of "Coffee Defense," which means
official regulation of supplies, and consequent control of prices, has been of enormous benefit both to
the country and to producing States, as well as to
Fol.. 127.
FINANCIAL CHRONICLE
the individual planters. However, the process
adopted in advancing cash against, coffee stored must
inevitably prove expensive, for interest on foreign
money to the extent of approximately 00,000,000
must be added to the cost of production. Current
quotations for Bfazilian coffee are generally regarded
as artificially high, and other producing countries
have been able to raise simultaneously their prices
under the protection policy in force in Brazil. The
inevitable effect, as pointed out by the "Jornal do
Cornmercio," is that foreign production is being stimulated at the expense of Brazil, and the ratio of Brazil's
supplies to the world markets is diminishing substantially. Comparison with the increased rubber production in Dutch East Indies under the protection of
the Stevenson scheme is apposite, and the question
is whether the warning will be heeded before Brazil's
supremacy in the coffee industry is irretrievably endangered. Argentine paper pesos closed on Friday
8, and at
8 for checks, as compared with 423/
/
at 421
42 3-16 for cable transfers, against 42 3-16. Brazilian milreis finished at 11.92 for checks and at 11.95
for cable transfers, against 11.93 and 11.96. Chilean
exchange closed at 12 1-16 for checks and at 12 for
cable transfers, against 12.10 and 12.15, and Peru at
4.01 for checks and at 4.02 for cable transfers, against
4.01 and 4.02.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV. 24 TO NOV. 30 1928, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to Nato York,
Value in United Mato Money.
Nov. 24. Nov. 26. Nov. 27_ Nov. 28. Nov. 29. Noe. 30.
II
EUROPE.140636
Austria,schilling
138974
Belgium, belga
.007236
Bulgaria, lev
Czechoslovakia, kron .029627
266565
Denmark, krone
England. pound ster
4.850081
big
.025179
Finland, markka
.039070
France, franc
Germany, reichamark. .238356
.012929
Greece, drachma
401497
Rolland, guilder
.174226
Hungary, pengo
.052397
Italy, Urn
266557
Norway. krooe
.112000
Poland. zloty
.044605
Portugal. escudo
.006036
Rumania,len
.181163
Spain, peseta.267284
Sweden, krona
Switzerland, franc__ .192589
Yugoslavia, dinar__ .017578
ASIAChina064588
Chefoo tael
.654583
Ilankow tael
.640267
Shanghai tael
.676250
Tientsin tael
Hong Kong dollar__ .499692
Mexican dollar_ ___ .465125
Tientsin or Pe'yang
.464791
dollar
.481458
Yuan dollar.....
.364446
India, rupee
.462183
Japan, you
SIngapore(S.Sidollsr. .584583
NORTH AMER.1.001527
Canada, dollar
.999206
Cuba. peso
478566
Mexico. peso
Newfoundland, dollar. .998531
SOUTU AMER.Argentina, peso (gold) .958606
.119400
Brazil, mllrehi
.120744
Chile, peso
1.026238
Uruguay, peso
.070900
Colombia. neon
$
.140519
.139020
.007155
.029625
.266671
1
.140671
.138978
.007177
.029625
.266567
4
.140587
.138984
.007170
.029626
.266627
$
.140618
.139010
.007175
.029627
.266653
4.850883
.025175
.039086
.238386
.012924
.401615
.174262
.052389
.266557
.111938
.044245
.006029
.161193
.267309
.192601
.017576
4.852471
.025171
.039098
.238425
.012922
.401749
.174197
.052400
.286610
.112000
.044410
.006040
.161223
.267334
.192644
.017583
4.851711
.025171
.039099
.238414
.012922
.401752
.174190
.052411
-266635
.112000
.044410
.008037
.161222
.257308
.192657
.017580
4.851263
.025173
.039093
.238389
.012921
.401721
.174283
.052395
.266634
.111938
.044505
.006206
.161390
.267294
HOLD- .192688
.017585
DAY
.654166 .654791
.653750 .654166
.839910 .640825
.675833 .676875
.499464 .499910
.464875 .465500
.654583
.654583
.640535
.676250
.499910
.465250
.652500
.651458
.638571
.873958
.499017
.464600
.482291 .465416
.458958 .462083
.364550 .364459
.460766 .459611
.564583 .564583
.465418
.462083
.364041
.458680
.564683
.463333
.460000
.364481
.458283
.564583
1.001510 1.001718 1.001510
.999206 .999237 .999300
.479083 .478500 .478600
.998625 .998750 .998687
.999895
.999375
.478666
.997156
.958375 .958611 .958330
.119384 .119393 .119384
.120751 .120660 .120549
1.026168 1.025923 1.025723
.970900 .979900 .970900
.958399
.119418
.120654
1.024868
.970900
S
The Far Eastern exchanges have been dull. There
has been no change in the underlying features of these
exchanges in several weeks. Japanese yen have
inclined somewhat to ease, but due more to dullness
than to any other cause. The yen has been remarkably free from speculative influence during the past
fewweeks. Doubtless the impending removal of the
gold embargo is a factor protecting the Japanese unit.
from bear speculators operating from the Chinese
centres. Despite the widespread prevalence of
famine in several of the Chinese provinces involving a
population of more than 20,000,000, the ports continue to absorb silver in large quantity as fast as it is
offered from any quarter. Money and credit are in
Dm. 1 1928.]
FINANCIAL CHRONICLE
strong demand in India, a condition which was reflected a few weeks ago in the increase in the Indian
bank rate from 5% to 6%. There has been an am
preciable improvement in the business of British
India since September. Closing quotations for yen
checks yesterday were 45 11-16@463/
8, against
46.20@463 on Friday of last week. Hong Kong
closed at 50 @,50 3-16, against 50.10@504;
Shanghai at 63 15-16@64 3-16, against 64A@64%;
Manila at 493
4, against 493
4; Singapore at 563
4
(4)56%, against 563%@57; Bombay at 36%, against
36%, and Calcutta at 36%, against 36%.
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Seturdor, Moeda,.
Nov. 24. Nor. 26.
russtoli. Wednsury, Thursday. IrrWay.
Nov. 27. Nov. 28. Nov. 29. Nov. 30.
S
129,008,000
tio.eomoo 115.e01,ee
$
131.000,000 Holiday.
158.000,000
Aggregate
for ;Vett.
Cr. 643,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Nov. 30 1928.
Boats of
Gold.
England_.159,845,986
France
249,710,590
Germany b 124,392,7
Spain _ _ 102,356,
Italy
54,527,000
Nethereds 36,321,
Nat. Belli. 23,660.000
Switzeri'd. 18,768,000
13,162,000
SwedenDenmark _ 9,602,
8,162,
Norway
I
Ded.2 1927.
Total.
Silver.
Total.
—
1
I
159,845,988 149,918,76
149,918,785
d
249,710,595i46,220,324 13,717,703 159,938,027
c994.600 125.387,300i 89.208,300
994.600 90,202.900
27,714,000
129.000 27,169.
131,298,000
64,627,000. 48,935,00
3,734.
50,669.000
1,834,
38,155,000. 32,510.000
,
34,810.000
1.266,000 24,826,000, 19,962,000 1.212,
21.174.000
1.939,
20.707,0001 18.043,000 2,586,000 20.629.000
13,162,000. 12.823,000
12,823,000
519,0001 10,121,000 10,116,000
661,
10,777.000
8,162,000 8,180.000
8,180,000
Gold.
Total week 800,507,276 34,266,600834,733,8761338,045,389 52.374,31 690,419,692
Prey. week 799,317,257 34,130,600833,477,857 39,075,964 52,485,:II 91,561.764
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,281,300. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
President Coolidge and the World Court.
The announcement in Washington dispatche4 of
last Saturday that President Coolidge hoped to
-round out his Presidential career" by bringing the
United States into membership in the Permanent
Court of International Justice, more commonly
known as the World Court, came as a distinct surprise to the country at large. The failure of the
Powers that signed the World Court protocol to accept the reservations voted by the Senate in 1926 as
a condition of American adherence to the Court,
together with a marked absence of discussion of the
question in political circles for more than two years,
have created a general impression that the World
Court issue, at least as far as any further action by
the United States is concerned, was dead. The Senate Committee on Foreign Relations, however, has
3009
before it a resolution, framed by Sentor Gillett of
Massachusetts, proposing a resumptin of negotiations in the World Court matter, and Saturday's
announcement coincided, as it happened, with the
appearance of what looked like very extensive propaganda in behalf of a prompt consideration of the
Gillett resolution by the Senate committee when
Congress reconvenes next Monday.
There seems to be some reason for suspecting that
Mr. Coolidge's eagerness to see the United States
a member of the World Court has been somewhat
exaggerated, and that the World Court matter,
whether or not negotiations with other Governments
are actually under way, will not be allowed to
jeopardize a Senate action of much more immediate
concern to the Administration, namely, the ratification of the Kellogg anti-war treaty, now generally
referred to as the Pact of Paris. Senator Gillett,
however, seems to have been sufficiently impressed
by the announcement of Mr. Coolidge's reported interest to let it be known that, pending further developments, he would refrain from pressing for consideration of his resolution. It seems worth while,
accordingly, under these circumstances, to recall
briefly the history of the World Court controversy
as far as it affects the United States, and to reexamine the Senate reservations with a view to ascertaining whether they have today either less or
a different force from that which they had when
they were adopted.
The protocol of the World Court, the receipt of
which was acknowledged by the Secretary of State
on Aug. 15, 1921, was submitted by President Harding to the Senate, together with the accompanying
statute, on Feb. 24, 1923, with the request that the
Senate should give its assent to American adhesion
to the Court on the basis of four "conditions and
understandings" sei forth in a letter from Secretary
of State Hughes. Acceptance of the proposal was
further recommended by President Coolidge in his
annual messages of Dec. 6 1923 and Dec. 3 1924, in
his inaugural address of March 4, 1925, and in his
annual message on Dec. 8 following. It was not
until Jan. 27, 1926, however, that the Senate, after
prolonged consideration of various resolutions and
amendments the first of which dated back to December, 1923, adopted the Swanson resolution embodying the conditions under which the United
States.,declared its adherence to the Court and its
approval of the protocol and statute.
On March 2, 1926, copies of the Senate resolution
were transmitted by Secretary of State Kellogg to
the League of Nations and the signatories of the
protocol, the signatories being invited to inform him
in writing "whether they will accept the conditions,
reservations and understandings" set forth in the
resolution. The response to the League was an invitation from the Council to the United States to participate in a conference at Geneva, on Sept. 1 1926,
at which the position of the United States should
be discussed. The invitation was declined by Secretary Kellogg on the ground that the Senate reservations were "plain and unequivocal," and that he
had no authority to change the procedure which required an exchange of notes between the United
States and each of the forty-eight States that had
signed the statute of the Court. Notwithstanding
this declination the conference was held, but its outcome was inconclusive. The American reservations
were accepted "in principle," but the changes and
3010
FINANCIAL CHRONICLE
explanations proposed, especially in regard to the
reservation relating to advisory opinions, made it
reasonably clear that they could not be accepted by
the United States without substantial modification
of the Senate resolution. On Nov. 11, 1926, President Coolidge stated that "while no final decision
can be made by our Government until final answers
are received, the situation has been sufficiently developed so that I feel warranted in saying that I
do not intend to ask the Senate to modify its position. I do not believe the Senate could take favorable action on any such proposal, and unless the
requirements of the Senate resolution are met by
the other interested nations, I can see no prospect
of this country adhering to the Court."
The Senate resolution advising and consenting to
the adherence on the part of the United States to
the protocol and statute of the World Court, but
"without accepting or agreeing to the optional
clause for compulsory jurisdiction" contained in the
statute, specified five numbered "reservations and
understandings" with which the signature of the
United States to the protocol should be affixed. The
first repudiated any legal relation on the part of
the United States to the League of Nations, or the
assumption of any responsibilities under the Treaty
of Versailles. The second stipulated that the United
States should partielpate, upon an equality with
other States, in any proceedings of the Council or
Assembly of the League for the selection of judges
of the Court. By the third reservation the United
States undertook to pay such fair share of the expenses of the Court as Congress should determine.
The fourth reservation declared that the United
States might at any time withdraw its adherence
to the protocol, and thht the statute of the Court
should not be amended without its consent; while
by the fifth reservation it was stipulated "that the
Court shall not render any advisory opinion except
publicly after due notice to all States adhering to
the Court and to all interested States and after
public hearing or opportunity for hearing given to
any State concerned; nor shall it, without the consent of the United States, entertain any request for
an advisory opinion touching any dispute or question in which the United States has or claims an
interest."
To these five numbered reservations the Senate
resolution added the further "understandine that
recourse to the World Court "for the settlement of
differences between the United States and any other
State or States can be had only by agreement thereto through general or special treaties concluded between the parties in dispute;" together with the
stipulation that adherence to the protocol and
statute "shall not be so construed as to require the
United States to depart from its traditional policy
of not intruding upon, interfering with, or entangling itself in the political questions of policy or internal administration of any foreign State," nor be
construed "to imply a relinquishment by the United
States of its traditional attitude toward purely
American questions."
In view of the long consideration given by Congress to the World Court question, and the adoption
eventually by the Senate of a resolution whose terms
were properly described by Secretary Kellogg as
"plain and unequivocal," it seems pertinent to inquire upon what grounds President Coolidge, if he
has been correctly reported, may have based his
[VOL. 127.
hope of securing from the signatory Powers an acceptance of the American reservations which the
majority of those Powers have thus far failed
to give. Washington dispatches of the past few days
have reported, upon what was declared to be good
authority, that no negotiations on the subject have
as yet been begun by the Department of State, and
that the foreign Powers interested have not initiated
negotiations on their own account. The same dispatches have also intimated that there was little
likelihood that the Senate, if the question were again
brought before it, would modify its original attitude,
and that the introduction of the question in the
Senate at this time would not only precipitate a
long and perhaps acrimonious debate, but also
jeopardize important legislation which it is desirable should be passed before the final session
of the present Congress adjourns. The only remaining foundation for Mr. Coolidge's hope, apparently (if, as we repeat, his interest in the question
has not been exaggerated), is either his expectation
that the World Court itself may be so reorganized
by the League as to facilitate acceptance of the
American reservations, or else his conviction that
the reservations themselves go too far and might
well be modified.
The main obstacle which the Geneva Conference
encountered in dealing with the Senate resolution
was that offered by the fifth reservation, relating
to advisory opinions. There is no space here even
to summarize the lengthy discussions which went
on in the Conference, and which have been continued
by authorities on international law, over the question of the precise scope of the authority of the
Court or the League in the matter of advisory opinions. It seems sufficient to point out that Article
14 of the Covenant of the League, providing for the
organization of a Court of International Justice,
expressly stipulates that the Court shall give its
advisory opinion regarding any dispute or other
matter which the Council or Assembly of the League
shall submit to it. It is difficult to see how any
revision of the protocol or the statute of the League
relating to the Court could relieve the Court of the
obligation which the Covenant imposes upon it. If
advisory opinions are to be done away with or their
scope restricted, an amendment of the Covenant
would seem to be the only way to bring such a•
change about. As long as the language of the Covenant remains unaltered, it can hardly be seriously
maintained that any agreement among the members
of the League to limit the kind of questions that shall
be submitted, or to lay down conditions upon which
alone the Court shall give its advice, would be of
any legal validity.
It is precisely this issue of advisory opinions that
makes most clear the position of the United States.
The United States is committed, in principle, to the
support of a court of international justice. Its
reservation of such questions as the Monroe Doctrine or its traditional policy of non-interference
in the domestic affairs of other States does not
affect its fundamental attitude toward an international court. What the United States desires, however, and what the Senate reservations make abundantly clear, is that the court shall be indeed and
only a judicial body, and not a political agency of a
political organization. The World Court, as at present constituted, is not purely a judicial body. It
cannot be merely a judicial body so long as the
DEC. 1 1928.]
FINANCIAL CHRONICLE
3011
cloned we have no way of separating the vote upon
the several issues. But it is reasonable to say, in
view of the "land-slide" vote, that the stand taken
upon each by the party in power was endorsed.
Therefore, we may say that a majority of the people (and our administration of government rests
upon the rule of the majority) does not want any
tampering with the Volstead Act and does not want
any change in the Eighteenth Amendment. There
is herein a clear-cut mandate to the outgoing and
the incoming Congress. There is nothing for either
to do but to let this matter alone. Again, in a negative way, for the plans proposed were not diametrically opposed, there is a mandate for "farm relief."
And yet so mixed up were the cross-currents of opinion that (especially in view of the Midwest farm
States as seen in the election) there appears to be
a strong sentiment that the Government has nothing
to do with the situation of "dire distress" and in fact
can do nothing. On these two leading issues the
mandate is, as to the first, "do nothing," and as to
the second, do nothing that will engage the government in paternalism.
As far as immigration and the tariff enter into the
calculation, the stand-pat party platform is endorsed. There is perhaps a clear promise to do some
revising of schedules in the interest of the farmer,
but only under the principle of "protection" and very
little to do in that respect. No new and' all-embracing bill on the question is authorized by the people for either the outgoing or incoming Congress.
If anything is to be done, it will be upon new conditions and for new and pressing reasons.
Inevitably there must be legislation, either by the
old Congress or the new on water power. As Mr.
Edison has shown, it is not, in fact, the great problem the people suppose. Only a small fraction of our
electrical energy can be generated by water power.
Coal must continue a prime source, and there is plenty of coal. But the question of private vs. public
ownership is involved. The Government owns the
rivers. It must in some way grant an easement, and
it cannot abdicate. Who shall build and own the
A Mandate to Congress.
dams, the plants; and who shall distribute the enSome things developed by the recent election the ergy? Here is a very delicate adjustment of use
opening Congress will do well to note. The largest and regulation. Since Muscle Shoals and the Boulvote in history was, more nearly than ever before, der Dam are left-over propositions, they must soon
the "voice of the people." The overwhelming elec- be considered. There is no mandate for what is
toral and popular majorities can be construed in no known as "public ownership" in the last election.
other way than as an endorsement of the present The principle of the successful party, the position of
"Administration." The lack of paramount political Mr. Coolidge and of the Presidentelect, the indica(in the high sense) issues threw into unusual relief tion of the vote of the localities, are all against it.
the personality of the candidates; therefore Mr. Hoo- It is an economic and not a political question. It
ver was the choice of a huge majority of the voters; ought to be settled without prejudice, rancor, or sohis was largely a personal triumph. From all these cialistic theory and leaning. There is left the subpremises we may undoubtedly argue that the people ject of taxation for the direct maintenance of the
are, as far as majorities are concerned, satisfied government. The income tax is faulty. It is a
with "things as they are."
patched-over war measure. It should be amended,
Now there are some qualifications to this conclu- and speedily. Ten years after the war its injustices
sion. The "issues," though they were more of a po- and inequalities continue to glare at the business of
litical nature (in the lower sense of the word) than the country, and to reflect the false cry of that hectic
either economic or governmental, were such as to time: "The rich caused the war, we will make them
arouse great interest, were actively discussed, and pay for it!" There is no room here, however, for a
among the citizens violently so, if we may use the political quarrel.
What now may we deduce from these facts and
term. So that it may be said that the citizens,
again using the majority as a verdict, knew what this election? First, that, in the main, the people
they wanted and bestirred themselves to get it. But are satisfied; that they ask little in the way of legishere enters the qualification: All the issues are lation; that this is the mandate to Congress—Let
passed upon together in one vote! While it is ap- well enough alone! Especially, stop this annual
parent that the attitude of the party in power is en- flood of petty laws, that for the most part are inter-
Covenant, to whose authority and direction it owes
its existence, requires it to render advisory opinions
upon any questions, whether political or judicial,
that the Council or Assembly of the League may
choose to submit to it. The Court, in other words,
is the League's Court, established by the League,
regulated by the League, and bound by the Covenant
to assist the League, when called upon, in the
League's political work. The Senate resolution, by
the reservations and understandings which it stipulates, makes this essential character of the Court
entirely clear, and the objections which have availed
to keep the United States out of the League are to
be matched by objections equally conclusive against
adherence to the Court except under conditions
which would prevent the Court from acting as a
political body.
We are unable to see that the reservations framed
by the Senate are any less weighty now than they
were in January, 1926. In the absence of evidence
that the World Court matter is actually a subject
of diplomatic interchange, we are inclined to interpret Mr. Coolidge's informal announcement as either
a friendly gesture, intended, perhaps, to offset the
hostile criticisma which has been voiced in Europe
of his Armistice Day speech, or else as an intimation that, in his opinion, the time is ripe for a readjustment of the functions of the World Court.
Reports from Geneva that some reorganization of
the Court is informally under consideration in
League circles lend some support to this latter supposition. Until the status of the Court is changed,
however, it seems unlikely that the Senate will consent to recede from its position, or that diplomatic
interchanges, if they are undertaken, will go very
far toward harmonizing differences which are
clearly fundamental. The whole aim of the Senate
reservations is the protection of the political independence of the United States. There is little indeed
in the present state of world affairs to show that
that independence does not still need to be safeguarded.
3012
FINANCIAL CHRONICLE
[VoL. 127.
ferences. Constant change in the laws is not con- features of the enterprise with some degree of susducive to stability of government. By this election picion. To increase the "Christmas spirit" of giving
the people have pronounced in favor of a republi- is a delicate work and a fine work if it can be done
can-representative rule. There is no leaning toward without destroying the ideal that lies within it. Savsocialism. And while there impends, perhaps, a ing for the purpose of giving is not quite in the line
Federal Farm Board as an alternative of the situa- of saving for thrift and investment, or saving for
tion hardly to be avoided, we do not find in the earning power and permanent possession. Both are
indications of the vote any mandate to "help the far- worth while. And it is a distinct aid to those who
mer" by subsidy or any special legislation that will are careless of their wages and salaries that an opput the government in business or constitute it the portunity be afforded in proper time to meet the now
guardian of agriculture. For, when both parties universal demand for Christmas remembrances.
agree upon a proposal, even acquiescence by the
However, mechanical giving is not entirely a givvoters is not a valid order to inaugurate a system of ing from the heart. It is often necessary to systebureaucracy. And on this the views of Mr. Hoover matize saving lest we come upon the impulse to give,
are clear, pronounced and salutary.
unprepared. The small banks of the country, at conClearly there is little in the way of new legisla- siderable trouble to themselves, have been offering
tion to occupy Congress. After the necessary minis- these clubs without charge to their customers for
terial laws Congress can go home for the season. many years. There is an old platitude to the effect
Save for a premature promise, or so we must regard that "Christmas comes but once a year!" Much
it, to call Congress in session in the spring, the coun- good may come from the aid proposed by these organtry might well be disposed to wait until the next izations, now to be consolidated, to these country
regular session comes around. If Congress is called banks if it be proffered as an aid. But it would be
for a specific purpose, •the lines of possible legisla- a calamity to destroy the true "spirit of Christmas,"
tion should be drawn tightly. Economic change is and create any sort of rivalry, through advertising,
constant and eternal. Man lives in the midst of it. among these banks. After all, laying away money
Let him not then carry the added burden of constant preparatory to Christmas giving must spring from
change in governmental laws. The new President a fountain, of good-will in the human heart. Fellowwill have "clear sailing"—both Houses supporting ship in a club is unimportant in itself. Clubs do not
him. But let us not have an exhibition of the ten- give; individuals do. A dollar a week deposited for
dency of power to overleap itself. Let us have little a few months or a year may be accentuated by the
law-making----and that of a liberal and non-partisan fact that others are doing so; but the main emprise
character.
is to make the individual see the heart-service that
consecrates giving.
Christmas Clubs—True Giving and True Saving.
True giving is not shouted from the housetops. The
The consolidation of a number of organizations mechanism of saving is not more than a ministerial
engaged in the popularization of thrift and the cre- help. To expect the bank to do more than serve
ation and promotion of savings plans, together with in the capacity of custodian of these funds is -askcertain printing companies and an advertising ing too much. As a rule, depositors know what they
agency, is at least in keeping with the times. A no- want to do. If by any of the arts of "suggestion"
tice tells us that there are in the merger eleven of the average man, woman, or youth, can be made to
these promotion companies, many of them known as appreciate this golden opportunity which Christmas
"Christmas Clubs," eight printing companies and an affords, well and good. But to attempt to herd peoadvertising ageney. They propose now instead of ple into a class for the purpose of exercising a native
the former competition to give 4`a nation-wide and kindliness is an anomaly. Nor should there be any
co-ordinated service." The institution now forming attempt to make giving fashionable. It is out of a
is to be called "The National Bancservice Corpora- free heart or it is nothing; it loses its fine savor. II
tion." We read in the account that "the bank ser- is a delicate matter to suggest to anyone that the
vice department will operate as a subsidiary corpo- way to the good-will of the heart is through a mechration under the title Christmas Club" and that "the anism that has no heart. We might well leave some
consolidated companies will have in their employ a of our doings to the impulses of love that are native
complete organization of 'idea men,' advertising born. Organization,as we have said,for the purpose
writers and commercial artists, and will operate a of showing the general advantages of laying by a
complete typographic department, modern printing, sum for Christmas giving should not lean toward the
embossing and lithography plants and bindery...." side of compulsion.
We are also told "that preliminary figures indicate
This is not a matter of great moment. But we
that the total distribution in the Christmas Clubs are of the opinion that the spirit of Christmas givby banks throughout the country in December would ing can not be organized, and should not be. Let
exceed the 1927 figures which were more than $500,- some of the fine things of life remain as they are.
000,000."
Efforts to draw persons into a Christmas Club is
It is at about this time of the year that there ap- too much like bringing a social force, a pressure,
pears in the windows of many of our country banks upon the individual to give. Saving and giving are
the legend "Join Our Christmas Club," but we were distinct, separate and apart. Saving is a matter of
not aware of the existence of so many promotion calculation; giving, a matter of confidence. Saving,
coMpanies. We were under the impression that this by joining a club, is mechanical, worthy of study
was a voluntary and commendable service of these and design; giving from the sums of saving is heartindividual banks. That there is room in matters of ening, exemplifying kindness and good-will. To save
literature, "ideas," and advertising material, for is to accumulate; to give is to distribute. Saving
promotion companies we do not doubt, that Christ- is having; giving is relinquishing. Saving is an
mas saving can be trained and augmented is appar- ordeal; giving is a delight. We work to save; we
ent, but we look upon the organized or standardized spend to give. And always the earning and saving
DEC. 1 1928.)
FINANCIAL CHRONICLE
3013
add a savor to the giving, and the giving and relin- work. India to-day bears abundant testimony to
quishing add a nobility to the saving. It is better him. The bitterness of the fate which befell him at
to sacrifice than to save—but there can be no sacri- the last, growing out of a controversy with the
Home Office in London, and which his biographer
fice without saving.
Do we waste time in a busy world intent on great says was altogether undeserved, does not detract
accomplishments considering Christmas saving? from the extent and importance of the service he
Perhaps, but not entirely. The little things of life rendered in India. India is one of the two great
make up the big ones. And even in a business world, peoples upon which the future of Asia depends. A
with its billions, five hundred millions to put pure glance must serve to show the main features of
joy in human hearts on an appointed day is no in- Lord Curzon's Indian career.
It began with the governmental administration.
considerate or inconsiderable work. The money does
not measure the motive. Yet where and when do we That had originated in a iperiod long gone by, and
find such spontaneous love? It begins with the while it had necessarily been modified, it retained
home, and extends into the might and magnificence its normal characteristics. Its center and ultimate
of the corporate enterprise. Five hundred millions authority was in London. Though worked as a sysannually to put light and laughter into the eyes of tem with unfailing loyalty, it was with a sense of
childhood and into the glow of friendship is a crown dependence and irresponsibility which appeared in
of gold on the earning and saving of our many mil- divided counsels, in vacillation, exaggerated cenlions whose tireless endeavors build our material tralization, and interminable delay. Departments
welfare. If then we pause a moment in our busy were disconnected and were over-manned; routine
energies, our acquisitive lives, our mass enterprises, prevailed, tradition ruled, and the climate was exour own desires and destinies, to lay by in the bank acting. The field was vast, embracing many mila few dollars for Christmas giving, we only add lions of people broken up by caste, diversities of
speech, race and religion, with provinces with semiour mite to the helpfulness that unifies a world.
Real selflessness may be only a dream. Altruism independent governments, and with frontiers imper- may be only a delusion. Sacrifice may only pleas- fectly guarded against hostile and ruthless neighure our innate egoism. But for whom do we work bors. For one man to attack this situation with
if not for others? Saving to take part in a day of eager desire to better conditions and readiness to
universal good-will is at least a salutary check upon gather the work in his own hands required courage
selfish spending. We must earn before we can save. as well as skill.
The North Western Frontier had been established
We must acquire before we can give. But, best of
all, we must give before we can have; for the giving long before as a grandiose project appealing to the
is the attainment within of that spiritual which en- imagination, but was no longer practicable. Almost
nobles and endures. If we look upon our glorious in- immediately on his arrival his attention was called
stitutions for health and happiness, if we weigh our to it. Active enemies were beyond and European
foundations for culture and civilization, we still aggression and pressure through both Persia and
must acknowledge the sublime good that lives in Afghanistan was felt. Meanwhile, the Punjab lying
spontaneous individual giving. Though the aggre- along the frontier on the South had been put under
gate sum be large, though in our critical estimates a special government and now stood seriously in
we may see much waste in thoughtless Christmas the way of the Government of India to which it was
giving, the inner glow is a growth in the higher life nominally subordinate. This difficulty had long
that springs from the dull material. And to think of been recognized but no change had been made and it
child and friend in advance of the gift is a full war- fell to him to bring it about, which with his accustomed tenacity and strength of purpose he accomrant for laying by the store in good time.
plished. It was the beginning of an obvious extenBritain's Indian Empire—The Curzon
sion of the frontier system. He visited the regions
Administration.
beyond and arranged a Durbar, a vast gathering of
From Clive and Hastings onward, England has tribesmen, at Peshawar to impress the wild natives
been able to supply for India a line of able and often with the majesty of the ordered civilization with
distinguished rulers. Like the Presidents of the which they had to deal. The famous Khyber pass,
United States, they have followed one another in up which he went, impressed him with the magnirather rapid succession, but they have worked upon tude of the danger lying beyond. This was so real
existing material and under conditions making it that the Home Government were disturbed at his
possible for them to leave a deeper personal impres- move, and, when it was known that he had successsion than is possible to similar brief dominion else- fully settled some long-standing difficulties, recognized it as a "real personal triumph."
where.
This was later extended by travel in Assam and
Among them all no one stamped himself on. the
State more constructively and more deservedly than Burma in the East where no Viceroy had before venthe late Lord Curzon. In knowledge of Asia and tured, establishing for them new and permanent reespecially of India he was the best informed Eng- lations with British India, and looking to commerlishman, If not European, of his day. We have al- cial and industrial development and eventual use of
ready called attention to the story of his earlier the great rivers debouching in the sea from the
life; the career for which he had specially fitted Yangtse to the extreme south as the chief routes
himself is now before us.* In December 1898, in of trade for the future.
Nearer home he took advantage of the accession of
the prime of his early manhood, he was made Viceroy for India, and in the consciousness of this as Edward VII to hold a Durbar of imposing magnifithe task for which he was prepared and which was cence in Delhi largely for the purpose of improving
the supreme goal of his ambition, he took up the the relations of the Province of Bengal with the
Government of.India, in which there had been pro•The Life of Lord Cvrzon, by the Earl of Ronaldehay. "Vol. E. Boni
longed
strain, and also for impressing all India
Liveright.
3014
FINANCIAL CHRONICLE
[VoL. 127.
with a sense of the dignity of the Empire. This ous strifes are cold, all Indians are grateful to the
proved a great success and, as he had hoped,"a land- wise statesman:.hip of the great Viceroy who did so
mark in the history of the people and a chapter in much to preserve our ancient monuments and raise
our educational standards. By these achievements
the ritual of the State."
His constant concern was the Budget. This he he still lives, and generations of Indians will bless
managed so successfully that he soon had a surplus him for them."
As the end of the appointed term of his office drew
annually running into and above £1,000,000, which
he eagerly devoted to a reduction of taxation that near, though difficulties increased, he had devoted
would better the condition of the agricultural pop- himself so utterly to India that he desired an exulation which he made his constant and effective tension. The Government had changed at home and
care. Among other things, he introduced a land the very earnestness of his desires for India and the
revenue system which was recognized at once as the strength of his own convictions had created serious
most important since the freehold system created and wearying misunderstanding. He had given his
by Canning 40 years before. It became a landmark heart to India and he had not minded excited local
in the history of the land revenue policy of British opposition which he knew inevitable in the condirule in India and was esteemed after 25 years of tions of his service, but the state of his wife's health
service "the greatest work on the subject ever and his own increasing bodily weakness and grievous pain weighed heavily against him. Among his
penned."
He early interested himself in education. Sev- staff it was said that "the days in which he was sufenty years of effort at imparting English education fering most he worked the hardest and the longest
to an Asiatic people presented inherent difficulties. hours." There was still so much to be done,so much
Warren Hastings had introduced the broader sys- to be studied and reconciled to the broad lines of the
tem in 1781, aiding the Mohammedans. This was policy for the future!
He could look back upon much that was accomextended later to the Hindus, but was set aside for
a complete introduction of an English system in plished; and we are concerned to-day with India.
1835 by Lord Macaulay. The vernacular was re- rather than with her Viceroy. He had greatly ingarded as unsuited for instruction in modern sci- creased the moral strength of England in India. He
ence. Much was accomplished but the system had held that the English and especially the rulers were
become top-heavy, and the elementary teaching lan- there for an example, and that infinite injury was
guished. Lord Curzon recognized the need of a radi- caused by even the least instance of apparent parcal change; the system had hardly touched the mass tiality to the moral strength of their position in
of the people. The attitude of the government need- India, and at no little cost to himself he established
ed to be changed. The university and colleges were this belief. He respected the civilization India had
little more than lecturing and examining bodies; achieved in the past, and believed that she has a
the primary object of education had been lost and place in the civilization of the future. He recogcramming had been made a high art. An educa- nized the beginning of a reaction against her westtional commission was appointed, a Director of Edu- ernization, and was not disturbed by the interaction
cation was secured in 1902 and the higher branches of the East and the West with their entirely difof the system were by 1904 brought under the direct ferent traditions and outlook on life, for he believed
control of the government, acting in each institu- that British dominion in India depended not on miltion through a governing body in which representa- itary force or civil authority but on "the eternal
tives of the teachers were included. It put an end moralities of righteousness and truth."
For that he had contended; and as he laid down
to profit-making proprietary bodies and awoke their
violent opposition on the ground of the undue inter- his task he could feel as he looked back on the past
ference of the State. The change depended so much and India's situation to-day, that he and his colupon the personal advocacy of the Viceroy that with leagues "had not toiled, and some times suffered in
the early expiration of his term of service the effort vain." For them and their successors if they could
was arrested and by the report of the Calcutta Uni- be able to feel that "somewhere among these milversity Commission in 1919 was declared "still un- lions you have left a little justice or happiness or
prosperity, a sense of manliness or moral dignity, a
resolved."
Lord Curzon was more immediately and entirely spring of patriotism, a dawn of intellectual enlightsuccessful in reviving an appreciation and restora- enment or a stirring of duty where it did not exist
tion of early Indian architecture. Beginning with before—that is enough; it is the Englishman's justhe Taj Mahal, which captured his admiration at tification in India."
once and which with all its marvelous beauty was
suffering much from neglect, he undertook its immediate restoration and care, supervising the work Ahead of the Procession—Mr. Hoover and the
$3,000,000,000 Fund for Stabilization of
himself. This was so successful and won such warm
Employment.
approval on all sides that he pushed his search fur[From the "Wall Street Journal," Nov. 27 1928.]
ther, discovering "the picturesque romance of mediIt is barely possible that before his first term in the Presieval India in Cochin and Travancore and the pathetic remnants of a glorious epoch in the history dency is many weeks old, Mr. Hoover will feel like praying
of the Portuguese in Din and Goa." He believed it to be delivered from his loving friends. Certainly it is
necessary, not only to be
was but a beginning, but it enabled him at the end indulgence in rosy dreamsfair to him but to guard against
that may be shattered by realito say: "I really think the most lasting external ef- ties, to bear in mind that he is not responsible for all that
fect of my term of office will be the condition in is said in his name or with a merely colorable approval
which I leave the priceless treasures of architecture from him.
When Governor Brewster of Maine presented to the conand art which we possess in this country." When
ference of governors at New Orleans the more or less fathe day of his departure came, an influential native miliar Hoover plan for
stabilizing employment through conprofessor said: "Now that the ashes of the numer- trol of State and Federal construction work, he allowed his
DEC. 1 1928.]
FINANCIAL CHRONICLE
enthusiasm to run away with his judgment. It is regrettable that he should by inadvertence have put obstacles in
the way of an idea capable of far-reaching and beneficent
development, as when he said:
"Picture the approach of an economic crisis with unemployment threatening on every hand. The release of $3,000,000,000 in construction contracts by public and quasi-public
authorities would remedy or ameliorate the situation in the
twinkling of an eye."
Economic crises are never disposed of in the twinkling
of an eye, no matter whose eye does the twinkling. It is
not merely a matter of too exuberant phraseology but of
danger of conjuring in the public mind the spectre of a
new Federal power, able and possibly disposed to put a
meddlesome finger into the business pie. Such an apprehension may explain the failure of the governors' conference to take any action regarding the plan, though it almost
certainly has no real basis in anything in Mr. Hoover's
mind or in anything necessarily inherent in the proposal
itself.
An even better illustration of the barnacles likely to attach themselves to any undertaking of the scope of this one
is to be found in the proceedings of the American Federation of Labor in its annual convention, on the same day
and in the same city as Governor Brewster's address. The
Federation was right to hail the plan as in the best interest
of the wage worker, but President Green was mistaken in
pronouncing it "an unqualified endorsement of labor's program." By inference if not expressly other speakers before the Federation asserted that Mr. Hoover had, by approving the stabilization scheme, unreservedly acepted the
Federation's Atlantic City pronouncement of "a basis for
wages that was revolutionary in its conception, holding that
the real wage must increase in proportion to man's increasing power to produce."
Much too much is involved in the Federation's wage program to permit it to be attached as a rider to this or any
other national policy or governmental activity. The Federation represents a minor fraction of all the labor in the
United States, but neither Federal nor State authority can
justly commit itself to the aims and interests of so restricted a group. The wage basis and the status of labor
unionism can hardly be made part and parcel of the stabilization plan at this early, stage of the latter's development.
3015
It is safe to assume that Mr. Hoover knows all this as
well as anyone else and that in his own time he will give
the country his conception of the scheme in definite terms.
Government Responsibility for the Failure of
Joint Stock Land Banks.
Jersey City, N. .1., Nov. 26 1928.
Editor of The Financial Chronicle, New York City.
Dear Sir:—In your issue of Nov. 17 you reprint a letter
written to the New York "Times" by Mr. George Krouse
on the subject of joint stock land banks.
Mr. Krouse is a Jersey City banker and capitalist, and it
is, therefore, a letter that must be regarded seriously by
any one interested in the subject of finance.
The specific reference to Kansas City Joint Stock Land
Bank and to the Bankers Joint Stock Land Bank of Milwaukee are of particular interest to this company. We
purchased these securities ourselves for our own account,
influenced by the implied guarantys governing these bonds.
The exploitation of this type of security by the specialists
who dealt in it was predicated on a moral and fiduciary
obligation of the United States Government. The defaults
in the cases of the aforementioned banks and the receiverships of these companies is something that could not surely
be entertained by any purchaser of the security.
Congress surely has the obligation of bringing remedy
to the losers who, in good fiath, purchased a security having
for its purpose the relief of a large class in our national,
social and economic life. The remedy should not be a dilatory one. Has there been even a suggestion from Washington that some one in our Congressional and Senatorial
bodies looked up this entire matter from the standpoint of
the people who were duped into buying securities labeled
"Instrumentalities of the United States"? Surely our
United States Government cannot be party to a mukting
of investors.
We add our comments to those of Mr. Krouse's in the
hope that there may filtrate through official Washington a
concern for the citizens of this nation who are facing a loss
due to gross mismanagement or worse in the conduct of a
business which should have been originally protected with
every safeguard by the Government itself.
Yours very truly,
GEo. E. BAILY & CO., INC.,
W.J. Dwyer Jr., Vice-President.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, November 30 1928.
Better weather for trade has helped transactions, wholesale, jobbing and retail. Temperatures have fallen at the
West and there have been heavy snows over the Rocky
Mountain region. In the East at times it has also been
quite cold; in fact at New York a temperature of 21 was
recorded early in the week. It all inured as a matter of course
to the benefit of seasonable trade. Among the things which
have sold most readily have been clothing, overcoats, knit
goods and furs. New England has reported an unprecedented activity in cotton goods among the mills with an
unusually large retail trade. This change of front was so
striking that it had an effect on the raw cotton market here
on Wednesday. Reports say that the largest producers are
operating to capacity, with many departments running
overtime. The older cotton goods printers state that the
trade is outrunning all previous experiences. Some of the
retail buyers of late have declared that they are selling
more printed cotton goods than ever before at this time of
year. It is true that here and there both at the North and
South there are complaints that profits are small, but in
some other directions it is admitted that they are improving.
With lower temperatures the coal trade has increased.
Steel prices have admittedly shown a downward tendency
for the time being, with nothing more than a fair trade as
a rule are usual at this time of the year. Specifications by
automobile, railroad and construction companies have been
on a pretty good scale at the West. Pig iron has been rather
quiet. It is noted that large sales of zinc have been made
at higher prices. Tin is higher, and lead has sold very well.
There is larger buying of furniture. Radio sales have been
larger. Installment trade in both is increasing. Increased
buying is reported of new model automobiles, stimulated
by the latest exhibits.
In shoe manufacturing trading has died down. Leather,
however, has been firm. Less demand has prevailed for
lumber at the West. Brick manufacturers have lowered
prices somewhat. Wool has met with a somewhat better
demand and prices are firmer. London auction sales are
animated and at generally firm prices. The trade in rayon
and similar lines of textiles has been brisk. There is an
active business also in electrical appliances. Good buying
prevails of machine tools, especially by automobile companies. A good trade is being done in hardware, but there
are some complaints in this line and other lines of rather
slow collections. Some of the large tire manufacturing
companies are running at 90% of capacity; the smaller mills
are going at 50 to 80%. North Pacific markets reported
a good business in wheat flour with the Far East, something
larger indeed than usual at this time of the year. On the
other hand, domestic flour trade at the big milling centers
of this country is small, although the mills are running at a
high rate in filling old orders. With cotton rising and the
weather colder, there has been a better business in finished
cotton goods here. Amoskeag flannels for 1929 season have
advanced 34c. on goods priced at 123.c. to 25c. Coarse
yarn cotton cloth has advanced. On a single day it is said
that 500,000 pieces of sheetings were sold here Woolens
and worsteds in heavy-weight fabrics to be had for prompt
or nearby delivery have met with an excellent demand and
trade has only been restricted by the smallness of supplies
for such deliveries. Broad silks are more active, especially
printed. Raw silk was quiet and steady.
Detroit employment figures fell off for the week 2,600
but at a total of 274,397 workers employed there is a gain
3016
FINANCIAL CHRONICLE
over last year of 78,500 and over 1926 of 68,300. Automobiles sales at retail are larger than a year ago. Wheat
has declined somewhat, partly owing to the lack of a brisk
export trade and also for the reason that the weather in the
winter wheat belt has been in the main favorable, what 'with
frequent rains and latterly general snows. Moreover, the
world's supply is enormous and the weather in at least some
parts of Argentine has been good. Detrimental rains in
Northern Argentina have attracted little attention, nor
has steady buying of Australian wheat by India had any
influence. It is not large enough. Europe to all appearances is playing a waiting game; that is, awaiting the time
when Argentina can sell more freely. At the same time
the technical speculative position of wheat seems to be
short. Some say it is oversold. Corn has declined somewhat at times, as receipts have been larger, but on the other
hand the frequent rains have had a tendency to retard busking, so that the fluctuations have been within narrow limits
pending further developments. Export trade has been
lacking. That is the drawback in all of the grain markets.
Provisions have declined partly in sympathy with the lower
prices for grain and partly from a lack of any stimulating
demand. Prices for hogs, it is noticed, are the lowest since
last April. Coffee has been in the main steady, though
to-day there was a certain irregularity owing to liquidation
of December contracts and a decline in prices for that delivery. It was offset, however, by a rise in later months,
due to higher Brazilian and European markets and buying
from both these sources. The Defense Committee seems
still to have a firm grip on the situation, and some grades
of spot coffee are scarce. Raw sugar has been more active
at an advance, whilefutures have also risen under the stimulus
partly of a stronger prompt market and partly of trade buying and Cuban interests. No very heavy December liquidatien has been apparent.
Rubber has been lower, with supplies evidently ample for
the restricted business under way, though the stock in London continues to decrease. The consular invoice figures for
last week were bearish.
Cotton advanced under the impetus of a larger outside
speculation, increased activity in the manufactured product,
large exports, and a belief that the Government report on
December 8 will reduce the estimate on the crop from the
last one of 14,133,000 bales. Some private estimates have
been 13,800,000 to 13,875,000 bales. Spot markets have
been rather active, and the basis though still low has shown
a steadier tendency. To-day there was some decline in
cotton futures on week-end and pre-bureau liquidation with
the "into sight" total large,offsetting large spinners'takings.
Stock speculation has continued on an enormous scale
with violent swings in prices, in some cases lower and in others
higher, while call money has flucuated between 63 and 10%
and seats in the Stock Exchange, it is said, have risen to
the almost incredible price of $580,000. On Wednesday
stocks were anywhere from 5 to 35 points higher, with Radio
at one time up to 400. Stocks rallied to-day after a marked
decline early in the day due to the rise in money. Montgomery Ward & Co. was up at one time to 430 but down
later to 405. Radio at one time was 392, then reacting 10
points or more. Prices of a number of stocks at one time
were 5 to 15 points higher followed by a reaction. The
ticker was about 25 minutes behind at the close. Call
money was the highest since October 1st, coincident it is
said with calling of loans by the banks to the amount of
about $50,000,000. A Curb Exchange seat sold at $170,000.
a new high record. A New York Produce Exchange associate
membership sold at $25,500, a new high level. Bonds were
quiet but firm with convertibles very generally higher.
London was slow but steady and looks to New York as the
pilot.
Pawtucket, R. I. wired: "although some opposition has
developed on the part of labor to the statewide wage reduction announced by textile manufacturers, it is believed
that the cut will not result in a strike. The reduction
effective Monday is expected to amount to 5% which
would make Rhode Island textile wage schedules practically
the same as those of the Massachusetts mill centers, New
Bedford and Fall River." At Providence, R. I. four mill
companies controlling twice that number of plants and
employing about 11,600 workers on Nov. 26th announced a
reduction in wages declaring it to be necessary to equalize
wages there with those of other New England textile centers.
While the announcement did not state the amount of the
cut, it was said to have been 5%. The reduction goes into
[VOL. 127.
effect December 3rd in the Lonsdale Company, J. & P.
Qoates, Inc., the Manville-Jenckes Co. and the ValleyFalls Co. Labor leaders are trying to induce the worker
to strike. At Norwich, Conn. the Glen Woolen Mills are
reported sold up until past February 1st.
In Boston reports say that the past week has witnessed
better conditions in certain lines of New England business,
particularly in the wholesale and retail drygoods trade.
At Manchester, N. H. all departments of the Amoskeag
Manufacturing Co. closed Thursday, Thinksgiving Day,
but resumed operations on Friday. In past years, because
of poor business conditions, the corporation took advantage
of the holiday to close the entire plant for a three days'
period from Wednesday afternoon until the following Monday morning. Times have changed for the better.
At Charlotte, N. C. cotton goods sales decreased as compared with the sales of several weeks ago, but a steady
business was done and in volume exceeded production.
General market conditions were favorable. Charlotte,
N. C. reports mills on print cloths and wide sheetings are
on an average, sold up to the end of the year. Tire fabric
plants have contracts running into the first quarter of next
year and some of them beyond that time. In every respect
the market is regarded as much better than at this time
last year. Production is being more intelligently regulated
unfilled orders are higher and stocks on hand are lower.
Greenville, S. C. reported mill business satisfactory in that
section, especially among print mills. Richmond, Va.
reported there was considerable increase in cotton consumption in the textile mills of the Fifth Reserve District,
making it the best October in history, which was attributed
to the last government cotton crop forecast which indicated
no burdensome supply this year.
At Bombay, India 6,000 textile mill hands have gone on
strike again after having been at work only a week after the
previous strike was settled. The workers claimed that their
pay had been reduced.
On Nov. 26 came the first real winter weather this season,
when the temperature dropped to 21 degrees at 7 A. M. and
with the exception of a few minutes around 1.30 P. M. remained below the freezing mark throughout the day. It was
the coldest Nov. 26 in the past 11 years. The Eastern seaboard from Jacksonville north felt the cold wave. The
lowest temperature in the United States was at Greenville,
Me., i. e., 8 degrees. Incoming steamships were delayed
from six to 15 hours by violent storms. Heavy snowfalls
occurred in many parts of the country. The heaviest was
in Western Pennsylvania. Snow plows were needed there
to clear some of the mountain roads. There was a fall of
18 inches in the Ligonier Mountains. A snow storm occurred in Ohio and two mail planes fell. Snow also forced
down airplanes at Southbridge, Mass.; two army planes
made forced landings in a snow storm at Waterloo, N. Y.
There were heavy snow falls in the northern part of this
State. Boston had 18 to 30 degrees; Chicago, 24 to 42;
Cincinnati, 24 to 38; Cleveland, 24 to 36; Kansas City, 26
to 44; St. Paul, 24 to 46; Montreal, 16 to 22; Now York, 21
to 33; Omaha, 26 to 46; Philadeplhia,, 26 to 36; Portland,
Me., 18 to 26; San Francisco, 52 to 60; Seattle, 44 to 48 and
St. Louis, 24 to 44. To-day it was rainy here with temperatures 42 to 48 degrees. The forecast was for rain and
colder on Saturday, clearing by night. In Boston it was
30 to 50 degrees; Chicago, 40 to 46; St. Paul, 22 to 26.
Federal Reserve Board's Summary of Business Conditions in the United States—Industrial Production Continued at High Level.
The Federal Reserve Board, in its summary of business
conditions in the United States, issued Nov. 27, states that
"Industry continued active in October and the distribution
of commodities was in large volume." Wholesale commodity prices, the Board adds, declined sharply owing chiefly
to decreases in the. prices of farm products. Member bank
credit in use increased in October and November, while
reserve lank credit outstanding showed little change. Conditions in the money market were somewhat easier. The
further survey of the Board follows:
Production.
Industrial production continued in October at the high level of
September and considerably above the level of a year ago. Output of
minerals increased over .September, while the production of manufactures declined slightly. Factory employment and payrolls increased
to the highest level since early in 1927. The production of pig iron
was particularly large in October and the first half of November, and
the output of steel continued in record volume. Automobile produc.
DEC. 1 1928.]
FINANCIAL CHRONICLE
tion decline considerably in October after exceptional activity in September, and showed further reduction in November, as is usual at
this season. Activity increased in October in meat packing and in the
textile industries, with the exception of silk. Copper mining and smelting continued at a high level, and the output of coal and petroleum
increased by more than the usual seasonal amount, while the production of zinc declined.
There was also a decline in the output of lumber and building
materials. Building contracts awarded continued to increase in October
and were larger than in that month of any previous year, but declined
sharply during the first two weeks of November. The increase in
October was due principally to large contracts for engineering and
industrial products.
The November cotton crop estimate of the Department of Agriculture was slightly larger than the October estimate and indicated a
yield of 14,133,000 bales, 1,178,000 more than the production of 1927.
Ginning, of the current crop prior to November 14 totaled 11,320,302
bales, compared with 10,894,912 in the similar period of a year ago.
Indicated yields of wheat, corn, oats, potatoes, and tobacco were
larger than the 1927 crops, while estimate of hay, rye, and flaxseed
were smaller.
Trade.
Department store sales in October were in about the same volume
as in the same period in the preceding year, but showed somewhat less
than the seasonal increase from the high level of September. Inventories of these stores increased during the month, but continued smaller
than a year ago. The volume of distribution at wholesale was larger
than in September and showed a substantial gain over October, 1927.
Freight car loadings continued larger in October and November than
a year ago, reflecting chiefly large loadings of miscellaneous freight.
Prices.
Wholesale commodity prices declined in October after a continuous
increase for three months and the Bureau of Labor Statistics Index
for October, at 97.8% of the 1926 average, was over 2%, below that
for September. This decline reflected chiefly large decreases in prices
of farm and food products and hides and leather. Prices of industrial
commodities increased slightly with small gains recorded in
metals,
building materials, and chemicals and drugs. The principal increases
occurred in prices of iron and steel, copper, and raw silk. During
the first three week, of November prices of cotton, pig iron, copper,
and petroleum increased, and prices of most farm and food products,
except corn, pork, and sugar, recovered somewhat after the October
decline.
Hank credit.
Between October 24 and November 21 there was a considerable
increase in loans and investments of member banks in leading cities,
but at the end of this period the total was still below the large volume
outstanding at the middle of the year. Loans chiefly for commercial
purposes remained at a high level during the period and loans on
securities showed further growth, reflecting a marked increase in the
volume of loans to brokers and dealers in securities. Investments
showed further decline. During the four weeks ending November
21, there was little change in the volume of reserve bank credit in
use. Reserve banks holdings of acceptances increased further and
discounts for member banks declined.
During the last week of October and the first three weeks of
November conditions in the money market were somewhat easier; the rate
on four to six months commercial paper declined from a level of
/t to
% to a range of from 5,
, and rates on call and time
loans in the open market also declined slightly.
3017
economic and political upheaval in its history. The significant fact at
present is not that such weaknesses exist, but that they are so few and
apparently so powerless to check the onward march of trade.
Outlook for Large Holiday Trade.
The approach of the holiday season finds business in an exceptionally
favorable position to take advantage of the seasonal stimulation of activity.
Several of the country's most important industrial and commercial lines
will achieve new high records for the year. There has been no general
decline in wage levels, and the employment situation is much better than it
was a year ago. Moreover, it appears that corporate earnings in general
are considerably lrger than last year. This conclusion is certainly indicated
by the reports of large companies published in recent weeks.
Business optimism was heightened by the action of the directors of the
General Motors Corp. this month in declaring an extra dividend of $2.50 a
share on the present capital stock of the company, and in recommending
to the stockholders "split-up" of stock on the basis of two and one-half
shares for one. This step is interpreted as evidence that the directors of that
corporation confidently anticipate a continuation of general business
prosperity for some time to come.
Seldom have reports from the various industries and from the different
parts of the country been so nearly unanimous in pointing to a high and
advancing level of activity. Railway freight car loadings, bank debits to
Individual accounts, factory employment and payrolls, sales by retail
establishments, foreign trade values, and basic industrial output combine
to indicate not only that the current volume of business is larger than that
of a year ago, but that it is Increasing, whereas at this time last year, it was
decreasing.
Detroit Employment Again Declines.
The Detroit Employers Association reports employment
figures for the week ended Nov. 27 as 274,396, a decrease
under a week ago of Z555 but an increase of 78,504 over
the corresponding period of last year.
Loading of Railroad Revenue Freight Still Running
Ahead of 1927 But Below 1926.
Loading of revenue freight for the week ended Nov. 17
totaled 1,059,701 cars, the Car Service Division of the
American Railway Association announced on Nov.27. This
was an increase of 6,406 ears over the preceding week this
year, increases being reported in the total loading of all
commodities except ore and merchandise less than carload
lot freight, both of which items reported decreases. The
total for the week of Nov. 17 was an increase of 91,649 ears
above the same week in 1927 but a decrease of 12,006 cars
under the corresponding week two years ago. The usual
particulars follow:
Miscellaneous freight loading for the week totaled 399,751 cars, an
increase of 41,465 cars above the corresponding week last year and
18,026
cars above the same week in 1926.
Coal loading totaled 198.570 cars, an increase of 12,640 cars above the
same week in 1927 but 44,144 cars below the same period two Years ago.
Grain and grain products loading amounted to 52.809 cars, an inmease
of 6,330 cars above the same week last year and 10,124 cars above the
same week in 1926. In the western districts alone, grain and grain products loading totaled 33.723 cars, an increase of 3.818 cars over the same
week in 1927.
Live-stock loading amounted to 35,481 cars, an increase of 448 ears
Highly Encouraging Business Outlook Seen By Guarabove the same week last year and 1,765 cars above the same week in
anty Trust Co. of New York.
1926. In the western districts alone, live-stock loading totaled 27,136
a decrease of 29 cars compared with the same week in 1927.
"In the general business situation there is ample evidence cars,
Loading of merchandise less than carload lot freight totaled 260.047 cars,
support
the
expectation
to
of continued prosperity," states an increase of 42 cars over the same week in 192, but 4,395 cars below
the current issue of "The Guaranty Survey," published the corresponding week two years ago
Forest products loading amounted to 64,684 cars, 5.116 cars above the
Nov. 26, by the Guaranty Trust Co. of New York. "This same
week last year but 1,110 cars under the same week in 1926.
evidence is not found in the mere fact of great industrial
Ore loading totaled 37,265 cars, 24.211 cars above the same week in
activity; for such a condition, while it certainly implies a 1927 and 9,653 cars above the corresponding week in 1926.
Coke loading amounted to 10.794 cars, 1.49. cars above the same week
large volume of aggregate purchasing power, may only be in 1927 but 1,928
ears below the corresponding week in 1926.
contributing to an unsound position in commodity markets,
All districts reported Increases in the total loading of all commodities
with the same week last year but the Pocahontas and Northif the purchasing power is flowing into the wrong channels," compared
western were the only districts to report an increase compared with the
"The Survey" continues. The "Survey" further says:
same period two years ago.
The significant fact is that the high wage scales and the widely disLoading of revenue freight in 1928 compared with the two previous
tributed income of the last few years apparently continue to operate m years follows:
strongly as ever, so that active industrial operations are balanced by a
1927.
1928.
1196.
ready movement of goods into the hands of consumers. The situation has Four weeks in January
3,447.723 3,716.660 3.686.696
been improved this year by further agricultural recovery, by a stronger Four weeks in February
3.589.694 3,8 1.918 3.677.332
Five weeks in March
4,752,031
4,98',..,547 4,8 /5./ u0
position in certain Industries that have been facing special difficulties by a Four
weeks in April
3.738.295 3,875,569 3.852.703
decline In unemployment. and by a continuance of economic progress in Four weeks in May
4,006,058
4,108,472
4,145,820
foreign countries.
Five weeks in June
4,923.304 4.995.854 5.154.981
3,942,931 3,913,761 4.148,118
There remain a few factors that are frequently mentioned as possible Four weeks in July
Four weeks in August
4,230.809 4.249.846 4.388,118
sources of disturbance. The situation cannot be considered perfectly Five
weeks in September
5,586.284 5.488.107 5.703.161
balanced as long as such important industries as coal, textiles, shipping, Four weeks in October
4,700,796 4,464,872 4.787,527
petroleum, and others are seriously embarrassed. There is still room for Week of November 3
1,103,342
1,039.075
1.131.832
1,053,295
975.134
great improvement in agriculture; The swift mechanical and industrial Week of November 10
1,106,889
Week
November
of
17
1,059.701
968.052
1.071.707
has
years
necessitated
recent
readjustments
progress of
which are still under
way, and which entail stagnation in some lines and severe competition in
Total
46,134,263 46,619,887 47,670,584
many more.
Money Factor a Source of Uncertainty.
Decrease in Retail Food Prices in October—Index
It must also be admitted that the change in the money situation has
Numbers.
Introduced an additional element of uncertainty. While there Is little
danger that the country's credit requirements will approach the limit of our
noted
We
in
issue
our
of Nov. 24, page 2878 that the
future,
near
the
it
resources
in
must be remembered that a large
financial
volume of resources is still being held in reserve against future demands from retail food index issued by the Bureau of Labor Statistics
abroad, which our financial leaders have neither the power, nor the right to of the United States Department of Labor shows for Oct. 15
oppose. In the meantime, the trend of events in the security markets, 1928 a decrease of about 3,
6 of 1% since Sept. 15 1928; an
dependent as these are on credit conditions and on delicate psychological
factors, has certainly not increased the ability of the price structure to increase of a little more than 4-10ths of 1% since Oct. 15
withstand possible shocks In the future.
1927; and an increase of 51.0% since Oct. 15 1913. The
These, however, are merely the dull spots in a generally bright outlook.
index
number (1913 equals 100.0) was 156.1 in October
Some irregularities must be expected to appear in such an innumerable
arm; ef factors as is involved in modern economic life, particularly at a 1927; 157.8 in September 1928; and 156.8 in October 1928.
time when the world is still experiencing the unsettling effects of the greatest The index numbers'made available by the Bureau
follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
105.2 192.2 172.8 160.7 150.9
161.9 190.3 174.6 160.7 147.0
159.3 187.7 174.6 159.6 149.6
158.9 188.1 177.0 158.4 143.9
159.6 190.3 177.0 158.4 142.8
160.0 192.2 174.2 157.3 140.7
182.6 198.5 172.3 158.4 141.8
165.9 204.5 172.8 158.4 144.7
168.1 208.2 177.9 159.6 150.4
h7 S 106.7 77 A ma a MO 1
como.aay.000000
.0000020000
4.4,.....:444.6
159.3
156.0
153.8
153.6
155.4
158.5
153.4
152.4
154.0
156.1
156.5
155.9
142.3
142.1
142.3
141.9
141.9
142.1
142.3
143.3
142.3
142.1
.0,moomcbomo
mov.woo.o.wwka
4...ao.....-4.6D
155.1
151.6
151.4
152.1
163.8
152.8
152.8
154.2
157.8
156.8
1928Jan.__
Feb...,.
March
April_
May.
June_ _ _
July
Aug
Sept
Oct
119.6 162.0
115.8 124.9
112.7 107.2
112.7 103.8
114.6 108.7
115.2 112.5
116.5 120.6
118.4 130.4
122.2 148.1
123.4 157.1
--__
--__
____
____
____
164.3 180.8 173.3 117.2 176.5
164.3 160.6 173.3 117.2 176.5
162.5 180.6 173.3 116.1 200.0
162.5 163.6 176.7 114.9 205.9
162.5 169.7 176.7 114.9 194.1
164.3 172.7 176.7 113.8 170.6
164.3 189.7 178.7 114.9 135.3
184.3 163.6 178.7 113.8 129.4
162.5 180.8 176.7 114.9 129.4
162 6 157 6 176.7 113.8 129.4
------____
____
----
foia
i..b,
4666
;..Labbioioao4,
1
i
84.1
86.1
92.6
97.7
93.5
98.9
ini.2......
1927126.6 182.0 187.9 169.7 170.0 126.4 235.3
Jan
124.1 128.1 167.9 169.7 170.0 124.1 223.5
Feb
March 122.8 102.6 161.9 166.7 170.0 124.1 217.6
120.9 98.3 187.9 186.7 170.0 123.0 217.6
April
May.
120.3 97.4 167.9 166.7 170.0 121.8 264.7
June.... 119.0 97.1 166.1 186.7 173.3 123.0 352.9
119.0 107.0 168.1 168.7 173.3 123.0 247.1
July
119.8 121.7 166.1 169.7 173.3 123.0 200.0
Aug
121.5 141.2 166.1 188.7 173.3 121.8 188.2
Sept
124.1 164,1 168.1 168.7 173.3 120.7 176.5
Oct....
123.4 178.8 166.1 163.6 173.3 119.5 178.5
Nov
Dec..... 121.5 172.8 184.3 163.6 173.3 118.4 176.5
80.7
80.5
90.1
103.8
88.4
93.5
OC.:00..400WOONWOONWO
cev-so.wtotaaac000co
w.woo......iwba.00mo:::::.
'
;...;.floi.36,;-Col40
NWWWWWWWWWWW
0000WatONN4.00b
..00ioLJin14:4 4Ca Ci
142.5
142.3
142.6
142.6
142.3
142.1
142.5
142.6
141.9
142.5
142.5
142.1
010..104,
W0Q.o+0000
WWW0WW4,
0000000.004..101
N00.4WWV.NO0 ,
6isDiaboL46:46-4.zbio0
100.4
100.2
100.4
106.9
119.1
128.9
134.7
128.1
125.2
127.8
131.4
138.8
141.0
142.5
82.0
84.3
88.7
93.0
92.0
97.6
100.0
102.4
101.3
113.7
146.4
188.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160.6
155.4
95.0 87.6 ---- 105.3
101.5 92.2 --- - 111.2
109.4 93.9 ---- 112.3
108.2 94.9 ---- 101.0
101.6 94.3 -.130.5
105.2 101.6132.1
loom loom 100.0 100.0 loom 100.0 100.0
98.6 102.3 112.5 103.9 105.1 101.2 108.3
93.4 98.7 125.0 125.8 108.4 104.3 88.9
111.0 108.8 130.4 134.6 112.6 104.6 158.8
174.9 139.4 164.3 211.2 192.2 119.0 252.7
210.8 184.9 175.0 203.0 228.7 148.3 188.2
233.5 182.0 178.6 218.2 213.3 173.8 223.5
188.7 197.4 205.4 245.5 216.7 200.0 370.6
113.9 147.5 176.8 175.8 150.0 109.2 182.4
107.6 128.7 155.4 154.5 130.0 109.2 164.7
112.0 134.8 155.4 142.4 136.7 109.2 170.6
120.3 138.6 157.1 148.5 156.7 116.1 158.8
147.5 151.0 167.9 184.8 180.0 127.6 211.8
138.6 140.6 167.9 181.8 170.0 133.3 288.2
122.2 131.0 166.1 166.7 173.3 123.0 223.5
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
Weighted
Food
Index.
NN.WWWNMWN
01..40N.0.0000
CofPolesCorn
Year and
Month. Lard. Eggs. Bread Flour Meal Rice. toes. Sugar Tea. fee.
100MOCIO.4.4
.4..4.4.,
-4..1...1.4.4.4•4.4
OoP.C40.4.4...P.1.400p0
1
4,
ZA0WWWWW,O,
65;...Caaai.p4Ci..:i444.;obo.4..
142.1
144.6
146.3
147.9
150.4
152.9
157.9
162.0
170.2
71 n
I
45.6,66.4DOD
.ZtobbC.,..inaoici
aaolsait.oP
OWOO.W.4,
0W.-.0aD000CAN.-..
,
ZOWW
1000iCeal
qoo.owmw...00.
174.8 173.1 165.2
176.4 174.4 167.2
176.8 175.3 187.2
178.3 177.6 188.7
181.5 181.2 172.2
188.6 188.5 175.3
195.7 196.9 181.8
200.8 202.2 184.8
203.9 205.4 188.9
108 n nn n Inc 0
181.1 211.2 180.8 158.4 152.5
179.6 210.8 180.8 158.4 153.5
179.3 210.0 181.7 158.4 154.6
178.2 210.8 182.6 157.3 152.5
176.3 209.3 180.3 156.2 139.4
174.4 206.3 170.4 156.2 135.2
172.6 203.0 167.1 157.3 134.2
172.2 201.9 166.2 158.4 134.2
172.2 200.0 166.2 158.4 139.4
172.6 199.3 167.6 159.6 145.4
171.5 197.0 167.1 159.6 147.3
167.8 192.9 167.6 180.7 152.5
q.oNomr-coqqc
acioicrio.cr
vsrm.ammr.m..r.
1928Jan_ _
Feb_
March
April_
May.. _ _
June_
July
Aug
Sept
Oct.
124.0
123.1
123.1
125.6
125.6
125.6
126.4
126.4
128.1
130.6
133.9
138.0
000tROCI
01qt1t.MqN,
v.....o.ioie.ineim
nnnt-ncoct-mon
1927Jan_ __ _ 160.6 158.3 153.0
181.0 158.7 153.5
Feb_ _
March 161.8 159.6 153.5
April_- 164.6 183.2 158.1
May
166.5 165.5 157.6
June
186.9 165.9 157.1
July
171.7 170.0 160.1
Aug
172.0 170.9 160.1
Sept
172.4 170.9 160.6
Oct _ __ _ 172.0 170.0 181.1
Nov
171.3 169.5 161.1
172.8 171.3 163.6
Dec_
I .mbObair.WL.Wiabo
N..11,
WWNWWCIOCOW0028
O
WOOOMWWWWOCO
ciC im.
,
elq01..
'
M..t1CP.
"1".".
4MN.ui.o4Moi*corivM4e6.4
nr,
coomol000loomoomovve,gon
.... ......C.4C4
64.4 75.7 81.4 87.2 85.3
____
71.5 68.0 78.1
76.9 77.8 83.0 89.6 85.5
---73.3 71.2 78.1
82.9 82.0 88.5 91.3 90.1
---76.6 73.5 81.3
94.5 91.4 93.8 94.6 93.8
_-..'80.3 77.9 84.6,1
91.3 89.3 91.0 95.5 87.9
---80.6 78.7 84.81
91.0 89.3 93.690.5 90.8 93.5 97.4 97.7
100.0 100.0 100.0 100.0 100.0
0-.6
01100.0 100.0 100.0
101.8 101.7 102.2 100.5 94.4
104.1
102.0 105.8 103.0
99.8 97.2 97.5 99.2 93.4
100.0
101.1 103.0 101.4
106.4 109.2 110.7 102.2 103.0
106.0
107.4
109.7
107.5
151.9 142.2 134.5 125.4 127.2
129.8
124.0 129.8 125.5
195.9 178.1 177.0 156.2 150.7
170.2
153.2 165.5 155.1
205.2 198.5 193.0 174.2 177.0
188.9
164.2 174.4 184.1
193.7 206.3 209.9 187.6 183.0
151.2
172.1 177.1 167.7
158.2 181.4 186.4 164.0 135.0
118.2
152.8 154.3 147.0
147.4 181.4 169.0 147.2 125.1
105.8
147.2 144.8 139.4
144.8 169.1 164.3 155.1 144.7
108.6
153.9 150.2 143.4
168.4 165.7 155.1 135.0
139.6
109.1
155.9 151.6 145.5
173.0 1955 171.8 157.3 143.1
114.1
159.8 155.6 149.5
186.3 213.4 182.2 157.3 138.6
120.7
162.6 159.6 153.0
174.8 204.5 173.2 158.4 145.2
127.3
187.7 168.4 158.1
..3OW004.0WOOqtp-.004
1
1
But13°1
Year and Sian knd Rib Ch'ck PlatePork
Month. Steak Steak Roast Roast Beef. Ch'ps con. Ham. Hens Mat. ter. Ch'se
1907
1908
1909
1910
1911
1912
1913
1914
1915
1918
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
[VOL. 127.
FINANCIAL CHRONICLE
3018
Substantial Increases in Chain Store Sales in New York
Federal Reserve District.
The New York Federal Reserve Bank in its December 1
"Monthly Review" states that "Chain grocery systems in
this district reported substantial increases over October 1927
in total sales and in average sales per store. Ten cent,
tobacco, shoe and variety chains all showed smaller increases
in total sales in October than in September, however; and
after allowance for the larger number of stores operated, all
types other than grocery chains showed smaller sales per
store than a year ago." The changes follow:
Percentage Change October 1928
Compared with October 1927.
Type of Store.
Grocery
Ten-cent
Drug
Tobacco
Shoe
Variety
Candy
Total
Sales per
Store.
Number of
Stores.
Total
Sales
+0.3
+9.4
+7.9
+5.0
+9.1
+18.0
+16.0
+13.8
+5.4
+2.6
-3.3
+4.2
+15.8
+1.9
+13.4
-3.6
-5.0
-8.0
-4.5
-1.8
-12.2
+5.3
+8.3
+3.9
Gain in Wholesale Trade in New York Federal Reserve
District in October Largest of Any Month in Three
Years.
With reference to the course of wholesale trade in this
district the Federal Reserve Bank of New York, the Dec. 1
"Monthly Review" says:
October reports on wholesale trade La this district showed a larger average increase over a year previous than In any other month in the past
three years. One more selling day than In October 1927 accounted for
a minor part of the increase. Substantial increases In tne clothing trades.
which have reported smaller sales than a year ago in most of the recent
months, were an important factor, and more active trade was reported
also in a number of other lines.
Commission house sales of cotton goods showed the largest increase over
a year previous in more than a year, and jobbers' sales showed a small
increase. The grocery, drug, stationery, and diamond trades reported
larger sales than a year ago, following decreases in September, and the
shoe, hardware, and jewelry trades showed smaller decreases than in
September. Machine tool sales continued In more than double the volume
of a year ago.
Percentage Change Percentage Change Per Cent of Accounts Outstanding
October 1928
October 1928
Sept. 30
Compared with
Compared with
Collected in Oct.
October 1927.
September 1928.
Commodity.
Net
Sales.
+18.4
Groceries
--9.7
Men's clothing
--8.7
Women's dresses
Women's coats and suits... +23.8
Cottongoods+6.6
Jobbers
-3.4
Commission
-7.3
Silk goods
-9.2
Shoes
+25.3
Drugs
+14.5
Hardware
+7.1
Machine tools (I)
+22.1
Stationery
+18.3
Paper
+19.5
Diamonds
+45.5
Jewelry
Stock
End of
Month.
Na
Sales.
+18.4
+6.7
+22.2
+47.0
+2.8
-6.1
+1.9
+13.0
-4.2
-0.5
+4.1
-2.7
+113.0
+8.8
+6.9
+13.7
-4.1
Stock
End of
Month.
1927.
1928.
+3.4
77.7
34.8
78.5
38.1
-5.6
32.2
35.6
+Wis*
49.0
49.0
46.9
48.0
8:i
448.9
44.8
48.8
69.3
68.1
22.1
68.1
63.1
23.4
52.4
+15.0
---+7.2
Weighted average
• Quantity not value. Reported by the Silk Association of America.
it Reported by the National Machine Tool Builders' Association.
53.1
-V47i
-16.8
+17.0
+4.6
4% Gain in Department Store Sales Reported in
New York Federal Reserve District.
Total sales of reporting department stores in the New
York Federal Reserve District were more than 4% larger
in October than a year ago, about the same increase as in
September. The Federal Reserve Bank of New York in
noting this in its Dec. 1 "Monthly Review" says:
However, the average daily rate of sales was only slightly larger than
last year in October, as compared with an increase of about 9% In September. Newark stores reported a substantially higher daily rate of sales
than in October 1927, but most of the other localities in tae district showed
little If any increase. Apparel stores continued to report much larger Bales
than a year previous.
Stocks of merchandise showed a moderate increase during the month in
preparation for the holiday trade, but were no larger at the end of October
than a year previous. Consequently, the rate of stock turnover remained
slightly larger than a year ago. Collections against charge accounts were
at about the same rate as in October 1927.
Per Cent. of
Percentage
Accounts
Outstanding
Change
October 1928
Sept. 30
Collected
Compared With
October 1927.
in October.
Locality.
Stock on
Hand
Net
End of
1928.
Sales.
1927.
Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
F.Isewhere
Northern New York State
Central New York State
Southern New York State
Hudson River valley District
Capital District
Westchester District
All department stores
Apparel stores
+4.4
-1.0
+1.7
+5.3
+12.9
+2.2
-0.8
+15.3
-9.3
+3.3
-4.7
-1.3
+1.4
+4.8
+14.2
+1.3
-3.0
-2.1
+2.4
+0.8
-11.3
-10.8
+2.0
53.4
43.0
44.0
53.7
44.4
47.1
46.6
8:j
4-
38.7
40.5
49.0
48.8
4-9:i
48.3
Substantial increases compared with October 1927 were reported In sales
of musical Instruments and radio receivers, shoes-especially women'sfurniture and home furnishings, and women's apparel, and there were
moderate increases in various other departmeits.
Musical instruments and radio
Shoes
Home furnishings
Books and stationery
Furniture
Women's ready-to-wear accessories
Hosiery
Luggage and other leather goods
Women's and Misses' ready-to-wear
Cotton goods
Men's furnishings
Toilet articles and drugs
Linens and handkerchiefs
Toys and sporting goods
Silverware and jewelry
Men's and boy's wear
Woolen goods
Silks and velvets
Miscellaneous
Net Sales
Percentage Change
October 1928
Compared with
October 1927.
Stock on Hand
Percentage Change
Oct. 31 1928
Compared with
Oct. 31 1927.
+89.4
+16.4
+12.6
+11.9
+10.8
+9.8
+9.3
+7.7
+7.6
+7.6
+7.5
+6.9
+13.7
+3.9
+0.8
-2.6
-5.9
-7.5
+7.9
-38.7
+18.2
+9.8
+13.7
-4.1
+1.8
+4.6
-5.6
+3.8
-2.8
-6.8
+13.6
-0.9
+9.9
-9.1
+7.1
-10.3
-6.0
-6.4
DEC. 1 1928.]
3019
FINANCIAL CHRONICLE
months ending July it rose to $135,000,000, for the twelve months ending
National Bank of Commerce in New York on Trend August to $138,000,000, and was maintained at $137,000,000 for the
of Profits in 1928.
twelve months ending September. Larger wheat exports in the coming
than a year ago should raise this figure considerably higher,
According to the National Bank of Commerce in New months
despite lower prices.
York, "profits of general business corporations for the first
When the revenue from the tourist trade, now second only to wheat
nine months of this year, owing to large gains made in the as a source of income, is added to the surplus of exports, it is evident
that Canada is in a very secure position. After discharging her external
second and third quarters, are considerably larger than in obligations,
she is well able to continue increasing her investments at home
the first nine months of last year. For the first six months and abroad.
of this year a summary of the earnings statements of 341
companies showed a gain of8% over the corresponding period Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
in 1927,"says the Bank, which adds:
The statements of 229 corporations reporting thus far for the nine months
covering wholesale and retail trade
statistics
following
The
disclose a gain of 21% over the corresponding nine months of 1927. Of
these companies 162 have reported larger incomes than for the first nine are made available by the Federal Reserve Bank of Philamonths of last year, wnile 67 have reported smaller earnings. Large gains delphia:
were made in the copper, motor, motor equipment, petroleum and retail
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
chain-store groups, while moderate gains were made in the chemical, iron FEDERAL
RESERVE DISTRICT FOR THE MONTH OF OCTOBER 1928.
and steel, and machinery and machine tool groups. Although the number
of returns in the agricultural machinery, electrical manufacturing, leather,
Stoats as End of 1114.
Net Sales During Month.
paper, rayon silk and wearing apparel groups is small, sizable gains are
Compared Compared Compared Compered
Index Numbers
also indicated for the companies reporting in these industries.
with
with
with
(P. C. of 1923-1925
with
Trade.
In the aggregate of profits of all groups reporting, a remarkable gain was
Same
Monthly Average) Previous
Previous
Same
made in the third quarter. The reports of 218 companies now available
Month.
Month.
Month. Mouth
Last Year.
October
Indicate a gain of 38% in profits over the third quarter of 1927.
Sept.
Last Year.
The following tables summarize the changes in the third quarter and the
____
*112.6%
107.0% -5.0% -7.5%,
shoes__._
Boots
and
nine months' profits of those industries where representation is large enough
+10.2
+3.5
115.0
*104.4
Drugs
to be of significance.
88.2
+12.3
-6.9
-5.2
---10.4
*78.5
Dry goods
+22.1
+14.9
132.4
-10.0
-13.9
In the first table are those groups whose earnings were larger in the Electrical sUppiles„ 108.4
114.0
+13.2
+9.7
+8.7
+3.4
*100.7
nine months of this year than in the same period of 1927. The second table Groceries
+19.5
-2.3
-2.4
100.6
-5.6
84.2
Hardware
gives the third quarter comparisons for the same groups.
+28.5
-1.0
130.8
-0.7
101.8
+8.7
Jewelry
Panar
First 9 Months.
Group.
Copper
Motor equipment
Petroleum
Retail chain stores
Motor
Chemical
Machinery and machine tools
Iron and steel
Food and allied products
Building materials
No. of
Companies.
8
18
27
6
11
8
10
18
23
8
% Change
1928 over
1927.
+68
+52
+45
+25
+24
+11
+11
+8
+5
+1
No. of
Companies.
% Change
1928 over
1927.
8
15
27
6
+117
+162
+126
+21
+25
+12
11
8
9
18
23
8
+70
+51
+7
+15
The following groups show decreases in earnings for the first nine months
compared with the same period of last year. The changes in the third
quarter are also given.
Group.
Tobacco (cigar manufacturers)
Railway equipment
Bituminous coal
5
5
4
-1
-35
-39
+10
-18
-2
Prosperity in both industry and trade continued throughout October
at almost the same high levels as in the previous months. This Bank's
indices of industrial employment in the different provinces indicate a
alight reduction in the number of workers employed over the whole of
Canada, after allowing for seasonal changes. When analyzed by industries, this reduction appears to be due to lessened activity in several
manufacturing groups, and to further slight curtailment of the working
force engaged in construction and maintenance industries. Marked decreases in employment were reported in the meat packing, lumber products and pulp and paper groups, while a considerable increase of workers
was shown by manufacturers of vegetable food products.
Contraction was greatest in the lumber products group, particularly
in Quebec and the Maritime Provinces, chiefly due to curtailment of
their pulpwood operations. Most of these movements in individual industries are seasonal in character and are to be expected with the approach of winter.
Lessened activity is noticeable in highway and railway construction.
Employment in building construction, however, reached a new high level
for all time on the first of October.
The season's record activity in the construction industry as a whole
shows no sign of abatement so far, apart from some ordinary seasonal
declines which are fortunately less than usual. The value of new contracts awarded has increased, after a decline in midsummer, and augurs
well for the winter and spring months. Continued demand for the construction of apartment houses in Central Canada, and the building of a
large steel mill in Ontario, together with greater activity in engineering
undertakings, are responsible for the most significant increases.
It is important to note that the volume of industrial construction, which
had a sudden and ominous decline more than a year ago, followed by
recovery early this year which was arrested in the summer, has now begun
to rise again. The rapid extension of office, hotel, storage and transport
accommodation has for some time past overshadowed the building of
factories, but the balance has now to some extent been redressed.
The Bank also notes that the surplus of exports over
imports has increased considerably during the past few
months. In addition It says:
In spite of the steady growth in Canadian exports, this surplus had
been declining for two and a half years previously, because imports, as is
not unusual in prosperous times, had been increasing even faster. The
continued growth of imports has lately been more than offset, as exports
have expanded 'nom rapidly than before. Comparison of 1928 to date
with 1927 shoai that the largest increase in the demand for Canadian
produce has oc hirred in continental Europe. For the twelve months
ending last Jun 2 the surplus MA only $101,000,000, but for the twelve
107.2
+12.4
+4.0
+2.3
-0.4
Accts.Outstanding at End of Mo.Cones. During Mg.
Trade.
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
• Revised.
Compared Compared Ratio to Compared Compared
with
Net Sala
with
with
with
Same
During Previous
Same
Previous
Month
Month
Month
Month
Month
Last Yeas
Last Year
+1.2%
+0.7
+9.0
+27.1
+2.7
+5.8
+11.5
-3.8
-9.9%
-4.4
-3.1
-5.2
-2.0
+4.1
375.8% +44.3%
+2.6%
144.6
+15.0
+2.3
242.2
+26.2
-8.0
133.2
+5.7
116.8
+14.2 •
184.4
+7.2
-8.6
335.0
-4.0
+7.2
+20.6
137.6
+12 3
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF OCTOBER 1928.
Number Per Cent Change Per Cent Change
of
1928 over 1927 1928 over 1927
Companies. First 9 .211Os.
Third Quarter.
Bank of Nova Scotia on Business Conditions in Canada
-Revenue from Tourist Trade Second Only to
That of Wheat.
The Bank of Nova Scotia in its monthly Review for November presents the following survey of business conditions
in Canada.
°55.4
Third Quarter.
Stocks at
End of Month
Compared with
Net Sales.
Index Numbers
of Sales
(% of 1923-25 Aug. 1928
Monthly Av'ge Compared Jan. 1
with
Oct. 31
Sept.
Oct.
Oct. 1927 1928.
Month
Ago.
Year
Ago.
-2.2
-3.0
-3.6
+9.8
+10.0
+10.0
-7.7
-8.8
-11.3
+4.4
All reporting stores____ *90.2 116.8
+3.1
86.5 112.7
Department stores
+3.6
In Philadelphia
+1.6
.
Outside
____
10-5.7 140 - -.i
Philadelphia_Apparel stores
-2.1
Men's apparel stores_ 92.3 110.2
---__-____
In PhiladelphiaOutside Philadelphia ---------5.6
+9.3
Women's apparel stores 111.1 152.2
+10.5
____
In Philadelphia__ _ ____
-0.9
____
Outside Philadelphia___
+0.3
*112.1 119.8
Shoe stores
117.2 140.3 +30.2
Credit stores
Stores in:
+6.1
*92.1 121.6
Philadelphia
Allentown, Bethlehem
-0.6
87.0 109.7
Easton
+1.4
97.9
103.2
Altoona
-1.4
92.7
93.7
Harrisburg
74.7 -10.4
65.4
Johnstown
+2.6
81.8 107.0
Lancaster
69.7 100.2 +12.6
Reading
-1.2
.82.7 103.4
Scranton
+1.9
806 102.8
Trenton
+0.8
79.8 108.5
Wilkes-Barre
98.4 125.7 +13.4
Wilmington
-I-fi 7
-1.5
+9.9
-3.1
-3.1
-2.8
-3.6
-0.1
-0.1
-0.0
-3.3
+4.7
+19.5
+20.9
+0.2
+13.6
+3.7
+6.7
+7.5
+1.9
-11.7
-5.5
-18.0
+3.0
+2.5
+5.7
+7.3
-8.7
-2.5
+10.1
-9.3
-3.3
-2.8
+3.8
-9.4
+1.5
+0.9
-6.1
-0.9
+0.9
+5.5
-20
+8.9
+12.6
+15.1
+6.8
+5.9
+8.0
+11.4
+6.2
+8.5
+5.1
4-0 7
-7.2
-0.2
+5.8
-20.2
-5.0
-6.3
-4.8
-11.2
+2.2
-0.3
-A A
*Revised.
Stoats Turnover
Jan. 1-Oct. 31.
MI reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel stores
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside PhiladelphIa
Shoe stores
Credit Stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton....
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
1928.
1927.
2.73
2.65
2.66
2.58
2.84
2.24
2.70
2.23
AcelsRee'l Colleanio
at End of Dues Mo
Month Compared
Com. with
with
Year ago. Year ago.
9-.5
;--
+11.3
----
---
2.23
2.16
2.61
2.48
1.65
1.66
+1.7
+-1.-47i
5.27
5.39
3.20_
5.72
5.75
3.95
+-1-9:9
2.9
+5.9
+10.7
1.80
1.94
1.84
1.71
+5.5
+1.5
2.99
1.87
2.15
2.19
2.14
2.20
2.06
2.60
2.79
2.25
2.29
2.98
2.89
2.05
2.27
2.00
1.93
2.20
2.15
2.61
2.56
2.20
2.17
2.01
-72745
-I-
+11.5
+15.6
-7.2
+16.4
+18.1
+14.;1
- --6.0
+15.2
+1.0
+19.2
+8.6
-I--145
-.
-7.8
+7.3
+3.0
+27.7
+13.1
Business Conditions in Philadelphia Federal Reserve
District-Industry More Seasonally Active.
The Federal Reserve Bank of Philadelphia in its Dec. 1
Business Review reports business conditions in its district as follows:
3020
FINANCIAL CHRONICLE
Industry in the Philadelphia Federal Reserve District continues
somewhat more than seasonally active. Business transactions generally
have increased further since the middle of last month and exceed
those of a year.ago. The trend has been almost steadily upward since
midsummer, while at the same time last year business activity failed
to advance at the usual seasonal rate.
Retail trade shows considerable improvement, owing largely to cooler
weather, larger earnings of factory workers, and the approach of the
holiday season. Current sales are increasing and appear to be ahead
of those of a year ago, according to early estimates. Sales in October
were noticeably larger than in the preceding month and a year earlier,
but inventories, while, increasing seasonally, were smaller than a year
ago. Improvement also is noted in most of the wholesale lines, sales
advancing appreciably since early fall and in October exceeding in
total those of a year before for the first time since May.
Railroad Shipments of merchandise and miscellaneous commodities
in this section have increased sharply since the middle of last summer
and in October reached the largest volume shown for any month in
the past four years. Total freight car loadings also have risen greatly,
being only about 2% below the record volume in October, 1926. Recently, however, the movement of goods by railroad has been slightly
downward, reflecting the usual seasonal trend.
Check payments continue materially larger than is usual at this
time, and in the first three weeks of November surpassed the volume
for the corresponding period last year by about 16%. In October
they were the highest on record with the exception of May and June
of this year.
Industrial production in most lines increased substantially during
October and was larger than a year earlier. The rate of operation
also continued high in the early part of November, but lately a slight
seasonal recession has been noted. The demand for workers by employers declined further from the August peak, although it remained
materially in excess of last year.
Factory wage payments in Pennsylvania showed a gain of 5% as
compared with the preceding month and with October, 1927. A similar
gain in the month also occurred in employe-hours worked. The number
of workers, too, rose slightly, surpassing that of a year earlier for the
first time this year. The recovery in plant operations from the low
seasonal level in July was quite pronounced and in striking contrast
to the situation prevailing at the same time last year when employment
declined almost steadily and payrolls showed little variation from the
midsummer low point.
Consumption of electrical energy was noticeably larger in October
than in September and exceeded that of a year ago. Shipments of
bituminous coal increased sharply in the month, and production reached
the largest volume since the early part of last year. The output
of anthracite recently has been the largest since the spring of 1926.
Orders on the books of manufacturing firms have increased since
the middle of last month and compare rather favorably with the
volume of a year ago. Inventories of finished products are said to
be generally smaller than last year.
Building operations, as measured by contracts, showed a slight gain
during October, and were considerably larger than a year ago. The
proposed expenditure under building permits, on the other hand, continued to decline. The real estate market for the most part is less
active than last year.
The commercial loans of reporting member banks in the middle of
November reached a point little short of the September high, reflecting
sustained activity in business. Loans on securities, however, changed
little in the month and investments declined. Borrowing from the
Federal Reserve Bank decreased the reserve ratio on November 21 was
high than at any time since May.
As to manufacturing conditions in the district, the Bank
says in part:
Manufacturing. Demand for manufactured products has continued
active during the past four weeks. Sales generally have increased
further since the middle of last month and compare favorably with
the volume of business at the same time last year. Despite some
variations, prices of finished goods in the main have been fairly stable.
Manufacturers of fabricated metal products have experienced a con.
tinned rise in demand and sales, which have exceeded not only last
month's volume but also that of a year ago. Among those consumers
of iron and steel products that purchased most actively during the
month were railroads, construction companies, foundries, manufacturers
and jobbers. Quotations for finished products and raw materials have
advanced somewhat since last month.
The market for textile products also has improved further and sales
generally have been close to the volume of a year ago. Buying of
wool fibers and yarns is more active than was the case last month
and a year ago. Cotton, silk, and woolen and worsted goods also
continue in good demand, showing moderate gains lately. Business
in hosiery, particularly full-fashioned, is excellent. Floor coverings,
too, show material betterment.
Prices of cotton fibers have shown strength lately, a fact which is
being reflected in piece goods. In sympathy with raw wool, quotations
tor woolen and worsted yarns and fabrics are fairly strong, showing
an upward tendency, while those for silk fibers and products have
eased off slightly. Hosiery and floor coverings show virtually no
change.
Business in shoes, though fair, has slackened a little seasonally,
and prices have receded slightly from the level of a month ago. This
is also true of the leather market. The demand for paper, while more
active than last year, shows little change in the month. Sales of
cigars are naturally active at this time, the volume having increased
as compared with a month and a year ago.
The market for building materials is fair, although less active than
last month. Prices of lumber and plumbing supplies have advanced
while those of paint declined. Quotations for brick and cement show
little change.
[vol.. 127.
Wholesale Trade.
The six lines of wholesale trade reporting to this bank indicated ncreased
sales in October over the corresponding month of 1927, and with the exception of a slight decline in dry goods,all likewise recorded gains in the comparison with the preceding month. Drug,shoe, and electrical supply firms
continued to show expansion for the year to date over the same period of
1927, the increases amounting to 3.1, 3.2, and 15.8%,respectively, while in
the grocery, hardware, and dry goods trade declines of 0.2, 2.5, and 1.9%
were recorded. Collections increased in both the month-to-month and
Yearly comparisons, and were indicated as fair to good. Prices in most lines
have remained steady, although a slightly downward trend is apparent in
shoes and a continued upward tendency in groceries.
WHOLESALE TRADE DURING THE MONTFI OF OCTOBER 1928.
Net Sales During Month
Per Cent Change from
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Preceding
Month.
Same Month
Last Year.
Preceding
Month.
(341+ 2.3
(14)+16.3
(13)- 2.0
(13)+ 6.6
(9)+ 5.1
(371+34.0
(341+ 3.4
(14)+11.9
(13)+ 6.3
(13)+ 6.4
(8)+10.1
(371+38.7
(23)+ 5.5
(10)+ 0.5
(10)- 8.8
(11)+ 3.5
(71+ 1.3
(27)+11.0
Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Groceries_ hardware.
Dry goods_
Drugs
Shoes
Elec. supp.
Figures in
Stocks at End of Month
Per Cent Change from
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
Same Month
Last Year.
(231+
(10)-F
(10)(11)(6)+
(27)+
0.1
0.5
7.5
0.4
1.1
6.7
Collections during Month.
Per Cent Changefrom
Preceding
Month.
(31)+ 1.6
(31)- 7.7
(31) 98.6
(26)+ 6.9
(14)+ 4.8
(14) 178.2
(141+ 8.2
(12)+24.6
(13)+ 4.8
(11)+ 1.8
(13) 282.8
OD +22.9
(12)+ 1.3
(13) 135.1
(13)- 0.2
(8)4- 21
(8)- 1.4
(6)+19.1
(8) 251.8
(7)- 0.8
(36)+27.9
(36)+ 17.1
(26)+16.5
(36) 118.4
parentheses indicate number of firms included.
Same Month
Last Year.
(261+ 5.4
(121+ 9.1
(91+ 8.1
(61+ 4.6
(5)+12.8
(27)+24.2
Departmatt Store Trade.
Further expansion was reported in Seventh district department store trade
during October. Sales by 105stores aggregated 5.2% more than in September
and gained 5.1 %over October last year. With the exception of Detroit, the
larger cities as well as the smaller centers shared in the increase over the preceding month, while Milwaukee and Indianapolis had smaller sales than last
October, and the totals for Chicago, Detroit, and fifty-three smaller cities
were larger in this comparison. Sales by reporting firms in the district for
the first ten months of 1928 exceeded the corresponding period of 1927 by
5.3%. Gains of 9.3% over Sept. 29 and 4.5% over a year ago were recorded
In stocks on hand Oct. 31. Stock turnover for October (the ratio of sales to
average stocks during the month) was 33.7% compared with 32.9% last
October; for the cumulative period through October, turnover was 315.3
this year compared with 307.2% in 1927. Department store collections
showed large increases in October, gaining 30.1% over the preceding month
and 18.2% over a year ago., Accounts receivable the end of the month exceeded those outstanding the end of September by 5.7% and were 13.4%
above the corresponding date last year. October collections totaled 41.6%
of accounts receivable the end of September, which compares with 40.5%
a year ago.
Retail Shoe Trade.
Sales of shoes during October by 24 dealers and 23 department stores of
the district aggregated 17.2% less than in the preceding month and 2.7%
more than last October, the cumulative total for the year to date showing a
gain of 2.1% over the corresponding period of 1927. In the monthly comparison, most of the dealers reported gains, sales by department stores
effecting the decline shown. Although a gain was recorded in the total over
October a year ago, the majority of dealers and department stores reported
smaller sales. Stocks on hand the end of the month were 8.3% heavier than
on September 29 and 7.2% above a year ago. Accounts receivable increased
21.6% over a month previous and 14.0% over last year; their ratio to sales
during the month was 66.2% for October. 56.8% in September, and 59.2%
a year ago. Collections during October gained 27.8 and 23.0% in the
respective monthly and yearly comparisons.
Retail Furniture Trade.
Twenty-six dealers and 28 department stores sold in the aggregate 19.2%
less furniture in October than in September, but the volume increased 7.5%
over the corresponding month of 1927. Installment sales by 20 dealers
totaled 29.2% under September, although the majority of firms showed
gains, and were 3.1% In excess-of last October. Collections on this type of
sales were 22.5 and 4.6% larger in the respective month-to-month and yearly
comparisons, while total collections by dealers increased 20.3% over the
preceding month, but were 0.3% below a year ago., Accounts receivable the
end of the month gained 0.9% over a month previous and 2.6% over the
corresponding date of 1927. Stocks on October 31 of dealers and department
stores were larger by 8.4% than a month previous and 4.4% above a year
ago.
Chain Store Trade.
Increases in both the number of stores operated and aggregate sales by 21
chains were reported In October over the preceding month and a year ago,
while average sales per store expanded in the former but declined in the
latter comparison. The 2,315 stores in operation during October represented
an increase of 1.1% over September and of 19.6% over Last year, and their
total sales gained 5.6 and 11.4% in the respective comparisons. Average
sales per store were 4.4% heavier than a month previous, but fell 6.9% below
year ago. As compared with October. 1927, sales of cigar, musical instrument, and women'e clothing chains declined, while those by geocery, fiveand-ten-cent, drug, shoe, men's clothing, and furniture chains were larger.
All groups recorded gains in aggregate sales over September.
Manufacturing Activities in Chicago Federal Reserve
District-Shoe Manufacturing Experiences Seasonal Expansion-Midwest Distribution of Automobiles.
In its survey of manufacturing activities and output, in its
Merchandising Conditions in Chicago Federal Reserve
District-Increased Sales in Department Store monthly Business Conditions Report Dec. 1
the Federal
and Wholesale Trade.
Reserve Bank of Chicago says:
Expansion in department store and wholesale trade is re-
ported by the Federal Reserve Bank of Chicago in its Dec. 1
Monthly Business Conditions Report, from which we quote
as follows:
Shoe Manufacturing, Tanning. and Hides.
Shoe manufacturing In the Seventh Federal Reserve District showed a
seasonal expansion of 9.8% in October over the preceding month, according
to a preliminary compilation of the United States Department of Corn
DEC. 1 1928.1
merce. Tanning operations, as reported to this Bank by representative concerns in the district, decreased from September and a year ago, while sales
of leather totaled slightly more than in the preceding month and below last
Year. Prices were somewnat irregular.
Chicago trading in packer green hides and calf skins was rather limited
during the period and in smaller volume than in September; shipments from
the city increased. Prices trended downward in October and then firmed
early in November.
Furniture.
For the second consecutive month,furniture manufacturers in the Seventh
Federal Reserve District report an increase in orders booked and shipments
over a year ago; total orders received during October by 26 firms increased
15.2% and shipments showed a gain of 11.2%, a majority of the firms reporting increases in both cases. In the comparison with September,orders
booked declined 8.6%, while shipments were 1.5% higher. The volume of
shipments exceeded the amount of new orders, and this amount plus concellations reduced unfilled orders on hand Oct. 31 to 19.3% below those held
Sept. 30;they were aiso 6.1% smaller than on the corresponding date a year
ago. The rate of operations averaged slightly higher than during September
and also above that of a year ago.
The Bank also has the following to say regarding automobile production and distribution:
The number of automobiles produced in October showed continued expansion over corresponding figures for 1927,though declining from the September volume. Output of passenger automobiles in the United States aggregated 341.705 or 4.8% less than in the preceding month but 86.7% above
October last year. Truck production of 57,113 increased 1.2% over September and compared with 36.677 a year ago.
Dealers and distributors in the Middle West report further seasonal declines in sales during October, but the volume sold at both wholesale and
retail was decidedly above the level of October, 1927. Used cars sold increased in both the monthly and yearly comparisons. Stocks of new and
used cars were heavier on Oct. 31 than a month previous or a year ago. According to the f,gures of 28 dealers reporting the item, deferred payment
sales constituted 46.7% of their total retail sales in October, which compares
with 44.1% in September and 44.8% a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes In October 1928 from Previous Months.
Per Cent Change from
September 1928. October 1928,
New carsWholesale-Number sold
Value
Retail--Number sold
Value
On hand Oct. 31-Number
Value
Used carsNumber sold
Salable on hand-Number
Value
Companies
Included.
-9.3
-6.9
-8.2
-5.0
+7.9
+5.9
+58.3
+40.1
+76.8
+43.7
+21.4
+9.4
25
25
77
77
48
48
+12.7
+2.0
+6.5
+27.1
+11.8
+15.8
76
45
45
Employment Conditions in Oklahoma During October.
Gain in Department Store Trade.
Business and employment conditions in Oklahoma during
October are thus reviewed in the Oklahoma Business Bulletin
issued Nov.20 by the Bureau of Business Research, School of
Business, University of Oklahoma:
Employment in Oklahoma for October reached a new high mark for the
year, and a new high point since 1925 with the exception of September 1926.
The payroll situation in Oklahoma remained practically the same as last
month with a slight increase in amount paid, based upon the 1925 average.
Retail sales volume of 49 stores in Oklahoma showed a decided gain for
October over September (17.4% but barely gained (.06%) for the month
over October 1927. Clothing and department stores sales increased 6 and
8%, respectively, over last year while furniture and Lumber sales volume
decreased 25 and 35%, respectively, in like comparison.
In banking, debits to individual accounts for the 7 centers in Oklahoma,
the Kansas City District, Oklahoma City and Tulsa reached a new hign
peak for the year. The amount of checks cashed by Oklahoma City banks
for individual accounts was almost 60% higher in October than for the
average amount of 1925; and the index for Tulsa was almost 50% higher.
There is evidence of a decided upward treed in debits to individual accounts
since 1925 for Oklahoma City, Tulsa and the entire state, as wed as Kansas
OitY district.
The petroleum industry looks forward to a better situation in zegard to
crude oil prices in the near future as a result of a gradual recession in production after the peak for the year early in October but gasoline and kerosene prices continue to decline due chiefly to seasonal factors in consumption of these Products.
Building permits in leading cities of Oklahoma slumped 17.6% over
October of last year but gained 35% in volume for October 1928, over
September this year. Contracts awarded in the United States increased
In volume 6% for the yearly comparison and only 3% for October over Sept.
An Oklahoma cotton crop of 1.180,000 bales is indicated as of Nov. 1
1928, compared to last year's production of 1.037.000 bales. The yield
per acre will average approximately 122 pounds of lint, compared to 138
pounds last year.
Employment and Payrolls.
The employment report of 710 manufacturing and miscedaneous plant
in Oklahoma showed an increase of 3.7% for October over September 1928.
The payrolls for these same plants showed an increase of only 0.6 of 1%.
Six industries showed increases in employment, while four showed decreases.
The greatest increase was 2,14.3% in the cotton aced oil-mill industry.
The lead and zinc industry showed an increase of 26.5%. The payrolls in
five industries showed increases ranging from 4.1% for stone, ctay and glass
Industry to 254% for cotton seed oil-mills. The public utilities increased
the number employed by 2% and increased the payrolls 8%.
The index of employment for all industries for October 1928 was 110.1.
10.1% above the normal of 1925, while the index of payrolls was 111.1.
(See Charts 1 and II.). The index for the number employed for October
110.1, is the highest point reached since 1925, with the exception of Sept.
1926, when it stood at 113.5.
Slight Gain in Industrial Employment in Chicago
Federal Reserve District.
Employment returns for the period Sept. 15 to Oct. 15 refleet an aggregate gain of 0.6% in the number of men em-
3021
FINANCIAL CHRONICLE
ployed and of 2.1% in the amount of payrolls says the
Federal Reserve Bank of Chicago in its Dec. 1 Monthly
Business Conditions Report. The Bank further says:
The reporting industries followed in the main the trend of the preceding
month. Metals and metal products continued to expand operations, the
increases in men and payrolls exceeding those of a month earlier. Lumber,
rubber, and certain food products such as meat packing, bakery goods, and
confectionery, made further gains in employment. The increase in the lumber industry was due to greater activity in furniture and musical instrument
factories. A seasonal demand for paper containers and knit goods was reflected in the returns of the paper and textile industries. Coal and retail
trade experienced the effects of the colder weather and the approaching holiday season.
A continued decline in employment was reported for stone, clay, and glass
products, in the manufacture of clothing, in the leather and shoe industries.
and for a large number of food products, the downward trend in these industries being more pronounced than during the preceding period. At the
canning factories between one-half and three-fourths of the workers were
laid off. Employment at Detroit continued to decline, the Employers'
Association of that city reporting a loss of 4.5% for the five-week period
preceding Nov. 13, and a drop of 7.0% below the high point of Sept. 18.
Public utility concerns also have curtailed operations, and the building and
construction industries are lass active. The free employment offices report
diverse trends in the ratio of applicants to available positions for the various
states. In Illinois the ratio rose from 130% to 133, the increase in unemployment being due to an influx of workers into the city of Chicago; in
Indiana also there was an increase from 104% to 112, while for Iowa the
ratio declined from 214 to 207.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Number of Wage Earners
Industrial Groups.
Per
Oct. 15 Sept.15 Cent
1928. 1928. Change
365.573 363,300
All groups (10)
Metals & metal prods. (0th.
145,545 142.124
than vehicles)
38,305 37,880
Vehicles
Textiles & textile producte. 28,196 27,666
Food and related products_ 44.926 47,208
Stone, clay & glass products 16,470 16,725
Lumber and its products.. 31,173 30.760
10,292 10,062
Chemical products
13.789 14,487
Leather products
4.111 3,987
Rubber products
32.766 32.401
Paper and printing
Total Earnings.
Week Ended. .
Weds Ended.
Ga. 15
1928.
Per
Sept. 15 Cent
1928. Change.
+0.6 $9.968,430 $9,763,918 +2.1
+2.4
+1.1
+1.9
-4.8
-1.5
+1.3
+2.3
-4.8
+3.1
+1.1
3,987,268
1,162,095
632,381
1,178,006
470,566
805.358
282.776
288.094
106,989
1.054,897
3,825,841
1,170.657
626,205
1,194.772
471,379
772,416
271,262
310,335
• 101,094
1.020.057
+4.2
-0.7
+1.0
- 1.4
+0.2
+4.3
+4.2
-7.2
+5.8
+3.4
Analysis of Imports and Exports of the United States
for October.
The Department of Commerce at Washington Nov. 24
issued its analysis of the foreign trade of the United States
for the month of October and the ten months ending with
October. This statement indicates how much of the merchandise exports for the past two years consisted of crude or
of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF OCTOBER 1928.
1927.
Value.
Month of OctoberDomestic exports
Crude materials
Crude foodstuffs
Manufactured foostuffs
Semi-manufactures
Finished manufactures
Imports
Crude materials
Crude foodstuffs
Manufactured foodstuffs
Semi-manufactures
Finished manufactures
Ten Months Ended OctoberDomestic exports
Crude materials
Crude foodstuffs
Manufactured foodstuffs
Semi-manufactures
Finished manufactures
Imports
Crude materials
Crude foodstuffs
Manufactured foodstuffs
semi-manufactures
Finished manufact ures
1928.
P. C.
$480,462.000 100.0
160,282,000 33.3
62,42.5,000 13.0
9.5
45,643,000
55.034.000 11.5
157,078,000 32.7
355,739,000 100.0
119,221,000 33.5
44,195,000 12.4
41,348,000 11.6
67,807.000 19.1
83,168,000 23.4
Value.
P. C.
$544,022,000 100.0
176,359,000 32.5
9.6
52,381,000
9.5
51,641,000
59,992,000 11.0
203,649,000 37.4
355.404.000 100.0
117,686,000 33.1
41,967,000 11.8
34,391,000 10.0
71,213,000 20.0
89.147,000 25.1
83.907,712.000 100.0 24.026,578,000 100.0
929,320,000 23.8
947,185,000 23.5
9.0
5.8
351,081.000
234,566,000
9.7
378,849,000
9.3
375,865.000
584,137,000 14.9
597,610,000 14.9
1,664,325,000 42.6 1,871,352,000 46.5
3,609,240,000 100.0 3,425,435,000 100.0
1.360.748,000 38.8 1,240.425,000 36.2
403,921,000 11.5
459,926.000 13.4
345.954.000 10.1
386,246,000 11.0
628,968,000 18.4
630,522.000 18.0
750.159.000 21.9
727.803.000 20.7
Business Conditions in San Francisco Federal Reserve
District-Industrial Operations Continue at High
Levels.
In indicating that well sustained industrial activity continues in the Federal Reserve District of San Francisco, Isaac
B. Newton, Chairman of the Board and Federal Reserve
Agent, of the Federal Reserve Bank of San Francisco, under
date of Nov. 20 says:
A month ago this report called attention to the generally satisfactory
agricultural outlook, the large volume of trade being transacted, well sustained industrial activity, and the ample credit supply, as salient features of
the business situation in the Twelfth Federal Reserve District. There has
been no fundamental change in the situation since that time, agriculture
being, on the whole, in satisfactory condition; retail and wholesale trade
have been active during October and early November; industrial operations
have continued at high levels; and the supply of credit having been ample to
care for the seasonal needs of business.
Total agricultural returns in the District have thus far approxinated those
of a year ago, but their distribution by regions is somewhat changed. Livestnck returns have undoubtedly been well above those of 1927, and evidence
of improved purchasing power in areas where that industry is especially im-
3022
FINANCIAL CHRONICLE
[VOL. 127.
portant is afforded by increased trading activity. Some of the areas producFor the first 10 months of the year there was an increase in the exports
ing specialized crops have had a satisfactory season, but returns to producers of pulp and paper of $13,113,759 as compared with the 10 months of last
In certain other sections of the District have been disappointing.
Year, the total for the period being $157,889,459 as against $144,775,700.
Increases in value of sale during October, 1928, as compared with October.
Wood pulp exports this year have declined slightly in value, the total
1927, were reported by a large majority of the principal retail and whole sale for the 10 months being $37,655,890
as against $339.035.429 In the corresestablishments operating throughout this District. Expansion of building ponding months last year.
activity during October has helped further to improve the industrial situaExports of paper showed an appreciable gain over last year, the total
tion, and as a consequence of this improvement little surplus of labor was for 10 months being $120,233,569 as compared with $105.737,271 in the 10
reported.
months 1927, an increase for the current year of $14,496,298.
Seasonal expansion of trade and industry was carried on with an adequate
Quantities and values for the 10 months were as follows:
supply of credit. Reporting city member banks were able to reduce their
-9 Months, 1928- -10 Months, 1927borrowing at this Bank,even though their loans reached record levels during
PulpTons.
Tons.
216,435 6,508,041
158,372 4,318,550
the first half of November. Additional loans were made at rates which have Mechanical
211,069 15,990,237
196,967 15,270,840
prevailed for several months, and which are slightly higher than a year ago. Sulphite, bleached
Sulphite. unbleached
158.281 8,541.468
176,097 8,845,695
Sulphate
135,284 7,981,777
140,513 8,454,488
Screenings
*13,997
263.592
25,820
519,631
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 192 mills show that for the week ended Nov. 17
1928, orders were 25.86% under production, while shipments were 22.94% below output. The Association's
statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS
192 mills report for week ended Nov. 17 1928.
(All mills reporting production, orders and shipments.)
Production.
Shipments.
Orders.
169.364,040 feet
130,520,931 feet
125,578,485 feet
100%
25.86% under production
22.94% under production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (233 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
xWeekly
Actual Produaion
Average Weekly
Average Weekly
Ocpaerpaatuincug.
Week Ended
Production
Production 46 Weeks
Nov. 17 1928.
During 1927.
Ended Nov.171928,
242,003,659 feet
189,320,001 feet
191,737,374 feet
194,188,084 feet
x Weekly operating capacity is based on average hourly production reported for
the years 1925, 1926, 1927 and four months of 1928 and the normal number of
operating hours per week.
WEEKLY COMPARISON FOR 190 IDENTICAL MILLS-1928.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.
Week EndedNov. 10.
Nov. 3.
Oct. 27.
Nov. 17.
168,173,591 173,148,797 181,351,620 187,248,308
Production (feet)
125,148,159 154,063,852 170,768,463 168,473,155
Orders (feet)
Rail (feet)
49,541,849 52,364,681 62,558,229 60,731,663
34,404,418 47,175,742 47,694,856 45,115,958
Domestic cargo (feet)
Export (feet)
31.887,167 36,621,428 46,317,951
51,413,303
Local (feet)
9,314,625
17,902,001
14,197,427 11,212,231
130,150,510 149.228,046 172,577,455 164,804,009
Shipments(feet)
Rail (feet)
52,508,218 57,770,939 63,835,882 68,390,726
Domestic cargo (feet)
38,893,158 51,321.940 60,467.419
52,981,080
29,434,509 22,233.166 34,076,727 32,219,972
Export(feet)
Local (feet)
9,314,625
17,902,001
14,197,427 11,212,231
Unfilled orders (feet)
623,604,718 627,757,181 629,868,291 634,992,884
Rail (feet)
140,723,519 141.851,411 149,681,852 149,792,934
Domestic cargo (feet)
192,997,318 195,690,317 200,882,589 211,374,309
Export(feet)
289,883,881 290,215,453 279,303,850 273.825,641
100 IDENTICAL MILLS.
(All mills whose reports of Production, orders and shipments are complete for 1927
and 1928 to date.)
Average 46
Averak 46
Week Ended
Weeks Ended
Weeks Ended
Nov. 1728.
Nov. 17 '28.
Nov. 19 '27.
Production (feet)
97,315,281
102,580,789
99,151,038
Orders (feet)
76,428,408
106,296,000
101,820,473
Shipments (feet)
82,648,545
106,787,818
98,133,022
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
706,642 37,655,890
726,193 39,038,429
1,797,238 115,272,255
13,256
1,452,681
55,369
458,644
6207,
51,348
2,998,641
1;532,696 100,371,716
12,093 1,367,138
586,879
85,874
92,659
11,533
3,318,879
120,233,569
105,737,271
* Seven months'figures.
Pulpwood exports for the first 10 months of the year amounted to 1.406.731 cords valued at $14,047,232 as compared with 1.440,629 cords valued
at $14,645,341 exported in the corresponding months of 1927.
Agreement Reached in Canada Looking to Stabilization of Newsprint Industry-Output Fixed at 80%
of Capacity-Price Not Settled.
Following the agreement reached in Montreal on Nov. 23,
looking to the stabilization of the newsprint industry, it was
stated in the Montreal "Gazette" of Nov.26 that production
on the basis of 80% of capacity was the decision reached by
the newsprint manufacturers of Ontario and Quebec at the
second day of the conference on Nov. 24. At the same time
the "Gazette" said:
The problem of price is at present causing the greatest concern. The
feeling of the gathering was that a price of $50 a ton is not sufficient, and
notably so in the case of some mills which will have to sacrifice customers to
permit of an equitable distribution of the market offering. On the other
hand, the Canadian International Paper Co. has a contract, said to be for
three years, with the Hearst interests at a price of $50 a ton, and it was
around this contract and the consequences arising therefrom that much of
the discussion was waged Saturday. Opinion of the conference was in the
main that newsprint should be sold at a fixed price of not less than $55 a
ton, and mention was made of $57 a ton, though as those taking part in the
conference were pledged to secrecy it is not definitely kown whether the $55
or $57 price had most favor. Since the conference itself was brought about
under the ausPices of the governments of Ontario and Quebec for the promotion of the public interest, as testified by both premiers, and the question
of price left to the manufacturers to settle themselves as best suited to their
own interests, and those of the many thousands dependent upon livelihood
upon this second industry of Canada, there was no fear expressed, as far as
Could be learned, as to any complications arising in Canada because of an
agreement to fix the price, but the question of possible action in the United
States was foreshadowed, especially should adherence to one price entail
cancellation of a contract.
DOMESTIC CARGO DISTRIBUTION WEEK ENDED NOV.17 1928(107 Mills)
On the subject of limitaton of goduction to a basis of80% there was less
difficulty encountered. It is learned that the first proposal was that there-Unfilled
Orders on
duction from capacity should be on a basis of the capital invested in the mill,
Orders
Hand Bethe argument therein being that it should be accepted that a definite investCancelShipWeek Ended
Washington & Oregon- gin'y Week
Orders
Nov. 1728. Received. lations.
ments. Nov. 17'28. ment meant a definite output, but ultimately it was decided that limitation
(94 Mills)to 80% of capacity would better serve the object in view, insuring a better
$
$
6
$
$
distribution of purchasing thereby better achieving the object of the GovernCalifornia
70,804,980 14,810,645 100,643 18.019,512 67,495,470 ment in the matter of encouragement of colonization
and distribution in the
Atlantic Coast
71,129,586 13,652,616 1,083,341 13,975,365 69,723,496
Miscellaneous
147,468 3,517,515 employment of labor. The result of this will be the some of the mills, and
3,652,983
12,000
None
&
Paper
Co.,
notably, the Abitibi Power
which has been producing conTotal Wash•& Oregon- 145,587,54928,475,681 1,183,984 32,142,345 140,736,481 siderably less than 80% will increase their production and other mills which
practically
at
capacity
will
have
been
running
have to relinquish a portion of
Brit. Col.(I3 Mills)California
None 1,321,430 their present market. The reshifting of business thus involved will neces986,430
335,000
None
13,560,801
Atlantic Coast
11,958,801 2,380,000
728,000
maintaining
50.000
the fixed price to be decided upon, a
sarily have its influence in
Miscellaneous
510,146 commitment of mill as to price not being binding upon the mill which takes
257,211
74,000
326,935
None
over
the
business.
Total British Columbia 13,202,442 3,041,935
802,000 15,392.377
50,000
Total domestic cargo.. 158.789.991 31.517.196 1.233.984 32.944.345 156.128.858
In its account of the agreement reached Nov. 23 the
"Gazatte" of Nov. 24 said:
Increase in Canadian Newsprint Exports in October.
Canadian exports of pulp and paper in October, according
to the report issued by the Canadian Pulp and Paper Association, were valued at $18,340,019 which was an increase of
$3,580,297 over the previous month, and with the exception
of March was the highest monthly total for the year to date,
and was $3,610,750 ahead of October, 1927. We quote from
the Montreal "Gazette" of Nov. 23, which gives further
figures as follows:
Wood pulp exports in October were valued at $4,232,557 and exports of
paper at 14,107,462 as compared with $3,568,494, and $11,191,228, respectively in September.
Details for various grades of pulp and paper, as compared with October.
1927, are as follows:
--0Mober,1928.- -October,1927.
PulpTons.
Tons.
$
$
Mechanical
21,136
618,027
22,819
587,796
Sulphite, bleached
22,869 1,738,017
18,675 1,458.778
Sulphite, unbleached
634,585
18,477
12,297
921,780
Sulphate
15,706
16,247
954,243
914,877
Screenings
2,956
42,589
2,359
60,087
•
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
81,144
4,232,557
72,397
3,707,222
214,228 13,576,872
1,368
150,545
4,948
39,892
2,738
19,263
320,890
159,284 10,461,411
140,101
1,283
54,784
7,772
851
6,317
359,426
14,107,462
11,022,039
What is described in clear-cut language by both Premiers Ferguson and
Taschereau as an agreement which will mean stabilization of the newsprint
situation in Canada was reached yesterday at a conference of representatives
of practically all the newsprint producing companies, with the premiers of
both provinces "sitting" in, accompanied by the respective Ministers of
Crown Lands. The industry is to divide the business which exists in an
equitable manner.
A. R. Graustein, President of the Canadian International Co., was not
present at yesterday's conference, but will be present to-day when the newsprint magnates meet again for the settlement of the "technical details" of the
arrangement which has been reached, and the expectation is that this large
newsprint producing company will fall into line.
In an interview which Premier Taschereau gave "The Gazette" following
upon the conference it was made clear that not only have the companies decided to work together but that both governments will sit by ready to see
that the agreement is carried out.
The official conference, at which the Premiers were present, was in the
morning, when the agreement was reached,following upon prior conferences
between the companies themselves, and in the afternoon the newsprint
representatives continued together in conference. The Ritz Cartlon Hotel
was the scene of the gathering.
"We intended bringing this conference together last August, but owing
to various reasons notably the absence of Premier Ferguson, that was impossible," said Premier Taschereau. "The main reason we had was that we
thought that the announcement of a conference would bring together the
paper manufacturers and permit them to discuss the situation, and we find
the result to-day. They have been meeting and holding conferences for a
week, and when we met this morning they had reached an agreement to
which practically every paper manufacturer had subscribed. When we met.
they informed us that they had come to an agreement which they believed
would stabilize the price of paper, and put an end to the present difficult
sitiiation: We were very glad to hear that, and we promised them. Mr.
DEC. 1 1928.1
FINANCIAL CHRONICLE
Ferguson and myself, the full cooperation of the governments of Ontario and
Quebec to see that every party to that contract would live up to it. The
gentlemen whom we met this morning are business men,all familiar with the
condition of their industry, and they believe that they have found a solution
which will being good results. That being so, both governments are absolutely satisfied, and. I repeat it, we will co-operate with the paper manufacturers to see that they live up to their agreement.
Uniformity in Laws.
"Furthermore," added Premier Taschereau, "it was suggested this
morning that a further conference should be held later between the Ministers
of Crown Lands of Ontario and Quebec to try to bring about, as much as
possible, uniformity in the laws and regulations of the Crown Lands in the
two provinces, so that Ontario and Quebec would stand as one in that
respect.
"We believe that if we were to join hands, and co-operate, we would be
masters of the situation, to a great extent. We have got the raw material,
the labor, and the power. Therefore, we believe we should be masters of
that market.
"I think that everybody agreed this morning that there has been overproduction in the past, this was brought about perhaps by the conditions
that prevailed after the war, through the high prices that paper brought
then. Since then we find that although demands have been increasing for
paper-for I see In "The Gazatte" of to-day that for the ten first monthsof
.this year we have exported to the United States over 15 million dollars more
than for the same period last year, which shows that the market is good.
There has been over-production, and over-capacity. We hope that with the
agreement entered into this morning this condition will be overcome, and
successfully met."
Following the morning conference the following statement was issued:
"The paper manufacturers met this morning; the Prime Ministers of
Ontario and Quebec, and the Ministers of Crown Lands of those provinces.
The whole paper situation was reviewed and discussed, and the ministers
were informed that the manufacturers, after a week of conferences, had come
to a satisfactory agreement leading to stabilization of the industry, the
terms of which were submitted.
"The ministers expressed their satisfaction that such an understanding had
had been reached, and declared themselves prepared to co-operate with the
manufacturers towards the carrying out of such an agreement, which they
believed was calculated to restore confidence of both the publishers and the
public alike. The ministers agreed that the stabilization of the industry
over a period of years was a matter of national importance, and felt that the
present arrangement would bring this about.,
"Further conferences will follow, to work out the necessary details."
A reference to the agreement appeared in our issue of
Nov. 24, page 2888.
3023
Total finished yds. billed during month
District 1
2
3
5
8
Printed
Goods,
Dyed
Goods.
1Vhite
Goods.
October 1928.
Total.
10,191,381 16,855,500 12,915.088 44,873,762
821.736 3,603.133 17,263,940
5,007,262
11.942,080
7,688,793 4.273,287
6,506,054
5.200,810 1,306,044
3,348,819
3,346,819
Total
31,417,085 23,258,557 16,518,219 83,935,455
Total gray yardage of finishing orders
receivedDistrict 1
12.841,843 19,790,858 12.973,512 47,970,285
2
6.448.564 5,331.358 2.477.924 18,020,341
3
6,918.444 3,962,025
10,880,469
5
6,362,1,44
4,742,314 1,820,530
8
3,941,444
3,941,444
Total
34,912,609 30,704,571 15,451,436 87,175.383
No. of cases finished goods shipped to
customersDistrict 1
4,044
5,124
26,307
3,843
2
4,343
12.255
833
3
4,290
6.583
2.293
5
3,965
3,985
8
1,874
1.874
Total
No. of cases of finished goods held in
storage at end of monthDistrict 1
2
3
5
8
Total
Total average % of capacity operated
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in daysDistrict 1
2
3
5
18,516
8,250
3,643
50,984
2,573
4,411
904
1,658
678
3,131
959
2,357
12,784
11.385
5,561
1,658
672
10,224
4,090
White and Dyed
combined.
62
56
64
52
152
2.357
32,046
89
96
68
65
64
52
152
62
91
66
4.5
3.0
3.5
2.3
15.6
21.4
7.6
7.8
4.0
3.5
2.3
15.6
19.7
6.0
°
Average for all districts
4.1
I
Report of Finishers of Cotton Fabrics,
The National Association of Finishers of Cotton Fabrics, at
the request of the Federal Reserve Board arranges for a Report on Hosiery Industry in Philadelphia Federal
monthly survey within the industry and the results of the
Reserve District,
inquiries are herewith presented in tabular form. The
The
Federal
Reserve
Bank of Philadelphia makes public
Secretary of the Association makes the following statement
the following preliminary report on the hosiery industry by
concerning the tabulation:
The figures on the attached memorandum are compiled from the reports 129 hosiery Mills in the Philadelphia
Federal Reserve Disof 28 plants, most of which are representative plants, doing a variety of
work and we believe it is well within the facts to state that these figures trict ftom data collected by the Bureau of the Census:
represent a cross section of the industry.
Note.-(1) Many plants were unable to give details under the respective
headings of white goods, dyed goods, and printed goods, and reported
their totals only; therefore, the column headed "total" does not always
represent the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary
changes in equipment at various finishing plants, it is impracticable to
give average percentage of capacity operated in respect to white goods as
distinguished from dyed goods. Many of the machines used in a finishing
plant are available for both conversions, therefore the percentage of capacity
operated and the work ahead is shown or white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS
September 1928.
Total finished yds.billed during month
District 1
2
3
5
8
White
Goods,
Dyed
Goods.
Printed
Goods,
9,391,313 13,870,866 10,868.101 37,889,685
645,474 2,907,932 11,576,308
3,093,275
6,790,673 4,317,544
11,108,217
5,032,796 1,099,011
6,131,807
3,098,532
3,098,532
3.3
17.0
Men's
Fullfashioned
Hosiery knit during month
Net shipments during month
Stock on hand at end of month, finished and in the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month_
Total.
Total
27,406,589 19.932,895 13,776,033 69.804,549
Total gray yardage of finishing orders
receivedDistrict 1
10,124,737 16,248,223 11,844,831 40,597,279
2
5,419,351 3,309,438 1,963,249 14,004,408
3
6,511,609 3,982,025
10,473,634
5
4,725,717 1,242,990
5,968,707
8
3,438,611
3,438,611
Total
30,220,025 24,762,676 13,808,080 74.482,639
No. of cases finished goods shipped to
customersDistrict 1
4,321
4,173
3,373
23,753
2
3,771
670
10,449
3
2.203
3,889
6,092
5
1,421
3,713
8
1,760
1,760
Total
15,162
7,046
3,373
45,767
No, of cases of finished goods held in
storage at end of monthDistrict 1
2,555
3,334
2,414
12,535
2
4,747
910
12,818
3
866
5,416
5
97
1,985
8
658
658
Total
8,923
4,244
2,414
33,410
White and Dyed
Total average % of capacity operated
Combined.
District 1
57
83
61
2
48
78
55
3
62
62
5
55
55
8
141
141
Average for all districts
58
81
61
Total average work ahead at end of
month expressed in daysDistrict 1
3.1
18.5
6.1
2.9
2
6.4
3.8
3.5
3
3.5
5
2.1
2.1
14.1
8
14.1
Average for all districts
PERCENTAGE CHANGES FROM SEPTEMBER TO OCTOBER 1928.
5.0
Hosiery knit during month
Net shipments during month
Stock on hand at end of month, finished and in the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month._.,
Women's
FullSeamless. fashioned, Seamless.
+25.4
+22.5
+26.8
+44.1
+21.2
+12.0
+24.7
+28.2
+0.7
+29.5
--39.4
+7.8
+5.7
+42.5
-1.8
-8.0
--7.7
+9.6
--25.7
+5.4
+0.1
+41.5
-55.2
+0.2
Boys',
Misses &
Children.'
Infants'.
Athletic.
Tafel.
+25.5
+9.2
28.5
+8.4
+40.2
+58.5
-21.8
-0.9
--23.9
--2.9
+49.3
+1.3
+23.4
+53.8
+130.0
+34.4
+14.8
+7.3
+382.1
+18.8
---1.5
+31.9
•
+74.5
Continued Increase in Industrial Consumption of Electric Power in Philadelphia Federal Reserve District.
The Federal Reserve Bank of Philadelphia, in its advance
report on electric power in its District states that consumption of electrical energy in October by industries in the District increased further and was more than 11% larger than a
year earlier. The Bank adds:
Total sales of electricity also showed a gain of over 6% in the month and
nearly 24% in the year. The output of electric power by 12 central stations
was almost 13 and 22%,respectively,larger than a month and a year before.
Detailed comparisons follow:
PERCENTAGE CHANGES FROM SEPTEMBER TO OCTOBER 1928.
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICTTWLEVE SYSTEMS. •
September.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street ears and railroads
Industries
All other sales
1,771,000 k.w.
533,011,000 k.w.h.
51,017,000 k.w.h.
398,301.000 k.w.h.
83,693,000 k.w.h.
398,192.000 k w h.
76,641,000 k.w.h.
10,449,000 k.w.h.
66.192.000 k.w.h.
251,818,000 k.w.h.
5.164,000 kw h.
50.285,000 k.w.h.
196.369,000 k.w.h.
69,733.000 kw h.
Change
from
September.
1928.
Change
from
October.
1927.
+0.0% +25.1%
+12.8
+21.6
-23.4
+203.6
+21.4
+14.4
+7.5
+11.5
+6.3
+23.6
+9.0
+12.3
+17.6
+8.5
+7.8
+12.9
+2.7
+13.8
-4.3
+326.0
+9.9
+13.5
+1.2
+11.2
+17.9
+90.0
FINANCIAL CHRONICLE
3024
Increase Sales of Automobiles in Philadelphia Federal
Reserve District—Falling Off in Wholesale Trade.
With regard to the automobile trade in its District the
Federal Reserve Bank of Philadelphia says:
(VOL 127
The statement said wages in the Biackstone Valley were already "miserable and not sufficient to provide for the necessities of life," and included
a charge that the Coates company had discharged $12-a-week employees
and rehired them at a $3 reduction.
The Associated Press accounts from Providence on Nov.
Retail sales of new passenger cars by 12 distributors showed a slight in- 26 had the following to say regarding the wage cuts:
crease in number, though not in value, from September to October but were
Four Rhode Island mill companies, controlling eight plants and employconsiderably smaller than In the same month last year. Distribution at ing about 11.600 workers, to-day announced reductions in wages declared
the
with
and
value
number
compared
in
as
materially
off
fell
wholesale
to be necessary in equalizing pay here with that of other New England
previous month and a year earlier. Sales of used cars, while declining in the textile centers,
month, were well ahead of last year. Purchases at retail on deferred payWhile the announcement did not state the amount of the cut, it was
ment showed gains in the month and year.
learned through the Lonsdale Company that it would be 5%. The reducsubwere
but
month
the
declined
of
end
new
the
of
at
cars
Inventories
tion goes into effect Dec. 3 with the Lonsdale Company, J. & P. Coates
stantially larger than those held on the same date last year. This is also true (R.I.),Inc.,the Manville-Jenckes Company and the Valley Falls Company.
of used cars stocks.
Pawtucket Advices Nov. 26 in the Boston "Herald"
AUTOMOBILE TRADE—PHILADELPHLA FEDERAL RESERVE DISTRICT
referring to the Rhode Island Wage reductions announced
—TWELVE DISTRIBUTORS.
by mills throughout the State said in part:
October 1928 Change from
September 1928.
Number.
Sales, new cars, wholesale
Sales, new cars, at retail
Stocks of new cars
Sales of used cars
Stocks of used cars
Retail sales, deferred payment
—44.3%
+2.1
—19.8
—13.3
—9.9
+5.2
Value.
—34.8%
—0.7
—2.2
—20.0
—13,0
+0.2
October 1927.
Number.
Value.
—27.3% —11.7%
—39.1
—44.8
+107.8
+78.5
+17.8
+12.1
+23.2
+20.5
+14.9
+13.2
The exact amount of the cut has not been announced. The official
announcements read as follows:
"Following wage adjustments made in New Bedford at the end of the long
strike, every textile center in New England, with the exception of Rhode
Island, adjusted wage rates to correspond with those in New Bedford. This
is now being done here."
The wage cut in New Bedford as announced previous to the strike in that
city was 10%, but following the strike. the cut was reduced to 5%, and it
is expected that the wage slash announced throughout Rhode Island to-day
will amount to about 5%.
The mills affected include practically every textile plant in the State.
The J. & P. Coates company, employing 3,500 hands, makers of thread and
manned by unorganized workers is running full time. The ManvilleJenckes company, employing 2,000, all unorganized, has been running day
and night.
The following mills which have announced the reduction have also been
running full time for some months. Goddard, Campbell Company, with
mills at Ashton, Berkeley and Lonsdale; Valley Falls Company of Albion;
the Greenhalge Company of Pawtucket, and the Coventry Company, with
mills at Phoenix and Hope.
Wool Men Join for Protection at Paris
Conference.
Following the example of the steel, chemical and other
great industries, the delegites to the International Wool Conference in Paris on Nov.22 appointed a committee to establish
an "International Wool Products' Organization" headed by
Andre Dubruile of France. A cablegram from Paris to the
New York "Times" is authority for this, the further advices
Petroleum and Its Products—Further Gains in Crude
therein stating.
Output.
Europe's
With the exception of the United States, which was represented by delegates acting in an unofficial capacity, all the nations attending adhered to
the organization which will coordinate the efforts of the national federations
In Great Britain, France, Germany, Belgium, Italy. Holland and Czechoslovakia to meet the seriour problems confronting tne wool industry. Other
wool-producing and wool-handling nations will be invited later to associate
themselves with the international body.
The conference in its closing session today took preliminary steps against
the evils which the new organization was meant to combat when it adopted
proposals demanding protection for trade marks and models from the falsification which, it was asserted, went on in many countries, including the
United States, and which had reacted to the detriment chiefly of the British
wool industry. Many clothing dealers, It was declared, had placed on sale
garments made of an inferior grade of wool or part cotton, bearing trade
marks including the Royal Coat of Arms and English names, in an effort to
deceive the consumer into believing he was obtaining English wool and
material. The conference declared for measures to guarantee that goods be
marked precisely as to grade and origin of the material.
Another important resolution passed to-day was that introduced by the
French delegate, Paul Rodier, which demanded the creation in each country
represented of a jury of honor composed of about three members, to which
should be submitted for arbitration all controversies affecting the industry
before any legal action be taken, and which should be notified of any diff culties between members of the industry in any two countries having such a
jury of honor, so that the members of the juries might be enabled to intervene and aid in reaching a settlement.
The United States delegates attended all the meetings, but did not subscribe to any of the resolutions or actions of the conference, since they Carried no mandate other than as observers for the Americn industry. The
American delegates were Lewis A. Hird, Director and Treasurer of the Wool
Institute: Charles Rockwell, Vice-President of the National Association of
Worsted and Woolen Spinners, and Herbert K. Webb, President of the
Philadelphia Wool Association. The conference was also attended, on behalf of the Embassy's Commercial Attache, by William Fenger, Assistant
Commercial Attache of the American Embassy.
Owing to a difference of opinion between the delegates as to the merits of
London and Paris as permanent headquarters of the international organization, the choice of the seat was left to a committee.
Wage Cuts in Rhode Island Textile Mills—Strike
Authorized By United Textile Workers of America.
Following press advices from Providence, R.I. on Nov. 26
indicating that various textile mills in the state had announced a cut in wages, to become effective on Monday next
Dec. 3, the New York "Times" carried the following in its
issue of Nov. 29:
e
A strike of 15,000 employees of thee textile concerns in Rhode island
wa authorized yesterday by the emergency board of the United Textile
Workers of America as a protest against a wage reduction proposed to go
into effect next Monday, The Associated Press made known.
After a board meeting Francis J. Gorman, Vice-President of the United
Textile Workers of America,issued a statement saying the executive officers
of the union were authorized to endorse strike action against the ManvilleJenks Corporation, the Lonsdale Company and J. & P. Coates. thread
manufacturers of the Blackstone Valley.
Notice of the reduction, which union officials here said they understood
to be 5%, was posted last Monday. Mr. Gormon referred to the recent
settlement of the New Bedford textile strike through the acceptance of a
5% reduction with the stipulation that thirty days' notice would precede
future cuts, and added:
"Why doesn't the mill owner make a decent comparison and agree to
thirty days' notice before changing wages? This particular point was
the deciding factor in the New Bedford settlement.
"We make this proposition to the employers: Let them postpone the
reduction and we will enter into a discussion with an agreement to a settlement In consideration of the facts presented."
With production registering a sharp gain for the week
ended Nov. 24, due to a material jump in California output, interest in petroleum circles is centering on the Pacific
Coast situation this week. Trade leaders are banking on the
gas conservation program in California to hold down crude
oil production from the deep zone areas, particularly at
Sante Fe Springs, while efforts are being made to arrange
for pro-rating of production in new fields. California
operators during the past year have withdrawn approximately 6,000,000 barrels of light oil from storage, and there
is still a heavy demand for this "sweet" crude on the Pacific
Coast. Production of the new Kettleman Hills pool is of high
gravity oil, and it is expected that development work will
continue unchecked in this area. An extensive drilling
campaign continued in the Mission Pool in Oklahoma, but
owing to the aid which the State has been extending the industry in making its conservation program effective, it is
not felt that the Mission Pool will get out of hand and disturb the market position in the Mid-Continent area.
Little has been heard this week regarding any pending
price change in the Mid-Continent crude oil price structure,
but reports from usually well-posted sources indicate the
probability of an upward move on high gravities before
the close of the year. One report has it that only oil of 33
degrees gravity and higher will be affected by any price
change. Independent refiners without contract coverage
on their crude oil requirements are reported still paying a
premium of 100. per barrel over posted prices for their high
gravity oil.
The annual meeting of the American Petroleum Institute
in Chicago is being awaited with a good deal of interest by
the trade. It is generally believed that a definite program
for South American curtailment will result from the Chicago
meeting, with probable further action at that time looking
toward the organization of the industry's export corporation, under the provisions of the Webb-Pomerene Act.
Incorporation early this week by Standard Oil Co. of New
Jersey of an export company made up of Standard Oil of
New Jersey and four of its principal subsidiaries was the
first actual step toward formation of the export combine.
Producers operating in Winkler County, West Texas,
this week petitioned the Texas Railroad Commission to
call a hearing to take testimony on application to increase
permitted daily production to 175,000 from 150,000 barrels.
Several months ago 175,000 barrels daily flow was allowed,
but two months ago the field's allotment was out to 150,000
barrels a day. Although the larger output force would more
storage of oil, operators believe that it would make for
greater efficiency in field operations. Since the cut to
150,000 barrels daily, ofiosiderable new production has been
brought in by operators in the Leek pool, near Henderiek.
DEC. 1 1928.]
FINANCIAL CHRONICLE
Prices are:
Pennsylvania
$3.60
Corning
1.80
Cabell
1.45
Wortham. 40 deg_ 1.56
Rock Creek
1.33
Smackover.24 deg. 90
Buckeye
3.25
Bradford
23.60 Illinois
$1.56
Lima
1.60 Wyoming. 37 deg- .1.41
Indiana
1.37 Plymouth
1.28
Princeton
1.55 Wooster
1.77
Canadian
2.00 Gulf Coastal "A".. 1.20
Corsicana. heavy_ 1.00 Panhandle.44 deg_ 1.36
Eureka
3.40
Oklahoma. Kansas and Texas32-32.9
21.16 Big Muddy
$1.33
40-40.9
1.56 Lance Creek
1.48
44 and above
1.76 Bellevue
1.25
Louisiana and ArkansasMarkham
1.00
32-32.9
1.16 Somerset
1.75
35-35.9
1.31 CaliforniaSpbodletop, 35 deg. and
1.35
14-14.9
.8.5
Elk Basin
1.48
42-42.9
1.9.5
REFINERY PRODUCTS-GASOLINE AND KEROSENE MARKETS
EASY.
Gasoline tank-wagon markets this week developed signs of softness,
carrying out recent declines at refinery points. Standard Oil Company
of Louisiana on Tuesday announced reductions of 2c. a gallon in gasoline
tank-wagon and service station quotations throughout its territory, with
the exception of Shreveport, where the reduction was but lc. per gallon.
All concessions and discounts formerly offered were withdrawn. It became
known this week that Standard Oil Company of New York had reduced its
schedule of prices lc. per gallon throughout New England, including
Connecticut, the reduction being effective November 19. The cut was
not announced by the company through the usual channels owing to the
fact that the New York price was not changed.
Tank-car gasoline is in easier position at Atlantic Coast refineries this
week, with some price cutting reported. Offerings are reported at Portsmouth and Norfolk at 11c.. off Mc. a gallon from the previous quotations,
California United States Motor offered f. o. b. Pacific Coast, down to
8Mc., off Mc. Unfavorable weather late in the week was cutting materially into sales totals, and still further intensified the weakness in the
market.
Kerosene business eased off further this week, and while the quotation
at Atlantic Coast refineries underwent no modification, some talk of a
pending reduction was heard in trade circles. Quotations were weaker
at Midcontinent refineries. Low-grade kerosene distillate is selling well
for furnace oil, but both water white and prime white grades are rather
sluggish.
Lubricating oil continued on the up-grade at Pennsylvania refineries,
fractional price advances being put into effect this week. Refiners
are
talking still higher prices, and domestic buyers are operating in a larger way.
A chronological summary of this week's price changes follows:
'
November 24-Pennsylvania refiners advanced cylinder stock lubricating
oils MC. per gallon on all grades.
November 26-United States motor gasoline at Chicago ;ic. lower at
8(c. to 9Mc. per gallon.
November 27-Pennsylvania refiners reduced gasoline Mc. per gallon.
November 27-Standard Oil Co. of Louisiana reduced gasoline lc. per
gallon in Shreveport to 1614c. tankwagon and 18 Mc. service station.
November 27-Standard Oil Co.of Louisiana reduced tankwagon
gasoline
2c. per gallon in Louisiana. Arkansas, and Tennessee. Commercial discounts from the service station and tankwagon prices. creating a differential
of 3c., were abolished.
November 27-Pennsylvania refiners advanced cylinder stocks
lubricating oil Mc. per gallon.
Export inquiry hae been rather sluggish this week. Buyers are holding
off, both at New York and in Gulf markets, in anticipation of lower prices.
This feeling prevails both on gasoline and kerosene.
Gasoline (U. S. Motor)
.11
New York
Portsmouth
11
Norfolk
11
.12
Chelsea
Jarksonville
.11
Tampa
.11
1144 *Oklahoma
Tiverton_
0834 New Orleans
1034
Boston (delivered).- .125f Providence ((lellv.)_ .1294 Houston
1034
11
Chicago
Carteret
0834 California
08 ti
11
Baltimore
Marcus Hook
.11
*North Texas
0834
Philadelphia
.11
Nots.-Thr above prices are fob. refineries, tank car as. unless otherwise noted.
Delivered prices are general y lc. a gallon above the refinery quotation.
*A number of the large refiners were still quoting
Gasoline (Service Station).
29
Richmond
New York
.25 Charlotte.....
.24
18 San Francisco
Boston
.21
Charleston
.24
24
Wheeling
Baltimore
24
Chicago
17
.25
Parkersburg
Norfolk
21
New Orleans
174f
Note.-The above prices are retail prices at service stations and Include State
taxes in states where a tax is Imposed.
Kerosene.
091 Chicago
New York
05341 Philadelphia (delis.) .10
New York (deliv.)_. .101 Philadelphia
.09 1 Oklahoma
.054
Nots.-The above prices are f o.b. refineries, tank car lots, unless otherwise
noted.
Delivered prices are generally le. a gaPon above the refinery quotation.
Bunker Fuel Oil.
1.05 1 Norfolk
New York
1.051 New Orleans
.95
1 051 Charleston
Baltimore
.901 California
85
Note.-The above prices are f.o.b. refineries; a charge of Sc, a barrel is made for
barging alongside.
Gas and Diesel Oil.
.05(4 !Diesel on. New York
Gas oil, New York
Note.-The above prices are f.o.b. refineries.
".00
Export Quotations
Gasoline, Navy. New York cases_ .26401Kerosene,a. w., New York. rases-. .1765
10441 W W ,New York, cases
Bulk
1890
Tank Walton Prices.
.18 Kerosene. w. w., New York
Gasoline, New York
.15
I
New Mexico Petroleum Decree Issued.
3025
to petroleum operations in Mexico. This decree sets forth conditions
under
which future oil concessions in Mexico will be granted in Mexico's national
petroleum reserves.
The principal items in the decree follow:
Duration of each concession is 30 years, with automatic extensions
at
end of that period for lots in production until such time as the concessionaires
shall cease to exploit them, but always on the understanding that in no
Instance shall such automatic extension exceed 20 years.
A concessionaire, within a month of the signature of his grant, must
make a deposit with the government,the amount to be fixed by the Ministry
of Industry and Commerce, based on the importance and extent of the lands
within the concession area. Such deposit must be expressly approved by
the President of the Republic.
A concessionaire shall be obliged as from the date of signature of his
concession to pay monthly 500 gold pesos $250) toward the expenses of
government inspection.
In the first two years from the date of the concession at least two wells
must be drilled and at least two additional wells in each successive year
of the concession.
From the termination of the third year of each concession at least one
of the two new wells referred to must be drilled on land outside that on
which are located the wells already drilled, and in this connection all concessions must be specifically defined when the wells are to be considered
completed.
A concessionaire shall undertake to render to the Department of Industry
and Commerce every year a report with details regarding production and in
general regarding works carried out the previous fiscal year. also as to expenses of exploration and exploitation, a copy of his balance sheet and any
other information which may be sought by the Ministry of Industry and
Commerce.
The Secretary of the Department of Industry and Commerce shall have
the right to inspect the books of any concessionaire, and any resistance to
the exercise of this right may be punished by a fine offrom 100 to 5,000 pesos
($50 to 22,500).
Under all concessions on lands within the national petroleum reserves
the grantee shall have the right to carry out exploration works, whatever
be their nature, but In such a form as general practice establishes. On the
termination of a concession the holder may withdraw his installations,
provided that both the wells completed and those still in process of drilling
are left in conditions of complete security.
A concessionaire shall be granted an extension of time to comply with
any clauses of this decree if he proves his failure to be due to a force beyond
his control, such as epidemics, inundations, war with a foreign nation or
military operations within the republic.
Concessionaires shall undertake to promote the petroleum industry within
the country, placing their products on the market at reasonable prices.
All disputes regarding concessions shall be submitted to Mexican tribunals,
which shall be the sole courts competent to judge such differences, and there
/shall not be sought nor accepted any diplomatic intervention In the interpretation of the concessions.
In case of the rescinding of any concession on account of failure to comply
with this decree, the concessionaire shall have 60 days in which to present
his defense.
All exploitation must be effected so as to avoid as far as possible overproduction, while all oil beds must be worked with efficiency.
Organization of Lead Industries Association.
In accordance with plans announced some months ago (and
referred to in these columns July 14, page 193), a Lead
Industries Association was formally organized in New York
on Nov. 14 by producers and consumers of lead. Regarding
its organization an announcement says:
In general the association intends to promote the serviceability of the
lead industries to the community at large, and will parallel some of the
activities of existing organizations in other non-ferrous metal industries.
The association also expects to disseminate accurate information regarding
the use of lead products to collect statistical information relating to the
production, distribution, marketing and consumption of lead and lead
Products, and to develop methods for improving the welfare of those engaged in the lead industries.
Membership in the Lead Industries Association will comprise corporations interested in the mining, smelting or manufacturing of lead in the
United States, Mexico. Canada and South America. Some of the companies to be represented in the organization are Ahumada Lead Co., American Lead Co., American Metal Co., Andrews Lead Co., American Smelting
& Refining Co., Bingham Mines Co., Bunker Hill and Sullivan Mining &
Concentrating Co., Cerro de Pasco Copper Corp.. Chief Consolidated Mining Co., Consolidated Mining & Smelting Co. of Canada, Ltd., EaglePicher Lead Co., El Potosi Mining Co.(Howe Sound Co.), Evans-Wallower
Lead Co., Federal Mining & Smelting Co.. Federated Metals Corp.. Fleck
Brothers Co., W.P. Fuller & Co., General Cable Co., Glidden Co., Hecht
Mining Co., Metals Refining Co., National Lead Co., Northwest Lead Co..
Park-Utah Consolidated Mining Co.. Remington Arms Co., SherwinWilliams Co., Silver King Coalition Mines Co., St. Joseph Lead Co.,
Tintic Standard Mining Co., Utah Apex Mining Co., Utah Copper Co..
United Metals Selling Co., U. S. L. Battery Co., United States Smelting,
Refining & Mining Co.
The following officers of the association were elected at the meeting:
Clinton H. Crane, President; Hamilton M.Brush and Ralph M. Roosevelt
Vice-Presidents; Felix E. Wormser, Secretary-Treasurer.
Crude Oil Output in United States Increases.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Nov. 24 1928 was 2,505,000 barrels as
compared with 2,490,850 barrels for the preceding week, an
incmase of 14,150 barrels. Compared with the output of
2,498,350 barrels per day for the week ended Nov. 26 1927,
the current figure shows an increase of 6,650 barrels daily.
The daily average production east of California,for the week
enditd Nov. 24 1928 was 1,839,200 barrels, as compared
with 1,847,350 barrels the previous week, a decrease of
From the "Wall Street News" of yesterday (Nov. 30) we
8,150 barrels. The following are estimates of daily average
take the following Mexico City advices:
President Galles and the Secretary of the Department of Industry and gross production (in barrels) by districts for the periods
Commerce have issued a decree putting into effect the new law pertaining shown below:
FINANCIAL CHRONICLE
3026
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest TM=
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
Pallfornia
[VOL. 127.
Union Miniere du Haut Eatanga ; the following brands of Australian
DAILY AVERAGE PRODUCTION.
refined: 0. T. Lempriere & Co., Mt. Bischoff, Pyrrnont.
Nov. 2428. Nov. 1728. Nov. 1028. Nov. 26'27
775.000
721.100
715,100
712.950
Class B-The following brands of English Common: Williams Harvey
106.200
96,700
96,000
96,300
Thames Metal Co.;
83.800 Mellanear Common; Penpoll common, Cornish common,
65,050
66,750
64,200
88,950.78,450 the following brands of German Common: Th. Goldschmidt "Volta," Th.
89,400
58,500 Goldschmidt "Tege," Zinnwerke Wilhelmsburg common; the following
55.250
54,750
54,850
240,900
328,900
330,200
329.600
27,950 brand of Chinese Tin: Chinese No. 1.
21.300
21,450
21.150
25.600
26,550
2,6.600
27.750
While trading will be confined to tin futures at
49.150
39,400
38.750
38,200
96.800
83,200
83,400
83,050
it is within the scope of the exchange to
first,
122,100
117.250
113,400
113.400
15.700 later on take up other non-ferrous metals which lend them20,750
21,100
21,150
115.250
111,000
109,000
107,500
55.050 selves to futures trading and in which, it is pointed out,
61,150
59,550
58,100
13,050
11,750
12,200
11,550
6,450 there is a real need for such a market.
7.350
7,700
7.100
2,400
3.600
2,450
2,950
The rates of commission to be charged non-members for
626,000
639.000
643,500
665,800
2.505,000 2,490.850 2,497,000 2,498,350
The estimated daily average gross production of the Mid Continent field
including Oklahoma, Kansas, Panhandle, North, West Central, West.
East Central and Southwest Texas, North Louisiana and Arkansas. for the
week ended Nov. 24 1928, Wo13 1,517,450 barrels, as compared with 1.521,950 barrels for the preceding week, a decrease of 4,500 barrels. The
Mid-Continent production, excluding Smackover. Arkansas heavy oil, was
1,463,700 barrels, as compared with 1,467,900 barrels, a decrease of 4.200
barrels.
The production figures of certain pools In the various districts for the
current week, compared with the previous week follow (figures in barrels
of 42 gallons):
-Week Ended-Weep EndedNov.24. Nor.17.
OklahomaNor.24. Noe.17. North Louisiana5,800 5,800
11,800 11,800 Haynesville
Tonkawa
6,200 6,200
25,650 25,500 Urania
Burbank
20,200 20,500
Bristow Slick
Arkansas8,450 8,850
Cromwell
7.150 7,200
41,750 42,950 Smackover, light
Seminole
53,750 54,050
50,650 50,200 Smackover, heavy
Bowlegs
13,050 12,950
10,250 10,800 Champagnolle
Searight
105,450 110,200
Little River
Coastal Texas75,850 77,550
Earlsboro
8,500 7,750
130,050 126,800 West Columbia
St. Louis
9,750 9,900
24,100 23,000 Pierce Junction
Allen Dome
11,000 11,700
Hull
Panhandle Testis38,200
37,500
Spindletop
30,300
Hutchinson County.... 28,900
6,100 6,100
Carson County
Louisiana
Coastal
26,850
25,500
Coanty
Gray
4,200 4,400
800 Vinton
800
Wheeler County
5,400 4,100
East Hackberry
North Texas1,500 1,900
Lake
Sweet
33,000
32,800
WIlbarser
2,000 2,100
19,400 19,300 Sulphur Dome
Archer County
WyomingWest Central Texas35,350 36,250
Shackelford County.... 10,450 10,400 Salt Creek
Montana10,300 10,400
Brown County
7,950 8,300
Sunburst
West Texas17,200 17,300 CaliforniaReagan County
66,000 50,000
31,050 30,050 Santa Fe Springs
Howard County
192,500 187.500
67,900 71,400 Long Beach
Peet s County
51,500 51,500
Crane & Upton Counties 53,900 52,100 Huntington Beach
16,000 16,000
149,150 148,700 Torrance
Winkler County
10.000 10,000
Dominguez
East Central Tezas-5,500 5,000
9,600 9,650 Rosecrans
Corsicana Powell
28,000 28,000
Inglewood
700
700
Creek
Rigger
75.000
75,000
Midway-Sunset
Southwest Texas52.000 51,500
13,450 13,400 Ventura Ave
Latina
25,500
26,000
Beach
8.900
Seal
8,850
Laredo District
rota!
National Metal Exchange to Open Dec. 3.
New York's newest futures market, the National Metal
Exchange, will open for trading on Monday (Dec. 3) at 27
William Street. Simple ceremonies, beginning at 10 A. M.,
will mark the opening of the exchange. President Erwin
Vogelsang will make a brief address, a pig of tin will be
auctioned off for charity, and at 10:15 a. m. the gong will
sound and Secretary Edward A. Brennan will call for bids
and offers on the months to be traded in. From then on
until the close at 3 P. M., it Is expected that trading will
be active.
The Board of Governors of the exchange at 1 P. M. will
be hosts at a luncheon at India House, to which Mayor
Walker and other city officials, leading bankers, the heads
of neighboring exchanges, prominent metal men and others
have been invited.
Tin, of which America is the world's largest consumer,
will be the only metal traded in on the exchange at first,
but the charter of the exchange permits it to take up other
a round turn per contract of five tons of tin on the exchange follow:
Trading under 50 cents pei pound (domestic), $25; between 50 and 60
cents per pound, $30; above 60 cents per pound, $36; foreign $2 additional.
In announcing on Nov. 20 that the membership of the
exchange had been completed and no more applications
would be accepted, President Vogelsang said:
"The 267 memberships of the National Metal Exchange have all been
filled and the Board of Governors regrets that it has been compelled by
the limitations of membership to return many applications, unconsidered,
from representatives of metal firms and commission houses who were
eligible for membership."
Steel Output Shows Little Change-Pig Iron Prices
Again Advance-Steel Prices Easier.
Steel prices are easier, but the decline in production has
been checked, states the "Iron Age" of Nov.29 in its weekly
summary of the iron and steel markets. With the general
trend of specifications downward as the year-end approaches,
releases by the automobile industry continued to act as an
offsetting infuence. Construction work and railroad cars
are also taking more steel, adds the "Age," which further
says:
Among the primary materials, pig iron still shows strength in the Central
West and South, but is less buoyant in the East. Heavy melting scrap at
Pittsburgh, after declining for four consecutive weeks, has undergone no
further change in the past seven days, and a somewhat steadier price situation obtains in other market centers. Prompt furnace coke at Connellsville
has receded 10c. a ton and in now 15c. below the peak reached in the middle
of October.
Steel bar prices reflect a marked change in the condition of mill backlogs.
Buyers no longer find it necessary to pay premiums for early shipments,and
the market is again quotable at 1.90c. to 2c., Pittsburgh, compared with
1.95c. to 2. when the advantage was with the mills. The possibility of an
advance for first quarter has also passed, with the opening of books by two
producers at the same prices that rule on current contracts. Cold-finished
bar prices likewise have been continued for the next quarter, and similar
action is expected on plates and structural shapes.
Large buyers of hot-rolled strip have succeeded in placing first quarter contracts at concessions of $2 a ton. This product, however, under the new
bases and extras recently announced, had been advanced $3 to $5 a ton over
current invoice prices.
In contrast, sheet prices for first quarter have held in contracts placed
thus far, although mills continue to make sales for immediate specification
at $2 a tone less.
Territorially also a mixed situation Is indicated, with an advance of $2
a ton on plates, shapes and bars reported from Birmingham.
Steel output shows little change. The rate for the Greater Pittsburgh
district remains at 80%, while Chicago continues on an 82% bards. The
average for Steel Corporation subsidiaries has risen to about 82%.compared
with a recent rate of 80%.
The recovery in steel specifications from the automobile industry, noted
at Cleveland a week ago, has continued and additional first quarter contracts
have been placed. The increased steel requirements are to a large extent for
new models to be brought out Jan. 1.
Large projects are sustaining the demand for steel in the construction
field. For a third week structural steel contracts have been heavy, the current total being 58,600 tons. Of this amount, one contract-for a bridge
between Staten Island and New Jersey-calls for 26,500 tons. A New Jersey
of
pipe line, on which bid. will be closed Dec. 6, will require 38,000 tons
plates.
Indicative of the growing steel requirements for ships Is an inquiry from a
New Jersey builder for prices on 12,000 tons of ship plates and 4,000 tons of
metals, if it is so desired.
shapes.
Trading in tin futures on the new exchange will be conRailroad equipment buying for the week included a total of 2,900 freight
five
and
month
cars, of which the Wabash bought 2,000 and the Chicago & North Western
fined to six positions, including the current
Among new inquiries for more than 4,000 cars were 2,500 for the
succeeding calendar months, it is announced by President 700.
Louisville & Nashville. 1,025 for the Santa Fe and 250 for the Rock Island.
Lonthe
on
limit
Vogelsang. Ninety days is the futures
The current rail buying movement is half over, judged by the tonnage
mills. The Ensley, Ala., mill, which resumed operadon Metal Exchange, which is the only other metal fu- booked by Chicago received
an order for 13,000 tons from the Southern
tions Nov. 24, has
Metal
National
the
on
trading
tures exchange. The unit of
Pacific.
prices
Tin plate specifications have increased,following the announcement of the
Exchange will be five long tons, or 11„200 pounds and
ths
for the first half of 1929, and mill operations now average 80% comprice
one-hundred
five
of
will be quoted in multiples
with 70% a month ago.
pared
be
to
are
s
(5/100ths) of a cent per pound. Fluctuation
Clevelandreported another good week in sales of foundry and malleable
in that city is booked
limited to five cents up or down during any one day. pig iron, which totaled 46,000 tons, and one producer
tons.
for the first quarter. Bookings at Cincinnati aggregated 31,000
Twenty-four brands of tin will be deliverable against ex- full
penetrate as far west
to
have
iron
enabled
Valley
of meiters
demand
Extra
change contracts. Sixteen of the brands, designated as as South Bend, Ind., resulting in a 50c. advance in Valley foundry grade to
iron,following the lead of Birmingham iron,
Class A, will be deliverable at the contract price and eight $18.furnace. Virginia foundry
at the new price of
under has gone up 25c. a ton to $20.25, base furnace. Salesfurnace
to raise its
Class B brands at one and one-eighth cents per pound
$16.50. Birmingham, have encouraged one Alabama
quotation another 50c. a ton.
contract price. The tenderable brands follow:
the last
Straits Trading
A less favorable situation exists along the Atlantic seaboard where
Class A-Banka tin, the following brands of Straits tin:
following brands advances announced by Buffalo and Eastern furnaces are no longer generally
Co., Eastern Smelting Co., Po Hin, Ban Hok Hin ; the
of English Refined tin: Williams Harvey Mellanear refined, Penpoll adhered to.
Jackson
following brands
The increase in silvery pig iron and Bessemer ferrosilicon by
Special refined, Cornish refined, Capper Pass & Son; the
"Rose Brand," County makers was not uniform, as reported last week, since one producer
of German refined tin: Th. Goldschmidt "Baum," Berzelius
only $1 a ton compared with $2 by the other.
Zinnwerke Wilhelmsburg refined; the following brand of Belgian refined: marked up quotations
DEc. 1 1928.]
FINANCIAL CHRONICLE
Machine tool buying is heavy, outstanding orders including two of more
than $300,000 each from domestic buyers and a third of $100,000 from
Sweden.
Machinery exports for the 10 months ended with October established a
new record and were larger than for any entire year between 1921 and 1927.
The 10 months'exports for iron and steel, excluding scrap, were the largest
since 1921.
The "Iron Age" composite price for pig iron has advanced from $18.54 to
$18.59 a ton. The finished steel composite has declined from 2,369c. to
2.362c. a lb.. as the following table shows:
Finished Steel,
Nov. 27 1928. 2.362e. a pound.
One week ago
2.369c.
One month ago
2.369e.
One year ago
2.3070.
10-year pre-war average
I.689o.
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets,
these products constituting 87% of the
United States output of finished steel.
High.
Low.
1928_2.369e. Oct. 30 2.314c. Jan
3
1.927_2.453c. Jan. 4 2.293c. Oct. 25
1926_2.453c. Jan. 5 2.403c. May 18
1925_2.560e. Jan. 6 2.3960 Aug. 18
1924_2.789c. Jan. 15 2.460e Oct. 14
1923_2.824e. Apr. 24 2.446e. Jan. 2
Pig Iron.
Nov. 27 1928, $18.59 a gross ton.
One week ago
$18.54
One month ago
18,5
One year ago
17.59
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
Lew.
1928_318.59 Nov.27 $17.04 July 24
1927___ 19.71 Jan. 4 17.54 Nov. 1
1926___ 21.54 Jan. 5 19.46 July 13
1925-- 22.50 Jan. 13 18.96 July 7
1924_-_ 22.88 Feb. 26
19.21 Nov. 3
1923___ 30.86 Mar.20 20.77 Nov.20
Adverse seasonal market influences coincide with a reaction to the unprecedented specifying and production of
October, with the result demand for finished steel has moderated perceptibly in the past week, the "Iron Trade Review"
of Cleveland, stated in its summary of iron and steel conditions on Nov. 29. Many consumers have not yet digested
their heavy receipts of the past 60 days and all have an eye
to the approaching inventory period. Specifications against
fourth quarter contracts tend, therefore, to become delinquent, adds the "Review," which is further quoted:
3027
Independent steel companies are working at nearly 84% of their ingot
capacity, against about 82% in the previous week,and 84% two weeks ago.
For the entire industry the average is placed at around 83%,contrasted
with 81% a week ago and 825i% two weeks ago.
At this time last year, the Steel Corp. was running at slightly better
than 71%, with independents at about 66%. and the average was 68%•
American Metal Market, Nov. 28, says:
Increased buying in several lines in the last week or two shows that the
decrease in mill operations was not entirely in line with the year end decrease that usually occurs. There is even possibility of a sligh increase In
production for early December, and the holiday lull, confined to a short
space of time, is not likely to count for much.
Several lines of steel consumption have in fact passed their low point.
Tin plate mill operations were at their low point a fortnight ago and have
already begun increasing. They were down to 70% but will lose the
year at above 90% in all probability.. The automobile industry passed
its low point in steel buying several weeks ago.
MonthlyProduction of Coal by States in October.
Below are given the first estimates of production of
bituminous coal, by States, for the month of October as
furnished by the U. S. Bureau of Mines. The total production of bituminous coal for the country as a whole in
October is estimated at 50,360,000 net tons, in comparison
with 43,827,000 tons in October last year.
Anthracite production in the month of October amounted
to 8,554,000 net tons, as compared with 7,353,000 tons in
October 1927. The Bureau of Mines has released the following:
Estimated Production of Coal bg States in OetOber (Net Tons) a.
Oct. 1928. Sept. 1928. Oct. 1927. Oct. 1926. Oct. 1923.
StateAlabama
1,475,000
1,288,000
1,581.000
1.886,000
1.793,000
Arkansas
225,000
215.000
197.000
165,000
126,000
Colorado
980,000
895.000
921,000
1,064.000
977,000
Illinois
5,900.000 4,080,000 4,823.000 6,648.000 7,014,000
Indiana
1,365,000. 1.220.000
1,238.000
2,164.000 2,337,000
Iowa
300,000
248,000
178.000
443,000
523,000
Kansas
240,000
152.000
347,000
469.000
411.000
Kentucky-Eastern.4,951.000 4,240,000 4,162.000 4.161.000 3.439,000
Western
1,595,000
1,300,000
1,627.000
1,554.000
1.'074,000
Maryland
272.000
230.000
226.000
290,000
159,000
Michigan
12,000
45.000
67.000
77.000
126.000
Missouri
360,000
305.000
348.000
319.000
316,000
395.000
Montana
325.000
312.000
332,000
370.000
New Mexico
230.000
225,000
274,000
262.000
259.000
North Dakota
290,000
135.000
215.000
190,000
163,000
Ohio
1,875,000
1,420,000
738.000 2,843,000 3,675,000
Oklahoma
337.000
280,000
422.000286.000
273.000
Pennsylvania (Bit). _12,330,000 10,137.000 10,879.000 14,264.000 14,170.000
523,000
Tennessee
450,000
428,000
513.000
529.000
Texas
88.000
90.000
117,000
122,000
117,000
Utah
560.000
475.000
433,000
426.000
546,000
Virginia
1,233.000
1,025.000
1,056.000
1.280,000
1.039300
Washington
200.000
200.000
260.000
289.000
305,000
W. Vs.-Southern 6_10,100,000 8.520.0001 12,185,0001 9,656.000 6.846.000
Northern_c
3,807.000 3,176,0001
3,723.000
3,474.000
Wyoming
712,000
620,000
764.000
679,000
829,000
Other Stated d
5,000
5.000
• 29,000
22.000
17.000
But these shadows do no dim the market picture. Consumption as a
whole, sustained by 5 consecutive monthly steel production records, is
probably larger than in any preceding November. Year-end activity in
railroad equipment and track material is fully up to a five-year average.
Structural projects have rarely been so large or so numerous at this season.
Shipyard purchases of steel will shortly mirror the quickening of the American merchant marine. The lag in automotive production this year Is comparatively mild.
This reaction, however, appears to have tempered producers' views on
first quarter prices. On steel bars, plates and shapes 1.90c, Pittsburgh, is
being quoted for first quarter to users of 1.000 tons or more per quarter, and
2.00c. to other,. This is virtually a continuation of present levels. Current
prices on cold finished bars also are being extended. Makers of sheets, tin
plate and strip, demand for which exceeds the heavier lines, are now trying
to establish advances. While steel price sentiment is suffering some deflation, none of the recently-gained ground has been surrendered.
Pig iron likewise has lost some of its turbulence, but it. underlying strength
is unmistakable. Shipments are substantially as heavy as in October, and
order books account for a decisive portion of first quarter capacity, but there
is a growing tendency by those who still have tonnage to place to wait out the
market. A sale of basic Iron in the Mahoning Valley at 50c. under the marTotalbltumineus_50,360.000 41.301,000 43,827.000 54.127300 50,907.000
ket casts some doubt on the price structure and indicates some free iron from
a steelworks Interest. Buffalo is a strong sector with one merchant stack Pennsylvania anthra_ 8354,000 6.036.000 7,353.000 8,617.000 8,532,000
lighted this week and two to resume in December. Sales of 41,000 tons at
Total all coal
58,914,000 47,337,000 51,180,000 62.744,000 59.439,000
Cleveland denote automotive activity.
a Figures for 1927, 1926 and 1923 are final. b Includes operations on the N.& W.,
Led by the Wabash railroad with 2,000 frieght cars, the North Western C. & 0., Virginian, K. & M., and Charleston division of the D. & 0. c Rest of
400 and the Chicago Great Western 300, the week's car awards exceed 3.175 state, Including Panhandle. d This group is not strictly comparable in the several
and make November the banner car buying month of the year provided the years.
8.000 placed earlier by the Canadian National and Canadian Pacific are included. The Santa Fe is out for 6,000 cars, the Louisville & Nashville has Bituminous Coal Production Higher-Anthracite and
broadened its inquiry to 2,500, the Northern Pacific seeks 2.000 and
five
Coke Output Lower.
small inquiries total 1,500. Over 14,000 cars are pending. About 150
locomotives may be placed by the end of the year.
According to the United States Bureau of Mines, the
It is estimated at Chicago that close to half the rails espected to be bought output
of bituminous coal during the week ended Nov. 17
for 1,929 delivery has been distributed. Pending inquiry there aggregates
nearly 40.000 tons. Including 10.000 tons of tie plates placed at St. Louis amounted to 10,918,000 net tons, or 920,000 tons higher
by the Missouri Pacific, the week's accessory business exceeded 16.000 tons. than the figure for the corresponding period a year ago.
Structural steel awards the past week approximated the seasonally-high
The production of anthracite amounted to 1,724,000 net
total of 70.000 tone, topped by 26.000 tons for the Kill von Kull bridge at
New York. An office building at Hartford, Conn.. requires 7.000 tons, a tons, as compared with 1,951,000 tons in the same period
bridge at Madison. Ind., 5,200 tons and a factory and terminal work at ast year. The output of beehive coke for the week ended
Cleveland each 3.000 tons. Bridgework has contributed materially to reNov. 17 1928, totaled 100,300 net tons, as against 82,000
cent brisk structural lettings. The 25.000 tons for completing the Fisher
tons in the week ended Nov. 19 1927. The Bureau of Mines
building project at Detroit may be placed early next year.
Beehive furnace coke prices continue soft, with some distress material report is as follows:
cents below
the market and consumers deferring action on
offered at 15
first
BITUMINOUS COAL.
quarter supplies. Iron and steel scrap continues easy in most districts.
The total production of soft coal during the week ended Nov. 17.including
First quarter contracting for semi-finished also lags, but without a suggestion
as to price weakness and with all makers ofrerolling billets at Chicago up $1. .ignIte and coal coked at the mines, is estimated at 10,918.000 net tons, an
Some first quarter contracting for sheets at the new $2 advanced price increase of 372.000 tons, or 3.5% over the output in the preceding week.
Is reported. Backlogs have melted away but the year-end dip in production The increase is due to a smaller holiday loss in the week of Nov. 17 than in
the week of' Nov. 10 However, the trend in the average daily rate of outpromises to be mild. Automotive orders for strip and cold finished steel
are put and the output for the five full
days in the week of Nov. 17, are lower
seasonally high. Shrinkage in steel bar specifications at Chicago
indicates a than in the preceding week.
general letdown in the metal working industries.
Steelmaking operations at Youngstown, at 83% hold better than in
most Estimated United States Production of Bituminous Coal(Nei Tons)Incitsded Coal Coked,
districts. Pittsburgh. Chicago and Buffalo mills average 80%. Steel
1928- 1927
corporation subsidiaries are at 82% this week, an increase of 3 points.
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date..
The lockout of steelworkers In the Ruhr district of Germany is spreading November
11,140,000 408,507,000
3
9,027,000 443,038,000
to allied industries, according to an "Iron Trade Review" cable.
Daily
average
1357,000
1,566,000
1,505.000
Ne1,699.000
gotiations for a settlement continue, but employers have lost in the
November 10 b
10,546,000 419,053,000
9,454,000 452,092.000
lower Daily average
1,953,000
court on a legal phase. Other European and German markets have
1,674,0001,859.000. .
been November 17 c
10,918,000 429,971,000
9.998,000 462.490,000
little affected. Demand for iron and steel in France is lighter but prices Daily average
1.915,000
1,581.000
1386.000
1398,000
are firm. British shipyards, like American ones, are taking more steel.
a Minus one day's production first week In January to equalise number of clays
After rising for 15 consecutive weeks, to the highest point in 13 months, In the two years. b Revised since last report. c Subject to revision. Armistice
the "Iron Trade Review" composite of 14 leading iron and steel products Day weighted as approximately 7-10ths of a working day.
The total production of bituminous coal during the present calendar year
has receded 6 cents, to $36.13, due to adjustments in pig iron. •
to Nov. 17 (approximately 272 working days) amounts to 429.971.000 net
There was a sharp rebound in steel ingot production the tons.
Figures for corresponding periods in other recent years are given
past week, due primarily to the fact that business has in- below:
creased again and all leading steel companies found it necessary to step up operations in order to supply demands of customers for deliveries, says the "Wall Street Journal" of Nov.
27, which adds:
For the U. S. Steel Corp. the increase amounts to more than 2%, the
prevailing rate being nearly 82%. compared with between 79% and
80%
tithe preceding week and with 80% to 81% two weeks ago.
1927
1926
1925
462,490,000 net tons I 1924
1923
493,733,000 net tons
447,552,000 net tons
1922
418,210,000 net tone
504,868,000 net tons
356,058300 net tons
Aa already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Nov. 10 1P.
estimated at 10.548,000 net tons, as against 11,140.000 tons in the preceding week. The decrease In output was apparently due entirely to the
election holiday on Nov. 6. The following table apportions the tonnage by
States and compares it with the records for other recent years:
[VOL. 127.
FINANCIAL CHRONICLE
3028
Estimated IVeekly Produaion of Coal by States(Na Tons).
1Week Ended
Nov.10'28. Nov. 328. Nov.1227. Nov.13'26.
State469,000
342,000
329,000
331,000
Alabama
42,000
35,000
49,000
47.000
Arkansas
275,000
120,000
244,000
227.000
Colorado
1,773.000
1,317,000
1,290,000
1,196,000
Illinois
566.000
332,000
297.000
311,000
Indiana
116.000
48,000
74,000
67,000
Iowa
111,000
63.000
54,000
47,000
Kansas
1,007,000
775,000
1,082,000
Kentucky-Eastern.. 934,000
359,000
307,000
351,000
310,000
Western
75.000
47,000
83,000
60,000
Maryland
18,000
15,000
1,000
1.000
Michigan
75,000
84,000
85,000
77,000
Missouri
79,000
70,000
98,000
88,000
Montana
64,000
68.000
59,000
59,000
New Mexico
47,000
63,000
71,000
80,000
North Dakota
701.000
161,000
423,000
425.000
Ohio
70,000
98.000
85,000
80.000
Oklahoma
2,714,000 2,262,000 3,588,000
Pennsylvania (Bit) 2,795,000
155,000
99.000
108,000
107,000
Tennessee
29,000
24.000
18,000
18,000
Texas
95,000
114,000
110,000
110,000
Utah
318,000
219,000
278,000
272.000
Virginia
70,000
67,000
52,000
47,000
Washington
2,405,000
1,778,000
1,890,000 2,216,000
W Va--Southernb
1.1101.000
714,000
815,000
705,000
Northern_c
176,000
179.000
173.000
171.000
Wyoming
5,000
7,000
1,000
1,000
Other States
Nov.1923
Average a
409,000
28,000
236,000
1,571,000
536,000
128,000
102.000
724.000
218,000
35.000
26,000
73,000
83,000
62,000
35,000
764,000
72,000
2,993,000
117,000
29,000
112,000
217,0no
72 000
1,304 000
743,1.00
184,000
6,000
ANTHRACITE.
The total production of anthracite during the week ended Nov. 17 is
estimated at 1,724.000 net tons. Because of the Armistice Day holiday.
loadings on Monday, Nov. 12, amounted to but 1,050 cars as against an
average of approximately 6.000 cars on the other five days of the week.
Estimated United States Production of Anthracite (Net Tons).
1927
1928
Cal. Year
Cal. Year
to Date.a
Week.
to Dale.
Week.
Week Ended1,588,000 68,75.5.000
1,377,000 63,745,000
November 3
70,285.000
1,530,000
65,530,000
1.785,000
November 10 b
72,236,000
1,951.000
1,724,000 67.254,000
November 17 c
a Minus one day's production first week In January to equalize number of days in
the two years. b Revised. c Subject to revision.
13.689,000 10.878,000
1,896,000
1,776,000
BEEHIVE COKE.
The total production of beehive coke during the week ended Nov. 17
1928 is estimated at 100,300 net tons, a decrease of 4,900 tons as compared
with the preceding week, but an increase of 18,300 tons as compared with
the output during week ended Nov. 19 1927.
Estimated Produdion of Beehive Coke(Na Tons).
1927.
1928
Week Ended---to
to
Nov. 19
Nov. 17 • Nov. 10
Date.a
Date.
1928.c
1928.b
52,800 2,745.700 4,916,200
83.700
79,200
Pennsylvania & Ohio_
713,200
514.900
15,300
8,100
7,900
West Virginia
229.300
133,800
2,800
3,100
1,700
Ala., Ky., Tenn.& Ga_ 287,800
221,700
4.800
5,300
5,300
Virginia
324.500
203.300
6.300
6,200
5.000
Colo., Utah dv Washlon.
12,331,000 12,517,000 10,947,000 15.465,000 12,774,000
Total all coal
a Average rate maintained during the entire month. b Includes operations on
0.,
&
C.
Virginian, K.& M., and Charleston Division of the B.& 0.
the N.& W.,
it Rest of State, Including Panhandle.
82,000 3,819.400 6,471.000
105,200
100,300
United States total__
23.531
13,889
13,687
17,533
17,167
Daily average
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.
Total bituminous_ _10,548,000
Pennsylvania anthra_ 1,785,000
11,140,000
1,377,000
9,417,000
1.530,000
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Nov. 28, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows increases for the week of
$190,300,000 in holdings of discounted bills and of $3,200,000
in Government securities and a decrease of $1,800,000 in bills
bought in open market. Member bank reserve deposits increased $14,800,000, Government deposits $17,100,000 and
Federal Reserve note circulation $49,000,000, while cash reserves decreased $77,700,000. Total bills and securities were
$191,700,000 above the amount held on Nov. 21. After
noting these facts, the Federal Reserve Board proceeds as
follows:
in advance of the full statement of the member banks, who
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers,
loans of reporting member banks, which this week show an
increase of $132,768,000, the grand aggregate of these loans
on Nov. 28 being $5,289,900,000 and establishing a new
high record in all time. This time last year the total of
these loans then outstanding amounted to only $3,510,849,000.
The principal changes in holdings of discounted bills for the week were
increases of $147,000,000 at the Federal Reserve Dank of New York,
$14,500.000 at Cleveland, $8.800.000 each at Boston and Chicago. 86.700,000 at San Francisco and $5,800,000 at Philadelphia. and decreases of
holdings
$3.200,000 at St. Louis and $3,000,000 at Atlanta. The system's
of bills bought in open market decreased $1,800,000 and of U. S. bonds
$600.000, while holdings of Treasury notes increased $2,600,000 and of
44,489,000
47,681,000
40,074,000
Secured by U.S. Govt. obligations_ _ _
2,744,488,000 2,640,693,000 2,529,022,000
Secured by 'Socks and bonds
2,765,343.000 2,764,385,000 2,850,972,000
All other loans and discounts
Treasury certificates $1,200.000.
Federal Reserve note circulation shows increases for the week of $15,New
200,000 at the Federal Reserve Bank of Philadelphia, $10,300.000 at
ChiYork, $7.900.000 at Cleveland, 84,700.000 at Boston, $4,600,000 at
banks.
cago, $3,200.000 at Atlanta. and $49,000.000 at all Federal Reserve
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 3056 and 3057. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ended Nov.
28 is as follows:
or Decrease (-)
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Increase (+)
During
Year.
Week.
-$77,700,000 -$217.500,000
-204,500,000
-67,000,000
+191,700,000
+190,300,000
+203,400,000
--13,100,000
+325,700,000
+513,200,000
+328,500,000
+184,700.000
Bills bought in open market
-1,800,000
+127,500.000
U.S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
+3,200,000
-600,000
+2,800,000
+1.200,000
-318.600,000
-211,300,000
+60,200,000
+167,500,000
Federal Reserve notes in circulation
+49.000,000
+49,000.000
Total deposits
Members reserve deposits
Government deposits
i-33,100,000
+14,800,000
+17,100,000
-2,100,000
-17,600,000
+22,100,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-44 Banks.
Nov. 28 1928, Nov. 211028. Nov. 80 1927.
Loans and investments, total
7,467,385,000 7,340,452,000 7,113.218,000
Loans and discounts. total
5 549,905,000 5,452,739,000 5,224,483.000
Investments, total
U. El. Government securities
Other bonds,stocks and securities..
Reserve balances with F.It. Bank
Cash in vault
1 917,480,000 1,887,713,000 1,888,735,008
1 082,531.000 1,074,657,000
834.949.000 813,056,000
970,963,000
917,772.000
721,587,000
53,335,000
754,737,000
69,981.000
744,829,000
63,588.000
Net demand deposits
Time deposits
Government deposits
5,354,812,000 5,293,610,000 5,613,883,000
1,204,817,000 1,205,280,000 1,065,388,000
2,6611.000
22,047,000
18,530,000
Due from banks
Due tc panics
105.668.000 114,705.000 101,688,000
1,183,288,000 1.181,009,000 1,437,069,000
Borrowings from F. R. Banks, total-
223,785,000
91.945,000
97.199.000
Secured by U.S. Govt. obligations
All other
197,540.000
28,245,000
70,215,000
21,730,000
93,375,000
3,824,000
Loans to brokers and dealers (secured by
stocks and bonds:
1,234,660,000 1,125.922,000 1,276,841,000
For own account
For account of out-of-town banks_ _1,768,236.000 1,760,794,000 1,270,032,000
2287.004.000 2,280,418,000 983,976,000
For account of others
Total
5 289,900,000 5.157,132,000 3,510,849,000
4 685,192,000 4,532,109,000 2,895,805,000
On demand
604,708,000 625,023,000 816,044,000
On time
Chicago-43 Banks.
2 071,854,000 1,987,452,000 1,864,447.000
Loans and investments, total
Loans and discounts, total
1 606,479,000 1,514,616,000 1,436,464,000
15,242,000
Secured by U.S. Govt. obligations_ _ _
809,852,000
Secured by ((backs and bonds
781.385,000
All other loans and discounts
Investments, total
U. S. Government securities
Other bonds, stocks and securitles
Reserve with F.R.Dank
Cash in vault
14,172,000
811,698,000
688,746,000
13,703,000
746,9E18,000
875.773,000
465,175,000
472,836,000
427,983,000
204,400,000
260,775.000
214,051,000
258,785,000
202,878,000
225,307.000
184,124,000
17,857,000
188,660,000
21,908,000
188.660,000
21,496,000
Returns of Member Banks for New York and Chicago Net demand deposits
1,263,828.000 1,330,385,000 1.283.995,000
877,179.000 623.132,000 585.201.000
Time deposits
Federal Reserve Districts-Brokers' Loans.
949,000
3,218,000
949.000
Government deposits
Federal
the
1927,
Beginning with the returns for June 29
150,687,000 157,866,000 148,496.000
Due from banks
314.131,000 387,762,000 385,765.000
Reserve Board also began to give out the figures of the Due to banks
18,197,000
67,035,000
16,197,000
members banks in the New York Federal Reserve District, Borrowings from F. R. Bank,total
as well as those in the Chicago Reserve District, on Thurs12.615.000
12,615,000
Secured by U.S. Govt. obligations.... 48,544,000
3,552,000
18,491.000
3,682,000
days, simultaneously with the figures for the Reserve banks AU other
themselves, and for the same week, instead of waiting until
Complete Returns of the Member Banks of the Federal
the following Monday,before which time the statistics coverReserve System for the Preceding Week.
631
-now
banks
member
of
reporting
ing the entire body
As explained above, the statements for the New York and
cannot be got ready.
member banks are now given out on Thursdays,
Chicago
member
York
New
the
the
for
is
statement
following
The
with the figures for the Reserve banks themsimultaneously
thus
issued
banks
banks and that for the Chicago member
DEc. 1 1928.]
FINANCIAL CHRONICLE
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
numbering 631, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 26:
The Federal Reserve Board's condition statement of 631 reporting member
banks in leading cities as of Nov. 21 shows an increase for the week of
$118,000,000 In loans and discounts and a decrease of $57,000,000 in borrowings from Federal Reserve banks, accompanied with relatively small
changes in deposits and investments.
Loans on stocks and bonds, including U. S. Government obligations, were
$157.000.000 above the Nov. 14 total at all reporting banks, an increase of
$140,000,000 being reported by member banks in the New York district,
of $12.000,000 in the Boston district and of $11,000,000 in the Cleveland
district, and a decrease of $9,000,000 by reporting banks in the Minneapolis
district. "All other" loans and discounts increased $8.000.000 at reporting banks in the Chicago district and declined 816.000.000 in the New
York district, $9,000.000 in the Boston district, $8,000,000 In the Philadelphia district, $6,000,000 each in the Cleveland and St. Louis districts,
and $39,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $10,000,000 at reporting banks in the New York district and $21,000,000 at all reporting member
banks, while holdings of other bonds,stocks and securities declined $7,000.000 in the New York district and increased $17,000.000 in the Chicago district, $6,000,000 in the Richmond district and $14.000,000 at all reporting
banks.
Net demand deposits, which at all reporting banks show a net increase of
only 32,000,000. increased $87.000.000 at reporting banks in the New York
district and declined $29,000,000 In the San Francisco district. $28.000,000
In the Atlanta district, $10.000.000 in the Kansas City district, $9.000.000
In the Dallas district and $8,000,000 in the Boston district. Time deposits
declined $10,000.000 in the New York district and $3,000.000 at all reporting
banks.
The principal changes in borrowings from Federal Reserve banks for the
week were reductions of $23.000,600 at the Federal Reserve Bank of New
York,$18,000,000 at Philadelphia,$13.000,000 at Cleveland and $6,000.000
at Richmond, and increases of $10,000,000 at Chicago and $6,000.000 at
Kansas City.
A summary of the principal assets and liabilities of 631 reporting member
banks, together with changes during the week and the year ending Nov.21,
1928, follows:
Increase 1+) or Decrease (—)
Dberittg
Nor. 21 1928.
Year.
Week.
$
$
$
Loans and investments, total
22,488,766.000 +111,241.000 +917.724.000
3029
ous and the window glass factories are operating at capacity. The production of cement continues heavy but keen competition exists on the domestic
market. The jute mills are operating at full capacity but the cotton and
flax industries are slacker. Hide prices are stabilized at a level satisfcatory
to tanners. Sales of American automobiles are heavy. There is continued
activity in the building industry, with a scarcity of labor. Other industries
generally are normal. The mild temperature and humidity have resulted in
the rapid growth of autumn plantings. Harvesting and transporting of
sugar beets continue under favorable conditions. The potato crop 49 above
normal and the tobacco crop is estimated locally at 75% average. The market for agricultural products is calm. Business in imported frozen meat is
quiet. Flour mills continued to operate at capacity, production and firm
prices are maintained. Argentine and American corn prices are increasing
daily. A strong oil cake market is anticipated for the winter season.
Foreign trade during the first nine months of this year was satisfoctory and
car loadings have increased.
BRAZIL.
The general business situation continues depressed and the tone quite
pessimistic because of year-end dullness and because of several large commercial failures and a number of minor bankruptcies. Exchange has been
steady, and there has been only a slight increase in call money rates which
now stand at 74%. Gold deposits now in the Caixa amount to more than
830,000 coning ($98,770,0001. The Bank of Brazil is still not rediscounting
and is restricting credits because of considerable losses resulting from recent
commercial failures. Sugar stocks on Nov. 1 at Rio de Janeiro amounted to
50,000 bags of 60 kilos each. On Nov. 23 they amounted to 70,000 and in
Sao l'aulo to 3,000 bags. Coffee stocks at Santos amount to 1.038,760 bap
and the as erage entries for the month have been 33,000 bags. Coffee
markets have been dull with small export demand but prices are down only
slightly. Local trade estimates of the 1928 29 crop exportable at Santos
agree on 5,500,000 bags. Preliminary figures for the 1929-30 crop show
14,000.000 bags. These figures indicate the probable production of coffee
that will be available for export from Santos. but do not take into account
restrictions of exports in force.
CANADA.
Colder weather and snow in parts of Eastern Canada during the week
ended Nov. 24 had a stimulating effect on sales of winter lines, more active
demand having been reported for heavy clothing and footwear. No substantial change is reported in the general trading position of the western
Provinces but the grain movement, both east and west, continues very
heavy. Receipts of Montreal to Nov. 17 amounted to 195,800.000 bushels,
or about 500,000 bushels more than the record established during the entire
season of 1927. The Vancouver lumber market gives evidence of seasonal
weakness but prices are steady. Logging operations in Northern Ontario
show a marked decline from last year. the responsibility for which Is attributed to the effects of the newspring situation on pulpwood demand. Goods
entering Canada under the British preferential tariff, after Feb. 1 next, must
comprise 50% Empire labor and materials, according to an official announcement made during the week. The requirement heretofore has been 25%.
CHILE.
Loans and discounts. total
16,133,664,000 +118,001,000 +923.210.000
General business conditions in Chile during November maintained the
of
October
levels
high
with
an
improvement
In some of the lines of merSecured by U.S. Govt. obligations 121,485,000 +10,559,000
+5,6,0,000
Secured by sr eks and bonds
6,870.608,000 +146,412,000 +561.420,000 chandise which have been lagging. The retail movement has been especially
All other loans and discounts
9,141,571,000 —38.970,000 +356.141.000 active in Santiago. Money is somewhat less plentiful than for sonic weeks
past, but is still easy with all banks showing surpluses over immediate reInvestments, Intel
6,355,102,000 —6,760,000
—5.486.000 quirements. Discount rates
of commercial banks show a further slight deU.S. Government securities
2.976,683,000 —21,205,000 +177.071,000 cline. especially in Antofagasta. Valdivia and Lamle, reflecting the lower
Other bonds, stocks and securities_ 3,378,419,000 +14,445.000 —182,557,000 rates of the Central Bank which became effective last month. Collections
continue satisfactory and no important failures have been reported. On
Reserve with F. R. banks
1,723,894,000
+2,151,000
—35,498.000
Cash in vault
253,861,000 —13,089,000
—26.888.000 Nov. 19, the circulation of Central Bank notes amounted to 312.836.975
pesos and government monetary issues were 17,643.250 pesos. TransNet demand deposits
13,411,047,000 +1,959.000 —362,651,000 actions on the stock exchange for the first 20 days of November were appreTime deposits
0,923,944,000 —3,249.000 +398.014,000
Government deposits
+312.000
72,816,000
—38,157,000 ciably below those of October as a result of the smaller movement of bonds
but the share movement again reached a high peak, both shares and bonds
Due from banks
1,200,775.000 —74,236,000
—63,546.000 being higher than during last month. The 1929 ordinary budget was passed
Due to banks
3,241,096,000 —118,067,000 —357.749.000 on Nov. Sand provides for expenditures of 1.071.000.000 pesso
or 51.000.000
Borrowings from F.R.banks,total_ - 584.566,000 —56,074.000 +310,485.000 pesos less than the est treated ordinary revenues. The extraordinary budget
now in Congress may be passed within the next few days and provides for
Secured by U.S. Govt. obligations 365,352,000 —68,084.000 +153,012.000 expenditures totaling 225,000,000 pesos.
The Government plans to Issue,
All other
219,214,000 +11,410.000 +157,473,000 about the middle of January,
an internal 7% loan for 50.000.000 pesos
which will be followed shortly by an external loan for 515.000,000 or $20.000 for extraordinary budget requiren:ents. The agricultural situation Is
Summary of Conditions in World's Markets According considered as generally satisfactory with the exception that the lack of rain
to Cablegrams and Other Reports to the Depart- In the belt extending from Treignen to Chetahs caused heavy losses. Crops
elsewhere are reported to be in very good condition and prices continue favof Commerce.
orable with a slight increase in wheat prices In the central consuming centers.
The Department of Commerce at Washington releases for The production of nitrate is still increasing. the 69 operating °Minas in
producing 2.823,000 metric quintals as compared with 1,893,000 in
publication Dec. 1, the following summary of market con- Cctober
the same month of 1927 and 2,594,000 in September 1928.
ditions abroad, based on advices by cable and radio:
AUSTRALIA.
Business continued to improve slightly during the pest week,according to
reports from Australia's large trade centers. Competition at Melbourne
wool sales was keen and prices for comebacks and crossbreds were5% above
the close of the last series. At Sydney sales prices were firm at the season's
record price level, and buying was active, particularly in superfine qualities.
Competition and general clearances were good. Federal elections ha se returned the Nationalist party to power but with reduced strength as a result again.made by labor. Further rainfall has improved crop prospects in
Queensland. Reports from New South Wales state that tlae peach crop is
being further reduced by blight.
AUSTRIA.
No important change developed in the Austrian industrial and trade situation during November, with the relatively high levels of recent months well
maintained in most important lines, while the slow improvement in the cotton mills, which began in October, is continuing. The shm t term money
market is comfortable with rates steady; the stock exchange continuos
stagnant. Release of outdoor labor is causing a sharp seasonal Increase
in
unemployment, and the trade unions are demanding wage increases due to
better industrial conditions. Excellent fall weather favored the planting of
winter cereals and the condition of the growth is now generally good throughout the Danube area. October imports were valued at $39.100,000 and exports at $39,200,000 representing a decrease in Imports of $1.300,000 and an
increase in exports of $900,000 as compared with the previous month.
BELGIUM.
The favorable conditions noted during preceding months were maintained
during October. Money has been easy. Retail prices continue to rise
gradually. Conditions in the Mon and steel market remain satisfactory with
renewed activity anticipated as a result of the lockout in the Ruhr district.
Despite the winter season there has been no improvement in the coal situation and stocks are high. Conditions in the plate glass industry are prosper-
CHINA.
General business conditions in North and Central China remain unchanged. Freignt movements in North China continue to be hampered because of a shortage in rolling stock. The rice crop in Kwansi Province in
South China is reported a failure owing to lack of rain. Monthly income of
the Nationalist Government now totals about 10.000.000 silver dollars
(approximately 55.000,000), which is still insifficient to cover budget requirements. Reorganization has been effected in the Bank of China and
the Bank of Communications.
COLOMBIA.
Business In general during November is slightly below October levels but
bank collections continue to be fairly prompt. The weakness of the New
York coffee market is causing some anxiety on the part of Colombian coffee
producers and developments in the Brazilian coffee industry are being
watched with great Interest. The necessity of coffee growers to raise wages
In order to keep their workers from drifting to the public works projects has
tended to increase the cost of coffee production. Auto n obile sales are active,
foodstuffs pales are normal, and the textile trade is dell. The commercial
dulinms is partly due to the seasonal falling off of purchases by merchants
pending the annual Inventories. Some of the entailer merchants are somewhat pressed for funds but the coming Christmas trade should reduce stocks
considerably and simulate the liquidation of accounts. Reports in Bogota
indicate that freight conges.lon continues at the river ports of La Demist.
Beltran, and at the seaport of Puerto Colombia.
INDIA.
Shellac advanced slightly in the week ended Nov. 24, due to better
American Inquiries and to support by bullish shippers, but the demand has
not been up to seasonal espectations. Prices for December to February deliveries are ruling the same as for spot, with current arrivals from upcountry slightly below anticipations. The market glosed firm. The Indian
Roads Committee favors greater development of roads but opposes increased expenditures from present revenues and dots not favor the creation
FINANCIAL CHRONICLE
3030
of a Central Road Board. Additional taxation on gasoline and motor
vehicles to yield $2,500,000 annually is recommended. The Roads Committee also favors the appointment of a standing committee in the Central
Legislature to co-ordinate the various road schemes.
JAPAN.
General business lines in Japan show some seasonal improvement, with the
automobile trade particularly active. According to preliminary returns.
foreign trade for the ten-day period Nov. 10-20 totaled 41,400,000 Yen in
exports and 40.800,00 Yen in imports. Rayon production in 1928 is expected to exceed the 1927 volume by 30%. An optional curtailment of 30%
is to apply to cement production for three months beginning Dec. 1.
NETHERLAND EAST INDIES.
Banks report a marked slowness in business during the past two weeks,
particularly in export lines. The condition, however,is regarded as seasonal
and of only temporary duration.
[VOL. 127.
underway early in January. Various circumstances indicate that the acreage from which the next tobacco crop will be harvested will be front 40 to%
of last year. Porto Rican tobacco stocks here and on the mainland are
heavy, although but approximately 500.000 pounds are still in the hands of
the growers. Prices have been declining recently. The pineapple crop
benefitted from the recent rains and now looks promising. Grapefruit trees,
and especially the older ones, are making slow recovery from the storm.
Various minor crops are now reaching maturity and are reported normal as to
quantity and quality.
Gold and Silver Imported into and Exported from the
United States by Countries in October.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of October 1928. The gold exports were only $990,202.
The imports were $14,309,899, of which $10,000,000 came
from the United Kingdom and $2,000,000 from Argentina
Of the exports of the" metal, $278,172 went to Mexico, and
$208,778 went to Germany.
NETHERLANDS.
Business in the Netherlands is optimistic and trade and industry are maintaining a good degree of activity. Satisfactory financial conditions are
evidenced by the activity in the loan and stock markets and by the favorable
receipts of recent floating debt issues. Industries show general prosperity.
although some restraining factors exist. The money market has continued
firm with the private discount rate overtaking the official level of 4Yi%.
Electical plants are busy and textile factories are operating at capacity,
though with close profit margins. Diamond cutting is active. Leather
COMMERCE,BUREAU OF FOREIGN AND DOMESTIC
manufacturers and tanners are also busy and stocks are small. Lumber con- DEPARTMENT OF
COMMERCE, WASHINGTON
suming industries are normal for the season, though the building trade dernand is low. The paper milli; are active and prosperous, but the wholesale
Silver.
Gold.
trade is suffering from overcompetion. Wholesale commodity markets
Total (Did. Coin).
lagged during the early weeks of October but became firmer toward the close
Refined Bullion.
Total
Total.
of the month. Consumers' demand is not strongly supporting the comExports, Imports.
Imports.
Exports.
Imports.
a
was
There
E'ports.
consumption.
domestic
modity markets, in spite of good
slight decline in retail prices during September. Commercial failures during
Ounces. Ounces, Dollars. Dollars.
Dollars. Dollars.
Countries228
the first 10 months of 1928 declined as compared with the corresponding Belgium
4,243
10,143
period of last year. Cotton imports were much higher during October. France
1,400
167.562
290.514
280
considera
208,778
Germany
showed
month
that
Declared exports to the United States during
86
98
Portugal
1,033
able decline.
United Kingdom.... ...... 10,126,301
97,349 377,868 184,597 1,000,145
890,625
71,643
PERU.
Canada
151
268
4,638
Costa Rica
Business condition in Peru continued to be generally sluggish and with Guatemala
9,510
184,676
of
movement
sugar.
the
318.204
sold,
already
crop
25,487
cotton
the
of
Honduras
approximately 80%
1,857
3,047
21,724
which is of secondary importance,is having more influence than usual. The Nicaragua
150
Panama
prevailing low sugar prices are restricting trade somewhat and, although Mexico
4,155,010
16,712
471.429
4
366,052
278,172
1,120
13,829
foodstuffs distribution has been regular, hardware and textile sales have been Trinidad & Tobago
11,867
6,669
somewhat dull. Heavy importations of automobiles during September and Cuba
3,001
October have left the dealers well stocked for the coming months. The Haiti, Republic of
2,000.000
Argentina
232,642
developments of new woods and the increasing use of road facilities for com- Chile
53,781
302
432
13 783
22,355
129,281
mercial purposes have had a beneficial effect on the automotive trade, and Colombia
12,700 . 4.024
7.316
132.340
business has been better than in other lines. The proposed increases in the Ecuador
1,568,346
3,646
105.301
taxes on gasoline consumption, sanitation, customs surcharge and docu- Peru
24,117
Venezuela
1,211,051
ments were passed by the Senate as revised by the Chamber of Deputies and British India2,083,566
12,500
838
apfinally
has
5,630,377
20 9,661,016
124,609
China
were promulgated on Nov. 20. The Chamber of Deputies
46,162
76,055
of
113,941
increase
140,000
an
or
Madura____
Java
and
to
amounting
850,603.000
income
approved the budget
154,500
Hong Kong
2,643
$1,720,000 over the original total of the bill. For the purpose of finding the Philippine Islands__
256,011
154
440
floating debt, the treasury is contemplating an internal loan of 86.000 000 by Australia
99,857
y
Peru
del
Banco
17,024
Belgian Congo
the Caja de Depositos. the Banco Italian° and the
2.137
______
East
GovernAfricaBrit.
the
of
for
the
account
Depositos
de
Caja
the
Londres, to be issued by
ment and serviced by a surplus of overpledged revenues collected by the
990.202 14,309,899 12.154,800 5,258.265 7.237,902 7,318.665
Total
Caja de Depositos.
URUGUAY.
Press Conference at White House Explained-British
Business throughout November was marked by a recession in a number of
Journalists Informed of Rule Preventing Direct
commodiseveral
on
duties
import
higher
of
lines, owing to the imposition
Quotation by Newspaper Men.
ties and to the pre-election activities. The turnover of department stores
declined, and sales of automobile tires, gasoline and lubricants fall off
is from the "United States Daily" of Nov.21:
following
The
construction
slightly, but business in textiles, hardware, specialties, and
President Coolidge, it was stated officially, Nov. 20. feels that misundermaterials improved. The local wool market was exceedingly active, sales
abroad respecting his attitude on International affairs are possibly
during the present season being estimated locally at 9 million kilos, prac- standings
fact that, in his conferences with the newspaper correspondents,
tically all of which were crossbreds. The interest of buyers in merino wool due to the
permitted, under the rules of the conferences, to put quotation
Is very slight. Prices assumed an upward trend but sellers showed no dis- they are not
around what the President has to say on such occasions.
position to hold fiber for speculation. Killings of cattle by the frigorificos marks
The visit of British journalists to the White House Executive Offices
and for local consumption increased considerably but prices paid indicate
it was explained, afforded the President an opportunity to outline
that cattle realsers will experience another season of low prices. The No. 20,
views on the subject. Conferences between the President and the newsrapidly growing demand for dry and wet salted cattle hides served to revive his
correspondents. it Was stated. occur twice each week, Tuesdays and
the market and to raise the prices from the low levels which they touched paper
on days when the Cabinet meeta.
during the preceding months. The cereal demand for export and home con- Fridays,
The President, it was said, usually confines his remarks at such confersumption was mall and consequently the trade in these products was slow.
replies to written questions submitted by the correspondents. The
Early reports are to the effect that the crops are in an excellent condition and ences to
than rules of the conference prohibit direct quotation of what he has to say.
that wheat, linseed. oats, and barley have been sown on a larger scale
This rule,it was said, Is possbly the reason for some of the misunderstandduring the previous year.
affairs, although
ings abroad as to what he actually had said on international
such misunderstanding in the domestic press.
The Department's summary also includes the following there had not been much offurther,
has recently adopted the practice, when
The President,it was stated
with regard to the Island possessions of the United States:
far enough in adhe speaks on international affairs, to prepare his addresses
avoid any misunPHILIPPINE ISLANDS.
vance to reach the foreign press, with special purpose to
his position.
With the news of improved London abaca prices end a firming American derstanding of
market, local dealers are holding off. Arrivals continue heavy, totaling
Current
35,000 bales at all export points for the week ended Nov. 17.
Reasonable Reparations by Germany Would Aid All
JUS.
abaca prices are 25.50 pesos per picul of 139 pounds for grade F: 1.21;
Countries in Opinion of J. Henry Schroder Bankcon19: JUN, 16; and L. 14. (1 peso equals $0.50). The copra market
F.o.b.
ing Corp. in Reviewing Recent Developments in
tinues firm, with good arrivals keeping all oil mills in operation.
at
prices for resecado (dried copra) are 12.75 pesos per picul delivered
German Finance.
insular
Manila and 12.50 pesos delivered at Cebu and Hondagua. The
now
and
Legislature
the recent course of events in German internal
Reviewing
adjourned
recently
the
appropriation bill, passed by
awaiting the Governor General's signature, provides a total outlay of 57.international financial operations and the effect of the
229,000 pesos (828.614,500).
PORTO RICO.
construction
Business in general continues good with the demand for
place orders
materials still above normal but abating. Dealers continue to
demand for
for iron and steel to replenish depleted btocks. The abnormal
at a high
cement and the lack of European stock have maintained prices
barrels
24,000
of
arrival
level, but these are now receding with the recent
thousand
from Denmark and the knowledge of an additional thirty odd
storm,
afloat. The foodstuffs business appears to be better than before the
onions,
the demand for packing house products, corn meal, potatoes, and
high
to
owing
dull
being especially good. Sales of rice and beans remain
price of
prices. On account of the lack of native fruit and the moderate
fresh apples, pears and grapes received from the mainland, the.e temperate
coffee
fruits are enjoying an unusually brisk demand. Imports of roasted
probably imare declining through availability of the native product, and
recent
the
of
account
portations will continue small for several months. On
beneficial rains, one good authority has increased the estImate of the 1928expected to begin
29 sugar crop to 550.000 short tons. Several mills are
grinding the crop about the middle of Deeember and the majority will be
and
forthcoming Reparations Conference, J. Henry Schroder
Banking Corporation, international bankers, in their current issue of Finance and Trade Commentary, express the
opinion that fixing Germany's external obligations "at some
reasonable figure" would be "an important step in Germany's
whole economic recovery, as well as an important contributory measure to the full economic development of other
countries abroad." Commenting upon Germany's capital
needs, the bankers point out the decline in the amount of
loans made to Germany within recent months may be taken
as a temporary phase in a general program of economic reconstruction. It is argued that the economic recovery in Germany is only partially completed, although considerable progress has been made. Complete recovery will be dependent
DEC. 11928.]
FINANCIAL CHRONICLE
to some extent upon the continued willingness and ability of
other nations to furnish capital for development purposes in
Germany. It is further stated:
Most of the loans granted Germany have been for productive purposes,
and permitted the country to recoup some of the economic wealth lost after
the war. An increasing proportion of the necessary capital for economic rehabilitation has been furnished at home. Early in 1926, about one-third of
Germany's loans represented debts abroad, while now perhaps one-fourth of
Germany's loans represents debts abroad. During the past three years,
Germany borrowed at home over three times as much as she borrowed
abroad. Germany's growing independence in regard to capital needs is
evident in both public and private borrowing, although the change is more
marked in the case of the former. Underlying Germany's ability to finance
herself to an increasing extent is the growing efficiency of her industry and
the steps she is taking to use capital economically. Agriculture at present is
receiving particular attention. Steps have been taken to define products
and methods of sales, so that agriculture may be financed to a greater extent
with a system of standardized negotiable instruments. This effects a further
development of credit.
The accumulation of capital by German industry may reach a point where
it will not be necessary to have as much recourse to loans as in the past, with
the result that an increasing share of German borrowing abroad may be for
public purposes. Public loans in Germany are used largely for productive
purposes, although there may be no direct profit involved.
Germany seems quite definitely committed to the idea that commercially
the best aid is self aid. It is quite generally agreed that self aid is hindered a
great deal by the uncertainty of the existing external debt. If, in the forthcoming reparations conference,the external obligations of Germany are fixed
at some reasonable figure, it would be an important step in Germany's whole
economic recovery, as well as an important contributory measure to the full
economic development in other countries.
3031
The Bank's gold operations, however,seem destined to be veiled in even
greater obscurity than before. Where formerly the identity of the purchaser was kept secret, to-day's return failed even to indicate the destination of £3,000 worth of sovereigns taken for export.
The "Wall Street Journal," in discussing the changes,
had the following to say in a London cablegram:
New Bank of England statement makes welcome innovations providing
more information than the old form. Item "private deposits" is divided
into bankers' deposits, £62,379,409, and other accounts £37,185,203.
Bankers' deposits are said to be composed of balances of English, Scotch
and North Irish banks, whose operations are mainly domestic, and the
revealing of cash resources of these banks at Bank of England better enables
discount market to gauge amount of credit available for its operations.
Item Other Securities is divided into discounts and advances £13,586,327
and securities £20,214,855. Weekly variations in amounts of discounts
and advances will show market's indebtedness to Bank of England with
respect to loans and discounts.
Another, but unpopular innovation is the new form of Bank of England's
daily bullion return, which omits destination of soverigns exported, simply
stating the actual amount as in the case formerly of bullion exports.
Compared with last week, combined note issues show expansion of nearly
£5,000,000 despite loss of £2,125,000 gold and consequent cancellation of
a similar amount of notes, indicating a rise in active circulation of £1 and
10s notes. by £7,000,000 due to the demand for new notes created by
public curiosity.
Increase of £3,926,080 reserve notes in banking department was caused
by transfer of the balance of notes issued to bring the fiduciary issue up to
the statutory minimum of £260,000.000 of which it was short nearly £11.000,000 on the eve of amalgamation. This increase of fiduciary issue raised
proportion of reserves to liabilities by 0.8%.
Salary of French President Increased.
Commerz und Privat Bank Acquires German Banking Firm
To meet the high cost of living in France the French
of Kronenberger & Co.
Parliment on Nov.23 took action toward doubling the salary
Cabled advices to Konrad Von Ilberg state that the of President Gaston Doumergue. A cablegram from Paris
said:
Commerz und Privat Bank, A. G., has just concluded ne- Nov. 23 to the "Times" in noting the action
he was
President Doumergue is to have his salary increased. Ever since
gotiations for the acquisition of an old private German
Through
Installed in the Elysee Palace he has been living beyond his means.
The
Mainz.
in
Company
cost
increased
and
the
er
and
banking firm, Kronenberg
no fault of his own, the fall in value of the franc
for him to make ends meet.
head office of this firm in Mainz will be amalgamated with of living together have made it impossible
in the budget
The Chamber of Deputies to-day adopted three articles
the branch of the Commerz und Privat Bank, A. G., in which
increase the Presidents' honorarium from 600,000 francs ($24,000)
Company
and
and traveling
er
Mainz and the subsidiaries of Kronenberg
to 1.800,000 francs ($72.000). In addition his household
to 700,000 and 900,000 francs ($28.000 and
located in Kreuznach and Worms will become branches of allowances have been raised
$36,000), making a total of 3,600,000 francs (about $144,000).
allowance to
the Commerz und Privat Bank, A. G.
That allowance is still far below five times the pre-war
Dillon, Read & Co. Extend—Make Loan to Relieve Housing
Shortage in Germany.
It is stated that the first step to relieve the present
housing shortage in Germany has been taken through a
group of banking houses headed by Dillon, Read & Co.,
who have made a 6% mortgage loan of $4,600,000 to the
Ruhr Housing Corporation. This corporation was formed
last March by a number of leading coal, iron and steel
companies in the Ruhr, together with the Ruhr and Rhine
land Housing Boards. Shareholders and lessees include the
United Steel Works, Hoesch, Kloeckner, Gelsenkirchen and
Krupp companies. Rentals will be paid the banking group
in dollars. An announcement in the matter adds:
The present financing for Ruhr Housing is the first of several issues
designed to reduce congestion in the Ruhr, the most concentrated industrial area in Europe. With the revival of the steel industry and
the growth of synthetic fertilizer and chemical industries, thousands
of workers and their families have been drawn to this district. New
houses will make it possible for families to live nearer their work and
will give greater elasticity to industries in this distrct.
The assocation of private companies with housing boards such as
those of the Ruhr and Rhineland is a new departure. These are Provincial Boards in which the State of Prussia has a 50% interest and
were formed to meet acute housing difficulies after the war. The
assistance of powerful industries has been sought because of their
ability to get better credit terms abroad and to supply foreign exchange
for paying Merest on foreign loans.
The Ruhr Housing Program for 1928-29 involves the building of 3,000
houses. An additional 1,000 houses are being built by the Dortmund
Housing Society, with the Ruhr Housing Corporation as builder.
Bank of England Statement after Currency Amalgamation—Fuller Information on Threadneedle St.
Activities.
—
The following from London Nov. 29 appeared in the
New York "Times" of Nov. 30:
The "Old Lady of Threadneedle Street" is waxing somewhat mere
garrulous. With the publication of to-day's bank returns—the first embracing the transfer of the Treasury Note issues to the Bank of England—
the Bank authorities make it evident that they have decided to vouchsafe
more information than in the past.
This may have been in response to recent criticisms in Parliament and
elsewhere that England's great central banking institutions had no right
to keep its transactions a total secret from the public.
"Other deposits, previously a basis for guesswork rather than a key to
the amount of money kept by the joint stock banks with the Central bank,
have been divided into deposits from bankers and other accounts—the
latter being the deposits in banks of private customers. The bankers'
deposits item will in the future prove an almost automatic clue to periods of
stringency, since its represents the available reservoir of funds for money
market purposes.
have been split into "discounts and
In the same way "other securities"
advances" and "securities." The first will in future indicate the bank's
show the changes in the amount
open market policy and the second will
of market loans from the bank.
only a fifth
the President of the republic, although the franc has now
Its pre-war value.
on the inOn his salary, the French President pays back to the State
real income is'
come as set to-day, no less then 800,000 francs, so that his
is untaxed.
only a million francs, or $40,000. His expense allowance
Effects of the Fusion of British Currencies—New Notes in
Public's Hands.
London advices Nov. 25, are taken as follows from the
New York "Times" of Nov. 26:
last
The amalgamation of the two British currencies was effected
that
Thursday (Nov. 22); therefore the weekly bank return issues on
day did not reflect the change, for the reason that the figures contained
therein were made up to Wednesday, on which day the Bank of Engwill be
land's week terminates. Next Thursday's statement, while it
.
unchanged in general form, will show the result of the amalgamation
Certain abnormalities may be disclosed by the first statement covering
return flow of
the note fusion. There was no doubt a considerable
existing Treasury notes early this week, in order to obtain the new
notes. This explains in par the large decrease of 44,339,987 in the
Treasury note issue during the week ended last Wednesday. The new
day
notes were in keen demand on the part of the public on the first
of their issuance, but this was chiefly due to public curiosity to examine
substantial inthe new currency. This may conceivably result in a
crease in the active note circulation, to be disclosed in the next bank
returns. There is, however, fairly general expectation that, as a result
of the general clearing up of the currency note situation, the Bank of
England will be able to show a decidedly favorable position.
Taking this week's figures on currency and Bank of England notes
as a guide, the Bank of England would have been able to add substantially to the notes held by the banking department and therefore
to the banking reserve. These figures, however, may possibly be considerably altered during the next few days, either by the foreign gold
movement or by fluctuations in the Bank of England's actual holdings
of notes and gold. The aggregate of the new amalgamated note issue,
according to the combined returns this week is just over Z410,000,00,
against which the total gold stock is practically £162,500,000, equal to
a ratio of 39 60%. Probably the reserve of notes held in the banking
department will hear a higher proportion to deposit liabilities than is at
present the case. The latest ratio is 4274%.
The new notes will get into circulation slowly, because the banks
will not return existing Treasury notes for exchange until they are
obliged to do so, owing to ordinary usage and consequently necessary
replacement.
British Treasury Offer.
From the "Wall Street Journal" of Nov. 28 we take the
following London advices:
British Treasury is offering for cash and conversion 44% Treasury
bonds at 99, repayable at par from 1932 to 1934. Holders of the £100
nominal 5% National War Bonds of 1929 are offered the privilege
of conversion into the new Treasuries at £106 Ss. The 4% National
War Bonds of 1929 and VA % Treasuries of 1929 are offered the
privilege of conversion at £101 5s.
Cash applications will be cpen Dec. 1 and close Dec. 5. The conversion privilege opens immediately and closes Dec. 15. Holders of
the new 44% of Treasuries may convert between Dec. 16 and July 31,
1929, into the 4% consolidated loan at the rate of £112 of the 4%
consols. for each £100 nominal of 44% new Treasuries.
3032
FINANCIAL CHRONICLE
Great Britain's Armed Forces Number 674,000.
An Associated Press cablegram from London Nov.20 said:
Premier Baldwin told the House of Commons to-day that Great Britain's
armed forces number 266,000 less this year than in 1914.
Replying to a questioner, the Premier said that it was extremely difficult
to give precise figures which would reflect adequately the strength of the
Crown's forces at the two dates because of changes in the intervening 14
years, particularly as to the development of the air force as a separate arm.
As far as it could be gauged, however, the figures were 940,000 in 1914
and 674,000 in 1928. These figures, he said, covered all forces, including
the reserves and auxilary forces for which provision was made in the budget
estimates.
Treasury Department Approves New Austrian Debt
Agreement and $100,000,000 Reconstruction Loan.
That the Treasury Department has given its endorsement
to a new agreement for the funding of the Austrian Government's debt of about $35,000,000 owed to the United States,
and to a reconstruction loan of,it is understood,$100,000,000,
was made known in press dispatches from Washington Nov.
23. The Washington correspondent of the New York
"Journal of Commerce" reported the developments as
follows:
Negotiation of a new debt agreement with Austria for settlement of the
$35,000,000 obligation to the United States was completed at the Treasury
Department to-day in a conference attended by American and Austrian
officials..
Undersecretary of the Treasury Ogden L. Mills, following conversations
with Dr. Schiller, chief of the Bureau of Economics of the Austrian Foreign
Office,and State and TreasuryDepartment experts,announced that the pact
will be submitted to the House Ways and Means Committee as soon as Congress meets. The details of the pact will not be made public until that time.
Secretary Mellon will recommend to Congress that he be given authority
to sign the agreement. Mellon also will ask Congress to clear the way for
private American participation in the new $100,000,000 Austrian reconstruction loan by giving it the same priority over the relief bonds as was
accorded to the League of Nations loan in 1923. In other words, the new
loan would stand as a first lien against Austrian governmental receipts.
Without specific authority from Congress the relief bonds hold priority over
other obligations, with the exception, of course, of the 1923 reconstruction
loan.
Undersecretary Mills explained that a resolution was reported by the
Ways and Means Committee at the last session, as recommended by the
Treasury, authorizing priority to the Austrian reconstruction loan. At that
time, however, Austria had not settled with a majority of its creditors and
the Treasury was unable to present a definite agreement as to funding the
debt. The resolution is pending in the House.
"We are now able to offer Congress a concrete funding proposal and other
more exact deta on the Austrian situation and will therefore urge that the
proposition be approved," Mills said.
In 1922 a joint resolution of Congress, known as the Lodge resolution,
authorized the Secretary of the Treasury not to require Austria to begin payment of its debt to the United States until 1943. This action was taken
because of the deplorable economic conditions in that country. The following year the League of Nations reconstruction loan was floated after all
countries, creditors of Austria, agreed to give the new obligation priority
over the relief bonds.
Following 1923, reconstruction work in Austria has progressed and Mills
said that he was informed that while conditions are not satisfactory as yet,
great progress has been made and with a balanced budget the country is on
a substantial financial foundation.
The 1923 loan and the proposed !flotation will be employed in the reconstruction of railways, telegraph and telephone lines. Just what amount it
is proposed to float in the United States was not learned. Great Britain and
France probably will be the largest participators in the flotation next to the
United States. The matter already has been talked over with New York
bankers and other big financial interests and in theo pinion of officials
there is little doubt that the loan can be floated.
The details of the new pact will not be made public until it is presented to
the Ways and Means Committee next month. Mills said. Ile explained,
however, that its terms are identical with the agreements with the other
nations to which Austria is in debt. Austria has settled with all nine of her
creditors with the exception of Italy, providing the American agreement gets
Congressional approval as is anticipated. The exact amount owed to Italy
has not yet been fixed and the agreement is being held up pending that
determination.
[VOL. 127.
of imports over exports in the future if the country continues to show its
present interest and energy in the development of its natural resources.
Poland's foreign trade for the third quarter of the current year has been
marked by a decline in imports, exports remaining at approximately former
levels. The excess of imports over exports in this quarter was about 20%
less than for the preceding quarter.
According to preliminary official estimates Poland this year will have
1,460,000 tons of wheat, 5,900,000 tons of rye, 1,900,000 tons of barley.
and 3,850,000 tons of oats. This means a total yield for these four cereals
6% greater than last year which is extremely satisfactory considering that
the area cultivated owing to winter kill and other causes was about 3%
less. Evidently intensive cultivation, the use of artificial fertilizers, and
the employment of better implements are making headway in Poland
with a resulting increase In the yield per acre. According to the above
estimates wheat is the only item which shows a decline from last year and
that by only 1%. Increases in respect of the other items are about 4%
In the case of rye 8% in the case of oats, and 16% in the case of barley.
Compared with the average for the last five years, the current harvest shows
even more striking gains, wheat exceeding this average by 11%,rye by 10%.
barley by 23% and oats by 16%.
Taking the country as a whole, any tendency toward seasonal recession
has been more than offset by fundamental recovery which is maintaining
industrial operations at a high level. The paper mills and agricultural
Implement manufacturers have been doing particularly well and though
running at capacity are finding it difficult to keep up with orders.
Activity on the railroads as concerns freight handled continues to surpass
previous figures. The amount of freight moved in August averaged 980
cars per day more than in June. Latest available reports show increased
loadings of coal both for export and for domestic consumption, even during
a period when the demand for heating purposes has been slack.
Unemployment has continued to decline and at the beginning of September amounted to only 88.000, the lowest record for several years. This
inprovement in the labor market has been continuous over a long period
and does not appear to depend on transient influences. The seasonal
absorption of labor by agriculture and by the building trade has merely
speeded up for a period the rate at which unemployment has been
declining.
Features of the report previously made public were
referred to in our issue of Nov. 24, page 2897.
Roumanian Stabilization Loans—Bank of France to
Collaborate With Roumanian Government.
The Roumanian Legation at Washington issued the following statement under date of Nov. 28:
Advices received by cable from Bucharest to-day announce that the Bank
of France has signified its willingness to collaborate with the Roumanian
government in the flotation of a stabilization loan. Representatives of
the bankers' group have again communicated their offers to the government and it is hoped the negotiations will soon be brought to the point
where they were dropped at the resignation of the government of Vintile Bratianu and the acceptance by the Regency of the National Peasant
Cabinet under M. Julius Maniu.
Plan Proposed for Rehabilitation of Nicaragua's
Finances Not Endorsed by President Coolidge or
Secretary of State Kellogg.
The report of W. W. Cumberland embodying plans for
the rehabilitation of Nicaragua's finances is not looked
upon with favor by either President Coolidge or Secretary of State Kellogg, according to press accounts from
Washington Nov. 23. From these advices, it appears that
the Administration at Washington disapproves the proposal Whereby the United States would be called upon to
undertake supervision of the financial affairs of Nicaragua.
In indicating In our issue of a week ago (page 2896) that
the report had been made public on Nov. 19 by the State
Department at Washington we added the statement, appearing as follows in the "Times," to the effect that:
The Department made clear, however, that it represents only "the personal views of Dr. Cumberland." Secretary Kellogg in amplification of
this position said that not only had the State Department not approved
it as dr lam but there were certain things recommended that the United
States could not do. He did not reveal what these things are, asserting
that he was not prepared to discuss the report in detail.
Increasing Production in Polish Industry Reported
The views of the President and the State Department as
by Charles S. Dewey Financial Adviser to Govern- enunciated on Nov. 23
were reported as follows in a disment—Larger Crop Output.
patch from Washington to the "Herald Tribune":
Steadily increasing production in industry and a larger
Both the White House and the State Department to-day gave the
strongest
crop output are features of the past three months in Poland, denial that the American government, was interested in financial control
of Nicaragua, such as unofficial interpretation has
antaehed to the recent
according to the economic section of the fourth quarterly report of Dr. W. W.
Cumberland, former
Department erpert on
report of Charles S. Dewey,Financial Adviser to the Govern- finance and economics, who recommended a State
loan of $12,000,000 and a
ment of Poland and Director of the Bank of Poland. Point- system of control of Nicaraguan finances by American officials selected
the Secretary of State.
ing out that this continuing expansion is partly responsible bySecretary
Kellogg repudiated the
report as not in agreefor Poland's large imports of machinery an productive goods, ment with his own views or those ofCumberland
the State Department, and declared
with the strongest emphasis that the State
Mr. Dewey states:
Department did not desire to
Although Poland's foreign trade has been characterized by an excess of
imports for more than a year, an analysis of foreign purchases shows that
the greater share of the expenditure has been for goods necessary to F111,43111
thestriking development which h.as taken place in the country's mono . lc
life during a period commencing somewhat more than two years ago. This
development has not terminated and there Is reason to believe that the unfavorable trade balance will continue for some months to come, though In
eventually decreasing proportions.
At the present time foreign loans, foreign commercial and banking
credits and other invisible items are about covering the dIfferenct. ..the
foreign trade account without causing any severe loss of reserves at the Bank
of Poland. According to the Bank's statement for Sept. J‘0, holdings of
gold and foreign assets amounted to 1,269,590,000 zl itys which la over
90%.of the amount shown in Nov. 1927, when the proceeds of the Ntabllization Loan were first taken into account. There la no reason to believe that
Poland's income from invisible sources will fall to cover any likely excess'
manage the finances of any country.
Later to-day at the White Theme it was stated in behalf
of President Coolidge that the recommendations made in the
Cumberland report were
similar to those which the Administration had
frequently been compelled
b view with disapproval and which this
Government earnestly desired to
It was repeated in behalf of Mr. Coolidge that
this Government
does not want to undertake any supervision of
the finances of other
ontri. a.
The Cumberland report went into every phase
of Nicaraguan financial and
economic conditions, and concluded with the recommendation
that the
Managua Government could support a loan of $12,000,000.
White House and State Department repudiation of the pamphlet as
reflecting in any way the views of the Government
followed the publication
of au editorial in a New York morning newspaper
to-day criticizing pub? eatien of the report at the moment President-elect
Herbert Hoover was em.
barking on a good-will tour of South and Central America.
The state-
DEC. 1 1928.]
FINANCIAL CHRONICLE
ment was made that this was a "confirmatory picture" for Latin-American
and European cries of "American imperialism."
Secretary Kellogg reacted sharply when this was called to his attention.
Some observers went so far as to interpret the Secretary's reaction as an
Indication of change in the administration policy since financial control
of Haytian and Panamanian finances under American supervision has been
going on for a long time, initiated, however, by administrations other
than the present one.
Secretary Kellogg said the Cumberland report had nothing whatsoever
to do with the Hoover trip and, in fact, he had not been advised that
Mr. Hoover contemplated going to Nicaragua when the report was released.
The Secretary disclosed that when Nicaraguan officials and New York
bankers were negotiating regarding a loan with the report—delivered to
the State Department last March—before them, he felt that unless Nicaragua desired it the report should not be made public, but when the negotiations ceased and those interested asked that it be released, he saw no
reason why the State Department should not release it.
"The State Department does not desire to manage the finances of any
other country," said the Secretary. He denied that certain clauses in
the Cumberland document connecting the State Department with Nicaraguan finances had been approved by this • Government.
Later at the White House it was said in behalf of President Coolidge
that frequently the Administration had been forced to disapprove suggestions of a nature similar to those of the Cumberland report and, moreover, undertake to see that if credit was extended to countries like Nicaragua that it should be done on an equitable basis and not designed to
interfere with freedom so that the American government should intervene
and that the countries should relinquish some of their own rights.
Some observers here to-night were willing to interpret the position of the
President and Secretary of State as foreshadowing a new economic and
financial "hands-off" policy to be applied to all Latin-American neighbors
and Caribbean States by Herbert Hoover when he assumes office, and some
went so far as to see the early withdrawal of marines from both Nicaragua
and Hayti.
3033
6% gold bonds, issue of June 1 1925, due June 1, 1959, to
the effect that $268,734 in cash is available for the purchase
for the sinking fund of so many of these bonds as shall be
tendered and accepted for purchase at prices below par.
Tenders of the bonds with coupons due on and after June 1
1929, should be made at a flat price, below par, at the office
of J. P. Morgan & Co., 23 Wall Street, or at the head office
of the National City Bank of New York, 55 Wall Street,
prior to 3 p. in. January 2 1929. If the tenders so accepted
are not sufficient to exhaust the available moneys, additional
additional purchases upon tender, below par, may be made
up to March 1 1929.
Bonds of Mortgage Bank of Chile Drawn for Redemption.
Kuhn, Loeb & Co. and Guaranty Trust Co. of New York,
as fiscal agents, are notifying holders of Mortgage Bank
2% gold bonds due
1
of Chile guaranteed sinking fund 6/
June 30, 1957, and 6%% gold bonds of 1926, due June 30
1961, that $117,000 principal amount of the former and
$85,000 principal amount of the latter issue of bonds, have
been drawn by lot for redemption on Dec. 31, next, at their
principal amount. Drawn bonds should be presented with
all coupons maturing after the redemption date at the office
of Kuhn, Loeb & Co. or at the principal office of the Guaranty Trust Co. of New York where they will be paid out
of sinking fund moneys. Interest on drawn bonds will cease
from Dec. 31 next. Incident to the announcement of redemption, the fiscal agents call attention to the fact that
New Brazilian Tariff Schedules Pending.
2% bonds and $28,000 of 63%
1
principal amount of6/
American exporters are keenly interested in new tariff $35,500
for redemption, were still unrecalled
previously
bonds
schedules now being prepared by the Brazilian Congress, and
deemed on Nov. 20 last.
the
attention of the present
which are practically monopolizing
congressional session, says a statement issued Nov.28 by the
Refunding Bonds Drawn
Central Union Trust Co.of New York. It is believed that by Republic of Chile Railway
for Redemption.
the end of the year the measure will become law, according to
The National City Bank of New York as fiscal agent has
the statement which adds:
Many American interests will be affected by the new rates,some favorably
others to their disadvantage, although a new system of duties is absolutely
necessary I n view of the chaotic state of affairs now ruling, because of cornof the present tariff law passed many years ago when conpletei
ditions in Brazil were radically different than at present.
Undoubtedly cotton textile and yarn manufacturers will be given increased protection, in view of the crisis the Brazilian industry has been
experiencing for some time, and it is believed the new law will do away with
many of the classifications on an ad valorem basis, under which a large numiber of commodities pay duty of from 15 to 60% and, with the gold quota,
from 50 to 192%. The general policy of protecting national industries ass
whole will be followed, it is believed, and it is probable that relief will be
given public utilities by permitting importation of materials at rates much
ower than those now ruling.
Colombian Congress Adjourned—Balanced Budget
Indicated by Ministry of Finance and Comptroller.
Hallgarten & Co. and Kissel, Kinnicutt & Co., as fiscal
agents of the Republic of Colombia, have been advised that
the Colombian Congress has just finished its session. A
statement published jointly by the Ministry of Finance and
the Comptroller is said to show that a favorable balance of
receipts over expenditures obtaining for the past six years
has been continued. For the coining year, it is stated a balanced budget is assured and the program of development of
public works will be continued. The Congress approved the
treaty settling territorial questions with Nicaragua,and there
has also been signed this month at Rio de Janeiro a treaty
with Brazil settling the international boundaries and insuring
free navigation in accordance with the Washington Memorandum, thereby ending all boundary questions.
issued a notice to holders of Republic of Chile Railway refunding sinking fund 6% gold external bonds, due Jan. 1
1961, to the effect that $237,000 aggregate principal amount
of the bonds have been drawn by lot for redemption at par
and accrued interest on Jan. 1 1929. The drawn bonds will
be redeemed upon presentation and surrender at the head
office of the National City Bank of New York, 55 Wall
Street, on Jan. 1 next, after which date interest on the
drawn bonds will cease.
Bonds of Republic of Finland Drawn for Redemption.
2% external loan sink1
Holders of Republic of Finland 5/
ing fund bold bonds, due Feb. 1 1958, are being notified
by the National City Bank of New York, as fiscal agent, that
$103,000 aggregate principal amount of these bonds will be
redeemed on Feb. 1 1929 at par. Upon surrender of drawn
bonds with all interest coupons maturing subsequently to
the redemption date at the principal office of the National
City Bank,55 Wall Street, New York, they will be redeemed
and paid through operation of the sinking fund. Interest
on drawn will cease after Feb. 1 next.
Drawing of Bonds of Hungarian Consolidated
Municipal Loan.
Speyer & Co. announce that the fourth drawing for the
sinking fund amounting to $79,000 of bonds of the Hungarian Consolidated Municipal 7% loan and the seventh
drawing for the sinking fund amounting to $139,000 of
Bonds of State of San Paulo Drawn for Redemption. bonds of the 7/
2% loan have taken place and that both
1
Speyer & Co. are notifying holders of State of San Paulo the 7 and 7/
2% bonds drawn will be payable at par on
1
fifteen-year 8% sinking fund gold bonds external loan of and after Jan. 1 next, at the office of Speyer & Co., 24 and
1921,due July 1 1936,that $990,000 principal amount of these 26 Pine Street, New York.
bonds have been drawn by lot for redemption on January 1
1929, at 105% of their face value, at their offices, 24 & 26
Pine Street, New York. The bankers also announce that the Bonds of City of Berlin Drawn for Redemption.
Speyer & Co. announce that they as fiscal agents have
first drawing for the sinking fund of the State of San Paulo
forty-year 6% sinking fund gold lean of 1928, has taken purchased for cancellation through the sinking fund, $166,2% gold
1
place and that $46,500 of drawn bonds represented by interim 000 bonds of the City of Berlin twenty-five year 6/
receipts bearing identical serial numbers will be payable on loan of 1925. This represents the seventh sinking fund
and after January 1, next, at par, at the office of Speyer & Installment.
Co., 24 & 26 Pine Street, New York.
Portion of Republic of Estonia Loan Retired.
Tenders Sought For Purchase Through Sinking Fund
Hallgarten & Co., Fiscal Agents for the Republic of
of Argentine Government Bonds.
Estonia (Banking and Currency Reform) 7% loan, 1927,
& Co. and the National City Bank of New have retired $12,000 principal amount of these bonds out of
Morgan
P.
J.
York, as fiscal agents, have issued a notice to holders of moneys received from the Trustee of the Loan, leaving
Government of the Argentine Nation external sinking fund outstanding,$3,966,000 par value of bonds.
3034
FINANCIAL CHRONICLE
National Association of Finance Companies Proposes
Instalment Paper Be Made Eligible for Rediscount
by Federal Reserve System—Resolution on Automobile Financing.
Under a resolution adopted at the conference in New York
on Nov. 21 of the National Association of Finance Companies, the appointment of a committee .is authorized for
the purpose of considering plans to make instalment paper
eligible for rediscount by the Federal Reserve system. The
resolution, Introduced by Arthur J. Morris, President of the
Morris. Plan Company of New York, was adopted as follows, according to the "Herald Tribune":
"Whereas it is generally conceded by the economic thought of this country that continued industrial prosperity is substantially dependent upon
Mass production; and
"Whereas the continuity of mass production is directly dependent upon
mass consumption; and
'Whereas experience to date has demonstrated that mass consumption
is inseparably associated with consumers' credit; and
"Whereas one of the fundamental and original purposes of the Federal
Reserve system was to soundly promote the economic and stable development of all sound business; and
"Whereas the time has come when the operation of safe, sound and stabilized facilities constituting consumers' credit in this country should
be recognized as an essential part of the financial program necessary to the
sound development of modern business.
"Now, therefore, be it resolved, That the President of this Association is
hereby requested, authorized and empowered to appoint from the directors
of this association a special committe of not more than five with plenary
power to undertake careful consideration of plans making installment paper
under safe and sound limitations eligible for re-discount by the Federal
Reserve system. If the committee should conclude that such an undertaking is sound, feasible and practicable, it is authorized and empowered
to make the necessary contacts and to take any and all steps which In
the opinion of the committee might otherwise be advisable to carry out
and complete the purposes of this proposal."
The "Journal of Commerce" in referring to the proposal
said:
, The total volume of installment paper produced annually is estimated
to be around $3,500,000,000. It is not intended by the association that the
entire amount shall become eligible for rediscount. The committee will
consider plane for marking time paper eligible "under safe and sound conditions." Present law permits the rediscounting of such paper when it
takes the form of trade acceptances with two good names.
Inereaso Eligible Paper.
The effect of the execution of yesterday's resolution, according to bankers' comments, would be greatly to increase the volume of eligible paper
in the portfolios of commercial banks. It would also decrease the interest
rates on installment paper, since the banks naturally give preference to
paper which they can use as the basis on reserve credit.
(VOL. 127.
in this country in 1928 will be fewer than in 1923, 1925 and 1926. He
explained his contention on the ground that more of the output this year
has been exported than ever before.
"Sales of new cars in this country hereafter will be chiefly replacements," he continued, "and only a comparatively small part will come
from an increase in the number of owners. The number of replacements
annually will depend upon the average life of cars . .
and the
average life should presently begin to increase."
Mr. Ayres urged diversification in financing of the future for companies
handling automobile credit paper exclusively. Only by branching out into
other lines of similar financing operations can they hope to continue successfully, he contended.
As to the concluding session on Nov. 21 the "Journal of
Commerce" stated:
With the closing of the conference yesterday morning, an afternoon session was held behind closed doors. At this special meeting discussion was
given to charges made by a group within the association that large automobile manufacturing companies are bringing pressure on dealers to finance
their sales through such credit companies as are subsidiaries of the motor
car corporations, or with which these corporations hold special contracts.
The penalty, it is charged, is total boycotting of the dealer.
Automobile manufacturers, it is asserted, deny that dealers are being
compelled to favor finance companies not of their own choosing, but, nevertheless, they actually are using coercive methods.
Contracts between automobile manufacturers and finance companies, it
was learned, usually include granting of more favorable terms to dealers
discounting their time paper through the designated finance company.
Additional boycotting of dealers is changed.
From the "Times" account regarding the developments on
Nov. 21 we take the following:
Announcement by E. J. Becker of South Bend, Ind., chairman of a committee of fifteen representing the independent group of about one hundred and seventy-five companies that "as far as I know, everything has
been worked out harmoniously" was the first information that came from
the closed meeting that the threatened disagreement and possibly a schism
in the association had passed over, at least for the time.
Further assurance came when C. C. Handl of Chicago, secretary and general manager of the association, asserted that statements by representatives
of manufacturers' companies had been "sufficiently satisfactory" to allow
the meeting to adjourn without any "fireworks." Both he and Mr.
Becker indicated, however, that the negotiations, successful so far, remained to be completed, but that they expected harmony to prevail.
S. T. Coleman Elected a Governor of New York Stock
Exchange Luncheon Club.
Sheldon T. Coleman, a member of the New York Stock Exchange firm of Stokes, Hodges & Co., has been elected a
Governor of the New York Stock Exchange Luncheon Club
to fill the vacancy caused by the resignation of I. Chauncey
McKeever.
According to the "Times," so-called "dealer coercion" by
certain automobile manufacturers to cause the former to New York Curb Market Suspends Trading in Canadian
Marconi.
place their credit paper involved in instalment car selling
Regarding the suspension by the New York Curb Market
in the hands of specified finance companies was disapproved unanimously on the opening day of the conference of trading in Canadian Marconi, we take the following from
the "Sun" of last night (Nov. 30):
on Nov. 21. In noting this, the "Times" said:
The Curb Exchange to-day "temporarily" suspended trading in its
The consensus was expressed in a resolution adopted by more than 300
delegates, representing 300 companies throughout the country financing instalment sales of automobiles. The companies represent an investment of
more than $400,000,000 and are credited with transacting from 85 to
90% of the nation's annual $3,000,000,000 automobile credit business.
The resolution was offered by John W. Creekmur of Chicago, General
Counsel of the association, who presented it at the conclusion of a brief
talk on the subject which he had made as Counsel for the National
Bond and Investment Company of Chicago and not as Counsel for the
Association.
Suggests Suit to Test Rights.
He had declared that such "interference" of manufacturers with dealers
would continue "until some court defines the rights involved." He had
urged that an action be prepared forthwith and a suit filed to determine
"the right of the manufacturers to dictate to whom the paper shall be
sold." Automobile manufacturers Who attempt to enter your field
and take away your, privilege are most shortsighted," he asserted.
V. M.'Morris of Smith Bend, Ind., President of the National Association
of Finance Companies, previously had broached the subject of "dealer
coercion." Fear .that the resolution might split the association was largely
diseounted last. night. Any division, it was pointed out, would be between
tilt Independent finance companies, which compose the majority of the
membership. of the organization, and concerns belonging to or connected
with automobile manufacturers.
A committee representing the latter group and a committee of the
Independent' companies conferred yesterday afternoon, but neither side
had any statement to offer. Mr. Morris said a statement might be forthcoming to-day.
A. G. Rumpf, President of the Motor Dealers' Credit Corporation, denied
that the Studebaker. Corporation had at any time since its affiliation with
financing companies brought undue pressure on dealers. George M.
Graham, Vice-Prbsident of the Willys-Overland Company, also declared,
"our experience brought us to the belief that we should not force a dealer
to use only the finance company picked by ourselves."
Financing Seale Reapproved.
as well as other speakers, commended the standard rate of credit
Instalment sales for automobiles approved by the association on Dec. 11
1924, and re-endorsed yesterday. It calls for a down payment of one-third
the selling price of a new car and the division of the remainder into
instalments due monthly for a period of not longer than one year. A
down payment of 40% is required for used-car purchases by the standard
rating.
. A declaration that the time of a large yearly expansion in automobile
tales had "gone forever," was made by Milan V. Ayres, Chicago economic
analyst. This year,, he asserted, has not been a record one for automobile
finance* companies or dealers, and the actual number of cars sold to users
te,
most active issue, Canadian Marconi, shortly after noon. There had been
about 100,000 shares traded in up to the time of suspension. On Wednesday trading approximated 250,000 shares in this issue, which this year
has been pushed from $3 to $28 a share.
The suspension was for the purpose of enabling the specialist to adjust
his books, it was announced, owing to his being swamped with orders from
all over the ocuntry. Coincidentally with the suspension, however, material was sent out by the Toronto "Post" quoting Sir Joseph Pleven°,
Chairman and President of Canadian Marconi, as stating again that the
stock was overvalued at $3 a share. Earnings of the company were only
one cent a share last year.
Late this afternoon it was said at the Curb Exchange that the specialist
expected to straighten out his books in time to permit resumption of trading in Canadian Marconi to-morrow morning.
Prior to this announcement some special transactions had been made
"over the counter" with sales reported at as low as $9 a share.
The stock opened this morning with bunched sales of 56,000 shares at
27M , compared with a closing level of 22M on Wednesday. It was some
time past 12 o'clock when the specialist,figuratively speaking, threw up the
sponge, but owing to the fact that the Curb ticker was more than an hour
late watchers of the tape had the curious experience of seeing prices quoted
on a suspended stock for more than an hour after it had been removed
from the list. After its opening performance the stock had a violent break,
and just before the suspension it plunged to 15M , a loss of some 13 points
from the opening sale. It closed at 17. In Philadelphia the stock sold
at 13M.
"When the shares were quoted at $3," the Toronto "Post" quotes Sir
Joseph Flavelle as saying,"I issued a statement giving my opinion that the
price was too high. I know of no change and can conceive of no change
which would lead me to change that opinion."
Discussing reports of taking over the company by the Radio Corp., the
"Post" article says:
"Under no conceivable circumstances can Radio Corp. get control 0
Canadian Marconi even though it were to buy all the shares in the hands of
the public. Canadian Marconi owns no patent right for Canada which
Radio Corp. does not possess for the United States.
"For 25 years from September 1927. control of Canadian Marconi
rests with three British trustees, two nominated by Lazard Freres r*). and
one by British Marconi Co. This voting trust can be revised only by
unanimous consent. Radio Corp. of America agreed to this plan before
it put up the cash to buy the nonvoting shares of the holding company.
Apparently, Radio Corp. wished to assure that a wireless company in
Canada would not be subjected to the danger of nondevelopment by its
possible acquisition by a competing cable company. The voting trust may
have been assented to by Radio Corp. to prevent a misunderstanding of its
motives, since it would be strategically desirable for the wireless company
operating in Canada to be under British control.
"Immediate prospects for Canadian Marconi are considered only fair."
DEC. 1 1928.]
FINANCIAL CHRONICLE
Philadelphia Stock Exchange Loses Suit to Retain
Funds—Court Orders Bankrupt's Balance to Given
Trustee—Governing Board Sought to Turn Over
Assets to Other Members.
From the Philadelphia "Ledger" of Nov. 25 it is learned
that a decision voiding the Philadelphia Stock Exchange
rule that any balance to the credit of an insolvent member
shall be turned over to the Governing Committee for pro
rata distribution among other members to whom the insolvent may be indebted was handed down on Nov. 24 by Judge
William H. Kirkpatrick, of the United States District
Court. The "Ledger" says:
3035
"Officials of several important cotton textile companies heartily approved the proposal when it was suggested to them, and it is 'believed
that the establishment of such a market as the board has in mind would
meet with wide commendation from the cotton mills as a whole,
"The New York Cotton Exchange would appear to be the most logical
place for the establishment of such a market, as the cotton mills are
always in close contact with the exchange and do business constantly
with many of our members. There is a relationship between the mills
and the exchange dating back half a century, which we believe would
be further strengthened by the proposed plan.
"The board feels, too, that in these days of keen competition by the
public to participate in the business enterprises of the country, that it
would be performing a real service to the cotton industry and to the
public by providing on the New York Cotton Exchange a central market where approved mill stocks could be traded in freely and under tlie
Stock Exchange."
This proposed extension of the activities of the exchange
follows the adoption of other important changes in the
corporate machinery of the exchange. • Only a short time
ago the membership voted to have southern deliveries in
Decision Given in Test Case.
addition to deliveries at New York, limitation interest in
The decision was rendered in a test case arising out of the failure
and a Control Committee with broad powers of
contracts
of Frank C. McCown, a broker, who traded as McCowan & Co., and who
failed about a year ago. The suit was instituted by J. Howard Reber, -coun- supervision. References to these changes appeared in our
sel for the McCown trustees.
issues of Nov. 17, page 2750, and Nov..24, page 2885.
The ruling, which is of far-reaching importance to all Stock Exchanges
.and their members, directs that the balance be turned over to the trustee
In bankruptcy of the insolvent member for the benefit of all his creditors
and not held by the Exchange solely for the benefit of its members.
Judge Kirkpatrick in his opinion affirmed that of Walter C. Douglas,
Jr., a referee in bankruptcy, who, in directing Bache & Co., brokers and
members of the Philadelphia Stock Exchange, to turn over to the trustees
a balance of $11,879 in their hands, ruled that if the Exchange rule were
held valid, it would permit its members to obtain preferences over the
non-member creditors of a bankrupt broker.
Under authority of the Stock Exchange rules, Bache & Co. liquidated
securities deposited with them by McCown on a marginal trading account when he became insolvent and sought to hand over the balance to
the Governing Committee for distribution among other members to whom
the broker owed large sums of money.
Stock Market Gambling Criticized at Governors Conference at New Orleans—High Money Rate Operates
Against Ligitimate Business—Discussion of State
Taxation of National Banks.
Criticism of stock speculation marked the.opening meeting of the twentieth annual Governors' Conference at New
Orleans on Nov. 20. Gov. Bibb Graves of Alabama is reported as declaring that there Is nothing wrong with AmerTrustees Demand Fund.
The trustees, however, demanded the fund, contending that the Exchange ica except the evil of mad gambling in stocks and cotton.
rule was void and of no effect against a bankrupt broker.
Gambling, he said, Is the most serious menace to American
Bache & Co. agreed to have a court test made of the validity of the
•
is also quoted as saying:
Kirkpatrick, while holding that Bache & Co. were within civilization and progress. He
rule, and Judge
their rights in liquidating the collateral and applying enough of it to the
payment of his debt to them, were obligated to hand the balance to the
trustees. The bankruptcy laws, he said, do not recognize the right of
the Governing Committee to take the balance.
"We know that nobody but gamblers can afford to pay 10% for call
money. The willingness of the gamblers to pay this high rate has taken
much money to the gambling centers, and legitimate business, desirous of
getting capital, is seriously handicapped."
From the New Orleans "Times-Picayune" we take the following account of the remarks of Gov. Graves and others
New York Cotton Exchange to Trade in Securities of Cot- of the Governors:
ton Mill Companies.
In its attempts to stop gambling, Governor Graves charged, the Federal
Board has worked hardships on honest industry. .
The Board of Managers of the New York Cotton Ex- Reserve
"In the rush to stop gambling," he declared, "the innocent bystander
change announced on Nov. 27 that it had approved in gen- runs the liability of being killed. The Federal Reserve Board is sincere
eral terms a plan to trade in the securities of cotton mill in its efforts to halt speculation, but its efforts.in raising the rediscount
to 5% have stopped much legitimate business."
companies on the exchange in addition to the present trad- rates
Gambling will get a "corner" on the available finances of the nation
board
the
by
taken
was
action
ing in cotton futures. This
unless it is effectually halted, Governor Graves warned. "Right now," he
at a special meeting held on Nov. 26. John H. McFadden, said, "there is more money being put up by financiers on longs and
shorts in cotton and with the bulls and bears than is actually loaned to
Jr., Vice-President of the Exchange, was appointed Chair- farmers
to produce the cotton crop.
man of a Special Committee to draw up a plan for this
"The legitimate cotton and stock exchanges have their proper places,
purpose and to suggest such amendments to the by-laws but the nation cannot afford to stand by and permit wholesale gambling.
The gamblers have told us how we should not draft laws to stop gambling,
and rules as would be necessary to put the plan into opera- and
I know how we should draft the bills to accomplish the purpose."
tion. The committee will begin holding meetings as once
Urges Transfer Fees.
In order to submit a concrete plan to the board at the
Laws requiring the payment of stipulated fees on deliveries of cotton
earliest possible time. It is stated that some idea of the from one person to another, he suggested, would help to curb gambling.
scope of the proposed undertaking may be gained from "We could use the power to tax to destroy gambling," he said, "by raising
the pure gambler could not live."
the fact that among the cotton mills in the United States the take-out so high
•
•
•
there are approximately 470, each with a capitalization of
Farm Should Set Price.
$500,000 or over, and of this number 273 mills each have
Governor John Hammitt of Iowa agreed with Governor Graves that
a capitalization of $1,000,000 or more. The majority of gambling is threatening the stamina of the country. "If we can get toto halt the evil," he said, "I will do everythe mills are located in New England and in the South and gether on a specifictoprogram
help Governor Graves get it through."
in my power
thing
their securities are now traded in almost entirely in the
Gambling in wheat and cotton and stocks, Governor Adam McMullen of
over-the-counter market. The securities of a few New Nebraska charged, is causing an uneconomic situation. "Men having ab"are setting the price
England mill companies are traded in on the Boston Stock solutely nothing to do with wheat," he pointed out,
of wheat. If we can give the farmer the same legislation that we have
Exchange; but other than these, so far as known, none of given bankers and industrial leaders, we will let him handle his own
them is listed or traded in on other evchanges. There is a products without subjugation to speculation."
Governors attending the conference were invited by Governor Graves
heavy volume of trading in cotton mill securities in the
to confer with him to plan a program which will curb gambling. "This
over-the-counter market in the South. Greenville, N. C., conference can make its name in history if we can agree upon the proper
is one of the centers for this business in the South and program," the Alabaman predicted.
there is also some trading in cotton mill securities in the
Other discussions before the meeting of the Governors on
unlisted market in New York.
Nov. 20 are indicated as follows in the paper quoted:
Charges that decisions of the United States Supreme Court in cases apIf the New York Cotton Exchange adopts a plan to trade
banks have endangered the revenues of a majority of
in such securities, it is stated that the market will be pealed by Nationalwere
voiced by Governor Theodore Christianson of Minthe several States
the
of
New York Stock nesota in his discussion of State Taxation of National Banks.
established strictly along the lines
"No other assault by Washington upon States' rights could be so dangerExchange. Only the securities of mill companies which
so subversive of the Federal principle as one which strikes at the
meet the requirements of the Cotton Exchange will be listed ous and rights,
under the Constitution, to collect the revenues needed to
States'
and there will be the same close supervision of trading in carry on their activities," he said. "No government can live without
securities as now exists over trading in cotton futures. revenue. Dry up the lifeblood of the State, and its arms wither."
Attacks U. S. Rulings on Moneyed Capital..
Trading in both stocks and bonds of the cotton mill comRulings of the high court that National banks are Federal agencies were
panies is contemplated in the proposed plan.
fully discussed by Governor Christianson. While National banks per"The action of the Board of Managers in approving the form
limited governmental functions, he pointed out, they are operated
on
securities
the
mill
cotton
in
New
York
trading
of
idea
for the profit of their stockholders; and States' rights to. tax National
Cotton Exchange was taken after a careful consideration banks should be limited only so far as they are limited in the taxation of
State banks.
of the subject," said Mr. McFadden, who presided at the
Interpretations on the term "moneyed capital," Governor Christianson
Gardiner
President
of
H.
absence
Miller.
the
meeting in
declared, have jeopardized the income of Minnesota. "In its interpretations," he said, "the supreme court has been guided by precedent. Several
Mr. McFadden added:
3036
FINANCIAL CHRONICLE
of the cases which the court followed reflected good rulings for the times,
but conditions have changed. The supreme court would be praised if it
could set wise precedent as well as it adheres to aged precedents."
Governor Huey P. Long of Louisiana explained to the conference the
system of severance taxation in effect here. "I consider it the fairest system of taxation that can be adopted," he said. "Levying a severance tax
Insures the State of the benefit of its natural resources which are being
depleted by industries and allows the State to prepare to care for the
people which these industries bring into the State when the resources and
the industries are gone."
Speak of Conservation.
Governor Long's discussion precipitated a dozen talks by Governors on
conservation steps adopted in their several States.
Governor McMullen called the conference to order at a reception in
the Governors' honor in the supreme courtroom of the civil courts building.
The chairman of the conference explained that the organization has no
corporate powers.
"The Governors of the several States were first called into conference
by President Theodore Roosevelt," he explained. "Since the chief
executives discussed conservation measures with the President this organization has sprung up, and it has convened annually for sixteen years.
At the annual sessions its members get together and talk over their
problems."
•
•
•
Governors in Attendance.
Governors H. C. Baldridge of Idaho, Ralph 0. Brewster of Maine, Theodore Christianson of Minnesota, Norman Case of Rhode Island, Huey P.
Long of Louisiana, George H. Deco of Utah, Bibb Graves of Alabama,
John Ilammill of Iowa, Edward Jackson of Indiana, Adam McMullen of
Nebraska, Ben A. Paulen of Kansas, Len Small of Illinois, Huntley Spaulding of New Hampshire, John H. Trumbull of Connecticut, A. N. Leecraft of
Oklahoma, Fred R. Zimmerman of Wisconsin and John S. Fisher of Pennsylvania are attending the conference, according to records at registration
headquarters.
Former Governor E. Lee Tirinkle is representing Governor Byrd of Virginia and Florida is being represented by former Governor Cary Hardee,
Secretary of the conference.
Among other officials here are Mayor Thomas P. Cheney of Concord,
N. H., and John 0. Hull, speaker of the Massachusetts House of Representatives.
In our issue of Nov. 24 (page 2905) we referred to the
proposal brought before the Conference for a $3,000,000,000
reserve fund for the promotion of construction work in dull
periods.
[vol.. 127.
Loans and discounts, including rediscounts, on Oct. 3 1928, amounted
to $15,116,809,000, and showed a decrease since June 30 1928 of$28,126,000,
but an increase in the year of $749,943,000.
Investments in United States Government securities of $3,012,584,000,
which included $067,197,940 on account of bonds deposited with the
Treasurer of the United States to secure circulating notes outstanding,
exceeded by $121,417,000 and 8337,042,000 the holdings of like securities
on June 30 1928 and Oct. 10 1927, respectively. Holdings of other bonds,
stocks and securities, &c., of $4,104,022,000 showed a reduction of $152,259,000 since June, but an increase of $162,584,000 in the Year.
Balances due from correspondent banks and bankers. including lawful
reserve, amounted to $4,581,632,000, and showed increases of $379,317,000
and $203.115,000 in the amount of these items reported in June of this
Year and October of last year, respectively. Cash in banks, $364,281,000.
was 349,168,000 more than in June of the current year. but $10.970,000
less than reported a year ago.
The paid in capital stock of $1,615,744,000 on Oct. 3 1928, was $21,888,000 in excess of the amount in June, and exceeded the capital in Oct.
1927 in the sum of $116,360,000. Surplus and undivided profits aggreiraled
$2,000,123,000, and showed increases of $22,991,000 and $155,612,000
since June, 1928, and Oct. 1927, respectively.
Liabilities for circulating notes outstanding amounted to $648,548,000,
and showed a decrease of $547,000 since June 30 1928, the date of the
previous call, and was 81,338,000 less than the amount reported in the
call made in October, 1927.
Total deposit liabilities were 823,005,311,000, exceeding by $348,040,000
the amount reported in June, and showed an increase of $707,389,000 over
these liabilities a year ago. In the classification of deposits are balances
due correspondent banks and bankers, including certified and cashiers'
checks, &c., of $3,507,932,000, which showed an increase of $337,010,000
since June, but a decrease of $19,111,000 in the year; demand deposits,
including United States deposits, totaling 111,186.488,000, and time
deposits, including postal savings, amounting to $8,310.891,000. The
total individual deposits (time and demand) were 819.384.046,000, exceeding by 183,613,000 and 8868,791,000 the amounts reported on June
30 1928 and Oct. 101927.respectively.
Liabilities for money borrowed on account of Wills payable and rediscounts of $707,581,000 showed a reduction of $93,604,000 since June, but
an increase of 8391,251,000 in the year.
The percentage of loans and discounts to total deposits on Oct. 3 1928
was 65.71, compared with 66.90 on June 30 1928. and 64.46 on Oct. 10
1927.
In addition to the banking resources of the commercial departments
reported above, on Oct. 3 1928. 1,585 national banks were administering
through their trust departments 53.853 individual trusts, with individual
trust assets of $3,297,510,000. These banks were also administering 9,923
corporate trusts and acting as trustees for collateral trust and other bond
and note issues aggregating 17,978.389,000. This represents an increase of
203 in the number of national banks administering trusts over 1927, an
increase of 18,193 in the total number of trusts being administered, an
increase of $1,217,452,000 in the assets of individual trusts, and an increase
of $1,623,676,000 in the bond and note issues outstanding for which they
were acting as trustees.
Minnesota Stock Exchange Inactive for 13 Years, Planto Resume Operations the Coming Year.
According to the Minneapolis "Joarnal," the Minnesota
Stock Exchange, incorporated in 1909 but inactive for 13
years, is being reorganized and will resume operations Dr. Marcus Nadler Before Conference on International
shortly after Jan. 1. With regard to the reorganization of
Finance Denies Gold Shortage Faces World—
the Exchange, the paper quoted says:
Says Gold Requirements Have Decreased With
A lease option has been obtained on quarters and a trading floor in the
Changed Currency Methods.
Roanoke Building, and the old constitution and by-laws are being revised
Changed currency and international banking methods
and modernized in accordance with the rules now in force on the better
exchanges of the nation, according to an announcement Saturday by a com- have sharply decreased the world's gold requirements as
mittee headed by Henry D. Thrall, Vice-President and Treasurer of the
compared with pre-war conditions, and therefore no shortage
Minnesota Loan and Trust Company.
The exchange will list from 400 to 500 securities originating in the of gold need be feared at the present time, Dr. Marcus
Northwest, providing holders of those securities with an authentic North. Nadler, Assistant Professor of Finance at New York Uniwest market and Northwest prices.
versity, declared before the Conference on Internaional
Retains Original Charter.
Finance which was held in the Governor's room of the New
Members of the committee, beside Mr. Thrall, are I. H. Overman, ViceYork Stock Exchange on the evening of Nov. 22. The
President to the First Minneapolis Trust Company; George F. Piper, VicePresident of Lane, Piper & Jaffray ; Joseph L. Seybold, Vice-President of conference, held under the auspices of New York University,
Wells-Dickey Co.; T. W. Lewis of Charles E. Lewis & Co., and W. W. was presided over by Dean A. Wellington Taylor.
Eastman, manager of Harris, Winthrop & Co.
"Current predictions as to an impending shortage of
Redrafting of the constitution and by-laws is in the hands of Junell,
Dorsey, Oakley & Driscoll, Minneapolis law firm. The exchange still gold and resulting falling commodity prices in all countries
retains its original charter.
are not correct," Dr. Nadler stated. "They are based upon
Eugene M. Stevens, President of the Illinois Merchants Trust Co., a pre-war
currency situation, which has been radically
Chicago, was the first President of the Minneapolis Stock Exchange in
1909. A trading floor was maintained in the McKnight building for six changed. Such opinions as those of Prof. Gustav Cassel
years, but in the pressure of war years, operations were stopped in that the world is confronted with a gold shortage because
1915.
the entire production of gold does not amount to more than
Will Issue Memberships.
of the total accumulated stook of gold are baseless be3%
The original board of directors included Mr. Stevens, W. A. Hurst, President of the Minnesota Loan and Trust Co.; Charles E. Lewis, George B. cause they are founded on an assumption that these conLane, President of Lane, Piper & Jaffray and Denman F. Johnson.
ditions have not changed."
Memberships will be issued by the reorganized exchange to from 50 to
Dr. Nadler then said that the introduction of the gold
100 active traders, the committee announced Saturday.
The Minneapolis Chamber of Commerce, at the same time, is working exchange standard and the elimination of gold from ciron a plan for stock trading on the chamber floor, following the lead of culation in nearly every important country of the world
the Chicago Board of Trade. Development of that plan, it was said
have reduced the need of gold for monetary purposes to a
Saturday, would give Minneapolis two active stock exchanges.
very large extent. Continuing he said:
The introduction of the gold exchange standard has brought about a
National Bank Resources at $29,000,000,000 Oct. 3, situation where central banks which have adopted the gold exchange
standard can expand notes in circulation on a reserve of only 1 % in
Reach Record Figures.
gold held by their central banks. The introduction of the gold bullion
standard
and the elimination of gold from circulation and particularly
Comptroller of the Currency John W. Pole announced
the concentration of the gold previously in circulation in the vaults of
Nov. 23, that the aggregate resources of national banks in central banks have decreased greatly the demand for gold.
Furthermore.
the continental United States, Alaska and Hawaii, had the greater use of foreign exchange in settling international balances has
nearly reached the $29,000,000,000 mark on Oct. 3 1928, the further increased the demand for gold.
The speaker also reached the conclusion that there is no
date of the.recent call, and were greater than at any time in
the history of the national banking system. The figures were surplus of gold in the United States because the adoption
reported by 7,676 banks and the total resources, which on of the gold exchange standard in a number of countries
Oct.3 1928 amounted to $28,925,480,000, were $417,241,000 gives the central banks in those countries which are on the
more than shown on June 30 1928, the date of the previous gold exchange standard a claim on the gold of the United
call, and exceeded by $1,711,656,000 the resources reported States amounting to from $800,000,000 to 31,000,000,000.
on Oct. 10 1927, the corresponding call last year. In his In conclusion he stated:
The simultaneous existence of the gold exchange standard and the
announcement Nov. 23, the Comptroller also says:
standard in different countries has placed a much greater responsibilitygold
on
DEC. 11928.]
FINANCIAL CHRONICLE
war. This great responsithe central banks than at any time before theamong the more important
bility has brought about a closer co-operation
few months, however, have
central banks. Gold movements in the last
as is generally believed, and
indicated that this co-operation is not as firm
plan for economical use and
if the central banks do not work out a closer
rates
decreased movements of gold, the movement of credit and interest
the rest of the world may be subnot only in the United States but also in
.
ject to wide and hazardous fluctuations
Governor Roy A. Young of Federal Reserve Board
Before Academy of Political Science Discusses
Board's Part in Aiding Europe.
The statement that the Federal Reserve Board, beginning
In 1927, has definitely determined its domestic monetary
policies in the belief that the United States "can no longer
remain economically aloof from the affairs of the world,"
was made for the first time with the full weight of official
authority on Nov. 23 by Roy A. Young, Governor of the
Federal Reserve Board, speaking at the forty-eighth annual
dinner of the Academy of Political Science at the Astor,
Only newspaper
says the "Herald-Tribune" of Nov. 24.
accounts of the speech are available, the paper just quoted
stating that Mr. Young traced the whole course of the
Board's policy in assisting currency stabilization in Europe
in 1927 and revealed that when the policy was adopted the
Board weighed the dangers of stock market speculation here
against the disadvantage of endangering the gold standard
in Europe and chose the former as the lesser of two evils.
The following, regarding what Governor Young had to
say, is also quoted from the "Herald-Tribune."
3037
President Coolidge Reported as Seeking Action at
Coming Session on World Court—This and Other
Legislation Discussed at White House Breakfast
with Senators.
If newspaper advices are reliable, one of the issues upon
which President Coolidge hopes for Congressional action at
the forthcoming session is legislation proposing adherence
by the United States to the World Court Press accounts
from Washington on Nov. 24 relative to a White House
breakfast that day at which the President had as his guests
leading Republican Senators say that the President then
indicated his views on this and other matters which he considered pressing. According to the New York "Times" dispatch those Senators present, or some of them, learned that
Mr. Coolidge was anxious to round out his Presidential
career on March 24 next by the ratification of the Kellogg
anti-war treaty, the enactment of the fifteen cruiser bill
and an arrangement with the powers signatory to the World
Court protocol by which the obstacle to American adherence
to the protocol offered by the Senate's reservations would
Mr. Young's subject was "Peace and World Prosperity." In playing
Its part in the world's monetary reconstruction he said "the Federal Reserve
system has been placed in a position that has enabled it to render more
valuable assistance to other countries than could at this time be rendered
by any other central banking system.
Has 40% of World's Gold.
the war the United States has 40% or more of
of
consequence
a
As
the world's gold stock and also has larger foreign investments than any
other country in the world. In these circumstances the Federal Reserve
system has realized that co-operation with other countries toward the reestablishment of sound monetary conditions is not merely an act of international comity but is also essential in the interests of this country
itself.
Sound money conditions abroad enable American producers to supply
the needs of their foreign customers without running the hazards arising
from unstable foreign exchanges. They also increase and stabilize the
buying power of foreign countries to purchase our goods. In these postwar days the United States can no longer remain economically aloof from
the affairs of the world.
Sound domestic credit policy therefore as well as the desire to be of
service in world reconstruction have caused the Federal Reserve system
in formulating its credit policies to take into consideration the effect
that these policies may have on the re-establishment and maintenance of
international relations.
"After carefully canvassing the situation the Federal Reserve system
reached the conclusion that its influence should be exerted toward easier
money conditions in this country which would encourage business at
home and simultaneously would assist the foreign countries to pass
safely through a period which otherwise might endanger the maintenance
of the gold standard.
"Although the system realized that easy money in this country might
be an encouragement to further Stock Exchange activity, nevertheless it
determined that this would be the lesser of two evils and decide to
adopt a policy of easing the market.
Governor Young then traced in considerable detail the development
of the policy and its success in establishing the gold standard in Europe.
With the passage of the danger in Europe, he described the reverse in
policy by the board with the resultant discontinuance of the outflow of
gold and the diminishing of the growth of bank credit. Inquiries to all
the reserve banks, he said, had shown that American business conditions
had not been adversely affected by the board's policy.
This story brings out, he concluded, the manner in which conditions
abroad have been taken into consideration in the system's deliberations
about its credit policies. I have become convinced in my year with
the Reserve board that participation in world affairs is a matter of
enlightened self-interest for the United States. It augurs well for the
cordial relations between the nations.
be overcome.
Under date of Nov. 25 advices to the "Times" stated
that as a result of the breakfast conference on Nov. 24
between President Coolidge and fifteen Republican Senators, opinion is prevalent in Senatorial circles that there
will be no action during the coming session of Congress on
Senator Gillett's resolution proposing new exchanges between the United States and signatories of the World Court
protocol with a view to removing the obstacles to American participation in the court. It was further stated in
these advices that "this opinion is born of President Coolidge's disclosure to the Senators who were his guests that
he would take up the proposed exchanges with the signatory nations without waiting for the Senate to act on the
Gillett resolution."
The same paper in an account from Washington Nov. 27
said in part:
At a conference today between President Coolidge and Secretary
Kellogg the matter of making another effort to bring the United States
into affiliation with the World Court was discussed, but no information on the subject was forthcoming from the White House or 'the
State Department.
•
•
•
Information obtained since Saturday, when the President told a
group of Republican Senators that he desired to seek an arrangement
with the governments which adhere to the court protocol by which the
obstacle to American participation furnished by the Senate reservations.
would be overcome, indicates that no definite plan of procedure is in
the President's mind.
What is known of the situation has created the impression that the
President, in his comment to the Senators, was doing nothing more
than expressing a hope that European objection to the Senate reservations might be overcome.
The following points, confirmed in informed quarters, stand out in
the situation arising from the President's remarks to the Senators
Saturday:
1. No step has been taken by this government to induce foreign
governments to accept the Senate reservations to the World Court
protocol.
2. No overtures looking to an adjustment which would enable the
United States to enter the World Court have come from any of the
nations which declined to consent to the Senate reservations.
3. The President's hope that a way might be found to enable the
United States to enter the World Court did not embody any thought
of asking the Senate to modify his reservations.
4. Most interested Senators are agreed that the Senate would not
consider modification of the reservations.
So far as the public is concerned, there is nothing to do except
wait for some disclosure that the 'President has or has not directed
the State Department to enter into exchanges with foreign governments.
In its Washington dispatch of Nov. 24 the "Times" stated
that the primary apparent purpose of the breakfast was the
In referring to high money rates and business, Governor discussion of the Senate's program of business for the comYoung, according to the "Journal of Commerce," spoke as ing session, usually designated the short session. These
follows:
advices also said in part:
The advance in money rates has been felt particularly by dealers in
It appeared to be the general opinion of the Senators who broke
securities, as the call rate has frequently been as high 8% this autumn, bread with the President this morning that very little in the way of
in
of
the
volume
bank
credit, which legislation and executive business could be accomplished in the brief
explained the speaker. The growth
was very rapid in the early part of the year, slowed down in the late period before Mr. Coolidge retired to private life.
spring, and after considerable fluctuations was not as high in November
But there seemed to be a widespread view that the Kellogg pact
as in May. The decline has been in the bank's investments and in loans renouncing war as an instrument of national policy, to which most
on securities, which include loans to brokers and dealers.
of the nations of the world are parties, could be ratified by the Senate
Brokers' loans by banks, as distinguished from those by corporations while Mr. Coolidge remained in office.
in
of
the
middle
than
May.
now
Commercial
and others, are smaller
A curious feature of the breakfast-table discussion of the legislative
loans, on the other hand, continue to increase and demands of business in program was the omission of mention of farm relief legislation.
the
and
marketing
of
expansion
trade
were
crops
autumn
•
•
with
•
connection
met by the banks without difficulty.
sausages and other things to
over
the
President
with
sat
who
Those
It is true that the cost of credit to industry advanced somewhat, but
in the coat of credit to traders eat were Senator Curtis of Kansas, who is to be chosen as Vice.
the advance was much less than the rise
rates appears not to have had President by the Electoral College; Senators Borah of Idaho, chairman
in securities, and the advance in money
Inquiries made by the Federal of the Committee on Foreign Relations; Smoot of Utah, chairman of
any bad effects on business conditions.
on Finance; Warren of Wyoming, chairman. of the
Reserve Board on this point have brought in replies from all Federal the Committee Appropriations; McNary of Oregon, co-author of the
on
Reserve banks to the effect that business conditions have not been un- Committee
farm relief bill; Hale of Maine, chairman of the'
favorably affected by higher interest rates, and the latest business re- McNary-Haugen
Committee on Naval Affairs; Sackett of Kentucky; Dale of Vermont,
ports indicate continued and growing prosperity.
3038
FINANCIAL CHRONICLE
[VOL. 127.
Steiwer of Oregon, Waterman of Colorado, Keyes of New Hampshire, tions have
been given to the Collector of Internal Revenue in Detroit to
Gillett of Massachusetts, Shortridge of California, Goff of West Vir- abate
the case.
ginia and Glenn of Illinois.
The enormous tax assessment was levied in 1925, at a time when
The break fact conference was of particular concern to Senators Senator
Couzens and Secretary Mellon were engaged in a dispute over
McNary, Hale, Borah and Gillett.
tax matters that still continues at intervals.
McNary probably found little satisfaction in the opinions exThe Government contended that the original Ford stockholders had
pressed as to the prospects of legislation of the short session, as he is appraised their
stock at the wrong value. The suit was for additional taxes
insistent that the new McNary-Haugen measure, which he is revising on the sale of stock
in 1918, on which income tax was paid in 1919.
in a form intended to meet the objections both of President Coolidge
The assessment against Senator Couzens alone was $11,000,000. After
and Mr. Hoover, shall be enacted before the adjournment in March. a spectacular hearing
before the Board of Tax Appeals, the Ford stockSenator Borah's great interest is in ratification of the anti-war pact, holders won the verdict.
They also won in the Federal Court, where
while Senator Gillett's concern is over obtaining American adherence they contended that
the Government did not have the right to institute
to the World Court. There is pending a resolution offered by Mr. the proceedings.
Gillett expressing the sense of the Senate that the Government should
The stockholders were required to place enormous bonds with the govrenew negotiations with adherents of the World Court protocol with ernment at the time the
suit was brought, and the action of Commisa view to admitting the United States into its participation.
sioner Blair makes possible the return of these bonds.
Senator Hale is in charge of the fifteen-cruiser bill.
At the Treasury, where officials have held the view that it would be
The impression was gathered by the President's conferees that he futile to press the suit, there was
no positive comment avaliable to-day.
desired to go ahead with international exchanges without waiting for One official of the Internal Revenue
Bureau said he had no "official"
the adoption of the Gillett resolution.
knowledge of the matter. At the office of Secretary Mellon it was said
At any rate, the conference resulted in the conclusion that the Gillett that the subject had not come to his desk
for action.
measure would not be pressed pending the outcome of the President's
A further Associated Press account is given as follows:
effort to overcome foreign objection to the reservations which the Senate
When Henry Ford several years ago bought out the entire minority holdattached to its resolution for adherence to the World Court protocol. ings
in his motor company enterprise, the Government accepted a payment
of approximately $20,000,000 from the minority as income tax on
Chances Good for Boulder Dam.
the
transaction.
It was explained to the President that when Congress reassembled
Senator Couzens, John and Horace Dodge, automobile manufacturers,
on Dec. 3 the perturbing Boulder Dam bill would have the right of
way in the Senate. The prospect of its passage with the inclusion of of Detroit; John W. Anderson, Philip, Paul and David Gray, and Mrs.
changes recommended by a commission appointed under a resolution Rosetta House, Senator Couzen's sister, were among those involved.
The Treasury reopened the whole proceeding, and though Senator Conadopted by Congress at its last session was regarded as better than
zens charged that he was being attacked in the matter for political reaat any time since it had been under consideration.
This bill has had a rocky legislative road to travel, chiefly because sons, demanded payment of the $34,000,000 additional.
The government brought its case before the Board of Tax Appeals,
it involves the principles of government ownership and operation of
public utilities and the special opposition of the Arizona Senators which ruled last spring that the minority had paid taxes in full, and in
Ashurst and Hayden and the State's lone member of the House, Rep- addition indicated that they had overpaid their taxes on the transaction
by approximately $2,000.000. The case also was taken into the Federal
resentative Douglas, whose objection, however, was based on the contention that the project provided for in it would deprive Arizona of courts by Alice Hales, another member of the minority group, who won
a directed verdict against the government.
an adequate supply of water of the Colorado River for irrigation
and
There is still time for the Government to appeal the Tax Board's deother purposes.
cision to the Federal Courts, but Clarence M. Charest, General Counsel
Next on the Congressional program, it was explained to the President,
for the Bureau of Internal Revenue, said that no appeal had so far been
was a bill prohibiting convict-made goods from being transported into
taken. At the same time revenue collectors exchanged correspondence
States which forbade their use. A third bill with a preferential posiwith minority members indicating that the matter was to be dropped
tion provides for ncreasing the _penalties for violation of the prohibiton
completely.
statutes, among the provisions being the imposition of jail sentences on
Under the provisions of the act governing tax board decisions, the
first offenders.
government is entitled to six months for further proceedings In the courts
That these three measures—Boulder Dam, convict-made goods and if officials
are dissatisfied with the board's ruling. While this time has
prohibition penalties—would be acted upon in the short session was not elapsed,
there was every expectation that no further step would be
the opinion of the President's conferees, and, in addition, the anti-war taken to press
the claim.
treaty, which lies exclusively within the Senate's province.
The opinion was expressed also that the fifteen-cruise bill had
r
a
superior chance of passage during the session.
This bill has been Discussion of Canadian and American Problems,
passed by the House and, while it has no preferential
position on the
Including Transportation and Agriculture at
Senate calendar, it has strong backing. Feeling is general
that if once
Dinner in New York Dec. 10 of Pilgrims of United
it is taken up for discussion, the final vote on
it will not be long
delayed.
States.
To all appearances the project for American participation
in the
Unusual interest centers in the dinner which the Pilgrims
World Court has been a dead letter. When
the so-called Coolidge.
of the United States will give on Dec. 10 at the Waldorf
Hughes plan of American adherence to the
court protocol was before
the Senate, that body attached to it a series
of five reservations which Astoria in honor of Vincent Massey, Minister Plenihave not been accepted by the adhering nations.
potentiary to the United States from Canada, Prime MinThe Senate ratified the resolution of adherence
with these reserva- isters
of the Eastern Provinces and other Canadian leaders.
tion on Jan. 27, 1926, by a vote of 76 to
17. The State Department
declined to submit them to the League of Nations,
but sent them to In addition to Mr. Massey, the guests of honor will ineach of the foreign nations which were participants
clude L. A. Taschereau, Prime Minister of Quebec; E. N.
in the court.
These nations responded by inviting the United
States to take part Rhodes, Prime Minister
of Nova Scotia; Ernest Lapointe,
in a conference held in Geneva, but to this
a declination was sent by
Secretary Kellogg, chiefly on the ground that the only procedure
in M. P. Minister of Justice, Ottawa; Rev. Henry J. Cody,
sight, as far 29 the United States was concerned, was
the acceptance D.D., Rector of St. Paul's, Toronto; Sir Joseph Flavelle,
of the reservations by the signatory governments
. He contended that Bart., Chairman, Canadian Bank
of Commerce, Toronto;
the reservations spoke for themselves.
The Geneva conference adopted certain resolutions
which accepted Sir Robert Falconer, K. C. M. G., President, University of
three of the reservations, but suggested modifications
to another and Toronto, Toronto; Sir Frederick William Taylor, Bank of
indicated that the remaining reservation could
not be accepted.
Montreal, Montreal; Justice William Riddell, Toronto;
The fifth reservation provided that the court
should not "entertain
Newton
any request for an advisory opinion touching
W. Rowell, Toronto, late President of the Privy
any dispute or question
in which the United States has or claims
interest," without the consent Council in Sir Robert Borden's Cabinet.
of the United States.
Dr. Nicholas Murray Butler, President of the Pilgrims,
That ended the effort to bring this
government into the court, for
will
the United States would not accede to
be the presiding officer and toastmaster. R. A. C.
the suggestions of the Geneva
Conference designed to bring it into
participation in the court. Sev- Smith has charge of the arrangements for the dinner.
eral of the smaller nations have accepted
the Senate reservations, but Others on the committee are Elihu Church, James R. Shefall the larger ones are standing by
the suggestions of the Geneva field
and Charles C. Paulding.
Conference.
The American Foundation, of which Esther
Everett Lape is memberin-charge, tonight issued a statement
announcing that the Gillett resolution, which proposes a resumption of
negotiations in the World
Court matter, would be brought up for
consideration at the first meeting of the Senate Committee on Foreign
Relations.
"The development of differing points of
view in connection with our
terms of adherence to the court is a reason
for continuing negotiations,
not for dropping them," the foundation's
statement said.
Federal Governments Reported to Have Abandoned
Proceedings to Levy $30,000,000 Assessment Against
Stockholders of Ford Motor Co., Including Senator Couzens.
According to Associated Press advices from Washington
Nov. 24, the Government attempt to levy an additional $30,000,000 income tax assessment against the original Ford
Motor Company stockholders, including Senator Couzens,
Republican, of Michigan, has been definitely abandoned.
The press accounts said:
Commissioner Blair of the Internal Revenue Bureau has dropped the
case after the Government's defeat both in Federal Court and before the
Board of Tax Appeals. He had been considering an appeal, but instruc-
The dinner is of unusual
importance because of the common problems of the United
States and Canada in developing the new continent in a
more friendly spirit of co-operation along parallel lines.
It is expected that a large delegation of Canadians will
attend the dinner in addition to the American Pilgrims and
their guests, for Canadians have similar problems to deal
with in connection with their natural resources, the agricultural developments of the West, transportation and the
great railroad systems, and the problems of the control of
the alcoholic liquor traffic question. The object of the
Pilgrims is to promote a sentiment of brotherhood among
the nations, and especially the cultivation of good fellowship between citizens of the United States and subjects
of Great Britain. The Pilgrims of Great Britain organized
at about the same time as the group in this country. The
Pilgrims of the United States are about to start their twenty-sixth year. They have entertained some notable Britons
visiting this country including the Prince of Wales, and
Lord Beatty, who came to the United States especially
to
attend a dinner. Their latest dinner was in honor of
Field
Dec. 1 1928.]
FINANCIAL CHRONICLE
3039
in the Inter(a) Rate restriction and a supervisory function vested
initiative.
State Commerce Commission which destroys railroad
air.
(b) Competition on land, on the water and in the
(c) An unstable labor situation.
by its political effect
(d) A dividend policy that is frequently controlled
or its reaction on rate makers.
A few days ago
related.
The first and the fourth handicaps are closely
the public announcethe president of the General Motors Corporation made
capital, and probably, its
ment that his company proposed to increases its
return from Europe.
dividend. He would make his recommendations on his
price of motor cars
If, in order to do this, he thought it best to raise the
his directors. He
or trucks, that was his business and the judgment of
of some regulatory body. Suppose
Charles F. Speare on Bull Market Minus Railroad did not first have to ask permission
of the New York Central Railroad, or as a better illustration,
Stocks.—Conditions Confronting Management Ex- the president
deemed it pro.
chief executive of the Chesapeake & Ohio Railroad,
the
Shares.
Rail
stockholders a larger
plain Disinclination of Public to Buy
dent to expand the capital of his system and give his
Commerce
tates
earnings, but forgot to notify the Inter-S
Writing in the November issue of the "Journal" of the proportion ofofitshis intention. What would happen?
Commission
American Bankers Association, Charles F. Speare points
Competitors Have Free Hand.
out that "one of the most amazing aspects of the present
presidents sigh when they see the free hand with which corRailroad
amazing stock market is the virtual boycott by Wall Street porations that are their severe competitors conduct their affairs, even
or Federal Trade Commission.
of the standard investment railroad issues." To quote from as if there were no Sherman anti-trust actas
one of the day's adventures
speculation
regards
that
generation
a
the
And
how
the "Journal," Mr. Speare in his article explains
overlook the fact that liberty of action brings many dollars to
not
does
pressure of regulation, as well as the burden of competi- the industrialists while the inhibitions of the steam railroads cause a
tion on all sides has prevented the rails from offering the steady subtraction from their profits.
It is, of course,
Competition is a serious menace to railroad prosperity.
dividend attractions which have been held by new indusThe downward trend began
most visible in declining passenger earnings.
of American systems were *1,trials. Mr. Speare's article follows:
in 1920. In that year passenger revenues
were 80
In the week ending Sept. 22 the total transactions in all stocks on the 286,613,272. Passengers carried were 1,234,862,000 and there
New York Exchange were 23,676,610 shares. Of these 986,390 shares, or passengers on the average train. In 1926 earnings were down to $1,041,of 30%
less than 4%, were from the railroad group. In one session during this 816,000, passengers carried were only 862,361,000 (a decrease
load. The
week there was a turnover of about 4,850,000 shares of which but 111,800, in seven years), and 61 passengers composed the average train
of each pasor less than 2%%, were rails. A month later when a new record of 24,- rate per passenger per mile and the average journey's length
losses.
452,000 shares in one week was established the ratio of rails was the anger increased in this period but not enough to overcome other
at an accelerated pace
same as in September. Meanwhile, it had been down to less than 3%
The decline did not stop with 1926. It continued first eight months of
in one week. From these figures it will be evident how completely railroad in some sections of the country during 1927. In the
all lines fell $50,000,000 from the
stocks have passed out of the market picture.
last year the total passenger revenues of
individual
Take another angle of the situation: On Oct. 1 the average price of same period of 1926. Some of the effects of competition on
indiIndustrial shares was 32 points above that of the same date in 1927. The roads in the five great regional divisions of the United States, are
calendar
average of railroad stocks, however, was 5 points under that of twelve cated below, the passenger earnings' figures being for the entire
months ago. The motor group was an average 30 points over that of year 1927:
1926
1927
Sept. 1927, the public utilities were 40 points higher, the coppers over
$44.024.407
142,695,283
35 and the members of other manufacturing or distributing groups were Atchison
55,262.330
53.240,928
Pacific
147,976.357
from 10 to 45 points above the previous year's range. All had at different Southern
140.810.692
a
30.384.544
26,749.397
times been market leaders. A few even had clung tenaciously to this Pennsylvani
Southern Ry
12,639.990
11.773.283
were
there
occasional
the
rails
With
the
four
seasons.
through
position
Northern Pacific
15.847,553
14,353,335
brief periods when the stocks of the systems in the southwest, or north- St. Louis-San Francisco
Them.
Against
The Trend Is
west or in the eastern territory were taken up and "given a whirl." The
per train and a
excitement was short-lived. Prices generally settled back to the point at
And still the trend is toward fewer local passengers
excursion
which they had started. Sometimes they went even lower. There were marked reduction in the volume of both short and long passenger
parks of
thirty "new high records" among the industrials in the big session of Sept. traffic to the mountain and seaside resorts and to the national
shown
21 but on that day one prominent railroad issue declined to the lowest the Northwest, Southwset and Pacific Coast. This will be clearly
price of the year. In October there were times when it looked as though when the complete reports for 1928 are available.
to
difficult
find
the rails might come into their own again but hope was stronger than
This is a progressive condition which the railroads
with the competition
performance.
meet. They have unsuccessfully endeavored to cope
the
"What is the trouble with the rails?" people ask. "Is there some of the Panama Canal through rate adjustments but the decisions of
many inblight that has attacked them, sapping their vitality, or does their neglect Inter-State Commerce Commission have not favored them in
be equivasimply mean that fashions in investments have changed and that what stances. Each year the transcontinental lines lose what would
was popular with an earlier generation produces no thrill for the present lent to miles of loaded cars of high profit freight to the waterway between
granted
be
to
favors
any
are
one?"
the Atlantic and the Pacific. When there
To those who are playing the market on a big scale from day to day they go to the canal and not to the land carriers.
period during which
and whose imagination has been fired by the successes of General Motors,
Actually freight earnings have increased in the
that an
Montgomery Ward, Radio Corporation, Warner Pictures, Chrysler, and a passenger revenues have been declining. The point is, however,
rail carriers
dozen others, a campaign in railroad stocks is about as exciting as a buggy enormous amount of high paying traffic has been lost to the
have
could
business
this
ride after a seventy-five-mile an hour dash in a motor car. They want because of motor truck competition and that
bad
action and sustained action. They have tried at different times to put been easily absorbed by the railroads in addition to what they have
requirements
a little life in the transportation issues but the movement has petered out in natural growth. They have, to-day, facilities in excess of
equipment
and left them with undistributed stocks. And whenever prices have ad- and are paying interest in a considerable amount of unemployed
vanced a few points there has invariably been a supply too large to due to the competition on the motor highways.
the
against
up
have grown
absorb.
There are other forms of competition that
bulk
Tradition plays its part in stock market fluctuations. Twenty-five railroads since the war, oil replacing coal that formed the biggest
generated
years ago every large investor held Atchison; Baltimore & Ohio; Illinois commodity hauled, electric power substituted for steam power
passengers
Central; Louisville & Nashville; Lackawanna; New York Central; Penn- by coal, and now an air service that carries mail, express and
passenger traffic
sylvania; Northern Pacific; Great Northern; Norfolk St Western; North- and in a period no longer than that marking the loss of
between
western; St. Paul; Southern Pacific, and Union Pacific. They were not of the railroad to automobiles, there will be active competition
who studies
investor
only owned by Americans but by English, German, Dutch and Swiss in- air routes and railroad routes for package freight. The
in its
vestors. So far as the foreign interest goes that was mainly liquidated railroad stocks cannot avoid thinking of the results of competition
railroad securiduring the war and has never been replaced to any extent. American many forms though he may over-emphasize their effect on
score comcapitalists do, of course, hold American rails. So do investment trusts, ties. Lists of present-day stock quotations contain nearly two
railfoundations, institutions and insurance companies. All, however, have dis- panies identified with aircraft and recently a long-established firm of
played less and less interest in them as the years have gone on, particularly road specialists began advertising airplane shares.
since the war. The record of new stockholders betrays this fact. While
The Threat of Strikes.
the railroad list has grown from year to year it has not kept pace with
labor disturbances in the American industrial
serious
no
been
have
have
Railroads
lost
There
utilities.
investors
or
public
industrials
that of the
years. Evidently labor there is satisfied with its reseveral
ng
or
for
manufacturi
comdistributing
world
new
and
successful
of
scores
the
to
widespread labor outbreaks in the country since the
panies that have been created in the past decade and potential owners of wards. The most
of railroad employees. More threats of strikes have
their stocks have been sidetracked by the large electric light, gas and war have been those
than from any other of comparative size. One is
power corporations that have sold their 6 and 7% preferred shares to come from this quarter
the
government at Washington. The public funcconcerning
now
employees.
and
just
of
customers
thousands
hundreds of
sensitive to pressure from
tions of a transportation system make it more
is constantly being taken
Four Reasons Why.
labor than a manufacturing concern. Advantage
higher wages. Remembrance of the blighting effect
Possibly the fact that the railroad industry is so well stabilized and pre- of this fact to exact
of the machinists strike of 1922 sends a chill over
sents very few new possibilities may explain the unwillingness of those on railroad credit
shares that year and who know how close this
railway
held
who
to
many
as
this
investments
shares
enter
field,
who have never held railway
more than one road to the verge of bankruptcy.
brought
dispute
of
history
the
large
bitter
is
I
price
feel,
shrinkfactor,
potent
more
though a
competition, the fact that railAll of these elements of rate restriction,
ages in rails since 1906. The bull market now completing its fourth year
contracting rather than expanding their mileage and that the
has been one in which securities previously unknown to Wall Street have roads are
consolidations with its speculative possibiliities has not
had the greatest vogue and have made the largest percentage of ad- era of promised make up the current bearish attitude that one finds
to
go
developed,
vance. No period of speculation in this country has been built up on what
securities. Still another factor is the feeling that when
invention, science, business efficiency and new media of transportation toward railroad
prosper they do not share profits with their stockholders to
railroads
to
years
ten
hence,
the
or
the
of
five
extent
the
returns
dollar
in
may produce
extent as either the industrials or the public utilities.
present tone. It has been a time when the future and not the past has been as great an
dividend policies of railroad
It is easy to understand the conservative
capitalized; also when the shadows of competition over a particular inThey have to consider not only their stockholders but Federal
dustry have been carefully observed and as they lengthened investors in managers. commissions, shippers and their employees. Too great an.ap.
State
the stocks of this industry have been recommended to reduce their hold- and
lower rates and higher wages.
pearance of prosperity brings demands for
ings.
have had facilities in excess of traffic requirements for
railroads
s
the
the
confront
As
constantly
management
of
that
conditions
four
There are
to raise dividends
years it has not been necessary for the majority
American railroads and possibly explain why the investing public is so several
stock. The tendency
to successfully float new issues of capital
little inclined to increase its ownership of railroad stocks: They are, in in order
day." Perhaps their conhas been to put aside a reserve for a "rainy
the order of their importance:
to PresiMarshall Viscount Allenby on Oct. 4. In addition
presidents,
dent Butler, the Pilgrims have had four noted
Joseph
Bishop Henry C. Potter, William Butler Duncan,
members
H. Choate, and Chauncey M. Depew. Honorary
the Britof the American Pilgrims are the Prince of Wales,
Conish Ambassador to the United States, and the British
sul General in the City of New York.
3040
FINANCIAL CHRONICLE
servatism has been unwarranted. The effect of it, however, has been to
turn the investor away from stocks which gave no promise
of a higher
return to those in which the profit participating element
is strongly emphasized by company managements and by market promotors.
A favorable
decision in the O'Fallon case might lead to greater liberality toward
railroad shareholders.
Quick Change,' Not Possible.
If American railroad managers have been slow to adjust themselves to
the changes of the times, it is because they are working with a machine
that cannot be pulled apart and quickly remodelled like a Ford plant.
What they have is the best in the world and never so effective in its field
as to-day. The best of the railroad stocks will for many years stand at
a
parity with the leading industrial and public utility shares. As the
Investor, however, has abandoned the idea that he should own a
higher
proportion of bonds than of common stocks so has
he come to the conclusion that to receive full benefits from the country's growth and
to be
protected against the decade-to-decade changes in our economic
life he
must hold General Motors as well as Atchison, Montgomer
y Ward no less
than Pennsylvania and perhaps Radio Corporation or
the fledgling airplane
issues to balance an inherited investment in New York Central
or Northern
Pacific. So competition enters the market place
for railroad securities
as effectively as it does along the steel highways which
the railroads have
built and maintained but whose right to all the
traffic is now being
strongly• disputed.
[Vol,. 127.
Unexpended capital authorizations on Oct. 1 amounted to $402,000.0
00
a reduction of approximately 25 million dollars under those for the same
date in 1927.
Date of Annual Convention of A. B. A. Changed'
Meeting to Be Held at San Francisco Sept. 30-Oct. 3.
A change in the dates of the 1929 American Bankers Assn.
convention at San Francisco to Sept. 30, Oct. 1-3, in place
of the original dates of Oct. 14 to 17, is announced by F. N.
Shepherd, Executive Manager of the organization. It is
stated that the original dates were set to avoid conflicts
with other previously scheduled local events at San Francisco but a satisfactory arrangement has been worked out and
the new convention dates will permit the delegates to the
American Bankers Association meeting to avail themselves of
the more favorable summer tourist railroad rates for which
the ticket purchasing period regularly remains open until
Sept. 30 each year. The dates originally named had been
noted in our issue of Oct. 6, page 1876.
Philadelphia Sesqui-Centennial Debt $800,000—Council
American Bankers Association Agricultural CommisWill Decide if Philadelphia Is to Pay Deficit.
sion to Meet in Chicago Dec. 3-4.
A Philadelphia dispatch Nov. 24 to the New York "Times"
The Agricultural Commission of the American Bankers
said
Association will hold a meeting in Chicago December 3 and 4,
More than $800,000 is needed to pay all existing obligations
of the in the Directors
Room of the Union Trust Company. PresiSesqui-centennial Exposition of 1926, according to the final report
of the
receivers, Francis S. Brown and E. L. Austin, a former director,
made dent Craig B. Hazlewood of the American Bankers Associapublic" by Mayor Mackey to-day.
tion, Vice-President Union Trust Company, will make the
Whether Philadelphia taxpayers will be called upon to pay the
debt opening announce
ments at the first session on Monday
is for the City Council to decide, the Mayor said.
"If the Council decides it is up to the city to meet the obligations and morning, December 3. The program will
be as follows:
wipe
them off the books, it will meet with my full approval," he declared.
Such action was recommended by the receivers on the ground that
the
Council had twice indicated it so intended.
Claims which have been approved by the courts total $5,801,961,
according to the report. The city paid $4,778,822 and the receivers
$191,076. The difference between claims and payments, plus accumulate
d interest, is $1,219,918, toward the payment of which the receivers
hold
$374,225.
Morning Session, Monday. December 3, 10 o'clock: General Topic,
"Improving Our Corn Crop." Introductory Remarks, H. L. Russell,
Dean Wisconsin College of Agriculture. "Yield
and Quality as Affected by
Inbreeding and Selecting for Disease Resistance, James G. Dickson,
"
Wisconsin College of Agriculture. "What This Improveme
nt Means to
the Corn Belt," E. D. Funk, Funk Brothers Seed Company, Bloomingto
n,
Illinois. Round table discussion led by President
H. A. Morgan of the
University of Tennessee, Knoxville. At twelve o'clock
there will be a
luncheon at the Midday Club.
Afternoon Session,Monday,December 3.2 o'clock: Introducto
ry Remarks.
Over Six Billions Expended by Railroads for Improve- First Vice-President John G. Lonsdale of the American Bankers Association, President National Bank of Commerce in St. Louis. General Topics.
ments in Eight Years.
"Business Management on the Farm." "By Way
of Explanation,"
Class I railroads in the first nine months this year made Burton M. Smith, Chairman Agricultural Commission, North Lake, WI.cousin. "Demonstration on Value of Farm Accounts," Dan H.
Otis,
capital expenditures for new equipment and additions and Director Agricultura
l Commission, Madison, Wisconsin. "Actual Proofs
betterments to property, used in connection with the trans- of the Value of Farm Accounts,"
Lester B. Stevens, Oconomowoc, Wisportation service, aggregating 500 million dollars, according consin and Charles E. Lynch, Nashotah, Wisconsin. "Effect of Good
Farm Management on the Community." Rev. Louis
N.Zirbes, North Lake.
to a report submitted by the Bureau of Railway Economi
cs Wisconsin. Round table discussion led
President F. D. Farrell of the
at the regular fall meeting of the American Railway Asso- Kansas Agricultural College. Manhattanby
, Kansas, and Dean Russell.
Evening of December 3, a dinner at the Congress Hotel, followed by
ciation in New York, Nov. 21. "Railroad Data" in its
attendance at the Horse Show and International Livestock Exposition.
account of the report under date of Nov. 23, said:
Morning Session, Tuesday December 4. 10 o'clock: "Good Morning."
Compared with the corresponding period in 1927, this was
a decrease Second Vice-President Rome C. Stephenson of the American Bankers
of 70 million dollars, or 12%, while it also was a decrease of
Association
, Vice-President St. Joseph County Savings Bank, South Bend,
129 million
dollars, or 20% under the corresponding period in 1926.
Indiana. "Our Agricultural Commission and Its Contacts: What
We Are
Doing and Some of the Results," Director Otis. Round
Over Six and a Half Billions Since Federal Control.
table discussion
led by W.R.Dodson,United States Department of Agriculture
Railway capital expenditures for the calendar year 1928 are estimated
,
New
Iberia.
at Louisiana, and Fred N.
approximately 650 million dollars. Gross expenditures made
Shepherd. Executive Manager American Bankers
each year Association, New York
City.
"Boys
since the close of Federal control in 1920 follow:
and Girls Club Works," Thomas E.
Wilson, Chairman Board of Directors National Committee on
Year—
Boys and
Amount.
Girls Clubs, Chicago. Closing summary, Mr. Hazlewood
1920
. At 12:30
$653,267,000
a luncheon at the International Livestock Exposition and in the
•
1921
afternoon
557,035,000
members and guests of the Commission will visit the Livestock Exposition
1922
.
429,273,000
1923
1,059,149,000
1924
874,743,000
United Hospital Fund—Subscriptions Received by
1925
748,191,000
"Bankers and Brokers' Committee."
1926
885,086,000
1927
James Speyer, Chairman, and Walter E. Frew, Associate
771,552,000
1928 (estimated)
650,000.000
Chairman, of the "Bankers
Total—Nine years
$6,628,296,000
These expenditures for improved railway plant, aggregatin
g more than
six and a half billion dollars in nine years, comprise
one of the significant
contributions by the railway industry to commercial
activity in the United
States, as well as a vital contribution to
operating efficiency within the
Industry itself.
The amount of capital expenditures during the first nine months
of 1928
devoted to purchase of new equipment was $165,967,0 compared with
00
$204,992,000 for the corresponding period of 1927,
or a decrease this year
of $39,000,000, or 19% below the preceding year.
Roadway and structures expenditures aggregated $334,200,0
00 compared with $365,223,000 for 1927, or a reduction of $31,000,00
0. or 8.5%•
Spend 166 Millions for Equipment.
Capital expenditures made in the first nine months
this year for locomotives amounted to $37,121,000 compared with $53,721,00
0 made during
the corresponding period of last year. For freight cars, expenditures
amounted to $89,920,000 compared with $104,565,0
00 in the first nine
months in 1927. For passenger cars, capital expenditures
so far this year
amounted to $27,187,000 compared with $31,383,00
0 in the same period
last year. For other eqiupment capital expenditures this year amounted
to $11,739,000 compared with $15,323,000 in the first nine months in 1927.
Capital expenditures for additional track in the first
nine months in 1928
amounted to $91,241,000 compared with $108,002,0
00 during the corresponding period last year. For heavier rail, expenditur
es totaled $34,891,000 compared with $35,199,000 in the first nine months of 1927.
Shops Take 22 Millions.
For shops and engine houses, including machinery and tools, expenditures totaled s22:375,000 compared with $28,102,000 in 1927. Expenditures for additional ballast showed an increase from $10,669,000 in 1927
to $22,621,000 in /928. For all other improvements, $173,072,000 were
expended lb the nine-month period this year compared
with $183,251,000
for the seine /ferried In 1927.
' and Brokers' Committee" of
the United Hospital Fund of New York,reported on Nov.30
that the total subscriptions so far received amount to
about $93,000. The committee is confident that its full
quota of $125,000 will be surpassed by Christmas. The
following subscriptions of $100 and over are announced:
$11,000.
I. P. Morgan & Co.
imam
Mr.& Mrs. Georg Blumenthal.
$6,000.
Kuhn. Loeb Ar Co.
Speyer & Co.
$2,500.
George F. Baker.
George F. Baker Jr.
Marshall Field.
$1,500.
Hallgarten & Co.
$1,000.
Aldred & Co.
Hayden, Stone &
J. Henry Schroder BankBank of the Manhattan Co. Jesse Hirschman Co.
ing Corp.
Otto T. Bannard.
Lazard Freres.
J. & W. Seligman & Co.I
Blair & Co., Inc.
Lehman Brothers.
Title Guarantee/5c Trust
Goldman, Sachs & Co.
Mrs. & Mrs. Jeremiah
Co.
Halle & Stleglitz.
Milbank
Albert H. Wiggin.
Harris. Forbes & Co.
Mr. Sz Mrs. Percy R.
Pyne.
$600.
Mr.& Mrs. Starling W. Childs.
$500.
Robert S. Brewster.
J. Horace Harding.
Prudence Co.
Commercial Investment Heidelbach,
Ickelhelmer Ernst Rosenfeld.
Turst, Inc.
& Co.
A.
L. Sinsheimer. 111
S. B. Chapin & Co.
"A Friend."
Mrs. Moses Taylor.
Mr. & Mrs. Arthur 0.
James B. Mabon.
"A Friend."
Choate.
Manufacturers Trust Co.
Farmers Loan & Trust Co. Adolf J. Pavenstedt
DEC. 1 1928.]
FINANCIAL CHRONICLE
$400.
Mr.& Mrs. Samuel Sachs.
$350.
Shields & Co.; Inc.
F. B. Heeds & Co.
$300.
Mrs. Sidney A. Kirkman.
$250.
Post & Flagg.
Agents,Bank of Montreal. Hornblower & Weeks.
Bernon S. Prentice.
Adrian Iselin.
Asiel & Co.
W. Emien Roosevelt.
Ittleson.
Henry
Stephen Baker.
Albert Rothbart.
Leeds Johnson.
H. F. Benjamin.
& Salomon Bros. 'Sr Hutzler.
Thalmann
Ladenburg,
Blumenthal.
Hugo
W.Schiffer.
Jack
Co.
H. Content & Co.
Maitland, Coppell & Co. Edward W. Sheldon.
Dominick & Dominick.
S."
"F.
Meyer.
Eugene
&Mrs.
Mr.
Frew.
Walter E.
Mrs. William H. Moore. Albert Tag.
D. G. Geddes.
Frederick M. Warburg.
Newborg & Co.
Albert E. Goodhart.
Mr.& Mrs. Acosta Nichols. Wellington & Co.
Philip J. Goodhart.
Harris, Winthrop & Co. William H. Nichols.
$200.
George McNeil..
William M. Gmve,
James S. Alexander.
Junius S. Morgan Jr.
Interstate Trust Co.
George S. Brewster.
E. Pierson.
Lewis
H.
Clarence
KelseY.
Harry Bronner.
Schuyler, Chadwick &
Willard V. King.
James Brown.
Burnham.
Gates W.McGarrah.
Edwin M. BulkleY.
$150.
Arthur H.Zucker.
Joseph Koshland.
D. Stewart Iglehart.
$100.
Aug. A. Lindo & Co.
George W. Davison.
Frederic W. Allen.
Ray Morris.
M. Delano.
Anglo-South American
Noyes.
Jansen
Doremus.
DeCoppet &
Trust Co.
Frederick Osborn.
Charles D. Dickey.
Christian Arndt.
C.
Richard.
H.
Co.
Az
Doherty
L.
Henry
CheIlls A. Austin.
Oscar L. Richard.
Mr.& Mrs.Paul Baerwald. Charles M. Dutcher.
C. Tiffany Richardson.
E. Hayward Ferry.
Barr Bros. & Co., Inc.
E. H. Rollins & Sons.
Co.
&
Wilson
Finch,
William M.Bernard.
George E. Roosevelt.
First National Corp. of
Mrs. M. Bernstein.
Henry Ruhlender.
Boston.
Co.,
Az
Bertron, Griscom
Charles H. Sabin.
Harvey Fisk & Sons.
Inc.
William M.Savin.
Henry Goldman.
George Blagden.
A. Seasongood.
Edwin
Greenebaum.
H.
Fred.
Willis H. Booth.
Gruntal, Lilienthal & Co. J. A. Sisto & Co.
Theodore L. Bronson.
Samuel Sloan.
Grunts'.
H.
Benedict
Brown.
M.
Thatcher
Halsey,Stuart &Co.,Inc. C. D. Smithers.
Mortimer N. Buckner.
John Henry Hammond. E. Vail Stebbins.
O. D. Burdick.
Albert Stern.
& Co.
Harriman
Co.,
dr
P. W. Chapman
Andrew V. Stout.
Norman Henderson.
Inc.
W. R. K. Taylor.
Mr. & Mrs. Henry
Barbara R. Childs.
Townsend.
Edward
Herrman.
Edward C. Childs.
Arthur Turnbull.
G. B. Hoppin.
Richard S. Childs.
White.
T.
Harold
Johnston.
H.
Percy
Jr.
Childs
S. Winston
J. G. White & Co., Inc.
C. M. Keys dc Co.
E. W. Coggeshall.
John T. Winkhaus.
William E. Lauer.
Coleman & Co.
Clarence Lewis.
Colonial Bank.
Sam. A. Levrbsohn.
George F. Crane.
3041
Exchange was completed last Friday (Nov 23) for a consideration of $150,000. The latest transaction marks an
increase of $50,000 in the last two weeks.
Arrangements have been reported made for the transfer
of a San Francisco Stock Exchange membership for $70,000.
Sales have also been arranged for $59,000 and $60,000.
In a letter to the stockholders on Nov. 27, President
Charles E. Mitchell of the National City Bank of New York
made known plans to increase the capital of the bank from
$90,000,000 to $100,000,000, and to raise the capital of the
National City Company from $45,000,000 to $50,000,000. It
is likewise proposed to reduce the par value of the stock
of the bank from $100 per share to $20 per share. The price
of $500 a share, at which the new stock is offered to stockholders, compares with a price of $400 for the new stock
issued at the time of the last previous capital increase on
March 24 1928.
The new $20 shares will be offered to the stockholders in
the ratio of five new shares for every nine shares of present stock (par $100) held of date Jan. 12 next. At the
quotations attained Nov: 27 the capital stock of the bank
had a market value in excess of $1,000,000,000. It is pointed
out that the increase in capital widens the leadership of the
National City Bank of New York as the world's largest
bank from the standpoint of capital, surplus and undivided
profits. The combined capital funds of the National City
Bank of New York and its investment affiliate, the National City Company, exclusive of the undivided profits of
the latter, which are not reported, are in excess of $311,000,000.
Since 1900 the capital of the National City Bank of New
York has been increased as follows:
1900
1902
81,000,000 to $10,000,000
10,000,000 to 25,000,090
1920
25,000,000 to 40,000,000
40,000,000 to 50,000,000
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. 1925
50,000,000 to 75,000,000
Announcement was made to-day that arrangements had 1927
75,000,000 to 90,000,000
1928
Stock
Exchange
York
New
a
of
the
transfer
been made for
in
The National City Company, investment affiliate of the
membership for $580,000, a new high record. Earlier
of
the
sale
for
made
reported
City Bank of New York, was organized in 1911
were
ents
National
arrangem
the week
with a capital of $10,000,000 and began operations in 1916.
two memberships for $575,000 each.
On Feb. 16 1925 capital was increased to $12,500,000; on
Arrangements are reported to have been made for the Feb. 16 1927 to $25,000,000 and on March 25 1928 to $45,,transfer of two New York Curb Market membership for 000,000.
$165,000 and $170,000 respectively. The first transaction
We give herewith President Mitchell's letter of Nov. 27
was a new high record and $5,000 above the last preceding to the stockholders of the bank:
sale but the announcement of a sale of $170,000 to-day
THE NATIONAL CITY BANK OF NEW YORK.
New York, Nov. 27 1928.
makes this last the highest yet reached.
Memberships on the New York Cotton Exchange sold
at a new high record yesterday (Nov.23 1928) when Richard
T. Harriss, of Harriss, Irby & Vose, paid $45,000 for the
seat of Werner Reinhart, of Volkart Bros., Winterthur,
Switzerland. This was an increase of $2,000 over the
previous sale. On Oct. 30 a seat sold at $30,750. The only
other membership offered for sale is at $60,000.
Several New York Produce Exchange regular memberships were reported sold this week at prices ranging from
$29,000 to $31,500, a new high record. An associate membership was reported sold for $25,500, a new high mark and
an increase of $2,000 over the last preceding sale.
The New York Coffee & Sugar Exchange membership
of Edward Van Lekwyck was reported sold to George H.
Earle for $19,000, a new high record. This is an increase
of $500 over the previous transaction.
Sales were reported this week of membership in the
National Metal Exchange for$3,500 and $3,300 respectively.
Seats were sold when the Exchange was organized recently
for $2,500.
Sales of Chicago Stock Exchange memberships were reported this week at $70,000 and $75,000, each representing
new high records. The last preceding sale was for $65,000.
A San Francisco Curb Exchange membership was reported sold this week to J. A. McCloskey for $70,000, a
$60,000,
new high record The last preceding sale was at
Arrangements have been made for the transfer of a membership in the Los Angeles Stock Exchange at a new high
price of $175,000. The last sale of a membership on this
To the Shareholders:
Your Board of Directors has voted to recommend to the shareholders that
at the annual meeting to be held on Jan. 8 1929 in addition to electing
Directors for the ensuing year and transacting general business, the shareholders take action to increase the capital stock of the bank from $90,000,000, as at present, to $100,000,000, and by the issuance of such additional
stock to provide $50,000,000, of which $10,000,000 shall be used to pay
in the additional capital, and $35,000,000 shall be added to the surplus,
and the remaining $5,000,000 shall be applied to increasing the capital
stock of The National City Company so as to preserve the present ratio between the capital stock of the Bank and the capital stock of the Company.
After these increases, the capital stock of the Bank will be $100,000,000,
and the surplus $100,000,000, with undivided profits in excess of $11,000,000, while the capital stock of The National City Company will be $50,000,000, and its surplus $50,000,000, with substantial undivided profits.
This rounding out of our capital structures is deemed desirable in view
of the continuing expansion of our many institutional activities at home
and abroad.
Your Board of Directors has also voted to recommend that the shareholders take action to change the par value of the shares of the capital
stock of the Bank from $100 to $20 each, which will result in giving each
shareholder five shares for every share he now holds.
The Board is of the opinion that this increase in the number of shares
of stock outstanding and the proportionately lower market value per share
will lead to a wider distribution and make the hock by reason of greater
price stability a more desirable investment and one within the reach of
the smaller investor. This action is directly in accord with the institutional policy of recent years to increase the number of popular contacts
and through service and proprietary interest to make such contacts continuingly effective.
If the foregoing recommendations of the Board are approved by the
shareholders, it is proposed that the shareholders be given the right to
subscribe for the additional $10,000,000 of capital stock of the Bank,
consisting of 500,000 shares of the par value of $20 each, in the ratio
of five new shares for every nine shares of the existing $100 par value
stock which is registered in their names on the books of the Bank at the
of $100 in respect
close of business on Jan. 12 1929, upon the payment
to each new share subscribed for, of which $90 will be applied to inwill be applied
and
Bank,
$10
the
of
creasing the capital stock and surplus
to increasing the capital stock of The National City Company, in the respective amounts above stated.
Transferable Subscription Warrants will be issued to shareholders of
record on Jan. 12 1929, and all subscriptions will be payable In full at
Head Office in the City of New York, in New York funds, on 'et.. 1$
1929.
3042
FINANCIAL CHRONICLE
The new stock certificates of the par value of $20 per share will be in
the same general form as those now outstanding, and will carry the endorsement prescribed in the Agreement of June 1 1911, as amended, evidencing the pro rata beneficial interests of the registered holders thereof
In the capital stock of The National City Company, held by the Trustees
under said Agreement.
The combined dividends paid by the Bank and The National City Company have amounted for some time past to $20 per share per annum on
the stock of the Bank. Assuming that dividends in the same amount continue to be paid, they will amount to $4 per share per annum on the new
$20 par value shares.
A letter giving full explanations and instructions in regard to the
Warrants, and in regard to exchanging existing stock certificates for new
certificates of the $20 par value, will be mailed with the Warrants as
soon as possible after the record of shareholders entitled to subscribe
is taken on Jan. 12 1929. Advice and assistance in regard to Warrants,
the exchange Of stock certificates, and the market for "rights" which will
exist before as well as after the Warrants are issued, may be obtained
by shareholders, at Head Office, or at any of the domestic or foreign
branches of the Bank, or at any of the domestic or foreign offices of
The National City Company.
A notice of the Annual Meeting is enclosed, together with a proxy to
enable your stock to be voted in favor of the program above outlined.
As the vote of two-thirds in interest of the shareholders is required by
law, you are requested to sign and return the proxy as promptly as possible if you do not expect to attend the meeting in person.
Yours truly,
•
CHARLES E. MITCHELL, President.
1
(VOL. 127.
since 1876. At that time, 52 years ago, the bank's statement showed
total resources of about $5,000,000. The statement of Oct.3 1928.showed
total resources of $229,000,000.
The Hanover National Bank has been conducted on a conservative
Policy and with the reputation of always taking good care of its customers.
The bank has specialized in the accounts of banks and large business organizations. It was the first National Bank in the U. S. to acquire the
right under the Federal Reserve Act to serve as trustee, executor, administrator and in other trust capacities, and it is now doing a splendid
and increasing trust business of the highest class.
In 1901 the business of the Continental National Bank, its next door
neighbor, was acquired in order to obtain additional building space, and
Its present building of 22 stories standing in the heart of the financial district on the corner of Pine and Nassau Sta. was erected. In 1912 the business of the Gallatin National Bank was taken over and in 1927 that of the
Greenwich Bank, giving the Hanover 11 branches located at important
points between its main office in the lower part of the city to 79th St. and
Lexington Ave.
Although the bank has always been liberal with regular dividends, it has
made it a point to add steadily to its surplus and undivided profits account
as evidenced by the fact that twice in its recent history it has given to its
shareholders in the form of stock dividends the money thus accumulated
in the business.
Outstanding events in the bank's history are summarized
as follows:
1851—Organized and opened for business with an original capital of$500,000.
1852—Capital increased to $1,000,000. First dividend payment made
at rate of 3%.
1865—Joined the National Banking System.
1874—James T. Woodward, President from 1876 to 1910, was elected to
the board of directors.
1876—As of Dec. 1 1876. the bank had deposits of $3,108,503 and total
resources of $4,499,464.
1900—Capital increased to $3,000,000. stockholders being given the right
to subscribe to two new shares for each share held at a price of $200
a share, half the proceeds being added to surplus account.
1902—Organized Hanover Safe Deposit Co.
1903—Occupied its new building at Nassau and Pine Sts.
1910—William Woodward elected President.
1912—Absorbed the Gallatin National Bank, this being the second bank
taken over, the first having been the Continental National Bank.
some years before.
1918—Acquired right under Federal Reserve Act to serve as trustee,
executor, administrator and in other trust capacities.
1922—Capital increased to $5,000.000 through declaration of a 66 2-3%
stock dividend.
1927—Beught the Greenwich Bank and took over its head offices and 10
branches as the first branch establishment of the Hanover National
Bank.
The Board of Directors of the Chase National Bank of
New York and of the Garfield National Bank have agreed
to consolidate the two institutions under the name of the
Chase National Bank of the City of New York upon the
basis of a share for share exchange of stock of the Chase
Bank for stock of the Garfield Bank. Stockholders of the
two Banks will be asked to approve the agreement at the
forthcoming annual meetings, which will be held on the
second Tuesday in January. According to the announcement
of the consolidation, issued Nov. 29, the business of the
Garfield National Bank will be continued at the same location, corner Fifth Avenue and Twenty-Third St., as the
Ciarfield Branch of the Chase National Bank and will be
under the management of the same individuals as heretofore.
R. W.Poor, Chairman of the Board, H.F. Poor, President,
and E. E. Watts, Vice-President of the Garfield National
The stockholders of both th--,—.—.e Municipal Bank & Trust Co.
Bank, will become Vice-Presidents of the Chase National and the Seventh National Bank of New York, this week
Bank, and R. W. Poor and H. F. Poor will become Chair- ratified the agreement providing for the merger of Seventh
man and Vice-Chairman, respectively, of the Advisory National into the Municipal Bank & Trust Co.,a $75,000,000
Board of the Garfield Branch of the Chase. The present institution. The merger, it was stated, will become effecdirectors of the Garfield will become members of the Advi- tive about Dec. 15 next. Details of the merger plans were
sory Board of that branch. George G. Milne, Jr., Second given in our issue of Oct. 13, page 2045.
Vice-President, and R. T. Thorn, Cashier, of the Garfield
New York City's newest bank, the Straus National Bank &
National Bank will become Second Vice-President and Assistant Cashier, respectively, of the Chase National Bank and Trust Co., opened for business in the Straus Building, 565
will continue at the Garfield Branch. Assistant Cashiers of Fifth Ave. on Nov. 22. Permission to organize the bank
was received from the Comptroller of the Currency on
the Garfield will become Assistant Cashiers of the Chase.
The Chase National Bank is known as the second largest Oct. 18. Officials of the bank stated at the close of business
bank in the United States. Its statements, as of Oct. 3 that the firsy day's deposits were in excess of $7,000,000.
S. W. Straus, President of the bank, was the recipient of
1928, showed total resources of $1,156,340,254; capital of
many messages of congratulation. The financial structure
$60,000,000; surplus and undivided profits of $78,807,343;
of the Straus National Bank & Trust Co. consists of capital
deposits of $892,388,858. Previous mergers of the Chase
and surplus of $2,500,000 ($2,000,000 capital, $500,000
National Bank have been with the Metropolitan Bank in
surplus). The institution will engage in all branches of
1921, with the Mechanics and Metals National Bank in
commercial and trust company banking including a thrift
1926 and with the Mutual Bank in 1927.
department which will pay 4% on deposits compounded
The Garfield National Bank was established in 1881 and
quarterly. The officers are S. W. Straus, President; Nichohas been a member of the New York Clearing House since
las Roberts, Vice-President; Herbert S. Martin, Vice-Presi1883. Its statement of Oct. 3rd showed total assets of
dent; W. L. Clow, Cashier; Nicholas R. Jones, Secretary;
$21,878,801; capital of $1,000,000; surplus and undivided
Harry D. Tudhope, Trust Officer; F. D. Higson, Asst.
profits of $1,920,266; deposits of $18,250,254.
Trust Officer and W. R. Gillespie, Comptroller. The
The Dirctors of the Hanover National Bank of New directors are Harry R. Amott, Edgar B. Bernhard, Arthur
York have recommended to the stockholders the distribution Brisbane, Nicholas R. Jones, Walter S. Klee, John L. Laun,
of a 100% stock dividend as a result of which the capital Fred T. Ley, Edward L. Love, Herbert S. Martin, Nicholas
stock will be increased from $5,000,000 to 810,000,000. Roberts,S. J. T.Straus, S. W.Straus and Harry D.Tudhope.
The opening of the Straus National Bank marks the
The capital account is to be readjusted by the transfer
of $5,000,000 from undivided profits and the par value re- development of a venture begun 46 years ago. S. W.Straus
mains at 100. This means that stockholders will receive & Co., was established in Chicago in 1882 and opened its
one additional share of new stock for every one share of old New York business in 1915. Originally a mortgage house,
stock now held, without contributing any new money. A the institution, about 30 years ago, developed the real estate
bond, in which line of financing it has been the recognized
notice regarding the plans issued Nov. 28, says:
In 1922 the stockholders received, without payment, a stock dividend leader. Two years ago, the policies of the company were
of 662-3% when the capital was increased from $3,000,000 to $5,000,000. further enlarged
to include, in addition to real estate bonds,
In 1900 the capital was increased from $1.000.000 to $3,000,000. The
bank was organized in 1851 with a capital of $500,000. which was shortly the financing of State, municipal, industrial and foreign
increased to $1,000,000 and the first dividend payment was at the rate of loans. The Straus National Bank & Trust Co.
of Chicago
33 % in 1952. In recent years a dividend of 24% yearly has been paid on opened for
business in June of this year, having taken over
$5,000,000 with an extra dividend of 6%. On the new stock of 210,000,000
the directors expect that regular annual dividends of 16% will be paid substantially all the business of the Straus Trust Co. of
beginning Apr. 1 1929, equivalent to 32% on the present capitalization zf Cnicago established in 1924.
$5,000.000.
4—
The new figures will show $10,000,000 capital and over $22.500,000
At a special meeting of the stockholders of the Bronxville
surplus and profits. .
Trust
Co., at Bronxville, N. Y., called for Dee. 7, a plan
The growth of the Hanover Bank has been steady, continuous and remarkable. William Woodward has been President of the bank since 1910 will be presented which provides for the increase of the
when he succeeded his uncle, James T. Woodward, who had been President company's capital from
$100,000 to $200,000, and surplus
Mac. 1 1928.]
FINANCIAL CHRONICLE
from $150,000 to $250,000. Under the plan each stockholder
will be given the right to purchase one new share for each
share held by him on Dec. 7 1928. It is proposed to offer
the new stock to stockholders at $200 per $100 share. The
increased capital will become effective Dec. 28. The directors of the institution on Nov. 22 declared a dividend of $5
a share, payable Dec. 15, to stockholders of record Dec. 7.
The Guaranty Trust Co. of New York announced Nov.28
the appointment of Harry V. Russell as Assistant Treasurer
and Arthur C. Vogt as Assistant Secretary.
of New York announces that its
The National Park Bank
fourth branch office will be opened at Madison Ave. and
46th St. next Monday, Dec. 3.
The Central Savings Ban-k in the City of New York
announces the formal opening of its new Broadway Office
at Broadway and 73d St. on Saturday, Dec. 8. The
quarters will be open for inspection on that day from 9 a. m:
to 9 p. m.
- banks in this city which we
In addition to the savings
noted in our issue of Nov. 17, page 2771 have increased the
interest rates on deposits to 434%,the following local savings
banks have also announced interest at the rate of 434%
per annum for the quarter ending Dec. 31.
The Union Dime Savings Bank, Emigrant Industrial
Savings Bank, Empire City Savings Bank, Harlem Savings
Bank, Central Savings Bank, Broadway Savings Bank,
American Savings Bank, Italian Savings Bank, Franklin
Savings Bank, United States Savings Bank, Citizens Savings Bank, Union Savings Bank, Commonwealth Savings
Bank, Bank for Savings, East River Savings Bank, Irving
Savings Bank, New York Savings Bank, Maiden Lane Savings Bank, Metropolitan Savings Bank and Excelsior Savings Bank.
M. H. Cahill, Chairman of the Board of Directors of the
Missouri-Kansas-Texas Railroad Co. was on Nov.30, elected
a director of the United States Mortgage & Trust Co. to fill
a vacancy.
Laurus E. Sutton, Vice-President and Trustee of the
Brooklyn Savings Bank of Brooklyn,resigned at a meeting
of the board of trustees on Nov. 22. Mr. Sutton has
been in the bank's service for 41 years. An announcement
by the bank says:
The bank retired Mr. Sutton at his own request and because he desired
a change and rest after many years' service, and in doing so the Board
passed the following resolution:
"Resolved, That Mr. Sutton has proved himself, during the 41 years
of his connection with the bank, a man of upright character, marked
ability and devotion to its interests. Beginning his career as a cierk,
and later becoming Comptroller and Vice-President, which latter office
he now holds, he has been faithful in all things, and it is with regret that
we comply with his request that he be retired from active service."
The Liberty Trust Co. of Boston is to be merged with the
Beacon Trust Co. of that city, according to the Boston
"Transcript" of Nov. 24, which stated that the union will
become effective early in December. The Liberty's office
at 197 Washington Street will then become the Liberty
Branch of the enlarged Beacon Trust Co. The new organization will be the third largest trust company in Doston, it is stated. The management and organization of the.
Beacon Trust Co. will remain as at present, except that
Allan H. Sturges will be made First Vice-President and
Treasurer, a position corresponding to that he has occupied
since he organized the Liberty Trust Co. in 1907; George B.
Wason, President of the Liberty, will become a Vice-President, as will J. Henry Miley, now a Vice-President of the
Liberty Bank. Junior officers and the employees of both
Institutions will remain. When the proposed consolidation
goes into effect, the new Beacon Trust Co. will have capital
of $3,000,000, surplus of like amount, and deposits of approximately $38,000,000. At present it is capitalized at
$1,500,000 with surplus and undivided profits of $2,200,000,
and has deposits of approximately $26,000,000. Its headquarters are at 31 Milk Street, where a fine bank building
was erected in 1923.
The following concerning the stock basis on which the
banks will consolidate is taken from the Boston "Herald"
of Nov. 27:
The basis of the consolidation of Liberty Trust Company with Beacon
Trust Company is a share-for-share exchange of stock. In addition to receiving a share of Beacon Trust Company stock, shareholders of Liberty
Trust Company may reecive an additional $15 per share in cash, subject
to the liquidation o• f certain assets.
3043
Present capital of Beacon Trust Company consists of 15,000 shares of
$100 par value. As Liberty Trust Company is capitalized at 7,500 shares
of $100 par, Beacon Trust would have outstanding 22,500 shares following the merger. All stockholders would then, according to present plans,
be given the right to subscribe to one additional share at $250 per share
for each three shares held. Capital of Beacon Trust Company would thus
be increased to 30,000 shares of $100 par.
The First National Bank of Jersey City announced Nov.
27 that it would open to-day, Saturday, Dec. 1, a new branch
office at 77 Jackson Avenue, corner of Van Nostrand Avenue. This will be the third branch established by the First
National Bank of Jersey City which it is claimed was the
first in the country to be granted the privilege of branch
banking by the Comptroller of Currency immediately after
the McFadden Bill, enlarging the scope of National Banks,
became a law. The new office will be known as the Greenville Branch and will be under the direct supervision of
Edwin W. Spoerl, Assistant Vice-President of the First
National Bank, with Orville B. Nesensohn as Manager.
George S. Cooper was elected President of the Dime
Savings Institution of Newark on Nov. 21 to succeed the
late Samuel E. Robertson. Rudolph J. Goerke was made
First Vice-President and Edwin A. Kirch was elected
Second Vice-President. An item regarding the death of
Samuel E. Robertson appeared in these columns Nov. 24,
page 2911.
At a meeting of the board of directors of the First National
Bank of Freehold, N. J., on Nov. 14, Daniel P.Smith was
appointed President and William Patten was made a director
of the institution.
Two more Philadelphia banks have decided to:unite sub,
ject to approval of their respective stockholders—the Ninth
Bank & Trust Co. with capital of $1,000,000 and the Northern National Bank, capitalized at $400,000. The new
organization, which will retain the title of the Ninth Bank &
Trust Co. will have combined capital surplus and undivided
profits of over $4,300,000; deposits of more than $25,000,000,
and total resources in excess of $30,000,000, according to
the Philadelphia "Ledger" of Nov. 30. The proposed union
will be accomplished, it was said, by an increase in the
capital of the Ninth Bank & Trust Co. from $1,000,000 to
$1,300,000 and the exchange of this $300,000 of new stock
for the $400,000 capital stock of the Northern National
Bank, or on a basis of three shares of the former for four
shares of the latter, with a cash adjustment of $24 for each
four shares of stock of the Northern National Bank. All
the directors of the Northern National Bank will become
members of the Board of the enlarged bank.
Ira W.Barnes, President of the Ninth Bank & Trust Co.,
will continue as President of the new institution, while
Harry E. Schuehler, President of the Northern National
Bank, will become a Vice-President in charge of the present
main office of the Northern National at 7th and Dauphin
Sts. The Northern National also has a Germantown office,
Chelten Ave. near Chew St. Besides Mr. Schuehler all
other officers and employees of the Northern National Bank
will also be taken over by the enlarged Ninth Bank & Trust
Co. In addition to its main office at Front and Norris Sts.,
the Ninth Bank & Trust Co. has a branch office at Allegheny Ave. East of Kensington Ave. The consolidation is
expected to go into effect about Mar. 1 1929, it was stated.
The Newtown Title & Trust Co., Newtown,Pa., said to be
newest of the financial institutions in the area North of
Philadelphia, opened for business on Nov. 28. Director.
and officials served as a reception committee throughout the
day and evening. Officers of the new bank, according to
the Philadelphia "Ledger" include. George C. Worstallt
President; J. Wilmer Lundy, Vice-President; William R.
Stuckert, Secretary and Trust Officer, and Wilmer E,
Leedom, Treasurer. An item concerning the incorporation
of this bank by the Corporation Bureau at Harrisburg, Pa.
with capital of $150,000, appeared in the "Chronicle" of
Feb. 11 last, page 821.
The death occurred in Baltimore on Nov. 24 of J. Henry
Ferguson, former President of the Colonial Trust Co. of that
city, which he founded in 1898. As a young man, Mr. Ferguson was associated with the banking firm of McKim & Co.
Later he formed a partnership with his brother-in-law, the
late Henry V. Ward, in the banking and brokerage business.
;
3044
FINANCIAL CHRONICLE
Fox,. 127.
Announcement was made in Eaton, Ind., on Nov. 21 that
the Ekton State Bank has gone into voluntary liquidation
and that its assets and business have been taken over by
the Farmers State Bank of the same place, according to a
dispatch from Muncie, Ind.,'on that date to the Indianapolis
"News," which went on to say:
tion, brought about, according to the officials, by rumors
circulated for several weeks that the bank was to be merged
with the Peoples' Savings Bank, as reported in a dispatch
from Marengo on Nov. 20 to the Des Moines "Register."
The American Savings Bank & Trust, according to the dispatch was organized in 1907, and at the time of the closing
Action to liquidate was taken after State Bank Examiners had examined had combined capital and surplus of $60,000 and deposits
the affairs of the Eaton State Bank. The institution was not ordered closed of $600,000. George W. McKerg was President; F. L.
by the examiners.
"It was just a matter of there being too many banks for a town of Wilson, Vice-President, and C. I. Denzler, Cashier.
Eaton's size and there not being enough business for both," said .1. G. Inwood and Oren Kern, State Bank Examiners, "so a consolidation of the
two was believed to be the best way out of the difficulty."
It was announced that the Farmers State Bank now will have total assets
of $400,000. It will occupy the quarters now occupied by the Eaton State
Dank.
The First Wisconsin National Bank of Milwaukee has
purchased a controlling interest in the Citizens Bank of
North Milwaukee, it was announced on Nov. 24. This will
give the First Wisconsin seventeen banking offices.in the
downtown and outlying districts of the city, including the
branches and the affiliated banks it has purchased control
of during the past year and those it will acquire through
the coming consolidation with the Second Ward Savings
Bank. Total resources of the North Milwaukee bank are
approximately $2,000,000. Both Chas. H. Krohn, Vice-President of the bank, and J. F. Miesbauer, Cashier, were at
one time affiliated with the old First National Bank. Mr.
Krohn left In 1906 and Mr. Miesbauer in 1919. Mr. Krohn
is the oldest bank official in the outlying and suburban
districts of Milwaukee in point of service. The other officers are H. A. Wagner, President, E. D. Coddington, VicePresident, and J. E. Suess and A. Polglase, Assistant Cashiers.
The National Avenue Branch of the First Wisconsin National Bank at National Avenue and Reed Street is to be
discontinued and customers of the branch will transfer
their accounts to whichever branch or affiliated bank of
the First Wisconsin Group is most convenient for them.
There will remain on the south side three First Wisconsin
institutions, the Mitchell Street Branch of the First Wisconsin National Bank, the Mechanics National Bank, and
the Bay View Commercial and Savings Bank, which will
provide adequate service for south side customers.
This change is necessary in order to maintain the offices
of the Second Ward Savings Bank, which will be consolidated with the First Wisconsin National Bank. The transfer will take place about Dec. 15, at the time of the physical consolidation of the Second Ward Savings Bank with
the First Wisconsin National Bank. Items with reference
to the proposed merger of the Second Ward Savings Bank
with the First Wisconsin National Bank appeared in the
"Chronicle" of Nov. 10 and 17, pages 2639 and 2772, respectively.
Closing of the Farmers Savings Bank of Sac City, Iowa,
an institution capitalized at $100,000 and having deposits,
as of Oct. 3 last, of $466,000, was reported in a press dispatch from that place on Nov. 23, printed in the Des Moines
"Register" of Nov. 24. Only one bank is left in the town,
the advices furthermore stated, the Sac County State Bank
and the First National Bank both having been closed in
November 1925.
Incident to the proposed merger of the Fidelity National
Bank & Trust Co. of Kansas City, Mo., and the New England National Bank & Trust Co. of that city, reference to
which was made in our issue of Nov. 24, page 2910, the
Kansas City "Star" of Nov. 22 reports that the physical
consolidation of the institutions will take place Dec. 31.
The enlarged bank will occupy the Videlity Building at
Ninth and Walnut Streets until actual work on a new
Fidelity Building occasions a temporary removal to banking quarters diagonally across the street. Stockholders of
both banks will meet Dec. 20, it Is said, to approve the proposed consolidation. The paper mentioned furthermore
states that the Fidelity Savings Trust Co. (an affiliated
institution of the Fidelity National Bank & Trust Co.) will
not be drawn into the consolidated institution until the
banking quarters are finished in the new building at Ninth
and Walnut Streets.
The American Savings Dank a Ma-4y,
Ii., volnntariiy
closed its doors on Nov. 20 following a "run" on the institu-
That the Comptroller of the Currency on Nov. 21 approved a charter for the South Side National Bank—a new
St. Louis institution resulting from the consolidation of the
Farmers'-Merchants' Bank and the South Side Trust Co.—
according to word received in St. Louis from Washington,
was reported in the St. Louis "Globe-Democrat" of Nov.22.
Pending completion of a 10-story bank and office building
now in course of erection on the Southwest corner of Grand
Boulevard and Gravois Ave., it was stated, the business of
ilie new institution will be conducted at the Farmers Merchants' Bank at the Southeast corner of Gravois Ave. and
South Grand Boulevard. The new South Side National
Bank, it is understood, has combined capital and surplus
of
00,000, and deposits aggregating about $8,000,000.
The Farmers'-Merchants' Bank was organized in 1907 and
the South Side Trust Co. in 1916.
On Nov. 21 H. L. Grigsby, State Superintendent of Banks
for Tennessee, issued a permit for the establishment of a
new bank at Watertown, Tenn., under the title of the American Bank & Trust Co., according to the Nashville "Banner"
of the same date. The new bank will be capitalized at $100,000 with surplus of $20,000. Stockholders and directors of
the new institution are officers of the Fouth & First National Bank of Nashville, it was stated. H. L. Williamson
is President and George Farmer,°Cashier.
Associated Press advices from Macon, Ga., on Nov. 26
stated that the Fourth National Bank of that city, one of the
largest financial institutions in Central Georgia, closed its
doors on that day, following a two-hour "run" on the institution. Leon S. Dure, President of the bank, was reported
as saying that the directors at a special meeting had decided to close the doors and take steps toward re-organization of the institution. The bank (organized in 1906) was
capitalized at $500,000 and had deposits of $9,000,000 and
resources of over $11,000,000. Continuing, the dispatch
said:
President Dure said it was shown to be the "sense and determination"
of the bank's directors to organize a new bank, "capable and willing to
take care of the depositors fully and promptly, if such a payment is desired, and continue to serve the people of Macon and the people of this
territory."
Officers of the bank declined to comment on the cause of the run, which
began soon after the opening hour. At one time about 2,000 persons, including depositors, stood in the vicinity of the bank. The run proceeded
In an orderly manner.
Subsequently (Nov. 27) advices by the Associated Press
from Atlanta, Ga., appearing in the New York "World"
of Nov. 28, stated that following the closing of the Fourth
National Bank of Macon, eight other Georgia banks closed
their doors on Nov. 27 and turned their affairs over to the
State Banking Department. The banks involved were given
ail the Citizens Rani; of Fort Valley, the Irwinton Bank,
lrwinton (since found to have been erroneously numbered
among the closed banks); the Bank of Byromville, Byromvine; the Bank of Bradley, Bradley; the Farmers & Merchants Bank of Gordon; the Citizens Banking Co. of Culloden, the Bank of Preston, Preston; and the Farmers Bank
of Byron. The officials of all the banks, it was said, which
were capitalized in amounts ranging from $15,000 to $25,000, except the Fort Valley Bank, which had a capital of
$100,000, stated the banks were closed as a precautionary
measure and that all depositors would be protected. The
officials furthermore stated that the closings were brought
on by a financial scare which followed the closing of the
Fourth National Bank of Macon. Heavy withdrawals were
noted at all the banks and the doors were closed to preserve assets. Edwin Martin, President of the Citizens'
Bank of Fort Valley, as well as officers of the smaller
Institutions, said it was hoped arrangements would be
completed soon to prevent loss to depositors.
An Associated Press dispatch from Macon on Nov. 27,
appearing in the same issue of the "World," after stating
that the "run" on the Fourth National Bank "was attributed to-day by bank officials to 'baseless rumors evidently
DEC. 1 1928.]
FINANCIAL CHRONICLE
originating with the collapse last week of negotiations to
sell it to a group of Atlanta men,'" went on to say that directors of the bank met to-day (Nov. 27) with its President, Leon S. Dure, to discuss a reorganization of the institution embracing a proposal of Mr. Dure for a new institution capitalized at $750,000. Mr. Dure was reported
as saying that the new management would provide "prompt
and full payment" to all depositors.
Still later advices from Macon (Nov. 28) by the Associated Press stated that the Irwinton Bank, Irwinton, had
been erroneously listed among the closed Georgia banks,
George Carswell, Its President, having informed the Macon
'Telegraph" late on that day (Nov. 27) that his bank was
open and doing business and had not been affected by the
suspensions of the Fourth National Bank.
3045
That a new bank—Bank of America of California—has
been formed as a consolidation of the Merchants' National
Trust & Savings Bank of Los Angeles and the United Security Bank & Trust Co. of San Francisco, was reported in
advices yesterday (Nov. 30) from San Francisco to the
"Wall Street Journal." When the consolidation is accomplished and 60 independent units held by the United Security
Bank, through the French-American Corp. are included,
it was stated, the new bank will have total resources of
$400,000,000. The new institution is affiliated with the
(recently formed) Trans-America Corp., the transaction
having been arranged through the Bancitaly Corp. The
dispatch went on to say:
The proposed Bank of America of California, which will be second to
Bank of Italy in size on the West Coast, and affiliated with the Giannbal
group, brings banking resources of the affiliated Giannini banks in California to $1,200,000,000. Leon Boqueraz, of United Security Bank &
Trust Co., will be chairman of the new bank, and President Nolan of
Merchants National Trust & Savings Bank, will be president.
Bank of America of California will have about 150 offices in more than
100 cities and towns in California.
On Nov. 17 depositors of the defunct Columbia Savings
Bank of Memphis, Tenn., were to receive a final dividend of
10%, together with 6% interest dating from the time the
bank was closed, Nov. 1 1927, making with dividends of
According to an Associated Press dispatch from Los
50% and 40% already received payment in full of their Angeles on Nov. 28, printed in the New York "Times" of
claims, according to the Memphis "Appeal" of Nov. 14, from the following day, the merger will be completed Dec. 8.
The new organization will have capital and surplus of P0,which the following is taken:
This will mark virtually the last step in the liquidation of the Columbia
bank, which failed on Nov. 1 1927, tying up approximately $700,000 in
deposits. The liquidation has been one of the most successful in the history of Tennessee Lanking, according to John Vorder-Bruegge, attorney
for the receiver. Mr. Vorder-Bruegge yesterday recalled only one bank
liquidation in this State that has been completed as speedily and as successfully as that of the Columbia bank.
At present the only step remaining before liquidation is complete is
the payment Of stockholders. They will receive about 40% of the value
of their stock, it is understood.
The Columbia depositors were paid 50% within a month after the
bank failed, 40% more within three months, and they will receive their
final payments Saturday. The total of the checks to be distributed Saturday will be about $50,000 and interest. The stockholders will get the
rest, which will amount to about $50,000, less than half of the original
capitalization.
The liquidation was considerably speeded by the action of the City
Savings Bank in taking over the assets of the defunct bank and arranging
the payments of depositors.
Order for the payment of the final 10% installment and interest was
given by H. L. Grigsby, State Banking Superintendent at Nashville.
000,000 and deposits of approximately $387,0000,000.
Headquarters will be maintained in Los Angeles. An item
concerning the proposed merger appeared in the "Chronicle"
of Oct. 13, page 2048.
The Royal Bank of Canada (head office Montreal) announces that the directors have decided to increase the paidup capital of the Bank by issuing 50,000 new shares at $200
per share. The new shares have been allotted to shareholders of record as at the close of business Nov. 28 on the
basis of one new share for each six shares now held. On the
basis of present quotations the rights shareholders will receive are worth over $30 per share. This increase will bring
the bank's paid-up capital to $35,000,000, with a reserve
fund of $35,000,000. Since the last increase in capital
two years ago there has been a substantial growth in the
business of the bank and this new issue of stock is in accordance with the established policy of the Board of Directors to increase the capital of the bank from time to time in
keeping with the growth of its business.
Failure of the Columbia Savings Bank and its affiliated
institution, the Columbia Mortgage & Trust Co., on Nov. 1
1927, as a result of the suicide of Charles L. Tucker, the
President of both institutions, was noted in the "Chronicle"
of Nov. 12, 1927, page 2633, and a second item concerning
the bank's affairs appeared in our issue of Feb. 18 1928,
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
page 979.
Announcement was made on Nov. 23 by John Legier,
President of the American Bank & Trust Co. of New Orleans, La., that the directors had authorized an enlargement of the bank's capital from $500,000 to $1,000,000 and
of its surplus account to $500,000, as reported in the New
Orleans "Times-Picayune" of Nov. 24. In addition to the
combined new capital and surplus, when effected, the bank
will have substantial undivided profits, it was stated. First
rights to subscribe to the new stock will be extended to present stockholders at the rate of $175 per share, on the basis
of one new share for each share now held. This privilege
will be open until Dec. 22, it was said. Provision has been
made, however, the paper mentioned went on to say, for
taking care of the entire issue of new stock. Such rights
as are not taken up by the stockholders on the present
basis will be allotted by the directors to individuals who
have already agreed to take any unclaimed shares. Payment for the stock is to be made Dec. 31, and the increased
capital and surplus will go into effect Jan. 2 1929, according to President Legier and Vice-President C. S. Bauman.
The election of Eben Hardie, Jr., as a director of the
American Bank & Trust Co. was announced by President
Legier on Nov. 14, according to the "Times-Picayune" of
the following day. Mr. Hardie, who is 21 years of age,
fills the vacancy on the board caused by the death of his
father, the late Eben Hardie, several months ago.
According to the Dallas (Texas) "News" of Nov. 22, the
directors of the Jefferson Bank & Trust Co. of Dallas at a
called meeting held recently elected R. L. Thornton, President of the Mercantile National Bank of Dallas, a director
and subsequently made him Chairman of the Board. In
addition to Mr. Thornton, the officers of the Jefferson Bank
& Trust Co. are now as follows: R. D. Suddart, President;
J. F. Copeland, Martin Weiss and W. C. Jones, Vice-Presidents, and Irvin Hitt, Cashier. The institution is capitalized at $100,000 and has total resources of $618,580.
The stock market has continued buoyant this week with
daily transactions ranging from 53', to
million shares,
and many stocks among the public utilities, rails, coppers
and specialties reached new high levels for the present year.
Public utilities have been particularly noteworthy and were
in strong demand during the greater part of the week.
Radio stocks have made some remarkable advances, and
motor issues have attracted considerable speculative attention. The report of the Federal Reserve Bank made
public after the close of the market on Friday showed a
further expansion of $132,768,000 in brokers' loans. Call
money touched 10% on Friday.
The market was active and bouyant as trading was resumed on Monday after the enforced Saturday holiday and
the intervening Sunday, and spectacular advances were recorded by a number of the more active speculative issues.
In the first hour stocks changed hands in large blocks, notably Consolidated Gas the first sale of which was 15,500
s points above its preshares at 983/8, an advance of 33/
ceding close and a new high for the present stock. Andes
Copper was also in demand, the initial sale being 10,000
shares at 56, which was a new high and an advance of four
points above its preceding final. Victor Talking Machine
sold up to 1553, but closed at 1473. with a net gain of 13
points. As the day advanced the market turned irregular,
some special favorites moving vigorously forward while
other stocks, equally popular, moved swiftly downward.
Good sized gains were recorded by International Nickel,
Allied Chemical & Dye, National Biscuit, American International and Brooklyn-Manhattan Transit. These on the
downside included General Motors, Montgomery Ward,
Union Carbide & Carbon and North American. Railroad
stocks were in good demand at improving prices and oil
shares moved slowly upward: United States Steel common
advanced about two points on its first sale, but subsequently
receded to 168 with a fractional gain for the day. Public
utilities moved briskly forward under to ,;”:!.'itneo of ConLru.:4 features
solidated Gas. Wright and Cartier; were t
3046
FINANCIAL CHRONICLE
[VOL. 127.
of the aeronautical stocks and ran rapidly, upward in the
Sales at
Week Ended Nov. 30.
Jan. 1 to Nov. 30.
New York Stock
early trading, but failed to hold their gains. Yellow Truck
Exchange.
1927.
1928.
1928.
1927.
& Coach was one of the noteworthy features of the final
of shares_ 23,386,410 15,439,870
803,959,509
520,257,467
hour and shot forward to 50 with a net gain of 10 points for Stocks-No.
Bonds.
Government bonds_ _ _ $1,843,000 17,135,750
$169,955,750
$266,505,500
the day. Davison Chemical moved into new high ground State
and foreign bonds 10,291,500 18,610,000
695,789,135
775,231,700
at 683
4,though later in the day it slipped back to 66 where Railroad & misc. bonds 27,480,500 44,863,000 2,084,342,176 1,979,295,600
it was up five or more points on the day. Higher prices were
Total bonds
$39,615,Q00 $70,608,750 $2,950,087,261 $3,021,032,800
the rule in the early trading on Tuesday, though the upward
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
movement was temporarily checked by the unexpected sharp
BALTIMORE EXCHANGES.
advance in call money to 9%. In the last half of the day
buying was renewed and prices again moved ahead. RailBaltimore.
Boston.
Philadelphia.
Week Ended
road shares were the outstanding strong features of the
Nov. 30 1928.
Sales. Shares. Bond Sales. Shares. Bond &Sea.
Shares.
Bond
market, Erie common leading the upward swing with an
b 4,397
HOLI DAY
HOLI DAY
$11,500
advance to above 72, the highest peak in the history of Saturday
Monday
$36,800 b 7,189
37,000
*97,830
$24,000 a 134,959
35,000 b 8,161
31,900
*111,259
18,000 a 152,487
th company. Norfolk & Western at 198 touched a new Tuesday
Wednesday
*92,367
51,000 b 7.873
69,400
81,000 a 197,919
HOLI DAY
record level for. the year. Other strong stocks included Thursday
HOLI DAY
HOLT DAY
b 9,384
35,000
47,248
11,000
41,500
Bait. & Ohio, Atchison and Rock Island. Yellow Truck Friday
/
3
i
Total
$122,800
37,004 $184,800
348,704
529,940
$134,000
& Coach closed at 54 with a net gain of 43A points for the
day. Mack Truck was the sensation of the final hour as it Prey. week revised 498628 5:RA nnn 7AR 701 5157.800 41.727 5155.800
bounded forward to 110 and closed at 1083,4 with a net gain • In addition, sales of rights were: Monday, 110 Tuesday, 58; Wednesday, 46611
a In addition,sales of rights were: Monday.7,317; Tuesday, 8,500; Wednesday.
of six points. Copper stocks also received considerable
attention, Anaconda closing at 115% with a gain of 3% points 4,000.
O In addition,sales of warrants were:Saturday, 104; Monday,464%;Tuesday,116;
followed by Kennecott with a similar advance to 147. Wednesday, 41; Friday, 2,200.
International Nickel was particularly strong and touched
225; it closed at 223 with a net gain of 10 points. InterENGLISH FINANCIAL MARKETS-PER CABLE.
national Combustion Engineering had a brisk advance of
The daily closing quotations for securities, &c., at London,
eight points to a new high above 80, and United States as reported by cable, have been as follows the past week:
Smelting & Refining improved 3% points to 70. Goodyear
Wed.,
Sat.,
Thurs..
Mon.,
Fri.,
Tues.,
Nov. 24. Noy. 26. Nov. 27. Nov. 28. Nov. 29. Nov. 30.
extended its advance about four points and United States
Silver, per oz.d. 26 11-16 26%
26 11-16 26 11-16 26 9-16
26%
Rubber improved about a point.
Gold, per fine
s. 84.11%
ounce
84.11%
84.11%
84.113
84.113
84.113
Bullish enthusiasm was again in evidence on Wednesday Consols,
2SO_ _ ____
56
568
56%
56%
568i
British. 55._--_101%
101%
101%
10114
10114
and the market boiled with a renewed outburst of specu- British,
41-4s_ ____
98%
9834
9834
9834
9834
lative fever. Radio Corporation bounded upward almost French Rentes ____
(in Paris)_fr.
64.65
65.15
64.90
64.87
40 points from its morning low to a new high at 400 or French War L'n
92.20
92.25
92
92.20
.better and closed at 387 with a net gain of 22% points. (In Paris)_fr. ____
The price of silver in New York on the same days has been:
'Substantial gains were recorded by some of the more at- Silver
in N. Y., per oz. (cts.):
Foreign
573
5734
58
Holiday 5734
5734
tive rail speculative issues, including Rock Island and
Kansas City Southern, both of which reached new high
figures for the year. Packard was the star of the motor
COURSE OF BANK CLEARINGS.
group and lifted its top to 1303( with a gain of more than
clearings
the present week will show a decrease
Bank
10 points. Kennecott Copper made an advance of three
points to a new high at 150. The public utility shares were compared with a year ago, but this is due to the fact that
the outstanding strong stocks of the day, particularly Thanksgiving Day fell in this week this year, while last
Brooklyn Union Gas which after selling down to 168 on year it fell in the previous week. Preliminary figures comTuesday was rushed ahead to a new top above 197, with a piled by us, based upon telegraphic advices from the chief
gain of over 25 points for the day. Consolidated Gas con- cities of the country, indicate that for the week ended to-day
tinued its remarkable advance and after opening on a block (Saturday, Dec. 1) bank exchanges for all the cities of the
of 10,000 shares at 99% jumped briskly ahead eight points United States from which it is possible to obtain weekly
and closed at 107. North American Company gained eight returns will be 16.9% smaller than for the corresponding
points to 97 and American & Foreign Power swung upward week last year. The total stands at $10,032,513,001,
$12,070,023,614 for the same week in 1927. At this
83. points to 73. The specialties stocks were represented against
by Gold Dust which ran up 11% points to 1333., Wright centre there is a loss for the five days ending Friday of 19.7%.
Aero which improved 11 points, Du Pont which advanced Our comparative summary for the week follows:
73
% points to 499%, International Tel. & Tel. which gained
Clearings-RMurns by Telegraph.
Per
1927.
53
4 points and Timken Roller Bearing which climbed 3%
1928.
Cent.
Week Ended Dec. 1.
points. Other strong issues were General Electric which New York
$5,094,000,000 $6,343,000,000 -19.7
517,047,641
596,286.895 -13.3
s, Motor Products Corpora- Chicago
improved seven points to 1967
416,000,000
523,000,000 -20.5
Philadelphia
343.000,000
tion which moved forward 15 points to 182, Union Carbide Boston
461.000,000 -25.6
90,780,740
120,631,217 -24.7
Kansas
City
& Carbon, Westinghouse Mfg. and Burroughs Adding Ma- St. Louis
108,100,000
133,200,000 -18.8
162,969,000
201,478,000 -19.1
Francisco
chine, the latter advancing about 16 points to 190. Further San
155,660,000
157,428,000
-1.1
Los Angeles
138,220,397
155.826,382 -11.3
spectacular advances were recorded in the early trading trad- Pittsburgh
190,353,337
141.683,758 +34.3
Detroit
ing on Friday by many of the speculative favorites, including Cleveland
95,073,902
112,240,591 -15.3
67,719,710
99,460,174 -31.8
Consolidated Gas which lifted its top to 113 at its high for Baltimore
52,586.358
67,099,171 -21.6
New Orleans
the day, but receded to 109% and closed with a net gain of
$7,431,511,085 $9,112,334,188 -18.4
Thirteen cities, five days
2% points. Brooklyn Union Gas, Southern California Other
928,916,416
962,234,284
-3.5
cities, five days
Edison, National Power & Light, Public Service of New
$8,360,427,501 $10,074,668,472 -17.0
Total all cities, five days
1,672,085,500
1,995,355,142 -16.2
Jersey, Standard Gas & Electric and Commonwealth Power All cities, one day
a......1 .11 niflaa inr coRR1r
Sin Ass AIR (1111 119 07A nv% MA
-IR a
also advanced to new high records. Railroad shares were
particularly strong, New York Central, Pennsylvania RailComplete and exact details for the week covered by the
road and Baltimore & Ohio leading the upward swing into
foregoing will appear in our issue of next week. We cannot
new high ground and holding their gains throughout the day.
furnish them to-day, inasmuch as the week ends to-day
Copper stocks continued to move upward with the leaders,
(Saturday) and the Saturday figures will not be available
Anaconda and Cerro de Pasco lifting their tops to new high
until noon to-day. Accordingly, in the above the last day
levels. The final tone was good.
of the week has in all cases had to be estimated.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
In the elaborate detailed statement, however, which we
DAILY. WEEKLY AND YEARLY.
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 24. For
Stocks,
Railroad,
State,
United
Week Ended N01.30.
Number of
&c..
Municipal &
that week there is an increase of 51%, but the greater part
States
Shares.
Bonds.
Foreign Bonds,
Bonds.
of this is due to the fact that Thanksgiving Day fell in this
Saturday
EXCHANGE CLOSED
week last year, while the present year it came acweek later,
Monday
5,326,750
$7,069,000
$3,236,000
$274,000
Tuesday
5,278,370
7,265,000
2,487,500
328,000 the 1928 aggregate of clearings for the whole country being
Wednesday
6,366,690
7.257,500
2,595,000
716,000
$14,235,942,539, against $9,416,054,080 in the same week of
HOLI DAY
Thursday
Friday
6,414,600
5,889,000
1,973,000
525,000 1927. Outside of this city the increase is only
29,4%.
Total
23.386.410 $27.480.500 $10.2A_51141
0
Si RAS AAA
The bank exchanges at this centre record a gain of 66,7%.
DEC. 1 1928.]
FINANCIAL CHRONICLE
We group the cities now according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve District (including this city)
clearings show an expansion of 65.9%,in the Boston Reserve
District of 15% and in the Philadelphia Reserve District
of 39.1%. In the Cleveland Reserve District the totals are
larger by 28.3%,in the Richmond Reserve District by 11.9%
and in the Atlanta Reserve District by 21.6%. The Chicago
Reserve District records a gain- of 40.1%, the St. Louis Reserve District of 31.6% and the Minneapolis Reserve District
of 17.7%. At the Kansas City Reserve District the increase is 21.4%, in the Dallas Reserve District 33.8% and
in the San Francisco Reserve District 31.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1926.
1925.
%
+15.0
+65.9
+39.1
+28.3
+11.9
+21.6
+40.1
+31.6
+17.7
+21.4
+33.8
+31.7
$
477,052,339
4.769.183,986
488,712,230
352,534,038
175,374,970
181,548,563
793,681,610
183,571,489
110,214,964
202,179,932
76,628,651
461,446,303
3
434,862,677
4,776,206,905
501,524,038
347,301,174
200,357,575
247,105,422
809,487,066
197,114,519
128,505.113
213,317,997
81,479,826
493,506,030
129 Cities 14,235,942,539 9,416,838.571 +51.0
Total
Outside N. Y. City
6,068,135,462 3,916,054,080 +29.4
8,272,129,075
3.617.341,795
8,439,718,342
3,756,292,272
390.815.532
376.884.694
Federal Reserve DIsts.
tat Boston_ .._12 cities
Ind New York_11 "
3rd Philadelphial0 "
6th Cleveland__ 8 "
5th Richmond.6 "
5th Atlanta_ _ _ _13 "
7th Chicago_..20 "
8th St. Louis_ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
11th Dallas
12th San Fran_ _17 "
Canada
1928.
1927.
2
641,702,831
9,317.562,897
725,355,036
463,498,149
192,608,981
026,668,013
1,162,097,259
281,267,638
154,419,159
258,007,619
107,510,930
705,244,027
31 cities
595.434.219
2
558,114,724
5,614,954,756
621,489,644
361.082,197
172,084,240
186,359,509
829,453,350
213,793,792
131,084,793
212,505,350
80,378,615
535,537,592
493.239.878 +20.7
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Nov. 24.
Clearings at1928.
1927.
First Federal Reserve Dist rict-lioston
Maine-Bangor_
623,185
620,784
Portland
4,002,608
3,019,733
577,000,000 508,000,000
Mass.-Boston
2,422,006
Fall River_ _ _ _
2.048,343
Lowell
1,177.936
1,051,533
1,157,596
New Bedford
1,105,319
Springfield_ _ -5,822.073
4,573,352
Worcester
4,056,993
2,635.105
Conn.-Hartford
18.030,600
14,401,328
New Haven _ _
9,143,407
6,878,775
R.I.-Providence
17,530,500
12,996,200
N.IL-Manches.
735,927
784,252
Inc. or
Dec.
+0.4
+32.6
+13.6
+18.2
+12.0
+4.7
+27.3
+54.6
+25.2
+32.9
+34.9
-6.2
1926.
572,579
3,360,598
432,000,000
1,831,337
967,947
906,520
4631.08
2.967,397
10,969,12
6,036,93
12,298,40
510,41
1925.
533,166
2,984,484
388,000,000
2,277,501
861,733
1,108,075
4,468.488
2,923,506
12,835.145
5,770,520
12,482,400
617,659
Total(12 cities)
641,702,831 558,114,724 +15.0 477,052,339 434,862,677
Second Feder al Reserve D Istrict-New YorkN. Y.-Albany_ _
5,683,415
4.530,825 +25.4
5,126,757
4,879,269
Binghamton_ __
1,519,448
968,100 +57.0
909,400
1,151,000
Buffalo
64,860,058
45,899,914 +41.3
42,950,537
48,165,758
Elmira
1,032,742
862.355 +19.7
817,242
748,382
Jamestown__ .._
1,293,869
1.243,804
+4.0
1,142,050
1,248,041
New York
9,167,807,077 5,500,784,492 +66.7 4,654,787,280 4.673,426.070
Rochester
15.223,335
11,457,415 +32.9
9,584,183
10.241,658
Syracuse
9,995,3675,310,494 +88.2
4,320,852
4,662,863
Conn.-Stamford
4,532,067
4,141,979 +9.4
4,058 913
3,810,839
N. J.-Montclair
980,320
798,366 +22.8
611,814
652,757
Northern N. J.
44,635,201
38,057,012 +14.6
44,874,958
27,220,220
Total(11 cities) 9,317,562,897 5,614,954.756 +65.9 4,769,183,986 4.776,206,905
Third Fedora IReserve Dis trit-Philad elphia
Pa.-Altoona....
1,506,308
1,566,298 -3.8
1,473,307
Bethlehem _.
4,573,724
4.676.446 -2.2
4,721.324
Chester
1,339,479
1,304.966
+2.6
1,114,914
Lancaster
1,797,865
1,933,897 +41.31
1,813,104
Philadelphia
694,000,000 494,000,000 +40.5! 462,000.000
Reading
3,989,253
3,521,135 +13.31
3,495,474
Scranton
8,21 1,130
4,740,883 +9.9
5,092,072
Wilkes-Barre..
4,747,086
2,999,518 +58.3
2,981,012
York
1,862,974
1,611,142 +15.6
1,414,755
N.J.-Trenton..
5,327,217
5,135.359 +3.7
4,606,268
Total(10 cities)
725,355,036
1,316,677
3,683,999
1,226,411
2,255,202
484,000,000
3,100.690
4,698,682
4,377,591
1,364,585
4,500,201
521,489,644 +39.1
488,712,230
510,524,038
Fourth Feder al Reserve I) Istrict-Clev eland
Ohio-Akron____
6,503,000
5,063,000 +28.4
Canton
3,903,862
3,031,674 +29.8
Cincinnati_ _ _
75,826,436
71,730,628 +5.7
Cleveland
139,812,212 104,818,419 +33.7
Columbus
15.206,100
14,070,000 +8.1
Mansfield
2,089,708
1,265,466 +65.2
Youngstown-5,447,013
3.731,721 +46.0
Pa.-Pittsburgh. 214,791,818 157,571.289 +36.2
4,144,000
3,211,214
64,967,761
98,490,940
13,127,200
1,544,985
5,215,697
161,832.241
4,508,000
3,129.306
60,699,240
98,200,871
12,540,700
1,504,976
4.066.749
162,651,332
361,082,197 +28.3
352,534,038
347.301,174
Fifth Federal Reserve Dist rict-Richm ondW.Va.-11unt'g'n
1,169,622
1.069,815 +9.3
Va.-Norfolk..._
5,283,567
4.886,917 +8.1
Richmond _ _ _ _
52,762,000
52.017,000 -0.5
S. C.-Charlest'n
2,565,158
2.035,185 +26.0
Md.-Baltimore - 102,157,238
89,078,150 +14.7
D.C.-Washing'n
28,641,398
22,999,193 +24.5
1,487,397
7,969,772
48,421,000
2,551,894
92,117,791
22.827,116
1,427,561
8.218.900
53,592,000
2,137,178
112,004,450
22,977,486
172,084,240 +11.9
175,374,970
200,357,575
Sixth Federal Reserve Dist rict-Atlan taTenn.- Chatt'ga
10.577,258
8.633,862 +22.5
Knoxville
*3,200,000
2,751,437 +16.3
20,165,615
Nashville
20,401,034 -1.1
61,095,237
Georgia-Atlanta
52,228,758 +17.0
2,268,602
Augusta
1,716,018 +32.2
2,871,129
Macon
1,523,615 +88.4
16,880,397
Fla.-Jack'nville
15,836,649 +6.6
2,240,000
Miami
2,684,000 -16.5
29,266,530
Ala.-Birming'm
23,889,245 +22.5
2,142,752
Mobile
1,232,027 +73.9
Miss -Jackson..
2,245,000
1,552,522 +44.6
406,138
Vicksburg
340,678 +19.2
La.-NewOrleans
73,309,355
53,569,666 +36.8
7,709,570
2,493,016
18,241,674
45,045,738
1,724,118
1.732,174
21,101,142
6,969,000
21,514,945
1,677,959
1.617,112
391,343
51,330.772
7,393,996
2,514,065
18,457,641
71,319,201
2,020,365
1,610,327
36,012,595
20,482.348
24,215,059
1,785,942
1,068,000
391,469
59,834,414
181.548,563
247,105,422
Total(8 citieS)-
Total(6 cities)-
Total(13 cities)
463,498,149
192,608,981
226.668,013
186,359,509 +21.6
Week Ended November 17.
Clearings at1928.
1927.
Inc. or
Dec.
1926.
Seventh Feder at Reserve D strict.-Chi cago.Mich.-Adrian _ _
278,942
229,421 +21.6
205,142
Ann Arbor_
703,224
618,241 +13.7
854,992
Detroit
254,000,000 144,453,959 +75.8 150.918.542
Grand Rapids _
8,410,205
6,469.972 +21.0
6,353.009
Lansing
3,039,402
2,076,482 +46.4
1,779.307
Ind.-Ft. Wayne
3,369,595
2,856,989 +17.9
2,560,646
Indianapolis _ _
23,706,000
18,688,000 +26.9
17,637,000
South Bend.._
2,831.644
2,429,100 +16.6
2,402.600
Terre Haute_
5,939.489
5,200,566 +14.2
5,067.331
Wis.-Milwaukee
41,458,855
34,496,869 +20.2
33,485.160
Iowa-Cad.Rap.
2,823,577
2,223,385 +27.0
2,284.893
DesMoines
9,024,000
7,508,076 +20.2
7,809,977
5,994,427
Sioux City
4,886,258 +22.7
4,534,616
1,364,649
Waterloo
1,217,035 +12.1
959,152
Ill.-13loom'gton
1,902,317
1.300,938 +46.2
1,160,835
784,137,646 584,828.999 +34.1 546,372,119
Chicago
1,313,147
Decatur
1,148,348 +14.4
1,133,046
5,661,288
Peoria
3,972,501 +42.5
3.398,650
3,638,518
Rockford
2,989,440 +21.7
2,714.247
2,500,334
Springfield_ _
1,858,771 +34.5
2,145,346
Total(20 cities) 1,162,097,259
Inc.or
Dec.
Week Ended Nov. 17 1928
3017
1925.
204,444
880,146
158,635,309
7,141,351
2.249.038
2,309,926
13,987,000
2,437,700
5,166.502
31,499,376
2,084,369
8.793,688
5,819.514
969.779
1,260,155
555,893,231
1,144,404
4,123,073
2,583,158
2.304,903
829,453,350 +40.1
793,681,610
809,487,066
Eighth Faders Reserve Dis trict.-St. L ouis.Ind.-Evansville
6,322,696
5,500,628 + 14.9
Mo.-St.Louis_ _ 182,200,000 131.900,000 +38.1
37,153,474
Ky.-Louisville_
34,392,826 +8.0
343,291
Owensboro._ _ _
259,046 +32.5
33,442,562
Tenn.-Memphis
24,576,018 +36.1
20.137,721
Ark-Little Rock
15,585,183 +29.2
300,954
111.-Jacksonville
329,507 -8.7
1,356,940
Quincy
1,250,584 +8.5
4,487.081
115,000,000
26,613,563
223,146
21,800,133
14,015,625
250,568
1,181,373
4.673,727
122,600.000
27,028,385
279.996
26,882,278
14,089.172
355,222
1,205,739
213,793,792 +31.6
183,571,489
197,114,519
Ninth Federal Reserve Dis trict-Minn eapolls
Minn.-Duluth._
10,610,053
10,110,818 +4.9
96,880.362
Minneapolis. _ _
79.020,381 +22.6
37,496,254
St. Paul
34,899,378 +7.6
No. Dak.-Fargo
2,165.539
1,678,333 +29.0
S D -Aberdeen.
1,536,200
1,240,079 +23.9
1,025,751
784,804 +30.7
_
4,705,000
Helena
3,351,000 +40.4
7,549,409
68,484,053
27,330,687
1.656,453
1,339,176
691,896
3,163.290
10,186.890
82,751.957
29,012,784
1,387,358
1,410.341
677,899
3,077,884
131,084,793 +17.7
110,214,964
128,505,113
Tenth Federal Reserve Dis trict-Kens as City
Neb.-Fremont.
370,403
306,913 +20.7
610,580
Hastings
364,656 +67.4
3,722,500
Lincoln
3,521,073 +5.7
44,798,442
Omaha
36,715,988 +22.0
Kan.-Topeka _ _
3,359,558
2,546.897 +31.9
8.719,318
Wichita
6,653,574 +31.0
Mo.-Kan. City. 147,853,570 119,100,739 +32.1
6,427,031
St. Joseph _ - 5,096,827 +26.1
Okla.-Okla.City . 39,038,622
35,514,328 +9.9
1,447,399
Colo.-Co. Spgs.
1,287,706 +12.4
a
Denver
a
1,660,196
Pueblo
1,396,851 +18.8
256.684
367.938
3,650,640
34.786,444
2,709,430
6,501,069
112,533,217
5,165,163
34,123,912
1,108,796
a
976,639
283,994
430,493
3,642,398
36.665,199
2,408.348
6.516.172
117,576,224
5,756,042
38.113,443
1,001.491
a
924,193
Total(8 cities).
Total (7 cities)
Total(12 cities)
281,267,638
154,419,159
258,007,619
212.505,350 +21.4
202,179,932
213,317.997
has+ 17.1
+29.0
+61.7
+22.1
+33.8
1,229,234
47,086,480
13.798.485
9,603,800
4,910,652
1,513.453
50.470.832
13,004.073
11,841,000
4.650,463
80,378,615 +33.8
76.628.651
81.479,826
Fre nci SCIT-+15.9
89,324.088
+15.5
10,372,000
1,243,201
+8.0
+24.7
36,923,667
+25.6
16.596,424
-4.5
4,930,072
+41.2
5,777.197
+59.6 143.990,000
+44.4
27,155,618
+28.3
5,154,447
+28.0
6.899,015
+42.4
4,992,789
+16.4 149,968,000
+48.8
2,435,870
+40.9
1,069.804
+24.1
1.806,411
+8.9
2.807,700
42,929,794
10,560,000
1,657,960
34,774.924
22,237,891
4,981,302
5,790.685
139,222,000
20,794.471
5,231,586
11,304,546
4,862,490
180,238,0
2,554,536
1,293.789
1,700.056
3,322,000
Eleventh Fede ral Reserve District-Da
1,737,625
Texas-Austin
1,483,875
70,361.830
Dallas
54,545,071
20,785,53,,
Fort Worth...
12.854,292
7,855,000
Galveston
6,435.000
La -Shreveport.
6.770,940
5,060,377
Total(5 cities).
107,510,930
Twelfth Feder al Reserve D istrict-San
49,169,523
Wash.-Seattle
42,430,029
14,216.000
Spokane
12,309,000
1,8050)4
Yakima
1.671,062
48,246,724
Ore -Portland..
38,675,920
21,825,221
17,375,083
Utah-S. L. City
5,018,300
5.253,018
Calif.-Fresno
9,521,486
6,745,268
Long Beach_ _ _
256,285,000 160,603.000
Los Angeles_
20,771,757
Oakland
14,386,482
6,999,057
5,457.019
Pasadena
8,011,637
6.259,731
Sacramento...
6,048,439
4,248,214
San Diego_
46.274.000 211,643,000
San Francisco
4,089,134
2,748,000
San Jose
2,085,275
1,479,539
Santa Barbara,
2,019,570
1,627,727
Santa Monica.
2,857,900
2,625,500
Stockton
Total(17 cities) 705,244,027 535,537,592 +31.7 461.446,303 493.506.030
Grand total (129
14235942,539 9.416,838,571 +51.0 8,272,129,075 8.439.718,342
cities)
Outside N
Y. - 5,068,135,462 3,916,054,080 +29.4 3.617,341,795 3,756,292,272
Week Ended Nov. 22.
1928.
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
Chatham
Sarnia
188,254,157
181,786,122
96,201,216
24,728,165
10,786,127
9,713,524
3,758,807
7,565,460
16,293,038
3,136,081
2,956,874
3,708,167
8,511,914
9,184,286
1,057,927
966.976
3,681,369
2,024,537
1,379,988
1,590,484
904.761
814,594
1,107,381
1,201,517
1,347,534
7,513,804
734,400
1,125,187
1,062,156
1,463.760
870,926
1927.
Inc. or
Dec.
147,075,435 +28.0
153,269,581 +18.6
88,332.892 +8.9
18,365.363 +34.6
8,174,902 +31.9
7,482,517 +29.8
2,977,956 +26.2
5.839,585 +29.6
14,383,132 +13.3
2,426,929 +29.2
2,594,414 +14.0
4,642,209 -20.1
6.978,315 +22.0
7,253,808 +26.6
387,484 +173.0
812,388 +19.0
3,543,534 +3.9
1,948,435 +3.9
1,279,391
+7.9
1.209.710 +31.5
769,465 +17.6
562,319 +44.9
886,632 +24.9
975,273 +23.2
1,273,268 +5.8
5,572,867 +34.8
562,801 +30.5
997.740 +12.8
889,280 +19.4
1,044,381 +40.2
728,092 +19.6
1926.
117,812,114
109,347,384
78,530,905
18,189,800
6,855,100
6,450,541
2,835,763
5,676,573
9,491,801
2,432,204
1.806,925
3,142,140
5,240,107
6,258,535
747,509
674.284
2,429,246
1,695,714
1,094,873
905,413
711,307
354,373
820,664
822.278
1,081,116
4,172,436
436,144
889,331
777,414
727.528
.400,000
1925.
106,944,591
98,366,234
87,843,616
17,977,910
5,858,429
5,748,758
3,118,519
5,288,113
9,963,700
2,363,125
1,721,384
2,644,958
4,579,078
7,840.641
640,290
653,855
2,774,315
1,396,667
878,748
972,231
698,431
377,847
712,406
770,796
1,003,288
3,800.957
472.769
789,584
683,454
Total(31 cities) 595,434,219 493.239.878 +20.7 390,815,532 376,884.694
a Manager of clearing !louse refuses to report clearings for Week ended Saturday.
5 Estimated.
THE CURB MARKET.
Speculation was rampant in the Curb Market this week
the volume of business exceeding all previous records.
Prices were generally strong with the radio, utility and oil
stocks the outstanding feature. Trading in Marconi
Wireless of Canada was suspended because of the volume
of orders, the stock having previously moved up from 15 to
283/2. It broke to-day to 153/i closing at 17. Elec. Bond
& Share Securities sold up from 1373% to 167, reacting finally
5 to 823
%
to 1623/2. Electric Investors was up from 724
with the final transaction to-day at 793/8. Middle West
Utilities, corn. advanced from 166 to 180 and closed to-day
at 177. Among oil stocks Ohio Oil moved up from 763% to
88. Prairie Pipe Line gained 28 points to 278, the close
to-day being at 263. Standard Oil (Ohio) corn. jumped
from 103 to 134, with the final figure to-day at 122. In
the industrial list Dubilier Condenser sold up from 554 to 19
and at 123% finally. Firestone Tire & Rubber corn. gained
19 points to 198. Deere & Co. jumped from 520 to 539.
Marmon Motor Car rose from 763% to 88 and closed to-day
at 873%. Niles-Bement-Pond, corn. improved from 1463% to
1543% and rested finally at 1533%.
A complete record of Curb Market transactions for the
week will be found on page 3075.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
*STOCKS(No. Shares).
Week Ended
Neu. 30.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 127.
FINANCIAL CHRONICLE
3048
Indus. &
Miscall.
Oils.
1.612.100
1 759,800
2 419.975
276.400
281,000
337,925
1,822,000
314,100
Alining.
Total.'
BONDS (Par Value).
Foreign
Domestic. Government.
HOLI DAY
238,100 2,126,600 $2,623,000
233,700 2,273,700 2,889.000
276.500.r3034,400 2,367,000
HOLI DAY
237,500 2,373,600 2,699,000
$489,000
411,000
393,000
423,000
7813,875 1,209.425 985,800 9,808,300 310,578.000 31.716.000
New high record. • In addition, r ghts were sold as follows: Monday, 21,900;
Tuesday. 32.200: Wedneeday, 12,000: Friday, 23,700.
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 14 1928:
GOLD.
The Bank of England gold reserve against notes amounted to £163.744,585 on the 7th instant (as compared with £163,456,840 on the previous
Wednesday), and represents an increase of £9,838,270 since April 29 1925when an effective gold standard was resumed.
There were no supplies of gold available in the open market this week.
The following movements of gold to and from the Bank of England have
under
been announced, showing a net efflux of £2,446,000 during the week
review:
14.
Nov.
Nov. 8. Nov. 9. Nov. 10. Nov. 12. Nov. 13.
Nil
Nil
Nil £150.000
Nil
Nil
Received
£55,000
£2074,000
5,000
Nil
£17.000 £445,000
Withdrawn
Or
The receipt on the 12th instant was in sovereigns from South Africa.
instant
the withdrawals practically the whole of the £445,000 on the 9th
for the
and about £1,800,000 of the £2,074,000 on the 13th instant was
United States. The £10,000 sovereigns withdrawn were destined as follows:
Gibraltar, £5,000 and Spain, £5.000.
of
United Kingdom imports and exports of gold during the month
October last are detailed below:
Imports.
£10,500
560
Russia (U. S. S. R.)
Germany
Netherlands
Belgium
France
5.632
Switzerland
Austria
Spain and Canaries
West Africa
United States of America
Central America and West Indies
Various Countries in South America
Rhodesia
Transvaal
British India
Straits Settlements
Irish Free State
Other countries
48,620
1,309
8,801
80,829
3,011,816
76,000
7.639
Exports.
5,787.257
138,403
401,485
57,546
657,535
103,029
959
1,940,223
20.600
173,676
40,516
48.314
£3,325,706 .C9,369,543
fine ounces.
The Transvaal gold output for Oct. 1928 amounted to 897.720
monthly record
the highest monthly production yet reached. The previous were
produced.
was attained in August last when 891,863 fine ounces
The output for Sept. 1928 was 857.731 fine ounces, and for Oct. 1927
855,743 fine ounces.
gold
The following were the United Kingdom imports and exports of
registered from mid-day on the 5th instant to mid-day on the 12th instant:
Imports-
Spain
Irish Free State
British West Africa
British South Africa
Other countries
Total
Exports-
£140,257
£2.000,000 Germany
41,020
100,000 Netherlands
16,975
24.496 France
58,302
792,681 Switzerland
21.190
4,064 Austria
United States of America- 892,700
7,686
Other countries
£2,921,241
Total
£1,178,130
SILVER.
and movements in the
The silver market has presented no new feature
a steady tone, however, has been maintained
prices have been but slight,
China buyers have
pressure
Without
exerting
any
week.
during the past
some sales have also been made on
kept in touch with the market, but
Bazaars have
Indian
The
falling
due.
contracts
cover
to
account
China
orders have been me:uteri on their brlialf.
not been active but a few buying
America, whilst contributing
and
continued,
have
Continent
the
by
Bales
o available supplies, has on occasion made purchases here.
$
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 5th instant to mid-day on the 12th instant:
ExportsImports£259,470
135,711 China & Hong Kong
France
Germany
United States of America__
Other countries
Total
15,100
11.064
24,595 Bengal
40,975 Other countries
1.395
£285,634
Total
5102,676
INDIAN CURRENCY RETURNS.
Nos. 7. Oct. 31. Oct. 22.
18384
18466
18102
(In lace of rupees.)
Notes in circulation
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
10608
10683
10600
2976
2976
2976
Gold coin and bullion out of India
4554
4255
4:15
Securities (Indian Government)
574
574
585
Securities (British Government)
The stock in Shanghai on the 10th instant consisted of about 60,600.000
with
compared
as
bars,
silver
6,980
and
dollars
84,600,000
ounces in sycee,
about 59,300,000 ounces in sycee. 83,400.000 dollars and 9.860 silver
bars on the 3rd instant.
Quotations during the week:
Quotations-
Nov. 8
Bar Gold,
e..
sz.1iFind
Per40
-Bar Slicer. Per Oz. Std.2 Mos,
Cash.
26%d.
26 11-16d.
84s. 11Ad.
26.Ad.
26 11-16d.
9
84s. 11;0.
26 13-16d.
2634d.
10
84s. 1134d.
26 13-16d.
26Ad.
12
11;0.
84s.
Ad.
26
13-I6d.
26
13
848. 11 Ad.
2634d.
26 11-16d.
14
84s. 11.5d.
26.791d.
26.729d.
Average
"
The silver quotations to-day are each 1-16d. above those fixed a week
ago.
gommerciai and-Miscellaneousg.CWS
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Nov. 24 to Nov. 30, both inclusive, compiled from official sales lists:
Stocks-
owes
a riaag
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
4334 46
• 44
Arundel Corp
176 178
At Coast Line(Conn)_ 50 176
153 153
100
Bait Comml Bank
158 158
50
Balt Trust Co
26
20
100
Baltimore Tube
5934 67
65
100
Preferred
Black & Decker,corn ___ _• 32% 3234 33
93
93
Boston Sand 8( Gravel _100
3954 40
Central Fire Insurance _10
40
39
Voting trust certif _10
200 200
50 200
Century Trust
Ches & Po TelofBalt, pf 100 114% 114 114%
90
90
26 90
Colonial Trust
65
60
• 60
Commercial Credit
25% 26
25 26
Preferred
2654 27
23 27
Preferred B
100 105%
634% lot preferred ..100 100
14
12
12
Warrants
Com Creditor N 0,pf ----------2434 25
8934 95
Consol Gas,E L& Power _• 95
6% preferred ser D __100 110% 110% 110%
10734 107%
554% pre( wiser E ..100
5% Preferred ser A __100 102% 102% 102%
21
21
21
_100
.._
Coal
Consolidation
65
62
100
Preferred
265
263 265
Continental Trust
51
5134
50
Crook (J W)pref
33% 35
• 35
Eastern Rolling Mill
98
Equitable Trust Co_ _ _ _ 23 ------98
315 322
50 320
Fidelity & Deposit
1134 11%
Finance Coot Amer A_ •
1834 1834
Finance Service corn A_ _10
9% 9%
10
Preferred
5834
5834 58
First Nat Bank W I
95
95
Houston Oil pt v t c__ _100
Mfrs Finance corn v t.._..25 3134 3134 32
2
2034
2034
2d preferred
2034
170 181
Maryland Casualty Co_23 180
34
• 33% 33
Maryland Mtge corn
11354 11354 11334
Prior pref
1 1334 11354 11334
Preferred
4554 46
Merch & Miners Transp_ •
2534 26
Monon W Penn P S pref.25
431 4%
Mortgage Security com_ •
14% 1534
Mt V-Woodb Mills v t.100
84
84
100 84
Preferred
200 200
Nat Union Bank of Md.100 200
79
76
New Amsterdam Cas Co 10 79
87
Northern Central Ry _ __50 8734 87
3034 30%
10
Park Bank
Penne Water & Power_..* 8954 8834 9034
22
2534
Silica Gel Corp corn v t___• 25
52
51
51
Southern Bank Sec Corp__
97
97
Preferred
4954 4954
Un Porto Rican Bug pref.*
15
14
United Rys& Electric...50 14%
419 432
U S Fidelity & Guar__60 430
85
8734
87
New
1154
11
Wash Bait Sr Annap pref 50
97%
97
West Md Dairy Inc pref.*
50 5334 5334 5334
Prior preferred
40
40
Western National Bank_20
Bond aBaltimore City Bonds100 100
1961
4s sewer loan
100 100
1954
4s annex impt
12454 12654
Black St Decker 6%8_1937 126
9934 100
100
68_1934
Credit
Commercial
94
94
1935
53411
Consol Gas gen 454s _ _1954 9934 9934 9954
9934
9954
Consol GEL 22 P 4Sis 35 9934
106 1013%
1949
1st ref 6s ser A
10754
10754
_1952
.
E_
ser
1st ref 5345
Danville Traction let 5(1'33 4534 4534 4534
Georgia Marble 6s__1946 9834 9834 9834
9734 98
Ga Sou & Florida bs_ _1945
101% 102
Houston 0115A% notes'38
102%
10254
58_1949
Lexington (Ky) St
Maryland Elec Ry93
93
1st & ref 634e ser A..1957 93
10234 10234 10234
Norfolk St Rya 5s
9934 9934
North Ave Market 68_1940
102 102
1940 102
Penne W & P 5s
101 101
1932
Silica Gel 8548
Southern Bankers Sec 56'38 10054 100 10054
United Ry & E 1st 45_1949 6734 6534 6734
465( 4934
Income 4s
1949 19
67
64
Funding 5s
1976 67
93
93
6% notes
1930
87
87
1st es_
1046 37
Wa•111 Bait 4. A ii(99 51 19 1) 7934,7934 80
196
_ ' iqn
' i th __
Wer.v , MI 1.r .iiil
•No par value.
9,705
70
8
65
362
370
480
10
137
33
26
39
87
1.566
646
148
721
768
60
3.670
50
20
107
765
14
25
108
4,194
27
439
10
300
5
431
25
245
10
1,493
581
15
16
285
35
1
30
100
20
2,802
21
45
2,354
1,030
160
10
50
2.535
445
3,397
20
160
85
14
Range Since Jan. 1.
High.
Low.
35% July 51% May
Jan
Sept 212
162
June
Mar 161
146
Mar
1573( Nuv 225
Nov
May 26
9
Nov
Jan 67
34
Jan 3434 May
24
Nov
Sept 93
77
June
Aug 49
39
Jan
Nov 48
39
May
Oct 236
200
Apr 115% Sept
113
Jan
Sept 92
89
21% Mar 6734 Nov
Jan 26% Jan
23
Feb 2734 May
23
Nov
8634 Sept 108
Nov
14
Nov
12
July
2434 Nov 26
Nov
8734 June 95
109% Jan 114% May
Oct 10834 Sept
103
100 June 105% Mar
Nov 3334 Jan
20
Jan
Nov 85
62
May
Oct 320
260
Aug
5034 Jan 53
Nov
2434 Mar 35
Apr
Aug 128
97
May
260 June 326
Oct
12
1034 July
16% Jan 2034 Feb
954 Mar 1014 Feb
July
5734 Nov 64
Aug 103% Mar
92
Oct
2454 Mar 33
17% Aug 2034 Oct
May
Aug 195
150
Oct
Apr 33
18
100 June 11354 Mar
July 11354 Nov
93
May
Aug 60
44
Jan
Jan 27
25
4% Nov 21% Jan
Aug
Sept 29
12
8054 Sept 9734 May
Jan
Nov 225
200
7034 Aug 8334 May
Aug 9034 Mar
85
May
Oct 42
29
Jan 9034 Nov
68
Mar 28% Mar
17
Nov
July 52
35
Nov
Oct 97
90
Sept72 May
44
July 2054 Jan
12
34834 June 49634 Sept
Nov
84% Nov 88
18
Feb
Nov
11
Jan 100 June
75
5234 Jan 5534 Jan
3934 Aug 43
May
$1,000
400
36,500
4,000
7.000
2.000
2,000
5,000
1,000
1,000
1,000
4,000
2,000
5,000
98
98
10634
98
9234
9854
98
10534
104
4434
9854
97
100
102
Aug 10334
June 103
Jan 133
Jan 101
Sept9954
Sept 103%
Aug 101%
June 108
June 10734
Sept 4534
Nov 100
Nov 10234
Aug 10534
Nov 103
Feb
Feb
Feb
Feb
Feb
Apr
Mar
Jan
Jan
Nov
Feb
Jan
Sept
Jan
1.000
1,000
1,000
3,000
13,000
10,000
17.000
15,000
7,000
6,000
5,000
9,000
2.000
87
100
97
100
10054
96
65
43
64
89
85
7914
10451
Oct
Oct
July
May
Nov
Oct
Nov
Aug
Nov
Sept
Aug
Nov
Oct
9934
105
101
105%
10655
100%
75
55
8454
9934
90
96
10764
Jan
May
June
Feb
May
Nov
Jan
Jan
Jan
Jan
Jan
Jan
May
DEc. 1 1928.]
FINANCIAL CHRONICLE
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, Nov. 24 to Nov. 30, both
inclusive, compiled from official sales lists:
2
49
42
wwW
000,W
0-40
595
365
475
545
366
475
38 5
28
1
0.02W
001
ow
.Trust Co Stocks—
100
Mercantile Trust
Mississippi Valley Tr _-100
100 475
StL Union Trust
I041
91
91
91
6.000
0
0
Cl...111.. ,If.a.1 fla
Inn
100
Anne
- -
Street Ry Bonds—
City & SuburP S 5s_ _ _1934
Miscellaneous Bond a—
O
O
Miscellaneous Stocks—
20 33
3234 34
185
A fi Aloe Co,corn
2836 3134
Bentley Chain Stores,com • 30
726
•50 51
Preferred
210
•
15
Best Clymer Go
15
25
• 4134 40
4134
Boyd-Welsh Shoe
120
100
Brown Shoe,corn
4634 47
225
•
9
Burkart Mfg,com
104
10
9
• 20
Preferred
1834 20
650
Century Electric Co. _100
130 130
3
Champ Shoe Mach, pf _100
104 105
30
Chicago Ry Equip,pfd —25
17
17
4
934 12
Cons Lead & Zinc"A"— -• 1134
2,430
"
33
Elder Mfg,cow
33
50
100
80
8034
310
Emerson Electric, pfd- _100
108 108
20
WalkerDGds,com25
32
Ely &
3034 3334 1,939
20
20
10
Fred Medart Mfg,com_ .1,
11134 11134
Globe-Democrat,pfd -.100
10
GranIte131-MetalUc
10
95c 1.00
1,500
Hamilton-Brown Shoe _25
21
21
10
cora_
_100
Br,
336
Hydraulic Pr
3% 3%
7
100
73% 74
Preferred
38
* 75
75
Intern Shoe,corn
8034 4,809
100 111
111 111
Preferred
50
•
39
Johansen Shoe
39
30
• 65
63
Johnson-8&SShoe
65
155
" 553: 52
Koplar Co. pref
553: 2,725
100
321 321
Laclede Steel Co
31
44
44
Landis Machine,com _25
25
mama:key-Ryan Aircraft.-5 21
1734 22
2.792
54
Moloney Electric"A"----• 58
58
2.622
4234 44
Mo Portland Cement __25 44
946
Marathon Shoe,com- _25
52% 53
35
•
Blank°
20
Meyer
20
20
750
* 1734 1734 18
Nat Candy,corn
335
* 3534 3534 3634
Pedigo-Weber Shoe
114
*
Pickrel Walnut
24
24
100
Rice-Stir D Caels. oom--* 26
2334 27
19.30
Vie
108 108
let preferred
25
100
98 100
2nd preferred
17
Scruggs-V B D 0,com —25 1734 1734 18
1.120
preferred
100 78
1st
78
78
1
100
2nd preferred
80
80
398
• 36
Scullin Steel, pref
36
825
3634
•
Securities Inv,corn
37
3736
950
Sedalia Water,pref __ _ _100 10134 10134 10131
10
• 6634 6634 6634
Sheffield Steel,corn
225
*
Skouras Bros"A"
55
57
675
SouthwsternBellTel,pf 100 120
11934 120
91
Stlx,Baer&Fuller,com
*
36
36
65
SS Louis Pub Serv,corn-- -• 2234 20
23
135
Preferred"A"
• 81
81
81
16
Wagner Electric,corn_ _• 13434 13434 148%
789
Preferred
100 10834 108 10834
95
$lia
335
189
180
00,,100.WW04203C0.1.00.
,W03.”-.WWW1-.10.000,0,4100,4 o-.02 .6000-4k.0
10.43..4,0W
0,4000-4,
1-4 W00 .-.0.400,0003wsi,
.404300.000
.-,00 0..000243000 wowwww0-1wwoo 0ww
334
166
180
345
Feb
236 [May
200
Jan
70
JanH
366
Nov
490 Sept
XX
X
XX
AA
X
A
XX
'X A X
XXA A
X
4-4.44.X.S.4...aY4.4Z9.XWgZZXZZXZ,,Z*W 4.X*
44XZR4.c.c.XZ0WXZ.X.n6W
gg.'OnCgC14,71igg.M.W.Mn$$%1Mag$$gne$1:Cgre$ 11T454 egCeaP.74
I' Bank Stocks—
First National Bank ___100 334
Nat'l Bank of Corn-----100 169
State National Bank _ _100
KA
.
g
Stocks—
priaay
JClied
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Par. Price. Low. High .Shares. Low.
MO.
40 May
3134 Nov
51
Nov
27
Apr
45 May
5534 Apr
1734 Jan
24% Apr
145
Mar
107
Mar
20 June
1734 May
38 May
90 May
110
Aug
3334 Jan
37
Apr
11834 May
1.00 Nov
30
Jan
6 May
87 May
87
Apr
113
Aug
45 May
70 May
5534 Nov
321
Nov
5034 May
26
Aug
58
Nov
52 May
6034 Oct
20
Nov
2334 Jan
45 May
2434 Oct
27
Nov
117
Apr
104
Jan
22
Aug
85
Feb
86 Sept
46
Apr
3734 Nov
10236 Nov
87
Sept
57
Nov
121
Mal
38% On
3234 Jun,
89 Jun(
15634 Nov
10834 No
93
Ao
•No par value.
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED WITH
TITLES
REQUESTED.
Capital.
Nov. 23—Fairlawn National Bank, Fairlawn, N..1
$50.000
Correspondent, Nicholas Kuiken, Fairlawn, N. J.
APPLICATION TO ORGANIZE APPROVED.
Nov.23—The Brooklyn National Bank of New York, N. Y
_41.000,000
Correspondent, Hon. Emanuel Celler, 51 Chambers
St., New York, N. Y.
CHARTER ISSUED.
Nov.19—The First National Bank of Winnebago,Minn
$25,000
President, Alpheus Hewitt. Cashier, H. J. Grant.
CHANGE OF TITLE.
Nov.20—The City National Bank of Corpus Christi. Tex., to "The
City
National Bank & Trust Co. of Corpus Christi."
VOLUNARY LIQUIDATION.
Capital.
Nov.23—The First National Bank of Brooklyn, N.Y
Effective3 o'clock P.M..Nov.221928. Lieu Comm.:$1,000,000
Wm, S. Irish, 26 Court St., Brooklyn, N. Y., and
Ansel P. Verity and Harold J. Bennetter,260 Broadway, Brooklyn, N. Y. Succeeded by First Bank of
Brooklyn. The liquidating bank has two branches
both loacted in the City of New York.
CONSOLIDATION.
Capital.
Nov. 19—The National Bank of Sullivan, Ind
$150,000
Peoples State Bank of Sullivan, Ind
Consolidated to-day under Act of Nov. 7 1918, as 125,000
amended Feb. 25 1927, under the charter of the
National Bank of Sullivan, No.5392, and under the
title "Peoples National Bank and Trust Co.of Sullivan." with capital stock of $150,000.
3049
Shares. Stocks.
$ per share. Shares. Stocks.
$ per share.
5 Brockton G.L.Co.(undeposited).
134 Globe Enterprise Co.. corn.;
par $25
42
74-100 Floyd Lunch Corp. pref.$75 lot
lb Inyo Chemical Co. class A com15 Graton & Knight Co. pref
72
mon, par $10; 1510010 Chem.Co
20 Groton tk Knight Co.. corn
1334
class B common
860 lot 25 Amer. Glue Co. common
39
5 Amer. Glue Co. common
39
73 Old Colony Trust Assoc_.63%-db .
10 Lamson & Hubbard Corp.Pref 87 600 Liverpool Silver Mines Co., par
2 Lamson & Hubbard Corp. corn.— 17
10c.; 100 Catalina Copper M.Co.'
10 All Enamel Co
$1 lot
Dar $2: 10 Boston Auction Co.:
3 units First Peoples Trust
50
2,000 Montana & Denver Reduo5special units First Peoples Trust
3
tion Co., Par ill 100 Detroit
750 Lockwood Greene & Co., Inc..
Electrical Works, par $10; 100 Bos7% pref.; 180 Lockwood Greene
ton Seven Devils Copper Co..
& Co. Inc., class B
$6 lot
par $25; 10 Amer. 5 and 10-Cent
Me
Merrimack
:imack Chemical Co., par
Stores, Pref.; 20 Amer. 5 and 10550
90
Cent Stores corn., par $1; 800
91 Carr Mfg. Co. common
$3 lot
Smith Motor Truck Corp. corn..
6 units First Peoples Trust
temp. ctrs., par 510;5 California50
5 Nicholson File Co
302
Idaho Co. common; 1.000 Amer.
15 Saco-Lowell Shops, 2d pref
13
Atomizing Aerator Co.. par $10:
30 Saco-Lowell Shops common47 Wetumpka Fruit Co.. par $50;
731
25 Wilcox Comb Co.class A:10 Pot10 Northwest Gen. Elec. Co.,
ter Knitting Co. pref.: 50 New
prof.; 500 Alaska Mildred Gold
Eng. Minerals Co.: 50 Eureka
Min. Co., par $5; 250 Argyle SilCroesus Mining Co., par $1:
ver Min. Co., Ltd., par 81; 100
4 Winona Copper Co., par $25:
Maraville Copper Co.. par $25:
1 North Lake Mining Co.. Par
1,300 Boston Quicksilver Mining
$25; 1 Winchester Rock Brick Co.
Co., par 510; 5100 Down Town
pref., par $25; 1 Winchester Rock
Club mtge. 5s, Oct. 1895; 1,000
Brick Co. common, par $10
Internat. Tidal Power Co.. par $1;
$8 lot
20 Converse Rubber Shoe Co. pref. 2%
200 US-MER-JA Chemical Co..
150 Lockwood Greene & Co.. Inc..
pref., par $10; 200 US-MER-JA
Chemical Co. corn., par $10; 20
7% prof.; 22 Lockwood Greene &
Co., Inc., oleos B
$2108
Elmore Placer Co. coin., par $25:
42
60 Maine Gas Co.common
$150 lot
8 New England Power Ass'n 6% pf- 9934 78 New Eng. Power Assn.6% pfd. 9934
300 Old Colony Trust Associates... 63
1,000 Etna Lead & Zinc Corp.. Par
25 New Eng. Minerals Co.; $4,000
31
815 lot
New Eng. Minerals Co. 88,
152 Ludlow Mfg. Assoc. 195-197 ex-dlv.
Oct. 1938
$25 lot 10 Hopkins dr Allen Arms Co.corn.;
2 units First Peoples Trust
50
100 Hopkins & Allen Arms Co.
10 Saco-Lowell Shope 1st pref
prof. ($15.67 paid in liquid.).
2814
50 Farms Co., Inc., cl. A com
834
Par $1: 10 U. S. Machine Gun
50 Missouri-Kansas Farms Co.
Co. oleos IV tr. Ws.: 100 U. S.
class A common
50c.
Machine Gun Co. class III trust
33,000 Jerome Del Monte Copper
cUs.: 98 Rivett, Lathe & Grinder
Co., par $1: syndicate receipt for
Co. common; 2 Rivett, Lathe &
74 10-12 she. Jerome Del Monte
Grinder Corp. common
$5 lot
Copper Co
8100 lot 100 E. E. Taylor Co. let pref. (de31 Post Office Square Co. let pref.
posited stock)
$1.10
(ctf. of deposit)
534 20 E. E.Taylor Corp. Pref., Pax 810 50
10 K. C. Joint Stock Land Bank;
50 Bower Mining Co., Ltd
81 lot
20 units Burdinee, Inc.: 100
$825 trust ctf. under the New Eng.
Lamer Armored Tire Co. of New
Invest. Secur. Co. common
Eng.,par $10; 100 Pollock Pen Co.
share protective trust
$8 lot
common
$410 lot
Rights—
$ Per right.
100 Lockwood Greene & Co.. Inc.,
25 Haverhill G. Lt. Co., w. I
4
7% pref
Bonds-134
Per cent.
30 Merrimac Hat Corp. common_ 64
$3,000 None Mills 7148 Feb. 1928
20 Groton & Knight Co. pref
(Aug. 1926 coup.& sub,coup.on)$310t
7234
By R. L. Day & Co., Boston.
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per oh.
477
5 First National Bank
25 Quincy Market Cold Storage &
1 Webster lit Atlas Nat. Bank. .21034
Warehouse Co. common
3634
182
5 Boston National Bank
25 Fitchburg Oa,dr El. Co. v.t. o.
61 National Shattnut Bank
335
Par $50
126
Bank,
Bedford,
5 First Nat.
New
14 Beverly G.& El. Co., par $25—
and First Nat. Co., New Bedford 311
20 Fall River El. Lt. Co. v. t. c., 8684
3 West Point Mfg. Co
140
Par $25
62
18
20 Lancaster Mills pref
27 Haverhill Elec. Co. v. t. c., par
3 Lancaster Mills common_
3-3;4
$25
91%
Shaw Stocking23
15-20
15 Hood Rubber Co. 734% Pref-75-7534
100 Sharp Mfg. Co. pref
134 2 units First Peoples'rrust
ao
18
10 Lancaster Mills pref
47 Old Colony Trust Associates.— 65
10 Great Falls Mfg. Co
634 6 units First Peoples Trust
50
83 Brookside Mills
60
25 Howes Bros. Co. 1st pref. ser. B. 7634
15 Arlington Mills
4134 4 Charlestown G.& El. Co. v. t. o.,
15 Naumkeag Steam Cotton Co_ _ —138
par $25
135
3034 2 units First Peoples Trust
2 Nyanza Mills
ao
44
16 Pureoxia Co. common
20 Nashua Mfg. Co.common
lb
29
10 Ipswich Mills pref
5 Mass. Ltg. Cos. 6% pref
101
195
55 Ludlow Mfg. Associates
425 Internat. Musical Corp. prof.,
1 Merrimack Mfg. Co. common....,168par $1; 500 Internat. Musical
11134
3 Pepperell Mfg. Co
Corp. corn., par 81
$50 lot
550
2 Mass. Bonding & Ins. Co
50 Bowman-Biltmore Hotel Corp.
10 Quincy Market Cold Storage &
2d pref
18
Warehouse Co.. pref
13special units First Peoples Trust- 334
70
10 Bausch Machine Tool Co. com
3
10 Quincy Market Cold Storage &
5
25 L. A. Crossett & Co. prof
Warehouse Co. common
3634
810 lot 1,240 Pollock Pen Co
285 Middlesex Trust
$10108
85
15 Regal Shoe Co. prof
80 No. Bost. Ltg. Props. pref.,
19 Amer. Stay Co.'pref
5375 lot
Par $50
5034
20 Merrimac Chemical Co., pax 550 8834
23 Mass. Ltg. Cos. 8% Pref. (un131
30 Saco-Lowell Shops, 2d pref
deposited)
13
10 Western Mass. Cos
7034 18 Amer. Glue Co. pref
11834
20 Teziutlan Copper M. & Smelt.
$534 lot
Rights—
Co. common
i per sh.
40 Amer. Glue Co.common
3834 2 Second Nat. Bank, Malden
23
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
1,000 Night Hawk, par 81
10 Assets Realization Co
$ Per sh.iShares. Stocks.
$ Per oh.
6ct 10 Keller Qualitol, Inc., Par $20-500. lot
$1 lot
By Adrian H. Muller & Sons, New York:
Allures.
261 Baron Hirsch Cemetery. par
$25
$12
10 Amer. Exch. Cigar Co., pref.,
par $50; 199 Amer. Exch. Cigar
Co. common, par $50
$155 lot
325 Carbola Chemical Co., common, par $5
8325 lot
300 Carbola Chem. Co. pref., par
$440 lot
$5
25 Credit Discount Corp. of Amer ,
Preferred
$20
200 New Dominion Copper Co ,
Auction Sales.—Among other securities, the
525 lot
Par $5
following,
27 Glen Ridge Land Co.,no par.. $100lot
not actually dealt in at the Stock Exchange, were sold at
Amer. Internat. Discount
In New York, Boston, Philadelphia and Buffalo on auction 100Corp..
no par;3,900 Amer.MonoWednesday of this week:
rail Co., par $10: 60 Bonanzo Oil
& Prospecting Co., par 81; 50
Wise,
By
Hobbs & Arnold, Boston:
Corporate Realty Assn.; 60 InShares. Stocks.
terboro. Brewing Co., corn., par
$ Per eh.
•
$ Der sh.
25 Boston National Bank
182
510; 330 Interboro Brewing Co.
7 Richird Borden Mfg.Co
12
5 Waltham Nat. Bank, par $75-20031 100 U.S. Worsted Corp.
Pref., par 510:61 Monoroad Con1st pref.-- 50c.
7 Pepperell Mfg. Co
111
str'n Co.; $6,600 Monoroad Con14 Davis Mills
5034
21 New Eng.Sou. Mills com.,undestr'n Co. 6% bonds, due Oct. 1
10 Davol Mills
1236
Posited
$134 lot 100 Ipswich Mills common
1919: 100 Nabob Silver Lead Co.
51c.
2 Nashua Mfg. Co. pref-88 & accr. div. 40W.L.Douglas Shoe
Par $25:27Palm Fibre Flower Co.
Co. prof
90
60 Farr Alpaca Co
corn., par 85; 100 Stewart Devel.
135
300 E.B. Busbee Secur. Corp
26 Royal Weaving Co
Co., par 31; 200 Somerset West190
20 Smith & Dove Mfg. Co. Pref.$1 lot
15 Kilburn Mill
ern Oil Co., par 81; 200 Steward
7034
($100 paid In liquidation)
1%
8 Nashua Mfg. Co. common
Silver
46 6 Columbian Nat.
Lead Co.. par $25.760 TriLife Ins. Co. 43
17 Lancaster Mills common
2
angle Film Gor". coin., par $5;
10 Newton Theatre Inc.,
9034
10 Arlington Mills
4134 32 Brockton G. L. Co.Prof
Wilkes-73117e Coal Co. 1st
85,000
v. t. c.,
30 Butler Mills
56, Mar. 1 i•14-0; tO Corpon.tion
41
par 825
42
14 Davol Mills
'^^e
pref., our $10; Buil1134 15 Ludlow Neu. Ass0ciatos---193
•
ex-div.
22 B. B. & R. Knight Corp. pref
ut..g
d' s
b0 Groton & Knight Co.common..
1234
V.:C
,t lot
.
.12. •
_
1134
490 Incirptodcot Brick CO
850lot
Per Oh.
1,000 Everett :Heaney & Co., Inc.,
no par
$450 lot
250 Joseph W. Woods & Sons Co.,
1st mei
i.30 lot
500 Steele Compress Co. of Mo.$4.000 lot
3.060 Tropical Fruit Corp.. no
Par
$100108
91 Seaconnett Mills common
81 lot
10 warrants Hudson Valley Coke &
Products Corp. (warrants entitle
holder to purchase 10 abs. for
each warrant of the common
stock of the Hudson Valley Coke
& Prod. Corp. at $22.50 per
until Jan. 1 1929. and at 630 per
sh. up to Jan. 11930)
$3b lot
20 Educational Radio Corp.. no Par $1 lot
50 Cleveland Akron Bag Co
83 lot
10 Fitch Cornell & Co
$12
2,264 Solar Metal Products Co. 2d
pref
$1,000 lot
669 Solar Metal Products Co. let
pref
$500 lot
5 Coral Groves. Inc
$3 lot
20 Twin Lake Lodge Inc
$10 lot
150 Good-Hopkins Lumber Co $55 tot
765 Fraser Lumber Co.. par $1$451ot
6,000 Livingston Mince Corp.
(Delaware), par $1
1,000 Allied Oil Corp., par 81; 500
Island Oil dr Transport Corp.,
temp. Ws., par $10
$2 lot
68 Burton Stores Inc
U0 lot
600 Manunoth Divide Misting Co.
(Nev64.0. par 10 mita
51) klorldale Town Site Corp.. el. A82 lot
prof.. no par
$7 lot
per share.
Shares. Stocks.
50 Floridale Town Site Corp. corn.. •
$1 lot
no par
75 Equity Securities dr Realty
Corp. corn., no par; 150 Equity
Securities & Realty Corp. 7%
$1,000 lot
cum. pref., par $50
25 Amer. Philippine Co., corn.;
25 Amer. Philippine Co. pref_ -$10 lot
90 Philippine Refg. Corp. corn.,
class A, Par 50 pesos: 2,327.25
Philippine Refg. Corp. pref.,
Ell lot
par 50 pesos
$2 lot
2,000 Alaska Mines, Par $1
$1 lot
9 Cast Steel Ship, common
$2 lot
29 Cast Steel Ship pref
$2 lot
18 Oil Lease Devel., no par
$1 lot
100 Canada Copper par $5
600 Canada Conner echoer'''. rots.,
$2 lot
$150 paid, par $5 each
$1 lot
200 Maxim Munitions, par $5
Demand note of the U. S. Farm
Feed Corp., dated Apr. 1 1927,
$20 lot
for $2,666.67
Demand note of U. S. Farm Feed
Corp., dated June 20 1927, for
$25 lot
$2,666.67
4,000 United Mineral Lands Co.,
6 assessments paid; 7th assessment, of be, per eh., payable
Oct. 24 up to Nov. 24 1928, not
$11 lot
Paid: par 31
60 Balmer Corp. com. V. t. c., no
$10 lot
par
$ per ;hare.
Shares. Stocks.
$1 lot
50 Hibbard Process Corp
900 Butterworth-Judson Corp.com...$1 lot
6,000 Mldwood 011 & Gas Co.(W.
22 lot
Va.), par 31
80 Continuous Casting Corp. pref.
$2 lot
(Va.), par 325
300 Members Interest Comanche
County 011 Co. of De Leon,Tex.,
w"incorP. It. stk. co., par 81-.52 lot
20 United Tube Co.8% corn. pref.-58 lot
$2 lot
10 United Tube Co. common
343 Internat. Brass & Copper Co.,
Inc.,8% cum. pref., par $10-52 lot
293 Internat. Brass & Copper Co.,
$2 lot
Inc., common, par $10
Per cent.
Bonds$300 J. R. Shanley Estate coll. tr.
$250 lot
513, reg., Feb. 15 1914
256,000 Georgia & Florida RR.Income non-stage. 6% bonds of
$4,500 lot
1951
$10,000 Superior Colliery Co. 1st
20-yr. 56, Oct. 1 1932. Oct.
1926 and subseq. coup. attached,
$100 lot
$5,000 Colima Lumber Co. 1st 6s,
May 1910 coup. attached, ctf.
$5 lot
of deposit
2.000 Russian Ruble 534s, Inter$4 lot
nal bonds
2500 1.8. C. Corp. 1st deb. 6s. reg_
$2 lot
Oct. 1931
By Barnes & Lofland, Philadelphia:
a Per sh.
.
.
Shares.
9234
14 Broad St. Ti. Co., par $50
70 Farmers d; Merchants Bank,
8031
5 Fairhill Trust Co., par $50
Marion, S. C.; 37 Marion (S. C.)
par
Co.,
Tr.
dc
Title
St.
Market
2
lot
$9,600
Mfg. Co
660
550
5 Delaware Co. Nat. Bank of Chas3 Manheim Trust Co., par ESC__ 66
340
ter, Pa
265
9 Aldine Trust Co
180
15 Overbrook National Bank
15 Reliance Insurance Co., par 310_ 27 " 21 Republic Trust Co., par $50___ _170
6034
$50
par
Co.,
Trust
Glenside
9
3034
$50
par
4 Phila. Bourse com.,
60
15 Glenside Trust Co., par $50
10 Girard Ave. Title dr Trust Co..
110 Bethlehem Laboratories,Inc_ _540 lot
33
par $50
25 Tip Top Coal Co., pref., with
22 Market St. Title & Tr. Co.,
$40 lot
25 shs. common, no par
660
Par 550
36 Welte Co., pref., no par:6 Welte
par
pref.,
Co.,
Gilmer
H.
L.
1,000
$16 lot
no
par
common,
Co.
I%
$10
25
23 20th Century Mining Co., Ltd.,
2Phila. Life Ins. Co., par $10
$4 lot
$10
par
2431
$10
par
Co..
13 Phila. Life Ins.
104 Phila. Warehousing & Cold
10 units Fidelity Mtge. Guarantee
4734
Storage Co
Co. (10 pref., par $100, aid 10
S Commercial Truck Co., pref-___$1
110
common par $1)
10 Keystone Telephone Co., pref.,
415
1 Textile National Bank
55
no par
441
1 Southwark Nat. Bank
$40 lot
100 Highlands Devel. Corp
440
4 Southwark Nat. Bank
Six placer mining leases, Kitchener
785
2 Phila. National Bank
Mine. Keithley Creek,B. C.--$10 lot
780
18 Phila. National Bank
135 Valley Forge Hotel Co., pref.,
779
12 Phila. National Bank
34
with 67 corn, as bonus
472
3 Northern National Bank
$15 lot
10 Shergll Corp
35 Drovers & Merchants Nat. Bk_ _161
$15 lot
10 Shergil Corp
10 Tradesmen's Nat. Bank & Trust
16 Horn dc Hardart Auto of III.,
541
Co
$7 lot
pref., with 8 com,as bonus
4 Tradesmen's Nat. Bk. dr Tr.Co 541
180
3 Belmont Trust Co
5 Bala-Cynwyd Nat. Bank,Pa_ ___150
lot
_53
pf
8%
Dev.
5
Engineers
Federated
Camden,
of
14 Amer. Nat. Bank
250
150
21 Colonial Trust Co
N. J
42 Mitten M. dr M. Bk. dr Tr.,
19 Farmers & Mechanics Trust
12634
stamped
150
Co., West Chester, Pa
Prt cent.
Rights3 Brandywine Tr. dr Says. Bank,
Co_
5
Tr.
dc
Bank
Nat.
Ardmore
10
181
Del
Wilmington,
20 Ardmore Nat. Bank & Tr. Co._. 534
355
15 Union Bank & Trust Co
354
20 Union Bank & Trust Co
Per cent.
&Mils469
5 Bank of Phila. dr Trust Co
$2,000 Atlas Storage W'house Co.
10 Olney Bank dr Tr. Co., par 550-464
60
1935
6s.
2d
10-yr.
mtge.
Co.
Tr.
sic
Bk.
M.
&
M.
Mitten
10
$2,000 Phila. Rap. Tr. Co. 50-yr.
125
(unstamPed)
10334
s. C. 6s, 1962
35 Mitten M.& M.Bk. de Tr. Co.
120
$1,000 Quemahoning Coal Co. 1st
(unstamped)
84
s. f. 6s, 1935
1321
1 Northern Trust Co
$1,000 Suburban Gas Co. of Phila. i
66
550
par
Co.,
Tr.
&
Title
Allegheny
5
_102%
registered_
1952,
cony.
Is,
lot
5 Central Trust & Says. Co.,
246
$1,000 N. Y.Interurban Water Co.
Dar 550
9834
1st s. f. 5s, 1931, reg
890
70 Fidelity-Phila. TMust Co
25,000 Imperial Russian Govt. 5348
5 Susquehanna Title & Tr. Co..
1916, due 1926
of
issue
loan
war
62
550
Par
(Feb. 1917 & all sub. coup. at6 Susquehanna Title & Tr. Co..
$500
62
tached)
Par $50
$5,000
Cherokee Co. let 15-yr. 8s
Co.,
Tr.
dc
Title
5 Susquehanna
$25 lot
(ctfs. of deposit)
57
Par $50
(is.
127 Bankers Trust Co.. par 550-144% $4,000 Rosemary, Inc., col tr
85
'43
10
July
9234
15 Broad St. Tr. Co.. par $50
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Dec. 31 Holders of rec. Dec. 15
2
Buffalo dr Susquehanna, pref
*52.50 Dec. 15 *Holders of rec. Dec. 1
Delaware Lackawanna dr West.(qu.)
8734c Dec. 10 Holders of rec. Nov. 30a
Erie & Pittsburgh (guar.)
8
52.1234 Jan. 2 *Holders of rec. Dec. 7
Morris & Essex
_
Jan. 2 *Holders of rec. Dec.
N.Y. N. H. dr Hartford, com.(quar.)_ •1
*131 Jan. 2 *Holders of rec. Dec. 7
Preferred (guar.)
+134 Jan. 2'Holders of rec. Dec. 15
N.Y. Lack. & Western (quar.)
rec. Dec. 10
Pittsb. Ft. Wayne & Chic., com.(quar.) •1% Jan. 2 *Holders of rec. Dee. 10
+134 Jan. 8 *Holders of
Preferred (guar.)
Public Utilities.
Amer.Public Utilities*51.75 Jan. 2 *Holders of rec. Dec. 15
Prior Pref. and partic., pf.(V.)
$1.75 Dee. 1 Holders of rec. Nov. 20
American Utilities$7 prof.(guar.) _(qu.)
pt.
7%,
134 Jan, 1 Holders of rec. Dec. 10
Bangor Hydro-Elec.Co.
134 Jan, 1 Holders of rec. Dec. 10
mg per cent preferred (quar.)
34 Jan. 15 *Holders of rec. Dec. 20
pf.
(qu.)____
of
Pa.
634%
*1
Telephone
Bell
II% Jan. 1 *Holders of rec. Dec. 15
Brazilian Tr. L.& Pow.,pref.(qu.)
of rec. Dec. 31
California-Oregon Power, 7% pf. (cm.). 134 Jan. 15 Holders of rec. Dec. 31
134 Jan. 15 Holders
Six per cent preferred (quar.)
*234 Dec. 1 *Holders of rec. Nov. 20
Connecticut Power,com.(guar.)
•134 Dec. 1 *Holders of rec. Nov.20
Preferred ((Mar.)
of rec. Dec. 28
_
Consolidated Gas(N.Y.) pref.(guar.). *51.25 Feb. 1 *Holders of rec. Nov. 30
Continental Pass. Ry.(Philadelphia)._ _ '32.50 Dec. 30 *Holders
of rec. Dec. 20
*Holders
15
Jan.
•134
prof.
...(Qum.)
Diamond State TeleP.,
Jan. 2 Holders of rec. Dec. 15
1
Duke Power,com.(quar.)
of rec. Dec. 15
Holders
2
1
Jan.
(extra)
Common
134 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
'$1.75 Jan. 2'Holders of rec. Dec. 13
Elec. Power & Light, pref.(quar.)
Jan. 1 Holders of rec. Dec. 12
(quar.).
$1.75
pf.
37
Electric Public Service
1 Holders of rec. Dec. 12
Electric Public Utilities 37 pf.(quar.)_ _ _ 51.75 Jan. 31
*Holders of rec. Dec. 29
Dec.
'2
(qusx.)
Bell
TeleP.
Illinois
[VoL. 127.
FINANCIAL CHRONICLE
3050
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities. (Concluded).
$1.75 Feb. 1 Holders of rec. Jan. 17
Internat. Utilities, $7 Pref. ((Mar.)
Class A (quar.)
8734c Jan. 15 Holders of rec. Dec. 27a
Memphis Power & Light, 87 pref.(qu.)- $1.75 Jan. 2 Holders of rec. Dec. 15
$6 preferred (quar.)
$1.50 Jan. 1 Holders et rec. Dec. 15
Nat. Elec. Power Co.,6% pref. (quar.)_ •134 Jan. 1 *Holders of rec. Dec. 20
•134 Jan. 1 *Holders of rec. Dec. 20
Seven per cent preferred (Guar.)
New England Pub.Serv.,com.(quar.)„ •45c. Dee. 31 "Holders of rec. Dec. 15
$6 preferred (quar.)
*51.50 an. 15 *Holders of rec. Dec. 31
"51.75 Jan. 15 *Holders of rec. Dec. 31
$7 preferred (quar.)
*51.75 Dec. 15 *Holders of rec. Nov.30
Prior lien pref.(qua!'.)
*31.75 Jan. 15 Holders of rec. Dec. 31
Adjustment series, Pref.(War.)
New York Steam Corp..$6 prof.(qu.)
+51.50 Jan. 2 'Holders of rec. Dec. 15
*51.75 Jan. 2 *Holders of rec. Dec. 15
$7 preferred (quar.)
N.Y. Water Service Corp., pref.(quar.) 81.50 Dec. 15 Holders of rec. Dec. 5
Northern Ohio Pow. & Lt.,6% Pr. (qu.) 134 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (quar.)
134 Jan. 2 Holders of rec. Dee. 15
Northsest Utilities prior lien, pf.(qu.)
*51.75 Jan. 2 *Holders of rec. Dec. 15
Penn Central Light & Power,55 Pf.(qu.)- *El.25 Jan. 1 *Holders of rec. Dec. 16
Penna. Gas dr Elec. Corp., panic. A_ _ -- '3734c Dec. 1 *Holders of rcv. Nov.20
Penna. Water & Power (quer.)
6234c Jan. 2 Holders of rec. Dec. 14
Portland Electric Power,6% 1st pf.(qu.) *134 Jan. 1 *Holders of roe. Dec. 15
*134 Jan. 1 *Holders of rec. Dec. 15
Prior preferred (quar.)
Dec. 20 Holders of rec. Nov. 30
Power Corp.of Can., corn.(No. 1)(qu.)_ $1
75c. Jan. 15 Holders of rec. Dec. 31
Participating preferred (guar.)
*50c. Dec. 31 *Holders of rec. Dec. 7
Public Service Corp.of N.J., corn
*40c. Dec. 31 *Holders of rec. Dec. 7
Common (extra)
*Holde of rec. Dee. 7
Dec. 31 'Holders
+2
8% preferred (quar.)
7% preferred (quar.).)
•144 Dec. 31 *Holders of rec. Dec. 7
Dee. 31 *Holders of rec. Dec. 7
•
referred (quar.)
6% preferred
6% preferred (utility)
*50c. Dec. 31 *Holders of rec. Dec. 7
Pub. TAIL Consol.Corp.,com.A(mthly.). 162-3 Dee. 10 Holders of rec. Nov.30
581-3 Dec. 10 Holders of rec. Nov.30
Seven per cent, prof.(monthly)
San Joaquin Light dr Pow, pf"A"(qu.)_ •134 Dec. 15 *Holders of rec. Nov. 30
*134 Dee. 15 *Holders of rec. Nov. 30
Preferred"B"(quar.)
Jan. 2 Holders of rec. Dec. 10a
Savannah El.& Pow., 1st pt.ser A (qu.)- 2
First preferred series B (quar.)
134 Jan. 2 Holders of rec. Dec. 10a
Southern Canada Power, pref (quar.)._ _ *134 Jan. 15 *Holders of rec. Dec. 20
Southern Cities Utilities, $6 pr pf.(qu.)- $1.50 Dec. 1 Holders of rec. Nov. 10
Union Pass.Ry.(Phila.)
an. 1 *Holders of rec. Dec. 15
*S4
West Phila.Pass.Ry
W
"14.25 an. 1 *Holders of rec. Dec. 15
Jan,
1 Holders of rec. Dec. 6
Winnipeg Elec. Co., pref.(mum)
154
Banks.
Comxm
tra
erce, Nat. Bank of (quar.)
Extra
4%
2
Holders of rec. Dec. 14a
an. 2 Holde
2 Holders of rec. Dec. 14a
Miscellaneous.
Allied Chemical & Dye Corp. pi.(qu.)- - 1% Jan, 2 Holders of rec. Dec. 11
Amer. Art Works,com.& pref.(guar.) - 1% Jan. 15 Holders of rec. Dec. 31
756. Feb. 15 Holders of rec. Jan. 31a
Amer. Can.,com.(guar.)
Jan. 2 Holders of rec. Doe. 14a
El
Common (extra)
1% Jan. 2 Holders of rec. Dec. 14a
Preferred (quar.)
$1 Dec. 21 Holders of rec. Dee. 3
Amer. Encaustic Tiling (guar.)
$2 Dec. 31 Holders of rec. Dec. 13
Amer. Locomotive,corn.(qure.)
1% Dec. 31 Holders of rec. Dec. 13
Preferred (quar.)
*31 Jan. 2 Holders of rec. Dec. 10
Amer.Safety Razor(guar.)
25c Jan. 2 Holders of rec. Dec. 10
.
Extra
750. Jan. 2 Holders of rec. Dec. 13
American Solvents & Chemical, pref
1% Jan. 2 Holders of rec. Dec. 10
American Tobacco, pref. (guar.)
+50c. Jan. 15 *Holders of rec. Jan. 5
Amer. Vitrified Products, com.(qu.)
•1,4 Feb. 1 *Holders of rec. Jan. 19
Preferred (quar.)
Dec. 15 *Holders cf rec. Dec. 1
Anchor Post Fence (slack dividend)---- *e5
•51.75 Dec. 20 *Holden of rec. Dec. 10
Apolic Magneto, new pref.(No. 1)
Associated Dry Goods Corp., corn.(qu.) 63c. Feb. 1 Holders of rec. Jan. 12
134 Mar. 1 Holders of rec. Feb. 9
First preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 9
Second preferred (quar.)
pref
prior
(g) Dec. 15 Holders of rec. Dec. 5
Atlantic Terra Cotta,
Dec. 15 Holders of rec. Dec. 5
1
Preferred (quar.)
$2 Dec. 15 Holders of rec. Dec. 5
Auto Car Co., pref. (quar.)
Jan. 2 Holders of rec. Dec. 10
75c.
_
(qu.)_
A
Auto Strop Safety Razor,com.
Bancroft(Joseph)& Sons Co.,com.(qu.) *62% cDec. 3 *Holders of rec. Dec. 17
75e. Jan. 10 Holders of rec. Dee. 24
Beech-Nut Packing, corn. (qua!'.)
*50c. Jan. 1 Holders of rec. Dec. 15
Sandia Corp., new stock (qua!'.)
Benson & Hedges (Can.), Ltd., pt.(qu.) 154 Dee. 1 Holders of rec. Nov. 15
_
"31
(quar.)
common
Borg-Warner Corp.,
Comm on (payable in common stock)_ _ 412
556. Jan, 2 Holders of rec. Dee. 15a
Brillo Mfg.,class A (quar.)
4.1y,4 Jan. 2 *Holders of rec. Dec. 15
Brockway Motor Truck, pref. (quar.)- Blumenthal(Sidney) & Co., pref. (qu.). •1% Jan. 2 *Holders of rec. Dee. 15
3734c. Jan. 2 *Holders of rec. Dee. 20
California Ink, class A (quar.)
• 12%c. Jan. 2 *Holders of rec. Dec. 20
Class A (extra)
1% Dec. 31 Holders of rec. Nov.30
Canada Cement, prof. (quar.)
37%c. Dec. 15 Holders of rec. Nov.30
Canada Malting, Ltd
Case (J. I.) Threshing Mach.,corn.(qu.) '154 Jan, 1 *Holders of rec. Dec. 10
•1% Jan. 1 *Holders of rec. Dec. 10
Preferred (quar.)
Celanese Corp. of Amer.. prior pf.(qu.). 1% Jan. 1 Holders of rec. Dec. 14
334 Dec. 31 Holders of rec. Dec. 14
First participating preferred
*25c. Dec. 31 *Holders of rec. Dec. 11
Commercial Credit Co., corn.(quar.)_.
•1% Dec. 31 'Holders of rec. Dec. 11
%% 1st preferred (Oar.)
6
654%
.43%c Dec. 31 *Holders of rec. Dec. 11
7% preferred (quar.)
*50c. Dec. 31 "Holders of rec. Doe. 1
8% preferred (quar.)
*31.25 Deo, 31 "Holders of rec. Dec. 14
Congress Cigar (quar.)
*20c. Jan. 30 *Holders of rec. Jan. 15
Continental Motors (quar.)
Dec. 13
Crown Willamette Paper, 1st pref.(qu.). *31.75 Jan. 1 *Holders of rec.
•$1.50 Jan. 1 *Holders of rec. Dee. 13
Second preferred (guar.)
Dec. 1
rec.
of
*Holders
15
Dee.
*1%
_
(quar.)
Cuneo Press, Inc., 634% prof.
*50c. Jan. 2 *Holders of rec. Dec. 20
Curtis Publishing, com.(monthly)
20
Dec.
rec.
of
*Holders
2
Jan,
*50c.
(extra)
Common
•88c. Dec. 15 *Holders of rec. Dec. 4
Cutler Hammer Mfg.(quar.)
of rec. Dec. 1
Delaware, Lack.& West. Coal (qua!',),, *82.50 Dec. 15 *Holders
•20c. Jan. 2 *Holders of rec. Dec. 15
Detroit & Cleveland Nay.(quar.)
•20c. Jan. 2 *Holders of rec. Dec. 15
Extra
rec. Nov. 21
Dinkier Hotels Co., Inc., Cl. A (quar.)- .50c. Dec. 1 *Holders of rec. Dec. 1
Jan. 1 Holders of
1
Draper Corp.(quar.)
•1,‘ Jan. 1 *Holders of rec. Dec. 20
Eisenlohr (Otto) & Bros., prof. (QC.)--.
Dec. 1 Holders of rec. Nov. 28
Erskine-Danforth Corp., com.(guar.).- $1
256. Dec. 1 Holders of rec. Nov. 28
Common (extra)
Jan. 2 'Holders of rec. Doe. 26
*2
Preferred (quar.)
*20c. Jan. 2 'Holders of rec. Dec. 20
Federal Motor Truck (quar.)
Federated Business PublicationsJan. 2 Holders of rec. Dec. 20
0234c.
First preferred (quar.)
Filene's (William) Sons Co., pref. (qu.). "1% Jan, I 'Holders of rec. Dec. 20
*75c. Jan. 2 *Holders of rec. Dec. 13
Fleischman Co. (quar.)
•50c Jan. 2 *Holders of rec. Dee. 13
Extra
*25c Jan. 2 *Holders of rec. Dec. 7
Forhan Co., common (quar.)
+40c Jan. 2 *Holders of rec. Dec. 7
Clem A (quar.)
51.75 Dec. 16 Holders of rec. Deo. 3a
Giant Portland Cement, Prof
'3734c Jan, 2 'Holders of rec. Dec. 17
Glidden Co., common
'1234c Jan. 2 *Holders of rec. Dec. 17
Common (extra)
*70c. Jan. 2 *Holders of rec. Dec. 15
Great Western Sugar, corn.(quar.)
'1 51 fan. 2 *Holders of rec. Dec. 15
Preferred (quar.)
Hawaiian Agricultural Co., preferred,,, *60c.
Hawaiian Comm'l & Sugar(monthly)._ _ *25c. Dec. 5 *Holders of rec. Nov.24
11
Heime (George W.) Co., corn, (quar.)-- 31.25 Jan. 2 Holders of rec. Dec. 11
$2 Jan. 2 Holders of rec. Dec.
Common (extra)
11
Dec.
rec.
of
Holders
.2
Jan.
1%
Preferred (quar.)
Dec. 24 *Holders of rec. Dec. 13
*2
Hercules Powder, common (quar.)
Dec. 24 *Holders of rec. Dec. 13
Common (extra)
Jan. 15 Holders of rec. Dec. 31
Hillerest Collieries, Ltd., com.(quar.)
Jan. 15 Holders of rec.*Dec. 31
Preferred (quar.)
Dec. 15 *Holders of rec. Dec. 5
Honolulu Consol. Oil (guar.)
Dec. 15 *Hodlers of rec. Dec. 5
Extra
Jan, 15 *Holders of rec. Jan. 3
Illinois Brick (guar.)
Apr. 16 *Holders of rec. Apr. 3
Quarterly
July 15 *Holders of rec. July 3
Quarterly
15 *Holders of rec. Oct. 3
Oct.
Quarterly
Dec. 28 Holders of rec. Dec 7
Imperial Tobacco of Canada, ord. (final
Holders of rec. Dec. 7
28
Dec.
Ordinary (interim)
Income Producing CorpDec. 15
Coin,(lab.7% pf. for each 15 com.)..
DEC. 1 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Miscellaneous (Concluded).
Independent Oil & Gas(quar.)
*50c. Jan. 31 *Holders of rec. Jan. 15
Ingersoll-Rand Co., common (extra).
- *SI Dec. 31 *Holders of rec. Dec. 10
•3
Preferred
Jan. 2 *Holders of rec. Dec. 10
Insuranshares Corp,corn (qu.)
25C. Dec. 1 Holders of rec. Nov. 20
Internat. Business Machines (quer.)- -. *$1.25 Jan. 10 *Holders of rec. Dee.
28
Stock dividend
*e5
Dec. 28 *Holders of rec. Dec. 20
International Cement, corn. (quer.) -- 5$1
Dec. 28 *Holders of rec.
Internat. Equities Corp,class A (aU.)- - - 8735c Jan. 2 Holders of rec. Dec. 11
Dec. 200
Internat. Petroleum, Ltd., bearer shares
25c. Nov. 30 Holders of coup. No. 18
Registered stock
25c. Nov. 30 Nov. 24 to
Preferred (No. 1 for month of Dec.)__* 5434c. Jan. 1 *Holders of rec. Nov. 30
Dec. 20
•1u Jan. 1 *Holders of
Internat.Silver, pref.(quar.)
rec. Dec. 12
Ropier Co.. preference(quar.)
31.10 Dec. 1 Holders of rec. Nov. 24
Korach (S.) Co.,(quar.)
$2
Nov. 30 Holders
Kraft-PhenixCheeseCorp.,new corn.(qu) *3734c Jan. 1 •Holders of rec. Nov. 26
of rec. Dec. 20
Leath & Co., pref. (quar.)
87 Sic. Jan. 1 *Holders of rec. Dec. 15
Laboratory Prod. Co.(extra) in stk_ _
*e3 Jan. 15 *Holders of rec. Dec. 20
Lehigh Coal & Nev.(quar.)
$I
Nov. 30 Holders of rec. Oct. 31
Liquid Carbonic Corp.(stk. My.)
*e20 Feb. 1 *Holders of rec. Jan. 6
Macy(R.H.)& Co.,com.(quar.)
50c. Feb. 15 Holders of rec. Jan. 25
Common (payable in corn,stock)
f5 Feb. 15 Holders of rec. Jan. 25
Mathieson Alkali Works, com. (qu.)-- 81.50 Jan. 2 Holders of rec.
Dec. 170
Preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 170
Mapes Consolidated Mfg. (quar.)
50c. Jan. 1 Holders of rec. Dec. 15
Motor Wheel Corp., corn. (quar.)
50c Dec. 20 Holders of rec. Dee. 5
Municipal Finance Corp. A (qu.)
683ic Jan. 2 Holders
Myers(F. E.)& Bros., corn.(quer.)_ _ - *50c. Dec. 31 *Holders of rec. Dec. 20
of rec. Dec. 15
Preferred (quar.)
*51.50 Dec. 31 *Holders
Nanheim Pharmacies, Inc., pref.(qu.) 62 Sic. Feb. 1 Holders of rec. Dec. 15
of rec. Jan. 17
Nat. Dairy Products, com.(in com. stk.) 11
Apr. 1 Holders of rec. Mar. 40
Common (payable in common stk.)-- 11
July 1 Holders of rec. June 3a
Common (payable in common stock). 11
Oct. 1 Holders of rec. Sept. 3a
National Standard (quar.)
*75c. Jan. 2 *Holders
Nat. Surety, new S30, pref. stk. (quar.)_ $1.25 Jan. 2 Holders of rec. Dec. 20
of rec. Dec. 19a
• 3734c. Dec. 15
N.Y. Auction Co., Inc.(quar.)
*Holders of rec. Dec. 1
011 Shares, Inc.. corn. (No. 1)
3734c. Dec. 20 Holders
Oneida Community, corn. (quar.)_• 431ic. Dec. 15 *Holders of rec. Dec. 100
of rec. Nov. 30
• 43% c. Dec. 15
Participating preferred (quar.)
*Holders of rec. Nov.30
11%
Otis Steel. pref.(quar.)
. Jan.
1 *Holders of rec. Dec. 19
Pacific Finance Corp.,com.(quar.)
*75c. Jan. 2 *Holders
Penick & Ford,Ltd..Pref.(quar.)
*Ix Jan. 1 *Holders of rec. Dec. 20
of rec. Dec. 14
Pennsylvania Investing, cl. A (qu.)
6234c. Dec. I Holders of rec. Oct. 31
Phillips Petroleum (quar.)
3734c. Tan. 2 Holders of rec. Dec. 14
Extra
50c. Jan. 2 Holders of rec. Dec. 14
Pressed Steel Car, pref. (quar.)
Dec. 31 Holders of rec. Dec. 1
Pruett-Schaffer Chem., pref.(qu.)(No.1) *50c.
Pure 011, 8% pref. (quar.)
•2
Jan. 1 *Holders of rec. Dec. 10
6% preferred (guar.)
*1.34 Jan. 1 *Holders of rec. Dec. 10
4.1
5%% preferred (quar.)
Jan. 1 *Holders of rec. Dee. 10
Q. R. T. Co., corn. (quar.)
*50c. Jan. 15 *Holders of rec. Jan. 2
Realty Associates, 1st pref.
533 Jan. 15 *Holders of rec. Jan. 5
Reo Motor Car (quar.)
•20c. Jan. 2 *Holders of rec. Dec. 10
11*Extra
*20c. Jan. 2 *Holders of rec. Dec. 10
Republic Investing, pref.(quar.)
35e. Jan. I Holders of rec. Dec. 15
Rich Tool, class B
*52 Dec. 15
Ritter Dental Mfg.,corn.(qu.)(No. I)_ _ *6234c Apr. 1 *Holders of rec. Dec. 10
Schiff Company,cony. pref.(qu.)
•
Dec. 15 *Holders of rec. Nov. 30
Scott Paper,corn.(quar.)
25c. Dec. 21 Holders of rec. Dec. 7
Shawmut Association (quar.)(No.
.20c.
Signal Oil & Gas, Cl. A & B (special)
550c. Jan. 10 *Holders of rec. Dec. 20
Sparks-Withington Co.,corn.(qu.)
*75c. Dec. 31 *Holders of rec. Dec. 14
*1M
Preferred (quar.)
Dec. 15 *Holders of rec. Dec. 5
Standard Milling, corn.(quar.)
1% Dec. 31 Holders of rec. Dec. 18
Preferred (quar.)
1)4 Dec. 31 Holders of rec. Dec. 18
Stanford's, Limited, corn.(quar.)
25c. Dec. 15 IIolders of rec. Nov. 30
Swedish-Amer.Investment Corp.
pref.(called for red. Jan.2)_ _.$ 1.62;4 Jan. 2 Holders of
rec. Dec. 15
Swift & Co.(quar.)
Jan. 1 1)ec. 11 to Jan. 10
2
Telentograph Corp. pref.(quar.)
Jan. 10 Holders of rec. Dec. 31
Tide Water Ass('.Oil, pref.(qu.)
*114 Jan. 2 *Holders of rec. Dec. 10
Tide Water Oil, coin.(quar.)
*20c. Dec. 31 *Holders of rec. Dec. 10
Ulen Sr Co.,8% pref
4
Jan. 2 Holders of rec. Dec. 20
7;4% preferred
3% Tan. 2 Holders of rec. Dec. 20
United Carbon. pre(
0335 Jan. 1 *Holders of rec. Dec. 15
United Dyewood Corp., pref. (guar.)._ _ •1% Jan. 2 *Holders
of rec. Dec. 13
United Profit Sharing, corn
60c. Jan. 15 Holders of rec. Dec. 150
U.S. Leather, pi for pre( (quar.)
Jan. 2 *Holders of rec. Dec. 10
Vulcan Detinning, pref. (guar.
1% Jan. 1 9 Holders of rec.Jan. 9a
Pref,account accum.dividend)
hl
Jan. 19 Holders of rec. Jan. 90
Preferred A (quar.)
191 Jan. 19 Holders of rec. Jan. 90
Walalua Agricultural Co.(extra)
*80c. Dec. 15 *Holders of rec. Dec. 5
Warner-Quinlan Co.,com.(quar.)
+50c. Jan. 2 *Holders of rec. Dec. 12
Weber & Heilbroner,corn.(quar.)
$I Dec. 31 Holders of rec. Dec. 12
Preferred (quar.)
1% Feb. 1 Holders of rec. Jan. 11
Wess Oil & snowdrift. com.(quar ).._ _ $1
Western Canada Flour Mills, corn.(qu.) *35c. Jan. I Holders of rec. Dec. 15
Dec. 15 *Holders of rec. Nov. 30
% pref.(quar.)
•1%
Dec.
Westinghouse Elec. Mfg., corn.(qu.) _ _ _ *31 Jan. 15 *Holders of rec. Nov.30
31 *Holders of rec. Dec. 31
Preferred (quar.)
*31 Jan. 15 *Holders of rec. Dec. 31
Weston Elec. Instrument Corp., cl. A.._ _
Jan. 2 Holders of rec. Dec. 15
Willys-Overland Co.,corn.(qu.)
*30c Feb. I *Holders of rec. Jan. 18
Common (extra)
*S1.25 Feb. 1 'Molders of rec. Jan. 18
Preferred (quar.)
*134 Jan. 2 *Holders of rec.
Dec. 20
Yale AL Towne Manufacturing (qu.)_ _ _ _
Si Jan. 2 Holders of rec. Dec. 10
Yukon-Alaska Trust, ctfs. of Int
$2 Dec. 10 Holders of rec. Dec. 7
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
$2
Dec. 28 Holders of rec. Nov. 28
Ordinary (extra)
$1.50 Dec. 28 Holders of rec. Nov. 28
Preferred
$2
Feb. 13 Ilolders of rec. Jan. 11
Preferred (extra)
$1.50 Feb. 13 Holders
A tch.. Topeka & Santa Fe, corn. (quay.) 2)4 Dec. I Holders of rec. Jan. 11
of rec. Oct. 266
Atlantic Coast Line RR., com
335 Jan. 10 Holders of rec. Dec. 12a
Common (extra)
134 Jan. 10 Holders of rec. Dec. 12a
Baltimore & Ohio, corn. (quar.)
1% Dec. 1 Holders of rec. Oct. 20s
Preferred (quar.)
Dec. 1 Holders of rec. Oct.
Bangor & Aroostook, corn. (quar.)
87c. Jan. 1 Holders of rec. Nov. 20e
Preferred (quar.)
1% Jan. 1 Holders of rec. Nov. 30o
Boston & Albany (quar.)
2% Dec. 31 Hr-liters of rec. Nov. 30a
30
Boston & Providence (quar.)
2)4 Ian. 1 Holders of rec. Dec.
Canadian Pacific, common (quar.)
234 Dec. 31 Holders of rec. Nov. 20
30a
Chesapeake Corp. (quar.)
75c. Jan. 1 Holders of rec. Dec.
Chesapeake & Ohio common (quar.)__ _ _
234 Jan. 1 Holders of rec. Dec. 8a
8a
Preferred series A
33.1 Jan
1 Holders of rec. Dec.
Chestnut Hill (quar.)
75c. Dee. 4 Nov. 21 to Dec. ito
Chicago & North Western, common
2
Dec. 31 Holders of rec. Dee. 3a
Common (extra)
50c. Dec. 31 Holders of rec. Dec. 3a
3a
Preferred
334 Dec. 31 Holders of rec. Dee. 30
Chic. R. I. & Pacific common (quer.)_ _ _
134 Dec. 31 Holders of rec.
Dec.
7a
preferred
6%
3
Dec. 31 Holders of rec. Dec.
7a
7% preferred
3)4 Dec. 31 Holders of rec.
Dec. 7a
Chic. N.0.& Texas Pacific common__ _ *4
Dec. 26 *Holders of rec. Dec. 7
.3
Common (extra)
Dee. 26 *Holders of rec. Dec. 7
Preferred (quar.)
•13( Dec. 1 +Holders of rec. Nov. 21
Cleveland Sr Pittsburgh,spec. guar.(qu.)
50c. Dec. 1 Holders of rec. Nov.
10
Guaranteed (quar.)
8734c. Dec. 1 Holders of rec. Nov. 10
Consolidated RRs.of Cuba, pref.(au.)_ _
1;4 Jan. 2 Holders of rec. Dec.
10a
Cuba Northern,common
$4.40 Dec. 28 Holders of rec. Dec. 28a
Cuba RR.. preferred
Feb1'29 Holders of tee. Jan 1529
3
Delaware & Hudson Co.(guar.)
2)4 Dec. 20 Holders of
*1% Jan. 2 *Holders of reo. Nov. 27
Gulf, Mobile & North., pref. (quar.)
rec. Dec. 15
Hocking Valley. common (quar.)
2
Dec. 31 Holders of rec. Dec. 80
3051
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Continued).
Hudson & Manhattan. common
Dec. 1 Holders of rec. Nov. 16a
Illinois Central, corn.(quar.)
194 Dec. 1 Holders of rec. Nov. 90
Leased lines
Jan. 2 Dec. 11 to Jan. 5
2
Kansas Oklahoma & Gulf, pref. A
Dec. 15 Holders of rec. Nov. 30
6
Maine Central, com. (quar.)
1
Jan. 2 Holders of rec. Dec. 160
Preferred ((Mar.)
Dec. 1 Holders of rec. NOV. 15
Midland Valley, preferred
51.25 Dec. 1 Holders of rec. Nov.240
Missouri-Kansas-Texas, prof. A (quar.)_
194 Dec. 31 Holders of rec. Dec. 15a
Mobile & Birmingham, prof
2
Jan. 2 Dec. 2 to Jan. 1
New Orleans Texas & Mexico (quar.)_
194 Dec. 1 Holders of rec. Nov. 15a
N.Y.Chicago Sr St. L.,corn & pt.(qu.)_
134 Jan. 2 Holders of rec. Nov. 15a
Norfolk & Southern
134 Jan. 3 Holders of rec. Dec. 20
Extra
1
Jan. 3 Holders of rec. Dec. 20
Norfolk & Western,corn.(quar.)
2
Dec. 19 Holders of rec. Nov. 300
Common (extra)
2
Dec. 19 Holders of rec. Nov. 300
Pere Marquette. corn. (quar.)
134 Jan. 2 Holders of rec. Dec. 70
Five per cent prior preference (quar.)_
1% Feb. 1 Holders of rec. Jan. 40
Five per cent preferred (quar.)
131 Feb. I
of rec. Jan. 40
Phila. Germantown & Norristown (riti.)_ $1.50 Dec. 4 Holders
Nov. 21
Dec. 3
Pittsburgh Bessemer & Lake Eric. pref.... $1.50 Dec. 1 Holders ofto
rec. Nov. 15
HUM). Youngst. & Ashtab.. Pt. (qu.)-- 134 Dec. 1 Holders
of rec. Nov. 20
Reading Co. 1st pref. (quar.)
50c Dec. 13 Holders of rec. Nov. 220
Second preferred (quar.)
50c Jan. 10 Holders of rec. Dec. 206
Rutland RR., preferred
1
Dec. 15 Holders of rec. Nov. 300
St. Louis-San Francisco, corn.(quar.)_ _
191 Jan. 2 Holders of rec. Dec. 30
Common (extra)
250. Jan. 2 Holders of rec. Dec. 30
Preferred (quar.)
1% Feb 1'29 Hold, of rec. Jan. 7 '250
Preferred (quar.)
134 May 1 Holders of rec. Apr. 130
Preferred (quar.)
134 Aug. 1 Holders of rec. July la
Preferred (quar.)
114 Nov. 1 Holders of rec. Oct. la
Southern Pacific Co.(quar.)
134 Jan. 2 Holders of rec. Nov. 280
Union Pacific, corn. (quar.)
234 Jan. 2 Holders of rec. Dee. la
Virginian Ry., common (annual)
*57
Dec. 31 *Holders of rec. Dec. 8
194
111
Public Utilities.
American Gas Co.(quar.)
2
Dec. 28 Holders of rec. Dec. 200
Amer. Power & Light, corn. (quar.)-- - 25c. Dec. 1 Holders of rec.
Common (one-fiftieth share corn. stk.) (f) Dec. 1 Holders of rec. Nov. 15
Nov.
Corn. (extra) (5-50ths oh. corn. stock) (f) Dec. 1 Holders of rec. Nov. 16
16
Amer. Superpower, corn. A Sr B(1-25th share common A stock)
(f) Dec. 31 Holders of rec. Nov.30
First preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
$6 preference (quar.)
$1.50 Jan. 2 Holders of rec. Dee. 15
American Teleg. dr Cable (guar.)
1% Dec. 1 Holders of roe. Nov. 30a
Amer. Telep. & Teleg.(quar.)
2% Jan. 15 Holders of rec. Dec. 20a
Amer. Water Wks.& Elec., 1st pf.
.(qu.) $1.50 Jan. 2 Holders of rec. Dec. 12a
Associated Gas & Elec. $6 prof.(quad.). I $1.50 Dec. 1 Holders of rec. Oct. 31
$634 preferred (quar.)
31.625 Dec. 1 Holders of rec. Oct. 31
$5 pf.(au.)(No. 1)
I $1.25 Dec. 15 Holders of rec. Nov. 15
Original preferred (guar.)
I 8714c Jan. 2 Holders of rec. Nov. 30
$7 preferred (quad.)
I 31.75 Jan. 2 Holders of rec. Nov. 30
Associated Telep. Utilities. $7 prof. (1111.) $1.75 Dec. 15 Holders of rec. Nov. 30
56 preferred (quer.)
$1.50 Dec. 15 Holders of rec. Nov. 30
Atlantic Public Utilities, corn. A (qu.)_..
50c Dec. 1 Holders of rec. Nov.20
Preferred series A (quar.)
$1.75 Dec. 1 Holders of rec. Nov.20
Baton Rouge Elec. Co.. pref. A (quar.)_
1% Dec. 1 Holders of rec. Nov. 150
Blackstone Val. Gas & Elec., pref
3
Dec. 1 Holders of rec. Nov. 150
Boston Elevated Rya., com. (quar.)____ •1% Jan. 2 *Holders of rec. Dec. 10
First preferred
*4
Jan. 2 *Holders of roe. Dee. 10
Preferred
*334 Jan. 2 *Holders fo rec. Dec. 10
Brooklyn City RR.(guar.)
10c Dec. 15 Holders of rec. Dec. la
Brooklyn Union Gas (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 70
Brazilian Tr., L. & P., ord. (quar.)_-__
44c Dee. 1 Holders of rec. Oct. 31
Brooklyn Edison Co. (quar.)
2
Dec. 1 Holders of rec. Nov. 80
Bklyn-Manhattan Tr., pref. A (quar.)__ $1.50 JanI5'29 Holders of rec.
Dec. 31.
Preferred series A (quer.)
$1.50 ApI5'29 Holders of rec. Apr. 1'290
Buff. Niagara & East.Pow.. corn.(qu.)_ 530c Dec. 31 *Holders of rec. Dec.
15
Class A (quar.)
*30c Dec 31 *Holders of roe. Dec. 15
Preferred (quar.)
*40c Dec. 31 *Holders of rec. Dec. 15
$5 preferred (quar.)
'$1.25 Jan. 31 *Holders of rec. Jan. 15
Canadian Hydro-Electric. 1st pt.(qu.)__
134 Dec. 1 Holders of rec. Nov.
Central Ark. Pub. Serv. Corp., pf.(qu.) 1% Dec. 1 Holders of rec. Nov. 10
15
Central Ill. Pub. Serv., pref. (quar.)
'$1.50 Jan. 15 *Holders of rec. Dec. 31
Central Indiana Power, pref. (quer.)_ _ _ *lit Dec. 1 *Holders of rec. Nov. 20
Central Public Service, class A (qu.)
•4334c Dec. 15 *Holders of rec. Nov. 24
Chicago Rapid Transit (monthly)
*65c Dec. 1 *Holders of rec. Nov. 20
Prior prof. series B (monthly)
•60c Dec. 1 *Holders of rec. Nov.20
Clev. Elec. 111.6% pref.(quar.)
1% Dec. I Holders of rec. Nov. 15
*134 Dec. 31 *Holders of rec.
Cleveland Hy., corn. (quzr.)
Dec. 10
Consol. Gas El. L. Ar Pow., Balto.Common (quar.)
.75c Jan. 2 *Holders of rec. Dec. 15
4.1%
Preferred series A (quar.)
Jan. 2 *Holders of rec. Dec. 15
Preferred series D (quar.)
*114 Jan. 2 *Holders of rec. Dec. 15
Preferred series E (quar.)
'1.38 Jan. 2 *Holders of rec. Dec. 15
Consolidated Gas(N. Y.). corn.(quar.)
750 Dec. 15 Holders of rec. Nov. 86
Consolidated Gas Utilities A (quar.)_
*55c Dec. 1 *Holders of rec. Nov. 19
Consumers Power Co.,$5 prof.(quar.)__ 51.25 Jan. 2 Holders of rec. Dec. 15
1% Jan. 2 Holders of rec. Dee. 15
6% Preferred (guar.)
6.6% preferred (quar.)
51.65 Jan. 2 Holders of roe. Dee. 15
7% preferred (quar.)
114 Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov. 15
6.6% Preferred (monthly)
55c. Jan. 2 Holders of rec. Doe, 15
Detroit Edison Co.(quar.)
Jan. 15 Holders of rec. Dec. 200
2
East Kootenay Pow , pref. (quar.)
1% Dec. 15 Holders of rec. Nov.30
Empire Gas dr Fuel,6% pref.(monthly). *50c. Dec. 1 *Holders of rec. Nov. 15
614% preferred (monthly)
*541isc Dec. 1 *Holders of rec. Nov. 15
7% Preferred (monthly)
*581rc Dec. 1 *Holders of rec. Nov. 15
• 662-3c Dec. 1 *Holders of rec.
8% preferred (monthly)
Nov. 15
Engineers Public Serv., com.(qu.)(No.))
25c. Jan. 2 Holders of roe. Nov.290
$5 Preferred (quar.)
$1.25 Jan. 2 Holders of rec. Nov. 29.
$5.50 pref. 'quar.)
1.3734 Jan. 2 Holders of rec. Nov. 28
English Elec. Co., Canada A
*31.50 Jan. 15 *Holders of rec. Dec. 31
Federal Light & Traction. corn.(quar.) _ _
20c. Jan. 2 Holders of rec. Dec. 130
Common (payable in common stock) _ _ fl5c. Tan. 2 Holders of rec. Dec. 13a
Preferred (quar.)
104 Dec. 1 Holders of rec. Nov. 17a
Federal Water Service, cl. A (qu.)
550c Dec. 1 Holders of rec. Nov. 8
Gary Railways, pref. A (quar.)
$1.80 Dec. 1 Holders of rec. Nov.20
General Public ServiceCommon (3-100 share of corn. stock)_.. (f) Dec. 31 Holders of rec. Dec. 10
Corn.(special) (5-100 share com. stk.) (I) Dec. 31 Ilolders of rec. Dec.
10
$6 preferred (quarterly)
31.50 Feb. 1 Holders of rec. Jan. 10
$5.50 preferred (quar.)
1.3734 Feb. 1 Holders of rec. Jan. 10
Convertible Preferred (quad.)
$1.75 Feb. 1 Holders of rec.
10
Gulf States Utilities, $6 Prof.(quer.)_ _ _ _ 31.50 Dec. 15 Holders of rec. Jan.
Dec. 50
$5.50 preferred (quar.)
1.3734 Dec. 15 Holders of rec. Dec. 50
Hackensack Water, corn.(quar.)
75c. Dec. 1 Holders of roc. Nov. 14a
Preferred (quar.)
8734c Dec. 1 Holders of rec. Nov. 140
Havana Electric Hy., prof. (quad.)
134 Dec. 1 Holders of rec. Nov. 9a
Illinois Power Co., 6% prof.(quar.)
1;4 Jan. 2 Holders of rec. Dec. 15
7% Preferred (quar.)
1% Ian. 2 Holders of rec. Dec. 15
Indianapolis Water, pref. A (quar.)____
I% Jan. 1 Holders of rec. Dec. 120
Indiana Service, 7% prof. (Guar.)
1% Dec. 1 Holders of rec. Nov. 15
6% Preferred foliar.)
1% Dec. 1 Holders of rec. Nov.
International Power Securities (No. 1)_ _ *El Dec. 15 *Holders of rec. Dec. 15
Kansas City Power & Light, p1. B (qu.)_ *51.50 Jan. 1 *Holders of rec. Dec. 1
15
Laclede Gas Light, corn.(quar.)
234 Dec. 15 Holders of rec. Dec. la
Preferred
234 Dec. 15 Holders of rec.
la
Laclede Gas & El., prior lien ((Man)- - •1% Dec. 1 *Holders of rec. Dec.
Nov. 24
Louisville Gas & Elec.com.A & B (qu.)- 4391 Dec. 24 Holders of rec. Nov.300
Massachusetts Gas Cos.. prof
Dec. 1 Nov. 16 to Nov.30
2
Middle West UHL, prior lien stk.(qu.).... $2
Dec. 15 Holders Of roe. Nov. 10
$6 prior lien ((Mar-)
$1.50 Dec. 15 Holders of rec. Nov. 10
Monongahela W.Pa.Pub.Sec. pf.(qu.)_ 43% Jan. 2 Holders of rec. Dec. 15
.14 Jan. 2 *Holders of rec. Dec.
Montana Power.corn.(quad.)
14
National Power & Light, common (qu.)
25c. Dec. 1 Holders of rec. Nov. 12,
$7 preferred (quad.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Nebraska Power. pref.(quad.)
1% Dec. 1 Holders of rec. Nov. 15a
New England Telep.& Teleg.(quar.)- - - 2
Dec. 31 Hrlders of rec. Dec. 10
Name of Company.
[vol..
FINANCIAL CHRONICLE
3052
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
127
Books Closed
Days Inclusive.
Miscellaneous (Continued).
1% Dee. 1 Holders of rec. Nov.20
Asch Limited, pref.(guar.)
Nov. 20
At800. Apparel Indus., com.(mthly.)..' 33 I-3c Dee. 1 *Holders of rec.
• 33 1-3e Jan 2'29 *Holders of rec. Dec. 21
Common (monthly)
Nov. 100
rec.
of
Holders
1
Dec.
1)5
1st
pref.(quar.)-Associated Dry Goods
134 Dec. 1 Holders of rec. Nov. 10a
2d preferred (quar.)
50e. Dec. 31 Holders of rec. Dee. 10a
Associated 011 :guar.)
*75e. Dec. 31 *Holders of rec. Dee. 21
Associates Investment Co.((Man)
.260. Dec. 31 *Holders of rec. Doe. 21
Extra
Des. 1
e200
My.).
(stock
Fisheries
Atlantic Coast
All. Gulf.4 W.1.5.5. Lines pref.(N.). 75e. Dec. 31 Holders of roe. Dec. lle
*135 Dec. 15
Atlantic Macaroni
250. Dec. 15 Holders of rec. Nov. 21a
Atlantic Refining, new common
*50c. Dec. 1 *Holders of rec. Nov. 18
Atlas Portland Cement (guar.)
Dee. 10 Holders of roe. Nov. 300
$I
Atlas Powder, common (guar.)
•4334c Dec. 1 *Holders of rec. Nov. 19
Atlas Stores (quar.)
135 Jan 1'29 Holders of roe. Dec. 200
Babcock & Wilcox Co.(guar.)
134 Aprl'29 Hold. of rec. Mar.2029.
Quarterly
*50e.
Backstay Welt Co.(qu.)(No. 1)
*50a. Dec. 1 *Holders of rec. Nov.20
Balaban & Eats, com.(monthly)
*50e. Jan. 1 *Holders of roe. Dec. 20
Common (monthly)
*134 Jan 1'29 *Holders of roe. Doe. 20
Preferred (quar.)
Baldwin Locomotive Wks.,com.& pfd- - 33.4 Jan. 1 Holders of roe. Dec. la
Bamberger (L.)& Co.
135 Dee. 1 Holders of roe. Nov. 100
Preferred (guar.)
Jan. 2 *Holders of reo. Dec. 15
*El
Baneltaly Corp.(guar.)
(y) Jan. 1 *Holders of rec. Nov. 1
Stock dividend
$4 Jan. 15 Holders of rm. Dec. 31
Bankers Capital Corp., corn
317 Jan. 15 Holders of roe. Dec. 81
Common dt preferred (extra)
Jan15'29 Holders of roe Dec. 31
$2
Preferred (quar.)
Dec. 21 *Holders of rm. Dec. 10
.25e.
com....
Amer.,
of
Trust
Invest.
Bankers
Dee. 31 *Holders of rm. Dec. 20
•15e.
Debentureshares(guar.)
50c. Jan. 1 Holders of rec. Dec. 15a
Barker Bros. Corp., corn. (guar.)
135 Jan, 1 Holders of roe, Doe. I50
Cony. 634% pref. (guar.)
'62340Dec. 1 *Holders of roe. Nov. 15
Bastian Blessing Co., com. (guar.)
ree. Nov. 16
Bawlf (N.) Grain Co.. Ltd.. pref.(qu.). 134 Deo, 1 Holden of roe.
Nov. 15
Beacon Participations, earth,. pref.(gm) 250. Dec. 1 Holders of rec. Nov.240
60c. Dec. 10 Holders of
Beech-Nut Packing, corn. (extra)
Nov.80
rec.
of
Holders
15
Dec.
134
pro!.
(guar.).
Ltd.,
li,
Belding-Corticel
rec. Nov.30
Belgo-Canadian Paper. pref.(guar.) --- 13.4 Jan. 2 Holders of rec. Nov.20
•20e. Dec. 1 *Holders of
Belle Isle Creamery (extra)
Nov.20
rec.
of
Holders
1
Dec.
30e.
Bentley Chain Stores, corn. (guar.).
Dee. 1 Holders of rec. Nov.20
El
Preferred (guar.)
Nov. 20
rec.
of
Holders
1
Dee.
30e.
(guar.)
Berry Motor
750. Dec. 15 Holders of roe. Nov. 23.
Beet & Co., common (quar.)
194 Jan. 2 Holders of ree. Dec. la
Bethlehem Steel. pref. (guar./
13.4 Dee. 81 Dee. 26 to Dec. 30
Bloch Brothers Tobacco. pref. (guar.)
194 Jan. 2 Holders of roe. Dec. 15
Blumenthal (Sidney) & Co., pref
Jan. I *Holders of rec. Dec. 16
*3
(guar.)
Corp.
Securities
Boardwalk
Dec. 15 *FR Iders of rec. Dee. 1
*2
Christmas dividend
Dec. 15 Doe. 1 to Dec. 10
Boles Chia" Oil Corp. com. A (qual.)... 2
Dec. 1 Holders of rec. Nov. 15a
31.50
Borden Co. Common (guar.)
rec. Dec. 1
Boston Woven Hose & Rubber,com.(qu) $1.50 Dec. 16 Holders of
Dec. 15 Holders of rah Dec. 1
3
Preferred
roe. Dee. 1
of
Holders
15
Dec.
PI
)
Boston Woven Hose & Rub..com.(ett.
•50c. Dec. 1 *Holders of rec. Nov. 17
Brach (E. J.) & Sons (guar.)
ree. Nov.20
of
*Holders
1
Dec.
•194
pref.
(guar.)
Brill Corp.,
Dec. 1 *Holders of rec. Nov. 17
*El
Bristol Manufacturing
Dee. 31 Holders of reo. Dee. 21
$I
Bristol-Myers Co.(guar.)
•40c. Dec. 1 *Holders of tee. Nov. 15
British Type Investors A (hi-monthly)
roe. Nov.20
Brown (John W.) Mfg., com.(guar.).-- *25e. Dee. 1 *Holders of
'1234c Dee. 1 *Holders of roe. Nov.20
Common (extra)
Nov. 200
roe.
of
Holders
1
Dec.
6254e.
Brown Shoe,common (guar.)
Dec. 15 Holders of rec. Nov. 16
$1
Buckeye Pipe Line (guar.)
Dec. So
roe.
of
Holders
2'29
Jan
25e.
(guar.)
Bucyrus-Erie Co., common
Banks.
62t4c Jan 2'29 Holders of roe. Dec. 8a
Convertible preferred ((Plan)
Dec. 1 Holders of rec. Nov. 18
of rec. Dee. 8a
Amer. Colonial Bk. of Porto Rico(gu.)- 2
Holders
2
Jan.
154
21a
(guar.)
Dec.
pref.
7%
Jan. 2 Holders of rec.
2
Chelsea Exchange(guar.)
7543. Dec. 10 Holders of rec. Nov.280
3
Dec. 1 Holders of rec. Nov. 150 Burrough Adding Machine (guar.)
&Columbus
*50e. Feb. 1 *Holders of rec. Jan. 4
Bush Terminal Co., com.(guar.)
234 Dec. 1 Holders of rec. Nov. 15
Prlsco State(guar.)
Feb. 1 *Holders of rec. Jan. 4
_
_
_
_
stock)
*1135
corn,
in
(payable
Common
26
3
Dec. 1 Holders of roe. Nov.
•1ti Jan. 15 *Holders of rec. Dec. 28
Port Morris
Debenture stock (guar.)
Trust Companies.
Jan. 2 *Holders of rec. Dee. 14
(guar.)._
*154
pref.
Bides.,
Terminal
7
Bush
Dec.
rec.
of
*5 Dec. 15 *Holders
Bronxville
*760. Dee. 20 *Holders of rec. Doe.
3 Dec. 31 Holders of rec. Dee. I50 By-Products Coke,corn.(extra)
Equitable ((mar.)
.40c. Dec. 1 *Holders of roe. Nov. 14
Byron-Jackson Pumps (guar.)
Dec. I *Holders of rec. Nov 19
*4
Farmers Loan & Trust (extra)
Deo, 15 Holders of roe. Nov.300
$1
California Packing Corp.(quar.)
25e. Jan. 1 Holders of reo. Nov. 230
California Petroleum (guar.)
Fire Insurance.
d$1.50 Dec. 17 Holders of rec. Dec. la
Calumet dr Arizona Mining ((mar.)
*8100
Commonwealth (stock dividend)
Dec. 17 Holders of rec. Dec. la
al
Extra
*e100 Subject to stkhldrs meet'g Nov. 12
Globe & Rutgers Fire (in stock)
Dee. 15 Holders of rec. Nov. 300
Calumet dr Hecla Cons, Copper Co.(qu.) $1
Dec. 1 *Holders of rec. Nov. 19
*31
Importers dz Exporters (guar.)
Doe. 1 *Holders of rec. Nov,15
(qu.).
•50e.
Fdy
Cannon
&
Wyant
9
Dec.
Campbell.
rm.
Dee. 15 *Holders of
•I3
North River (guar.)
Dee.
1 *Holders of rec. Nov. 15
*MO
Stock dividend
Ltd.,pf.(qu) hl 35 Dec. 15 Holders of roe. Nov.30
e.
Fairbanks-Mors
Canadian
Miscellaneous.
Holders of rec. Dec. 15
2
Jan.
(qu.)
8734c.
pref.
Elec.,
General
2
Dec.
Canadian
*60c. Dec. 15 *Holders of rec.
Acetol Products,Inc.cl. A (guar.)
Dee. 31 Holders of rec. Dec. 20
2
1% Dec. 31 Holders of rec. Dee. 150 Canfield OIL, common (guar.)
Adams Express,common (guar.)
31 Holders of rec. Dee. 20
Deo,
134
150
(guar.)
Preferred
Dec.
rec.
of
1% Dec. 31 Holders
Holders of rec. Nov. 10
Preferred (guar.)
(r)
Carib Syndicate (stock dividend)
25e. Dec. 1 Holders of rec. Nov. 20
Dee. 1
Allen Industries, corn.(quar.)
Cast Iron Pipe Co.. new (qu.)(No. 1)- *50e. Dee. 15 *Holders of rec.
75e. Dec. 1 Holders of rec. Nov. 20
of roe. Nov.30
Preferred (guar.)
*Holders
Dec.
15
•500.
(MO-pref.
A
Prod..
Macaroni
15
Catelli
Nov.
rec.
50e. Dec. I Holders of
Nov. 10
roe.
of
Aldred Investment Trust com.(No. 1)..
Holders
Doe.
1
(quar.)...
31.75
pref.
let
Celluloid Co., partici.
20c. Jan. 2 Holders of rec. Dee. 14
AllianceInvestment Corp.(guar.)
31.75 Dee. 1 Holders of rec. Nov. 10
$7 preferred (guar.)
135 Dec. 1 Holders of rec. Nov. 24
Alliance Realty, pref.(guar.)
'750, Jan, 2 *Holders of rec. Dec. 15
Co., com.(guar.)
Celotez
Allied Refrigeration Industries*134 ,Jan. 2 *Holders of rec. Dee. 15
Preferred (guar-)
31.50 Jan. 2 Holders of rec. Dec. in
Dec.6226
36 prior pref. (guar.)
Central Alloy Steel, common(quar.).. 500. Jan. 10 Holders of rec.
500. Dec. 31 Holders of roe. Dec. 15
Aluminum Manufactures. corn.(Quar.)154 Jan.'1 Holders of rec. Dee, 130
(guar.)
Preferred
1% Dec. 31 Holders of roe. Dec. 15a
May la
rec.
of
Preferred ((mar.)'
Central Investors Corp.. Cl. A (guar.) - •37310 Jan2'29 *Holders
rec. Nov. 20
American Aggregates Corp.,com.(No. 1) •75e. Dec. 1 *Holders of
154 Dec. 1 Holders of rec. Nov.204
Ribbon Mills, pref.(guar.)
50c. Jan. 2 Holders of roe. Dec. 70 Century
Doe. la
roe.
of
Holders
Jan,
1
Amer. Bank Note.corn.((mar.)
75c.
31 Dec. 29 Holders of roe. Dee. 7a Certo Corporation (guar.)
Common (extra)
25e. Jan, 1 Holders of rec. Dec. la
Extra
75e. Jan. 2 Holders of rec. Dec. 70
Dee. 24
roe.
of
*Holders
Preferred (guar.)
16
Jan.
'31340
I)
(No.
Cream
Ice
(guar.)
Chapman
roe. Nov. 15
Amer.But. At Cont. Corp.. 1st pf.(qu.). 81.50 Dec. 1 Holders of
25e. Fb15'29 Hold. of rec. Feb. 1 '29
15
Chelsea Exch. Corp., A & B (qu.)
*5 1.3731 Dec. I *Holders of roe. Nov.21a
Amer. Capital Corp., pref. (qu.)
25e. My15'29 Hold, of roe. May 1 '29
Class A & B (guar.)
1% Dec. 31 Holders of rec. Dec.
Amer. Chain, Inc.. pref. (guar.)
Dee. 28 Holders of rec. Dec. 100
$I
(guar.)
Consol.
Cbesebrough Mfg.
*S175 Febl'29 *Holders of roe. Jan. 20
Amer.Chatillen Corp.. Pf.(au.)
$1.50 Dec. 28 Holders of rec. Dee. 10a
Extra
*31.75 Mayl'it *Holders of rm. Apr. 20
Preferred (guar.)
Dec. 1 Holders of res. Nov. 20a
250,
(monthly)....
Co.
Cab
Yellow
120
Chicago
Dec.
American Chicle, new com.(cm.)(N0.1) 50c. Jan. 1 Holders of rec.
25c. Jan. 2 Holders of rec. Dec. 200
Monthly
1% Jan. 1 Holders of reo. Dec. 12
Prior pref. (quar.)
Feb. 1 Holders of rec. Jan. 210
250.
23
Monthly
Dec.
$I Dec. 22 Dec. 4 to
American Coal(extra)
25e. Mar, 1 Holders of rec. Feb. 19a
Monthly
.500. Dee. 31 *Holders of roe. Dee. 12
American Colortype, com.(OlOtt.)
75e. Jan 1'29 Holders of rec. Dec. 10a
Cotton
12
Oil
(guar.)
Chickasha
Doe.
roe.
of
Holders
31
•134 Dee.
Preferred (quar.)
750. A pr 1'29 Holdersof re*.Mar 9.29s
Quarterly
American Hardware Corp.75e. Jul 1'29 Holdersof reo.June10'29a
Quarterly
Jan 1'29 Holders of roe. Dec. 150
$I
Quarterly
Doe. 10 Holders of rec. Nov. 23a
60c.
14n
(guar.)
common
Co.,
Nov.
Childs
roe.
of
25e. Dec. 1 Holders
Amer. Home Products (monthly)
Dec. 10 Holders of rec. Nov.23.
134
Preferred (guar.)
25e. Jan 2 Holders of rec. Dec. 140
Monthly
75e. Dec. 29 Holders of rec. Doe. 5a
(guar.)
Co.
Copper
Chile
1
Dec.
411
Amer. Laundry Mach. Corn.(guar.).
219 Holders of res. Dee, his
Jan
2
(guar.)
21a
pref.
Dec.
Chrysler
Corp.,
t34 Jan2'20 Holders of rec.
Amer Linseed, pref.(guar.)
75e. Jan, 2 Holders of rec. Dec. 3a
rec. Nov. 22a Chrysler Corporation (guar.)
Amer Mach.& Foundry, Corn.(extra)-- $1.50 Dec. 1 Holders of
1 Holders of roe. Nov. 15
Doe,
(monthly)
54
common
Dec.
150
Cities
Service,
of
reo.
Holders
31
Dee.
American Manufacturing, corn.(guar.). 1
Common (payable In common stock)._ /14 Dec. 1 Holders of roe. Nov.16
134 Dec. 31 Holders of roe. Dec. lbo
Preferred (guar.)
Dee. 1 Holders of reo. Nov. 15
ti
(monthly)
BB
20a
pref.
and
Nov.
Preferred
rec.
of
Holders
1
Dec.
750.
American Metal, common (guar.)
5o Dee. 1 Holders of me. Nov. 15
Preferred B (monthly)
1)4 Dec. 1 Holders of rec. Nov. 20a
Preferred (guar.)
34 Jan. 2 Holders of rec. Doe. 15
Cities service, common (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
Amer. Multigraph. com.(guar.)
_
_
Jan. 2 Holders of rec. Dec. 15
stock)
common
/34
in
15
rec.
(payable
Common
Nov.
of
Holders
40c Dec. 1
Common (extra)
34 Jan. 2 Holders of rec. Dec. 15
Prof. ana prof. BB (monthly)
31.25 Dec. 31 Holders of roe. Dee. ha
American Radiator. common (quar.)
Jan. 2 Holders of ree. Dec. 15
5e.
15a
B
Dee.
Preferred
rec.
of
(monthly)
Holders
31
Dec.
81.50
American Railway Express (guar.)
*Holders of roe. Nov.10
City Ice & Fuel (Cleve.), pref. (qu.)_*$ 1.6214 Dec.
•500. Jan. 15 *Holders of roe. Doe. 31
Amer. Rolling Mill. corn.(guar.)
Holders of reo. Dec. 29
•150. Jan.
2 Feb. 1 Holders of rec. Jan. 15a Claremont Investing, com. (guar.)
Amer.Shipbuilding,com.(guar.)
Holders of roe. Doe. 29
Jan.
*32c.
15
Jan.
rec.
Preferred
of
(quar.)
Holders
13( Feb. 1
Preferred (quar.)
of reo. Nov.28
*Holders
Doe.
*650.
Clark Lighter, class A (guar.)
•30c. Dec. 1 *Holders of rec, Nov. 20
Amer -Scottish Invest. Co.(guar.)
Holders of ree. Nov.15
Dec.
50c.
2a
Nov.
(quar.)
rec.
Stone,
common
Cleveland
of
Holders
1
Dec.
pref.
(en.)
Refining
&
134
Amer. Smelting
of roe. Nov. 15
Holders
Dec.
25e.
1
Jan.
to
Common (extra)
50c. Jan. 1 Dec. 16
American Stores Co.(guar.)
*50e. Mar. *Holders of rec. Feb. 15
Common (guar.)
50e. Dec. 1 Nov. 18 to Dec. 2
Extra
*Holders of res. May 15
June
•50e.
So
Dee.
rec.
(guar.)
Common
of
Holders
2
Jan.
prof.
1%
(quar.)
Amer. Sugar Refg.
*59e. Sept. *Holders of rec. Aug 15
Common (guar.)
'
Prof.(quar.).. 1% Dec. 1 Holders of roe. Nov 15
Amer. Surontrs Tnhareo,
Holders of rec. Dec. 120
11.50 Jan.
12lie. Jan. 1 Holders of rec. Nov. 30a Coca Cola Co., coin. (gust')
American Thread preferred
Ja. 2'29 Holders of roe. Dee. 15
62540.
of
rec.
corn.
Nov.
(guar.)
10a
Cohn-Hall-Marx,
Holders
Dec. 1
32
Amer. Tobaeco, corn et Corn. B (quar.)
Holders of rec. Mar. 16a
'29
p.1
A
6254e.
Common (guar.)
15
American Wholesale Corp.. Pref.(guar.) 14 Jan 2'29 Called for red. Jan. 2 '29
62 tie. Jul 1'29 Holders of roe. June
Common (guar.)
•75e. Dec. 15 *Holders of rec. Dec. 1
Anchor Post Fence, common (quar.)
Holders of rec. Nov. 180
1
Dee,
(quar.)_
13.4
pref.
15a
Collins & Alkman Corp.,
75o. Dec. 17 Holders of me. Nov.
ba
Dec.
rec.
of
Andes Copper Mining (special)
Holders
1
Jan.
1% Jan. 2 Holders of rec. Dec. 100 Commercial Invest. Trust, corn.(IN)__ Si
Armour & Co.of Del. Prof.(guar.)
Jan. 1 Holders of rec. Dec. be
Common (payable in common stock). _ fl
134 Jan. 2 Holders of rec. Dec. 100
5.
Dee.
roe.
Armour & Co.(Ills.), pref.(quar.)
of
Holders
1
Jan.
134
6)4% pref.'quar.)
75o. J/1111'20 Holders of fee. Dec. 21a
Artloom Corp., corn. (quar.)
194 Jan. 1 Helders of rec. Dee. lad
7% first preferred (guar.)
134 Dec. I Holders Of roe. Nov. 164
Preferred (guar.)
Public Utilities (Concluded).
rec. Dec. So
North American Co., common (guar.)._ /235 Jan. 2 Holders of
75c. Jan. 2 Holders of rec. Dec. 5a
Preferred (guar.)
rec. Nov. 150
of
Holders
$1.50 Dec. 1
North American Edison, pref.(quar.)_
rec. Nov. 30
North Amer. Utility Secure., 1st pf.(eu.) 81.50 Dec. 15 Holders of
rec. Nov.30
of
Holders
15
Dec.
(quar.)
31.50
First pref. allotment efts.
Nov. 20
Northern States Power(Wls.). Pf.(gu.). 1% Dec. 1 Holders of rec.
1% Dec. 1 Holders of rec. Nov. 15'
Ohio Edison Co..6% pref.(guar.)
15
Nov.
rec.
of
Holders
1.65 Dec. 1
6.6% Preferred (guar.)
1% Dee. 1 Holders of rec. Nov. 15
7% prof.(guar.)
15
Nov.
rec.
of
Holders
Dee.
1
1%
5% preferred (guar.)
50c. Dec. 1 Holders of roe. Nov. 15
8% preferred (monthly)
55e. Dee. 1 Holders of rm. Nov. 15
8.8% preferred (monthly)
•581ze Dec. 1 *Holders of rec. Nov. 15
Ohio Public Service. pf A (mthly.)
134 Dec. 15 Holders of rec. Nov.30
Oklahoma Gas & Elec., prof. (quar.)
1% Dec. 31 Holders of rec. Dec. 200
(guar.)._
corn.
Teleg,
&
Pacific Telep
134 Jan. 15 Holders of rec. Dec. 3Ia
Preferred (guar.)
Nov. 20
Penn-Ohio Edison 7% prior pref. (qu.)- 1% Dec. 1 Holders of rec. Jan.
19
Feb. 1 Holders of rec.
81.50
.(qu)
Pennsylvania-Ohio Pow.& Lt.$6 pf
134 Feb. 1 Holders of rec. Jan. 19
7% preferred (guar.)
60e. Dec. 1 Holders of rec. Nov. 20
7.2% pref. (monthly)
60c. Jan. 2 Holders of rec. Dec. 20
7.2% pref. (monthly)
60e. Feb. 1 Holders of rec. Jan. 19
7.2% pref.(monthly)
55c Dec. 1 Holders of rec. Nov. 20
8.8% prof.(monthly)
55e Jan. 2 Holders of rec. Dee. 20
6.6% pref.(monthly)
55e Feb. 1 Holders of rec. Jan. 19
6.6% pref.(mc nthly)
Jan. 1 Holders of oec Dec. 120
3
Peoples Gas Co., pref
80c Jan. 1 Holders of rec. Dec. 8
Peoples Light & Pow.,com. A.(guar.)_ Dec. 15 Holders of rec. Nov. 30a
50c
Philadelphia Electric (guar.)
Nov. 100
Phila. Suburban Water, pref.(guar.)-- 1;4 Dec. 1 Holders of rec.
134 Mr.1'29 Hold, of rec. Feb.9'29a
Preferred (guar.)
15
Nov.
rec.
of
Holders
1
Dec.
135
Portland Electric Power,2d pref.(qu.)-1% Jan. 1 Holders of ree. Deo. la
Radio Corp of Am., pref. A (guar.)Nov. 170
rec.
of
Holders
1
Dec.
$1.92
shares.
Am.
El.
la
Pow.
Rhine-Westphal
3734c Dec. 15 Holders of rec. Nov. 20
Southern Calif. Edison,6% pref.(qu.)
4334c Dec. 15 Holders of rec. Nov.20
7% pref. (guar.)
1% Dec. 15 Holders of rec. Nov.30
Southern Canada Power, see note(0
roe. Nov.30
Southern Colo. Power, pref. (quar.)..._.. 1% Dec. 15 Holders of
rec. Nov. 15
Southwestern Power & Light, pref.(qu.) 134 Dec. 1 Holders of
Jan.20'29
rec.
of
Hold,
Febl'29
1.6235
$
So'west Gas Urn., pref.(qu.)
1.8234 M'yl'29 Hold.of rec. Apr.20'29
Preferred (guar.)
Nov. 30a
rec.
of
Holders
15
Dec.
$1
pref.
-$4
(au.)
Standard Gas & Elec.,
Holders of rec. Dec. 15
Tennessee Elec. Power, 5% 1st pfd(MO 1)4 Jan. 2
rec. Dec. 15
Six per cent first preferred (quar.)--- 1% Jan. 2 Holders of
134 Jan. 2 Holders of roe. Dec. 15
Seven per cent first pref.(guar.)
$1.86 Jan. 2 Holders of rec. Dec. 15
7.2% flret preferred (guar.)
50c Dec. 1 Holders of rec. Nov. 15
preferred
(monthly).
first
Six per cent
rec. Dec. 15
Six per cent first preferred (monthly). 50c Jan 229 Holders of roe.
Nov. 15
60c Dec. 1 Holders of
7.2% first preferred (monthly)
rec. Dee. 15
of
Holders
2'29
600
Jan
7.2% first preferred (monthly)
1 *Holders of rec. Nov. 15
Toledo Edison Co.7% pref. A.(mthly.) *581,c Dec. 1
*Holders of rec. Nov. 16
*50c Dec.
6% preferred (mthly.)
$1 Dec. 31 Holders of rec. Nov. 300
United Gas Improvement(guar.)
50e. Dec. 31 Holders of rec. Nov.d30a
Extra
roe. Nov. 30a
Va. Elec.& Power.7% Pref.(guar.)- - - - 1% Dec. 20 Holders of
13.4 Dee. 20 Holders of roe. Nov. 30a
6% preferred (guar.)
134 Jan. 15 Holders of rec. Dee. 310
Western Power Corp., 7% pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 18
West Ohio Gas Co., pref. A (quar.)
135 Dec. 15 Holders of rec. Nov.24
West Penn Rys.. 6% pref. (guar.)
•154 Dec. 15 *Holders of rec. Nov.30
Wisconsin Power dc Light. pref. Mari
pf.
(qu.) I% Dec. 20 Holders of rec. Nov. 30
Wisconsin Pub.Scrv. Corp.,7%
135 Dec. 20 Holders of rec. Nov. 30
634% preferred ((mar.)
1% Dec. 29 Holders of rec. Nov. 30
6% preferred (quar.)
DEC. 1 1928.]
FINANCIAL CHRONICLE
Per
When
Coal. Payable.
Books Closed
Days Inclusive.
3053
Per
When
Name of Company.
Boaz Masa
Name of Company.
Cent. Payable.
Days /saluted.
Miscellaneous(Continued).
Miscellaneous (Continued).
Commercial Solvents Corp.(guar.)
$2
Jan. 1 Holders of rec. Dee.
Consolidated Cigar Corp.,7% Pref.(q) 1( Dec. 1 Holders of rec. Nov. 20a Gossard (H. W.) Co., com.(monthly)._ 33 1-3c Dec. 1 Holders of rm. Nov.200
210
Common (monthly)
33 1-3c Jan1•29 Holders of reit. Dee. 20
Consolidated Retail Stores, corn.(qu.)._
250. Jan. 2 Holders of rec. Dec. 20
Gotham Silk Hosiery,com.(guar.)
6234c Dec. 31 Holders of rec. Dec. 12.
Preferred (quar.)
2
Jan. 2 Holders of rec. Dec. 20
Grand Union Co.. preference(quar.)
The, Dec. 1 Holders of rec. Nov. 15.
Container corp.. Chun A (guar.)
30c. Jan. 1 Holders of rec. Dec. 10a Great Atl. & Pacific
Tea. corn.(guar.)._ *$1
Dec. 1 *Holders of rec. Nov. 12
Class B (guar.)
15c. Jan. 1 Holders of rec. Dec. 10a
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 12
Preferred (quar.)
•13$ Jan. 1 *Holders of rec. Dec. 10
Great
Northern
Iron
Ore Prop
$2
Dec. 28 Holders of rec. Dec. 65
Continental Can, prefened (guar.)
134 Jan. 1 Holders of rec. Dec. 20a Great Northern Securities
(qu.)(No. 1). 4.373.4c Dec. 1 *Holders cf rec. Nov. 20
Continental Securities, prof.(quar.)
$1.25 Dec. 1 Holders of rec. Nov. 15
Greene Cananea (guar.)
51.50 Jan. 7 Holders of rec. Dec. 130
Cookeville Co., pref. (guar.)
1
Dec. 15 Holders of rec. Nov. 30
Greenfield Tap & Die Corp.,6% pf.tgu.) 1% Jan, 2 Holders of
Como Mills
rec. Dec. 15
5
D. 1 Holders of rec. Nov. 26
8% pref. (guar.)
2
Coty. Inc., new stock (guar.)
Jan. 2 Holders of rec. Dec. 15
500. Dec. 31 Holders of rec. Dec. 17a Greenway Corp.
pref.
5%
(guar.)
.750. Feb. 15 *Holders of rec. Feb. 1
Crane Co., comm.n (guar.)
3730. Dec. 15 Holders of rec. Dec. 1
5% preferred (guar.)
Preferred (guar.)
.75e. May 15 *Holders of rec. May 1
1% Dec. 15 Holders of rec. Dee. 1
5% preferred (guar.)
*Mc Aug. 15 *Holders of rec. Aug. 1
Crosby Radio (stock dividend)
e4
Dec. 31
5% Preferred (guar.)
.750 Nov. 15 *Holders of rec. Nov. 1
Croeley Radio Corp.(quar.)
25e. Jan 1'29 Holders of rec. Dec. 200 Gruen
Watch, common (guar.)
• 87340. Dec. 1 *Holders
60c Dec. I Holders of rec. Nov.200
Crosse & Blackwell, pref.(guar.)
of rec. Nov.20
Common (guar.)
50c. Marl'29 Holders of rec.Feb.19'290
Crown Zellerbach Corp.. corn.(guar.)._ *250. Jan. 15 *Holders of
rec. Dec. 31
Preferred (guar.)
134 Febl'29 Hold,of rec. Jan. 19'29a
Preferred (quar.)
•$1.25 Dec. 1 *Holders of rec. Nov. 13
Guantanamo Sugar, prof.(guar.)
2
13% convertible pref. (guar.)
Jan. 2 Holders of rec. Dec. 15a
•111.50 Dec. 1 *Holders of rec. Nov. 13
Gulf
States
Steel,
(guar.)
corn.
$1
Crucible Steel. pref. (guar.)
Jan. 2 Holders of rec. Dec. 15.
1% Dec. 31 Holders of rec. Dec. 15a
First preferred (guar.)
124 Jan, 2 Holders of rec. Dec. 151
Cuban-American Sugar, com.(quar.)
25c. Jan. 2 Holders of rec. Dec. 4a Curd (Charles)
Co. common (quar.)_
40c Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 40
Preferred (quar.)
1% Jan. 2 Holders of rec. Dec. 15
Cumberland Pipe Line
*51
Dec. 15 *Holders of rec. Nov.30
Hale Bros. Stores (guar.)
.50c
Dec. 1 *Holders of rec. Nov. 15
Curtis Publishing (monthly)
*50c. Dec. 3 *Holders of rec. Nov. 20
Hale & Kilburn, pref.(No. 1)
.21
Corn.(payable in eons. div.)
Dec. 24 *Holders of rec. Dec. 15
*ft 100 (z) *Holders of rec. Jan. 21
Hall (C. M.) Lamp (guar.)
.250. Dec. 15 *Holders of rec. Dec. 1
Common (extra)
•50e. Dee. 10 Holders of rec. Nov.20
Extra
.25c. Dec. 15 *Holders of rec. Dec. 1
Cushman's Sons, Inc.. corn. (quar.)....
$1
Dec. 1 Holders of rec. Nov. 15a Hamilton United
3% Dec. 31 Holders of rec. Nov.50
Seven per cent preferred (quar.)
194 Dec. 1 Holders of rec. Nov. 15a Hamilton Watch,Theatres, prof
pref.
(guar.)
134 Dec. 1 Holders of roe. Nov. 100
Eight per cent preferred (quar.)
2
Dec. 1 Holders of rec. Nov. 15a Hanes(P. H.) Knitting
com.& com.B
15c. Deo. 1 Holders of rec. Nov.20
Dahlberg & Co., Inc.(guar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 20
David & Frere. Ltd., common A (guar.).
56c. Dec. 15 Holders of rec. Nov. 30
Harbison-Walker Rob actoriesDavis Industries, class A (guar.)
•313$43 Janl'29 Holders of ree Dee. 20
New common (guar.)(No. 1)
50c. Dec. I Holders of rec. Nov.20.
Class B (guar.)
•31340 Janl'29 *Holders of rec. Dec. 20
Preferred (guar.)
Davis Mills (guar.)
134 Jan. 21 Holders of rec. Jan. 100
1
Dec. 22 Holders of rec. Dec. 8
Hartman Corp., class A (guar.)
50e. Dec. 1 Hclders of rec. Nov. lga
Decker (Alfred) & Cohn,Inc.,com.(qu.) *50c. Dee. 15 Holders of
rec. Dec. 5
Class
B (guar.)
300. Dec. 1 Holders of rec.
Preferred (quar.)
•144 Dec. 1 Holders of rec. Nov. 20
Hathaway Bakeries, Inc., class A WILL. 750. Dec. 1 Holders of rec. Nov.19a
Deere & Co., corn. (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 1$
Nov. 15
Preferred (guar.)
194 Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
134 Dec. 1 Holders of rec. Nov. 15a
Hecht Mining (guar.)
•150. Dec. 14 *Holders of rec. Nov.15
Derk Manufacturing, pref.(guar.)
Dec. 15 Holders of rec. Dec. 1
Hibbard.
Spencer
Bartlett
&
Co.
(mthly)
Dec.
350.
Diamond Match (guar.)
28
Holders
of roe. Dec. 21
2
Dec. 15 Holders of rec. Nov. 30.
2
Dec. 1 Nov. 21 to Dec. 2
Special
it) Dec. 10 Holders of rec. Nov. 28a Higbee Company.2d Prof.(quar.)
Hires (Charles E.) Co.,corn. A (guar.)._
50c. Dec. 1 Holders of rec. Nov. 15
Dictaphone Corp.. common (quar.)
*50c. Dec. 1 Holders of roe. Nov. 16
Hobart
Mfg.
(quar.)
*50e.
Dec.
1 Holders of rec. Nov.20
Common (extra)
*50c. Dec. 1 Holders of rec. Nov. 16
Holland Furnace,common (qua?.)
062 34c Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
42
Dec. 1 *Holders of rec. Nov. 16
Common (extra)
250. Jan. 1 Holders of rec. Dec. 155
Dominion Bridge. Ltd. (guar.)
65e. Feb. 15 Holders of rec. Jan. 29
Preferred
Dominion Glass, Ltd., com.& pf.(qu.)- 134 Jan. 2 Holders
33.4 Jan. 1 Holders of rec. Dec. 15.
Hollinger Consul. Gold Mines(mthly.)
Sc. Dec. 1 Holders of rec. Nov. 14
Dominion Textile, Ltd., corn.(guar.)._ $1.25 Jan. 2 Holders of rec. Dec. 16
of rec. Dec. 18
Homestead Funds Corp., corn.(guar.)._
250. Dec. 1 Holders of rec. Nov.26
Preferred (guar.)
194 Jan. 15 Holders of rec. Dec. 31
Preferred
21.75 Dec. 1 Holders of rec. Nov.26
Drug. Incorporated
$1
Dec. 1 Holders of rec. Nov. 15a Homestake (guar.)
Mining (monthly)
Dunhill International (guar.)
50c. Dec. 1 Holders of rec. Nov.15
$1
fan1519 Holders of rec. Dec. 31. Honolulu Plantation
(extra)
Quarterly
.$1.50 Dec. 10 *Holders of rec. Nov.50
$1
Ap15'29 Holders
*1.34 Dec. 1 *Holders of roe. Nov.20
Du Pont(E. I.) de Rem.& Co., corn... $2.50 Dec. 15 Holders of reo. Apr. 1'29a Hood Rubber,7% prof.(guar.)
of rec. Dec. la Horn & Hardart Co.(N. Y.), pref.
Common (special)
(qu.) •194 Dee. 1 *Holders of rec. Nov.12
$4.75 Jan. 5 Holders of rec. Dec. la Horn(
Signal Mfg
Debenture stock (quar.)
25e. Dec. 15 Holders of rec. Nov.30
134 Jan. 25 Holders
Durham Duplex Razor, prior pref. (qu.) (11 Dec. 8 *Holders of rec. Jan. 10a Household Products (guar.)
8734c Dec. 1 Holders of rec. Nov. 155
of rec. Nov. 20
Extra
500. Jan. 2 Holders of rec. Dec. 15a
Eastman Kodak. common (guar.)
$1.25 Tan. 2 Holders of rec. Nov.30. Houston
Gulf Gas, pref. A & B (guar.)._ .$1.75 Dec. 1 *Holders of rec. Nov.
Common (extra)
75c. Jan.
20
Holders of rec. Nov. 300 Hudson Motor Car (qua?.)
Preferred (guar.)
31.25 Jan. 2 Holders of rec. Dec. 110
134 Jan. 2 Holders of rec. Nov. 30a Illinois Pipe
Line
Eastern Theatres (Toronto). corn.(qu.)
'810 Dec. 15 'Holders of rec. Nov. 12
500. Dec. 1 Holders of rec. Oct. 31
Imperial Oil Ltd., registered stock (qu.)
Eastern UtII.Invading Corp., Pf
25e. Dec. 1 Holders of ree. Nov.15
$1.50 Doe, 1 Holders of rec. Oct. 31
Registered stock (extra)
1234c Dec. 1 Holders of rec. Nov.15
$7 preferred (guar.)
$1.75 Dec. 1 Holders of rec. Oct 31
Coupon stock (quar.)
$5 pr. pf (quar.)
250. Dec. 1 Holders of coup. Nov.16
$1.25 Jan. 2 Holders of rec. Nov. 30
Coupon nock (extra)
Participating preference (guar.)
1234c Dec. 1 Holdersof coup. Nov.16
$1.50 Feb. 1 Holders of rec. Dec. 31
Indiana Limestone
Eltingon Schild Co., pref. (quar.)
134 Dec. 15 Holders of rec. Dee. la Ingersoll-Rand Co.,Co.. pref. (guar.).- I% Dec. I Holders of rec Nov.20
common (guar.)._
mectrographic Corp., common (guar.)._
750. Dec. 1 Holders of rec. Nov. 12
50c. Dec. 1 Holders of rec. Nov. 20
Common (extra)
Preferred (guar.)
$1 Dec. 1 Holders of rec. Nov. 12
14$ Dec. 1 Holders
Inland Steel. common (guar.)
Electric Stor. Battery,corn.& pf.(qu.)_ _ $1.25 Jan. 2 Holders of rec. Nov.20
6234c
Dec. 1 Holders of rec. Nov. 15a
of
rec.
Dec. Sc Inspiration Coned. Copper Co. (guar.). 750. Jan.
Corn.& pref.(pay. in corn. stock). _ 110
7 Holders of rec. Dec. 200
Jan. 2 Holders
Ely-Walker Dry Goods, com.(guar.)_ _ _ 3734c. Dec. 1 Holders of rec. Dec. Fa Int. Agricultural Corp., prior pf. (guar.) 194 Dec. I Holders of rec. Nov. 15a
of
rec.
Nov.
19
inteniat'l Cigar Mach'y (extra)
1140 Fifth Avenue, Inc., Prof
$1.50 Dec. 1 Holders of rec. Nov.22
3
Dec. 1 Nov. 16 to Dec. 2
Internat. Combustion Eng.. pref.(MO - I% Jan. 2 Holders of rec.
Emporium Capwell Corp.(guar.)
Dec. 200
500. Dee. 24 Holders of nsc. Dec. la
Int. Cont. Invest. Corp. coin.(qu.)
Equitable Financial Corp.. cl. A (qu.)-.25c. Jan l'2
30c. Dec. 15 Holders of rec. Dec. 1
Common I quer.)
Equitable Office Bldg.,new corn.(qu.)_
.25c. Aprl'2
50e. Jan. 2 Holders of rec. Dec. 15a
Common (guar.)
Preferred (guar.)
*25c
fly
1'2
194 Jan. 2 Holders of rec. Dec. 154 IntarnatIonal
Harvester, pref. (guar J._
Essex Company
13* Dec.
Holders of rec. Nov. 5a
3
Dec. 1 Holders of rec. Nov. 8
Internat. Printing Ink, corn.(guar.)
Extra
- 6234c Feb.
Holders of rec. Jan. 140
3
Dec. 1 Holders of rec. Nov. 8
(quar.)
Preferred
Fairbanks Morse & Co.. com.(quar.)_._
.134 Feb.
'Holders of rec. Jan. 14
750. Dec. 31 Holders of rec. Dec. 12a Internat.
Safety Razor,class A (quar.)._
Preferred (guar.)
60c. Dec.
Holders of rec. Nov. 14.
194 Dec. 1 Holders of rec. Nov. 12.
Class B
75:7 Dec.
Fair ('iiie), common (monthly)
Holders of rec. Nov. 14a
200. Dec. 1 Holders of rec. Nov. 21. Internat.
Securitles Corp., corn. A MILL
Common (monthly)
550. Dec.
Holders of roe. Nov. 15
20e. Jan. 2 Holders of rec. Doe. 21a
Common B (guar.)
Common (montblY)
1234c Dee.
Holders of rec. Nov. 15
200. Febl'29 Hold. of rec. Jan.21 '29a
7% preferred (guar.)
Preferred (nuar.)
194 Dec.
Holders of rec. Nov. 16
194
Hold.of roe. Jan.21'29a
634% preferred (guar.)
Fanny Farmer Candy Shops. corn. (qu.) 250. Febl'29
1% Dec.
Holders of rec. Nov. 15
Jan 1'29
6% preferred (guar.)
Federal Mining & Smelting, pref.(go,)_
Dec.
Holders of rec. Nov. 15
Dec. 15 Holders of rec. Nov.
I oternational Shoe. pref. (monthly).... 134
Feltman & Curme Shoe Stores, pt. (qu.) 194
50e. Dec.
Holders of rec. Nov. 15a
134 Jan. 2 Holders of rec. Dee. 23a
1
International Silver, common (quer.) _ _
Fidelity Industrial Bank (guar.)
Holders of rec. Nov. 154
134 Dec
*31.50 Fb15'29 *Holders of ree.Jan 3129
.nterstnte Iron & Steel, corn.(guar.). _ _ 51
Extra
J'n15'2
Holders of rec. Jan.5'29a
.50c. Fb15'29 *Holders of rec.Jan.31'29
Preferred (guar.)
513$ Dec.
15 Park Ave., Inc.. preferred
Holders of rec. Nov.20
3
Dec. 1 Nov. 16 to Dec. 2
Jaeger Machine (mar.)
Fifth Avenue Bus Securities (guar.)._ *16c. Dec. 29
62340 Dec.
Holders of rec. Nov.16
*Holdear of rec. Dec. 24
Jewel
common
Tea,
(guar.)
Finance Service (Bait.), corn
Jan. 1
51
Holders of rec. Jan. 2a
4
Dec. 1 Holders of rec. Nov. 15
Common (extra)
$1
Preferred (War.)
Dec. 1. Holders of rec. Nov. 30a
194 Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 13.
First Maine Invest. Corp.. el. B (No. 1) *10c.
Johansen
corn.
Shoe,
(guar.)
3734c Dec. I 'folders of rec. Nov. 17
First Nat. Pictures, let ref.((mar)._ 2
Jan. d2 Holders of rec. Dec. 13a
Common(extra)
Second preferred A (quar.)
12 Sic Dec. 1 aolders of rec. Nov. 17
1234e. Jan. d2 Holders of rec.
Jan. 2a Johnson-Stephens-Shinkle Shoe (guar.).
50c. Dec. 1 Holders of rec. Nov.15
First Trust Bank,Inc.(qu.)
12340. Dec. 1 Holders of rec. Oct. 31
Jones & Laughlin Steel, com. (quar.)
Extra
'134 Dec. I Holders of rec. Nov.13
5340. Dec. 1 Holders of rec. Oct. 31
Common extra)
•1
Fitzsimmons& Connell Dredge & DockDec. 1 *Holders of rec. Nov. 13
(guar.)
Preferred
Common (guar.)
Jan. 2 *Ho ders of rec. Dec. 13
*50c. Dec. 1 *Holders of rec. Nov.
Kaufmann Dept. Stores, pref. (gu.)_ _
Florsheim Shoe, prof. (guar.)
194 .lan. 2 Holders of rec. Dec. 10
$1.50 Doe. 31 Holders of rec. Dec. 20
14a Kaynee Co. (extra)
Follansbee Brothers. com.(guar.)
•1214e Jan 1'29 *Holders of rec. Dec. 20
600.
15 Holders of rec. Dec. 1
Common (extra)
Common (extra)
'1234c Aprl'29 *Holders of rec. Mar. 20
25c. Dee, 15 Holders of rec. Dec.
Common (extra)
Preferred (quar.)
•1234c July1'29 *Holders of rec. June 20
134 Dec. 15 Holders of rec. Dec. 1
1
Kelsey-Hayes Wheel, common (quar.)- Folmer Cranes Corp., prof
50e. Jan. 2 Holders of rec. Dec. 250
Holders
2*lleraof
lerofr.o
re.ec.
1rv.
e.
.
Kennecott Conner Corp.(guar.)
82
Foote Bros. Gear & Mach y, com.(qu ) **i0
Jan. 2 Holders of rec. Nov. 30a
3 . Fa
'Holders of re.
.
20
Kimberly-Clar
k Corp., corn.(guar.)
Preferred (guar.)
6234c Jan. 1 Holders of rec. Dec. 15
34
20
Common
(payable in com.stock)
Forhan Co., com.(guar.)
./2
Jan. 1 Holders of rec. Dee. 15
.25c. Jan.
*Ea
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Class A (guar)
*400. Jan. 2 *Molders of rec. Dm.
7
Kinney to.R.) Co.. pref.(quar.)
Formica Insulation (Qua?.)
2
Dec. 1 Holders of rec. Nov. 20a
Kirby lumber, common (quar.)
Extra
Dec. 10 Holders of rm. Nov.30
194
a
wn
Dec. ISa
Kresge(S. S.) Co.,com.(guar.)
French (Fred F.) Investing Co., pref
30c. Dec. 31 Holders of rec. Dec. Ila
394 Dec. 15 Dec. 2 to Dec. 16
Preferred
(quar.)
French (Fred F.) Security Co., pref.... 314 Dec. 15 Dee. 2 to
194 Dec. 31 Holders of rec. Dec. 110
Dec. 15
Kroger Grocery dt Baking,corn.(quar.).
Fuller (George A.) Co.250 Dec. 1 Holders of rec. Nov. 100
Kuppenhelmer (B.)& Co., com
Partic. prior pref. (qua?.)
Jan. 1 Holders of rec. Dec. 24.
31
$1.50 Jan. 1 Holders of rec. Dec.
10
Preferred (guar.)
Participating preference (guar.)
194 Dec. 1 Holders of rec. Nov. 23a
21.50 Jan. 1 Holders of rec. Dec.
Gamewell Co., common (guar.)
80c. Dec. 1 Holders of rec. Nov. 17
$1.25 Dec. 15 Holders of rec. Dec. 10a Lake of the Woods Milling. cont.(guar.)
5
Preferred
General Asphalt. pref. (quar.)
(guar.)
134 Dec. 1 Holders of rec. Nov.
154 Dec. 1 Holders of rec. Nov. 17
15a Lake Shore Mines(guar.)
General Cable Corp., class A (quar.)_
200. Dec. 15 Holders of rec. Dec. 1
$I
Dec. 1 Holders of rec. Nov.
10a
Bonus
General Cigar, Inc., pref.(guar.)
1St Dee. 1 Holders 0
200. Dee. 15 Holders of rec. Dec. 1
c0
0fif rec.:. Nov.
ovvv...
20
:
9
4
Landers. Frary & Clark (guar.) ....
General Ice Cream Corp., corn.(q)._
750. Dec. 31 Holders of rec. Dee. 22.
Legere(P.T.) Co., Ltd. pref.(guar.) Common (extra)
194 Dec 1 Holders cf rec.
15
Lehigh Portland Cement,corn.(quar,).. 6294c Feb. 1 Holders of rec. Nov.
Preferred (quar.)
75°.
jacan
eo:
94 t
. 1
11 Fioo
Jan. 140
ctill
iteers
ers
ra
Preferred (tlilar.)
General Motors, com. (guar.)
$1.25 Dec. 12 Holders of rec. Nov.
194 Jan. 1 Holders of rec. Dec. 14.
17.
Lehigh
Valley
Sales
Coal
(guar.)
Common (extra)
900.
Jan. 2 Holders of rec. Dec. 13
$2.50 Jan. 4 Holders of rec. Nov. 17.
75c. Dec. 1 Holders of rec. Nov. 15a
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 7a Lehn .4 Fink Products (guar.)
7% preferred (quar.)
.$3 50 Jan. 1 *Dec. 22 to
lbd Feb. 1 Holders of rec. Jan. 7a Libbey, McNeil & Libby, pref
Jan. 10
Libby
Owens
Glass,
com.
Sheet
(guar.).
(guar.)
•50c. Dec. 1 *Holders of rec. Nov. 21
6% debenture stock
13.4 Feb. 1 Holders of rec. Jan. 7a
Preferred (guar.)
•194 Dec. 1 *Holders of rec. Nov. 21
General Railway Signal, com.(quar.)_
$1.25 Jan. 1 Holders of rec. Dec.
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 10a Liggett & MyersTob..com.de corn.B(qui 21
Dec. 1 Holders of rec. Nov. 150
Preferred (guar.)
13.4 Jan. 1 Holders of rec. Dee. 10
Gillette Safety Baser (guar.)
$1.25 Dee. 1 Holders of tee. Nov. 10a
250. Dec. 1 Holders of rec. Nov. 15
Stock dividend
5
Dec. 1 Holders of rec. Nov. la Lindsay (C. W.)& Co.. Ltd.. com.(en.)
la
Loblaw
Groceterlas, Ltd.(quar.)
Cladding, Mellean & Co.. monthly
*50o. Dec. I *Holders of rec. Nov. 17
25e. Dec. 1 Nov. 21 to Nov.
30
Loew's Incorporated. corn.(guar.)
50c. Dec. 31 Holders of rec. Dec. 13a
Goldberg (S.M.)Stores,Inc.,$7 pf.(cpl) 31.76 Dec. 15 Holders of rec. Dec.
Common (extra)
.P4c. Dec. 10 *Holders of rec. Nov. 1
51 Dec. 31 Holders of rec. Dec. 13.
Golden Cycle Mining & Reduction
30
Lord & Taylor,com.(quar.)
23.4 Jan. 2 Holders of rec. Dec. 17.
*50c. Dec. 1 *Holders of rec. Nov.
Golden State Milk Products (quar.)___
Common (extra)
5
Dec. 10 Holders of rec. Nov. 175
Goodrich (B. F.) Co.. oom•(guar.)
51
Dec. 1 Holders of rec. Nov. 17
9a
1st preferred (quar.).
134 Dec. 1 Holders of rec. Nov. 171
Preferred (0ar.)
194 Jan. 2 Holders of rec. Dec. 10.
Ludlow Mfg. Associates(guar.)
52.50 Dec. 1 Holders of rec. Nov. 10
Goodyear Tire & Rubber, let pref.(cm) 134 Jan. 1 Holders of rec. Dec.
la Lyall(P.)& Sons(guar.)
75c Dec. 1 Holders of rec. Nov.20
134 Jan. 1 Holders of rec. Dec. 1
Preferred (guar.)
McCahan(W.J.) Bug.Ref.& MolassesI% Dec. 1 Holders of rec. Nov.
Gorham Mfg.. let Pref.(quar.)
15
Preferred (guar.)
194 Dec. 1 Holders of reg.:Nov.22a
l MS II:13°e." of Tercet!:
$1.
Name of Company.
[VOL. 127.
FINANCIAL CHRONICLE
3054
When
PIT
Cent. Payable,
Books Closed
Days mansfoe.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Dec. 1 Holders of rec. Nov. 20
El
Miscellaneous (Continued).
St. Mary's Mineral Land
Dec. 14
McCrory Stores Corp.
134 Jan. 2 Holders of rec. Dec. 10
Valley Corp., pref.(qu.)
St.
200
Maurice
Nov.
50c. Dec. 1 Holders of rec.
Jan. 1 *Holders of rec.
•75c.
Common and common B (guar.)
Nov. la St. Regis Paper, common (guar.)
rec.
of
10
Hodlers
I
Dee.
Dec.
rec.
250.
of
•134
Jan. 1 "Holden
McIntyre Porcupine Mines(guar.)
Preferred (guar.)
15a
50c. Dec. 1 Holders of rec. Nov.
McKesson & Robbins, Inc.
Savage Arms, new common (quar.)
15
15 Holders of rec. Dec. 1
Dec.
Dec.
rec.
141
•1%
of
'Holders
2
(guar.)
A
Jan.
series
Preference
First preferred (guar.)
Jan. 25a
rec.
of
1
15
Holders
Feb.
Feb.
50e,
rec.
•144 Feb. 15 "Holders of
Macy (R. H.)& Co.(guar.)
Second preferred (quar.)
Feb. 15 Holders of rec. Jan. 25a
Nov. 150
fb
roe.
of
Holders
I
Dec.
Stock dividend
8744c
(quar.)
20a Schulte Retail Stores, com.
Dec.
rec.
of
15
Holders
Jan
2'29
Nov.
roe.
pf.
of
131
(BL)
Holders
Co.,
Inc..
u44 Dec. 1
MaHinson(H. R.) dr
Common (payable in corn.stock)
50c. Dec. 1 Holders of rec. Nov. 160
u% Mar '29
Manhattan Shirt, common (guar.)
Common (payable in corn. stock)
Dec. 1 Holders of rec. Nov. 15
'75c. Jan. 1 "Holders of rec. Dec. 20
Marmon Motor Car.common (guar.)- $1
Scoville Manufacturing (qu.)
15a
Nov.
rec.
of
Holders
1
Dec.
51
May Department Stores (guar.)
Co
&
Roebuck
10
Sears,
Dec.
rec.
"25c. Jan. 2 *Holders of
el Febl'29 Hold. of rec. Jan.15'29a
May Drug Stores(guar.)
Quarterly (payable in stock)
Dec. 1 Holders of rec. Nov. 22
$1
Myl'29 Hold, of rec. Apr.13'29a
al
May Hosiery Mills. pref.(quar.)
Quarterly (payable in stock)
131 Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Oct. 31
334
Mengel Co., pref. (quar.)
pref
Inc.,
Associates,
Securities
17
$1 Jan 2'29 Holders of rec. Dec.
Hold. of rec. Mar. 1 '29a
3-15-29
50c
Merck Corp., preferred (guar.)
_
Inc., corn. (extra)._
$1.25 Dec. 31 Holders of rec. Dec. 50 Seeman Brothers,
25e. Dec. 15 Holders of rec. Nov.30
Mergenthaler Linotype(guar.)
com. (gu.)
50e. Dec. 31 Holders of rec. Dec. 50 Segal Lock & Hardware,
of rec. Nov. 26
*Holders
IS
Dec.
*21
Extra
com.
(guar.)
Rubber,
Selberling
Dec. 1 Holders of rec. Oct. 29
$3
"144 Feb 1'29 *Holders of rec. Jan. 15'29
Merrimack Mfg., com. (guar.)
Selby Shoe, prof. (guar.)
*24 Jan. 2 *Holders of rec. Dec. 20
1 '29 *Holders of rem Apr. 15'29
ay
"144M
Metal& Thermit Corp
300
Preferred
Nov.
((Mar.)
of rec.
Metro-Goldwyn Pictures. pref. (guar.). _ 47 qc Dec. 15 Holders of rec. Nov. lb
Selfridge Provincial Stores50c. Dec. 1 Holders
"tc344 Dec. 6 'Holders of rec. Nov. 15
Metropolitan Paving Brick. corn. (qu.)
Amer. Deposit receipts
Dec. 22 Holders of rec. Dec. 7
51
Jan. 2 Holders of rec. Dec. 1
Common (extra)
$1
Separate Units, Inc.(guar.)
141 Jan. 1 Holders of rec. Dec. 15
250. Jan, 2 Holders of rec. Dec. 1
Preferred (guar.)
tha
Extra
Nov.
ree.
of
Holders
1
Dec.
144
.11
Ap.1'29 *Hold. of roe. Mar.21 '29
Mid-Continent Petroleum, pref. (guar.).
Sheffield Steel, common (in corn. stock)_
75c. Jan. 1 Holders of roe. Dec. 15
uly1'29 *Hold,of rec. June 20'29
Midvale Co.(quar.)
Common (payable In common stock)._
Dec. 15a
rec.
of
Holders
2
Jan.
50c.
(guar.)
Oct 1'29 'Hold. of rec. Sept. 2029
"fl
Miller(I.) & Sons. corn.
Common (payable in common stock)
144 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
&
Trading
Transport
Shell
1231c Dec. 20 Holders of rec. Dee. 6
•97c. Jan. 5
Mining Corp. of Canada
American shares(interim)
15
131 Dec. 1 Holders of rec. Nov. 31
35c. Dec. 31 Holders of rec. Dee. 5a
Mitchell (Robt.) Co.. pref. (guar.)
Shell Union 011 (guar.)
Dee. 1 Holders of rec. Oct.
$3
75e. Febl 29 Hold. of ree. Jan.20 29
Mohawk Mining (guar.)
Cl.
A
(guar.)
Shepard Stores. Inc..
of rec. Dec. 10
'Holders
15
Dec.
*J300
stock).
(in
corn.
corn.
750.
May129 Hold,of rec. Apr.20 29
Mohawk Rubber,
Class A (guar.)
of rec. Dec. 15
134 Dec. 13 Holders of rec. Nov.30
Montreal Cotton. Ltd., corn. (guar.)._
Sherw-Williams Co., Canada, corn.(qu.) $1.50 Dec. 31 Holders of rec. Dec. 15
30
131 Dec. 15 Holders of rec. Nov.'290
31 Holders
Dec.
1%
Preferred (guar.)
Preferred (guar.)
2
Jan.
rec.
of
Hold,
1629
n.
of rec. Nov. 15
25e.Ja
Holders
1
1% Dee,
Morris (Philip) & Co.. Ltd., Inc.(qu.)
Co • pref. (ouar.)_
75c. Dec. I Holders of rec. Nov. 154 Sherwin-Williams
50e. Jan. 2 Holders of rec. Dec. 205
Munstngwear, Inc.(guar.)
Shreveport-El Dorado Pipe Line(qu.)
of rec. Nov. 21
Holders
1
Dec.
25e.
of roe. Dec. la
Holders
15
Dec.
Co.
25
C.)
SI
(guar.)
Murphy (G.
Shubert Theatre Corp.(guar.)
"51.25 Jan. 2 "Holders of rec. Dec. 15
400. Dec. 15 Holders of rec. Nov. 30a
National Bancservice (No. 1)
Simms Petroleum
rec. Nov. 170
•500. Jan1'29 'Holders of rec. Sept.15
of
Holders
1
Dec.
National Bankttaly Co.(extra.)
134
pref.
(guar.)
Co.,
Nov. 21a Simon (Franklin)
Nov. 20
144 Dec. 1 Holders of rec. Dec. 31* Simon (H.)& Sons, Ltd., prof.(q11.)- 134 Dec. 1 Holders of rec.
National Belles Hess, pref.(quar.) ---rec.
of
Holders
15
51.51' Tan.
Dec. 1 Nov. 16 to Dec. 12
3
pref
National Biscuit, corn.(quar.)Nov. Ma
'Joy. 30 Holders of rec. Nov. 16a Sixteen Park Ave., Inc.,
rec.
of
141
Holders
15
Dec.
50e.
(guar.)
Preferred
Skelly 011 (cum.)
750 Tan. 2 Holders of rec. Dec. 50 Solar Refining
Dee. 20 Holders of roe. Nov.30
*5
Nat. Dairy Products, corn. (guar.)
Tan. 2 Holders of rec. Dec. ba
of rec. Nov. 15
/1
Holders
1
Dec.
_
_
_
21.75
(qu.)
pref
Corn.(payable in corn. stk.)
17
Sr
Utilities,
Ice
Southern
5
15
'134 fan. 2 "Holders of rec. Dee. 15
$1.75 Dec. 1 Holders of rec. Nov.16
Preferred A & B (quar.)
$7 participating preferred (quar.)
Dec. 1 *Holders of rec. Nov.
50c. Dec. 31 Holders of rec. Dee.
National Dept. Stores, 2d pref. (guar.). .134 Dec.
South Penn 011 (guar.)
Dee. 15
1 Holders of rec. Nov. 20
rec.
of
50c
Holders
_
31
(qu.)
Dec.
pref.
250.
Inc.
Stores,
Family
National
Extra
15
21.21 Dec. 31 Holders of rec. Dec. 14a
•e50 Subject stockholder week Jan. 10a
National Lead, common (guar.)
Stock dividend
Nov. 30a
144 Dec. 15 Holders of rec. Jan. 18a South Porto Rico Sugar. corn. (qu.)
50e. Jan. 2 Holders of rec. Doe. 10a
Class A, pref. (guar.)
of rec.
Holders
Dec.
1
Feb.
rec.
of
Holders
131
2
Jan,
25e.
(guar.)
Class B preferred
Common (extra)
144 Jan. 2 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 10
2
National Sugar Refining (guar.)
Preferred (quar.)
Jan, 2 Holders of rec. Dec. 8
1
450. Dec. 1 Holders of rec. Nov. 15
Extra
Southwestern Stores, Inc.. pf. A (qu.)-of rec. Nov. 30
"Holders
15
Dec.
of rec. Jan. 5
*25c
National Transit (guar.)
Spalding (A. G.)& Bros. corn.,(quar.)- $1.50 Jan. 15 Holders of rec. Nov. 170
•30e. Jan. 1 *Holders of rec. Dec. 17
134 Dec. 1 Holders
Newberry (J..1.) Co.. corn.(guar.)
First preferred (guar.)
of rec. Nov. 15
*Holders
1
rec. Nov. 17
Dec.
of
Holders
'134
1
Dec.
2
Preferred (quar.)
Second preferred (guar.)
Nov. 15
131 Dec. 1 Holders of rec. Nov. 20
141 Dec. 1 Holders of rec. Nov. 15a
New England Bond dr Mtge.,pf (qu.). _
Spear & Co.. 1st pref.(guar.)
Dec. 10 Holders of rec.
rec. Nov. 20
2
of
Holders
1
Dee.
1244c.
corn.
New Jersey Zinc (extra)
(au.)
Corp.,
Shares
Specialized
13
*50e. Dec. 28 *Holders of roe. Dec. 24
The. Dec. 1 Holders of ree. Nov. 20
New York Transportation (guar.)
Preferred,"A'di "B" (guar.)
50c Dec. 15 Holders of rec. May
Jan. 1 'holders of rec. Dee. 15
"900.
(qu.)
Nichols Copper, common
Inc.
&
Sons,
logg
Spencer-Kel
20
Dec.
rec.
of rec. Dec. 24
"4331c Ian. 2 'Holders of
Class A
Standard Nat. Corp., new com.(guar.).. *35c. Jan. 2 'Holders of rec. Nov. 15a
21
'131 Dec. 31 *Holders of rec. Dec. 20
6234c Dee. 15 Holders
Niles-Bement-Pond Co. pref. (qu.)Standard 011(Calif.) (guar.)
*300. Dec. 1 *Holders of rec. Nov.
Holders of rec. Nov. 15a
15
Dec.
50e.
North American 011 (mthly.)
Extra
10
of rec. Dec.
16
*6244e Dec. 15 'Holders of rec. Nov.
North American Provision. pr.(au.) - - *134 Jan. 2 *Holders ef rec. Noe. 26
Standard 011 (Indiana)(guar.)
16
50e. Dec. 1 Holders
•250. Dec. 15 *Holders of rec. Nov. 15
North Atlantic Oyster Farms A (qu.).
Extra
rec. Dec.
15c Dec. 1 Hollers of rec. Nov. 10
of
*Holders
21
Dec.
"Si
North Central Texae Oil /guar.)
(guar.)
)
Standard Oil(Kentucky
Dec. 11
rec.
of
15
Dec.
Holders
2
rec.
Jan.
of
1.6231
*Holders
$
•50c. Dec. 21
Preferred (guar.)
Extra
of rec. Dec. 7
20
620. Dec. 20 Nov. 27 to Dec. 20
Northern Pipe Line. new stk.(No. 1) _- 52 Jan, 2 Holders of rec. Dee. 7
Standard Oil (Nebraska) (guar.)
51 Jan. 2 Holders
50c. Dec. 20 Nov. 27 to Dec.
Extra
Extra
Nov. 22
rec.
26a
of
Nov.
Holders
1
rec.
Dee,
of
Holders
134
Dec. 15
Ogilvie Flour Mills, Prof. (guar.)
Standard Oil(N.J.) 5100 par stk.(qu.) $1
17
26s
•50c. Doe. 15 *Holders of rec. Nov. 190
50c. Dec. 15 Holders of rec. Nov. 26a
Ohio 011 (attar.)
$100 par stock (extra)
Jan. 2 Holders of rec. Dec.
2
25e. Dee. 15 Holders of rec. Nov. 26a
Omnibus Corp., pref. (guar.)
300
par value stock (guar.)
225
Nov.
rec.
of
Nov.
Holders
18
Dee.
roe.
of
$1
1234c. Dee. 15 Holders
Otis Elevator. corn. (extra)
$25 par value stock (extra)
115 Feb. 15 Holders of rec. Jan. 18a
40c. Dec. 15 Holders of rec. Nov. 16a
Corn, (payable in corn. stock)
120 Standard 011 of N.Y.(quar.)
7
50c. Dec. 31 Holders of rec. Dec.
Packard Motor Car Co.(monthly)
6231e Jan. 2 Holders of rec. Dee.
(quar.)
corn.,
Oil
(Ohio),
Standard
120
Dec.
rec.
of
250. Dec. 31 Holders
Dec. 1 Holders of rec. Nov. 9
Extra
134
(guar.)
12a
Preferred
of rec. Jan.
20
Nov.
Holders
31
.
rec.
Jan
of
250.
Holders
1
Dec.
(qu.)
134
pf.
Monthly
Securities Corp.,544%
25e. Feb. 28 Holders of rec. Feb. 12a Sterling
34
Jan. 15 Holders of rec. Dee. 31
Monthly
Additional non-cum. div
Dec. 27 Holders of rec. Dec. 17
$1
3734c Dee. 1 Holders of rec. Nov. 15
Paraffine Cos.(guar.)
Stix. Baer & Fuller (guar.)
Holders of rec. Dec. 17
27
Dec.
250.
.75e Dee. 22 'Holders of rec. Dec. 10
Extra
Stroock (S.) & Co.(guar.)
15
•750. Jan. 2 'Holders of rec. Dec. 7a Studebaker Corp., corn.(guar.)
51.25 Dec. 1 Holders of rec. Nov. 100
Paragon Refining, class A (guar.)
Holders of rec. Dec.
29
Dec.
75e.
134 Dee, 1 Holders of rec. Nov. 100
com.(qu.)
ky,new
FamousLas
Paramount
Preferred (guar.)
of rec. Dec. 29a
Holders
1429
75e.
Ja
250. Dec. 15 Holders of rec. Nov. 266
Park & Tilford (guar.)
corn. (guar.)
Ja 1429 Holders of rec. Dee. 291 Sun 011 Co.,
el
Dec. 15 Holders of rec. Nov. 260
(m)
dividend)
Stock dividend (guar.)
(stock
Common
of rec. Mar.29 '29(1
Hold,
ApI4'29
75e.
Dec. 1 Holders of rec. Nov. 10a
134
Quarterly
Preferred (quar.)
Ap14'29 Hold, of rec.Mar. 29 '2110
el
*27 Mc Dec. I *Holders of rec. Nov. 22
Cement
(Mthly.)Stock dividend (quar.)
Portland
Superior
20
Nov.
'Holders of rec.
1
Dec.
1 'Holders of roe. Nov. 10
*8734c
Dec.
c
M
*93
(guar.)
A
el.
(quar.)-(D)
Grocery,
pref.
011
Ponder
Corp..
Holders of rem Nov.:30a Swan-Finch
Dec. 1 Holders of rec. Nov. 10
$2
Pennsylvania-Dixie Cement. Pf. (qu.).- $1 75 Dee. 15
Sylvestre 011, pref. (quar.)
Dec. 1
15 Holders of rec. Nov. 30a
Dec.
"75c. Dec. 15 *Holders of rec.
25c.
(guar.).
Chem.
&
Copper
Penn-Mex. Fuel
Tennessee
25c. Jan. 2 Holders of rec. Dec. 8
The. Jan. 1 Holders of rec. Nov. 230
Peoples Drug Stores, Inc., com.(qu.),..
Texas Corporation (guar.)
rec. Dec. 1
Dee. 15 Holders of roe. Dec. la
31
134 Dec. 15 Holders of
Cony. preferred (guar.)
Dec. 200 Texas Gulf Sulphur (guar.)
Dec. 1 Holders of rec. Nov. 28
37140 Deo. 31 Holders of rec. Nov.
"500.
(quar.)
Welding
Elec.
Perfection Stove (monthly)
Thomson
25
rec.
of
*Holders
1
Dec.
Dec. 1 *Holders of rec. Nov. 28
"lc.
"51
Petroleum Royalties, pref.(mthly)
Extra
Nov. 25
300. Dec. 1 Holders of rec. Nov. 23a
•Mc. Dec. 1 *Holders of rec. Dec. 18
Preferred (extra)
Thompson (John R.) Co.(monthly)__.
of rec.
'Holders
1 Holders of rec. Nov. 20
2
Jan.
Dec.
"$2.50
(quar.)
134
pref.
Corp.
Dodge
Phelps.
(guar.)
Nov. 20a Thompson Products,
15 "Holders of rec. Dec. 1
75c Dec. 1 Holders of rec. Nov.
Phillips-Jones Corp., common (guar.)
176 Tidal Osage 011, vot. dr non-vot.(quar.) _ *50c. Dec.
134 Dec. 1 Nov. 21 to Nov. 30
131 Dec. 1 Holders of rec. Nov. 150 Timken Detroit Axle, pref. (quar.)
Phoenix Hosiery. 1st de 2d pref. (qu.)-- Jan. 15 Holders of roe. Dee. 17
40c Dec. 1 Holders of rec.
corn. (quar.).. 82
Pillsbury Flour Mills. Inc., corn. (au.).rec. Nov. 15a Tobacco Products Corp.,
•144 Dec. 1 "Holders of rec. Nov. 20
131 Dec. I Holders of rec. Nov. 15
Preferred (guar.)
Truscon Steel, pref. (quar.)
*Holders of
I
Dec. 31 Holders of rec. Dec. 12a
$1
Dec.
"75c
(qu.)
corn.
_
_
(qu.)
Co..
A&B
com.
Fisher
Co.
front
Elliott
Winter
Pines
Unnerwood
Dec. 1 *Holders of rec. Nov. 15
'10
144 Dec. 31 Holders of rec. Dec. 12a
Pittsburgh Plate Glass (stock div.)
Preferred and pref. series B (guar.).-Dec. 13
81.50 Tan. 1 Striders of rec. Dec. 76
*50c. Dec. 31 'Holders of rec. Nov. 10a Union Carbide & Carbon (guar.)
New stock (guar.) (No. 1)
Dec. 1 Holders of rec.
'3734c Dec. 1 'Holders of rec. Nov. 15
Pittsburgh Steel Co., pref.(guar.)
Union Financial Corp. cl. A(guar.)
Feb. 15
$1.50 Jan 229 Holders of rec. Dee. 15
'37 Sic. Iar 1 *Holders of rec. Feb.
Poor & Co.,com.(guar.)
Union Guarantee Mtge., com. (quar.)
16
$1 Jan2'29 Holders of roe. Dec. 16
"50c Mar. 1 'Holders of rec.
Common (extra)
Corn. (extra(
Dec. 1
rec.
of
Holders
Dec. 1 "Holders of rec. Nov. 20
15
Dec.
.50c
134
Port Alfred Pulp & Paper, Pr.(qu.)
Union Mills. corn. (quar.)
Nov. 15
*1134 Dec. 1 'Holders of rec. Nov. 20
131 Dee. I Hol, ers of roe. Dec. 15
Powdrell dr Alexander Inc.. pref.(quar.)_
Preferred
(guar.)
of rec.
*Holders
'29 Holders of rec. Dec. 15
Jan2
2
Jan.
$2
•75e.
(guar.)
com.
Pratt & Lambert,
Union Mortgage.Cum•(aurxr-)
15
Jan 229 Holders of rec. Dec. 15
2
Ian. 2 *Holders of rec. Dec. 24a
42
Common (extra)
Common (extra)
Nov.
'29 Holders of rec. Dee. 15
Jan2
144
144 Dec. 15 Holders of rec. Nov. 30
Procter & Gamble Co.,6% pfd. (guar.)..
preferred
(guar.)
6%
81.25 Dec. I Holders of rec. Nov. 160
131 Dec. 15 Holders of rem Nov. 19
Pro-phy-lac-tic Brush, pref. (quar.)
Union Tank Car (guar.)
40e, Doe. 1 Holders of rec. Nov. 170
50e. Dec. 1 Holders of rec.
(guar.)
core.
Amer..
of
Propper Silk Hosiery Mills, com.(qu.)
Biscuit
United
310
Dec. 1 "Holders of rec. Nov. 10
*El
143 J an15'29 Holders of rec. Dee. 10a United Biscuit. class A (guar.)
Prudence Co.. Inc., pref. (guar.)
250. Tan. 2 Holders of rec. Dec. 7
25c Dec. I Holders of rec. Nov. 15a United Cigar Stores of Am..corn.(guar.)
Pure 011, common (quar.)
Dec. 1 Holders of rec. Nov. 23
$2
(qu.)
750 Dec. 1 Holders of rec Nov. 15
pref.
let
Cos.,
Purity Bakeries, corn.(guar.)
Coal
Electric
United
ree. Nov.
Tan. 2 Holders of rec. Dee. 3a
$1.
131 Dec. 1 Holders of
Preferred (guar.)
United Fruit (guar.)
1
•50c. Dec. 1 'Holders of roe Nov. 15
•50c Dec. 15 'Holders of rec. Dec.
Q.R.S. Co.(extra)
United Milk crate, class A (guar.)
of rec. Dec. 31
'Holders
Hold. of rec. Jan. 2 '290
Jan6'29
15
21.50
Jan.
'Si
(guar.)
(guar.)
corn.
Oats,
pref.
Quaker
United Paperboard,
1
$1.50 405'29 Hold, of rec. Apr. 1 '290
'131 Feb. 28 *Holders of rec. Feb. 21
Preferred (guar.)
Preferred (guar.)
Holders of roe Dec. 200
144
Jan2'29
Dec. 1 'Holders of rec. Nov.
*3
Pf.(qu.)634%
Quissett Mill. preferred
Works,
Dye
Piece
8a United
Dec. 1 *Holders of rec. Nov. 15
Tan. 1 Holders of rec. Dec.
Remington-Rand Co., lot pref.(guar.) _
U.S. Bond & Share, common (extra)_. •82.50 Dec. 1 'Holders of rec. Nov. 15
Jan. 1 Holders of rec. Dec. Ra
•50e.
2
(extra)
Second preferred (quar.)
preferred
ng
Participati
8a
rec. Dee,
Dee. IS Holders of rec. Des. la
Remington Typewriter, corn. (quar.),.,... $1 25 Jan, 1 Holders of
8a U.S. Cast Iron Pipe Sr Fdy.. corn. BM/- 234 Dec. 15 Holders of rec. Dec. la
55 Dec. 15 Holders of rec. Dec. 8a
144
Common (extra)
Preferred (guar.)
Dec.
Dec. 1 *Holders of rec. Nov. 16
141 Jan. 1 Holders of rec. Dec. 8a U. S. Dairy Products, corn. A (quar.)_.. "51
First preferred (guar.)
•15i Dec. I *Holders of rec. Nov 16
Jan, 1 Holders of rec.
2
Second preferred (guar.)
First preferred (guar.)
Dec. 1 Holders of roe. Nov. 19a
Dec. I 'Holders of rec. Nov. 16
*2
Republic Iron & Steel, common (guar.). $1
Second preferred (guar.)
19a
pf
33.50 Janj 1 Holders of rec. Dec 11
new
131 Jan, 2 Holders of rec. Dec. 21
and
old
Preferred (guar.)
Corp.,
U.S.Distributing
Nov.
rec.
of
*Holders
1
10 'Holders of rec. Nov. 19
Dee.
Dee.
•75c.
*El
Reynolds Metals. pref. (auar.)
U. S. Freight (guar.)
•2 Dee. 31 *Holders of rec. Doe. 15
(n) Holders of dividend warrants
Rima Steel Corp
U.S. Gypsum, corn. (guar.)
of rec. Nov. 15
Holders
31
1
Dec.
'Holders of rec. Doe. 15
134
Dee,
•141
.
Ltd.,
Pt.
(guar.)
6%
Rolland Paper.
Preferred (guar.)
Nov. 15
$1 Dee. I Holders of rec. Nov. 20
*8734c Dec. 1 *Holders of rec. Nov.
Boxy Theatres, prof., A (fl.)
U. S. Hoffman Machinery (guar.)
15
10
Dec.
•
lc.
134 Dec. 1 Holders of rec. Dec. 15
Ruddy (E. L.) Co., Ltd., pref. (guar.)
U. S. Petroleum (guar.)
*81.
62%c Tan. 15 Holders of rec.
Jan. I *Holders of rec. Dee. 21
Humidor Corp.,com.(qu.)(No.!)
U.S. Playing Card, corn. (guar.)
of rec. Dec. 20
*S1
Jan. 1 'Holders of roe. Doe. 21
Safeway Stores, new corn.(qu.)(No. 1)- *750. Jan. 1 *Holders of roe. Dee. 20
Common (extra)
'Holders
1
Jan.
Jan, 1 'Holders of ree. Deo. 21
0$1.50
•144
7% pref.(guar.)
& Litho., corn.(guar.).
S
Printing
U.
20
Dec.
rec.
of
'Holders
144 Jan1'29 Doe, 22 to 130e. 31
'131 Jan. 1
6% pref.(guar.)
Second pref. (guar.)
Dee. 15 Holders of rec. Nov. 213a
50e. Dec. 20 Dec. 9 to Dec. 20
(quar.)
gt. Joseph Lead (guar.)
Impt.
U. S. Realty &
250. Dec. 20 Dec. 9 to Dec. 20
144 Dee, 29 Holders of rec. Nov.306
Extra
U. S. Steel Corp., com.(guar.)
2
*250. Dec. 1 'Holders of rec. Nov. 24
Jan. 2 Dec. 20 to Jan. 2
(qu.)
pfd.
1st
Inc.
St. Louis Screw & Bolt (guar.)
Pictures
Universal
*250 Mar. 1 'Holders of rec. Feb. 25
*50c. Dec. 1 *Holders of reo. Nov. 20
Quarterly
Radio Products (extra)
Utah
25
May
rec.
of
*Holders
1
'250 June
Quarterly
134
144
DEC. 1 1928.]
Natne of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Vacuum Oil (quar.)
75e. Dec. 20 Holders of rec. Nov.30
Special
$1
Dec. 20 HcIders of rec. Nov.30
Valvoline Oil, COM.(guar.)
1;4 Dec. 17 Holders of rec. Dec. 14
Vanadium Corp. of Amer (extra)
51
Dec. 15 Holders of rec. Dec. la
Vapor Car Heating, pref.(quar.)
1i Dec. 10 Holders of roe. Dec. is
Va.-Carolina Chem., prior pref. (Guar.).
Dec. 1 Holders of rec. Nov. 16a
Wagner Elec. Corp., corn. (quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
Wain & Bond, class A ((mar.)
50e. Dec. 1 Holders of rec. Nov. 15
Class B (quar.)
30c. Jan. 2 Holders of rec. Dec. 15
Walker(Hiram)-Gooderham
& Worts, Ltd.,registered stk.(qu.)_ _
750. Dec. 15 Holders of rec. Nov. 30
Bearer shares (quar.)
75c Dec. 15
lders of coupon No.5.
Wa!worth Co.,corn.(quar.)
30c Dec. 15 Holders of rec. Dec. 3a
Preferred(quar.)
.75c Dec. 31 *Holders of rec. Dec. 20
Wayagamack Pulp & Paper,corn.(qu.)_
750. Dec. 1 Holders of rec. Nov. 15
Wayne Pump, pref. (quar.)
587340 Dec. 1 *Holders of rec. Nov. 24
Wesson Oil & Snowdrift, pref.(quar.) Dec. 1 Holders of rec. Nov. 16a
Western Auto Supply,corn.. A & B (q11.)
*75c. Dec. 1 *Holders of rec. Nov. 20
-Common A & B (extra)
*50c. Dec. 1 *Holders of rec. Nov. 20
Western Dairy Prod., el. A (guar.)
$1 Dec. 1 Holders of rec. Nov. 19a
Wheatsworth, Inc., pref. (quar.)
Dec. 1 Holders of rec. Nov. 15
2
White (J. G.)& Co Inc., pref.(qu.)_ _ _
134 Dec. 1 Holders of rec. Nov. 15
White(J. G.) Eng.Corp., prof.(quar.)_ _
Dec. 1 Holders of rec. Nov. 15
White Motor (quar.)
250. Dec. 31 Holders of rec. Dec. 12
White Motor Securities. pref. (quar.)- - *134 Dec. 31 *Holders
White Rock Mineral Springs, common_ $1.50 Jan. 2 Holders of rec. Dec. 12
of rec. Dec. 14a
First preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 14
Second preferred
735 Jan. 2 Holders of rec. Dec. 14
Winton Engine, pref.(No. 1)
•875-ic Dec. 1 *Holders of rec. Nov. 20
Wire Wheel Corp., common (No. 1)_ _
*51 Dec. 15 *Holders of rec. Dec. 1
Class A (participating dividend)
*$2 Dec. 15 *Holders of rec. Dec. 1
Preferred (quar.)
$1.75 Jan 129 Holders of rec. Dec. 20
Wisconsin Parts, COM. (au.)(No. 1)
*40c.
Common (extra)
*10c.
Witherow Steel. 1st pref. (quar.)
•1% Dec.
*Holders of rec. Nov. 26
2d preferred (No. 1)
Dec.
*Holders of rec. Nov. 26
Woolworth (F. W.) Co., corn.(guar.)
.
- $1.25 Dec.
Holders of rec. Nov. 10a
Wrigley(Wm.) Jr. Co.,corn.(mthly J.._
25c Dec. 1 Holders of rec. Nov.20a
Mouthly
*25c. Jan. 2 *Holders of rec. Dec. 200
Extra
*75c. Jan. 2 *Holders of rec. Dec. 200
Monthly
*25e. Feb. 1 *Holders of rec. Jan. 19a
Monthly
*25e. Mar.
*Holders of rec. Feb. 200
Monthly
*25c. Apr. 1 *Holders of rec. Mar. 20a
Yellow & Checker Cab,corn. A (mthly.)- 6 2-3c Dee. 1 Nov. 26
to Nov.30
Young (L. A.) Spring & Wire (quar.)_ _
50c. Jan. 2 Holders of rec. Dec. lba
Extra
25c. Jan. 2 Holders of rec. Dec. 15a
•From unofficial sources. t The New York Stock
has ruled that stock
will not be quoted ex-dividend on this date and notExchange
until
notice. 5 The
New York Curb Market Association has ruled that stock further
will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d
e Payable In stock.
I Payable In common stock. g Payable in scrip. Correction.
h On account of accumulated
dividends. I Payable in preferred stock.
k Payable in the no par value shares of the North Amer.
Match Corp. at rate
of three-tenths of one share for each share of Diamond Match
stock.
I Associated Gas & Electric dividends payable In cash or
in class A stock as
follows: On class A stock at rate of 234% of one share of
class A stock for each
share held; on original pref. 1.90-100th share class A stock:
on $7 pref. 3.80-100ths
share class A stock; on $5 prof. 2.72-100ths share class A stock.
m Sun Oil stock dividend is six shares tar each one hundred
held
n Dividend is at rate of six pengoes per share of fifty pengoes
par and at the rate
of one pengo twenty holler per one-fifth share.
o Holland Furnace regular dividend Is payable either 2% in stock
or 6234c. In
cash.
p Payable in cash on one-fiftieth of a share of class A stock.
g At rate of 6% per annum from Nov. 23 to Dec. 15
1928.
r Dividend is one share of Colon 011 common for each share
of Carib Syndicate Mk.
8 Erroneously reported in last week's issue as
Cosmopolitan Bank.
Schulte Retail Stores declared 2% In stock,
payable SI% quarterly.
o Southern Canada Power dividend reported in
previous issues an error-intended
for Southern Colorado Power Co.
to Less deduction for expenses Of depositary.
x Payable also to holders of coupon No. 4.
y Dividend is one share Bank of America stock
for each forty shares Bancitaly
Corp. stock.
s Curtis Publishing stock dividend subject to stockholders'
meeting Jan. 4.
3055
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov. 23:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, NOV. 23 1928.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
0th. Cash, Res., Dep., Dep.Other
Including N. F. and Banksand
Gross
Gold. Bk.Notes. Elsewhere. TruitCos. Deposits.
Manhattan$
$
$
$
$
$
Bank of U.S
149.434,900 27,200 2,049,000 20,984,200 1,902,800 152,982,300
Bronx Borough_
19,797,000 6,200 738,000
788,000
20,540,000
Bryant Park Bank 2.041,800 70,300 139.300
180.300
2,102,800
Chelsea Exch. Bk. 22,138,000
____ 1,892,000 1,044,000
22,189,000
Grace National_ _ _ 16,932,291 5,225
76,537 1,376,263 1,142,096 14,608,632
Harriman Nat'l... 31,073,000 20,000 746.000 4,394.000 1,069,000 39,249,000
Port Mcrris
4.267,400 37,200 105,000
235,000
4,077.000
Public National 114,939,000 24,000 2,024,000 7,244,000 4.526,000 110,728,000
BrooklynFirst National_ _ _ _ 19,135,000 27,900 417,000 2,810,800 261,400 17,727,100
Mechanics
54,014,000 246,000 1,678.000 7,908,500
53,008,500
Nassau National_ 21,900,000 70.000 313,000 1,811,000 248,000 21,356,000
Peoples National_
8,762,000 5,000 139,000
604,000 .113,000 8,690,000
m.....a-.... TT..1.,,n,
0 ono onn
CA 000
gni nnn
zo Ann o Inc fin°
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reeve Dep., Depos.Other
N. F. and Banks and
Gross
Eelsetchere. Trust Cos. Deposits.
Manhattan$
$
$
American
49,858,100
796.600 11,798,600
Bank of Europe & Tr. 17,312,318
849,808
103,690
Bronx County
23,069.569
608,782 1,712,873
Central Union
250,339,000 *29,000.000 4,957,000
Empire
73,085,200 *4,575,100 3,313,200
Federaticn
18.178,774
104,895 1,331,372
Fulton
16,073,500 *2,097,200
353.000
Manufacturers
279,341,000 2.410,000 44.413,000
United States
76.670,292 4,075,000 9.733,103
BrooklynBrooklyn
60,323,300 1,435,300 10,183.300
Kings County
26,836,124
1,845,095 2,447,930
Municipal
53,417,200 1,418,000 3,895,600
Bayonne. N. J.0112 979
314 091
540 1RA
$
$
24.200 53,313,900
16,533,437
22,830,355
2,878.000 256,326,000
3,498.100 69,277,600
195,741 18,139.558
15,972,200
1,667.000276,893.050
68,478,333
64,798,000
24,969.566
61,800 49,294,300
non 027
0 320 Inn
• Includes amount with Fedora Reserve Bank as follows: Central Union, $28,135,000; Empire, $2,950,000; Fulton, $1,981,300.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Nov. 28
1928.
$
Capital
84,600,000
Surplus and profits
110,650,000
Loans.(Bans de invest'ts 1,109,511,000
Individual deposits
686,491,000
Due to banks
146,784,000
Time deposits
281.478,000
United States deposits
5,880,300
Exchanges for Clg. House
32,529,000
84,207,000
Due from other banks
Res've in legal depositles
84,089,000
Cash In bank
9,907,000
1 144 nnn
Changesfrom
Previous Week
Nov. 21
1928.
Nov. 14
1928.
$
$
$
Unchanged
84,600,000
84,600,000
Unchanged
110,650,000 110.650,000
-233,000 1,109.744,000 1.118,227,000
-26,404,000 712,895.000 702,880,000
-6,819,000 153,675,000 149,316,000
+4,645,000 276,833,000 275,230.000
-386,000
6.266,000
6,461,000
-6,951,000
39,444.000
33.004.000
-13,458,000
97,465,000
83.427,000
-1,728,000
85,817,000
85,744,000
+65,000
9,842,000
10,107,000
4.233.000
011 non
1010 000
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previousl
y
issued and now makes only the barest kind of a report.
The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
return for the week ending Nov 24, with comparative figures
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK
for the two weeks preceding, is given below. Reserve
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDING SATURDAY
requirements for members of the Federal Reserve System
. NOV. 24 1928.
are 10% on demand deposits and 3% on time deposits, all
*Surplus (1/ Net Demand
Time
Clearing House
to be kept with the Federal Reserve Bank. "Cash in vaults"
"Capital.
Undivided
Deposits
Deposits
Members.
Profits.
Average.
Aterage.
is not a part of legal reserve. For trust companies not
$
$
$
members of the Federal Reserve System the reserve required
$
Bank of N. Y.84 Trust Co-- 6,000,000 13,207,600
59,580.000
9,794,000 is 10%
Bank of the Manhattan Co *15,000,000 *26,909,800
on demand deposits and includes "Reserve with
38,616,000
Bank of America Nat. Assn__ 25,000,000 37,173,100 149,432,000
136,728,000
50,812,000 legal depositaries" and "Cash in vaults."
National City Bank
90,000,000 74,502.900 a827.415,000
161,547,000
Chemical National Bank......6,000,000 20,399,100
9,229,000
National Bank of Commerce_ 25,000,000 47,428,200 134,751,000
Beginning with the return for the week ending May 14, the
41,784.000
Chat.Phcnix Nat.lik.&Tr.Co. 13,500,000 15,109,000 318,334,000
161,290,000
45,372.000
Hanover National Bank
Philadelphia Clearing House Association discontinued showing
5,000,000 26,904,000 124,665,000
2,908,000
Corn Exchange Bank
11,000,000 17,959.200 179,633,000
32,893.000 the reserves and whether reserves held are above or below requireNational Park Bank
10,000,000 25,310,900 129,710,000
11,720,000
First National Bank
10,000,000 88,893,100 244,770,000
16,832,000 ments. This will account for the queries at the end of the
Amer.Exchange Irving Tr.Co 40,000,000 52,705,900
375,831,000
43,295,000
Continental Bank
table.
1,000,000 1,492,000
7,842,000
600,000
Chase National Bank
60.000,000 78,803,900 b557,493,000
71,140,000
Fifth Avenue Bank
500,000 3,308,200
26,128,000
681.000
Garfield National Bank
1,000,000 1.920,300
Week Ended Nov. 24 1928.
15,126,000
428,000
Seaboard National Bank
9,000.000 12,734,200 127,831,000
Two Ciphers (00)
Nov. 17
Nov. 10
8,736,000
State Bank & Trust Co
5,000,000 6,828,900
omitted.
Members of
Trust
39,882,000
1928
1928.
1928.
59,219,000
Bankers Trust Co
25,000.000 75,541,800 0345,090,000
F.R.System Companies.
Total.
59,531,000
U. S. Mortgage & Trust Co
5,000,000 6,385,300
56,974,000
5,844,000
Title Guarantee & Trust Co
10,000,000 22,922,800
$
$
37.706,000
$
$
3.135,000 Capital
Guaranty Trust Co
40.000,000 60,479,400 d471,577.000
57,558,0
9,500,0
67,058,0
67,058,0
67.058,0
83,018.000 Surplus and profits.... 176,202,0
Fidelity Trust Co
4,000,000 3,681,800
18.441,0 194,643.0 194.643.0 194,615,0
41,744,000
5.403.000
Lawyers Trust Co
Loans, discts. & invest 1,029,313,0 102,825.0 1,132,138,0 1,141,277,0
3,000,000 3,935.200
20,742,000
1,142,231,0
2.164.000 Exch. for Clear. House
New York Trust Co
10,000,000 25,180,100 140.779,000
50,260,0
932.0
51,192.0
49,185,0
45,134,0
25,444,000 Due from banks
Farmers Loan & Trust Co.__ 10,000,000 22,416,300 0109,345,000
97,893.0
528,0
98.421,0
107,758.0
96,014.0
25,044,000 Bank deposits
Equitanle Trust Co
30,000.000 27,116,400 f334,599,000
130,754,0
3,231,0 133,965.0 137,647,0 133,847,0
44,967.000 Individual depoalts-Colonial Bank
1,400,000 3,915,300
48,688.0 675,178,0 677.838,0 671,370,0
- 626.490,0
29,471,000
7,530,000 'Time deposits
218,640,0
27,615,0 246.255,0 244,552,0 242,541,0
Clearing Non-Member.
Total deposits
975,884,0
79,536,0 1,055,420,0 1,060.037,0 1,047.558,0
Mechanics Tr. Co., Bayonne_
Res. with
500.000
783,200
depos9,496,0
9,496.0
10,044,0
3,223,000
5.735.000 Res. with legal
9,181.0
F. R. Bank_
63.367,0
63,367,0
69,063.0
69,590.0
Tntala
471.900.000 503 047 NM 8.207 mil nnn R7a AO, rte., Cash in vault•
11.123,0
2,821.0
13 944,0
12,560,0
12.985,0
Total res. & cash held
74.590,0
12,317,0
86.907,0
92,667,0
91.756„0
Reserve required
* As per official reports: National, Oct. 3 1928; State, Sept. 28
1928; trust com- Excess reserve
and cash
panies. Sept. 28 1928.
In vault
Includes deposits in foreign branches: va) 5270.970,000:
880,990,000;(d) 5104.023,000;(e) $4,440,000;(f) $119,023,000.(13) $14,345,000; (c)
•Cash In vault not counted as reserve for Federal Feserve
members.
FINANCIAL CHRONICLE
3056
[Vol,. 127.
Weekly Return of the Federal Reserve Board.
the condition
The following is the return issued by the Federal Reserve Board Friday afternoon, Nov. 29 and showing
for the system
results
the
present
we
table
the
first
In
on
Wednesday.
business
of
close
at
the
banks
Reserve
of the twelve
ng week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondi
Reserve Agents'
Federal
The
banks.
twelve
the
for
each
of
separately
liabilities
and
the
resources
shows
table
The second
Comptroller and
the
between
notes
Reserve
Federal
in
regarding
transactions
details
gives
following)
table
Accounts (third
returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon "the
Discussions.
and
Events
of
"Current
our
in
department
item
first
the
being
page
3028,
on
latest week appears
THE CLOSE OF BUSINESS NOV. 28 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
10 1928 Nov. 301927.
Nov. 28 1928. Not. 21 1928. Nov. 14 1928. Nov. 7 1928, Oct. 31 1928. Or:. 24 1028. Oct. 17 1928. Oct.
8
$
$
$
1
S
8
$
$
RESOURCES.
1,476,253,000
1,148,031,000 1,125,095,000 1,172,075,000 1,134,989,000 1,182,041,000 1,180,352,000 1,207,448,000 1,198,568,000
Gold with Federal Reserve agents
49,238,000
69.439,000
72,282,000
68,558,000
71.833.000
80,193.000
69,083,000
83,444,000
75,335,000
Gold redemption fund with U.S. Trees_
1,248.910,000 1,279,730.000 1.268.007,000 1,525,491,000
Gold held exclusively agst. F. R.notes 1,223,366,000 1,208,539.000 1,252,268,000 1,204,072,000 1,253,877.000 706,917,000 677,753,000 632,992,000 631,911,000
781,011,000 796,380,000 721,680.000 763,380,000 709,223,000
Gold settlement fund with F. R.Board
677,996,000 690,373,000 678,629,000 673.726,000 647,584,000
Gold and gold certificates held by banks. 596,094,000 662,548,000 685.184,000 675,315,000
2,646,230,000 2,636,112.000 2,624.725,000 2,804,986,000
2,641,096,000
2.659.132,000
2,642,787,000
2.667,467,000
2,600,471,000
Total gold reserves
128,213,000 134,904,000
121,943,000 132,622,000 128,968,000 125,600.J00 131,900,000 132,064,000 133.275,000
Reserves other than gold
2,752,938,000 2,939,890,000
2,769,387,000
2,778,294,000
2,772.998,000
2.768,367,000
2,788.100,000
2,800,089.000
2,722,414,000
Total reserves
58,274,000
50,286.000
56,192.000
57,487,000
56,874,000
60,478.000
51,494,000
64,051.000
50,368,000
Non-reserve cash
BM discounted:
345,070.000
609,355,000
569.984.000
553,393,000
562.096,000
584,154,000
524,931,000
Secured by U.S. Govt. obligations... 673,540,000 470,127,000
365,826,000 384,047,000 131,955,000
316,700,000 329,819,000 332,608,000 373,236,000 370,175.000 358,534,000
Other bills discounted
935.810,000 993,402,000 477,025,000
911.927,000
932,271,000
857,539,000
957.390,000
990,210,000 799,946,000
Total bills discounted
331.768,000 354.740,000
482,343,000 484,164,000 474,400,000 448,645,000 440.376,000 401,478,000 379,409.000
BIlls bought in open market
U. S. Government securities:
53,271,000 264,732,000
53,071.000
53,412,000
53,359,000
54,377,000
54,359.000
54,068,000
53,442,000
55,611.000
Bonds
86,281,000
124,339,000
115,798,000 113,166,000 108,961,000 114,295,000 121,582.000 125.667,000
Treasury notes
87,160.000 227,492,000
53,955,000
51,968,000
52,158,000
59,001.000
54,028.000
58,821,000
60,042,000
Certificates of indebtedness
547,835,000
227,099.000 231,047,000 231,365,000 226.712,000
915,000
Total U. S. Government securities.-- 229,282.000 226,055,000 222,339,000 222.682,000
4,580,000
5,280,000
3,730,000
3,730,000
3,730,000
3,855,000
4,390,000
4,390.000
Other securities (see note)
1,380,515,000
1,556,462.000
1,551.864,000
1,548,182.000
1.603.476,000
1,558,133,000
1,632,447,000
1,706,255,000 1.514.555.000
Total bias and securities (see note)
566,000
Gold held abroad
574,000
574,000
732,000
732,000
729,000
728,000
728.000
725,000
Due from foreign banks (see note)
718,985,000 692,230,000
707,919,000 800,760,000 968,055,000 858,155,000 694.479.000 734,235.000 975,181.000
60,001,000
Uncollected items
60,368,000
60.493,000
60.513,000
60,548,000
60,574,000
60,551.000
60,590,000
60.595.000
13,991,000
Bank premises
9,135.000
10.473,000
8,449,000
8,933,000
8.668,000
8,480,000
8.902.000
9,918,000
All other resources
5,145,467,000
5,146,728,000
5,258,192.000 5,249,675,000 5.444,737,000 5.180,222,000 5,198,038,000 5,187,892,000 5,424,164,000
Total resources
LIABILITIES.
1,725,212,000 1,716,574,000
1,765,585,000 1,716.635,000 1,732,051.000 1,742,409.000 1,709,816.000 1,710.409.000 1.717.050,000
V. R. notes In actual circulation
Deposits:
2,313,195,000 2,378,563,000
2,358,874,000
2,321,838.000
2,370,988.000
2,346,141.000
2,364,508,000
2.329,820.000
2,360,973,000
2,093,000
Member banks—reserve account
3,194,000
6.210,000
25,240,000
20,498.000
15,385,000
24,671.000
7,090,000
24,199,000
4,842,000
Government
6.945.000
5,266,000
6,686,000
6,099.000
6,314,000
8,594,000
6,488,000
6,925,000
27,672,000
Foreign banks (see note)
24,101,000
23,085,000
20,709,000
21.437,000
19,513,000
23.624.000
19,609,000 '18,246,000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Burptus
AU other liabilities
2,411,076.0002,377.965,000 2,405,720.000 2.384,709.000 2,419,022.000 2,374,473,000 2,395,114,000
663,280.000 737,873,000 890,829.000 637,764,000 655.508.000 689,914,000 900.479,000
146,436.000 146,502,000: 146,415,000 146,308,000 145,878,000 145,926,000 145,677,000
233,319,000 233,319,000, 233.319,000 233.319,000 233,319.000 233,319,000 233,319,000
32,525,000
33,851,000
35,713,000
34,495,000
37,381,0001 36,403,000
38,496,000
2,345,758,000,2,413,170,000
666,067,000 637,726,000
145,588,000 131,702,000
233,319,000 228,775,000
17,520,000
30,788,000
5.148,728,000 5,145,467,000
5,258.192,000 5,249,675,000 5,444,737.000 5,180.222,0005.198.038,000 5.187,892.000 5,424,164,000
Total liabilities
67.9%
Ratio of gold reserves to deposits and
64.5%
64.1%
64.8%
64.3%
63.6%
84.0%
65.2%
62.3%
F. R. note liabilities combined
71.2%
Rath) of total reserves to deposits and
67.6%
67.3%
68.0%
67.2%
67.4%
137.1%
68.4%
85.2%
F. R. note liabilities combined
186,186,000
Contingent liability on bills purchased
268,863,000
353,11.7.000 250,941.000 262,421,000 258,979,000
268,794,000 263,844,000 256,953,000 —__
for foreign correspondents
$
$
$
$
$
i
8
5
$
Distribution by Maturities—
131,511,000 119,115,000 132,637,000 114,237.000 137,746,000
1-15 days bills bought in open market. 855,540.000 140,932,000 130,469,000 119,823,000 770,441,000 770,680,000 800,659.000 860,385,000 412,153,000
703,343,000
655,062,000
793,490,000
139,415,000
5,064,000
1-15 days bills discounted
4,126,000
4,275,000
4,461,000
4,830.000
9,580,000
9,905,000
8,250,000
8.910.000
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
71,372,000
30,579,000
37.781.000
39,703.000
52,332,000
68,415,000
86,944.000
94,682,000
19,893,000
15-30 days bills bought in open market. 91,570,000
37,417,000
35,788,000
38,516.000
54,815,000
42,312.000
47,813,000
42,048,000
36,200,000
16-30 days bills discounted
14,463,000
14,314,000
100,000
16-30 days U. S. certif. of Indebtedness_
125,000
16-30 days municipal warrants
91,808.000
73,626.000 108.980,000
159,494,000 155,617,000 139,843,000 123,392,000
27,224,000
31-60 days bills bought In open market. 154,218,000 159,346.000
54,174.000
56,490.000
57,780,000
66,556,000
54,962.000
65,999,000
52.693,000
47,981,000
31-60 days bills discounted
11.058,000
11,596.000
11,229,000
13,953.000
11,051,000
55,000
31-60 days U.S. certif. of indebtedness_
155,000
190,000
65,000
34,501,000
31-60 days municipal warrants
107.188.000
105,813,000
114,293,000
93.505,000 100,987.000 111.296,000
85,804,000
93,194,000
10,912,000
61-90 days bills bought In open market 31,357,0170
27.942,000
29,251.000
31,566,000
35.014,000
24,880,000
29,975,000
29,979.000
61-90 days bills discounted
32,805,000
edness..
61-90 days U. S. certif. ofIndebt
30,000
30.000
30,000
36.000
30,000
2,141,000
61-90 days municipal warrants
6.370,000
5,738.000
4,975,000
5,934.000
3,803,000
3,988,000
3,400,000
3,946,000
6,843.000
Over 90 days bills bought in open market
11,698,000
13,262,000
15.691,000
17,918,000
18.522.000
19,539,000
20,168,000
20,510,000
222,428,000
Over 90 days bills discounted
50.030.000
38,745.000
35.911,000
36.099.000
33,072,000
35,468,000
36,108,000
36,818.000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2.946,575,000
2,913,201,000 2,905,369.000 2,911,308,000 2,912,632.000 2,883,012,000 2,872,292,000
F. It. notes received from Comptroller 2,929,419,000 2,918,730,000 813,105,000 812,405,000 813.920,000 798,150,000 769,460,000 772,041,000 819,870,000
801,850,000 812,200.000
F. It. notes held by F. R. Agent
2.114,482,000 2,113,552,000 2,100.251.000 2,126,705,000
2,127,569,000 2,106,530.000 2,100,098,000 2,092,964,000 2,097,383,000
Issued to Federal Reserve Banks
How Secured—
346,567.000 346,567,000 346,588.000 316.568.000 405,468,000
341,207,000 346,557,000 348,557,000 346,557,000 102,686,000
92,755.000 109,775,000
92,360,000
By gold and gold certificates
02.470,000
98,105,000 100.658,000
87,774,000
96,199,000
961,010,000
Gold redemption fund
727,413,000 687.774,000 732,791,000 741,315,000 768.520,000 759,245,000
Gold fund—Federal Reserve Board___ - 710,625,000 890,764,000 1,277.031.000 1,356,704,000 1,318,367,000 1,257,740,000 1.244,281.000 1,270,638.000 801,551,000
1,417,062.000 1.250,537,000
By eligible paper
0(10 2.469.206 001) 2.277.804.000
0 mono', non',.17A 1119 nnn 9 4411 Inn nnn 2 401 003 nnn 2 snn 411 nnn 2 438 092.000 2.451.729
Tntal
he d abroad and amounts due to
balances
of
amount
the
separately
show
to
In
order
added
to
NOTE.—Beginning with the statement of Oct. 7 1925. two new items were
previously made up of Federal Intermediate Credit Bank debentures, was changed
foreign correspondents. In addition, the caption "All other earning assets," securities."
more accurate !ascription of the total of the
a
as
adopted
was
latter
term
The
and
bills
therein.
included
Items
"Other securities," and the caution "Total earning assets" to "Total
only
the
stated,
are
was
It
which,
Act,
Reserve
Sections 13 and 1401 the Federal
discount acceptances and securities acquired under the provisions of
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston.
s
RESOURCES.
$
Gold with Federal Reserve Agents 1,148,031,0 117,598.0
75,335,0 8,267,0
Gold red'n fund with U. S. Treas.
Gold held excl. agst. F. It. notes 1,223,366,0 125,865,0
Gold settle't fund with F.R.Board 781,011,0 19,866,0
Gold and gold ctfs. held by banks 596,094,0 38,023,0
Total gold reserves
Reserve other than gold
2,600,471,0 183,754,0
121,943,0 15,777,0
Total reserved
Non-reserve cash
131.11s discounted:
Sec. by U. S. Govt. obligati°
Other bills discounted
2,722,414,0 199,531.0
50,366,0 7,516,0
673,540,0 26,700,0
316,700,0 35,484,0
Total bills discounted
urns bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificated of Indebtedness
990,240,0 62,184,0
482,343,0 49,189,0
53,442,0
115.798,0
60,042,0
689,0
3,547,0
3,295,0
Total U. S. Gov't securities
99095', n
7 K71 0
New York.
Phila.
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 28 192$•
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
8
$
$
$
8
43,724.0 33,884,0 24,215,0 159,448,0
169,462,0 93,216,0 116,871,0 48,882,0 75,347,0 233,590,0 31,789,0
3,671,0 3,375.0 2,096,0 3,290,0
21,136,0 6,254.0 8,403,0 2,145,0 4,671,0 6,682,0 5,345,0
26,311,0 162,738,0
190,598,0 09,470,0 125,279,0 51,027,0 80,018,0 240,272,0 37,134,0 47,395.0 37,259,0 25,276,0 36,297,0
23,582.0 45,253,0
283,466,0 61,240,0 62,949,0 19,684,0 16,696,0 160,019,0 26.683,0
7,159,0 29,481,0
5,967,0
5,013,0
9,475,0
51,481.0
5,319,0
10,252,0
46,170,0
360,903.0 26.851.0
58,746,0 228,516,0
834,967,0 187.561,0 234,398,0 80,963,0 102,033,0 451,772,0 73,292.0 75,990,0 88,479,0 5,445,0 11,419,0
20,875,0 4,854,0 10.401,0 7,099,0 10,490,0 12,543,0 15,821,0 1,868,0 5,351,0
$
64,191,0 239,935,0
855,342,0 192.415,0 244,799,0 88,062,0 112,523,0 464,315,0 89,113.0 77.858,0 93,830,0 2,297,0 3,388,0
799,0 1,699,0
828,0 2,945,0 4,455,0 3,245,0 6,190,0 2,511,0
14,493,0
13,360,0 48,049.0
272,212,0 54,952,0 66,095.0 18.920,0 19,231,0 102,663,0 21,850,0 11,052,0 20,416,0 6,128,0 26,983,0
44,494,0 20,854.0 25,390,0 22.902,0 41.503,0 44,174,0 16,140,0 3.021,0 26,627,0
19,488,0 73,032,0
316,706,0 75.808,0 94,485,0 41,822,0 60,731,0 146,837,0 37,990,0 14,073,0 47,083,0 25,741.0 50,208,0
143,086,0 20,226,0 54,805,0 27.326,0 30,054,0 40.755,0 9.281,0 21,208,0 10,464.0
45,0
351.0 19,927,0 7,125,0 4,518,0 7,755,0 9,363,0 13,629,0
548,0 1,152,0
585,0
1,384,0
902,0 4,641,0
22,655,0 10,755,0 29,059,0 1,303,0 3,724,0 8,844,0 11,881,0 4,858,0
3,700,0
2,345,0
1,075,0
1,661,0
2.210,0
8,073,0
20.493,0 10,352,0 4,400,0 1,209,0 1,229,0
16.349.0 17.274.g
Al R29 0 21 ens n 54 007 0 / RAI 0 A /ri.t 0 20 9440 21 219 0 11 0210 0 752.0
DEC. 1 1928.]
FINANCIAL CHRONICLE
RESOURCES (concluded)Two Ciphers (00) omitted.
Total.
8
4,390,0
Boston.
New York.
$
$
200,0
Phila.
3057
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Iran.City. Dallas. San Fran.
$
155,0
$
3
$
$
$
$
$
$
$
535,0
3,500,0
504,524,0 117,879,0 183,297:0 72,812,0 96,092,0 224,436,0 68,487,0 46,853,0 67,279,0
65,078,0 140.614,0
368,0
47,0
52,0
25,0
21,0
69,0
21,0
14,0
18,0
18,0
35,0
199,827,0 56,744,0 64,747,0 59,244,0 22,324,0 80.939,0 32,369,0 15,256.0 39,414,0
29,372,0
40,598,0
16,675,0 1,752,0 6,806,0 3,703,0 2,867,0 8,720,0 3,954,0 2,202,0 4,308,0
1,956.0 3,828,0
1.491,0
179,0
1,404,0
429,0 2,699,0
780,0
509,0
744,0
419,0
445,0
661.0
Total resources
5,258,192,0 397,065,0 1,593,220,0 369,844,0 504,050,0 228,730,0 239,771,0 785,449.0
196,964,0 143,716,0 206,967,0 163,357,0 429.059,0
LIABILITIES.
F. R. notes in actual circulation_ 1,765,585,0 154,339,0 343,818,0 144.367,0 212,527,0 82,203,0 131,284,0 296,475,0 61,395,0
62,581.0 64,787,0 47,340,0 164,469,0
Deposits:
Member bank-reserve acc't... 2,360,973,0 146,030,0 932,608,0 131,483,0 180,551,0 68,587,0 66,585.0 349,415,0
82,301,0 54,288,0 90,711,0 72.027,0 186,387,0
Government
24,199,0
868,0
1,367,0 1,585,0 2,130,0
897.0 2,747.0 3,970,0 1,399.0
963,0 1,381,0 1,534.0 2,358,0
Foreign bank
6,255,0
457,0
1,916,0
579,0
634.0
311,0
256.0
848,0
262.0
165,0
220,0
214,0
433,0
Other deposits
19,609,0
225,0
9,169,0
123,0
1,130,0
158.0
152,0 1,249,0
666,0
320,0
335,0
31,0 6,051,0
Total deposits
2,411.076,0 147,580,0 045,060,0 133.770,0 184,445,0 72,953,0 69,740,0 355,482.0
Deferred availability Items
663,280,0 64,908,0 178.992,0 52,866,0 64,829,0 53,347,0 21.155,0 76,426.0 84,628.0 55,736,0 92.647,0 73,806,0 195.229,0
33,378,0 13,968.0
Capital paid In
146,436,0 10,146,0
49,724,0 14,522,0 14,421,0 6,103,0 5.231,0 18,471.0 5,404.0 3.009,0 35,052.0 28,418,0 39,941,0
4,217,0
Surplus
233,319,0 17,893,0
63,007,0 21.662,0 21,021,0 12,324,0 9,996,0 32,778,0 10,397.0 7,039,0 9,046,0 4.321,0 10,867,0
8,527,0 16,629,0
All other liabilities
38,496,0 2,199,0
12,619,0 2,657,0 3,807,0
1,800,0 2,365,0 5.817,0 1,762,0 1,383,0 1,218,0
945.0 1,924.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
1,706,255,0 118,904,0
725,0
37,0
707,919,0 67,095,0
60,595,0 3,824,0
9,918,0
158,0
Total liabilities
5,258,192,0 397.065,0 1,593,220,0 369,844,0 504,050,0 228,730,0 239,771,0 785,449,0
196,964,0 143,716.0 206,967,0 163,357,0 429,059,0
Memoranda.
Reserve ratio (per cent)
65.2
66.1
66.4
69.2
61.7
56.8
71.2
56.0
61.0
65.8
59.6
53.0
66.7
Contingent liability on bills purchased for foreign correspond'ts 268,794,0 19,697,0
80,224,0 24,950,0 27.314,0 13,394,0 11,031,0 36,506,0 11.293,0 7,091,0 9,455,0
9,192,0 18.647,0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
circulation)
361.984.0 34.996.0
95204.0 21 240 0 23 2190 IA 950 0 RI 4720 40 ft71 0 11 Mil 0 11 180 0 04340 8 075 n
592520
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE
AGENTS AT CLOSE OF BUSINESS NOVEMBER 28 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila. Cleveland, Richmond Atlanta. Chicago. St Louis Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
$
$
$
$
$
$
735,482,0 221.216,0 268,269,0 123,900,0 218,027,0 453,416,0 90,934,0 81,790,0 105,781,0
296.460,0 55,600,0 32,430,0 25,439,0 55,270,0 116,070,0 17,570,0 10,029,0 31,560,0 71,327,0 322,232.0
15,312,0 98,400,0
439,022,0 165,616,0 235.839,0 98,461,0 162,757,0 337,346,0 73,364,0 71,761.0 74,221,0
56,015,0 223,832,0
Two Ciphers (00) omitted$
$
F.R.notes reed from Comptroller 2,929,419,0 237,045,0
F. R.notes held by F. R. Agent_ 801,850,0 47,710,0
F. R.notes issued to F. It. Bank. 2.127.569,0 189,335,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates____ 341.207,0 35,300,0
96,199,0 19,298,0
Gold redemption tend
710,625,0 63,000,0
Gold fund-F. It. Board
1 417,062,0 111,354,0
Eligible paper
Tntal collateral
148,407.0
50,000,0 6,690,0 26,750,0
7,600,0 14,167,0
35,000,0
16,055,0 10,239,0 11,876,0 3.192.0 4,597,0 2,590,0 2,189,0 1,557,0 3,524,0 17,293,0
2,922,0
5,000,0 82,977,0 55,000.0 39,000.0 44,000,0 231,000,0 22,000,0 28,000,0 30,360,0 4,000,0 18,160,0
106,288,0
432.934,0 79,951,0 146.480,0 62,856,0 90,722,0 187,387,0 47,256,0 33,042,0 57,050,0
45,182,0 122,848,0
602.396.0 1721670 202 RSA n iii 73R n ion non n 420 977 (1 70 045 0 767660 90 934 0 041 307
0 282 296 0
2.565.093.0 228.952.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
of the resources
and liabilities of the 631 member banks from which weekly returns are obtained. These figures are items
always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given
in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the
Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3028Reserve
we also give the figures of New York and Chicago reporting member banks for a week later. immediately following which
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVF DISTRICT AS AT CLOSE OF
BUSINESS NOV. 21 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila,
Cleveland, Richmond Atlanta, Chicago, Si, Louis, Minneap. Kan.City. Dallas. San Eras.
Loans and investments-total
$
$
I
$
$
22.488,766 1,528,243 8.545,624 1,221,888 2,199,463
$
681,656
I
$
638,081 3,349,114
$
710,806
$
400,784
$
688,345
$
$
481,759 2,043,003
Loans and discounts-total
16,133,664 1,102,303 6,238,424
841.114 1,483.604
522.125
505,109 2,470,878
505,650
265,379
445.123
362,581 1,391,374
12,088
49,747
431.785 3,035,928
658,430 3,152,749
4,714
444,887
391,513
12,241
653,732
817,631
2,962
186,530
332,633
3,351
20,176
131,662 1.082,432
370,096 1,368,270
4,018
212,419
289,213
2,430
81,340
181,009
2,971
115,4.53
326,699
2,474
91,936
268.171
4,313
402,504
984,557
6,355,102
425,940 2,307,200
380,774
715,859
159,531
132,972
878,236
205,156
135,405
243,222
119,178
651,629
U. S. Government securities
2,976,683
Other bonds, stocks and securities 3,378,419
160,806 1,168,031
265,134 1,139,169
108,626
272,148
333,106
382753
9
69.413
0118
57,076
75,896
365,927
512.309
75,540
129,616
76,614
58,791
120,469
122,753
81,553
37,625
359,522
292,107
78,546
15,467
125.912
30.238
42,213
12,636
40,861
11,220
208,279
40,445
46,687
7,916
25,920
6,118
54,964
11,403
36,315
9,508
122,657
22,393
Secured by 05. 8. Gov't oblige's._
121,485
Secured by stocks and builds.... 6,870,608
All other loans and discounts.... 9,141,571
Investments-total
Reserve with F. 3t. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,723,894
253,861
100,456
19,409
781,084
67,108
13,411,047
6,923,944
72,816
939,863 5,851,182
471,974 1,746,852
5,726
23,416
729,239 1,041.094
296,234 957,379
5,640
6,184
366,675
242,579
2,716
295,145 1,899,860
237,201 1,268,105
6,145
6,588
389,901
238,069
1,999
237,714
137,214
721
495.645
180,640
1.667
311,984 852.745
131.520 1,016,177
5,313
6,701
1.200,775
3,241,086
53,862 153,569
148,279 1,242,004
59,401
168.302
98,140
216,952
52,245
107,846
84,940
111,997
238.473
459,715
58,818
133,120
55,980
93,159
123,976
211,518
68.841
128,217
152.530
219,977
Borrowings from F. R. Bank-total
584.566
32.844
128,485
42,129
60,496
20,661
38,177
113,810
29,167
9,701
27,597
14,918
60,581
Secured by U.S. Gov't obliga'ns.
All other
365.352
219,214
12,025
20,819
103,403
25,082
35,020
7,109
42,869
23,627
9.598
11,063
10.538
27,639
64,557
49,253
16,118
13,049
0.525
3,176
15,119
12,478
9,223
5,695
40,357
20,224
631
35
77
46
70
04
31
92
29
24
(14
44
R5
Number of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
New York at the close of business Nov. 28 1928,
Bank of
in comparison with the previous week and the corresponding date
last year:
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U.S. Treasurer_
Noe. 28 1928. Nov. 211928, Nov. 301927.
3
5
169,962,000 174,462,000 275,067.000
21,136.000
22,514,000
13,678,000
Gold held exclusively agst. F.R. notes_
Gold settlement fund with F.R. Board__
Gold and gold Ws. held by batik
190,598,000
283,966,000
360,903,000
196.976,000
307,115.000
418,455.000
288,745,000
261,204,000
415,208,000
Total gold reserves
Reserves other than gold
834,967,000
20,875,000
922,546,000
23,227,000
965,157.000
24,575,000
Total reserves
Non-reserve cash
Bills dIscouided:
Sec. by U. S Govt. obligations
Other bills discounted
855,842,000
14,493,000
945,773,000
19,606,000
989,732,000
17,200,000
272,212,000
44,491,000
129.024,000
40.728,000
132,873,000
15,242,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
316,706,000
143,086,000
169,752,000
142,964,000
143,115,000
104,063,000
1,384,000
22,655,000
20,493,000
1,384,000
20,400,000
19,628,000
47,946,000
8,305,000
57,811,000
Total U.S. Government securities...-.
Other securities (see note)
44,532,000
200,000
41,412,000
200.000
114,062,000
Total bills and sccuritles (see note)____
504,524,000
354,328,000
366,240,000
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
Nov. 28 1928. Nov. 211928. Nov. 30 1927'
$
368,000
199,827,000
16,675,000
1,491,000
371.000
231,163.000
16,675.000
1,359.000
213 000
179,716.000
16,284,000
5,071,000
1,593,220,000 1,569,275.000 1,574,456,000
LiabilitiesF. R. notes in actual circulation
Deposits-Member bank, reserve acct._
Government
Foreign bank (see note)
Other deposits
343,818,000
932,608,000
1,367.000
1,916,000
9,169,000
333,497.000
898,694.000
1,096.000
2,109.000
8,500,000
362,735,000
939.795.000
783,000
864,000
12,283,000
Total depoAt4
Deferred avallabilty items
capital paid in
Surplus
All other liabilities
945,060,000
178,992,000
49,724,000
63,007.000
12,619,000
910,399,000
200,580.000
49,784,000
63,007.000
12.008.000
953,725,000
152.058,000
40,167,000
61.614,000
4,157,000
Total liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
1,593,220,000 1,569,275,000 1,574,456,000
66.4%
76.0%
75.2%
80,224.000
75,274,000
51.142,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
in order to show separately the amount of balances held abroad and amounts
due to
foreign correspondents. In addition, the caption, -all other earning assets," previously made up of Federal Intermediate Credit
Bank debentures, was chanced to "oches
securities," and the caption. "Total earning assets" to -Total bills and securities."
The latter term was adopted as a more accurate description of the total of the die-.
counts. acceptances and securities acquired under the provision of sections 13 and 14'ot the Federal
Reserve Act. which. It was stated, are the only items included therein.
[VOL. 127.
FINANCIAL CHRONICLE
3058
Xiankers'
New York City Realty and Surety Companies.
azettz
Wall Street, Friday Night, Nov. 30 1928.
3045.
Railroad & Miscellaneous Stocks.—See page shares
Following are sales at Stock Exchange this week offollow.
not represented in our detailed list on pages which
STOCKS.
Week Ended Nov. 30.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Bid
Alliance R'Ity 75
Amer Surety. 300
Bond & M 0.. 440
Lawyers Mtge 330
Lawyers Title
dc Guarantee 375
Mtge iton,L. 152
(AU prices dollars per share.)
Bid
Ask
Realty Assoc's
(Bklyn)com 445
577
1st pref____ 96
400
2d pref— — 93
4.55
99
95
Title & Tr_ 9450
Rights ...... 250
275
ma
Ask
85 N Y Title &
Mortgage._ 570
__ .
450 US Casualty_ 380
338
382
160
Ask
Westchester
New York City Banks and Trust Companies.
(AB prices dollars per share.)
per share. y per share.$ Per share. Banks—N.Y. Bid
Ask Tr.Cos.-N.Y. Bid Ask
Far. Shares $ Per share.
Ask Banks—N.Y. Bid
Railroads—
Nov
334
Nov
450
191 Port Morris__ 670 725 Bronx Co Tr_ 425 1855
187
Atch Top & 13 Fe rts---- 35,000 234 Nov 26 334 Nov 27 234 Feb 101
Oct America
60
30
Nov
99
30
Nov
99
Central Union 1835
10
229
_100
224
_
Pitts_
&
Buff Roch
Amer Union._ 240 250 Public
Nov
102
Mar
700
94
640
27
Nov
101
20 101 Nov 27
ill
_ 840 855 County
650 Seaboard
Preferred
3234 July 6434 Nov Bronx Bank* 550
475 485
98 102 Empire
Rights
Buff & Susquehanna 100 1,500 5934 Nov 26 64 Nov 28 38
Nov Bryant Park* 275 325
63
Sept
505
495
28
Tr.
Nov
5934
Equitable
30
Nov
56
100
275
10
265
210 216 Seventh
Preferred
May Central
Feb375
177 18.5 Farm L & 'Fr_ 840 850
210 240 Seward
Central RR of N J 100 900 331 Nov 2633234 Nov 27 29734
Nov 4934 June Century
200 46 Nov 27 46 Nov 27 44
790 805 Fidelity Trust 405 425
Cleve & Pittsb special _50
745 755 State.
Chase
June
94
Oct
80
580 620
26
Nov
8334
_ 109 114 Fulton
100 390 81 Nov 30
Rights
Cuba RR pref
Mar Chath Phenix
Oct 65
10 60 Nov 27 60 Nov 27 40
305 325 Guaranty___. 800 815
Detroit & Mack pref_10
Nat Bk &Tr 640 650 Trade.
Sept
7834
Oct
222 228
26
63%
Nov
Germanic
26
6434
Nov
Intl
290
64
30
Havana Elec Ry pref 10
Nov Chelsea Each* 372 380 Yorkville_ _ _ 250
July 473
340420 Nov 26 473 Nov 30 340
1
240 255 Interstate.... 295 300
030 Yorktown•
Hocking Valley
July 8234 June Chemical_ _ _ _ 1010
Lawyers Trust
20 79% Nov 26 8034 Nov 30 75
1400
1200
Brooklyn.
III Cent RR sec stk ctf 10
Colonial'....
Nov 2934 May
200 16 Nov 26 1634 Nov 27 16
600 650 Manufset
Market St Ry pref_10
Apr Commerce_ _ _ 760 770 First
New $25 par 254 259
634 Nov 26 734 Nov 26 334 Feb 834 May Continental*. 540 560 Globe Bich*. 325 345
2,2
1
Nat Rye of Mex let phi
204%
Aug
17134
288 298
30
Nov
Nov
182
2618534
270
1....._100
Corn Rich... 765 775 Mechanics'_ 405 412 Murray Hill
Nash Chatt 62 St
May
34
148
Apr
125
27
Nov
1014034 Nov 2714034
36 Municipal•- - 458 4133 Mutual(West33
New On Tex & Mex_100
Rights
May
350 400
chester)
480
465
230 2634 Nov 27 27 Nov 26 2034 Aug 39
300
Nassau
2200
Pacific Coast 2d pret.1 II
Fifth
Avenue_
Mar 5134 Oct
N Y Trust... 840 850
50 Nov 30 50 Nov 30 50
1000
1
4675 750 People's
Flint, Rap Tran pref_ _5
July First
Nov 43
25 Nov 28 25 Nov 28 25
170 Times Square 183 190
150
1
650
N Y State Rye pref _ A el
Garfield
ProsPert
Apr 89% Apr
Title Gu & Tr 890 910
10 82 Nov 27 82 Nov 27 70
500
Grace
Wheeling & L Erie ph 1 I
590 610
U S Mtge &
Trust Co..
1500
Indus. & MIscell.
Nov Hanover
Jan 90
3400 500
United Ste
2 90 Nov 27 90 Nov 27 53
New York.
1170
Alliance Realty
100
1000
Westchest'r
515
Am Ex Iry Tr 508
275
Am Mach & Fdy—
Jan Liberty
10 113 Nov 30113 Nov 30 11034 Oct 110
803 815 Banes Comle
Prei(7%)ex-war
Nov 99% Nov Manhattan."
30 97
Nov
34
99
Brooklyn.
30
Nov
440
9734
420
Tr.
650
Italians
•
340
pref
1310
Gas
Am Nat
City
1250 350
Nov 26 7034 Nov 7734 Nov National
Brooklyn_ _
90
95 Bank of N 1
Rights
Am Pow & Lt pref A_ _.• 1,400 7034 Nov 30 7634 Nov 27 8234 Nov 8634 Nov
2750
600 8234 Nov 30 8534
& Trust Co 765 780 Kings Co
805 820
Prost A stamped
Nov Park
275 211"
Nov 26 3634 Nov 56
56
30
Midwood
Nov
49%
1130
Thus
1100
13200
Bankers
180
175
Andes Copper
34% Apr Penn Rich
500 2934 Nov 27 2934 Nov 26 2534 Jan
Art Metal Constr— _ _10
Apr
lend. p Ex-stook div. Y E$411111611.
200 10234 Nov 27 10434 Nov 28 9934 Aug 113%
t New stock. s
banks.
*State
Assoc Dry G'ds let ph 100
Jan
200 107 Nov 28 107 Nov 28 10634 Oct 119% June
100
2d preferred
Nov101%
ii 94 Nov 27 94 Nov 27 92
Barker Bros pref.- --1 I I
Jan
Nov 120
26 115
Nov
115
26
Nov
ess, &c.
115
II
100
A
Brown Shoe pref___
Apr Quotations for U. S. Treas. Ctfs. of Indebtedn
290 11434 Nov 26 11434 Nov 28 110% Mar 117
Bucyrus-Erie pref(7) 10
Nov 30 67% Nov 8434 Nov
Int.
sat.
Columbia Graphophone. 1351 I 78 Nov 27 8434
Rate. Bid. Asked.
714 Nov 28 934 Nov 30 734 Nov 934 Nov
Maturity.
Bid. Asked.
Rate.
Comm Inv Trust rights_ 60,1
Maturity.
Jan 10834 June
210 9934 Nov 30 101 Nov 27 98
Consolidated Cigar pfl I'
Nov
Nov 28 1234 Sept27
2534
5
26
Nov
°11
_,°.
_7
2434
800
334% 97"81 9
1930-32
Sept.15
10
I82
99",,
99
Dec. 15 1928... 334%
Crex Carpet
11
"
130 9934 Nov 27 100 Nov 27 9634 Jan 10534 Oct Dec. 15 1928._ 4%
998°., 100 iMar.15 1930-32 334% 97un 1,1
Crown W'mette let pi...
Nov 26% Nov
97nts
26 Nov 30 26% Nov 30 26
15 1930-32 34% 973At wenn
D.o.
9911,2
99uss
5
Crown Zellerbach
Mar.
344%
15
1929.-10011"
Sept 11634 Mar
110
26
Nov
11034
26
Nov
11034
454%
1929
15
991122
30
991'32
Sept.
_°
Cushmans Sons pref__
Nov Mar.15 1929... 3;4%
19 Nov 30 1434 Oct 19
June 15 1929___ 444% 100,ss 100,ss I
Detroit Edison rights__ 7,10 1734 Nov 26
8 36 Nov 26 3634 Nov 27 3444 Oct 4634 Jan
Durham Hosiery pref 10
Nov
Nov
1
26
234
Nov
234
30
Nov
I
I'
134
Eaton Axle & Spring rts_ 22,
Feb
Nov
87
10034
30 87 Nov 30 88 Nov 30
Hisenlohr Bros pref. A II
United States Liberty Loan Bonds and Treasury
70 121% Nov 26 125 Nov 30 12034 Nov129 A Apr
Elec Pr & Lt p140% pd.
Feb Certificates on the New York Stock Exchange.:—
56 15 Nov 26 1534 Nov 26 1234 Sept 19
Elk Horn Coal pref.- -50
Nov
6434 Nov 30 6534 Nov 31 6434 Nov 6534
of the transactions in Lib5,7
Follansbee Bros
Feb Below we furnish a daily record
50 10734 Nov 27 10734 Nov 27 10734 Nov 113
Franklin Simon pref A II
Apr erty Loan bonds and Treasury certificates on the New York
Oct 144
10,132 Nov 26 132 Nov 26 121
Gen Gas & El pf A (8)_*
May
2 113% Nov 30 113% Nov 30 10834 Jan 118
Exchange. The transactions in registered bonds are
Frei A (7)
Oct 11434 May Stock
• 1 109 Nov 30 109 Nov 3 105
Preferred B(7)
at the end of the tabulation.
8034 Nov 30 8434 Nov 30 8034 Nov 8434 Nov given in a footnote
3,8
General Mills
10 196311 8534 Nov 27 8834 Nov 26 8334 Nov 9034 Nov
Gen Motors new w
Apr
113
Oct
109
27
Nov
1 110 Nov 27 110
Debenture.;(6)----1 I
Bond Prices. Nov. 24 Nor. 26 Nov. 27 Nog. 28 Nos. 29 Noe.30
5334 Nov 30 6134 Nov 26 5034 Nov 6234 Nov Daily Record of U. S.
*36,6
Gobel (Adolph)
Nov
100 120 Nov 28 120 Nov 28 107 June 120
995412
Grand Stores. pref ..100
9911,2 991112 9931s,
gh
LoanHi
Nov
%
First
Liberty
Nov
%
mon
Nov 31
34 Nov 27
11,800
Grand Union rights
99ntt 99110 9911s,
Apr
334% bonds of 1923-47_ _{Low10 109 Nov 26 109 Nov 26 10334 Nov 110
57u 991132 9911st
992521
Gulf States St 1st 01_1 II
99
Close
(June
334)
29
(First
/Jan
2534
Nov126
2734
260 27 Nov 28
3
126
Hackensack Wat ph A_2
69
32
units...
$1.000
in
Apr
sales
Total
Aug 104
40 101 Nov 30 102 Nov 30 99
Hamilton Watch pref 10
Converted 4% bonds origh
100 5434 Nov 27 5434 Nov 27 5434 Nov 6734 I.Oct
Harbison Walk Refr__ _
Low4s)....
(First
:Nov
68
1932-47
Nov
911 6734 Nov 30 68 Nov 31 6734
Hawaii Pine
Close
May
Jan 134
-1112534 Nov 28 125% Nov 28 121
Helme (G W) pref._ _1
Total sales in $1,000 units_ _,
5034 Nov
100•41
* 5,000 4634 Nov 30 4834 Nov 26 4534 No 146
Hclland Furnace
100",,10i5is-2 105;,-2
Oct
Converted 431% bonds{HIgn
Oc
Kivu
• 800 132 34 Nov 26 135 Nov 31 132
10011,1
Industrial Rayon
10011,2
10011,2
Lowof 1932-47 (First 434s)
Nov225% Nov
noun
Internet Nickel ctfs_ _ 2,500215 Nov 30225% Nov 28 19434 Nov 3434 Nov
10011,1 1001115 10011s2
Close
16
27 Nov 30 2934 Nov 27 27
S
30
24
Int Paper & Pr cl A__* 2,3
Total sales in $1,000 units_ _ _
Nov
19
Nov
15
27
Nov
26
16
Nov
•
1534
6,711
---B
Class
---------Second converted 434 NHigh
Nov 27 1034 Nov 1334 Nov
1034 Nov 26
6,4
Class C
Low(First
1932-47
of
bonds
Nov
1%
-134 Nov 30 114 Nov 30 134 Nov
3
-- __
—_
--Indep 011 & Gas rta_ _ _ _
Close
Second 434s)
Jan
196
..
2 144 Nov 30 145 Nov 27 126 Jun
International Silver...1
Total sales in $LOW units...
Jan
Oc 131
...12
100"
10 121 Nov 28 121 Nov 26 119
ill
101
-1
-;
100
1110
14,
Preferred
{High
Loan
Liberty
Fourth
Nov
6134 Nov 78
mono
28
Nov
78
26
Nov
6534
2
10011,
Stores..
10,2
Dept
100",,10011,
Interstate
Low4%% bonds of 1933-38
13434 Nov
ill 1,90012434 Nov 2713434 Nov 28 12434 Nov 125% Nov
Preferred
Close HOLI- 10028n 100uss 100ns HOLT- 100un
(Fourth 434s)
Nov
103
113 DAY
100
77
39 125 Nov 3 125% Nov 27 11934 Oct 122
66
Jewel Tea pref
Total sales in $1,000 undo... DAY
Apr
11
27
Nov
834
27
112'n
Nov
101
12034
120
11214, 1121,2 112112
25
(Hih
Johns-Manville pref,.
Treasury
Oct
34
Nov
30
28
112122
112122
30 Nov 26 3034 Nov
11211,,
1121,2
6
Kaufmann Dept St $12 A
{Low_
1947-52
4345,
Nov
Nov 42
1121,2
40 Nov 28 42 Nov 28 40
1121115 1121s, 11211,
Kraft Phenix Cheese—* 1,6
(Close
Oct
13
40
5
353.4 Nov 27 3634 Nov 26 3534 Nov 4054 Feb
12
50,5
Kreuger & Toll
Total sales in $1,000 units_ _ _
Ap 111
1071812
1071"ss
1071122
10711,2
4 110 Nov 26 110 Nov 26 110
High
{
Kuppenheimerpref..10s
Nov
134
Nov
%
30
1071n
Nov
30
134
ss
,
Nov
107
%
1071031
1,7
rta
107143,
El
Supply
Manhattan
Low.
4s, 1944-1954
Nov 12434 Jan
107,at
I 99 Nov 30 101 Nov 27 99
hI
1071132 10710,2 1071,2
Preferred
Close
No 4954 Nov
100
95
12
SO
McKesson & Robbins._* 11,600 4534 Nov 28 4934 Nov 28 4534 Nov 6334
Total sales in $1,000 units...
Nov
54
28
---Nov
6334
26
10420,2
5734
Nov
10421,2 104111,2
.124.111
Preferred
(High
Jan
Nov 41
—.
104",,104nu
97 2934 Nov 28 3134 Nov 27 21
111
104112,
Manatl Sugar
Low.
3445,
1946-1956
Jan
No 88
---10411,2 10411,2 10411,2
100 59 Nov 28 59 Noe 28 40
Preferred
Close
1
Sept
70
11
26
10
• 2,000 62 Nov 28 65 Nov 30 6034 Nov 110
Melville Shce
Total sales in $1,000 units_ _ _
Nov
Oct
9910,2
991132 99122
100 110 Nov 30 110 Nov 30 106
991132
MacAnd & Forbes pf _100
{High
Nov
99,ss
09,31
19,511 4634 Nov 27 5734 Nov 30 4634 Nov 57 34 May
99",,991.1
Murray Corp rts
Low_
334s, 1943-1947
Jan 14734
99,21
99,82
160 14034 Nov 26 14034 Nov 26 139
9912ss 99In
National Lead pf A..100
Close
Jan
July 136
230
5
111
17
100
140 118 Nov 26 118 Nov 26 115
Preferred B
Total sales in $1,000 units- - Jan
Sep 119
99'12
9911,
1 116 Nov 28 116 Nov 28 114
9911,2 99112
National Supply pf _ _100
(High
Nov
150
Nov
98tIss
99
99
99132
National Surety new._50 5 148 Nov 27 14834 Nov 28 146
Low_
*3345, 1940-1943
Nov 6934 Nov
98tats
99"
69 Nov 26 6934 Nov 26 69
99
8
99122
North Germ Lloyd w I__
Close
Sept
44
163
26 33% Jan 48
3
33
2 4034 Nov 26 4034 N
Norwalk Tire & R pf_100
Total 'aloe In St non 11.1re
Sept 114% May
111
100,11134 Nov 30 11134 Nov 30 109
Outlet Co pref
Nov
3534
Oct
25
30
Nov
101
2001 33 Nov 28' 34
Pacific Mills
Aug 1434 Jan
Note.—The above table includes only sales of coupon
500 12 Nov 30' 13 Nov 26 8
Penns Coal & Coke .5
Aug 110% Apr bonds. Transactions in registered bonds were:
40010734 Nov 2610734 Nov 28 107
Pub Serv El&Gaspflll
Nov
5134
Nov
4654
Radio-Keith-Orpbeum A 10,300 46% Nov 301 5134 Nov 30
100uss to 10011
May SO 4th 434.
70 Nov 26 7734 Nov 30 6134 Feb 78
Reis (Robt) let pf __ _100 1,2
July 114% Aug
10 114 Nov 27,114 Nov 27 106
Rem Typew let pf.10l
Nov
56
Oct
Rhine Westphalia El Pr_ 5,400 52% Nov 261 56 Nov 30 50
May
Foreign Exchange.—
100 183 Nov 30 183 Nov 30 16534 Mar 195
Reynolds Tobacco A..2
Nov
sterling exchange were 4.84%@
634 Nov 30' 7% Nov 26 8% Nov ru
7,8
Royal Dutch rights
To-day's (Friday's) actual rates for 5-16
Mar
123
for cables. Commercial on
Sloss-Shef St & Ir p1.1004 108 Nov 281111 Nov 26 10434 Oct
Oct 14434 Aug 4.84 15-16 for checks and 4.85(44.85
4013134 Nov 27,132 Nov 30 131
So Porto RIco Sag pf_10
banks, sight, 4.84 9-16(034.84%; sixty days, 4.80 11-16©4.80 23-32; ninety
Apr
109%
Jan
4.80%@4.80 11-16.
1
8 106 Nov 28 106 Nov 2 100
payment,
for
Sun 011 pref
documents
and
4.787
4(4)4.79;
days,
/
4% Nov
No
1 Nov
165800 434 Nov 28 4% Nov 26 5
payment, 4.84.
Texas Corp rights
6234 Nov Cotton for payment, 4.84, and grain for
1 2,900 60 Nov 26 62% Nov 27 5
bankers francs were 3.90 11-16
Paris
Truscon Steel
for
rates
actual
To-day's
(Friday's)
1934 Nov
guilders were 40.14 540.16
U S Cast I P & F 2d pf_. 4,3i 19 Nov 28 1934 Nov 30 1834 Nov
Jan @3.90 13-16 for short. Amsterdam bankers'
III
20
2% Nov 27 334 Nov 28 2% Nov 6
S Express
for short.
5 Nov 26 6% Nov 30 4% Nov 6% Nov
francs; week's range, 124.11 francs
124.10
U S Industrial rights_ _ _ _ 20,7
London,
on
at
Paris
Exchange
Nov
for foreign exchange for the week
*16.300 8174 Nov 27 85 Nov 27 5834 Oct 85
United Elec Coal
Nov high and 124.08 francs low. The range
Oct 260
11
11 255 Nov 28260 Nov 31 120
Utah Copper
follows:
Cables.
Checks.
Victor Talk Mach—
Actual—
Sterling.
Nov
4.85 5-16
1
300 Nov 28 300 Nov 28 108% Jan 300
4.84 15-16
Cony pref
Nov 98% Nov High for the week
4.85
92 Nov 27 9834 Nov 31 87
4.84%
Wesson Oil dr Snowdr_ _* 16,7
for
the
week
Low
• 101 107% Nov 2710754 Nov 27 10534 Nov 108% Nov
Preferred
Paris Bankers' Francs—
3.9134
20% Nov 30 2134 Nov 26 1834 Oct 2234 Nov High for the week
1,1
3.9074
Wilcox Oil& Gas
Apr
Nov 96
3.90%
3.9034
2
85 Nov 27 90 Nov 3 83
Yellow Trk .12 Coal ph III
Low for the week
Nov
5634
Nov
51%
28
Nov
5334
26
•
51% Nov
3,3
Young Spr & Wire
Amsterdam Bankers' Guilders—
53i
40.18
84(
40.13
Bank, Trust & Insur.
High for the week
Co. Stocks.
Low for the week
Wee I
Nov
775
Feb
550
3
Nov
775
1 725 Nov 27
Bank of Commerce_ _1
Germany Bankers' Marks—
Nov
23.84
2s 785 Nov 27 775 Nov 28600 1 Mar775
Corn Exchange Bank ill
111th for the week
H..8384§
23.81%
ow tor the week
•No par value.
ad11E-
74
1134
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 24.
Monday.
Nov. 26.
Tuesday,
Nov. 27.
Wednesday, Thursday,
Nov. 28.
Nov. 29.
Friday,
Nov. 30.
Soto*
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Since Jan. 1.
On Oasts of 100-share Ms
PER SHARE
lanes for Preston,
Year 1927,
Lowest
fliglest
Lowest
Hieksst
x per share $ per share $ ver share $ per share $ per share $ per share Shares
Railroads.
Der
share
Par
$
$ per share X par
X per Man
19973 202
202 204
2004 203
20118 20338 5,900 Atch Topeka .14 Santa Fe_ _100 18233 Mar 2 204 Nov 16 18184share
Jar, 200 aul
104 10418 104 104
104 104
104 104
900 Preferred
100 1024 Jan 4 1084 Apr 9
9933 Jan 1U1114 Dee
170 172
172 172
171 17212
16953 17212 2,000 Atlantic Coast Line RR
100 15718 Oct 5 19112May 7 17473 Apr 20512 Aug
114 117
11718 11812 11718 11812
1184 11934 88,600 Baltimore & Ohio
100 10334June 19 11973 Apr 12 10612 Jan 125
Oel
774 78
7714 7773 78
78
•11958 11934
600 Preferred
100 77 Nov 19 85 Apr 4
7314 Jan 83 Jung
*684 6912 6934 7012 6934 70
x6912 71
2,200 Bangor & Aroostook
50 61 June 12 8414 Jan 11
64
Jan 10312 Mal
*____ 11114 *____ 11114 *____ 1114
•_i_ 11114
Preferred
100 110 July 7 11534May 31 10112 Jan 122 June
7934 85
86
86
85
86
i 8734 5,700 Boston & Maine
100 68 Feb 18 8734 Nov 30
6712 70
89
72
6833 7112
6812 70
24,900 Bklyn-Manb Tran v t e_No par 5314 Jan 17 7734MaY 3 -53 -Aug -70I7-2 Jan
9034 9034 •90
9053 *89
*89
91
9012
100 Preferred v to
No per 82 Jan 4 9538May 3
784 Oct 88
Jan
4218 434 4258 4334 42
4333
4113 43
16,500 Brunswick Term et Ry Sec-100 144 Jan 5 4778 Sept 4
214 oes lino Des
24813 253
249 25134 246 250
124158 24714 60,800 Canadian Pacific
100 19512June 19 253 Nov26-20012 20912 20714 2091 206 20678
205 207
21.500 Chesapeake & Ohio
100 17512June 19 20912Nov 26 1$54 Jan 21812 Oen
1114 1133 12
1253 12
13
1218 1278 16,900 Chicago & Alton
100
553 Jan 30 11334MaY 2
434 Jan 1051 June
1778 1878 1878 1938 194 2014
1812 1958 18,500 Preferred
100
77g Feb 20 2633May 2
74 Jan 184 July
*42
*44
46
46
•42
46
*42
45
Chic & East Illinois R1t--.100 37 Feb 28 4814May 10
3012 Jan 51 July
6633 87
6834 70
6812 6912
68
3,000 Preferred
68's
10(1 58 Aug 15 7653May 4
48
Jan 9472 002
1412 1733 17
1833 184 21
20
22'8 151,200 Chicago Great Western
100
94 Feb 8 2218 Nov 30
84 Jan 221i May
36
39
374 3933 3834 4138
394 4114 81,700 Preferred
100 2012 Feb 20 4134 Nov 30
_- ---- 4473 June
3314 3513 3533 367a 3553 3612
3514 364 32,900 Chicago Milw St Paul & Pao__
224 Mar 5 4012 Apr 26 .-9 Jan 1934 Dee
54
5612 5612 5953 574 5834
577k 128,000 Preferred new
57
37 Mar 2 5932 Nov
___ ____ 8712 Dee
9212 91
91
927
92
94
9233 933 48,000 Chicago & North Western_100 78 June 19 9414May 271
7831 Jan 974 Sept
*139 142 *139 142
1404 1404
*139,4141
..., 100 Preferred
100 137 Sept 5 150 May 2 12614 Jan 150
Oe
13334 13538 13578 138
1374 1394 '
136 139
25,100 Chicago Rock 151& Pacific-100 106 Feb 18 13953 Nov 28
684 Jan 116 July
109 10973 10914 10912 10912 1094
110 110
1,100
Feb
111i
9
10814
100
:May 31 10234 Jan 11134 Dee
10212 10212 103 103
103 10418
i- *10314 1043
500 644 preferred
100 100 Feb 24 105 May 31
9514 Jan 104 Noll
1094 110
10973 111
114 11431 i ,.. l
•112 118
800 Colorado & Southern
100 105 Aug 15 126 May 3
84 Jan 13714 July
7734 78
*7714 78
77
7718
78
78
150 First preferred
100 67 July 3 85 Apr 10
70 Jan 78 Del
*70
76
*694 783 *6913 7834 II
*694 7834
.
Second preferred
100 694 Nov 2 85 May 9
68 Jan 75
Om
7412 76
7434 76
7438 75
7414 7414 4,100 Consol RR of Cuba pref
100 69 Apr 12 8753June 1
65 Aug 77 May
193 19911 129314 196
193 19434 I
191 193
7,900 Delaware & Hudson
100 16814 Feb 10 226 Apr 26 17113 Jan 230 Jaw
13134 13434 134 1351 1344 13434
13212 134
5,200 Delaware Lack & Weritern.100 127 Nov 1 150 Apr 9 1304 Oct 173 Mal
59
59
5934 5934 590a:5912
5812 59
1,600 Deny & Rio Or Weet pref 100 5013 Feb 20 6534 Apr 28
414 Jan 6734June
4
4
*334 4
414
4,..,
, 4
4
500 Duluth So Shore & Atl
100
I
3 Aug 3
634 Jan 6
253 Apr
773 Der
634 634 *6
634 *6 I .7
*534 61
100 Preferred
100
438June 19
912May 2
4 Mar 1114 Der
6753 7053 7034 7233 70
7158
Stock
6813 898 142,600 Erie
100 4834June 19 7238 Nov 26
894
Jan
69
34 Bent
6114 6138 621
61
6212
61
6138 11,200 First Preferred
61
100 60 June 18 6378 Jan 7
6233 Jan 664 Anil
Stock
6813 59
5913 6911 58
594 Exchange
58
58
1,200 Second preferred
100 4914June 20 62 Jan 6
49
Jan 6418 Aug
112 11334 113 1137 11212 113
11112 113
15,700 Great Northern preferred_100 9313 Feb 6 11434 Nov 20
7914 Jan 1034 SeD1
Exchange 10812 10934 10934 11078 110 11078 Closed
11012 111
9,000 Pref certificates
100 914 Feb 7 11134Nov 20
854 Mar 101 Sept
3153 3234 31
32
3118 3233
3112 32 44,000 Iron Ore Properties__Ne par 1914June 12 334 Oct 23
18 July 2834 Sept
Closed
5613 573
5333 59
5612 574 Thanks55
574 8,300 Gulf Mobile & Northern
100 43 Aug 6 6178May 10
3514 Jan 7652 Jul,
104 104 *10333 1033 •10353 10334
10353 10353
200 Preferred
100 99 Aug 16 109 May 1 105 Jan 1124 Api
5414 5514 5412 5534 5438 5538
Extra
5414 543
giving
5,000 Hudson At Manhattan
100 51 Jan 3 7312 Apr 24
404 Jan 654 Mai
84
84
*82
851 *82
84a
*82
84
200 Preferred
100 81 Oct 8 934 Apr 26
78
Jan 9012 Mai
Holiday
13912 14073 1404 141
140 14078
Day
1404 14384 5,500 Illinois Central
100 13134 Jan 11 14834May 9 1214 Jan 1394 Oei
*138 142
140 140
142 142
•140 142
lr'400 Preferred
100 1304 Jan 13 147 May 15 12074 Jan 140
Oe
4273 4612 4418 5034 4812 5012
46
38,400 Interboro Rapid Trait•113_100 29 Jan 5 62 May 8
49
3012 Aug 524 yet
5018 6138 51
5218 5112 52
5012 51
6,900 Int Rys of Cent America...100 3612 Mar 16 5258 Nov 27
23
Apr 4212 Oa
8013 8013 8013 81
804 8018
8013 8034
100 6978 Jan 11 82 May 2
600 Preferred
62 Apr 744 Oct
8612 95
9034 93
9114 95
92
944 91,300 Kansas City Southern
100 43 June 18 95 Nov 26
614 Jan 7012 Jul]
*70
71
72
7213 *72
73
*72
73
800 Preferred
100 6613 Aug 10 77 Apr 20
644 JAB 7812 Dm
98
9973 9814 101
100 100
9814 100
4,900 Lehigh Valley
50 844 Feb 20 116 Apr 26
8812 Oct 13712Juni
*145 14973 146 148
14514 146
14514 14514
600 LoulsvUle & Nashville
100 13933 Nov 2 1694May 10 12833 Jan 15918 Oct
90
90
90
90
*88
89
.88
89
30 Manhattan Elevated guar_100 76 Jan 9 96 May 4
Dec 90 Tel
7814
49
5013 50
53
52
5012 5273 17,500 Modified guaranty
5333
100 40 Jan 10 64 May 3
414 Dec 5674 Fel
*312 412 *312 412 *352 412
4312 412
Market Street Railway_ _100
4 Oct 10
712May 15
63s Nov
64 JUDI
39
40
39
3973 3978 41
40
41
2,100 Prior preferred
100 39 Nov 23 6414May 4
414 Feb 5934 Aul
278 278
278 3
3
3
278 3
5,200 Minneapolis & St Louls
100
173May 23
612May 2
133 Jan
478 Fe*
4673 4673 4673 47
*45
47
*44
47
300
Minn
Marle_100
St Paul & SS
77
40 June 21 5214 Jan 6
77
27
Jan 6412 Deo
7712 7712 *7612 78
•74
80
2001 Preferred
100 75 Feb 7 8734May 16
60 Apr 8813 Deo
6012 6013 61
61
62
62
*6112 62
Leased
160
lines
6012Nov
100
26
7112
Jan 9
5814 Max 71 Noi
52
4412 53
55
5333 5634
5458 5673 132,400 Mo-Kan-Tex RR
No par 8012June 13 5673 Nov 30
3112 Jan 5612 JUDI
10472 10478 10413 105
10413 10434
10412 10412 1,9001 Preferred
100 10112June 12 109 Feb 3
9534 Jan 10918 Deo
7053 7212 7234 7412 7212 7373
7212 7378 55,700,Missouri Pacific
100
4174 Feb 7 7614Sept 17
5773 Jan 62 Apt
12238 124
124 125
12214 12414
12433 12512 26,100! Preferred
100 105 Feb 20 126 Oct 25
904 Jan 11853 No,
334 4
4
414
378 412
4
44 21,200l Nat Rya of Mexico 2d pref_100
1934 18758 18514 188
2 Feb 17
64 Apr 26
14 Aug
814 Oa
186 18712
188 19612 160,400 New York Central
100 156 Feb 16
13453 13714 13514 13614 13514 --1 RAI-2
13732 13734 5,200 NY Chic & St Louis Co...100 12114 Oct 10 19612Nov 3k) 1374 Jan 1714 Oct
146 May 11 0110 June 24012 Mu
*107 108
107 107
106 106
10612 10612
800 Preferred
100 10412 Aug 24 110 Jan 4 102 Mar 110 Do
330 341
322 335
340 350
.340 350
960 NY & Harlem
50 168 Jan 3 505 Apr 26 167 Dec 185 Ap
7534 7934 774 804 7714 787s
7634 7878 144,000 N Y N H dt Hartford
100 5433June 19 8014 Nov 27
414 Jan 634 DUI
11314 11333 11333 11312 1134 11312
11353 11433 4,600 Preferred
112 Sept 17 117 May 8 11033 Oct 1144 Noi
2753 2812 2834 2912 294 2953
294
2912
11,200
NY Ontario & Western---100 24 Feb 20 89 May 2
4,714 74
7
234 Jan 4134 Sep
714 *7
1014
*7
1014
700 NY Railways pret
Novas'
514 Jan 24 13 May 8
04 Dec 1534 Jai
52
514 *47
5412' *50
51
.52
54
1,800 Norfolk Southern
100 82 June 12 58 Nov 23
164 195 I 19534 19812 197 198
374
Jan 6418 Jun,
192 192
6,800 Norfolk & Western
100 176 June 19 19812Nov 27 156
*8512 90
*854 90
Jan 202 Noi
*854 90
*854 90
Preferred
100 7913 Apr 26 90 June 12
83 June 90 JO
10934 11278 112 11412 11134 11438
11112 11378 25,800 Northern Pacific
100 9238 Feb 7 118 Nov 20
10813 10934 1084 110
78
Jan 1024 De
1084 11078
108 110
7,900 Certificates
100 9053 Feb 20 115 Nov 20
2678 26781 2678 2678 *24
84 July 9974 De,
27
*22
27
200 Pacific Coast
100 1912May 14 3478May 25
1514 Feb 3134 DI
6734 6873 5853 6912 6912 70
6953 7334 141,100 Pennsylvania
50 6173June 19 7334 Nov 30
32
*29
3112 3212 32
6634 Jan 68
32
Oa
32
33
1,500 Peoria & Eastern
100 25 Mar 12 87 May 1
15158 154
149 153
20
Jan 4634 Jail
15234 15334
151 153
11,100 Pere Marquette
100 12413 Feb 9 154 Nov 27 11412 Jan 14012344u
9813 9812 •97
994 99
9938
9912 9912
290 Prlor preferred
100 96 Oct 31 10134 Mar 28
934 93
93
94
93 Jan 9914 De
*9312 98
•94 100
1,100 Preferred
100 92 Nov 13 10034 Mar 30
15334 154
153 153
8934 Jan 974 De
152 153
152 152
900 Pittsburgh & West ve
12114 Feb 20 163 Oct 9 12218 Jan 174 Mal
100
106 10738 10412 10714
10334 106
10414 10618 6,500 Reading
50 944 Feb 7 11938May 10
*42
*42
43
94
43
Jan 12334 Jun
42
42
4212 4212
400
preferred
First
50 4112Nov 1 46 Apr 9
4812 4838 4938 *46
48
4.012 Jan 61112 De
4812
4812 4812
900 Second preferred
50 64 Jan 26 597k May1
6734 6834 *67
69
634
69
Jan
69
50 Fel
.6612 6813
600 Rutland RR Prel
100 60 Feb 21 7214May 18
118 11834 11818 119
63 Jan 69 Mal
1184 11914
11853 119
14,200 St Loubl-Flan Fran01.30
100 109 Feb 7 122 Mar 23 10034 Jan 11714 Jun
9678 97
9612 9634 9638 9612
V95511 !9658 5,800 let pref pald
100 9454 Oct 10 101 May 21
11834 12234 12013 12234 121 122
11812 12214 8,60091 Louis 8outhweetern----100
674 Feb 8 1244 Nov 10 If- "iii II-.K;
*90
•90
94
94
8912 8953
*9012 94
200 Preferred
100 89 July 14 95 Jan 3
1712 18
1734 1734 1712 1734
7673 Jan 944 De
1712 1712 4,100 Seaboard Alr Line
1114 Mar 3 304 Jan 3
1CO
*2112 2212 22
22
22
2813 Mar 6114 Tel
22
*20
22
600 Preferred
100 17 Aug 4 38 Jan 3
12612 12853 12812 130 112612 12734
3214 Apr 454 Jul;
127 12834 36,700 Southern Pacific
100 11753 Feb 7 1314May 9 10614 Jan 12672 De
Co
14714 14873 147 14938 1484 14938
14732 1494 5,300 Southern
100 13912 Feb 8 165 May 7 119
RaUwaY
9912 9912 9878 9878 9812 9812
Jan 169 De
97
53
9812
1,700
Preferred
100 9653Sept 25 1024 Jan 17
129 130
126 129
96 Mar 10114 De
128 12814
128 130
150 Mobile & Ohio certlfs
100 100 Jan 13 15912 Jan 20
181 18334 179 18338
181 181
80 July 115 De
17912 18212 4,400 Texas & Pacific
100
3
Jan
994
19453
3278 3273 3312 354 35
Oct 23
634 Jan 1037e No!
3534
•35
354 2,100 Third Avenue
100 2818 Jan 10 4618May 3
40
40
36
4012 38
284 Aug 41 Fel
3978
374 3838 4,000 Twin City
Rapid Transit 100 32'4 Sept 5 56 May 8
9913 100 •100 1004 100 100
45 Nov 654 Fel
9
8
9913
310
Preferred
9453
Oct
100
30 107 Feb 10
99 Apr 106 Ma;
21754220': 219 22073 218 22078
x2154 21733 16,200 Union Pacific
100 18613 Feb 8 2244 Nov 12 1594 Jan 19714 De
8313 831z 834 834 834 8312
8314 8314
800 Preferred
100 824 Oct 3 874 Jan 20
84
82/
8112 8112
1
4 82
77 Mar 8634 De
79
80
8114 13,700 Wabash
100 61 Feb 18 9614May 11
604 Jan 81 Jun
*93
94
94
94
*93
94
*924 94
100 Preferred A
100 884 Feb 7 102 May 18
*93
76
*93
94
94
Jan 101 Jun
*93
94
*93
94
Preferred B
100 87 Feb 4 9912May 18
65
4334 4613 4533 4673 4412 454
Jan 98 Jun
444 4614 28.400 Western
3134 Feb 8 8434May 10
Maryland
100
*45
44
13
4773 45
45
3
4
Jan 674 Jun
45
.43
47
200 Second preferred
100 3312 Feb 8 5472May 10
23
Jan 674 Jun
317 324 3218 3273 3278 33
33
3312 7,000 Western Pacific
109 2814 Feb 7 3712 Jan 13
2513 Apr 41712 Jun
5733 5618 5713
5534 5634 56
56
564 5.300 Preferred
100 5212 Aug 15 6213 Jan 6
55 Apr 7634 1"e'
10Bid and asked Priem; no sales on Ws day. s Ks-dividend a Ex-aivideod
and ex-righSs.
El-rights.
Ex-dlv• of14. the shares of Chesapeake Corp. stook.
flew Yam SINK NeCord-Continued-Page 2
3060
For sales during the week of stocks not recorded here, see second page preceding
CENT.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
Friday,
Monday, , Tuesday, 1 Wednesday, Thursday,
Saturday,
Nov. 30.
Nov. 29.
Nor. 28.
Nov. 26. I Nor. 27.
Nov. 24.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
share Shares
$ per share $ per share . $ per share $ ver share $ per share $ per
Industrial & Miscellaneous.
PER MAIM
Ralik Blau Jas. 13
on bask of 100-411ars lots
Lowest
Iltebssi
$ ver skate
$ per aaaaa
PER MAWS
Bask for "MeV/
Yon 1927
Lowest
likkikt
$ per share 5 Per *MN
No par 3614 Nov 2 85 Apr 62 -- ---- ---- -5314 29,200 Abitibi Pow & Pap
51
- ..,....
__
100 76 Nov 2 10258July 31
2,600 Preferred
87
86
par 90 June 19 11712 Nov 14 -8214 Mar 11814 NOT
Straus____No
&
Abraham
800
110 11014
100 109 Oct 27 11412June 18 109 Aug 11812 Fell
60 Preferred
112 112
100 195 Jan 4 410 Oct 19 124 Jan 210 Not
3,200 Adams Express
380 393
4 Oat 1534 Fell
1
7/
100 1111 Feb 8 65 Sept 25
5258 5312 8.300 Advance Rumeiy
,
224 Oct 4514 NO
100 3414 Jan 17 6934Sept 25
6058 6158 1,300 Preferred
Ws SOO
June
2%
20
Mar
4
53
17
Jan
234
1
Lead
Abut:nada
24,900
334 4
84133 8638 7,900 Air Reduction, Ine,____No par 59 June 19 87 Nov 15-_..,..
1 June -13S; MU
-2114% Jan 24
712June 1
No par
1014 1034 34,800 Ajax Rubber,Inc
1 June
214 Feb
1 Jan 5 10 Nov 10
8% 21,100 Alaska Juneau Gold Mln_. 10
8
18 Apr 32 Sept
2634 1,800 Albany Pert Wrap Pap_No par 23 Mar 15 3114 Jan 28
28
Jan 15914 BM
239 24812 39,200 Allied Chemical & Dye_No vor 146 Feb 18 25234 Nov 27 131
100 12012June 28 12752May 4 120 Mar 124 AUg
1,400 Preferred
123 123
88 Jan 11814 Del
100 11514 Feb 18 148 Nov 30
4,600 Allis-Chalmers Mfg
1454 143
1134 Nov 244 Feb
914 Oct 8 1634 Apr 19
par
Leather_No
Amalgamated
2,700
11%
1118
68 Dec 108 2119
89 Mar 2 90 Apr 19
300 Preferred
.7812 80
2714 AK 3714 Feb
No par 274 Feb 20 4378 Nov 19
4012 4178 27,300 Amerada Corp
814 Apr 2114 De•
9,200 Amer Agricultural Chem-100 1552 Feb 20 26 Nov 19
2214 23
7
Apr 7234 Des
2704
19
Nov
79
20
Feb
100 5554
7414 7514 5,700 Preferred
Jan 98 No,
41
10 7434 Jan 17 159 May 9
130 13112 2,300 Amer Bank Note
Jan 65 gel
5812
3
Jan
19
Oct
4
80
7
85
50
Preferred
110
6111 6114
1.514 0411 3314 141111
1,200 American Beet Sugar_No par 1414 July 13 2412 Aug 28
18
18
35 Dee 5014 Jag
100 36 Feb 17 81%Sept 13
200 Preferred
50
50
13 Jan 28% Oct
4018 4433 84.600 Amer Bosch Magneto__ o par 15% Feb 18 4438 Nov 30
,
354 May 40 Jai
11,900 Am Brake Shoe & F.---No Par 397k July 17 494 Jan 27
46
45
100 12234 Oct 11 128 June 12 11714 Feb 128 Mao
100 Preferred
.12014 125
514 Aug 2912 21ka
10% Apr 27 284May 21
1458 1534 15,400 Amer Brown Boverl El_No par
60 Aug 98 Feb
100 4014 Apr 27 8574May 21
710 Preferred
5058
50
4 Mar 7714 Del
11
63/
25 704 Jan 18 11712 Nov 16
10812 11012 141,300 American Can
Jan 16134 Del
100 13814 Jan 10 147 Apr 30 126
14112 14112 1,400 Preferred
95 July 111 Deg
2,300 American Car & Fdy__No par 8814 July 31 11112 Jan 8
95
94
Oct 18414Juni
12414
31
Mar
13712
1
Aug
8
1105
100
400 Preferred
012118 12414
984 Dec 108 HMI
100 81 Oct 20 105 June 4
300 American Chain prod
.8312 86
-- ,
---_
21
30
Nov
4912Nov
45
par
No
Chicle
American
17,900
48
49'I
Jan 1-10 Del
No par 107 Jau 6 114 May 21
30 Prlor preferred
*109 113
98 Apr 154 No,
18.800 Amer Druggists Syndicate_10 11 Feb 18 1512 Apr 10
1112 12
8834 Aug 574 NOT
5,800 Amer Encaustic Tiling_No par 58 Jan 4 86 Nov 30
86
83
Jan 188 No,
100 189 Jan 10 309 Nov 30 127
3,000 American Express
309 309
18% Feb 81 Del
88,800 Amer & For'n Power___No par 2254 Feb 28 78 Nov 30
7312 78
864 Feb 10934 Del
Hop,? 10414June25 110 May 24
10814 108'2 1,600 Preferred
10814 10814 108 10814 10712 10814
,.._ -,-,
No par 81 Feb 24 100 Sept 7 - - - 6,500 28 preferred
964 967
98% 96 19612
96
9512 96
; Oil
-7-34 -Air -1-27
1
1554
9
Oct
Feb
814
Leather_100
&
Hide
American
600
101
10
594
1014 1014 1018 104 10
68 Mar 5874 3101
875* Feb 1
100 31 Nov 1
600 Preferred
35
35
3734
3612 3612 35
38
•36
No,
71
3014 Jan
par 59 Feb 18 86 Nov 17
_No
Products_
Amer
21,500
Home
8
817
81
82
81
8314
8314 8474 80
2514 Oct 32 AUS
No par 28 Jan 10 4838 Aug 6
13,400 American Ice
431 44
43 1 4212 4334 4234 4312
42
MAY
9812
Jan
84
9
9912May
7
Jan
90
100
600 Preferred
*921/ 95
9212
9212 9212 92
.9212 95
87 Mar 7234 Dat
135 13914 70,200 Amer Internet Corp__ _No par 71 Jan 5 13914 Nov 28
13114 13714 134 13834 13512 13914
AO
10
4 Jung
514 Jan 12 1134 Oct 17
10,200 Amer La France & Foamite.10
834 9
838 9
812 874
888 9 1
2014 Apr 724 No,
100 5834 Jan 13 170 Nov 30
1,900 American Linseed
170
170
165
156
154
.145
4
1533
1533
924 Not
Mar
181
8854
13
30
Jan
Nov
8612
100
200
181
Preferred
181
.161_ .160 . _ 163 163
994 Oct 118 Mal
100 10212 6,500 American LocomotIve_No par 87 June 21 115 Jan 31
10114 1-61-12 102 162-34 102 10212
100 10314 Oct 24 134 Mar 24 ugh Feb 127 J1117
600 Preferred
Stock % 110 110
111 111
10912 110 1 110 110
180
784 Jan 1884 Doi
19
26
Mar
1291/June
par
_No
Fdy_
&
Machine
Amer
1,100
174
174
173 175
17434 17434 172 173
8814 No, 493e Del
Amer Metal Co Ltd___No par 39 Mar 18 6334 Nov 27
6314 6014 634 5818 162.18 Exchange 5612 5934 72,100
59
Stock
--14
109
11712May
100
8
Aug
(6%)
800
Preferred
117
*116
31161
116
115 118 1 115'2 11513
s Dec -6314 Juni
1214July 19 25 Feb 7 -261No par
400 American Plano
1512 1512
Closed li,
16
1614 1614 1614 1614 16
Exchange
86 Nov 1104 Mai
100 45 Nov 5 90 Jan 3
Preferred
170
4518
4518
'45l3
3
45
4612
4
453
46
464
Jan 7314 Cal
54
23,500 Am Power & Light____No par 8214 Jan 11 95 May 14
8112 84
Thanks813e 8078 8112 804782
79
Closed
-r__ ,--•
-- -No par 10134 Nov 10 107143lay 28
900 Preferred
10218 10218
10212 10212 10212 10212 102 I:10214
;Belk
25 13018 Jan 18 19114 Nov 17 11-04 Jan 1477
.
Radiator.
10,400
American
188
18514
giving
18812,189%
18912
18914
187 190 •
Extra
Apr 11614 No,
874
23
14112Nov
4
Jai,
11012
-100
•
Amer
Expre
2,200
Railway
141
4
1393
140 4140
13112 131% *135 139
854 Jan 824 1304
Day] iti 7158 7312 5,500 American Republics...Ns par 514 Feb 7 85 Apr 12
Holiday
7034 72 1 7114 7334 7218127312
42 July 5474 Not
13,700 American Safety Rasor_No par 56 Jan 101 747sSept 20
7134 73
72 •.• 731
733
7218 73 I 72
8874 Oct 51 Jab
No par 2758 Nov if 45 Mal 14
3734 3834 8,200 Amer Seating v t o
371
34
34
3414 34
33
814 las
24 Oct
28
312
614May
par
9
Aug
Comm_No
412 412 3,100 Amer Ship &
418 47
434 47
414 5 I
80 Jan 12314 NO1
410 American ShIpbulldIng____100 80 Sept 28 119 Jan 6
9034 92
90
89
88
87 I 87
85
Del
188%
12
Nov
Jan
285
13234
27
Feb
189
Refining-100
&
11,900
Amjlimelting
283
279
28112 284
28018 284 1 281 284
100 13134 Jan 9 142 Apr 20 1194 Mar 133 Del
1.800 Preferred
137 13714
1374 13713
13712 13734 13712 138
11934 Jan 14814 Not
30
Nov
193
5
Jan
141
100
Snuff
American
1,200
193
18912
189 189
186 18814 187 187
9411 Jan 1054 041
100 100 Oct 30 120 June 5
40 Preferred
•103 11212
*105 11212 105 105 .101 1121
414 Apr 7214 Del
6314 6478 15,100 Amer Steel Foundries_No par 6018June 13 7034 Jan 11
6534 8312 6412 8312 651
64
19 120 Feb 29 1104 July 115 Jar
June
109
100
140
Preferred
111
111
1115 11134 11034 11172 111 111
8514 Nov 9534 Mal
100 55 Feb 18 9312 Nov 28
9018 9332 145,000 Amer Sugar Refining
8534 86% 8512 9014 9138 931
100 100 Feb 17 11012May 31 104 Nov 11812 Mu
1,100 Preferred
10812 109
10814 10812 10818 10818 10812 10874
4 OP
1
6112 Jan 88/
7
8Sept
27
Feb
5
73
par
47%
No
Tob
Sum
Am
1,700
58
57
57
5778 57
57
564 57
28 Apr 383* MU
400 Amer Telegraph & Cable....100194 Oct 19 32 Jan 17
22
.18
21
2012 2012 *204 21 I 21
172 July 2 211 May 17 1494 Jan 18540e1
100
&
Telep
Amer
25,800
Teleg
19612
195
193 1951 19278 19434 19413 197
Not
17912 18334 7,500 American Tobacco com____60 152 June l' 18334 Nov 30 120 Jan 189
178 173334 17812 179
178 179
50 152 June 19 18478 Nov 30 11914 Jan 188 Not
17958 1848 13,300 Comnuon class B
17834 17912 17812 1791
17734 179
126 Apr 20 11014 Jan 120 De4
4Sept I
1153
100
Preferred
4,000
120
120
120 12014 120 120
*120 121
18 11974 Nov 146 Pet
1384 14214 8,200 American Type Founders_ _100 109% Aug 10 14214 Nov
136 13914 138 13934 13812 139
100 107 Nov 28 115 Mar 21 10714 Feb 110 IMP
110 Preferred
107 107
4.110 11034 *no 11158 107 108
Nov
7612
68 Aug 7214 ••••I
30
11
par
June
52
No
El
&
Wks
Wad
Am
68,800
7612
71
72
6334 6514 64.2 6612 67
1041 Apr 1311 9974 Oct 10312 Del
98 Oct
800 let preferred
10034 1004
101 101 1 10034 101
101 101
1512 June 838* Jai
100 14 July 27 3234 Nov 21
Woolen
American
16,200
2818
27
2812 2912 2834 2934 2734 2838
41874 June 884 Jai
100 39 Aug 31 1153,i Nov 20
5803 6138 7,200 Preferred
6112 6018 16134
97 May 2414 044
6054 6214 60
9
Feb
394
pa,
20
ette_No
1012June
1,400 Am Writing Paper
1334 15
•1312 1412 11131 1412 1414 1438
253* Apr 5714 AU1
84 June 12 5334 Oct 18
1,000 Preferred certifleate_100
44
.40
46
45 I 1 45
46 I 43
*44
514 Sept 104 Vol
17
Oct
57
10
Jan
6/4
8me11___25
&
Lead
Zinc,
Amer
21,500
4334 4678
467
454 48 ' 4418 477k 44
85 Oct 514 Bel
25 40 Jan 18 117% Oct 131
2,700 Preferred
10118 103
10058 10634 *10314 104 1 102 10112
a1'* June 6012 DO
Mining..50 64 Jan 18 114112 Nov 30
Copper
Anaconda
522,000
11612
4
1123
111 11378 11134 118 1 114 11534
18 Mar 63 Di.
34,750 Archer. Dan'Is. Midi'd_No par 554 Feb 20 11278 Nov 26
103 104
10812 11278 104 10712 10312 10534
Jan 11813 Do
100 112 Oct 27 11.534 Mar 16 106
330, Preferred
*11312 115
11338 11312 11312 11311 114 114
Oct Ma Fat
79
7
13712June
3
Jan
4
881
pref_14/0
(Del)
Co
&
Armour
6,900
9312
93
9314
9234 93 1 9238 9274 93
Wm Jul
May
84
8
23128001
le
Jan
84,300 Armour of Illinois claw A___26 1114
1712 18
1614 1638 1834 17 I 1718 1778
914 Jul
5 Dec
858 Jan 10 131/May 11
25
B
Class
50,700•
4
93
914
8% 938
814 814, 838 834
Apr
80
854
Jar
6
9112June
12
Jan
GM
100
800! Preferred
844 8534
84 I 8412 8412 85% 854
84
Apr 554 Noi
21
par 3514July 23 5134 Apr 2
Corp_No
Constable
Arnold
MOO
4213
3
4312
43
4318
4
3
43
4234 4334' 43
4034 Dec 5444 Jul
July 20 445* Mar 30
29
par
No
Corp
33
Artloom
300
*31
32
33 1 32
*3234 34 .32
100 10434 Nov 12 114 Mar 19 10912 Nov 11611 Not
100. Preferred
105
•105 109 *105 109
3914 Feb 631k Not
4014June 13 6538 Nov 27
No par
34 124,300'Age0C Dry Goods
'
6e12
654
8578 633 105-824 844 63
Oat 5014 Vol
85
25 374 Feb 18 5338Sept 7
420 Associated 011
4718 4718
4634 4634
47
4714, 47
47
30114 Mar Ms Not
4712 4878 9,800 Atl CI & W I S S LIne_No par 3714 Feb 18 5974May 21
4814 5012
4834 484 501
48
2918 Mar 6154 Noi
31
Oct
8514
27
7
Feb
38
100
59
Preferred
59%
3,800,
5914 5934 5912 6178 5918 60
- --.
_ -25 60 Nov 30 6314 Oct 25
5178 98,800 Atlantic Refining
50
5134 5274
5112 53
534 543
100 114124ept 10 11814 Jan 8 1-1-51, Feb 1-11 Aug
500: Preferred
116 116
811612 11734 11614 11612 116 116'2
JIIIII
70
Mar
584
23
Mar
101
3
Jan
63
par
No
0314 4,900 Allot Powder
292
1 9212 95
9212 93 1 9212 93
98 299 107 Jab
100 102 July 24 11012May 31
110 Preferred
•10312 104
104 104
104 104
103 103
5214 5411
05
57 I 53
52
8718 88
87
8512 86
84
10912 11012
11012 11012 110 111
*10934 11034 *10934 11014 11014 11014
377 335
379 37912 374 374
5278
50
5112 5138 5018 51
6034 6174 6034 6034 6034 6112
318 3%
314 34
314 312
85
84
85
8478 84
83
1034 10
1012
1018 1034 10
734 8
734 8,4
734 838
2514 2512 2512 2512 2534 28
23812 24912 250 25234 245 252
12378 12378 124 1245 *123 124
144 145 , 14434 145 I 14414 148
1134 1114 1112
1114 113g 11
80
78 • .78
78
79
278
1 4118 4211
43
4112
4338
42
2384
23
2318 24% 23% 24
7412 7578
7434 7534 7412 78
13314 13314 132 13314
*132 135
6112
6112 .61
61
63
*61
1714 18 I 1714 178
1734 18
50
50 .47
*48
50
217
3858 4214 3914 4134 3834 42
46%
451 464; 45
443 47
*12518 12812 12518 12518 .12014 12512
15% 1634 1434 1558 141 15
50
50
51
50
51
60
110 11114 10912 11134 108 11034
14112
14112
142
141
*14112 142
9512
944 9514 95
90
95
120 120 *12014 12414
*11934 120
084
86
*8312 86
834 84
454 46
458 4814
4512 46
111 111 *109 113 .109 113
1134 12
1158 12
1134 12
81
8134 . 80
80
8138 82
285 29312 293 30112
288 291
604 8512 644 75
5418 60
-96
ii
1218
1214 .12
1214 *12
•12
73, 778
73
711
738
77s'
35
3458, •3412 35 .33
34
82 I 8114 8114 8112 614
62
3234
3018 3434 28
204 31
394, 3934 41
4038 4038
38
454 45
4512
4112 45 1 45
2493 249% *235 250 .23334 255
118 119 I 118 11812 118 118
110 11038
10812 109 ,•108 110
3014 304 3113 3112 *. 314 3134
2412 2434
24% 24% *2413 25
4712 4814 4058 4754 4558 4634
47
*45
48
*45
48
*46
108 1084 109 109
108 108
10414 105
108 106
106 106
21%22
2114 22
2134 22
85%
85
88
85
8212 85
1418
1414 14
14
13% 14
8412 8474
84% 8414 85
84
..
•1 4
•
No par
1214 1214
100'Atlas Tack
7
7
5,200 Austin,NIchols&Co_ _No par
33
33
500 Preferred non-voting- __100
6113 8112
900 Aubtrian Credit Anstalt
2618 2978 29,500 Autosalea Corp
No par
40
50
41
4,100 Preferred
4512 4513 2,000,Autotar Sat Rainf 'ANo par
.237 260
100111aldwin Locomotive Wks.100
119 120
280, Preferred
100
.108 110
50 Barnberger (L) & Co pref. _ HO
3212 35
No par
1,000,Barker Brothers
2418 2434
No par
609,Barnett Leather
4558 464 60,900,Bernsdall Corp oboe A
25
.45
48
25
1 Clio, B
•105 109
500.Bayuk Cigars, Inc
No par
10412 10412
180; Piret preferred
100
211* 22
22.200 Beacon 011
No pa,
8514 8654 4.600 Beech Nut Packing
20
14
14
2,800 Belding Hem'way Co_No par
8412 84% 2,200 Fleiglan Nat Rys part pref.__
•pod 44134 asked pane,: 80 lake to MAI da7...44,3 E3-41141020414 •es-riebeSe.
I
814 Jan 6
4% Jan 3
25 July 13
58 Oct 29
612 Jall 18
26 Aug 31
43 Oct 17
235 June 11
115 Oct 24
1074 Nov 14
2674 Aug 3
234 Aug 20
20 June 12
20 June 14
98 June 20
104 June 19
1214 Mar 101
7038 Judy 131
13 July 28
8252Sept 27
714 June 134 AP
1738.1une A
414 Mar 1014 Jul
914May 14
Jul
2114 Dec 61
39 Jan 21
724 Dee 8014 NO1
75 May 9
432 M IX 11 De
3434 Nov 27
28 MAY 424 DO
41 Nov 27
Mils Not
.Iv
43
5212May 1
4438584 Sep
1634
31
285 Mar
J.In 1254 JO
12434 At,? 11 115
,Do
11178 Jar 5 10614 Mar 1101
-- ..--- ---- ---•
35 Nov 30
Jan 5974 Irel
111
5312 Feb 1
4 Oct 854 Fel
1
20/
53 Nov 12
204 Oet 324 Tel
5118 Nov 10
6914 Jan 109 De
14012Mar 1
Jan 110 All
11014Mar 28 101
Oct 1814 Jan
14
2311 Oct 16
504 Apr 704 Mr
8854 Nov 16
154 July1 2714 Jai
22 Jan 12
9212May 14 -- ---- ---- ---
New York Stock Record-Continued-Page
3061
For sates during the week of stocks not recorded here,
lee third page preceding
HIGH AND LOW SALE PRICES-PER SHARE,
NOT PER CENT.
PER SHARI
Sales
PER AHA413
STOCKS
Range Since Jan. 1.
for
Range for Pritieme
NEW YORK STOCK
Monday,
Tuesday,
Wednesday, Thursday,
Oat/cub of 100-sbarelOte
Friday,
the
EXCHANGE
Year 1927
Nov. 26.
Noe. 27.
Nov. 28.
Nov. 29.
Nov. 30.
Week.
Lowest
Highest
Lowest
Highest
Per share $ per sh,
tre $ per share $ per share S per share
per share Shares Indus,& Miscell.(Con.) Par g per
9412 96
share
9438 9512 951 99
Per share $ per Share g per Matt
963
8
984
Best
9,000
&
Co
No par 6344 Jan 19 102 Oct 29
8314 854 83
8414 815* 8334
Aug418*
691
/
4 Nov
79
82 119,800 Bethlehem Steel Corp
100
12158 12134 12134 12314 123 124
4344 Jan 6612
2122 12234 3.700 Beth Steel Corp Pf (7%)A00 5172June 19 85-8 Nov 26
43
11618June 29 125 Apr 13 10414 Jan 120 &Pt
45
45
47
46
46
Dee
4512
46
Bloomin
3.300
,
4
gdale 13ros____No par 3338July 23 4734Sept
10912 10912 119 120 .10912 10934
15
24 June 621 Noy
•10912 10934
50 Preferred
100 10912 Jan 11 111%July 3 10912 Jan 114 2 Nov
•119 120 *119 120
11812 11978
11712
119
Blument
340
hal
&
pref
Co
100 87 June 27 120 Nov 27
78
7878 7712 79
7818
66
Jan 95 Deo
7812 7914 3.300 Bon Anil class A
No par 6514 Jan 3 80 Nov 22
1058 1078 104 1078 1014 7959
534 Jan 6948 Dii
1059
1018 1058 4,300 Booth Fisheries
No par
.60
66
614 Jan 4 124 Nov 16
.60
65 .60
44 Sept
67
841 Apo
.60
66
preferred
lat
100 4113 Mar 14 7218 Nov 14
16612 16812 165 168
16634 1671
38
5714 Mal
16614 16812 6,300 Borden Co
50 152 June 19 187 Jan 11 16712 Bent
15
15
1518 154 15
1514
Dee 169 Dee
•1534 1714
800
Botany
Cons
Mills
class
A_50
8114 Aug
5112 54
5238 5338 53
18 May 3011 BepI
541
52
54,4 82.600 Briggs Manufacturing_No par 2118 Feb 23 23 Jan 4
434 434
4 6344 Oct 16
412 434 .
1912 Sept 8611 Feb
412 472
412 434
600 British Empire Steel
100
8
8
112 Jan 10
74 8
914MaY 25
8
8
Li Apr
2 Dee
8
1,300
2d
8
,
4
preferred
6914 6978 6918 7678 70
100
214 Jan 5 12 Feb 1
7078
1
Apr
712 Dee
6938 71
11,000 Brockway Mot Tr
No par 4512June 1 7512 Nov 9
*137 138
138 138 .137 145
.137 147
100
Preferre
d
7%
290 293
100
110
June
21
149 Oct 20
300 300
31014 325
325 325
700 Brooklyn Edison Inc,
100 20634 Jan 10 325 Nov 28 i481 Feb 228
16714 16714 16814 17238 17112 198
197 20334 40,600 Bklyn Union Gas
-be;
No par 139 June 13 20334 Nov 30
4618 4612 4612 4612 4612
89% Apr 12712 Dee
4718
4612 46,2 1,100 Brown Shoe Inc
No par 4518June 11 6612 Apr 5
3012 Feb 6014 Doi
5414 5638 5438 5578 5414 56
54
5538 14.000.13runsw-Balke-Collan'r_No par 2712 Feb 20
4058 4134 4012 4134 40
6234 Sept 20
411
2578 July 8878 Jas
4012 24,900 Bucyrus-Erie Co
38
10 2412 Feb 18 5078June 2
4834 4934 4912 5078 4914 50
--4818 4958 23,9001 Preferred
126 126
10 3333 Feb 17 5438May 14
126 126
125 12514
125
125
700
Burns
Bros
new clAcomNo par 9312 Feb 17 127 Oct 29 Bi
3518 38
*3512 3712 .36
1;inne 125l Jag
37
•36
37
4001 New class B com_ __ _No par
10512 10512 106 106
1674 Mar 8 4338June 4
106 106
1614 Mar 6444 Jai
10512 10512
260 Preferred
100 9784 Feb 21 110
173 17318 174 175 2175 190
90 June 100
las
190 200
2,500,Burroughs Add Mach _ _No par 139 Jan 14 20034.huie 11
7012 7112 7114 7512 754 7714
Nev 30 t90 Mar 142 Del
77
80
44,400Bush Terminal
No par 50 June 20 80 Nov 30
108 108 1 108 1088g 10834 109
2914 Jan 69 Nov
109
109
1701
Debentu
re
•116 11612 *116 11612 11614 11614
100 10478 Aug 16 115 May 21
9114 Jan 11178
.116 11612
1(1 Bush Term Bides pref
100 111 Aug 1 11912June 15 10312 Feb 120 Dee
1034 1078 1012 1034 1012 11
1034 11
Aug
4,7001Butte & Superior Mining_ _10
9
834 Aug 6 1014May 21
958
938 105* 1012 1134
7/4 Nov
1144 Jab
103
8
1214
177
,000IB
utte
Copper
& Zinc
4214 4278 43
5
418 Jan 19 1214 Nov 30
434 43
314 Mar
514 May
4314
4314 4514 4,400 Butterick Co
151 1534 152 180
100
40
July
6712M
13
ay
15
44
171 12 17712
Oct 6184 Feb
173 185
34,600 Byers & Co (A M)
No par 611312 Jan 16 185 Nov 30
•11134 11314 11134 11134 *11112 11312
42
Jan 10238 De4
11314 11314
901 Preferred
100 1081
96 10212 10212 113
/
4 Apr 13 11412 Aug 11 10514
110 11434
108 110
May 1124 Dee
18,100 By-Products Coke
No par 85 Mar 1 11414 Nov 28
7718 79 I 7612 78% 7734 7858
66
Jan 924 Jane
27512 7712 8.5001California Packing
No par
W2June 18 8238Sept 17
6014 Apr 79 Des
,California Petroleum
3
25 2514 Mar 16 36 Sept 0
318
3
314
3
314
318
312 7,400 Callahan Zinc-Lead
12518 127
10
114
Mar
12518 1264 12518 12634
8
642 Apr 30 -11-4 Sept
21, Jan
2121 12578 19,200 Calumet & Arizona MinIng_
4514 454 454 45% 4514 4614
10 89 Feb 18 133 Nov 20
6113 June 1224 Dec
24414 4638 45.4001Calumet & Heels
25
79
80
78,4 80
78
8114
1614 July
244 De/
7918 8038 16,2001Canada Dry Ginger Ale-No par 204 Jan 10 47% Nov 8
47
5472 Jan
4812 4712 4778 47
81312MaY 8
36
4734
Jan 6018 Aug
4612 4734 13,800 Cannon Mills
No par 44 Nov 2
50 Sept 14
487 4894 488 488
485 '48934
475 475
900 Case Thresh Machine
.123 127 .123 127
100
247
Jan
21
515
Nov
23
125 125
132
Jan 2884 Oat
.123 127
400 Preferred
43
4434 4318 4412 4318 4314
100
13512 Mar 30 111
Feb 129 Del
424 431 32.200 Central Alloy Steel_ _ No pa 123 Oct
•1812 19
1812 1812 19 11; 2012
2818 Mar 27 4538 Nov 16
26
Apr 83 Apt
2014 2078 1.300 Century Ribbon Mills_.No pa
*8034 86
8212 8212 •8014 8312
11
Aug
14
24
Oct
23
1012 Jan
1644 Aug
8014 8014
180 Preferred
11414 118
100 77 Aug 24 92 May 15
11318 11478 11338 11578
70
Jan 88114 Dee
115% 119
91,300 Cerro de Pasco Copper_No
3038 314 3014 31
5812 Jan
119 Nov a°
2914 3014
58 Jane 724 Dec
2914 29% 11,600 Certain-Teed Products_No pa
•75
88
2914
Nov
75
Pa
28
80
6458
81
Apr 28
81
42
Jan 52% May
•81
82
800 7% preferred
77
77
100 75 Nov 27 100 May 21
7734 7734 7734 79
x79
791
2,400 Certo Corp
22
231
No pa
2158 2212 20
7012 Oct 26 7912 Aug 23 iiE" ',Ye; 787
2178
20
, Aug
217 55,700 Chandler Cleveland MatNopa
314 34
3318 3478 3338 35
512
Feb 29 24 Nov 23
Nov
14 M-11
34
373 72,200 Preferred
724 7714 77
No pa
14 Mar 13 3734 Nov 30
794 7534 78
13 June 2614 May
7512 77
55,900 Chesapeake Corp
150 15314 15212 1533 152 152
No
pa
6214July
13
81%
Jan 6
Stock
6414 June 8678 Oen
14914 152
3,000 Chicago Pneumatic Tool__10 Ill Aug 11)
3378 34
3312 333
3378 34
15414 Nov 16 12012 Jan 13714 Mai
34
34
Stock
520 Chicago Yellow Cab __ _A o pa
494 497
4918 491
294 Aug 1
4914 51
43 Jan 14
Exchange
88 July 67
5012 51
ON
3,500
Chickas
5212 53% 53
Cotton
ha
011
10
4514June
551
12
5412 581
6612 Oct 1
59
623 91,700 Childs Co
Exchange
6814 70
711
68
No pa
37 AM 12 6214 Nov 30
7034 731
Closed
7134 747 191,300 Chile Copper
485* Mara- 653* Aug
.7518 120
.7518 120
2
371
2
Mar
•7518 119
5
7472
Nov
30
8312 Jun
441s Dee
80
80
40 Christle-Brown
Closed
12838 13114 12778 1301 12818 13018 Thanks
ctfallo par 79 June 20 131 Jan 23
84's Jan 9078 Dee
128 1311 221,300 Chrysler Corp tern
.5212 5338 .5212 531 .5212 5318
No par 6414 Jan 16 14012 Oct
381a Jan 634 Dee
•5212 531
Extra
City
10634 10734 10712 109
Stores
class
A
par
No
5114
106 107
Jan
19
5414June 11
giving
4614 Ma
107 1081
54 Dee
4,700 Class B
674 6914 70
No par 62 Jan 5 11478 Nov 15
7138 7134 72
all, Apr 5414 Del
.70
71
2,100 Cluett Peabody & Co_ _NO Oar 6514 Nov 21
Holiday
116 116 .116 117 *117 118
109% Apr 5
Day
51 Jun
.117 118
844 001
20 Preferred
100
1143
8Nov
7 12414 Mar 19 11114 Jan 1254 22o2
16612 167
16612 16714 166% 168
167 168
5.900 Coca Cola Co
aro
5714 5812 5712 5f212
5838 59
127 Feb 20 18012 Oct 15 e9818 Apr 1994 Apo
5834 6012 12.100 Collins & Alkman
.91
94
.91
par
No
94
60
June
•92
25
UM Jan
94
.92
94
Preferred non-voting ,..100 90 Nov 22 109 Jan 3
7478 7634 7512 78
76
8112
3 10212 Sept 10944 Dee
74
77% 42,000 Colorado Fuel & Iron
10434 108
10414 10614 10412 10512
5212J one 25 8412 Jan 31
4248 Jan 964i July
10314
1053
8 10,000 Columbian Carbon
13014 13414 13318 135% 13334 1387
cNo par 79 June 12 10938 Nov 20
8
Wm Jan 10114 Nov
13512 138% 96,700 Colum Gas.4 Elea v t No par
106 107
107 107,4 107 107
8912
Mar 15 1334 Nov 28
82% Feb 9334 May
107 10718 1,100 Preferred
6112 6512 58
lig
63
5918 6212
9912 Jan 11018 Dee
5918 6178 62,300 Commercial Credit_ __No par 108 June 19 11018 Jan 3
2534 26
*2512 26
21
Feb
20
2612 2612
Nov
23
71
16 June 2412 Des
.2512 2612
290 Preferred
2614 2614 *2614 2612 2614 2614
25 23 Feb 3 27 May 8
17 June 2412 Sent
27
27
420 Preferred B
102 10312 10012 102
25 23 Feb 7 2734May 11
9914 102
1878 June 26 Dee
10012 101% 3,430 1s1 preferred
130 13278 13014 13212 129* 1314
%)._
.J0(
(659
85
June
12 107 Nov 22
99 July 8812 Dee
130 13734 19,800 Comm Invest Trust__
•10314 10312 •10314 10312 10314
No par 55% Mar 1 14078 Nov 1
10314
4112 May 62 Dee
.103 1031
400 7% preferred
96
9678 9578 954 9512 9512
1(10 99 Jan 27 109 May 14
9412 Sept /02 Dee
9512 9678
1,100
28% 2858 2812 28% 27
Preferre
d
100
(659)
9238.1une 16 9812 Aug 20
2878
863
% July 9814 Dee
2818
291
2,500
23812 24312 23512 23934 23614 2433
Warrants.
100
618 Aug 30 3018
4
23712 2431
8.700 Commercial Solvente_ _No par 13778June to 25014 Nov 2
9112 9214 9214 931
93
9514
Nov 23
Nov145
201 Sepi
9514 10012 38,400Commonwealth Power_N
744 7518 7512 82
o par 8214 Jan 11 10012 Nov 30
79
81
4814 May 7814 Oct
79
79
4,500 Conde Nast Publica.__No par
2718 2812 27% 2814 2714 274
48 Jan 14 84 Oct 13
89 Aug 63 Dee
27
274 41,9001Congoleum-Na1rn Ina_ _No par
76
7878 7758 7938 7812 794
22 June 12 3112 Apr 17
1714 Jan 2944 Dee
8038 8112 22,200 Conitress Cigar
.14
112 •118
11
*112
11
No on, 67 Feb 18 8170 Jan 3
47 Mat 8812 Dee
•118
112
93
9312 9278 93% 93,
!Conley Tin Foil atpd___No pa,
8 943
14 Feb
14 Jan 10
334May 14
9312 944 5,000,Consolidated Cigar ____No
5d Jan
*974 98
97
971
par 7912 Jan 2i) 94 June 4
9634 97
7414 On
97
8614 July
97
6001 Preferred (6)
100 9312 Oct 29 104 Sept 13
2712 2812 2738 28
2738 28
2718
2712
7,300'Consol Film Ind pref_No
9718 9878 9718 9878 9914 10838
10812 113 583,3001Consolidated Gas(NY) No par 23 July 16 2912Sept 10
9938 9912 9938 9912 9959 , 993
par 974 Aug 28 1704alay 7
1.1a; 12554 Dii
9912 9938 6,100 Preferred
434 44
434 474 1 414 478
No par 9714 Aug 31 106 Mar 28
113 Mar 103 Dee
44
5
34.200Consolhiated Textile
2138 21% 2134 2178 2178 22
No
par
214 Aug 16
618
818 May
28
22
2212 370
74 June
0 Container Corp A vot-NO Par 20 Nov 1 36 Mar
1012 11
1012 11 I 1012 11
Apr 30
1012 11
11,900 Class Is voting
3914 40
39
Vo par
3934 3834 as
914 Oct 31 1914, Apr 30
3814 39
5,000
Continen
74 74
Baking
tal
cl
712
734
AN0
par 26,2 Apr 10 634 Jan 13
74 74
831, 74-p-r 7478 JAI
714 712 24,700 Clam B
8934 8812 8912 8812 89
89
No par
384 Apr 10
,4
872 Oct 25
4 May 104 Jay
88
8812 3,200 Preferred
6438 62
63
6312 62
100 73 Apr 10 1.161, Jan 20
6278
72 Apr 9744 Nov
6118 6212 46,900 Continental
•125 127
125 125 I 125 12514
Can
Inc.._
_No par 6118 Nov 30 1287 Sept 4
.125
581
4 Apr 867
127
. Del
280 Preferred
8838 8934 8812 0058• 8918 9038
100 123 Jan 5 128 Mar 26 120
89
Jan 120 Jou
8934 10,300 Continental Ine
1812 191
1858 19 1 185
, 19
10 75 Feb 15 9472May 15
7412
18% 19
Dec
93114
Dec
34,600
894 92
9012 9234 91
Continen
tal Motors._ No par
94
10 Mar 13 2011 Nov 19
9118 94
872 Nov
1344 Jae
46,100 Corn Products Refining__ _25 6412
1421 4 14214 143 143 I 143 143
Jan 3 94 Nov 28
143 143
46% Jan 68 Nov
270
8612 8878 834 87
Preferre
d
84
8
100 1381, Jan 16 14634 Apr 10 128
86 *
83
Jan 1014 Dee
85% 104.000 CotY Inc
8618 87% 8512 8778 86
884
7518 Nov 21 8978 Nov 23
8478 8678 8,800 Crucible
•113 115 •113 115 .112 115
Steel of America
N..
ol
i;
la
8914July 3 93 Feb 7
•112 115
7612 Oct WI;'KG
2612 2712 2559 27
Preferre
2512 254
100 112 Oct 26 121 May 11 103
25% 25% 6.500 Cuba Co d
Jan 116 Sent
512 6
512 6
No pa
534 534
20 Oct '24 284May 8
512 524 3,500 Cuba
1812 Aug 8414 Jan
20
204 194 2038 1958 194
Cane Sugar
No pa
44July 31
47 Gel 1044 Jan
712May 12
1912 1978 6,000
19
1934 1834 1918 1812 19
Preferred
100 1334 0,1 15 32% Jan 12
184 1834 4.600 Cuban-A
2812 Nov 50% Jan
99
*9512 99
•9512 99
merican Sugar
.10 1018 Aug 13 2414May 25
•9512 99
1874 Nov
284 Jan
Preferred
100 9512 Oct 11 08 Feb 1
612 612
6
7
Nov 107 LUX
9712
634 634
7
91
2,600 Cuban Dom'can Sug____Nopar
6712 68
6712 878 6714 681
Nov
5
17
12
Jan
4
1012
Nov
673
18
4
69
Jan
10,200 Cudahy Packing
15412 16214 150 155
15212 1583
50 64 Jan 3 7814 Aug 21
15018 1551 41,800 Curtiss
4312 A p
6814 Sept
*207 225 .207 225
225 225
Aer & Mot Co_ _No par 53', Feb 27 19214May 18
.207 225
454 Not 62% Dee
•121 135 .121 135 .121 129
100 Cuehmatee Sons.
No par 14414 Jan 13 230 Oct 16 .03
.121
130
AV 162 Oa
63
6514 64
64
64
Preferred(7)
647
114 Jan 11 141 Sept 20 107 Apr 125 Dell
64
641
2,300 Cutler-liammer Mfg
.57
59
58
58
57
571
10 62
57
57
_
500 Cuyamel Prof t _ _ . .....No par 49 June 20 65'!Nov 22
6114 6834 654 6714 6514 661
July
27
6412
eM
Oct
II
10
66
Apr -5512 Oct
.39
3912 *3918 3938 384 387
79,20011)avlson Chemical
No par 302 Feb 18 68% Nov 26
3834 39
264 Apr 4811 Du
125 125
12412 12459 12312 1241
9001Debenharo Securities
5s
36 Oct 19 4914 kpr 27
125 125
240 Deere & Cu nref
21212 21212 21134 21134 211 212
11512 Feb
1265,May 15 luSh Jan I25l Nov
212 2161
5838 5934 5718 583
2,600,Detroit Edison
5618 577
16612 Jan
220 Sept 17
5614
3312 Jan 17011 Dee
5638
8
11512
,3001 Devoe & Reynolds A_No /1,
•113
*113 11512 112 11212
r
1 11,:0(2)
40 Jan
•113 11512
ail Aug 42% DOS
61 Apr 16
2(11 1s1 preferred
16412 166
16312 167
167 169
108
Jan 0 120 May 16 L01
166 172
Jan 11411Del
1,040
26
.26
26
Diamond
27 .28
Match
27
13414 Jan 18 172 Nov 3U 115 Feb 141718
.26
27
1,400Dodge Bros Class A_ _ __No 1par
Sept
•10634 10734 *1064 10734 *10634 10734
) 12 June 1
4032 Oct 11
•1004 10734
1314 Oct 274 Jam
812 8%
812 84
Preferre
85 834
d
No par 6312June 19 111 Sept 22
834 84 3,700,18ome
66', Oct 46 Eel
117 11838 11718 1174 11714 1181 2
Mines, Ltd
paparr
No
June
8
13
1312
Jan
11718 119
6
7
June
144 Dee
18,000Drug
9514 9734 9612 99
9534 9818
80 Mar 15 12018 Nov 16
954 9612 22,200Dunt Inc
-illi ln ternatIonal_ _No pa
654 Jan 9 9938 Nov 15
49 Aug 024 ON
Saturday,
Nov. 24.
41,
•BM and sited prams; no dale on iii, ilAY
t Et-dividend of 100% in corn
stock. z Ex-clivisena
a Et-rights
b124-earrause. S Shillala
3062
New York Stock Record -Continued-Page 4
see fourth page preceding
For sales during the week of stocks not recorded here,
PER SHARD
PER SHARE
Range for Preeiess
STOCKS
Sales
Range Since Jan. 1.
CENT.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
Year 1927
NEW YORK STOCK
for
Os basis of 100-s8are lots
EXCHANGE
the
Friday,
Highest
Wednesday, Thursday,
Tuesday,
Lowest
Highest
Monday,
Saturday,
Lowest
I
Week.
30.
Nov.
29.
Nov.
Nov.
28.
27.
Nov.
Nov. 26.
Nov. 24.
per satire $ per 'Mars per ear
$
$
'bare
Per
Par
(Con.)
Mlscel.
&
Indus.
Shares
$ per share
11414 Mar 11732 Nov
S.per share $ per share S per share S per share $ per share *101
1,000 Duquesne Light 1st pref._ _100 99% Oct 3 1161s Mar 3
_
Jan 1754 Sept
___ _1*10038 _ _
101 10114 *101
3,800 Eastman Kodak Co__ __No par 163 Feb 20 19414July 30 12614 Jan 18112 On
x186 189
18514 188
18414 187
11914
134
Apr
185 188
3
31
Aug
12312
100
20 Preferred
130
*126
126
Oct 2914 Inns
126
2114
130
•126
23
Nov
130
*126
4 16,400 Eaton Axle & Spring_ _No par 26 Jan 11 6818 Nov 23 168
1
64/
62
Jan 54372 Oil
4
1
6212 6378, 6212 63/
6212 67
3,600 E 1 du Pont de Nem __No par 810 Jan 10 503
x492 492
118 Des
Feb
1054
8
12112May
490 49312 492 49212' 495 49934
18
July
100 114
9001 6% non-vol deb
11814 11814
1612 Feb
MA Nov
11814 11814 11814 11814: 11814 11812
25 124 Jan 3 70 Nov 30
16,000,Elsenlohr & Bros
70
68
30
Nov
4 5678 62 1 6134 6713
1
54/
43
53
29
Aug
par
3314
No
Schild
Eitingon
68,100
4118 43
4178
4 40
1
3914 40/
30
39
Nov
4
/
1211
15
37
100 10138 Aug
x11834 1211
4 5,4001 Preferred 653%
/
11212 115 1 11438 12112
10914 112
No par 60 June 25 12112Nov 27
95,900 Electric Autollte
11618 119
1173-r 22'. AIls
11334 12112 11612 11878
11012 112
8% Aug 15 1732June
No pa;
86,700,Electric Boat
4
153
1438
4
/
141
14341
1112
157
164 Jan 324 Dee
8
12
1134
No par 28% Jan 10 4512May 14
414 4212 67,300 Electric Pow & Lt
42
Jan 109 Nov
3958 40121 40
96
Mar 8
3914 40
11012
11
Oct
1057
par
No
600
Preferred
107 107
107 107 1 107 107
634 May 794 Jai
10612 107
4 Nov 20
1
15,300 Oen Storage Battery _No par 69 Feb 20 99/
9714
9618
9638
9438
1531 May
9512
Dec
7
9518 9534 9412
9 Jan 1
6 June 19
600 Elk Horn Coal Corp_ _No par
7
7
738
3 Oct 13 Ape
4I *7
1
4 7/
1
7/
4 712
1
7/
514 Feb 21 1512June 4
200 Emerson-Brant Class A.No par
Del
734 734
8114
4 758
1
Jan
*7/
4
3
64
*758 8
.758 8
17
1,800 Endicott-Johnson Corp____50 7514June 12 85 Arm
77
77
125 Sept
77
78
7914 7818 7818 77
100 12114 Jan 27 127 May 18 1164 Jan
100 Preferred
*125
Old
2
393
Jan
*125 12512
214
30
Nov
125 125
51
18
Feb
83
24,400 Engineers Public Serv__No par
51
48
4712 4734 4714 4734 x4714 48
NO par 91 Nov 2 10212 Oct 1
1,200 Preferred
94
4
1
/
92
9134
x9134
94
4July 3
9334 9378 94
3134 3234 7,900 Equitable Office Bldg No par 29% Oct 23 333
Nov
Jan 3 16" Aug ▪
3218 3234 3214 3212 3158 3238
5514 5634 3,800 Eureka Vacuum Clean_No par 55 Nov 13 79 Oct 30
5818
1512 Jan 23 Dee
5714 5834 57
5814 59
4July 17 24%
1
_No par 19/
Corp_
Buffet
400
Exchange
2412
.23
5
24
304 Nov 4312 May
*2312 2334 *2312 2412 24
54
Apr
19
6
Jan
3212
par
No
Morse
,Fairbanks
1.900
4558
45
4412 4412 4458 4458 4514
44
11434May 14 107 Dec 112 Mar
100 104 Jan
601 Preferred
4
1
*110 110/
8712 Jan 47 May
110 111 *100 11012
110 110
15 42 Jan 10 6212 Nov 30
6212 8,000,Federal Light & Tract
60
914 Feb 100 AU/
5978
5712 5912 *57
59
59
109 Apr 19
6
Jan
98
par
No
201 Preferred
100 100 I
Feb 187 June
100 100
60
*9934 100
30
Nov
*9934 100
1,900 Federal Mining & Smelt'g_100 120 Apr 17 220
205 220
19678 201
7512 Jan 97 Mar
193 197
*188 194
4Sept IS
/
100 9114 Jan 3 1021
4001 Preferred
*10012 10112
Dec
8072 Jae
17
10014 10012
11
10178 10178 *10014 101
4May
/
251
163
8
1
Aug
par
_No
2134 2338 24.800 Federal Motor Truck.
2134
2214 2118 2258 21
21
166 Nov 21
1044 10512 5.700 Fidel Phen Fire Ins N Y. _10 75143une 12 1514May 16
-117-2 May
4 105
/
0
1
v
o
N
4 10314 10412 1041
1
10314 105/
9
Jan
1114
par
No
Bus
Ave
Fifth
*1134 1312
4
1
1014 May 30 Feb
•1134 1312 *1134 1313 *1134 13/
No par 28 Apr 4 7134 Nov 26
6612 69 I 31,700 First Nat !Stores
Apt
14114 Oct 20
69
7134 6712 6812 6712 6878
8% Aug 13 1734 Jan 4
No par
1412 1514 56,100 Fisk Rubber
Jan 100 Bent
81
10
Jan
4 1312 1438
1
1278 1314 1314 13/
914
2
Oct
55%
_100
2,400 1st preferred stamped__
4
693
69
102
MPS
July
69
69
9412
69
69
694
69
100 54 Oct 2 9734 Jan 5
1st preferred cony
69
*65
69
4612 Feb 714 Del
*65
69
*65
69
*62
No par 65 June 19 89% Oct 16
8334 86 I 64.900 Fleischman Co
8358 8534
85
8318 8478 84
4,100 Florshelm Shoe el A__ _No par 4914 Nov 3 5612 Nov 19
5434
54
56
5358
54
54
55
55
100 9818 Oct 23 995 Sept 26
100 Preferred 6%
*9878 9972
; Apr
-11113
Nov35
4 9978 *9878 9978
1
*98/
99
99
No par 3638 Oct 16 5534May 16
5,900Foundation Co
46
45
46
50 June 854 Dec
4734 45
45
45
44
No par 72 June 12 11968 Sept 10
A
Film
Class
Fox
8
35,300
965
9858
1064
Dec
9858
$414 Jan
9713 9934 9718 9834 96
No par 43 Oct 22 10914 Jan 11
4658 4758 13,100 Freeport Texas Co
4712 48
4758 48
474 48
23
Apr
2
1097
17
Mar
10312
par
Vo
pref.._
prior
Co
Fuller
200
*10512 106 1
22 Dec 59 Aol
106 106 *10518 10534 *10512 106
15 Mar 23 2812 Jan 5
Yo par
2312 2414, 11,400 Gabriel Snubber A
612 Jan 1512 Des
2412 2318 2438 2312 24
23
714June 12 1634 Feb 2
Ns par
1312 1438 48,400 Gardner Motor
14
Jan 644 Dee
45
1438 13
28
Nov
20
9134
1214 1414 13
Feb
2
607
par
No
9018 94 156,000 Gen Amer Tank Car
4
943
9112
15
1064
9334
9158
4May
Mar 11212 Sept
9112
86
100 109143one 23 1113
900 Preferred
11012 11012
65 Aug 9634 Map
11014 11014 11012 11012 *11012 112
100 68 June 12 9472 Apr 30
42,600 General Asphalt
4
1
/
84
4
/
811
804 8134 814 8412
1414 Apr30 1074 Aug 12472 Ma,
4 82
/
801
100 110123une 1
3,200 Preferred
124 125
Oct
140
4 122 12234 123 126
1
122 122/
130 General Baking pref....No par 132 Oct 32 150 June 8 11812 Apr
*13812 140
140 140 *13812 140
4138 Nov 12
139 140
Feb
21
par
No
3,300
General Cable
38
-12 -nee
37
l62
Dec
5512
12
Nov
4
883
3814 3812 3712 3818 3714 3812
56 Feb
No pa
13,800 Class A
8114 83
52 Jan 747s Dee
7538 Feb 2
8012 8158 8014 8138 8112 8238
No par 5918 Nov
6112 3.900 General Cigar, me
61
Jan 1464 Beral
81
4 6114 6058 6114 6058 61
1
60/
No pa 124 Feb 27 202 Nov 30
202 104,500 General Electric
19514
4
189
1973
8
11 June 114 Jan
1917
18714 19314 18812
12 June 7
4 7.800 General Electric special____ 10 11 Sept 26
/
4 111
/
111
Stock
Apr 4732 Feb
4 1138 1118 1114
/
34
16
Nov
1118 1138 111
74
1
Jan
3514
Pa.
No
2,200
A
Elee
&
Gas
General
4 72 1
/
711
7112
71
71
71
1054 Oct 13
7114 73
74's July 1
101 I 8,100 Gen Ice Cream Corp No pa
088
-- 141
4 Aug
10112 10212 101 10112 10012 10118 Exchange 100 215 173,500 General Motors Corp
Stock
25 130 Jan 1 22434 Nov 7 1-11121138
12534 Des
20934 21334 21214 21434
21034 215
_100 1234 Jan 26 1274 Apr 12 1184 Mar 5972 Nov
125 125 1 2,900 7% preferred
Closed
12512
Apr
544
12512
12534
125
3
125
Jan
12478
Exchange
49 Aug 15 5872
5038 5212 3,400 Orin Outdoor Adv A___No pa
53
Jan 58% Nov
52
87
5034 5034 52
50
294 Aug 1 5232 Jan 7
4 38 1 8,900 Trust certificates___ _No Da
/
371
3878 Thanks3413 34
37
824 Jan 15814 Sept
377
34
Closed
8414June 20 123% Jan 8
No pa
38,000 Gen Ry Signal
10412
103
Jan 81 Dee
103
8
1067
10834
88
10714
4
1
10334 108/
4512 lune 13 82 Jan 8
7778 10,500 General Refractories._ _No pa
77
giving
7778
95% Nov 10912 Oct
783s 774 7738 77
77
Extra
9712June 19 1234 Oct 8
4 30,400 Gillette Safety Razor No pa
1
11812 119/
59 Sept
Dec
351e
14
11513 11678 11458 11534 11614 11812
597
2June
6
Mar
3418
No pa
54 ' 9,800 Gimbel Bros
52
Day
5312 5438
4 534 55
1
4 54/
1
53/
Holiday
91 Nov 10812 July
100 87 Mar 8 101 June 15
400
Preferred
41
1
/
92
9212
May
23
1413
Ma,
9212 9212 9214 9214
*9312 94
No par 2032 Jan 27 3672 Nov 30
3472 367 101,100 Glidden Co
3158 3312
86 Aug 101 June
4 32
/
3118 3214 311
100 95 Jan 4 105 Sept 12
80, Prior preferred
10412
10412
Dec
4
783
Mar
*10412
22
10412
4
10412
1043
*10412 10434
71 Jan 16 13712 Nov 30
132 13712 168.700 Gold Dust Corp v I o__ _No pa
4234 Jan 964 Dee
4 124 13512
1
4 12118 123/
1
6812June 18 9982 Jan 4
120 123/
Nova
4 8738i 82,000 Goodrich Co(B jr)
1
85/
Dec
11112
4
1
87/
Jan
95
89 1 86
1153
2May
1
17
Feb
8112 8878 86
1094
100
200 Preferred
*11112 113
484 Aug 694 Dec
•11278 414 *113 113141 113 11318
4512June 25 107 Nov 27
9812 10212 110,900 Goodyear T & Rub__ __No pa
9212 Nov 984 Deo
4
1
4 Ncv 21
/
9514 10512 10118 107 1 10012 104/
9212 Mar 16 1031
No pa
10134 5,000 let preferred
z10152
10314
10212
574 Jan 8632 Dee
10313
14
Apr
103
75 June 13 9372
102 10338
gni 8912 9,700 Gotham Silk Hoiliery. No pa
8912
58 Jan 554 Dee
75 June 19 93 Apr 14
8734 9078 8712 8818 88
4 2,700 New
1
8114 82/
Jan 122 Bet
104
12
Apr
8212 8112 8278
130
26
Nov
4
1093
82
82/
4 81
1
100 Preferred New
110
*108
110
10934 10934 *105 110 *108
a0 101 Nov 22 112 May 7
0
__°-1110
150 Preferred ex-warranteN
•101 102
▪ Nov
2
101 10118
Feb
2
•___ 10112 101 101
121
23
June
7
pa
No
A
Gould Coupler
4 778
1
*7/
4
1
7/
4 *7
1
4 7/
1
1634 Feb 18 6114 Sept 26
*758 778 *7/
4412 4614 WAO Graham-Paige Motors.No pa
45
4638 44
2612June 19 56 Sept 26
pa
No
4314 4634 44
2,600
Certificates
4112
40
45 Moy
4 3978
1
39/
41
4 Nov 20
1
18 85/
40
42
39
8312 8472 19,300 Granby Cons M Sm & Pr-100 894 Feb 20
---8234 8412
4 Oct 18
1
94/
100 6514June
8234 8438 8258 83
8912 2,100 Grand Stores
89
8914 8912
90
89
26%July 2 4172 Oct 17 ---90
par
No
90
Co
Union
Grand
8.000
3512
34
3652 83414 3618 3378 36
35
No par 1612 Aug 14 6238 Oct 17
5634 5734 15,300 Preferred
---5812 5618 584
5618 5818 856
No par 112 Oct 10 125125ept 13
2,100 Grant(W. T.)
11712 119
____
4 11914
1
11612 117
11812 11812 118/
No par 6134Sept 26 9878 Nov 20
Co
Chem
10,600 Grasselli
97
9518
13
9858
Sept
4
1
/
97
110
17
9812
Sept
4
1
/
97
9834
100 109
97
Preferred 6%
__
2 ____
35's Dec Ws: Sept
38 Jan 7
*10913 ____ *10912 -33)4 3512 .22,500 Great Western Sugar___No par 31 Jan 26
4
1
4 33/
1
32/
321 33
3213 33
3 11612 Feb 123 Sept
Jan
120
20
Feb
11212
100
Preferred_
2301
•11512 117
3914 Jan 1514 Dee
15 11612
115 116
•1144 115
100 3938June 19 173 Nov 20
16014 16614 50,200 Greene Cananea Copper
7 Oct 1114 May
94 Jan 4
5 Oct 11
16412 16812 164 16978 65 16834
4,7001 Guantanamo Sugar ____No par
6
6
50 Oct 64 Feb
12
4
1
6/
Sept
2
7
6
73
9
612
Jan
618 614
6
51
100
3,100 Gulf States Steel
6712
6618
6912
Aug 27 July
22
31
Jan
6912
30
7118
71
4
1
70/
25 23 Jan 5
70
470 Hackensack Water
2512 2512
Jan 72% Des
56
2518 2538
97 Nov 12
25
2412 2412 25
360 Hanna 1st pref class A__ __100 59 May 25 27% Feb 3
92
Oct 274 Mal
92
224
92
2
9234 92
Aug
91
92
2312
91
Corp class A-NO Par
Hartman
500
4
1
/
25
2932 Apr
2534
Dec
1812
1
Nov
2632
2478 2512
25 '25
16% Aug 0
26
•25
No ar
2418 2412 4,000 Class B
Oat
7612 Jan 125
120 Oct 29
13
2534 244 2514
4June
1
/
103
2518 2578 25
p25
Reline (0 W)
1
118
6014 Den
*113
Dee
3472
28
Nov
7238
118
*11218
81
117
117
Jan
30%
•116 117
No par
Chocolate
Hershey
31,900
4
/
711
Dec
7512
Dee
69
7014
7214 •6912 7238
7134 69
70
No par 7014 Feb 6 89 Nov 27
5,600 Preferred
8614 87
9932 Dec 103 Dog
8614 87/
8512 89
85
4
1
.2
100 10014 Aug 17 105 Apr 14
400 Prior preferred
104 104
22 Jan 4172 July
1514 Sept 25 8072 Jan 20
10312 10312 10312 10312 104 104
No par
Co
&
(R)
Hoe
1,000
20
19%
3114 June 4032 Ool
3672 Apr 13
29
Oct
23
1814 2038 •1812 1913 1812 1914
par
_No
(A)__
Son
&
1,200 Hollander
23
Oct
23
60 Jan 75
2312 2312
2334 2334 *2312 24
100 67 Jan 4 80 Nov 12
Mining
Hornestake
80
*76
4314 Jan 7012 Nov
17
80
*76
85
*78
80
.576
No par 0412 Feb 21 84 Oct
2,500 Flouseh Prod.lne
7612 77
Oat
9
6012 Jan 175
Apr
161
7612
*76
19
77
June
76
76
119
76
etfs100
131 13212 1,700 Houston 011 01 Tex tern
3454 July 4831 Dee
133 133
13112 133
134 134
r 4032 Feb 18 73% Nov 30
7334 38,700 Howe Sound
71
5814 Jan 914 Aug
4 Mar 5
1
16 99/
6912 7112 7014 7318
Jan
71
75
70
par
o
ci
N
_N
__
Car_
Motor
8412 8734 92,300 Hudson
16
Oct 3614 Dee
84 Nov 30
4 85
1
83/
4 84
1
8314 8438 83/
_ _10 29 Jan 1
7558 84 201,200,Hupp Motor Car COrp_ _
174 May 82$4 Feb
4 7414 76
/
761
74
77
4 Feb 20 3838 Nov 19
75
4 41.100 Independent 011 & Gas_NO Par 218
1
y3412 35/
18 Mar 47 Dell
Apr 27
70
3
3612 3718
Oct
3612 3612 37
20
36
par
No
4 20,100 Indian Motocycle
1
4 34/
/
311
93 Jan 1024 Des
4
1
31
3112 33/
2578 26
25
100 93 Nov 3 115 Apr 12
70 Preferred
95
95
•____ 94 *--- 95
.712 May 1212 Sept
Feb 18 3932July 9
9
10
Refining
Indian
50,800
4
363
I
35
74 June 12 Sept
4 3458 3614 3514 3634
1
38/
36
812 Jan 16 3714July 9
10
3234 29,900 Certificates
3012
26
33
Nov
32
3278
185
3112
22
35
Oct
3214
100 160
200 Preferred
*175 190
Nov id1-2 AIr
127 Nov 30
18
Feb
185 185 •175 190 *175 190
90
Par
No
Rand
6,500 Ingersoll
123 127
Feb 6232 Des
Al
117 121
117 125
104 110
No par 48 Mar 3 76 Nov 12
Steel
Inland
74
5.800
7334
2512 Jam
June
7412
1212
4
74
23
4
1
733
7312 7438 73/
18 Feb 25 4878 Nov
4558 4734 43,400 Inspiration Cons Copper___20
25 Nov
11 Nov
4
Jan
2134
2
4714 4834 4514 4712 4512 4634
812July
par
Ars
21.700 Intercont'l Rubber
15
14
164 Dee
Apr
64
4 14
1
12/
17
24
1114 1112 1112 12
2May
201
Feb
13
NO Pal
Agricul
Internal
4
1
/
16
2,300
1614
May
6612
1612
33 Mar
1614 1634
1612 1612 16
100 4812 Mar 26 84% Nov 21
8214 821z 2.9001 Prior preferred
534 Jae 11934 Dee
83
83
82
23
Nov
8312 83
16638
16
83
Jan
114
par
Business Machines_No
Int
15,500
16014
160
Mai
Jan
854
4514
162%
16512
15612
16018
165 166
par
be Jan 3 8738 Nov 28
8412 867s 44,100 International Cement _No par 4514
404 Oat 64 Mal
8738
8014 8118 8033 8134 81
Feb 20 80 Nov 27
745 7812 363.900 Inter Comb Eng Corp__No
10514 De*
Oct
101
7614 80
25
21
Sept
6812 7034 7012 80
110
Mar
103
100
106 1064 1.000 Preferred
.Dee
105 10512 106 106
105 105
Feb 18 39434 Nov 20 13102 Jan 2551
37212 37912 2,000•International Harvester-100 2244
Jan 189 Dec
378 382 *376 380 379 381
100 13614 Mar 1 147 May 1 13654 Mar
9001 Preferred
*142 146
Dee
9512
62
14214 143
14212 14212
4 142
/
1411
14
12172May
974 18,400 International Match Prot- -35 9312 Jan 25
96
312 Oat
834 MU
9638 98/
4
1
4 964 98
1
98/
97
732May 9
334Mar
100
614 63 12,700 Int Mercantile Martne
5582 MAW
Oot
4
1
324
638 6/
17
558 7
Jan
4
1
4 5/
1
8
443
12
5/
8418June
100
3914 4034 38,8001 Preferred
4118
384 Jan 8912 Dee
38
3718 38
4 40
1
40/
Feb 24 22714 Nov 28
21012 226 1127,500 International Nickel (The)-25 7332 Jan
211 22112 216 22534 222 22714
125 Nov 1 10312 Mar 110 Dee
100 11012
400 Preferred 6%
•114 120
11812 120
11818 11818 *120
•Sal and asked Moog no Wei on MN day. •131-allablean
• Xx-rignse.
3063
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW. SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nov. 24.
Monday,
Nov. 26.
Tuesday,
Nov. 27.
Wednesday, Thursday,
Nov. 29.
Nov. 28.
Friday,
Nov. 30.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARI
Range Mato Jas. I.
Os Imola of 100-oharolots
Lorosal
Hilobail
PER MARA
Mato for Pontos.
Yoe? 1921
lowni
Highest
8 per tiara 8 par agars 8 pow share
8 per share $ per share $ Per share $ per share 3 per share $ per share Shares Indus. & Miami. (Con.) Par $ par tiara
57
5734 4,200 International Paper_No par 50 Oct 30 863sMay 14 a11912 May 811a Nov
58
5614 59% 57
5834 59
No par 4912 Nov 13 7212July 23
*56
58
3,300 Certificates
5478 54%
56
56
5634 54
100 90 Nov 28 108 Jan 14 -5-6i1-2 -iii 1122* Vs;
1,400 Preferred (7)
90
90
*89
9018 9018 90
92
92
100 87 Nov 27 103 July 13 ---- _-_ ---- -1,500 Preferred certlficates
*86
87
87
87
87% *86
88
88
par 4734 Oct 8 5812Nov 28
Corp__No
Int
Printing
Ink
11,100
545
8
5612
5434 56
5514 5612 5434 5614
100 4912 Mar 28 68% Jan 12 iii- Sept ii- -ii;
5812 8812 *55
60 International Salt__ _
*55
5712
5712
59
59
13912 F020 19732June 2 12214 Jan 158% Bent
192 196% 35,200 Internat Telep & Telei-- -10
185% 195
186 189
18514 188
,Jan 20
194 Jan 394 June
No par 23345ept 10 881
27
28
28
278 1,000 Intertype Corp
28
28
28
28
6812 Max 67 OW
1 47 Oct 13 61 May 14
1,400 Island Creek Coal
52
52
5412 5312 54
5312 5412 54
No par 7734 Mar 1 179 Nov 12
5812 Jan 86 Del
3,200 Jewel Tea, Inc
x16612 167
16014 16912 163 16412 16312 16312
No par 9614June 10 19434 Nov 20
184 189
18352 18834 36,400 Johns-Manville
18418 186
184 188
360 Jones 02 Laugh Steel pret._10 11918July 2 12414May 7 1ii • -Feb 121 - Oct
121 121
121 12112 12112 12112
12058 121
1032 Jan Ws Des
3312 3312 *33
100 Jones Bros Tea, Inc__ _No par 255* Mar 81 4112 Oct 17
41
*.33
*33
40
40
8% Aug 10 19% Oct 29
No par
1232 July 2212 Jar
12% 135* 4,500 Jordan Motor Car
1258 1338 1258 134 12% 13
80 Kan City P&L 135 pf B No par 108 Aug 2 114 Apr 26
11112 11112 11114 11114 112 112
*11112 112
2.5 No :28
6232 Jan 5 9212N
30
49 - -Apr IA Des
9114 8812 92
86% 884 67,700 Kayser (.7) Co v t e_ __No pa
86
84
86
1512May 7 5112Nov 30
4112 4314 4014 42
4118 4778
4614 5112 153,900 Keith-Albee-Orpheum _No pa
no 7512May 7 160 Nov 30
143 160
5800 Preferred 77
124 124
12312 125
123 138%
--Iii "iii iiiii iii:
2312 25% 337,800 Kelly-Springfield TIre__No par 19%Nov 13
224 2312 23% 2514
21
20
115 Feb 102 Sept
100 5514 Feb 17 95 Nov 16
2,100 8% prererred
90
91
93
93
94
94
94% 95
44 Jan 974 Sept
100 58 Feb 17 101 Nov 16
99
9934 99
99
9812 9834 1,500 6% preferred
9712 98
4612 47
6,500 Kelsey Hayes yyneel___No par 2212 Jan 10 56 Oct 15
19
Oct 27 Pill
465g 471
4658 4714 4618 4678
100 106 Mar 8 111 Nov 23 103 July 110 Dee
11012 1101 *11012 111 *110% 111
50 Preferred
*1101 111
No par
734Ju17 24 2278 Apr 13
154 16
1514 1578 1614 2012
18
2072 232,800 Kelvinator Corp
ii "
Feb 161:15;
14418 1473s 144 14778 14558 15034
No Par 8012 Feb 20 15034 Nov 28
x14418 148% 195,400 Kennecott Copper
4984 June 65
Jan
No par 3772 Aug 15 5634 Oct 11
50
5012 4914 50
600 Kinney Co
*50
51
50
50
Ile June 93 Des
100 8718 Mar 22 100 Apr 11
*94
95
95
30 Preferred
95
95
*95
9538
95
Na
o;2
10
7
915 9514
9134 937
9318 951
915 943* 106,600 Kolster Radio Corp----No par 5114 Aug 15 9572m
25 3312 Mar 31
70
ili- iiii 627a -Ti;i
6034 58
55% 58% 7,400 Kraft Cheese
6012 0134 60
6038
an Jan 7714 Set II
10 605s Feb 24 9134 Nov 20
874 88's 8653 88
86% 871
8612 877
9,700 Kresge(SS) Co
100 11014June 14 118 Apr 27 11012 Feb 118 July
111 113 *11012 113
*111 113
30 Preferred
113 113
10 June 18 Des
1313 Jan 18 2714 Feb 29
1914 191 *1938 1934 1934 201
207s 2Os 1,800 Kresge Dept Stores-No par
45 Nov 80
Jan
100 5134 Feb 1 75 Aug 31
*71
99
*71
99
*71
99
.
71
99
Preferred
59
Jan 1054 Sept
11614 12434 11978 120
No par 87 Feb 20 12434 Nov 27
114 115
11972 1198 4,400 Kress Co
125 1267 12412 12578 124 125%
123 1255* 35,500 Kroger Grocery & Bkg_No par 7314 Mar 27 13214 Nov 7
-113-;
1 -lin 873* No!
351
3558 3534 344 3534 35
3478 3514 2,500 Lago 011 at Transport No par 275* Feb 20 3918 Apr 17
66
Jan 8812 Oct
No par 7912 Jan 10 1363 Nov 17
130 13238 13178 13412 13212 1347
131 133% 36,600 Lambert Co
7 Jan 1812 Dea
No par 1714 Jan 8 2614 Oct 10
2034 2214 221 2334 22
227
215* 2212 18,900 Lee Rubber & Tire
57
56
5612 56
56
56
5334 5512 7,900 Lehigh Poritand Cement-50 4234June 25 5812Nov 21
100 10753Nov 15 1105sMay 28 ---- ---10858 10858 10858 109
10878 1087
340 Preferred 7%
108 108
--- -3212 Apr 13 Nov
No par 88 Jan 17 6472 Oct 1
5538 5678 5534 6078 6012 6212
21,800 Lehn dg Fink
6012 62
204 Sept 864 Des
No par 281s Aug 15 404 Nov 1
3734 3812 3734 38
*3712 38
3612 37
3,300 Life Savers
9238 9238 9212 9212 9034 9112
91
9212 3.400 Liggett to Myers Tobacco_ _25 8312.1une 22 12212 Jan 3 08712 Feb 128 Sept
Oct
._25 8014June 19 12312 Jan 3 .111632 Feb 128
9178 9278 9158 927
924 93
90% 9158 10,300 Series B
100 134 Aug 2 147 Apr 11 13434 Jan 160 Des
137 137 *137 138
13534 137
•136 138
300 Preferred
657
2May
14
49
Oct
RN
ADO
38
July
27
No
par
44
4613 47% 5112 50
Works
8,800
Lima
Loa
50
48
5134
AA Sept 7834 Dos
No par 6312 Feb 20 12412 Nov 23
11714 1217 117 11834 11812 12214
11912 124
36,700 Liquid Carbonic
111312 Jan 83% Mat
62
6258 6134 6214 6134 6238
6172 625* 26,400 Leew's Incorporated_No par 4918June 19 77 May 9
par 997 Mar 15 11058 Apr 30
No
*102 103
102 102
102 10212
500 Preferred
1015* 102
55
97 104
is; -iii
97 104 10
Feb 9 19% Aug 27
6 Oct -.
97 10
No par
13,800 Lott incorporated
1018
8534 Feb 3
2512 Dec 43 MAY
No par 28 Jan
32
32
32
32
*314 32
500 Long Bell Lumber A
*3178 32
8834Sept 12 s3512 July 57% Dec
25 4414June 1
72
743
74
43,900 Loose-Wiles Biscuit
763* 7314 76
72% 75
Jan 123 Nov
100 11712 Aug 17 125 May 9 118
*120 123 •120 122 *12112 122
40 1st preferred
12112 12112
281k May 474 July
25 2334June 12 4672 Apr 19
2914 30
29
30
2834 2958 9,600 Lorillard
2912 2978
*9712 99
100 9014 Oct 6 114 Mar 13 107 June 1181, Jas
Stock
99
99
99
99
700 Preferred
99
99
Oct 12 Aug
10
No par
932 Feb 21
1934 Apr 30
1712 1814 1712 18
1718 18
1714 177
35,800 Louisiana 011
85% Dec 97 Fel
100 78 July 24 96 Apr 30
Stock
9112 9112 91
9112 *91
91
91
270 Preferred
9138 Exchange
3913 28,000 Louisville 0 & El A_-_No par 28 Feb 7 41 May 16
235* Jan 3012 Des
38
39
539
385* 394 38% 3914
20
Oct 3314 Mai
Closed
No par 2552 Jan 11 8978 Nov 28
Exchange
8334 8614 84% 8513 8514 898
855* 88'2 12,900 Ludlum Steel
43 Nov 5814 Des
5012 52
52
5218 5218 3,050 MacAndrews & Forbes_No par 44 Aug 28 674 Apr 14
5212 52
53
,Mar 2 134 Mar 20 105 Jan 134 Aug
100 1081
Closed
Thanks- •120 135Mackay Companies
•125 132 *125 132 *120 135
100 6814 Jan 13 86 Oct 25
67 Aug 74 Aug
86
•85
100 Preferred
86
88
*86
87
*85
87
8814 Jan 11834 May
giving
104% 107 124,400 Mack Trucks, Inc
No par 83 Apr 17 110 Nov 27
102 10314 10234 110
Extra
10612 1093
Jan 2431 Noa
No par y134 Aug 28 382 Aug 27 124
176 177
178 180% 17912 180
18014 1804 4,800 Macy Co
2012 Aug2832 Oct
Day
20
2018 2078 21
Holiday
2112 .203* 2034
2012 8,800 Madison Sei Garden-No par 19 Nov 19 34 May 7
5
3
2912 Feb 583* Des
No Par 4324 Feb 27 75 Nov 20
68
7212 22,100 Magma Copper
71
73
7114 7314 7112 7253
111j Apr 203* Des
3412 3812 5,900 Mallinson (H 11) & Co-No Par 16 Jan 20 3812 Nov 16
3412 357
3518 36
35
353
6634 July 95 Des
•10012 104 *10012 104 *100% 104
100 8712 Jan 80 110 Oct 9
*10012 104 •
Preferred
39,s Dec 4914 Aug
*34
341 *34
No par 82 June 25 4012 Jan 24
"3312 34
34% 34
34
100 Mandel Bros
63 Oct 182 Aug
313* 32
No par 2812Sept 18 6632June 6
317 33
y34
3234 34
3614 5,800 Manh Elea Supply
Ws Jan 3534 Des
3612 3518 367
36
25 8134 Feb 18 43 May 14
*3512 36
3512 3634
3,500 Manhattan Shirt
12
Oct 2234 Jam
19
20
193* 193* 19
191
1878 19
1,200 Maracaibo 011 Expl-No par 1212 Feb 20 2512 Apr28
31 June 58% Jam
484 49
4712 4878 47
481
46% 4711 78,900 Marland 011
No par 88 Feb 17 4934Nov 23
79*4 80
27
Jan 5572 Nov
83 Nov 28
7814 7812 78
81% 82% 15,500 Marlin-Rockwell
83
No Par 4514 Mar
me Mar 12 2532June 4
19
154 Dec 2654 Feb
2038 1912 204 1834 183
1812 1914 2,100 Martin-Parry Corp__ NoPou
16614 1675* 16614 16612 167 167
82 Jan 1324 Des
167 168
1,900 Mathieson Alkali WorksNo Pa 11734June 1 173 Nov 16
125 125 *12312 125 *12313 125
Jan 120 Dee
12312 12312
100 115 Jan 1 130 Apr 27 103
105 109
10312 10734 105 10678
66% June 9032 Nov
104% 107% 27,400 May Dept Store,
25 75 July 17 11312 Nov 20
2614 2634 2614 2634 2614 2658
_---_- --- ---No par 1712 Aug 14 3012 Nov 13
26
2612 12,100 Maytag Co
4512 465* 4512 46
46
46
52 May 24
__. ---- ---- -4512 46
No fmr 4018 Aug 1
3,400 Preferred
90
90
*90
904 90
5438
012
___ _--- ---- ---90
213 7
No par 90 Nov 12 101 May 24
.
9
70
200 Prior preferred
715* 71% 72
73
*72
73
56 Feb 3 75 Sept 24
1,400 McCall Corp
No pa
10534 10712 10612 10612
106 107
*108 110
77 Feb 13 10972 Nov 12 -Iiii- Mar III- Bei
1,090 McCrory Stores class A No pa
11212 1131 *1104 11212 110 111
564 Mar 964 Deo
108 108
8012 Mar 14 1193* Nov 10
No pa
1,100 Class B
*11634 117 *11612 11634 1164 1164
07 Mar 11612 Sept
*116 11934 1,000 Preferred
100 109 Feb 8 1181/Nov 12
2312 2312 2334 2412 227 2314
*23
2412 Mar 2834 Oct
2314
1,100 McIntyre Porcupine Mines_5 1914Sept 11 2812 Mar 16
7312 7312 76
72
76
783
7512 78
6212June 13 7838 Nov 28
95,900 McKeesport Tin Plate_No pa
3234 335
3313 34
335* 34
33
---34
No pa
2514July 17 41 Sept 18
7,000 Mengel Co (The)
2514 2512 251 251 *25
251
x2514 2514
2434 Jan 2614 FIN
800 Metro-Goldwyn Pictures 0.27 24% Aug 30 2718May 29
63
6514 67
8
65
69
7112
Nov
30
Aug
9
1
4
Fel
68% 7234 179,400 Mexican Seaboard 011..No pa
432 Jan 19 7234
3078 2953 305*
305* 313* 30
30% 3134 31,900 Miami Copper
134 June 2034 Des
1734 Jan 5 32 Nov 20
4318 4412 4234 44
414 4332 70,700 Mid-Cont Petrol
07 Ap 105 Fell
423* 43
No par 2512 Feb 20 4412 Nov 26
57
57
6
55* 6
6
14 Jan
334 Juns
74May 10
Us 6
232 Jan 8
24.000 Middle States 011 Corp_._ _10
412 412
44 41
4
414
418 414 2,200 Certiftcates
112 Jan 8
5%May 10
lle J
2% June
10
284 292
28434 295
28334 286
265 270
5,300 Midland Steel Prod pref.--100 193 June 19 295 Nov 28 106 Apr 815 De4
22
2214 2314 2312 244
21
2412 24% 7,400 Miller Rubber
1712 Nov 36% Apt
No par 1812 Aug 13 27 Jan 3
5734 5514 578
585* 56
55
54
56
28,800 Mohawk Carpet Mills No par 3918 Aug 14 60 Nov 23
•150 168 *150 168 *150 168
*150 168
2 -lin foiiii "Cie;
100 103% Jan 10 175 May 3 -1111Montana Power
411 41834 416 41834
41234 420
405 4397 15.600 Monty Ward dg Co Ill Corp_10 117 Jan 19 4397e Noy 30
6012 Feb 123% Des
6% 6%
658 9
65
67
61% 67
54 Feb 6 1112May 11
6 June 124 Jan
7,500 Moon Motors
No par
334
35
334 334
332 334
3% 3% 10,700 Mother Lode Coalition_No par
11/ 001
4.11 Jan
412May 14
236 Aug 10
•13
1312 133* 135* 13
13
1312 14
612 Sept 1632 Mat
6 Mar 29 1414 Nov 23
600 Motion Picture
No par
1912 2014 1812 1912 19
19
19
1978
17 Nov 3832 Ars.
3,500 Moto Meter A
No par 18 Mar 22 24s4Sept 20
15934 15934 160 16934 17212 188
180 1901
3,700 Motor Products Corp-No par 94 July
21834 Oct 15
37% 38
3713 3914 384 3914
38% 391 11,700 Motor Wheel
5114 Oct 15 1164 "iiiii "ifi Rip'
No par 2512 Jan 1
83% 82
8434 8534 82
82
8112 82
10 Jan 7914 Des
10,100 Mullins Mfg CO
9514 Oct 10
No par 6914June 1
10113 103
1034 10334 *102 103
100 10114
540 Preferred
No pa 100 Nov 3 10478 Nov 19
54
64
5412 55
55
56
55
5714 5,900 MunsIngwear Inc
Wit iiii -58 Nov
No pa
10914 1104 y6253 6812 6834 723
7034 74 110,100 Murray Body
1614 001 U Fel
12414 Oct 20
2
4684
1121e
ar
b
No pa
10418 10612 1053* 10712 10614 112
106 111 335,300 Nash Motors Co
604 APT 10178 DSO
No pa
/30% Feb 20 112 Nov 28
2534 2738 255* 275* 2634 2914
2758 3134 80,400 National Acme stamped_-10
74 0111
5 Feb
714 Jan 4 3134Nov 80
16212 165
1634 164
166 170
''': Z' i 16714 16814 2,700 Nat Degas Hess
8118 seat 4612 Des
41 Jan 8 178% Nov 20
No pa
*110 114 *110 113 *107 114
'
•107 114
8514 eep
97 Ape
100 got, Jan 8 11512 Nov 16
Preferred
184 19434 19114 19514 18814 192
185 191% 43,900 National Biscuit
4g. L
944 Jan 187 Dee
35 15912July 12 19514 Nov 27
*14312 14512 *142 14512'143% 145
14312 14312
4.
Jan 142 Des
100 Preferred
100 137% Feb 29 150 Apr 11 180
9578 94
94
9658 93
95
94
95% 37,100 Nat Cash Register A WI No pa
8972 Jan 51% Dee
4714 Jan 16 10112Nov 12
1251 1283* 12518 12614 125 126
125
14 II
12612 63,900 Nat Dairy Products_ __No pa
5914 May 88% Aug
6412 Jan 5 12934 Nov 23
5
291
2814 29
294 2958 29
28
2918 2,700 Nat Department Stores No pa
20% June 378a Mal
21% Jan 5 3214 Oct 26
'
'
93
93
93
93
93
93
*93
95
4
8912 July 9414 Jaz
500 1st preferred
100 91 Jan 10 102 May 2
3618 37
361s 37
37
381
6
39
11: 6
43
27a 12,700 Nat Distill Prod Mts._ _No pa
17 Feb 60
Oct
6812 Jan 9
12
2914June
6138 62I
6112 6112 611
*60
ir
43 Mar 6934 Juns
900 Preferred temp ctfs__NO Pa
51%June 13 71% Jan 9
5438 547
5434 537k 55
b
54
191s Ala 85% Jun(
2314 Mar 26 5732 Nov 13
7,500 Nat Enam & Stamp1ng
100
1331
12512 12612 12614 134% 133
12
59
358 13112 8,200 National Lead
i
100 115 July 11 136 Jan 31 095 May 202% May
4112 4212 4134 441
417
41
4414 46 169,200 National Pr & Lt
,ii•
194 June 2634 Sept
2138 Jan 16 46 Nov 30
No pa
1713 175* 1712 18
17% 18
1734 1834 3,000 National Radiator-.No pa
.4
86114 Nov 8912 Nor
14 July 25 4032 Jan 9
46
48
46
46
46
46
*46
•o
47
96 Nov 98 Deo
40 Nov 2 9811 J91)17
800 Preferred
No
par
12434 126
125 12512 12512 127
126 127
70 May 977s Dee
8414June 12 130 Nov 16
4,300 National Supply
5
294 299
298 299
299 300
292 294
270 National Surety
100 28712June 13 872 Nov 7 42218 Jul 373 Des
345 350
349 352
35
30
818 33591
349 355
Oct
23
355
108
Ap 180 Del
Jan
17
2.700
180
National Tea Co
No par
375 3834
375* 381* 3758 38
12114 June 20% Du
149,400 Nevada Canso'Copper_No par 17% Jan 18 39 Nov 30
4434 _45
4434 457
46
4258 4412 5,800 NY Air Brake
45
8914 Oct 80 Jam
3978 Oct 22 5012Nov 16
No pa
Hid anol asked Prlafmg no sales On &LIU GAY. g Es-dividend
y Iltrlgnec
3064
'sew York Stock Record -Continued-Page b
Yes sales during the week of stocks not recorded here. see sixth page precedina
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday„ Hondas,
Nov. 24. 1 N w. 26.
Tuesday. , Wednesday, ThursdaY.
Nov. 29.
Nov. 27. 1 Nov. 28.
Friday,
Nov. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Since Jas. I.
Os basis of 100-share lots
Lowest
Molest
PER SHARE
Prtekm,
r84Ir 1927
&MOO for
Lamm
Himlisi
,
$ per *hers $ pet share Pet oho
$ per share $ per share $ per share 3 per share $ per share S ner share Shares Indus. & Miscel. (Con.) Par $ per share
7,900 New York Dock
84 Jan 65se Nov
48
51
53
50
48
484 543
100 47 Aug 14 6414 Jan 4
*48
.86
8712
500 Preferred
100 85 Sept 21 95 Jan 4
721a Feb • 9812 Nov
*8512 8712 *8512 874 86
86
103 103
180 N Y Steam pref (6).__ _No par 9812 Oct 5 10512May 16
10212 10212 10212 103
1024 103
9312 Feb 10212 Oel
10 18t preferred (7)- - - _No par 102 Jan 30 115 Apr 19 105
Jan 11412 Oat
•110 11112
*110 113 *110 11212 111 111
9434 97
84.600 North American Co
4511 Jan 6412 Oes
87% 81% 894 97
10 58% Jan 5 97 Nov 28
8614 88
5413 5412
800 Preferred
54
50 Jan 55 Ms
50 51 Sept 11 5633May 11)
5312 5312 5312 5312 .53
Oet
10112 10112 1,000 No Amer Edison pref. No par 9934 Oct 2 1057 Feb 7
9638 Jan 105
*101 10134 10138 101% 10138 1014
20 Northwestern Telegraph_ _ _50 48 Oct 30 56 May 15
*48 3 51
4734 Jan 56 SW
*51
5112 5113 5112 .4812 5112
51
514I Fes
614 2,800 Norwalk Tire & Rubber_ _ _10
14 Arne
6
21:Mar 15
712Sept 4
63
534 64
6
818
*712
812
Jae
100 Nunnally Co (The)
..No par
1414 Dec 1X
738 Aug 31 13 May 14
*734 8%
812 84' .713 812
3158 3212 16,000 011 Well Supply
3114 Jan 8878 Des
29
2912 2914 30
295 3312
25 2014June 13 41 Jan 11
140 Preferred
100 100 ,
100 97 June 14 11012 Jan 11 10234 Mar 110 Junt
995 9934 9913 100
994 100
912 938 3,100 Omnibus Corp
24 Nov 20 1514May 10
No par
11 Mar 171e Jane
938 034
932 10
938 91
*86
94 I
Preferred A
*85
94 *86
94
81
Jan 9912 May
*86
94
100 8478 Nov 13 99382M3e 12
7933 7934 4,500 Oppenhelm Collins & CoNo Pa, 6733 Aug 17 884 Jan 7
4812 Feb 8238 Dee
7812 7978 7834 79
787 7934
.40
65
Orpheum Circuit, Inc
*40
63
*41
2378 Dec 35 Apt
63 .40
85
18 May 9 70 Oct 25
954 104 • 2,070 Preferred
93
93
93
93
93
9312
100 75 May 9 101 Nov 30 1028* Nov 1081s Jun4
x250 25112 1.400 Otis Elevator
250 251
25112 25112
250 252
50 14718 Feb 20 252 Nov 26, 8108 Feb 15514 Oet
70 Preferred
.122 126
122 122
122 122 .122 126
100 11914 Jan 24 1265* July 191 108 Feb 12634 Aus
3718 3834 35,900011s Steel
385n 4018 3838 39
384 39
714 Feb 1212 June
No par 1012 Jan 18 4012 Nov 23
500. Prior preferred
*101 10273
0112 Feb 91 Nov
10034 103 '
3101 10273 *101 10278
100 824 Jan 10 103 Nov 26
94
.90
Outlet Co
*90
94
•90
No par 81 June 19 99i Sept 4
94 .919
94
5234 Jan 99 Dee
893 11,300 Owens Bottle
73 Dec 854 Dee
88
25 7412 Jan 3 9572 Apr IS
88
9112 8612 89
8614 89%
54
5813 15,000 Pacific Gaa dr Eleo
5318 533
5312
31 Feb 50 Des
25 4312 Feb 28 5618 Nov 30
53
533
53
76
200 Pacific Ltg Corp
76
76
No par
*7414 7478 7414 7414 .74
7334 Oct 10 8538June 291
11, Jan
138
158 169,000 Pacific Oil
118
178
13
158
214 Apr 27
I May
No par
1 Sept 14
1,4
118
700 Pacific Telep dr Teleg...--100 145 June 12 168 Nov 30 124 Mar 162 Dee
166 168
15812 15912 159 16014 16014 165
132 145 331,200 Packard Motor Car
3334 Apr 62 Dm
12012 12238 11914 12034 12013 13014
10 6614 Feb 18 145 Nov 30
5373 52
53
533
4018 Dee 654 Jan
5334 4.000 Pan-Amer Petr & Trans_ _ _ _ 50 384 Fek 20 5513 Nov 21
54
541
52
5614 50,900 Class B
55
5534 5738 5513 5612 5512 5633
4014 Dee 6638 Jas
60 3734 Feb 20 5878 Nov 7
18
500 Pan-Am West Petrol B_No par
18
18
1812 *1734 18
*1713 18
1512July 23 281k Apr 28
1634 003 3772 Jan
1412 1413 3.300 Panhandle Prod & ret__No par
1518 1578 1514 1514 144 15
8 Apr 184 Jam
1112 Feb 11 2134May 14
87
*80
Preferred
54 Sept 83 Nov
100 70 Feb 21 10614May 15
*75
8513 *80
8518 .80
874
527 5334 78.500 Paramount Earn Lasky_No par 474 Oct 9 64 Nov 20
524 53 I 5238 5312 53
533
924 9478 18,600 Park & Tilford
30 Jan 1115;
No par 34 Mar 10 98 Nov 19
9414 9534. 93
954 9314 9434
1212 38,000 Park Utah C M
1012 Des
12
6
Jan
1212 13 I 1212 1214 12
1 • 9 Aug 15 144 Jan 5
1213
1138 12 252,700 Paths Exchange
1212 1313' 10)3 128
2 Feb 8 15 Nov 23
No par
334 Dec 12 Juno
10% 1134
27
29
17,200 Class A
1812 Dec 0114 Jun.
No par
2814 3314 2712 3035 254 281
812 Feb 9 34 Aug 8
3733 3878 87.700 Patino Mines & Enterpr---20 23% Jan 3 42 Apt 30
184 Sag 3778 Eel
3535 3912 3814 3934 384 39
Jar
2238 2312 24,600 Peerless Motor Car
2233
20 Apr 82
20
20
1712 1813 19
50 1418 Sept 13 2574 Mar 18
38
3618 354 3812
1912 Sept 274 34113
364 4.500 Penick & Ford
No par 2358 Jan 7 4112 Oct 16
3634 36
35
20
2078 9.300 Penn-Dixie Cement__ _No par 1414 July 18 31 May 2
2112 Dec 3932 lac
19
194 19
1933 1873 20
8312 834
800 Preferred
8313
8312 .83
*83
91 Sept 100
•83
84
100 75 Sept 13 9533 Apr 25
216 216, 8,400 People's 0 L & C (Chle)_ _100 15134 Jan 6 217 Nov 28 196
Jan 16814 tia,
197 199
200 217
193 195
165 165 1
700 Philadelphia Co (Pittal3)....50 145 Mar 24 17434May 4
160 16312
884 Jan 1534 Dm
160 160
•157 163
Dec
*47
4712
5% preferred
4712 .47
Jan 51
.47
4712 *47
4713
50 451v Mar 15 49 Aug 18
40
5288 5238
900 6% preferred
Jan 5312 defo
50
53
5212 5234 5278 527
50 6134 Oct 2 57 Mar 29
53
334 3378 25.200 Phila & Read C & I__ _No par 2738June 13 ggad Jan 3
33% 34% 3312 34
34
351
371s June 4734 Mat
1973 2014 22.100 Philip Morris 5c Co., Ltd--10 15 Mar 1 254Ma7 28
18 Seat 4118 Jai
1512 1014 1014 1034 1012 214
505 5173 58,800 Phillips Petroleum
No par 3414 Feb 20 531 Nov 20
3414 Oct 6014 Fel
6133 5314 5035 52 6 505* 51%
34
3534
3578 7.700 Phoenix Hosiery
317 3312 35
29
30
5 21 Oct 23 38 May 8
3512 Dec 5278 Aim
.9512 97
Preferred
*9513 9713 .9512 972 .9712 97
100 96 Jan 9 111314 Feb14 103
Jan 10784 Jul,
2338 214 23
22
22
4.600 Pierce-Arrow Clam A__No par
2314 2334 23
1812 Oct 30 273sSept 17
62
62
300 Preferred
6012 6013 60
6034 .81
*61
_
100 5612 Oct 30 71 Sept 21
3
34 14.700 Pierre Oil Corporation
64 Apf 27
3'g
3
31
3
3
314
Stock
113 Juno
14 Mar
25
12 Mar
*3534 37
900
3613 3618 3618 37
37
36
Preferred
1812 Mar 26 Jun.
100 1614 Feb 20 60 Oet 5
518 6
14.100 Pierce Petrol'm
812 Jam,
6
618
578 6 Exchange
6
614
Stock
Ms Apt 27
34 Mar
No par
312 Feb 18
5534
5414 554 13,300 Pillsbury Flour Mills. No par 3234 Feb 18 578 Nov 20
5512 5838 55
5614 55
507
,Nov 8.74 Ant
135 135
Closed
700 Preferred
Exchange 140 140 *135 140 *138 142
100 108 Jan 6 1403$ Nov 20 104 Aug 109 001
6013 6214 11,700,Pittsburgh Coal of Pa
8318 65
6018 63 , 6012 6212
22
Nov
3618.1une
323* Mar 741.. Jane
.2 85%
100
.390
9012 90
00 ' 90
90
Thanks- *90
9014
500 Preferred
Closed
703s Mar 98 Seto
100 81 May 1 91/2 Nov 21
34
34
3312 3334 3214 33 I *32
33
600Pitte Terminal Coal
804 Aar 58 IUDs
100 26 Feb 10 36.4 Mar 20
*784 79 1
1501 Preferred
Apr 8412 Dec
7714 80
78
78
784 7818
giving
Extra
74
.100 634 Oct 15 82 Mar 13
7834 76% 80
82
85
11.200 Porto Rican-Am Tob el 4_100 5334July 6 85 Nov 30
7534 7612 76
65 Aug 9112 Jac
2834 295
3214 3372 18,000 Class B
282 29
2912 32
Day
Holiday
15 Aug 5272 Dot
No par 2314 Aug 15 8612May 18
10334 10334
10212 10334
700 Posta, Tel & Cable Prof-100 10053 Aug 28 106 Sept 20
10334 10334 310312 104
6913 7012 94,400 Puetuin Co, Inn
925* Mar 1-2-111; -LW
684 694 683 7018 6973 7012
No par 6138July 17 13612May 31
2138 22
217 2418 24
2512
23
2513 48,200 Pressed Steel Car
3612 Feb 7814 Doe
No par
18 June 13 3012 Oct 5
80
82
I
783
4
80
80
8213
2,100
Preferred
764 Feb 9212 Ma,
77
77
100 70 Aug 29 9312 On 8
.May
2714 2812 10,000 Producers & Refiners Corp_50 16 Feb 17 294 Nov 15
27
27
2714 2818 2818 2813
16% Jan 331
Vet
4712 4712
4712 4712 *45
4712 4612 4612
230 Preferred
3672 Jan 60
50 41 Feb 20 4932June 6
52
42
490 Pro-phy-lac-tio Brush_ No par 42 Nov 30 91 Feb 17
5278 52
53
*53
54
52
55 Feb 71 Sep'
7812 8934 229,500 Pub Ser Corp of N J........No par 4112 Jan
Jan 464 Sep:
32
73
7412 7314 7534 7434 7878
8034 NI,', 31,
10578 106
6.000 8% preferred
10538 104
1057$ 106
10512 108
9813 Feb 105 Nov
100 103% Jan 6 116 May 4
*11912 121 I
400 7% preferred
11912 11913 121 121
121 121
100 117 Oct 19 12102may 31 10812 Jan 1204 Noi
*136 146
Jan 1854 Nov
8% preferred
•136 146 *136 146 •136 146
100 134 Jan 7 150 May 4 126
8)l 89% 8734 8912 8714 8854
855* 8834 29,500 Pullman Inc
No par 7778 Oct 11 94 May 15
7354 Aug 84% oee
2118 2112 2,500 Punta Alegre Sugar
27
Oet &Pe Jar
21
21
21
22
50 19 Oct 11 341a Jan 3
21
23
281 2913 52,500 Pure 011 (The)
26
Oct 334 Mat
25 19 Feb 1 3114 Nov 21
201 3072 294 3018 2878 2914
113 1164
120 8% preferred
11313 11312 *113 11312 11233 11314
100 108 Mar 15 119 June. 6 11138 Jan 11512 Dee
13018 13212 8,300 Purity Bakeries
75 June 18 13911 Oct 15
12678 1291s 12812 13234 1314 13234
•150 170
700 Preferred
._ . _
_
1.05 July 12 16614 Oct 15
158 159
160 152 .155 165
4118 Apr 101 No,
374 392 87,400 Radlo Corp of Amer__No par 8514 Feb 20 400 Not 28
36614 378
362 357
362 400
Agu
57
5712
900 Preferred
69 May 57
50 644 Jan 4 60 May 16
57
57
57
5718 57
57
2012 Nov 49 Mac
55
5614 19.800 Real Silk Hosiery
10 247
.Jan 17 57 Nov 28
5112 52
554 57
53
551
96
10 Preferred
80 June 99 Dec
.94
100 8012July 12 97 Nov 1
94
94
*94
96
.94
96
9 June
533 July
13
137 24,800 Rein (Robt) & Co
51
:Feb 23 137* Nov 30
912 1178 1113 1233 12
1212
No Par
2012 Nov 4714 Der
2812 29 3 96,600 Remington-Rand
No par Ms Jan 20 3612May 31
2812 2934 28% 29
2812 294
.
884 89 1
5712 Nov 10212 Air
100 First Preferred
100 8812Sept 19 98 June 2
90
90
*8812 89
*8813 89
90
Oct 110
92
300 Second preferred
Ato
92
100 8812 Oct 4 100 Jae 24
*92
94
92
92
92
92
2512 Dec 26% Dec
10 2212 Jan 21 354 Oct 3
285* 294 16,400 Reo Motor Car
2814 285* 2833 2 1
2812 281
53
Oct 7578 Ma,
8318 8673 31.600 Republic. Iron & Steel_ _ _100 4918.1tme 19 9412 Nov 20
874 89% 8578 8778 854 87
9638 Jan 106 May
200 Preferred
100 102 June 25 112 Feb 8
*108 110%
III 111 •11034 III
111 111
13 Dec
4 Feb
No par
814 Feb 18 1478June 4
1218 1212 12
1212 12
1238
113 124 28.900 Reynolds Spring
981
,Feb 162 f)ec
16212 185
37,100 Reynolds (RJ) Tob clam B.25 128 Apr 24 1651:Nov 28
162 16313 16214 165
162 16512
2531 Dec 2838 Dee
5058 52
42,700 Richfield n11 of Callfornla_25 2312 Feb 17 46 NOV 3
5178
51
5212 50,8 5178 50
74
Jan 1114
_25 145 June 13 278 Nov 30
Oct
25.100 Homes Insurance Co
268 278
236 25434 25434 272
261 268
44% Jan 20 o4 Oct 80! 4414 July .1412 Fel
804 6113 3.600 Royal Dutch Co(NY shares)
5212 628
6134 625* 62
6233
34 May 6378 Mai
477 527 52,200 it Joseph Lead
10 37 Mar 16 527$ Noic 30
4612 4712 474 4734 47
477s
39
40
4014 424 434 4413
435* 4412 17,200 Savage Arnie Corp. __No par 37 Aug 10 4112 Aug 31
47
Jan 67 Sept
50
52
69,700 .3clicilte Retail Stores__ No par 4978 Feb 18 6712 Apr 14
5212 53 1 52
5234 50
5212
40 Preferred
•11712 120
100 11634 Nov 9 139 Apt 11 11614 Jan 123 Au,
118 11813 11934 119% .1174 120
par
834 Sept 1511 Des
10 Feb 18 1712June 18
15
15
2,100 Magrave Corp
15
15 , 15
15
15
1512
61
Jan 9112 Des
18412 19573 123,900 sears. Roebuck & Co-__No
N opar 8213 Jan 16 1974 Nov 14
18212 186 ' 182'8 185 1 18214 18434
712 Oct 24,
1 June
2 Jan 18
6
6
26.200 Seneca Copper
No par
614 613
854 Jag
64 633
534 634
563/ Jan I011sOCi
131 134
7,300 Shattuck (F 0)
130 13118 120 13014 130 134
No oar 804 Feb 17 14014 Oct 18
We Ces 6778 Pet
.5512
_
.
5512. ... . Shell Transport & Trading.£2 3954 Jan 24 5712 Oct 23
.5512
*5534 par 2314 Feb 8 393 Nov 20
3713 -3418 37
24% 04,1 3184 Pet
_3778 364 1718
3614 -3-7- 87:86o Shell Union 011
80
8114 80
x82
83% 39,000 Shubert Theatre Corp_ _ N
No parr 6434June 19 85,4 NOV Ii 66 Aug 747s Nov
RI
80
83%
334 Jan 64$4 Der
9832 10135 9813 1002
95
9714 85,009 Simmon8 Co
9714 9913
No Dar 5534June 19 1015,Nov 26
1414 July 2838 Dee
2512 2614 2514 2578 254 2534
22434 253 21.000 Simms Petroleum
10 184 Feb 20 2714 Nov 17
4312 4538 434 4414 4334 46
10812 109 .10812 109
109 109
414 4212 4118 42
41
4173
12012 12013.110 120
*120 124
115 12
114 113
12
1214
3313 3112 33
.31
3313 .32
437 4474 4334 4438 444 451g
7
5133 517
504 51
5114 54
3435 34% 3414 35
35
3512
144 1414 1334 1414 1334 147s
*115 11712 *115 11713.115 11712
45
4514 4514 494 49
5233
1212 1212 1112 12 .312
1278
78
78
78
78 .77
78
434 4413 43 431k 4212 43
864 8714 8533 8833 8834 381/
33
34
324 3334• 3234 34
733 744 74
7434 7414 75%
684 6634 66% 664 6614 667*
118 11934 117 118
11755 119
100 10014 100 10014 *100 101
1
4413 464 574,309 Sinclair Cons 011 Corp_No Par
700 Preferred
100
18
30
8 14
88
114 32,100 Skelly ()II CO
25
121 121
200 iloas-Sheffield Steel & Iron 100
124 1214 2.500 Snider Packing
3113 32
500 Preferred
441 457 50.800 so Porto Rico Sue
N
NN0
00 par
PPaa rr
5412 5812 33,600 Southern Calif Edition
25
35
3812 4,200 Southern Dairies el A..No par
141211713N
1414 3,100 Clam B
!
..par
*115
9pahling Bros let prof..
48
51
41,000 Spang Chalfant&Co IncNo par
12
124
450 Spear & Co
240 Pr
Preferred
4
77
112 7
42873 10.400 maker M fg Co
8612 88% 8.000 Spiegel-May-Stern Co__N
:
e par
N
N
337k
3
372 35
12.000 stand Comm Tobacco_No par
7812 80 66,200 Standard Oa,& El Co-NO Par
6638 6632
000 Preferred
50
1183 1224 10,400 Standard M1111118
100
101 101 1
1601 Preferred
100
Preferr
• 1310 and sated pricer, no ask* 00 latte day. i tra-divadenu. a Ex-riante. S gn-deesdnad and imeguis
1718 Feb 20
1024 Jan 4
25 7,1' 15
102 June 23
1112 Nov 22
31 Nov 19
1212 Feb 18
4312 Jan 6
2412 Jan 25
9 Jan 23
109 Jan 7
26 July 21
104 Nov 2
763 Nov 16
234 Jan 12
6512Sept 24
24 Oct 25
571 Jan 1
65 Jan 3
100 Jan 8
97 Nov 2
4634 Nov 14
110 Oct 29
423$ Nov 21
134 Feb 6
20 Apr 30
60 Jan 11
4932May 24
5612Nov 30
605,6414 21
30 Apr 23
120 Apr 3
53 Oct 24
20 Feb 29
9238 Feb 29
4533 Nov 20
91 Nov 20
404 NOV 8
80 Nov 30
7112May 16
127 Ape 20
112 Apr 23
15
Oct 22% Jan
97
Jan 10413 Dee
2418 Jane 3732 Pet
11014 Nov 13414 Ain
1133 June 16% Juo
44 Nov
5214 Jul)
3378 Aug 4238 May
Gs
Dee
31% Jan
15 Kay 45. Jan
Jai
633 Oct 20
103 Jan 1124 Not
Dee
-144 I-'LL
.
; it.
Dee
73 Feb 88
204 Jan 2878 May
_
---- .--111174
7014
84
Jan 6634 June
Jan 6618 Nov
Jan 104% Dec
Jan 103 Des
3065
Stock Record—Continued—Page 7
New York
the week of stocks not recorded here. see seventh page preceding
For sales during
111011 AND L611- SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Nor. 24.
Monday, 1
Nor. 26. I
Tueeday,
Non. 27.
Wednesday, Thursday,
Nor. 29.
Nov. 28.
Friday,
Nor. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PXR WAX"
Rases Since Jan. 1.
us baste of 100-tharelotil
Lowest
Rtolleal
PER 811421
BMW for Preetente
Year 1937
_
Lowest
H1411441
per share
Of chore
3 Per
Ter share Shares Indus. & Miscel.(Con.) Far $ Der share
snore I S per share S per share
shore s
S per share S
6038 Apr
Wig J.0
53 Feb20 80 Nov 26
98,300 Standard 01101 Cal __ _ ..No par
753s 77
7734 80 I 764 7832 754 7732
854 Apr 4148
30
Nov
4
Jersey_25
593
18
Feb
4
373
New
of
011
Standard
7
232,500
4
593
8
555
55 3
3534 5432 544 5412 54
2934 June 3412 Jas
4038 4112 331,000 Standard 011 of New York. _25 2834 Feb 17 4112 Apr 30
394 404
394 4014 3958 40
ais JUDI
2 Mar
74 Feb 23
214 Jan 3
200 Stand Plate Glass Co_ No Par
•458 478
434 434
5 I *438 5
5
10 Mar 157/ JUDI/
23
Feb
40
10
100
18
Jan
Preferred
280'
20
20
21
21
21
21
21
20
27
Nev
par
51
11
June
34
4414 494 80,300 Stand San Mfg Co._../,'o
4878 5014
4418 4852 4812 51
45
4512 2.300 Stanley Coot Ainer____No par 3634 Aug 21 6(414Sept12
4518 464 4514 4558 4538 4538
5414 Mar
Nov874
11612 11912 60,700 8tewart-1A aro Sp Corp _No par 7714 Feb 18 11978 Nov 27
11512 11812 11712 1194 11718 1181
5818 June 611 Sego
9412 14,400 Stromberg Carburetor_No nor 44 Jan 3 96 Nov 23
92
92
90
93
90
96
92
6313 Sept
June
49
19
Oct
par
10
Jan
57
No
8712
Studeb'rCorp(The)____
45,900
4
763
7514
7518 7638 7512 764 7512 76
100 12113 Feb 25 127 June 19 118 Feb 1254 Nov
20 Preferred
•12412 12512
125 125
12434 12434 .12334 126
84 May
212 Feb
614 Mar 21
3 Feb 14
No par
313 418
312 418
4 15,500 Submarine Boat
332 • 4
80 Mar 3478 Jan
par 314 Jan 9 77 Nov 30
No
011
8,100,8u8
7478 77
743
71
•7012 73 I 704 71
Feb
64
Dec
34
17
Feb
26
Nov
1414
212
par
No
1214 1318 237,100 Superior 011
4 1414, 1318 1334 1212 131
13,
18 °et 28 May
100 18 Jan 18 564 Nov 20
5018 5234 5,300 Superior Steel
5213 5012 5212
5312; 51
51
Dee
16
Apr
7
4
/
111
10
2312Sept
8
Feb
50
America
Coot
2158 2212 11,100 Sweets
2018 2118
(938 1934 1958 20
Jail
6
218 Sept
4 Aug 20
7 May 8
No par
2,8001Symington
5
5
478 478
438 434 *434 5
1534 Nov
Oct
20
27
par
Apr
194
Aug
10
No
A
Class
•13
6001
1412
8
145
94
144
14
1278 12781
Nov
174
Mar
1112
17
8May
223
28
Jan
1514
par
No
2158 2158 3,000 Telautograpb Corp
2112 2118 2118
21
2012 21
813 June 1314 Jat
104 Jan 16 1838 Nov 30
No par
2174 1838 70,100 Tenn Corp & C
1673 1812
1634 17I 1634 17
Jan
Apr 58
65
25 50 Feb 17 744 Nov 16
6838 69,4 77,700 Texas Corporation
884 6914 684 6914
6834 6912
69
19
Nov
8212
Jan 8136 Beta
12
6214June
pa
No
_
_
lir__
Sulph
x7534 78,2 92,800 Texas Gulf
7938 7812 7834 7718 7834
78
,June
187
12 Apr
10 124 Mar 1 2658 Nov .8
23
2373 38,700 Texas Pacific Coal & Oil_
2334 244 2318 2438 234 2438
164 Jan 40 June
1 20 June 13 304 Apr 27
2334 24,2 25,600 Texas Pac Land Trust
2418 2518 2378 2434 2341 2412
1613 Aug 331,Sept
No par 22 Jan 5 3912Mag 8
2818 2812 3.100 Thatcher Mfg
274 2934 2812 2878 2758 2834
43 Aug 5011 Nov
No par 45 Oct 16 5358June 1
•4978 50
806 Preferred
4973 494 50
50
50
50
Jan 86 Aug
244
28
Nov
49
3
Jan
34
Dar
No
Fair.
The
47
58,600
49
4534 49
46
4312 44 ! 44
100 10412 Jan 28 11414 Oct 26 105 Aug 11114 Sept
Preferred 7%
.110 111
*110 112 *110 111 *110 111
Jan 654 Dec
67
25 5614June 13 7134June 4
3,500 Thompson (J 10 Co
68
64
6513 67
66
6312 64 I 64
154 Oct 1914 Jun.
23
2312 44.500 Tidewater Assoc on.....No par 1434 Feb20 25 Sept 7
2278 2313 2278 2314 2234 23
Oct 9054 June
85
100 8174 Mar 15 91 Nov 30
9034 91
2.500 Preferred
904 90
90
90
90
9014
19 July 3918 Jar
30
Nov
4
383
7
Mar
1934
100
011
Water
Tide
25,700
4
383
37
35
37
8
347
344 35
3418
Nov
9014 Sept
85
30
Nov
9614
26
4July
862
100
9512 9614
1.500 Preferred
9512 9518 95,8
9514 9514 95
Jan 1421, Alit
78
1494 15212 19,600 Timken Roller Bearing.No par 11253Mar 3 154 Nov 8
1484 1524
1474 14878 14718 148
8 Dee
1173
Oct
4
923
16
Apr
11814
6
Aug
93
_100
_
Corp.
Products
17,200
105 107
Tobacco
10018 10812 10618 10714
105 108
Apr 12378 Dee
100 10978 Aug 7 324 Feb 14 108
11.5 115
11412 115
1.100 Class A
114 11414
11478 115
2534 Jan 17
19 Aug
•20
Div certlfs A
22
22
23 .20
*20
23
*20
24 June 19
19 Aug
•20
Div certlfs B
22
22
*20
22
•20
22
.20
334 Apr -1-61;
634June 13 1412 Nov 20
1218 13,2 102,400 Transc't ION tern etf ___ No par
1212 1278
1234 1312 124 13
10 May 50 Dee
Feb 7
28
Nov
par
594
4512
No
St'l
Williams
4512
4512
&
Transtie
5,300
4512
4612
50,4
4734 4714 4612
19
1
8June
Sept
44s
42
4234 9,200 Tnco Products Corp___No par 323
4133 4212 4134 4218 4112 42
Inc70
834 84
16,800 Under.Ellion Fisher Co.No par 63 June 13 84 Nov 30 16— Jan
8034 8134 8034 8114 8014 83
3811 Jan 734 Juts
4 Feb 1
1
37
39
3973 3.400 Union Bag & Paper Corp_ _100 3612 Feb20 19/
3712 3712 3712 3712 38
'goy
Jat.
,
1541
23
Nov
200
18
99le
Feb
136',
par
20018 2034 45,400 Union Carbide ar Carb _N o
20034 2033
20318 20834 20038 204
39% June 6612 Jar
5712Nov 26
25 424 Feb 11
5612 5412 551
5458 5514 10,000 Union Oil California
5612 5712 55
Jac 1274 Dec
94
100 110 Oct 3 12818May
*123 125
122 125
123 124
1,000 Union Tank Car
118 113
3918 Dec 4014 Des
23
Oct
57
30
Apr
3412
par
No
50
524 5018 511
50,2 5,500 United Biscuit
5112 5212 52
100 11214 Mar 22 135 Oct 24
128 130
•125 126 ,"1204 128
•12014
300, Preferred
10 2278 Aug 4 344 Feb 10 "lig; "LW
2634 27 I 2634 267
2612 n
12,800,United Cigar Stores
2634 28
100 104 Oct 19 11414 Apr 5 104 July 109 June
1044 10412
1041, 10413 1044 10413 .104 1041
5001 Preferred
No par 13112June 12 148 Nov 19 1134 Jae 150 Sept
141 1421
141 143
14178 14218 141 12 142
3,400 United Frult
1612 Mar 234 Sept
1718 Aug 2 2778 Apr 19
100
1712 1712
200 United Paperboard
1772 1712 •1713 18
*17,2 18
74,2 Dee
6014 Nov
81
8112 81 12 81 114 81
81
81
1,400 Uulversal Leaf Tobacco No par 6032June 13 8758 Nov 16
81
4 Dec 10332 Am
1
/
96
24
Feb
100
15
Nov
.100
914
pfd
lit
95
4
*933
Pictures
9434
4
Universal
8933
I
.9334 95
*9334 95
241e Sept 374 Mat
1534June 12 354 Oct 6
Stock
22
2212 2378 2214 23
24
21
234 27,90017olvenal Pipe & Bad..Na Par
8154 Jan 98 Der
100 8778Sept 1 10413 Oct 20
•100 101
.100 101 *100 101 "100 101
I Preferred
45 Nov 12 53 Nov 1
_2
4634 464 3.900,0 13 Cast Iron Pipe & Fdy _(1
497s 464 4634 4712 Exchange
43
47
Stock
No pa. 18 Nov 14 1912 Nov 2
1812 1858 1832 1832 1812 1834
1812 1812 6,600 1st Preferred
22'. Job
144 May
Vo par
1312June 22 204 Jan 4
17
18
1814 19,4 26,600 08 Distrib Corn
1712 1758 184 Closed
17
Exchange
81 May 9614 Sent
100 76 Oct 10 0032 Jan 16
85
85 .82
85
85
*82
85 .82
100. Preferred
Oct 633
44
,May
48
4614 464 4734 49 1 474 4832 Thanks484 4.400 US Hoff Macb Corp___No par 4518 Nov 23 5838 Jan 23
Clased
69 Mar 1111, Dee
12712 132
125 8 12634 1254 12612 12573 127
28.900 U S Industrial Alcohol— _ _100 10214June is 138 Oct 25
Del
100 118528ep1 28 1257a Nov 19 1074 Apr 121
giving
12514 12534
12514 12514 .12514 12534 12514 125,4
1501 Preferred
Extra
14 July 2514 Nov
No par
22 Jan 18 51 May 7
3478 33
34
32
334 6.500U S Leather
3313 35
334
274 June 5612 Det
Day
No par 52 Jan 5 72 Apr 25
5512 5672 4.700 Class A
5634 5814 56
5634 58
5633
Holiday
89 July 10612 Nov
100 102 Nov 19 10912May 14
10214 103 .10212 103 1 10213 10234
10212 10212
700 Prior preferred
59
Apr 694 Des
No par 6114 Feb 4 9353May
89,8 8418 8713 84 18 854
286
8418 8512 17.509 fl 8 Realty & lm pt
3714 June 6714 Pet
4
Jan
634
27
100
June
27
Rubber
4114 424 39.800 United States
404 4212 4258 434 4214 43
4 Apo
/
8634 June 1111
4 Jan 13
1
100 65 July 2 109/
724 7012 72
6918 7178 71
71
714 12,200 In preferred
4 Jan 4878 Dee
1
33/
3912 Feb20 7112 Nov 27
6712 6734 714 674 69'8
68
6934 39.200 U fi Smelting. Ref 61 Min -54
62
4558 Jan 54 Dec
5
51 Jan 26 3514May 2
54
5378 541 2 5312 5412 54,4 5414
5418 1.000 Preferred
13242one 25 17212 Nov 18 11113 Jan 1604 WIN
l6734 17014 16738 17912 167,2 1691 4
218114 168 134,100 United States Steel Corp
Jan 14114 Dec
100 13858 Jan 5 1474 Apr 26 129
1414 14112 1414 14234 14112 14258
141 12 141 12 6.400 Preferred
27
Jan 34 May
284 Feb20 454May 31
4113 4214 4112 4212
4112 42
4212 4318 39.200 Utilities Pow & Lt A__No par
Jan 874 Dee
37
Vo par 80 Jan 18 iii4Nov 12
10112 10412 1014 103
10:3 10.578
2101 104
34.200 Vanadium Corp
1,14 Sept 143s Feb
4 Jan 7 4078 Oct 22
1
7/
No par
31
31
"33
35 1 *30
*31
3613
3612
100 Van Raalte
100 434 Jan 6 78 Nov 2, 4214 Dec 64 Pet
74
7412 •71
*71
75
75
*71
74
10 let preferred
48
Jan 6358 June
No par 58 Jan 17 7874 Aug 30
77
7312 744 7412 744 7414 774
78,2 11.400 Vick Chemical
.
14534 15534 14312 15014 14613 1521i
142 15018 204.000 Victor Talk Machine.
32 July 5458 nee
.No Par 624 Jan 3 15834 Nov 23
100 10111 Jan 6 111 12 Mar 281 9614 Oct 10212 Dee
.10714 10712 10713 10873 0108 1081
10712 10358 1,30
7% prior preferred
4
/
74 May 154 Sept
12 June 12 2034 Noe 19
19
No par
1978
19
1973 1878 194
19
1938 21.70e Virg-Caro Chem
261, Apr 4834 De4
4 Jan IS 6414 Nov 19
1
100 44/
6178 3,200 6% preferred
61
6112 61
61
62
60
6134
June 91 Nov
73
12
Nov
9912
16
Jan
8834
9712 .9 14 97
100
*96
964 97
9733 9738
preferred
7%
40
181s 1613 1512 16
1612 17
1638 17
No par 114June 26 2532 Jan Al 2014 Dec 3914 June
6,700 Mandell(V)
95 Dec 1181, June
90 .88
100 78 June 22 100 Jai,28
.80
91
.88
90
.80
91
Preferred
164 Jan 80 Aug
ulo 2212.1utte 13 74 Nov 211
65
74
62
62
62
67
68
67
5,960 Vulcan ()etinning
Jan 125 Aug
90
100 74 June 21 int Sept 41
8914 8914 8914 894 894 89,4
40 Preferred
16
483
39
Jan 5914 Aug
27
Nov
4
1912June
3934 46
45
100
4434 46
46
4834
Class
820
A
4534
I eb
No par 194 Jan 3 27 Apr 9' 1814 Der 25
2334 2414 2334 2441 2414 244
2334 24
11,800 Waldorf System
2412 Apr
Dec
17
201
8Sept
267
4 2311 2218 2234
No par 144 Aug 8,
2218 2212 22,
2212 234 5,900 31 aiworth Co
894 Apr 1004 Oct
714
80
80
78
78
78
79
78
1,680 Ward Baking Class A._No Par 73 Nov 20 123 Feb 2
18
174 ista 18
1512.11.1y 27 24,38 Jan 13. 174 June 3333 Feb
1818 1878
No par
1712 1838 12,500 Class B
Apr 1004 Nov
8118 8134 814 8118' 8114 go,
No par 79 Nov 3 974 Jan 19' 84
814 81 14
900 Preferred (100)
12534 12713 12412 12638
127 130
12614 12912 59.800 Warner Bros Pletures__No par 8073 Aug 23 13914 Sept 11
1814 Dec
13914Sept 111
12634 12934 l23's 128 I 1254 12632
129 130
10 22 Jan
7,700 Class A
4234 4214 4278, 421, 424
24 June 344 Der
42
4158 4218 17.500 Warner Quinlan
No par 26 Felt 17 4478 Oct 18
Jan 180 No.
15312 15312 15214 153 I 151 15434
15514 163
No par 140 Jima 20 19212 Apr 111 65
3,400 Warren Brno
2934 30321 3014 35
30
Oct27 June
IS
29
33
13 June 12 3678 Oct 19
3634 38,600 Warren Fdry & Pipe_No Par
6514 Dec 761/ AU/
7612 78
7878 794 764 78 I .77
No par 5913June 12 8178 Nov 17
78,2
2,700 Weber & /lent
4 Ass
1
4 Nov 103/
•100 10112 •loo un roo
"100 10112
100 9912June 19 103 Jan 31 101,
Preferred
Dee
185 18834
IS)) 19234 18714 192
185 188
7,000 Western Union Telegram .100 13912July 11 201 Oct 29 1444 Jan 176
4812 49
OM 5012 Sep)
AO
4712 4814
4814 49
464 4734 17.000 Wanghse Air Brake__ _ _No par 4218June 4 574 Jan 27
13314 13614 13313 13738
4 Jan 944 Der
1
67/
135 138
13558 1384 79,000 Westinghouse Elec & Mfg_ _50 Ms Jan 5 194 Nov 16
, De_
82 Mar 1037
131 13113 1271 4 12714
•125 132
129 13112
50 9534 Jan 5 139 Nov 16
230 let preferred
25
11 Sept184 Fel
25531 244 25
2 26
24,
234 25
6.600 Weston Elec Instruml_No par 134 Jan 6 2v12June 71
*334 34 1 3311 334
30 Jul/ 344 Ap2
"3312 34
53312 34
Vs par 304 Jan 3 4012May 221
100 Class A
Ana
10412 10412 10434 10434 10434 10434
•10412 105
No par 103 June 22 112 Apr 91 971e jan' Ill
90 West Penn Flee el A
109 109
Jan 112 Sepl
109 109,8
109 109
*10912 110
100 108 June 13 11514 Apr 91 102
210 Preferred
Dee 10134 Dec
9912 9912 994 100 *9918 100
9913 994
100 9912.1lify 21 10412 Apr 10, 101
100 Preferred (6)
Jan 118 May
1154 1I534
11534 11534 11578 118
11534 1153
80 West Penn Power pref__ _ _100 11312 Gel 9 118 June 271 111
10812, 108,
Dee
10812 10812 •10812 110
10812 1081
100 103 June 28 118 Jan 6' 10012 Jan 111
16013% Preferred
56
564
*50,2 57,8 5612 5613 .
28
5 % 56
57
.2
5312 Jan 8 78 Apr 111 5318 Dec 57 No,
ilry Prod Cl A__No par
2.5500(611 ClassWeetDal
4 Nov
1
2712 2712 2634 23 i 2714 2818
No par 2034 Jan 6 49 AIN 12/ 2414 Der 28/
3.512 374 364 38 1 3612 3714
, tloeroll & Refg_No par
h itttee :1..t
wh
200 W
2:8
58
700
1
37
2918 Feb 31 38 Nov 27j 20 Dec 171, Fri
612 414
39
414
3834 get
3734 4058 404 4234 40
No par 3014 Feb 21 4334.1.4n4 11 3014 Nov
41 • -4.p
47
48
Jan
48
47
414
26
47
471 1 4712 1,400 White Rock MM Sp ctf
541 3418 Jan 19 497g Nov 23
211, Mar 5314 Alai
4618 4734 4614 41332 474 4812
12 5
568
477
934 63.600 White Sewing M11391,38-N0 Par 33142aaa 13 4934 Nov 30
47
57
Feb
57 1 58
57
Jal
59
46
26
Nov
6534 57
57
21
Aug
4
613
par
No
Preferred
29
131, Oct 20/ Ma
28
2812 3012 2812 304 28
5 174 Jan 16 3078 Oct 20
2913 343;700 Willys-Overland (The)
984 .9712 98
Au,
9834 98
ns
87 June 96
•971,2 98
100 9234 Jan 3 101)2May 25
200 Preferred
124 12
12
4 Feb
1
17/
10 May
1214 1214
12
1214
II Oct 10 16 Feb 14
1234 15
__ No par
n &A Co Inc
l888
ilso
00 Wc
700
0:5
334 Feb
26
2414 2412 2412 25 1 254 254
1614 May
No par 22 Jan 3 35 May 15
2618
6412 6453, 6412 674
84 Feb
Apr
58
6434 65
100 6314 00129 7734 Feb 11
9,800 Preferred
21818 220
26
8%
18
5 2272%
21812 22112 21812 221
2.5 1751, Feb 20 22534 Nov 20 11714 Jan 1981, Dee
17,500 Woolworth (F W) Co
4234 4931 50
43
5412
201, Jan 46 June
42
100 28 Jan 5 55 Nov 30
38.800 Worthington P & M
93
854 90
78
44 Dec 614 June
78
464 Jan 19 93 Nov 28
70
WrightPref00
4.200 Preferred A
72
73
Oct 54122=4
37
6212 63
5
650
7
4 80 Nov 30
JOTS 27
1'812 8650'1\
60
1 reb
49
59
a!: 6
68861.0___5,0 1p0
er013
terAretl
26.112 281
25212 259
25
77 27
244 Apr 944 Dec
289 Nov 23
75
255 270
7,8 471
5 0
7612 77
504 Jan 7234 Doe
7434 744 76
No par 68 July 28 84 Aug 31
74
4.200 Wrigley (Wm Jr)
624 6278
62
7014 Jan 841s log
614 6212 62
25 6112 Nov 22 544 Apr 25
900 Tale & Towne_ _
218 675:.
53
3 8
4 4
1
50,2 5734
25 Jan 60
4812 56
50
8 Feb28 5734 Nov 28
40
, 99,4 0.600 Yellow Truck X Coach Cl B.10 27,
9
804 Oct 1004 Dee
98,4 0912 9812 994 9852 9912
Youngstown Sheet & T_No par 8312June 19 10834 Jan 26
• mg and Liked prices. no gales 00 Ibis day. • Itx-dividend. a 13x-nants, • N,par yium, g Xx_rami.
3066
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1an.1 190934, ssenorsoe maned of awning loads was cnanged aria pries are now "and intereal"—except for income and d.ran,rm bowie
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 30.
Oh
Prwe
Friday
Nov. 30.
Week's
Range or
Last Sale.
13
,:„.
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 30.
E1
11.
Price
Friday,
Nov. 30.
Weer.
Range or
Lan Sale.
RI!
4.1
Agile Mtge Bank e(Os
1947 F A
S I 6s A
Apr 15 1948 A 0
Akershus (Dept) eat] 5s____1968 /%4 N
Antioquia (Dept) Col 75 A__1945 j j
External a f 75 tier B
1945 j j
Externals f is series C
1945 3 j
External 8 f 78 ser D
1945 j j
External a 1 78 lot ser
1957 A 0
Exti see s 1 78 2d ser
1957 A 0
Extl see s f 78 3d ser
1357 A 0
Argentine Govt Pub Wks 68_1960 A o
Argentine Nation (Govt of)—
Sink fund(
/
1
4 of June 1925 1959 J D
Esti s I 68 of Oct 1925___.1959 A 0
Sink fund Os eeries1957 M 5
External 68 series B_ _Dec 1958 j D
Ertl s f 6501 May 1928.—1960 m N
External a f 6a (State Ry)_1960 m $
Esti 6s Sanitary Works
1961 F A
Ext 68 pub wka(May '27)_1961 m N
Public Works extl 5148_1962 F A
Argentine Treasury 58 L
1945 M S
Australia 30-yr 58 __July 15 1955 j J
External 58 of 1927__Sept 1957 M 5
Ertl g 4345 0( 1928
1956 M N
Austrian (Govt) a 178
1943j D
8914
8812
90
95
94
9412
9412
ggig
9314
9314
9934
9014
89
9038
96
9434
9412
95
9314
9314
9314
10012
10014 Sale 9934
9934 Sale 9934
10034 Sale 99,
4
10012 Sale 100
10018 Sale 9934
10014 Sale 99
,
4
10014 Sale 9934
10012 Sale 9934
968 Sale 9612
903 9112 9138
0612 Sale 9614
9612 Sale 9612
8838 Sale 8814
102/
1
4 Sale 10212
10012
10014
10078
10012
10014
10014
10014
10012
9634
9158
96%
97
8812
10314
Low
Bid
Mob No.
High
.40 1,0,,
1
Cundinamarca (Dept-Col) 75 '46 3 D 997 100
997
997
89/
1
4 70
244 985.5 1017(rt
Extl 8 f 634s
4 Sale 8912
1959 MN 50,
gg 1010„ Czechoslovakia (Rep of)88_1951 A 0 10934 Sale 10912 110
15
75 100 1031%4
Sinking fund Meer B
1952 A 0 10978 Sale 10912 10975 15
4
100,22 10212,, Danish COI18 Municlp 8s A 1946 F A 11038 111 11038 11038
Series B 51 8s
1946 F A 11038 Sale 11038 11034 14
87
324 100,I3 104
Denmark 20-year ern 6s
1942 1 .1 10434 Sale 10412 105
70 109,033116,22 Deutsche 131t Am part et(68_1932 M S 9738 Sale 974
9812 18
257 It4243111112::: Dolmotinselera5n3.ilr Oust Ad5358 '42 M 8 9814 99
98313
9834
5
47 1022n 1021
of
99
0612
6
9638
1940 A 0 96
363 98*44 10315,5
20 series sink fund 534s__ _1940 A 0 9638 Sale 9632
2
9638
253 98 1002032 Dresden (City) external 78_1945 M pi 101 Sale 100
101
91
Dutch East Indies extl 65_1947 J j 10334 Sale 10334 10414 25
40-year external 65
1962 M 8 10338 Sale 10314 10334 63
30-year external 534s
3
1953 M S 10234 104 10234 10234
30-year external 534s
1953 MN 10314 -- -- 10314 Nov'28 ---8814 9312
86
9318 El Salvador (Repub) 8s____1948 J .11 110 11012 111 Nov'28 ___
5
9914 10038 Finland (Republic) esti 65..1945 M s 0612 9712 9618
9614
a812 10034
External sink fund 75____1950 m 8 100 Sale 100
10012 18
External 5 f 6345
977 10184
9912 30
1956 sa s 9912 Sale 9834
Extl sink fund 5148
10412 10834
9112 27
1958 F A 9034 Sale 9034
10418 10878 Finnish Mun Loan 6348 A 1954 A 0 974 Sale 9712
9712
7
External 614s series B
1
9814 10184
9712
9712
1954 A 0 9712 98
9712 10184 French Republic ext 7348_1941 J D 11334 Sale 11334 11414 54
4
External 70 01 1924
9934 10238
1949 .1 D 10714 Sale 10612 10712 230
10058 10512 German Republic ext'l 78_1949 A 0 10612 Sale 10612 10714 160
10138 1051, Gras (Municipality) 8.8
1954 MN 10134 Sale 10134 10214 12
Gt Brit .4 Irel (UK of) 5348_1937 F A 104 Sale 10339 1047g 73
10012 106
10-year cony 534s
10512 10984
11818 45
1929 F A 11818 Sale 117
4% fund loan £ op 1960_1990 M N c8612 y873s c8614
10434 10934
8614 10
5% War Loan £ opt. 1929,1947.8 D c9812 6914 89914 Nov'28 -__
107 10984
102 11012 Greater Prague(City)748_1952 MN 10528 106 106
106
2
Greek Government 5 f sec 75.1964 MN 9812 Sale 1 98
9812 69
9912 10314
Sinking fund see 65
1968 F A 86 Sale 86
8634 39
10312 10312
Haiti (Republic) of(is
1952 A 0 100 Sale 100
10018 15
Hamburg (State)65
1946 A 0 9714 Sale 9634
9734 22
Heidelberg(Germany)ext 73050 j j 104 Sale 104
10478 10
Hungarian Munic Loan 734s 19453 2 9712 9725 9412
9712 24
8812 95
16
External a f 75____Sept 1 19463 j 9378 Sale 9334
9534 31
88.4 9114 Hungarian Land M Inst 754s '61 MN 9812 993 99
5
9912
8
21
8834 9012 Hungary (Kingd of) 8 f 7Ms_1944 F A 10114 Sale 101
10114
7
7
9412 10084 Irish Free State extls. 8 f. 58_1960 MN 97 Sale 9612
97
148
99
Italy (Kingdom of) ext'l 7s 1951 I D 97 Sale 9678
20
04
9714 334
1
9834 Italian Cred Consortium 78 A1937 M 8 944 Sale 9414
94
9412 40
19
Esti sec a I 78 ser B
944 96
1947 M 8 9334 Sale 9314
9414 22
mg 99/
1
4 Italian Public Utility ext 78.1952
7
9678 65
j 9618 Sale 96
904 9812 Japanese Govt E loan 48—.1931 J j 92 Sale 9178 9218 46
6
1
30-year a I 614s
9314 9612
1954 F 8 10118 Sale 101
10134 182
99 10078 Leipzig (Germany)a f 7s
28
1947 F A 10014 Sale 100
10012 17
Lower Austria (Prov) 734s 1950 I D 98 Sale 9712
98
3
99 1003* Lyons (City of) 15-year 68_1934 M N 10012 Sale 100
64
1011
/
4 24
38
99 10038
55
99 101,4 Marseilles (City of) 15 yr 68.1934 !A
!
. ! 10012 Sale 10018 10034 82
987g 101.4 Mexican Irrigat Aastng 4Sis_1943
19
29
30
3112 Oct'28 __
99 10084 Mexico(US)esti 58 of 1899£ '45 Q J
58
4934 Jan'28 __
98% 101
101
Assenting Is of 1899
—e- 3334
-- gal
-4
34
7
1945 -__ -3
61
Assenting 5s large
9834 10118
3334 35
3378 Nov'28 ___ _
117
Assenting 45 01 1904
99 101
22 Sale 22
2214 20
72
Assenting 4s of 1910 large _____
9412 5714
24 Sale 24
25
31
7
Assenting 40 of 1910 small__
9014 9374
2134 Sale 2112
2212 94
74
Trees 6s of'13 assent (large)'33 i--; --------34 Nov'28
954 99
_
83
Small
954 99
344
3438 ---6
116
-1-38
- ga-l-e- 91
86/
1
4 9238 Milan (City, Italy) ext'l 614s '52 ;Co -9
9112 26
53 102 1043,, Montevideo (City of) 75____1952 J D 10134 Sale 10112 102
16
Bavaria (Free State) 6348__1945 F A
D
Belgium 25-yr ext a I 734s 8_1945
1941 F A
20-yr f 8s
1949 M S
25-year external 614e
External e f 68
1955 J J
External 30-year a I 78
1955 J
Stabilization loan 78
1956 M N
Bergen (Norway) 5188
1945 MN
15-year sinking fund 65-1949 A 0
Berlin (Germany) f 6 Me_ _1950 A 0
Bogota (City) ext'l a f _83_1945 A 0
Bolivia (Republic of) extl 88_1947 M N
Ext'l me 7a
19583 J
Bordeaux (City of) 15-Yr 611_1934 M N
97% 9612
115 Sale 15
110 Sale 110
106 Sale 05
10034 Sale 0012
10734 Sale 0712
106 Sale 0534
113 Sale 13
100 _
00
99 Sale 9814
1053s Sale 04722
10514 Sale 0514
9714 Sale 97
10012 Sale 100
97%
1153s
11078
106
10078
10818
10614
113
100
99
105%
106
9712
101
15
51
30
36
71
19
91
6
2
14
12
20
67
44
98
994
114 116
10814 111%
1034 1094
987k 10178
10512 10918
10414 108,4
112 11378
9838 102
97 100
10314 10872
1034 108
9384 984
99 10112
Brasil (II B on external 8a
1941
D
Externals!6 Ms of 1926_1957 A 0
Extl s f 6 Ms 01 1927
1957 A 0
1952 .1 D
7e (Central Railway)
7142(coffee emu) (flat).1952 A 0
Bremen (State of) esti 78_1935 M S
Brisbane (City) a 158
1957 M S
1962 .1 D
Budapest(City) esti a t 65
Buenos Aires (City) 6341._1955 J
Esti 5 f 8s aer C-2
1960,A 0
Esti 1 68 ser C-3
1960'A 0
Buenos Aires (Prov) eat] 68_1961 M S
Bulgaria (Kingdom) a I 78_1967
J
108 Sale 108
9618 Sale 9612
9614 Sale 9618
10014 Bale 100
105 10512 105
101 10134 10112
9134 93
92
84 Sale 8334
102 1024 10118
994 Sale 99
983s 9912 9812
9338 Sale 9318
91
90
90
24
109
064 150
9612 120
10012 51
3
105
18
102
9214 10
8414 58
1024 27
9918 10
99
8
93% 32
9012 59
107 1135
93 994
95
994
97 103
103 10838
10014 10312
9018 95/
1
4
8212 897s
9912 10214
96% 101
98
928*
9234 97
894 93%
Midas Dept of(Colombia)734s'46.8 I
Canada (Dominion of) 5s-1931 A 0
10-year 5348
1929 F A
1952 M N
58
1938 F A
434,
Carlsbad (City) at 85
1954 J J
Cauca Val (Dept) Colom 7;43'46 A 0
Central Agile Bank (Germany)
Farm Loans I 78 Sept 15 1950 M S
Farm Loan a f 88_July 15 1960 J J
Farm Loan a f 68_0ct 15 1960 A 0
Farm Loan (is ser A_Apr 1538 A 0
Chile (Republic of)1942 M N
20-year external a I 7s
External sinking fund 6a 1960 A 0
1961 F A
External a f 138
19611 J
Ry ref esti f tis
1961 MS
Esti s I 65
Chile Mtge Bk 634s June 30 1957 .1 D
/
45 of 1926„June 30 1961 J D
B 1 61
Apr 30 1961A 0
Guar f 68
Chinese Maiming Ry) 58_1951 1 D
Christiania (051o) 30-yr a I 6e '54 M S
9975 Sale
10034 Sale
1004 Sale
1044 Sale
9958 Sale
105 10612
101 Sale
994
10034
1004
04
9915g
05
001z
100
1014
100%
104%
100
105
101
984 Sale
89 Sale
8812 Sale
9114 Sale
98
8814
8814
91
U. S. Government.
Bis
Low
31101
VIM Liberty Loan
315% 011932-1947
J D 992033 Sale 991422 992h2
Cony 4% of 1932-47
991831 Nov'28
•D
Cony 41
/
4% of 1932-47
J D 10011,, Sale 10017221002,32
2d cony 41
/
4% of 1932-47
100h, Nov'28
J D
Fourth Liberty Loan4Si% of 1933-1938
AO 1002432 Sale 1002432101
1947-1952 AO 112,32 Sale 11282: 1122132
Treasury 41
/
4a
1944-1954 J D 107,2, Sale 10713, 1071833
Treasury 48
Treasury 3/
1
4a
1946-1956 ▪ S 10412321011831 1041,311042,32
1943-1947• D 99,
Treasury 334s
32 Sale 99422 992432
Treasury 33 Juno 15 1940_1943 J D 981122 Sale 982122 99113,
State and City Securities.
C 3)4% Corp st_Nov 1954 MN
334% Corporate fit_May 1954 MN
48 registered
1936 MN
48 registered
1956 MN
a% Corporate stock
1957 MN
434% Corporate atook
1957 MN
414% Corporate Jtock
1957 MN
4% Corporate stock
1958 MN
a% Corporate stock
1959 MN
/
1
4s Corporate Stock __J960 MS
&ha Corporate Stock_ _ _ 1964 MS
£1
/
4a Corporate stock
1966 AO
41
/
48 Corporate stock
1972 AO
4/
1
48 Corporate stock
1971 J D
&Ms Corporate stock
1963 MS
434,Corporate stock
1965 J D
Ma Corporate stock_July 1967 I J
8814 Nov'28
86 Sept'28
9934 Mar'28
991 June'28
9812 997 98 Nov'28
10428
10438 Nov'28
10458 Nov'28
10428
97,
4 -- 9814 Nov'28
9734 ---- 9818 Nov'28
9974 Sale 9978
99%
10034 -- -- 0178 Oct'28
10138 Nov'28
101
101 10314 10112 Nov'28
10534 107 10812 June'28
105 10838 105 Nov'28
10518 11028 107 June'28
1051s Sale 10518 1051s
New York State Canal 415_1960
M Highway
Mar 1982 MS
994 Aule28
10312 June'28
8938
8938 92
N
Foreign Govt. & Municipals.
Cologne (City)Germany 63481950 M 8
Colombia (Republic) 6s____1961 I J
ExternalS 16501 1928____1961 A 0
Colombia Mtg Bank of 6345_1947 A 0
Slaking fund 750!1926_1946 M N
Sinking fund 78 of 1927___1947 F A
Copenhagen (City) 55
1952.8 D
25-yr g 4 Ms
1053 M N
1957 F A
Cordoba (City) esti f 78
External a 1 75 Nov 15 1937 M N
Cordoba (Prov) Argentina 751942.8
Costs Rica (Repub) extl 78_1951 M N
Cuba (Repub) 5s of 1904_1944
Extemal 5s of 1914 ser A_ _1949 F A
External loan 434s ser C _1949 F A
Sinking fund 5Ms._Jan 15 1953 J J
e On the baste 0155 to the
91
89
8812 Sale
90 Sale
95 Sale
94 Sale
9412 Sale
94 Sale
9314 Sale
8912 93
9212 934
10012 Sale
Sale
Sale
Sale
8712
92 Sale
96 Sale
8812 Sale
95
96
9614 9678
100 Sale
9534 Sale
10034 10114
1021s 103
97
99
10214 Sale
20
18
44
38
41
9
6
9912 83
89
36
8834 114
9112 66
103
94
9334
9418
94
98
,
8
100
94
39
101
36
67
75
91
72
36
64
50
11
1
9514
9732
9012
904
9012
90
8712
8712
93
92
9312
92
9612
96
89
8812
9512
96
9614
0814
100
100
9635
9314
101 Nov'28
10215 Nov'28
98
98
10134 10214
12
72
63
1
8
10
6
23
2
1
3
21
10234 Sale 02
9334 Sale 93%
9312 Sale 9314
94 Sale 9312
9334 Sale 9312
98% Sale 98
100 Sale 9912
9334 Sale 9314
39 Sale 39
10034 101 101
9732
9038
9012
86
No.
sterling. 4 Cash sale.
1
26
Netherlands 6s(flat prftes)_1972 M 81
30-year external 68
1954 A 0
New So Wales (State) ext 501957 F A
External a f Is
Apr 1958 A 0
Norway 20-year extl 68
1943 F A
20-year external 68
1944 F A
1952 A 0
30-year external 68
40-year 5 f 514s
1965 1 D
External a I 5s____Mar 15 1963 M 8
Municipal Bank ext18 f 58_1987 J D
Nuremberg (City) extl 65_1952 F A
Oslo (City) 30
-years I 68_1955 MN
Sinking fund 5345
1946 F A
Panama (Rep) extl 534s
1953 J D
Extl sec s 1 6 Siff
1961 1 13
Esti 8 f 5s set A __May 15 1963 M N
Pernambuco (State of) ext. 78'47 al 8
Peru (Republic of)
Esti a f sec 7345 (of 1926).1956 M S
Esti 5 f sec 75
1959 M S
Nat Loan extl a 1 6s
1960
D
8 I g Cs Interim rcts
1961 A 0
Poland (Rep of) gold 68
1940 A 0
Stabilization loan s f 75_1947 A 0
Ext sink fund g 95
1950 J J
Porto Alegre (City of)88._1961 3 D
j
Extl guar sink Id 734s._ 1966
Queensland (State)eat'61781941 A 0
1947 F A
25-year external 65
102
10212 Rio Grande do Sul esti 8 f 88_1946 A 0
1968
Ext.
!5 f 65 temp
D
10214
1968 NI N
Esti 5 f 7s of 1926
,
174
109
Rio de Janeiro 25-yr a f 83_1946 A 0
105 10934
Esti 8 f 6;45
1953 F A
Rome (City) extl 6%5
1952 A 0
984 103
Rotterdam (City) extl 65_1964 MN
1953 .1 J
98 10114 Saarbruecken (City) 68
8634 9334 Sao Paulo (City)8 f 88__Mar 1952 MN
Esti of 6.515 of 1927
1957 M N
864 9334
San Paulo (State) esti a f 811_1936 1 .1
8834 98
External sec s I 85
1950 J I
External a f 78 Water L'n..1956 M S
100% 104
9188 973*
Esti a f(19S int rots
1968 J .1
Santa Fe(Prov. Arg.Rep.)781942 M 5
9138 97
Saxon State Mtg lust 78._ 1945 J D
9258 97
S F g fiMs
Dec 1946 J D
9234 9412
95 1 99.4 Seine, Dept of (France) esti 76'42 .1 I
Serbs. Croats 24 Slovenes 8s '62 M N
9634 101
91
95
Ertl sec 75 ser B
1962 NI N
Soissons (City of) extl 63_1936 M N
25/
1
4 041
Styria (Prov) esti 7s
995 102
1946 F A
Sweden 20-year 65
1939 J D
1954 MN
9514 994 External loan 534s
885* 9638 Swiss Confed'n 20-yr 5 f 8s_ _1940 3 1
9512 Switzerland Govt ext 5348_1946 A 0
90
884 9334 Tokyo City 5s loan of 1912..1952 M S
Esti s f 5Ms guar
98
92
1981 A 0
98
100
997s
3%
10
99
98
1
82
9514 10
8734 8978
95 101
95 100
97 1002
944 9934
9972 105
10012 10314
96 101
10112 1051a
Xanini
Blade
Jan I.
Low SW
9312 100
8012 9218
108 112
108 112
1101a 11210
1
4
110 111/
103 1002
97 10079 a
95 10012
9412 91114
9938 10201
103 10612
10234 10511
10184 10414
10114 10412
10718 114
9514 1004
9918 10211
9784 10112
90
96
97 101
97 101
113 11972
10512 111
1047 Ill
101 10414
10355 MN
11614 119
c8518 901%
49712 99111
10434 109/
1
4
91338 10034
8414 99
98 102
9378 me
109/
1
4 Imo
9412 102
9334 9n
9712 101
10014 103%
941t 9714
9614 10013
9414 9912
9334 100
9512 1011
/
4
90/
1
4 9414
10014 10614
99 10115
9652 102
99 1002
99 10115
31
3754
49% 4914
3358 4314
30
43%
22
1144
24
8272
2112 81
34
46 8
344 467
4
91
958
10078 105
10514 Sale 105
10514 24 10412 109
1003* Sale 10014 10028 40 100 10314
9334 Sale 9334
9414 12
93
96
9312 Sale 9312
94
41
93
96
10234 Sale 10234 103
22 10112 10384
10234 Sale 10238 103
13 101 10418
10214 Sale 10218
10312
10152
101 Sale 10034 121 2 15;
1902852
9714 Sale . 9714
9712 60
912
94
8
9034 9114 91
91
90
9312
2
90 Sale 1 90
0012 20
8912 9334
101 Sale 10034 101
13
993 103
100 10014 100
100
1
9812 103
102 10238 10235 Nov'28 __ 1014 10411
100 10212 10218 Nov'28 ____ 102 1041
/
4
954 Sale 9434
9512 42
93
97
94581
9438 Sale 94
93/
1
4 984
9
10738 Sale
10234 Sale
9112 Sale
0114 Sale
8334 Sale
89 Sale
99 Sale
10612 107
101% Sale
10738
10212
91
91
8314
8814
973
10612
10078
10712 137 1034 109.
8
19
033
8 13
114
77.
1 100 10472
891a 94
9114 90
902
91
8334 15
8012 87
89
222
8714 9178
9912 198
4734 101/
1
4
1 1044 109
10612
102
8 10012 1041s
111 Sale 111
1111
6
104 Sale 103% 104 I 11
10534 Sale 10534 10612
8
9212 Sale 9214
9284 91
9812 gale 9818
8
98
23
10
,4 8
16
8
10612 Sale ,4
1061
10712
4
954 Sale 1 954
9638' 68
91 Sale 1 91
103 Bale 103
103 I 10
90
9112 89 Nov'28 ____
113 11512 115
11712 14
97 Sale 1 97
99
24
10533 Sale 11055
106
9
10718 Sale 10612 1077e 11
101 Sala 10034 1014 76
93 Sale 93
9334 43
98 Sale 9734
98
16
9812 99
99
991
5
94
9512 94 Nov'28 ____
10512 87
10514 Sale 105
98 Sale 9712
98
26
84 Sale 84
8434 54
9814 Sale 9814
99
31
924 Sale 9214
928
9
1023 Sale 10214 10234 23
10434 Sale 104
10431 21
110 Sale 10912 11014 43
10418 Sale 10334 10412 31
78 Sale 78
78
8812 Sale 8812
9018 71
4
Tolima (Dept of) eat]75
1947 M N 925 9312 93
TrondhJern (City) 1st 5148_1957 M N 9634 977s 977
Upper Austria (Prov) 75_1945 J D 9712 9838 973
Externals I 6 Ms_June 15 1957 J D 8812 9134 8812
Uruguay (Republic) extl 85_1946 18 A 109 Sale 10834
External 5 I (Is
1960 PA N 9832 Sale 98
Venetian Prov Mfg Bank 75_1952 A 0 9312 Sale 9234
Vienna (City of) esti s.f 65_ _1952 51 N 8712 Sale 8718
Yokohama(City) extl 68
1961 J D 9534 Sale 9538
93
9778
98
89
109
9812
9312
8738
96
5
2
40
8
5
81
36
28
26
11012 11472
10358 10812
10514 10814
9314 9418
9711 10012
1061411014
9
93
112 9
97
614
1
10214 106
89
98
11214 120
964 10014
105 10812
108 10934
100 10414
93
95
9434 100%
6912
98
94
964
1034 Is%
9612 101/
1
4
84
85
98 102
92
97
102 105
1024 105%
,
10912 1131
10178 1051,
89
781
1 9
86
5
9234
9484
9614
SO
1074
944
90
8
94
7
9712
99/
1
4
9914
904
110%
100
931f
100
89
3067
New York Bond Record—Continued—Page 7
"
BONDS
N Y. STOCK EXCHANGE.
1.̀
Week Ended Nov. 30.
Pries
Friday,
Nor. 30.
Week's
Range or
Last Sale.
I
Range
Sines
Jan. 1,
Price
"
BONDS
t
Frldas.
N. Y. STOCK EXCHANGE,
es Nov. 30.
Week Ended Nov. 30.
Week's
Range cr
Last Said.
Rang,
Mame
Jas, 1.
Pleb
11405 No Low
4 sk Low
AM
High No. Low
High Chic Milw & St P (Concluded)—
Ask Low
33 927e 9834
AM
98
on 4528 series E____ May 19892 J 9778 Sale 974 Feb'28
7334
71
714
Railroad
1925
4s
Debentures
1084,
103q
205
9214 9818
96
10312 Nov'28
96 Sale 9558
Ala Gt Sou 1st cons A 5s____1943 JO 10358 1975 F A
Chic Mile St P & Pac 5s
9212 96
23
6178
94
7934
1805
7878
J
94
1943
941e
1st COM 48 ser 11
Jan 1 2000 A 0 7814 Sale 7714
911;
Cone ad] 58
84
86
1946 *0 8534 8734 87 Nov'28 -sn 7 7512
60
Alb & 81190 1st guar 335s
89
Ws Chic a, N'west gen g 3)98_1987 M N 80 Sale 7712 Oct'28 ---7434 8415,,
8912 Nov'28 -1998 AO 83
87
Alleg & West let g gu 4s
Registered
9234 99
98
89
9358 Nov'28 92
97
94
1942 M
Alleg Val gen guar g 48
9234 92
1987 M N 92
General 43
751e 84,2
94
94
80 Nov'28 80
94 Apr'28
Ann Arbor lot g 4s. __ _July 1995 Q J 77
Registered
9112 99
WIN
59
2
9311
89
AO
4
923
92
Sale
93
43_1995
Fe—Gene
92
Atcb Top & S
Fed in tax '87 M N 9012 91
non-p
49
Stixl
964.
90
113
102
9112
*0
Oct'28'---10612 Oct'28 - -Registered
874 94%
Gen 4 K s stud Fed Inc t5x_1987 M N
10434 117
5
8812i
Nov'28
11012
10913
Adjustment gold 4s__July 1995 Nov -i§Es 16 8812
4
-3N
0
1
M
tax___1987
Gen 55etpd Fed Inc
91
9104
9134 Jan'28
- 113 113
Nov
113 Mar'28
Registered
MN
Registered
8734 94
100 10242
89 I 18
884
Stamped
July 1995 MN -8833 89
1879-1929 A 0 1004 ____ 10012 Nov'28'
Sinking fund 68
8414 89
Oct'28,MN
89
- 10014 10114
Oct'28
1004
Registered
_
A 0
Registered
94
88
99 10131
9718 Nov'28 _
1955 3D 91
Cony gold 411 of 1909
2 9912 Nov'28,9958 91703
A
1879-1929
53
fund
94
2
987
Sinking
11
91781
1955 3D 91 Sale 91
100 May'28,-- 100 10054
Cony 4s of 1905
A 0
Registered
8312 90
91 Nov'28;
D 90
9914 1034
91
Nov'28,---Cony g 4s Issue of 1910_1960
9914
____
1933 MN 10112
Sinking fund deb 55
904 9414
10012 Oct'28'___, 10013 10214
Rocky Mtn Div lot 4s
1965'3 9134 921 9134 Nov'28!--- M N
Registered
8614 96
9114 Nov'28'..- 10612
10212
2
I
9114 95
103
103
10314
Trans-Con Short L 1st 45_1958 J J
103
D
1930J
10-year secured g 7s
92 10434
99121
7
Cal-Arts 1st & ref 414sA _ _1962 MS 9913 Sale 5913
1936 M 13 11012 111 .11092 11094 30 10812 11414
15-year secured g 655s
105 1074
10434 116
1031s 1061 105 Sept'28
23
At! Knox)
, & Nor 1st it 58
10714
1946 J
4
1063
10814
10612
D
J
2037
May
5s
1st ref g
9674 1003,
9552 19412
99 Nov'28,-- - J 9914 100
AU & Char) AL 1st 4388 A 1944
9914 27
May 2037 J D 9914 Sale 9874
1st & ref 4548
8812 98
90
90 4 26
1944 .1 J 1033s 1067 10412 104121 10 102 10714
let 30-year 55 series B
Chic It I & P Railway gen 48 1988 J 3 90 Sale 88
874 94
924
88
911 8718 Oct'281-- - Oct'28 ---Atlantic City 1st cons 45_ __ _1951 3 J 87
_
_
_
____
J
J
Registered
91
91,104
9234 12
9314 9834
9.578 83
At! Coast Line let cons 4a July '52 MS 9272 931 9213
1934 A 0 15 Sale 95
Refunding gold 45
9738
93
93 Aug'28
9514
5.1 S
93 Sept'28 --7, 93
Registered
0
A
Registered
96 109
3
9734
95 I 72
99
91
1964 3D 98 -917 9834
General unified 43.e
1952 M S 9412 913-4 9492
Secured 4548 seriesA
2
8814 91114
9278
873
4
-9234
4
Nov'28
L & N coil gold 4s___Oct 1952 MN 924 Sale 9214
873
8812 9112
CI)St L & N 0 Mem Div 48_1951 J D 10518
5
7414 85
76
76
77
10512 ---- 10518 1084
Sale 10512
Atl & Day let g 4s
1948 33 76
D
1
1951
15
June
Gold 54
8514 7612
107 Apr'28 -- 105,2 107
____
2d 4s
1948 ii 6812 691 7114 Nov'28 0
J
Registered
.
831a 923
AU & Yad 1st g guar 48
1949 *0 8634 877 8534 Nov'28 June 15 1951 J D 8334 __ __ l 8412 Jan'27 ---Gold 3349
97 10274
Austin & N W 1st gu g 5s
1941 33 100 103 10278 Nov'28
10014 ___ _ - 100 Nov'28 — - -1/tiriA 103-1.4
Ch St L dr P ist cons g 5s_ __ _1932 A 0
10138 10144
_ 1014 June'28 --A 0
Registered
91
98
9314 38
98 10334
i
10012
Salt dr Ohio 1st g 4s__July 1948 AO _9313 Sale_ 93
100f2 101 '10012
D
J
___1930
68_
cons
0
&
M
P
St
Chic
894 31.914
9612 98
9612
9112
_,
Nov'28,---Registered
July 1948 Q J
914
9612_
0
J
Cons 6s reduced to 3Hs___1930
9612
101
201
9813
Nov'28.---9712 10013
99
1933 MS
10014
20-year cony 439s
4
9914
993
grife
19301W 8
Debenture 53
98 1002
9812 100
M
99 Nov'28 ____
98 June'28 - _
Registered
9914
S
M
Stamped
D 102 dWe- 10138
4
993
10
4
8 10314
963
993
10212
9 100 106
gale-)
Refund & gen Is series A__1995
4
993
Chic T II & So East let 5s__1960 J 13 9114 9234 9312 Nov'28 --, 9114 987t
JD
101 Sept'28
- - 101 101
Registered
M S
1960
1
Dec
5s
gu
Inc
103
110
10032 41
10413 16
0792 Mil
10014
Sale
July 1948 AO
1st gold 58
dale 104
10014
1
I
A.1993
434e
Chic Tin Sta'n lot gu
103 107
10934 42 10612 112
1995 JO 10912 Sale 10914
Ref & gen 68 Reties C
1963 J J 10414 105 10414 Nov'28 -.-let 58 series 13
91
9712
1 10134 103
103
9414 70
P L E & W Vs Sys ref 4s 1941 MN 9414 Sale 9334
19443 LI 10134 10278 103
Guaranteed g 58
10334 49 10112 10712
18_
1
.
4
.
Southw Div 1st Is__ _ _1950 33 10358 Sale 10314
.51
1
1
.
18
J
191352
1st guar 6 Me series C
8212 0112
4 ---6
1 t1'6218
- 11
178 105
61182 Sep
04
12
10
4
•
121
85
86
Tol dr an Div 1st ref 49 A_19593, 85
86
QM
8812 11
84's 931
10338 40 100 1061, Chic & West Ind gen 63 Dee 1932
8814
2000 MS 103 Sale 10212
Ref & gen Is series D
1952 .1 .1 8812 Sale 1 10412
Consol 50-year 48
10 1025/ 1057s
105
2 100 1045s
10238
1
10214
Sale
Bangor & Aroostook 1st 58_1943'3 10134
10412
S
1962 M
lstref 5Aseer A
8392 9394
2
10414 10742
85381
8538
1951 I J 8514 -16
Con ref 4s
1952 M N 10438 ____110453 Nov'28
9513 100
68,2 72 ('hoc Okla & Gulf cons 5s
6812 Feb'28 -- -Battle Crk dr Stur 1st gu 38 1989 JO
97 I 9512 Nov'28
19373 J 06
CM If dr LI 2d gold 459s
5
95
v62282
oc9
98
4
12
961
9618 9858
J
95 Sept'28
Beech Creek let gu g 4s
4
1936
1_00_14
!
_9_55
C I St L & C 1st g 4s_Ang 2 193641 F
94
97
9714 974
95 Aug'28
33
Registered
1936
2
P
Q
Aug
Registered
97
97
933/
Jan'28
J
87
97
2d guar g 5.8
1936
9213 904 Nov'28
90
82
821a an Leb & Nor lot eon gu 45 1942 MN
Beech Crk Ext 1st g 3344
1951 A0 7914 ____ 82 Aug'28
Belvidere Del cons gu 3,30_1943 J J 86
July'28
1100
_
_
__
100
3
'
_1943
55_
gu
1st
Mah
Clearfield &
9112 95
17
Big Sandy let 4s guar
1944 JD 9118 9412 9314 Nov'28
91
D 91 Sale 91
Cleve Cln Ch & St L gen 45_1993
7
Bolivia Ity 1st 58
-_
1927 J2
100
100 Sale 995a
1931 .1
deb 4 Ms
811
0
9
:
1
19000
1;
16 .,
991, 50 9812 0912 20-year
Boston dr Maine 1st 5s A C1967 MS 99 Sale 9813
Aug'28
112
____
112
J
1993
General 5s Series B
71)32 88
96
Boston & NY Air Line lot 45 1955 FA
80
8112 8134 Nov'28
4
1004
Ref & Impt 68 series A__ 1929 3' 10014 1003 10014
9412 9772
9412
2
Bruns & West lot gu g 45_ _1938 3, 9412 Sale 9414
1051s
4
,1043
Sale
4
1043
J
1941
C
ser
68
hoot
Ref &
100 10692
98
2
61:
22 1110
101 Nov'28
900
!
Buff Roch & Pitts gen g 513_ A937 MS 10134
10332 1033410414 Nov'28 --- - 19
1963
Ref dr Mint Is ser 1)
9C12 384
9411 21
N 9334 9412 9334
9814
95
Conso143.98
1957
____i 95 Nov'28 ---1939 33 95
Cairo Div lot gold 413
8 10012 10312
S518 9318
10014
Bur IC It & Nor let & cull 581934 010 10014 Sale 10014
91
1
Nov'28
____
91
33
45_1991
g
1st
('in W & M Div
1
8612 9411
91
_ __ Cl
91
St L Div let coil tr g it 45_1990 MN
1 105 11072
9711
Canada Sou cons gu 58 A
1962 A0 10678 10718 10672
96
10672
9-818 9634 Mar'28
1940 MS 94
Spr & Col I)Iv let g 45
9632 10214
5
981:
Canadian Nat 4593.13ept 16 1954 M S 974 Sale 9712
90
9814
90
Oct'28
_.__
8
915
_1940
J
W W Val Div 1st g 4s_ _ _
9732 101
5-year gold 4388__Feb 16 1930 FA 9934 Sale 99
9934 56
1
99
99 Sale 99
33
E....1977
ser
impt
&
4545
Ref
9672102
14
18
8%44
30-year gold 4)8s
09
1 110
714
1957 J J 9712 Sale 971p
0 109
98
0
98
109
'3 109 Sale 109
1934
C C C dr I gen cons g 6s
10014 Nov'28 -- 10014 104114
Canadian North deb s f 78_1940 JO 11158 Sale 11132
11214 40 11014 117
Cleo Lor dr W con 1st g Is_ 1933 A0 10034 102__ 100
1 11518 123
25-years f deb $1 M5
1946 J J 11714 11712 11714
11712
Oct'28 ---100
J
_1938
J
_
5s__
g
Val
Mahon
dz
Cleve
9678
10314
10-yr gold 4545.... _Feb 151935 FA 974 974 9712 Nov'28
N £812 -9-914 9714 Nov'28'---Cl & Mar 1st KU g 4348...A935
8558 92
Canadian Pac Ry 45 deb stock__ J J 88 Sale 8734
8812 90
AO 9918 ____ 10134 Mar'28 - -- 10134 10134
96 10114 Cleve & P gen gu 4548 ser 13_1942 .1
Col tr 4y8s
9918 WO
9912 24
1946 M
____ 100 Nov'28 --9912 Sale 99
100
1942
A
Series
454s
954 9814
Garb & Shaw let gold 44._ _ _1932 M
9518 Nov'24
94:144 :
l
A
Oct'28 ---98
94
1948 MN 9012 ____ 91
Series C 3 qs
80
9058
Caro Cent 1st cons 1149
8038 Nov'28
1949 .1 3 8038 82
FA 8934. 8934 Apr'28 ---1950
Me
3
D
Series
100
10512
Caro Clinch & 01st 30-yr 58_1938
D 10114 102 101
101
10012 Nov'28
1
0
1
100
AO
Ms-1961
4
gu
lot
107 10934 Cleve Shor Line
let & eon g Co ser A_Dee 15'52 JO 108 109 1084 Nov'28
7
109141
10834 110 1091a
Cleve Union Term lst 5M 5 _ _ 1972 * 0
9078 95
Cart & Ad 1st gu g 45
4
17
0
D 8914 91
904
714 106
0993
904
- 10
1981
Oct'28'
107
_
A0
Registered
79
90
Cent Branch U I' 1st g 45_ 1948
82 Nov'28
D 82
10512, 14 10034 10734
10434
Sale
85
4
11343
0
*
1973
lets f 5sserB
105 10815
Central of Ga 1st g ba_Nov 1945 PA 105
8
a
1007
1001/1
99
__ _ 106 Nov'28
1004
Sale
1977 AO 1001/
let stguar 4MsserC
100 10714
Coruiol gold Fe
1945 MN 10314 1031 10278 Nov'28
10034 10414
Registered
,
10034 Aug'28
931
MN
91
92
Nov'28
D
•
9112
1945
9934 10214 Coal River Ry let gu 4s
10-year secured Cs_ _June 1929 3D 100)4 Sale 100
6
9812 10012
10014
8
9912
FA 9912 Sale 9913
7 105 10858 Colorado & South 1st g 48_....1929
Ref & gen 5545 series B___1959*0 10534 106 106
9518 100
106
5
9734 1
1935 MN 9734 Sale 9733
Refunding & exten 438s
10212 105
Ref & gen 5s series C
9138 9618
1959*0 ____ 1047 10314 Nov'28
8
913
Nov'28
---1948 A0 91:4 9234
9312 9512 Col & 11 V 1st ext g 4s
Chatt Div pur money g 45_1961 3D 8712 933 9312 June'28
91
DA
Nov'28
-94
9212
A
P
9112
1955
45
ext
1st
Tol
dr
Col
102 109
Mae & Nor Div ltg 5a1946 J
90
Oct'28
90
101 106 102
-May'28
AO
1943
1034 1034 Conn & Passum Riv 1st 45
Mid Ga& All div pur is 61 1947 J
-901s
9515
___ 105 10318 Apr'28
-9534 Nov'28 ---9534
1930 FA
103 1067s Consol Ry deb 48
Mobile Div let g be
7218 8218
19441'3 105
_ 105 Nov'28
1954 33 7634 7912 7634 Nov'28 -Non-cony 4s
Cent New Ens let gu
8
8312 8838
851 8518
72
'3 85
8518
864
Non-cony deb 4s____J&J 1955 33 7614 7712 7614 Nov'28 ---98 50034
8119
Central Ohio reorg lot 43.14--1930 MI 9814 10014 9918 Sept'28
78
76 Nov'28 ---A0
1955
_A&O
45_
deb
Non-conv
9934 10212
Cent RR & Bkg of Ga coil 6.193711 N 100 101 10014 Nov'28
73
854
-7614
4
Nov'28
833
76
3
'
_1956
Non-cony debenture 45_
Central of N J gen gokl 50-1987 I J 11234 11378 11234
11234 15 10814 11951
94
4
981
9514 23
1942 3D 951g Sale 9414
10714 11818 Cuba Nor Ry let 5545
RegIstered
9614 10014
1987 43 J 110 112 112 Nov'28
Sale 963
97341 19
Cuba RR let 50-year be g._1952 3, 9738 10712
9374 99
General 4e
1987 II J 9334 9714 9434 Nov'28
115
2
,
105
2
0654
1
10614
106
3D
1936
lot ref 7548 ser A
Cent Pee list ref gu g 4a
19491 A 9134 Bale 9134
8934 8612
925,4 23
0612 10114
1936 ID 9812 99 9712 Oct'28
tot lien A ref 6s ser B
88
94
Registered
88 Sept'28
F A
1
99
99
9914
Mtge guar gold 3Ms__Aug 1929 J D 99 Sale 99
974 10012
J 9812 Sale 9812
9858
3
3
9118 9514 Day it Mich let cons 4 Ms_ _1931 •
Through Short List gu 40 1964 A 0 9134 92
9134
9134
9014 9634
7
95
_1943 MN 9334
10312 26 1004 10612 Del & Hudson 1st & ref 4s__
19601 A 10314 Sale 10318
Guaranteed g5
10334
190
AD
9
104
96
1 Nov'28
101
1935
30-year cony 55
39 133 107
1937 MN 10412 105 10434 105
15-year 5 Ms
Charleston & Savo% lift 7s_.1936 J J 11312 ____ 1193s ug'28
l,r24 107
D
•
103
1930
10314
3
10312
103
75
if.' 1-614 10-yearsecured gu g 40—.1936 IA 943s
Chee & Ohio fund & imps 55.19213 J
9614 9614
994 9934 994 Nov'28
2 —3
218
3
2 A1'
5114
96
9
1939 MN 10378 Sale 102
let consol gold be
8714 96
1034
6 102 10734 D RR & Bldge let
27
92
.• 1 9114 Sale 9114
1936
Den&RG 1st eons g 4s
103 106
1939 11 N
Registered
103 July'28
92114 9814
_
9312
1936
Cannel gold 4548
9734 105
1992 M B 9912 Sale 99
General gold 454s
97
87
1001s 41
52
96
9634 10214 Den & RU West gen bs.AUg 1955 MN 9514 SaleSale 9434
Registered
IR 8
9634 July'28
9114 95
MN
94
Sale
1978
9414
Apr
B
ser
bs
Ref & impt
20-year cony 4Me
9818 10114
1930 F A 100 Sale- 9934 100
40
35
274
2
6
-4
8
3
28 0cr2
35
1935• J 27
9934 1023s DesM&FtDistgu4S
Craig Valley let 5e__May 1 '44)2 J
9934 Nov'28
3211
28
2612 294 27
Temporary ctfs of deposit_
90
Potts Creek Branch let 46_1946 3
9312
9034 Sept'28
4
1021
10214
Feb
21
27
MS
10214
__
96
4%4_1947
R & A Div 1st con g 4a
8712 9534 Des Plaines Val let gen
1989 J
"ior, 90 9113 Nov'28
76
82
3D 7614 -80
76 Nov'28 - 1995
4e
g
lien
let
Mac
&
Del
2d consol gold 4s
1989 J J
9112
4
3
92
80
_ 9253 9258 July'28 ____
70
-July'28
3D
7514
76
1995
Gold 40
100 10212
Warm Springs V 1st g ba__1941 Ike B 100
____ 100 Sept'28
97 103
9978 28
MN 9934 Sale 9994
Cheesy Corp cony be May15 194711 N 9912 Sale 99
9978 167
964 100% Detroit River Tunnel 4154.-1961
10332 ____ 10312 Aug'28 ---- 10312 10114
Dul Misaabe & Nor gen 55..1941 J
6414 74
7012
Cb.lC&Altonp.Rrefgis__1949A 0 7012 72
7012
4
9914 1034
Nov'28
0
*
10112
____
4
1003
_1937
5s_
lot
Ctf dep stpd Oct 1928 int _____
89
7311 Dui A iron Range
_
7012 ____ 7012 Nov'28
1001e 102f:
_ 10012 hlay'28
AO
Registered
-- 8412 6978 6612 Nov'28
frothsay first lien 3144-1960i;
581a 7234
8118 90
;:2288
JulNo
987578
3
86
'
_1937
55_
g
Atl
&
Shore
Sou
59
Certificates of deposit.......... 6412 70
7112 Dul
68 Nov'28
90
95
911,
aisle Burl & 41-111 Div 8)0_1%9 .854 9118 East Ry Minn Nor Div lot 40'48 AO
8734 --_- 881s
8812 13
99 1004
7
100
J J 9534 Sale 9934
_1930
54-g
Div
Ga
&
Va
T
East
Registered
2 J
9014
8914
8932 Feb'28
10314 11014
Nov'28
1054
MN
10812
1053
4
1956
5s
Cons 1st gold
Illinois Division 44
1949 J J 93
924 9834
9338
5
94 9314
994 10611
MN 102 10312 10218 Nov'28
General 44
1958 M
88
9884 Elgin Joliet & East lst g 55_1941 *0
9334 94 9334
9334
1
1043* 109114
110 10434 Nov'28
1965
Registered
M 8
9314 934 El Paw & S W let ba
9314 St pr28
_
let dr ref 4Ms ser B
9913 22
1977 F A 9914 Sale 9914
9634 10274
6 1024 1084
10314
1930 MS 103 10314 103
1971 F A 10718 Sale 107
let & ref ba series.A
1071
2 10418 11014 Erie let consol gold 7s ext 1996
8314 91
20
88
3 8534 8614 8534
'
lot cons g 45 prior
Chicago & East 101st de__ _1934 A 0 ____ 108 10558
10558
1 10311 10718
86
88
Jan'28
88
1996 J
Registered
o & E Ill Ry (new 110) 000 54_195161 N 8512 Sale 85
8314 93
86
56
774 8634
29
J
4
813
8212
1996
-92
82
4e
4
g
813
lien
gen
consol
N
198211
gold
let
let
ba
Ohio & Erie
10634 109 10634
10634
1 1034 11214
76
sr.
7738
1
Nov'28
1996
Registered
66
Chicago Great West let 46_1959 M I 6834 Sale 6814
7212
684 45
UM
10804 1 loots
Penn coil trust gold 45-195 F A 1004 Sale 10034
114 11814
Chic Ind & Loublv—Ref84_1947 J 3 11418 11714 114
Oct'28
803s 894
12
*0
8514
8814
_1953
Bale
A__
8514
series
48
conv
1947 J J 10238 10412 103 Nov'28
50-year
Refunding gold 58
102 108
804 894
86 Nov'28
195 * 0 8514 86
Series B
Refunding 40 Series 0-1947 I J 92
8814 92
93 93 Nov'28
8212 884
195 * 0 8412 8574 8534 Nov'28
Gen cony 45 series D
1968 M N 1014 102 101 Nov'28'_ _ _ 100 10714
let & gen fe eer A
93
9941
197
MN
9712
97
Sale
97
1967
Ref & impt 5s
ser 11_ __May 1966 J J 10734 10834 108
let & gen
5 108 11112
108
119
110%
11078 Sale 11078 1104
J 9214 ____ 9214
Erie &Jersey let Of 69—.1066 33
90
Chic Ind & Sou 50-year 44_ _ _1956
9214
9614
7
110 110
111
1
.1
111
Sale
111
_19/5
ofbe.
lot
River
1969 J D 9974 100
Geoessee
99 10212
9918 Oct'28
Cble L B & East 1st 4 Me
102 101
1 884 ____ 102 Feb'28
8512 9312 Erie & Pitts gu g 3Me ser 13_1940 j
CbM&BtPgeng4sA.Mayi9892 .1 8734 8812 8753
8734 15
904$ 94
881a 9012 91 June'28
194
Series C 3540
8258 Nov'28
4
1
8238 91/
__
Registered
GI
34 10034 106
MN
10304
10314
Sale
10312
1954
ser B____May 19892 J 7678 78
7653 0ct'28
7812 8134 Est RR esti 8 1 74
Gen g
95 10414
9812 Sale 9812
98$4 14
Gen 4M e series C—May 1989 J
100 May 28
100 10012
Registered
3068
BONDS
R. Y, STOCK EXCHANGE.
Week Ended Nov. 30.
New York eond Record-Continued-Page 3
30
ts
e rice
FrWag.
Not. 30.
Week's
Range o•
Last Sale.
80
Ask 7,eir
100
____ 99
9934
9934
96
9812 96
81 Sale 81
38 Sale 38
9934
10558 10714 10553
10334 ____ 104
10034
9812 ____ 99:14
98
9814 98
89
97
894
99
9914 99
754 7814 78
9512 9712 9634
11214 Sale 112
10618 10612 10638
98
Ranee
Since
lea I.
Z
BONDS
N. Y STOCK EXCHANGE
Week Ended Nov. 30.
664
1
a.
.7.0.
trite
tru•
Frldoe.
Nov. 30.
Week's
Range
;
Hi,
Itonye or
Since
1.4141 8a4e.
l
I Jan. 1.
66,2
• ., .,
not
#350* I, t5
102 10312 102
102
3
9458 9,,,8 95
9514 12 L1 1 1 .10689090 60 9,090:8936270 3131:9,1 421
100•••2
10014 Nov'28
1 1 1 190 190 170 093:6412:::
29611,:a
74
081s 4
10104 10212 10178
,i2
1
10212
8
1119
19
lotili 10,110112 Nov'28
3 10
11047
00:
104 109 10473
105 1
4
9834 sale 9834
99
13
IOW s 101 101
101
1
10014 ____ 100
Oct'28 ___
92
_ 9312 Oct'28 _
High No L • sr
flieS
99 10234 Louisville & Nashville 5s.-1937,1W N
Oct'28 98 10334
Nov'28 - -Unified gold 45
1940!J J
98
Nov'28
Collateral trust gold 5s
1931 M N
9153
81
8212 101
10-year flee 713_ _ _NI ay 15 1930 FA N
10
53
38
lot refund 5 49 serieeA__2003 * 0
lisle 995,
Ap3r82'82
lot & ref Is series II
2003 * 0
Nov'28 -- 10412 108k
lot & ref 4 SO series C
2003 AO
10358 1071
Nov'28
N 0& Mist gold 69
1930 .1 .1
9914 1021Oct'28 -2d gold6s
19:10 J J
99 101
Nov'28
Paducah & Mem Div 4s_1946 F A
97 19015:
98 I
St Louis Div 20 gold 38_ _1980 M S
I
88 101,
8918
Mob & Monte 1st g4 44_ _1945 M 5 1004 _ _ 100 Sept'28 ____ 100 10272
1
9678 10(34
9912
7
South fly joint Motion 4s _1952 „I J &Ps 8-9-12 8858 Nov'28 ____
864 944
78
1
741s 71,
Ati Know & Cin Div 4s_ _1955 PA N 98
,
312 99
3%4 9
3,.
58 Nov'
913
8i
.28 _
998
900:42 1100
Nov'28'..-9534 101
Loulsv Cin & Lex Dive 4 43'31 M N
10
8:
1127
111 117
Mahon Coal RR let 5s
10018 ___ 9912 Sept'28 _
10638, 6 105 1094 Slanlla RR (South Lines)43_1939 FA N
74 Sale- 74
74
- -i
694 7934
Oct'281 - 98
99;
1st ext 4a
1959 M N
75
80
75 Nov'28 _
75
8234
Manitoba S W Colontza'n Is 19343 D 99 ____ 9934 Nov'28
9914 1014
Great No- gen 7s series A _ _1936• J 11238 Sale 11238
113141 54 111 110
Registered
J
11412
114a
Man GBANW 1st 3414_1941
11412 Apr'28 -'3 8
98
3al 8
v6
9 I 9
88.2 JNuol,
y.
'
.2
28 ii.i
8
099
982
8
:3.: 19
8
0998
(,9
97:
let & ref 4528 series A1961 I J -564 67-12 9778
9778 17
9558 1021 Mich Cent Det & Bay City 58.31 M
_
1/934 Nov'28
9912 10212
General 564k series B
1952• J 110 Sale 110
110
Registered
1 1054 11514
GM 9912 1-01-- 1003: Apr'28 _
10,4
3
4
100
General 5a aeries C
'
3 10634 Sale 10614
1973
Mich Air Line 43
10634
5 103 109
1940
General 44s series D
9612 10114
1976 .1
984 Sale 98
99 I 26
Registered
J J
.1 9113 Nov'28
9218 9214
General 449 series E
9812 99 9834
954 1918,
gg I 20
1977
Ist gold 34s
1952 MN -8512 _ 921s July'28 _ -7712 894
Green Bay & West deb ctfe A____ Feb 84
sea
85
____ 85
20-year debenture 4s
Oct'28 - AO 9913 Sale- 9912
1929
9958 -i3
9812 100
Debentures ate B
Feb 28 Sale 28
2214 30
40
29
Registered
AO
' 99
Oct'28 _
Greenbrier fly 1st go 4s
MN
954
957, Mid of N J
1940
9332
9.539 Mar'28 -1940 AG -.94 ill -9-d3.4 9438
9438 -io
Gulf Mob & Nor let 5342.__1950 A0 10434 10512 10434 Nov'28 -- 10032 107, Milw LS& 1st ext 5s
West1mpg 5s1929 FA 9913 100 , 9934 Oct'28 _
let 51 .55 series C
99 104
1950 A0 10112 102 102
102
Mil& Nor lot ext 445(1880)1934• D 9414 98 1 9612
2
964 - 1:2
0612 90s
Gulf A S I let ref & ter g 59_31952 J 2 10814 10834 10834
Cons ext 448(1884)1934 • D 94
10831
1 10712 10534
97744 9412 Oct'28 _
94,2 9911
Hocking Val let cons g 448_199V J
9754 107. Mil Spar & N W let go 45_ _1947 MS
9912 10014 101 Nov'28
Registered
1999 .1
10212 May'28 -- 1024 1041 Milw & State Line let 3411_1941
.• 1 92
94_ I 90
2% A• 99
1'
2
2
1
8
_
-i
il
90
92'2
990Th
Housatonic Ry cons g 59
9712 1014 Minn & St Louts 1st cons 59_1934 MN -4
9814
1937 MN
9838
5
-81-4 Sale 4814
61
42
1.
4814 --.
& T C let g 69 int guar
9834 10418
1937 3' 10214
10214 Oct'28 ---Temp ctfs of deposit
1934 MN 4734 5978 4738 Nov'28 _
Waco & N W div 1st 6s
MN
____
102 May'28 -- 102 1031,
lot & refunding gold 4s
1930
1458 15 1 1458
1949 M
410
4
1
23
784
1452 --i
Bowdon Belt & Term let 59.1937
.▪ 1 9812 Sale 9812
1
9812
98 1023,
Ref ar ext 50-yr 58 ser A..1962 Q F
1314 16
1312 Nov'28 ____
1113 21
Houston E W Tex let g 59_1933 ▪ N 10014 ____ 10014 Nov'28 --- 10014 10072
Certificates of deposit......
let guar as red
9918 10313 M St P&SSM con g 4s int gu'38
1933 MN 10014 ____ 10014 Oct'28
.1 90 Sale 88
90 1-72 ' 87 -iii)
Bud & Manhat leg Ea aer A _ _1957 P A 98 Sale 97
40
98
97 10313
lot cons 5s
19382 J 95
9778 9953
10313 1004
2
9932
Adjustment income Esi Feb 1957 AO 8514 Sale 8818
864 95
1st cons 5s gu as to int
874 61
1938 J J 91334 9912 9912
08 101
9
9978
10-year coil trust 134s_
10014 Sale 10014
193I M
,
100
1718
9972 10318
2 .1
.4
5
Illinois Central let gold 49
.▪ 1 9413 ---- 95 Nov'28
9114 9914
1951
lot & ref (is series A
19413 J J 1
,
01118 19
02
111: 1,
01
1 Nov'28 _
100 10314
Registered
• J
95
95
25-year 543s
95 May'28 1949 IA S
9012 98
ist gold 3.48
8034 goll
1951 J
1st Chicago Term .1 4s
854 ---- 871g Oct'28 - 1941 M N
9312 ____1 9518 July'28 ____
9518 9614
▪ .1 ___
Registered
84
853
4
84 Nov'28.
M19918811/1,Central 1st 5s
J 99
1949
____ 99
Oct'28
_
Bxtended let golJ 348._1951 AG 84
8612 8912 M0 Kan & Tex let gold 49..._1990
874 8612 June'28'
D 88 Sale 8714
88 1 --g "
85 100
0234
let gold 3s sterling
1951 M
74
78
Mo-K-T RR pr lien 54 ser A_1962 J J 1004 Sale 10018
_ 74 Sept'28'---r
102
99 10434
20
Collateral trust gold 48_1952 A 0 902
884 9614
40-year 4s series B
92
92
2
1962
J
J
8612
Sale
924
I
8812
87
85
3
SI N
Registered
87
87
Prior lien 464s ser D
97
Oct'28
1978 J J 9518 96 9618 Nov'28 _
9012 994
let refunding Is
1955 Si N 9314 Sale 9314
904 9812
Cum adjust Is ser A Jan 1967 A 0 10414 Sale 10414
9412 11
1044 -96 1014 1094
Purchased lines 34e
1952 J
82
9018 Mo Pao 1st & ref 58 ser A
8334 9012 87 Nov'28
1965 F A 1004 Sale 10018 Nov'28 _
984 1084
Registered
J
81
85
81 Nov'28
General 4s
7614 834
1
-155
79
79 Sale 1 7812
Collateral trust gold 48___1953 MN 8938 9078 8918
881,- 04
1st & ref User P
5
8918
1977 PA S 9912 Sale 9912 100
98 1024
MN
Registered
9014 9014
o Par 3d 7sext at 4% July 1938 MN 9314 9313 9214 Nov'28 140
9014 May'28
914
9713
Refunding Is
1955 M
107 10814 10714
6 103 11072 Slob &.131r prior lien g Is ...1945 .1 1
10714
100
3 A,
ug
g:2
28 ________
15-year eecured 8648 g... _ _1936
11014 Sale 10934 11014
6 10812 11414
Small
.1 .1
40-year 449
Aug 1 1966 P A 10014 Sale 10018
98 1024
10012 98
1st m gold is
19451 1 -884
8434 984
_ 8853 Nov'28 ____
Cairo Bridge gold 48
1950 JO 92
8618 971
8618 July'28
Small
19451 1 8612 -89 - 8614 Nov'28 __
9252
82
Litchfield Div let gold 34.1951 J J
784 8211 Mobile & Ohio gen gold 49._1938 M
754 ____ 7818 June'28 -98
9234
9712
Nov'28
933
933
3
4
____
Louis, Div &Term g 34e 1953 J
91
80
8414
_
8478 Nov'28 -Montgomery Div 1st g 59_1947 F A 103 ...... 10434 Nov'28.
9934 1054
Omaha Div let gold 3s
1951 FA
7538 soh
76 18 - 7712 Nov'28 -Ref & impt 464e
1977 M S 9618 Sale 9618
9212 994
.2
964 -1
St Louts Div & Term g 38_1951 J
90
7612 82
72
Moh & Mar 1st gu gold 4s
7638 Oct'28,--1991
89
92 8918 Nov'28 ___
Gold 34s
J
1951
8478 Nov'28 8034 8932 Mont C let go fis
9384 91
1937
.
1 1075,, 110 106
' ___ _
Registered
J J
7834 7834
let guar gold 581
7834 Nov'28 1937 J
10114 10253 102 Nov
9
'
1291 _3
.3
_ 102 104114
Springfield Div let g 349_1951
.1 84
SA
Morris & Essex lot go 349_2000 J D 81 Sale 81
Oct'27 - - - 7934 83
Western Lines let g 42_ _A951 P A
91
93 90
Oct'28
- - -8918 -94-14
Registered
P A
90
Nash Chatt & St L 45 Ser A.1978 F A
92
92
Apr'28
9614
914 93
90
9212 Nov'28 ____
Central & Chic St L & N 0
N Fla & 1st gu g Ers
1937
F
10112 ____ 101 SePt'28 ____ 101 1044
Joint let ref Is series A.__1963 J
10434 Sale 10434
10434 18 10153 1084 Nat By of NI ex pr lien 448_1957 3 3
18
18
18
July'28
let & ref 4.14e aer C
1963 J
96 101
3
9712 Sale 9712
July 1914 coupon on
9712
J J "iiii4 "_-_-_-_
1834 1884
8
3,
34 July1'
428I __,1_
Assent cash war rct No 4 on -- 1312 Sale 1
21
12
Ind Bloom & West 1st ext 44_1940 A t
91
9218
91
Guar 70-year f 4s
- - 91 Nov'28 -1977 A 0 1918 __ 8712 Aug'27 ____
Ind III & Iowa let g 4s
1950 J
91
97
9312 9-412 9412 Nov'28
Assent cash war rd i No 5 on -14
17
3
18
542 july15217
2
_1 TITs 12-Ind & Louisville let gu 4s
1958 j j 8813 89
88
92
Nat RR lies pr I 44s Oct 1926 J 1
89
Oct'28
Ind Union fly gen 58 yer A 1965 J
103 10314 103
Assent cash war rct No 4 on -Oct'28 - -- 100 105
-ioi2
22 Nov'28 _
22
"iiis WI;
Gen & ref 56 series B
10112 10412
1965 J
103
let consol 4s
103 Nov'28 0
A
1951
1312 ____ 22 Apr'27
__
(at At Grt Nor 1st 6s ser A _ 1952 J J 105 Sale 105
Assent cash war rct No 4 on ..
10553 28 104 10812
1013 1134 1114
-II; -1-6-4
1114
6
Adjustment 6e ser A July 1952
9914 Naugatuck RR 1st g 4s
135
9134 Sale 9112
9212 62
1954 MI N
8378 ____ 86
86
Oct'28 ____
86
Stamped
774 7712 New England RR Cone 5s 1945
7712 Feb'28 - J
9812 105
08 10334
9818 Oct'28 __
let 58 sertee 15
944 10173
1956 II .1 99
Consol guar 4s
9812 98 Nov'28 1945 J
873
4
8858
9731
4 93
873
____
Nov'28
1st g 58 series C
954 102
.▪ 1 9712 98
N J June RR guar 1st 4s
1956
2
9712
9712
1986 F A
8818 Nov'28 ____
88 100
Int Rye Cent Amer lot 59
817,1 9212 NO& NE 1st ref & Imp 4 44.A.52
1972 M
8
8212 8312 8314
8312
.1
9714 99 97
95 102
97 1
5
let coil tr 6% notee
9444 994 New Orleans Term 1st 4s.....1953 J .1 904 9114 9078
1941 MN 9434 951 95
6
9514
8811 954
1
9078
let Hen & ref 63.45
91 100
1947 FA
9612 8812 9534
N 0Texas & Mes n-e Ine 581_1935 A 0 9878 100
19
97
9914
102
9914
9512
1
Iowa Central lot gold 5s
D
52
38
1938
39
let Is series B
40
3912 Nov'28 -.
1954 A ( 9914 100
9912 100 1 17
98 1011
/
4
Certificates of deposit......
374 49
let 5s series C
40
39
40 Nov'28 1956 F
lows 1023, 101 Nov'28 ___ _ 100 108
Refunding gold 4s
101s
1951 MS 1018 11
118t
19
44s
series
1012
D
1012 10
1956 F A 96
9634 96
9 1
93 1004
Jemee Frank & Clear let 49..1959 J D 9012 921 8934 Oct'28 -- -.
881s 987
let 545 settee A
1954 A 0 1035e Sale 10358
104 I 27 102 106
Ka A & G R 1st gu g 5e
N & C Bdge gm n guar 4 4s_ _1945 J J
1938J
100
Slay 127_
103
9634 Oct'28 ____
98
Kan & M let au 4242
864 9-6-18 NY B&M B 1st cone 51._19354 0 984 100
1990 A 0 8534 8978
- 87
87
5
9918 Nov'28 __
9934
N Y Cent RR cony deb 6s 1935 PA N 107 8a.e 107
107 1
5 :
!
9
05
804
9
8341
13t &
Ry ref g 49_1936 A 0 9358 Sale 9358
9218 97
Registered
M N
93781 11
107 107
KC&MR&B 1st gu 5e_ _ 1929 A 0 97.4
9912 10312
Consol 4s series A
100
Oct'28 1998 F A 9213 Sale 9212
9184 2.9
91354
Kansas City Sou let gold 39_1950 A 0 76 Sale 704
7253 794
Ref &!mot 444s series A_ _2013 A 0 100 Sale 100
76
g
1001:
984 10412
Ref & !mot 56
Apr 1950 .1 J
97 10314
Ref & Rept 5s serine C__2013 A 0 1073t Sale 10712 10812 179
9912 Sale 9912 10012 12
Kansas City Term let 49......1960 J J 90 Sale 90
8812 9534
Registered
9118 15
A 0
111100901090374e:
106
10614
Kentucky Central gold 48_ __1987 J
91
91
92
1
9612
91
91
Kentucky & Ind Term 449_1981 J J 8612 9334 90 Sept'28 -90
Y Cent & Bud Ely NI 34e '97 J J 811s Sale 8053
964
813
31
10
797
8
8734
Stamped
1961 J J
9014 9312 9212 Oct'28
9018 9653
Registered
1997 J J
7958 8012 80
80 1
2
774 8511
Plain
19131 J J 97
97
Debenture gold 4s
984
97
Oct'28
1934 RI 25
9612 Sale 964
9834
18
934 9913
Lake Erie & West 1st g 58
1937 J J 102
994 10514
2
1024
_ 102
Registered
M N
9712 Apr'28 ____
9718 Mt
2d gold 58
19413
1004 1-0:312 1004 Nov'28 994 1044
30- year debenture 4s
1942 .1 J 944 9512 9412 Nov'28 ____
9134 99
Lake Shr & Mich 8 g 341..A997 J D 811a 8312 82 Nov'28 - - -,
794 8712
Lake Shore coil gold 3413_1998 F A
78142 8
7
0
9
12
Registered
1997 1 D
8112 86
Registered
8112 July'28 1999 F A
"
8
78 N• ov
8922.
181 _
75114
4 8
;
:
71
25-year gold 48
1931 M N
9812 36
9812 Sale 9734
Mich Cent coil gold 34a-1908 F A
97 100
973: RI
9714 Nov'28:.
78
87
Registered
M N
994 9934
Registered
9934 Apr'28
1998 F A
81
774
78
78
I
1
77
833
4
Leh Val Harbor Term go 50_1954 F A 10414 10713 10458 10478
4 103 10712 N Y Chic & St L
1937 A 0 9552 9612 924
g 49
967
921
8
3
19
9814
Leh Val N Y 1st gu g 44,1_1940
J 9938 9978 9933
9933 10213
1
Registered
9938
1937 A 0 944 ____ 9612 Feb'28 ____
9
64
We
Lehigh Val (Pa) eons g 48-2003 FA N
8834 Sale 8858
8634 9312
25-year debenture 4s
18
89
1931 M N
98 - --- 974
99
954 10012
16
Registered
M N
91
89
2d fis series A BC
99 June'28
1931 MN 102 1021210158
102
21 10012 1034
General cons 43.4e
2003 MN 9814 Sale 9814
9634 10258
Refunding 54seeries A
9938 11
1974 A 0 10834 Sale 10634
107
41
105
1014
Registered
PA N
95 10012
99 Nov'28
Refunding 54s series B1975 J J 10834 Sale 1064
10653
6 1044 1074
N Y Connect let gu 4 43 A..1953 F A
98'2
- •
9
Lehigh Val RR gen 59 series_2003 H N 107
104'8 11114
1st guar Is series B
107
1953 P r 101 10212
107
-- 10018
10018
7
1 11114 10
°2
54
14
Leh V Term Ry 1st gu g .58_ _1941 A 0 10312
10014 10714 NY & Erie lot ext gold 46_1947 M
10313 10312
9134
_ 9178 Nov'28 ____
914 934
Registered
A 0 10374 10378
3:1 ext gold 4
10378 Feb'28
1933 M 9 9912 1.
66 ; 9912 Nov'28 ___
994
1004
Leb & N Y let guar gold 48_1945 M S
87
4th ext gold 53
924
90
1930 A 0 99 dale 99
Oct'28
99
3
99 1003
Lex & East let 50-yr 53 gu_ _1965 A 0 joii2 110 10712 Nov'28
105 11538 N Y & Greenw L gu g 531946 M
9612. 9712 Nov'28 ___
94 ion
Little Miami ten Is Ser A_ _1962 MN
9218
88
9612 NY & Harlem gold 3 e__ _ _2000 FA N
90 Nov'28
80
8
i
,
91
Long Dock cor sol g 63
1935 A 0 1031: 1-66- 105 Nov'28
10412 1094
Registered
M N
Long isld let on gold 5aJuly 1931 Q J 10012 101 10258 Oct'28
100 10312 NY Lack & W let & retell 591973
N ioloi2 -_-_-_-_" 80
51' JAJ• Iv8ri7
8 -_-_-_!
$845318 887514
1st consolgtld 4aJu1y 1931 Q J
9412 9954
9612 9712 9613 Nov'28
First & ref go 434s con.,.,.,.1973
N 100
110
.5fs 1-0-9-Oct'28 __ __ -9
General gold 4s
1938 J
92
92
93 93 Nov'28 _
964 NY LE&W lit 7e ext
1930 M S
_ 104 Feb'28 .....
Gold 49
1932 J D 96
92
10012 N Y &Jersey 1st Se
96 Nov'28 _
1932 F A iooi8 Iiii 10012 IN 1
ioo11)-1i
4
Unified gold 48
1949 MI S 8758 9358 88 Nov'28
8758 9358 NY&NE Bost Term 48_1939 A 0
Debenture gold Ss
1934 J D 100 Sale 100
9734 1094 N Y N & II n-e deb 4s
100
1947 M S ____ 17-3; 86 Nov'28 ___
7;is "91;30-year p m deb 59
1937 M N 9912 100 loo
97 101 12
100
Non-conv debenture 34s-1947
4
8134 8134
7338 834
S 78
i
8134j
Guar Sh B ill eon gu 5e Oct '32 M 8 90
90
9434
Non-cony debenture 3.49_1954 A 0 7812 77
9112 90 Nov'28
771t
7712
Nor SD B 1st con gu 58.0ct '32 Q J 9934
99 102
9934
Non-conv debenture 4s.__1955 J
994
_7_
4_
8
7
6
18
8
7
514
6
Nov'28
_2
_
1
784
70
8881%
LOU& Jeff Bdge Co gd g 4a-1945 M
8934 -9-4-1-2 8953 Nov'28
8714 9412
Non-conv debenture 4s
N _:__ 847
1956
8813
79
8514
3
8512
Cony debenture 3 411
19503
Conv debenture 85
1948 J
11834 Sale 11612
(
11,14
173
1 18
17
17121 51, 17
J J
Registered
9813 318
111 Nov'28 __
Collateral trust 89
1940 A 0 10414 gale 1044
10412 :
,, 10
29 1:3
03,
574
Debenture 4s
1957 FA N
7614 Sale 7614
18
7672
7212 8232
let & ref 4 49 ser of 1927..1967 J 0 9158 Sale 9112
9434
81
914 192
'Forh,ro R .4
Ches 1st 48 1054 FA N 9012 91
9014 Nov'28 _ ___
1, Due Feb, 1,
Fla Cent & Penn lug ext g69_1930
'3
lot consol gold 544
1943 33
Florida East Coast let 446_1959 3D
let & ref 5s series A
1974 MI
Fonda Johns & Olov let 44e 1952 MN
Fort St U D Co is g 44e194I J 2
Ft W & Den.0 1st g 54s1961 J O
Frees Elk & alo Val let 139...._1933 AO
°B&B AM &P let 5s__1931 MN
2d extens Is guar
1931 J J
Galv Rolls & Henri 1st 55
1933 * 0
Oa & Ala fly let cone as Oct 1946 J J
Ga Caro& Nor let gu g 5e.._1929 J
Georgia Midland lot 3.3
1946 * 0
Or R & I ext let gu g 449_1941 J J
Grand Trunk of Can deb 69_1940 AO
15-years e f (le
1936 MS
Grays Point Tern let 5s
1947 J O
3069
New YOrK bond Record-Continued-Page 4
!BONDS
, • .4T0CK EXCHANGP
Week Ended Nov. 30.
El
St
"...
Price
Frselay,
Nov. 30.
Ranee
Since
1/14. I.
Week's
Range or
Lou Rile,
High
act Lon
896
Flub N. Lau
7612 29
72% 50
S 7614 Sale 7514
114 Y 0 & W ref let g 45A11ne 1992
7612 Apr'28 -764 78
Reg 55,0(8) only June 1992 53 S
.
6714 8011
I) 70
7214 72 Nov'28 -1955
General 48
87% 98
878 Oct'28
88%
II Y Providence dr Boston 48 1942 A
8934 Jan'28
4 8931
89/
*0
Registered
063
88
0 8912 9212 8912 Nov'28
N Y & Putnam let con gu 48 1933
2
8014 9212
2
N Y Buse & West let ref 58_1937 I .1 8634 8973
77
8414
8434 8434 Nov'28
1937 PA 80
20 4010 4(48
73
68
89
1940 PA 714 7278 73
General gold 5s
10112 10112
99 102
1943 MN 10112
Terminal let gold be
8734 18
8313 92
NY -chee & 11 let ser I 448 '46 I 1 86% Sale 86%
15 100 19('4
0 103 Sale 10212 103
1950
Nord Ry ext'l e f 6148
27
92
91
90
91 Sale 91
Norfolk South let & ref A 58.1961 PA
100 Nov'28
9812 103
Norfolk & South let gold 58.1941 MN 100
N
Norfolk & West gen gold 6111931
1934 PA
Improvement at ext 6s_
1932 AG
New River 1st gold 6s
ION 1 0
N & W Ry 1st cones 4a
1996 40
Registered
Div'l lot lien & gen g 4e_ _ _1944 1 3
1029 MS
10-yr cony fis
1941 JO
Pocab C & C Joint 4s
S
North Cent gen & ref 58 A__ .1974
Gen dr ref 4358 eer A stpd 1975 MS
North Ohio let guar R 58 ....1945 *0
North Pacific prior lien 45.. _1997 Q J
1997 Q J
Registered
Gen lien ry dr Id gt 3s_Jan 2047 Q F
Jan 2047
F
Registered
Ref & Inapt 4358 serlea A__2047 .1 1
_2047 J
Ref A Unfit 6s series 13_
Ref A Inuit be series C.. _2047 J J
Ref & Inlet ba series D _ _2047 ii
Nor Pac Term Co let g 66...1933 .1
Nor Ry of Calif guar g 58___1938 *0
10178 10538 10234 Oct'28
104% ____ 1047 Aug'28
10318 ____ 10318 Nov'28
0314
4 Sale 9234
1
92/
91 18
91 18 Sale 9118
934 9314 94 Nov'28
184 Nov'28
9218 Nov'28
9213 93
10778 ___ 108 Aug'28
9612 foo 10034 Oct'28
9712 9618 Nov'28
96
92
9114 Sale 9114
8834 9213 9034 Nov'28
68,8
66 Sale 66
6512
- 6514
984 9973
6518- 100 Nov'28
11312 1137 11312 114
107 10618 Nov'28
106
107 106
10934 ____ 10934 10934
10218 .... 107 June'28
10134 10512
104% 101
103 tuell4
89% 983
9102 964
924 WA
175 190'
9114 C178
10734 108
9818 101%
95 103
97
89
97
88
6212 72.
6334 597,
97 105
111 11714
10338 1091
1.3248 1093
107 1103,
105 107
BONDS.
N Y STOCK EXCHANGE
Week Ended Nov. 30.
ta
at
1
St I.-San Fran pr lien 4e A...1950
1978 Mel
Con NI 4 slei series A
1
Prior lien be series 13
J
931
St Louis A San Fr Ry gen 681
3 .1
General gold 58
1 J J
38
St L Peor N W let go 5s-1994
1931 MS
St Louis Sou let go g 48
1989 St
St LS W lst g 46 bond etre
20 g 4e Inc bond ctfs_Nov 1989 J J
1932 3D
Consol gold 48
let terminal & unifying 58.1952 J J
St Paul & K C Sh 1. let 435'8_1941 PA
1931 PA
St Paul A Duluth 1st 5s
J I)
let cowed gold 4s
947 JJ
St Paul E Gr Triluk let 4358_11968
Friday.
Nor. 30.
Ranee
Since
Jan I.
P set,
Ranae or
Lao Sah
Hie*
Low
919 Sew
8 •
111,
9114 60
854 93
Sale 8834
914 2241 8532 9738
Sale 9012
Ws 10458
10273 10178 10214 15
2 100 105
10334 10218 10218'
9914 1034
____ 100 Nov'28 ---101% 111
10234 Nov'28
97% 9758
9714 9738 Apr'28 ---9214
79
89 I 30
Sale 88
874
82
1
83
83 83
9418 09
9634 38
Sale 9534
0914
05
10034 16
96711 1034
512 10
9%
100
tills 98
3
96 I
100
Oct'28
9958 ____ 100
9018 111114
9034 ____ 9312 Sept'28 ---974 978
96
____ 9718 June'28,- 1
95% 1184
9614 ---- 9514 Nov'28'
1 1034 1 1111
105181
105 10814 10518
4 1063.
1
106/
4 Mar'28,--__
/
10512 1061
94 10114
5
99,2'
09'!.... 9912
9R1,
98
9712 0912 98 Nov'28 --__
4 984
1
93/
9614 9413 Nov'28
04
8818 944
92 1 92 Nov'28 ---90
10614 1071.'10712 N.%'28 --__ 10412 10938
9114!8788 945.
91
0058 91
10034 102 100 Oct'28 --__ 100 104
10014 1041
Oct'28
10412 -___ 104
9934 .... 10712 May'28 --- 10712 1071,
924 98
9238 9378 9238 Nov'28 ---_
7412 854
7538 80 80 Nov'28
75 1
72
7
8371
777 75
75
8244
40
4138 225
40 Sale 40
57
6114 33
724
6114 Sale 60
7712 142
73
4
1
96/
7614 Sale 7612
7838 88
85 Mar'28
8638 95
8758 Nov'28
7212 73
68
94,2
72 Sale 71
72 1
69
7
1144
72 Sale 71
98 1003i
98 Nov'28 ---98 100
99 1017
100 10112 9934 Nov'28
10138 10214 10118 Nov'28 --__ 100 105
11411 115
10718 10834 1145s Oct'28
kid
894
91 14
1017g
10218
10012
1027
---8838
8154
96
9014
104
4
St Paul Minn & Man con 49 _1933
1933 J
1st cousol 91(0
3 1
Registered
6s reduced to gold 4 358 __1933
3
Registered
3D
Mont ext 1st gold 4s
7J
30
'4
)9
Pacific ext guar 4s (8terling1
St Paul Un Dep let & ref 58_1972 J J
S A dr Ar Paso 1st gu g 4s ___I943 J J
_
Santa Fe Pres & Phen 1st 5s A942 53 $
1934 A0
19
Say Fla & West Ist g 68
*0
let gold 58
34 MN
29
Scioto V& NE let gu g 4s_ _ 1989
7
Seaboard Air Line 1st g 43-1950 *0
1950 *0
(1010 4s stamped
Oct 1949 PA
28
AfJustmeut 58
1859 A0
Refunding 48
10
1st dr CO fiti 68 aeries A._ _1945 MS
MI
2
Registered
AU & Birm 30-yr Iota 43_01933 MB
Seaboard
te.0AllFla let gu 6s A _1935 PA
PA
_
99 1023
.
1930 1 .1 9938 10214 99 Sept'28
North Wisconsin let 6e
31 3
1935
8218 Nov'28
8112 85
7818 881. Seaboard & Roan let 58 extd1
Og & L Chem 1st gu g 4s_ _ .1948 J
MN
__1029
s..
So Car & Ga let ext 535
_ 9538 Nov'27
Ohio Connecting Ry let 48..1943 MS 93
1936 PA
13 & N Ala cone gu g 58
10314 104
1936 J D lot 104 104 Apr'28 -Ohio River RR let g be
A0
1963
5s
50-yr
2
101
guar
cons
Sale
Gen
101
AO
101
101 1041,,
1937
General gold 58
9114 96
Oregon RR & Nav con g 48..1946 3D 9212 93 95 Nov'28
92141 12
8778 05
D 92 Sale 02
coll)k'49
Pac
(Cent
443
con
Poe
So
4
10614
10614
108
10613
102
1108,
J
458.1946
cons
let
Line
Ore Short
88
88
D 871
4 8933 88 Mar'28 - - /
8 10512 1113
Registered
108
1946 1 1 108 Sale 108
Guar stpd cons Se
9934 122
984 100
9938 Sale 9938
June 1029 M
20-year cone 48
9918 58
I) 98% Sale 98%
98 100
1929
Guar refunding 48
5
104
8
100
967
100
M
100%
4
A.1977
Lines)
993
14
(Oregon
4358
8914
let
8812
Sale
8818
J
J
86%
1961
9412
Oregon-Wash let & ref 48
1 100 1034
1934 3D 10112 -- 10112 10112
7812 16
20-year cone be
7814
D 70
79
73% 884
Pacific Coast Co let g be_ _1946
9614 100%
9812 108
1968 MEl 9814 Sale 98
Gold 435a
9514 Nov'28 - 9134 9531
Poe RR of Mo let ext g 49_1938 PA 9312 06
20
*0
8858 96
4
903
4
3
90
9012
_...1950
4
48
913
let
Tenni
San
1
Fran
100
100
9712
.1
1003
100 1021/
1938
20 extended gold 56
8912 90
*0 88 -i'28
90 Nc,
Registered
100% 1011,
9812 993 10038 Oct'28
Paducah & 1118 let e f 4359_1955 J
105 108
9934 91
96 10078 So Pac of Cal let con gu g 58_1937 MN 103 104% 1O64 June'28
Paris-Lyons-Med RR extl 68_1958 FA 0934 Sale 99
971
9512
Oct'28
.
J
_.1937
9512
9512
48..
98
g
gu
So
let
24
Pac
Coast
10112 1051,
Sinking fund external 78..1958 MS 104 Sale 10358 104
91
9819
9312 23
1955
92% Sale 92%
10234 Oct'28
101 104% So Pac RR lot ref 4e
1954 MS
Parts-Orleans RR •f 7s
96
9212
13
9212
924
19
Registered
95
94%
9412
MS
Sale
93
1968
5356
963
4
External sinking fund
1124 20 106 11912
2 10114 10418 Southern Ry let cons g Se...1094
103
Ill's 1124 112
Paullata Ity let & ref a f 78...1942 M 8 103 Sale 103
106 1154
_ 10912 Nov'28
10618
Registered
AG
Kb% 98
8978 64
_1956
80%
A
Sale
aeries
4
48
893
gen
A
Devel
Nov'28
94%
MN
97
94%
991,
Pennsylvania RR cone g 4.8. _1943
.
8714 871
AO
8714 Sept'28
5 93 100
Regis.ered
94% 9334
9414
1948 MN 93
Consol gold 48
*0 11555 Sale 11538 115%
2 11312 121
Develop & gen 66
N 9414
921s 99
9414 Nov'28
45 toted stpd dollar_May 1 1948
sale
127
AG
117%
12212
31
123
6
6
5
5
9
1
12212
6358
10212 17 100 107
Develop & gen
1960 PA 10218 1-04 102
Consolidated (1 f 435 a
104 11818
__
10712
1996
10612 Nov'28
34
Mem Div let g 58
9778 1047s
1965 3D 10012 Sale 100% 101
General 4348 series A
'3 9034 -93
87% 94
. 90% Nov'28
St Louis Div let g 48
10814 19 10434 116
1968 JO 107% 1081 108
General ba series B
I0414 1054
38 1591 S 100 103 10518 Oct'28
951
19
74 1021z 1053,
East Tenn reorg lien g 58_ _1
1031
1930 *0 103% Sale 103
11)-year eecured 78
9112 964
94
1938 MS 93 Sale 93
Mob & Ohio coll Cr 48
1936 PA 11012 Sale 11014 11078 41 1087s 1133
15-year secured 63411
112 Apr'28
112 112
PA
Registered
90
3 8234 86 8312 Nov'28
81
37 10134 1055 Spokane Internal 111 g 53_1955
40-year secured gold ba_ _ _1964 MN 1.0,-11.4 gale 10334 105
85 Nov'28
Staten Island Ity lat 4 35s _ _1943 J I)
Oct'28
8778 93
88
4 _
1
Pa Co gu 3488011 tr A reg__1937 MS 88/
.1 94
-65.- I'S',
95 Apr'28
Sunbury A Lewiston lot 45_ _1936
871
2
8718 1)2
Guar 335a coil trust nor 13_1941 PA 8712 Sale 8718
99% 99%
9978 Apr'28
89
89 Nov'28
9014 Superior Short Line lot 58..41930 M
Guar 335s trust etfs C__ _ _1942 JO
9834 10214
100 Nov'28
3
871
8712
874 903 Term Aeon of St I. 1st g 4 S411-1939 A0
Guar 335a trust ctfs D._..1944 JO 8712
11994543 PA 109
10133 107
10414 Nov'28
7.1'3884
4
1st cons gold 58
9778
11634 100
Guar 15-25-year gold 46_ _1931 *0 9778 Sale 97%
94
5
J 88 1614 89
87
89
Gen refunds I g 48
2
911
951
90
Guar 4s ser E trust ctfa...1952 MN 0114 Sale 9114
9918 198
99
9912 Texarkana & Ft l4 let 544 A 1950 PA 10338 105 10312 103% 12 1017s 1071t
Secured gold 43is
1963 MN 0918 Sale 99
100 10312
1943 3 3
101 Nov'28
25
Tex & N 0con. gold be
98
9514 102
Pa Ohio & Det let & ref 4354A'77 AU 97% 07% 9714
1) l02i2
2000
8 10712 116
11134 11212
11134
Texas A Pee let gold 58
1
877
8338 92
Peoria & Eastern let eons 48_1940 AG 87% 90 87%
Oct'27
100
2.1 inc58(Mar.28cpon)Dec 2000 Mar
50
42
42
42
38
Income 48
Apr111990 APT
37% 504
1977 AG
10212 60 ioens 1641a
Sale 10214
Gen at ref 513 series B
10214 108,,
105 Nov'28
_
Peoria & Pekin Un let 615s. _1974 F
994 10174
1931 J J 100 10012 10012 Nov'28
10414 gale 10414 1051 19 10013 1051, La Div 13 L let 959
Pere Marquette lot ear A 58_1956 J
2 105 10914
105
105 Sale 10.5
1
93
93
884 961 Tex Par-Nto Pac Ter 5358- - -1964 M
94
1st 48 gerlem ii
1956 J
93
_ 100 1031.
Oct'28
_ 100
Tol dr Ohio Cent 1st gu 5s..1935 JP 3 100
9814 103
2
1935 *0 10112 fOrf 10112 10112
Western DIv 1st g sfi
Oct'28
94 100
94
Phlla Bait & Wash let g 48. _1943 Si N
99% ICII34
1935 3D
loo 10112 Nov'28
General gold Os
10414 II&
1974 PA 10738
10534 Oct'28
General 5s aeries B
7J
10
95
15 Nov'28
7
424 Toledo Peoria A West lot 48.119
40
39
39
39
Pbillippine Ry let 30-yr ef 461937 J
35
96,3
*0
9112 Nov'28
Tol St L & W 50-yr g 4s
104 106
Pine Creek registered let 68.1932 ID 103 10514 104 June'28
.
98 1003
1931 J
99% 102
9734 ---- 98 Nov'28
10012 Nov'28
To1WV&Ogu4 158A
1940 *0 100
rCCAStLgu4358A
9714
11134
1933
J
Oct'28
4
973
13
43588erles
let
Nov'28
973i
guar
09
10018
1024
Series B 4358 guar
1942 A 0 10018
9413 101
194 M
_ 9412 Nov'28
let guar 48 series C
9412
9912 Oot'28
9912 1024
1942 Si N 99
Series C 4348 guar
4
/
D 893s Vilg 8918 Nov'28
8933 941
Tor Ham A Buff let g 48_ _ _ _1946
9514 99
9514 Nov'28
1945 MN
Series D Niguar
971,
137
1949'A
Series E 3353 guar gold
9714 Sept'28
75
D 61% 6912 62
56
4
65
Ulster & Del let cons g bs_._1928
D 05
97
_ _ 97 Aug'28
1953
97
Series F 4a guar gold
65
55
6512 65 Nov'28
Certificates of deposit ______
56
Oct'28
95
1957 51 N 95 ____ 95
9718
Series(3 4a guar
46
6, 32
44
40
45
41
1st refunding g 4s
97
971e
_ ..I 9718 July'28
98
Series II con guar 48_ _ .1960 F A
47 .1 1 9518 Sale 95
'52
19
9314 99
9512 57
F A 101 10312 101 Nov'28
100 10512 Union Pacific. let RR& Idgt 48
Serlee I cons guar
3
9712
9112
Oct'28
92%
Registered
98 105
1964 M N 101 10112 101 Nov'28
Series J cons guar 4.35s
894 98%
June 2008 %1 8 90 Sale '90
7
91 18
let lien dlt ref 48
4 10414 11414
109
109 Sale 109
Genera, Si Is series A_ -1970 J
14
1
101
4
1
/
95
1967
J
18
984
98
Sys
4
Gold
Sale
Jan'28
98
8
1133
.1
113%
4
11311
Registered
June 2001% MEl 11012 Sale 10918 110
73 108 11534
let lieu A ref 5a
10938 11 104% 11518
(len tots° guar be series 8.1975 A 0 10933 Sale 10914
21) 89 Sale 89
8914 35' 8518 90
40-year g 48
11318 1134
11312 Jan'28
A 0
PegIstered
M
9318 9912
_
U N J RR & Can gen 4s
935 95 94 July'28
3 .1
96
384
984
9
1119
9658
__
Oct'28
Utah & Nor ist ext. 48
9578 ____ 96 Nov'28
105
105 106
10114
Pitts McK at Y let gu Ie....1932
PA
9514 les
..J955
A
series
48
it
one
,
Aug'28
10318
Vandalla
July'28
1934
9514
10338
lo7
____
4
043
103
88
guar
20
9411 994
1957 MN 943
Copse f 4sseries IS
10038 Nov'28
__ 9413 Oct'28
10018 10o
1940 14 0 10014
Pitts Sh & I. E 1st g bs
17.4 734
1353 1838 Nov'28
4-1714
1943 33 1003a ---- 10014 Aug'28
1°614 1(411, Vera Cruz & P assent 4.558 _1934
let cons°, gold Ss
10014 101%
1931 MS 98_ 10014 June'28
9018 Sept'28
904 9018 v II-81111a NI hi 58 series F
Flits Vs dr Char let 48_ _ _ _ . 1943 MN ____
MN 101 1-6112
2 100 103%
9412 974
95 June'28
- 10038 10058
(1eneral 58
NW Y & Ash 1st 4e ser A__ _1948 in 03%
9814 10714
3 J J 10014_ _ 9838 Oct'28
936
10318 Oct'28
10318 1084 va A Southw'n 1st gu 59._ _2100
1962 F 14 10318
let gen be series B
.
*0 95 -9512
90 1033
let coos 50 year 58
1974 3D
4
- 9512
9534
let gen 53 8erle8 C
8 MN 10512 Sale 104/
(2
5
7512
71
4 10512 59 104 109%
1
2
8054 Virginian It). Ist Sc series A _119(
Providence Secur deb 45____1957 MN 7513 Sale 7518
1939 MN 10314 Sale 102
11 101 1064
S 8378 92
10314
2 m
4 11,
11 let gold 58
/
80 Nov'28
911
gohldlt5.
80
1
Providence Term let 48_ _ _ _ 1956
1939 PA 10034 Sale 10034 10114 20
9814 10412
9412 20
8144 97
Reading Co Jersey Cen coil 4e 51 A 0 9212 944 9414
37 10214 107%
AU
9434 June'28
Ref dr gen s f 5348 ser A...1975 M
10312 Sale 1034 104
9414 9514
Registered
J
J
.1
.1939
registered
4
993
136s
99%
A...1997
_
4
/
991
May'27
8878
13
Debenture
98 10434
9938
Gen & ref 43,".. serle8
85- 89
1948 SIN ____ 74% 7918 May'28
7918 8214
let lien 50-yr g term 48„..1054 .11 J
85 irg 85',
6
851s
Plch & Meek let g Is
Oct dr Chi ext lot g 58- - - -1041 J
10414 10412
10112 ____ 10534 July'28 ____ 10412 10534
Rlchm Term Ity lat gu 5, _ _ 1952 J J 10078 102 10412 June'28
_1939
91% 1334
1939 JO
Des Niolnes Div let g 4a_
93
10078 100 Nov'28
100 10112
9131 Nov'28
Rio Grande Juno let gu 5e
83% 8514
4% 5
5 May'28
Omaha Div lot g 3545--..1041 *0 -8355 87
8338 Oct'28
Rlo Grande Sou 1st gold 46..1940
M
89
1941
951,
40
coupon)
J
848
Apr'28
Div
91
9212
91
Told.
1922
91
7
(Jan
Chic
5
7,2
Guar 40
9734 105
9114 8214 94
94
5
90
9512 Wabash Ry ref A gen 58 II. _1976 A 0 Iowa sale loot! looks 32
Rio Grande West let gold 49_1939 I
88% 9414
1978 FA 9234 Sale 927
24
86
51
93
Ref & gen 4358Ser C
let con A coil trust 45A...1949 *0 8514 Sale 85
8314 903e
0634 30
9612 Sale 9638
9918
91
RI Ark dr Louis lin 430-1934 M
83
_2000 FA
83
1949 J
8273 83 Mar'28
03:-8
,lisitt reff g ug
ce
81
8214 82 Nov'28
7918 8478 Waeren
Rut-Canada 1st gu g 48
1948 GM 83
9038 904
1941 3 1 911
9134 Nov'28
gold
9134 90% Mar'28
90
4
/
96% Wash
Rutland 1st con g 434e
PA 8518 8,12 86
8313 91
Oct'28
ash Tenn 1st gu 348
PA
96
85
osli
85 Nov'28
8814
92
86
5
88,4
lot 40-year guar 48
St Jos & Grand DO let g 43._1947 .1
0838 101
1991)
_ 100 Aug'28
9978 994 Aug'28
100
100 10034 WW Min W & N W 1st gu 56-111999344085 PA 99
$t Lawr A Adir let g 5e
7813 8714
1952 *0 8212 Sale 82
8212 30
1996 *0 10512 109 105/
4 10534
1
West Maryland let g 48
5 105 108
2d gold 55
1977 J J 9912 Sale 9912 100
1931
29
9874
96
961s 10312
98 9634 Oct'28
_
1s1 & ref 5'4e aeries A
et L dr Cairo guar g 48
100 104
1937 3 .1 10113 10', 10118 Oct'28
9814 10214 West N 1' at Pa let 458
St L Ir Mt & S gen con g 541_1931 *0 19T8 Sale 0978 10018 49
A0 9112 Sale 9112
88% 141g
9112
1931 *0
10134 Dec'27
Gen gold 45
Stamped guar 58
971s /01
10018 11
943 MB 100 Sale 9834
1946
1929 J
0914 17 - 98- 1-61-38 We_stern Pee let per A 58_...1
98% Sale 98%
Unified & ref gold 413
M
9718 971e
1933
_ 9718 Aug'28
N 9534 Sale 9534
9614
12
Registered
Riv &0 Div lot g 4a
9714
94
8412 9311
J 8812 Sale 88%
8812
2361
981s 10144 West Shore let 48 guar
131 L M fledge Ter go 159 ..1930 *0 100 10012 100 Nov'28
8378 93
18
8634
89
2361 3
86% 89
Registered
17
2
.1
----
----
----
----
----
----
-_--
----
-
-.--
...-
----
----
----
..--
----
----
----
§
Due may, e Due June. 6 Due August.
30';()
BONDS
Xs Y:STOCK EXCHANGE
Week Ended Nov. 30.
New York Bond Record—Continued—Page 5
t
—
Price
Friday.
Noe. 30.
Week's
Range or
Last Hale.
44
Range
Macs
Jan, I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 30.
Price
Fridcw.
Nov. 30.
Week's
Range or
Last Sale
Mob No. Low
High
HOD No,
BM
Ask Lots,
Ask Low
MA
Wheeling & Lake Erie—
4
Copenhagen Telep ext138-1950 * 0 9924 10012 10012 10012
Ext'n & Impt gold 58
10038 100 Sept'28
100 10011 r7orn Prod Refg let 25-yr 8158'34 MN 10224
1930 FA
__ 10212 Nov'28
9153 10214 Crown Cork & Seal of Os _ __1947 JO 9934 10012 9953 100%
Refunding 4%s series A_ _1(386 MS 9078 9378 9128 Oct'28
4
Refunding 58 serim B
9712 102
Crown-Willamette Pap 65_-_1951 J J 10234 Sale 10234 10318 16
19613 MS 9728 102 9712 Nov'28
RR let consol 48
1949 MS 8824 907 8914 Nov'28
8812 94 Cuba Cane Sugar cony 78 ___1930 II 79 Sale 79
8238 40
Wilk & East 1st gu g 58
1942 D 68'8 71
6928
6928
6712 791;
Cony deben stamped 8%.1930 J
8528 137
8112 Sale 8014
Will & F let gold 5e
65
1938 3D 10034 ____ 10334 May'28
10334 10453 Cuban Am Sugar let coil 824_1931 MS 105 Sale 104
105
Winston-Salem S B let 4e_ - A960Ii
92
92 June'28
93 Cuban Dom Sus 1st 7340_1944 MN 98 Sale 9712
11
98
8312 25 8134 9213 Cumb T AT let & gen 50_1937 J
WM Cent 50-yr let gen 48_ _1949
83
8311 82%
8
102 103 10253 1025
Sup & Dul div & term 181 49'36 MN 9134 92 92 Nov'28
88
2
9912
9312 Cuyamel Fruit 1st s f 68 A ___1940 * 0 9912 Sale 991
5
Ii
Wor & Con East 181 448.-1943
92
75 ____ 9238 Mar'28
9244 Denver Cone Tramw 1st 58_ _1933 A0 1015e ___ 76 Dec'27 - Den Gas & EL let & ref efg 5851 MN 10112 Sale 10012 1015s
8
Stamped as to Pa tax
1
1951 MN 995
101
__ 101
INDUSTRIALS
Dery Corp(DO)lets!7e_ _1943 MS 70
73 70 Nov'28
Detroit Edison let coil tr 58_1933 II 10212 Sale 10212 10212
Adams Expresscon tr g 4s..1948 M
8858 90 8858 Nov'28
87
1st & ref 58 series A_July 1940 MS 104 105 1035
96
5
, 10412
Ajax Rubber let 15-yr 81 88_1936 JO 104 106 103 Nov'28
100 10954
Gen & ref Is series A
1
1949 AC 10428 Sale 10453 1045s
Alaska Gold M deb 68 A._ _ _1925
8
Ws 14
14
1st & ref 6s series B._July 1940 M
14 Nov'28
108 Sale 107
108
9
MS
Cony deb 68 series B
818 10
312 10
Gen & ref 5s ser B
1926
812 Nov'28
1
1955 ID 10514 1051 1017s 1017
Albany Perfor Wrap Pap 63_1948 A0 98 Sale 98
98
2
9914
98
Series C
1962 P A 1055 10612 10584 10614
7
Allis-Chalmers Mfg deb 58...1937 MN 10012-- 10014 10012 14
98 1024, Del United let eons g 4%e_ _1932 Ii 97 Sale 97
97
17
Alpine-Montan Steel let 79_41955 M
9412 9578
_- 9512
12
93 9671 Dodge Bros dab Se
105 299
1940 MN 104 Sale 104
96
am Agri° Chem let ref f 7%s'41 FA 105 Sale 10414 105
29 104 10612 Dold (Jacob)Pack 1st68...._1942 MN 8614 88 8614
1
8614
Amer Beet Bug cony deb 60_1935 FA 89
9038 90
9114
4
79 93 Dominion Iron & Steel 5e.- _1939 MS 95 100
97 Nov'28 -American Chain deb s f 6e_ _ _1933 A0 9712 Sale 9678
9
9618 1044 Donner Steel let ref 79
9712
1942I, 9824 99 9914 Nov'28 --Am Cot 011 debenture be_
9612 10253 Duke-Price Pow 1st Os ser A '66 MN 10424 Sale 10453 10434 18
1931 MN 99% 100 99 Nov'28
Am Cynamid deb 58
95% 49
92
97 Duquesne Light 1st 4345 A 19137 *0 10012 Sale 10012 101
34
1942 A0 9534 Sale 9514
Amer Ice 8!deb 58
95
9514 95
95 9512
5
1953 JD 95
Am Mach & Fdy s f 68
East Cuba Sug 15-yr a fg 7348'37 MS 9312 Sale 9312
9612 34
1939 A0 103% Sale 10334 104.
6 10334 106
Ed El III Bkn 1st con g 48_ _ _1939
American Natural Gas Corp—
1
9612
'
I 9612 9634 962
9814 44
Deb 6;is (with porch warr)'42 AO 9814 Sale 9738
9714 9912 Ed Elec Iii let cons g 58
1995 ▪ J 11012 11353 113 Nov'28 ---Am Sm & R let 30-yr 58 ear A '47 *0 10114 Sale 101
10112 52 100 10224 Elec Pow Corp(Germany)634e'50 M
9412 Sale 941
9412 10
Amer Sugar Ref 15-yr 68
10414 23 10212 106 Elk Horn Coal 1st & ref6%8.1931 ID 91
1937 JJ 104 Sale 104
95 93 Nov'28
Deb 7% notes (with warets'31 ID 82 Sale 8118
13
82
Am Telco & Teleg colltr 48_1929 JJ 9914 Sale 9914
99% 106
9812 100 Equit Gas Light 1st cools 1932 MB
_
0034 Nov'28
9612
9712
3
Convertible 48
96% Sale 9618
9224 1001, Federal Light & Tr 15158_ _ _1942 MB 971,Sale 9712
1936
2
9974 10014
let lien sf58 stamped_..A942 MS 9738 98% 98 Nov'28 -20-year cony 43is
99%
4 9934 10212
1933 M
2
30-year coil tr 56
let lien 65 stamped
1946 JO 10412 Sale 10418 10412 55 10314 106
1942 MS 10312 Sale 103¼ 103%
JO
23
1043s 1041, 30-year deb 68ser B
Registered
1954 ID 9912 100 9912 100
10553 Nov'28
10612 69 10318 109 Federated Metals s f 7's
35-yr f deb 58
1960 J J 106 Sale 106
1939 ID 10012 Sale 0012 10112 13
20-year s f 5358
49
1943 MN 10712 Sale 10714 108% 48 104114 110 Flat deb 7e(with warr)
171
1946I, 16214 Sale 159
Am Tyne Found deb 68
98
Without stock porch warrants_
1940 AO 10412 105 10514 10514
3 10178 100
99
98% Sale 9812
Lm Wat Wks& El col tr 5s-1934 A0 99
99% 9824
9938 43 '9722 1011: Fisk Rubber lets!8s
11134 20
1941 -M.-3 11128 112 111
10524
Deb g 68 ser A
, Ft Smith Lt & Tr let g &e_ .,l936 ▪ B 10212 ____ 1048s Nov'28 - 1975 MN 10478 106 105
5 10212 1093
8612 19
13
km Writ Pap let 569
83
1947 J J 8612 Sale 86
9314 Frameric Ind & Deb 20-yr 7%8'42 13 105 Sale 10424 105
Anaconda Cop Min let65-1953 FA 10512 Sale 10538 10512 125 103 1061: Francisco Sugar 1sts f 7%e 1942 MN 1043e 103 10414 Nov'28 ---10414 Oct'28
10414 1051, French Nat Mail SS Lines 7e 1949 ID 1015e 102 i0ls 102
Registered
38
187 528 11014 187 Gas& El of Berg Co cones 501949 J O 102114 _ _ 105 July'28 -15-year cony deb 71
183 Sale 180
1938 F
137 137 Gen Asphalt cony 60
20
137 Sept'28
110
Registered
1939 A0 10912 112 100
241
Andes Cop Min cony deb 78 -1943 JJ 224 Sale 220
Gen Cable 1st Sf5345 A.._ _ 1947 J. J 10012 Sale 10053 1004 31
532 120 241
9534 57
92 10514 Gen Electric dabs 3348
Anglo-Chilean s f deb 78- — _1945 MN 95 Sale 94
1942 P A 945 947 9453 Nov'28 -85
Antilla(Comp Aim)7%8_1939 J
8014 964 Gen Elea(Germany)75 Jan 15'45
12
'
3 103 Sale 102
8212 88 82
13
103
Ark & Mem Bridge & Ter 5e_1964 MS 10112 Sale 10112 10112
Si deb 634s with warr _ _.1940
15
1 1011: 104
121
121 12512 120
Armour & Co 1st 4%e
1939 JO 93 Sale 9212
9034 9414
100
18
Without waretsattach'd '40 JO 99 Sale 99
93% 54
8712 04
9214 70
Armour & Co of Del 5%e 4_41943 J
92 Sale 9112
20-year f deb 6s
1948 MN 931 Sale 93
9312
9
Amoclated 0116% gold notes 1935 MS 102% 10278 10238 10212
106
2 101 1031, Gen Mot Accept deb 6e
10234 Sale 1025, 103
1937 P
Atlanta Gm L let 58
10314 107 Gen1Petrol lets f 5s
1947 JD 10312
107 July'28
6
1940 P A 10134 102 10112 10153
Atlantic Fruit 78 ars dap_ _ _1934 ID 12% 19
P
A
15 Nov'28
1218 16 Gen Refr 1st !
2
105
68 ear A
1952
105 Sale 105
JO 12%
Stamped ars of depotrit
_ 15 July'28
15
5
15 Good Hope Steel St I sec 7e 1945 A0 99% Bale 9918 101
Atl Gulf& WI SS L col tr 59_1959'I 7812 Sale 78
791
7234 8212 Goodrich(B F)Co 1st 83-4e..1947 31 10712 Sale 10714 10712 17
42
Atlantic Refg deb 5.
1937I, 10112 Salo 10112 10212 25
935 131
9772 1033, Goodyear Tire & Rub let Is _1957 MN 9314 Sale 93
Baldw Loco Works let 514..1940 MN 10612 ELM 10612 107
15 10612 1081, Gotham Silk Hosiery deb 6s.1036 ID 10024 Sale 0012 1004 19
Baragua (Comp Az) 74e._.1937 J J 10034 101 10012 10012 10 1001s 10834 Gould Coupler lst etas
3
735
7312
1940 P A 735 74
Barnsdall Corp 6s with warr_1940
D 14014 Sale 140
14514 187
9912 15614 Gt Cons El Power(Japan)78.1944 P A 9858 Sale 9712
98% 117
9912 307
953 Sale 95
Deb Is (without warrant)_1940 Jo 9914 Sale 9738
9512 19
8978 9912
1950
let&ganef634s
Satavian Pete gen deb 433_1942 J J 9324 Sale 9314
9334 27
907s 94% Great Falls Power 1st f 5s_ _1940 MN 1053
_ 052.1 Nov'28 _ _
Belding-Hemingway 68
1936 J
90% 92 9012
9078
90
9914 31994 Gulf States Steel deb 544.._ _1942 JO 99 4-99% 99
3
Bell Telep of Pa le series B_ _1948 J
105 Sale 105
106
89
20 104 1091% Hackensack Water 1st 4a_ _ _1952
878 Nov'28
lst & ref 58 series C
1960 A 0 10734 Sale 10734 10838 90 106 113 Hartford St Ry 1st 4s
96%
9618 _
9610
1930
Berlin City Elec Co deb 630 1951 ID 95 Sale 94L
1
9378 98
8412
Havana Elec consol g 5s._.1952 FA 83 -89T 8412
95
60
Berlin Elea El & Undg 3Zii _1956 AO 9312 Sale 9234
94
6918 14'
9234 9724
6914 69
Deb 534e series of 1926_1951 MS 69
35
Beth Steel let & ref 58 guar A '42 MN 101 Sale 101
99% 1042, Hoe(R)& Co lsto34eserA.l934 A0 91 Sale 91
10112 10
9114 12.
30-yr p m & imp s f 53_ _ _ _1936 Ii 10114 Sale 100L 10112 10
99 103 Holland-Amer Line 6e (fiat) _1947 N 10024 1011 10112 Nov'28
Cons 30-year 68 series A._1948 FA 10478 Sale 10412 105
8634 Sale 8612
87
68
94 10212 10572 Hudson Coal lets!58 ser A.1962
Cons30-year 5358 ser B
2,
1953 FA 10234 Sale 10238 103% 37 99% 106 Hudson Co Gas 1st g 55
1940 MN 105 Sale 10434 105
Bing & Bing deb 6).e
10153 Sale 10112 102
62
1950 MS 9818 Sale 9818
9614 99 Humble Oil& Refining 5%8_1932
9812 12
100% 128
Botany Cons Mills64s
1934 A0 7778 Sale 7612
59
Deb gold Is
1937 *0 10014 Sale lOOle
8314
77% 54
Bowman-Bllt Hotels 79
1934 M
100
97 1051, Illinois Bell Telephone 50_1956 ID 10438 Sale 10414 10412 92'
100 Sale 97
18
B'way & 7th Av let con Sc.. _1943 JO 73 Sale 73
Illinois Steel deb 434,
99
18
1940 *0 9814 99 98%
74
68 81
13
103
J
103
Brooklyn City RR let 88
7
1946 *0
1941
9012
90 951
90
8
: Ilseder Steel Corp af 7.
92% 921 9112
9212 23
Bklyn Edison Inc gen 58A
Mtge 65
1948 FA 103-37 101 1067,
1949'I 10412 Sale 10412 105
'I
9212 18
105% 1052, Indiana Limestone let e 166_1941 MN 9112 Sale 91
Registered
10538 Mar'28
98 98
9824
3
1936 MN 97
General 61 series B
10012 104A Ind Nat Gas & 01150
1930'I 10034 gife 10034 10112
6
Indiana Steel let50
1952 MN 10434 Sale 10424 10470
_
102 Sept'28
19681 J 9812 Sale 9812
99
mkt 10044 Ingersoll-Rand 181 55 Dec 31 1935 31
liklyn-man R T see fie
112
9414 58
Elklyn Qu Co & Sub con Md 58'41 M N 62 65 65 Nov'28
64
72 Inland Steel let 41is
1978 * 0 -5324 Sale 9312
102
9
Inspiration Con Cooper 6%a 1931 MS 102 Sale 102
letSeetamped
1941 J J 7218 80 7218 Nov'28
64 90
78% Sale 7724
79
175
Interboro Rap Tran„1st 58_ _1966
Brooklyn R
Nit cony g 46_2002 J J
8814 Nov'27
79
784 Sale 78
178
Stamped
8-yr 7% secured noted_ _ _1921 J
105
13612 Nov'27
77 Nov'28 _ _
921g 100
Bklyn Un El Mt g 4-5a
Registered
94
1950 F A 9212 ii1-2 93
17
80
11
10-year 6s
1932 AO 79 Sale 79
Stamped guar 4-5s
8978 991.
1950 F A 9118 9312 91 Nov'28
10018 Sale 9912 10014 95
Bklyn Un Gas let cons g 58_ _1945 M N 106 10612 106
10-year cony 7% notes...1932 M
106
11 104 111
2
9314
1st lien & ref Os series A._ _1947 M N 11714
5 116 11924 Int Agric Corp let 20-yr Se _1932 MN 9212 9353 93
11712 11712
MN 83 85 1 84
84
5
Stamped extended to 1942 _
Cony deb 5Sis
1936J
39634 313 250 39634
385 Sale 330
lot Cement cony deb 55
9314 102
Buff& Sum Iron 1st f 58- —1932 J D
1948 MN 10514 Sale 10324 106 437
9612 Nov'28
987
Sale 9854
9914 102
9412 Internet Match deb Is
Bush Terminal 1st 49
1947 MN
88
1952 A 0 8914
8838 Oct'28
103
54
Consol5a
19551 1 9912 Sale 99
9514 108 Inter Mercan Marine e f Se_ _1941 AC 102 Sale 102
100
5
951
32
'
I 9412 Sale 94%
Bush Term Bides 58 611 tax-ex '60 A 0 103 105 103
International Paper Is ear A.1947
3 9914 108
103
99 113
Refs 130 aer A
By-Prod Coke let 5e A_1945 MN 10114 102 102
1955 MB 99 Sale 98
3 100 1031:
102
125
97
Int Telep & Teleg deb g 4%a 1952 3, 9612 Sale 9653
Cal & E Corp unit& ref 56_1937 MN 10334 10412 10312 104
11 10318 105
10412
8
954: 105 Kansas City Pow & Lt M..41952 MS 104% Sale 1048
Cal Petroleum cony deb e 1581939 F A 103 Sale 103
13
105
10034 102 10114 Nov'28
1st gold 434e series B
Cony deb f 530
1957 J
95 10434
1938 M N 10418 10412 10312 10412 22
10514 Sale 10518 10524
8
Camaguey Bug Ist f g 7s_ _ _1942 A 0 971 98 9712
2 97 10114 Kansas Gas & Electric 6s... A952 M
9712
148 215
Canada8S L 1st & gen 68_ _1941 A 0 102 Sale 102
2 10012 1031. Kayser (Julius) & Co deb00'47 MS 3144 148 135
10212
964 11
Cent Dist Tel 1st 30-yr 58_ _1943 J
1946 MS 9518 Sale 955
104 10512 Keith(B F)Corp let Se
103 105 104 Nov'28
11014 13
Cent Foundry let ef 88 May 1931 V A 9612 98 9712 July'28
9712 9912 Kelly-Springf Tire8% notea_1931 MN 1 10% Sale 110
Keyston Telep Co 1st 50 _ _1935 3, 92 95 931 Nov'28 CentralSteelletgif8s
Oct'28 -- —
Kings County El & P g 584_1937 A0 103% 104 103
1941 MN 12414 Sale 12414 12414
6 120 126
2
Certain-teed Prod 530 A._ _1948 M
Purchase money 65
1997 AC 130 133 12814 130
82 97
42
87
87 Sale 86
Ceepedes Sugar Co lets? 730'39 M S ___ 9778 9778 Nov'28
9778 105 Kings County Kiev lst g 4s _.1949 P A 8112 85 8214 Nov'28 _
6112 69
8228 82 Nov'28
1949 P A 81
Chic City & Conn RIM Sedan 1927 A 0 Stamped guar 48
6212 64 Nov'28
105
ChGL&Cokelstgugsc...l937J J
1954 1 J 105 10514 105
6
3 100 10438 Kings County Lighting 5s
- 10218 10218
Chicago Rye let 58
78% 88
1
1954 3, 116% 11714 11612 11612
1927 F A 182Fli'
Flret&ref634s8134 19
8114 Bile 81
D 105 10612 10512 Oct'28 _ _
Chile Copper Co deb M
1947 J
143 9314 97% Kinney(OR)& Co 734 %notes'36
97
97 Sale 9612
Cin G&E let M 48 A
89% 9012 Kresge Found'n coil tr 68_4_1936 J O 10424 Sale 10424 105
11
1968 A 0 8914 Sale 8014
8934 27
Clearfield Bit Coal let 4.....1940J J ____ 78 90 Apr'28
8714 90
3
Lackawanna Steel let 58 A_ _1950 MS 10212 104 102% 10212
9912 122
Colon Oil cony deb Is
1938 F A 113 Sale 11234 121
190
Colo F del Co gen f 5s
98
10214
19431 J 100 101 100
Lae Gas L of St L refdtext 50_1934 A 0 100% Sale 10012 10078
4
100
Col Indus 1st dr coil 30 gu._ _1934 F A 9418 96 95
94
9814
Coll & ref 5fie series C__ _1953 F A 10412 Sale 104% 10514 18
2
9514
Columbia & E deb 5s
1952 M N 10014 Sale 10014 100% 79
9814 102
1 '128
Lehigh CA Nay sf 434, A__1954 J J 9914 9402 9912 No,0
38
Columbus Gm let gold 511._ .19323 J 97
9412 10014 Lehigh Valley Coal lets 58-.1933 J .1
3
9832 98 Oct'28
1 3
OoiumbusRyP&Llet4el957J J 93 Sale 93
0 4 Oct'28
Registered
3 9112 100
93
Commercial Cable let g 4a_ _2397 Q
97
._ 1971
0
77% 8824
Sept'28ilii 2
1st 40-yr gu Int red to 4%41933 1 1 94 .
87 Oct'28
Commercial Credit
1934 F A
MN 9912
9312 101%
1st &refs f 58
10
100
_ 100
Colt/ s f5%% notes
04
1944 F A 19
3
111: -97 96 Nov'28
19151
92
97
1st Arefef 58
94
33
93 Sale 93
(14
'I Invest Tr deb 6s_ 1948 M S 98 Sale 9712
1954 F A _ ___ 93% 9553 Nov'28
Oh 99
lst&ref 0150
9812 50
Computing-Tab-Bee e f 68_ -1941 1 J 10512 Sale 10478 10512 32 104 10612
1964 F A __ __ 94 94 Nov'28
1st & ref s f 58
Conn By &L lat&re1g4 e_ -1951 jJ 9712 9812 98 Nov'28
98 103
let&ref at 58
-- — 9278 96 Sept'28
Stamped guar 4%a
MS
A
1951 J
Lax Ave & P F 1st gu g 58- _41
1993
74 P
MIL 102
9812 11
9712 Sale 9712
Consolidated Hydro-Elee Works
Liggett & Myers Tobacco 78_1944 A 0 121M4
13121129 32
of Upper Wuertemberg 78.1956 J .1 97 Bale 97
1951F A
10314 39
511
13 96 1004
98
Sale 102
Cons Coal of Md let & ref 58.19501
76
49
7838 37
8334 Liquid Carbonic Corp 6s. __ _1941 F A 205 Sale 200
205
7812 Sale 7812
Consol Gas(N Y)deb 530..1945 F A 106 Sale 106
Loew's Inc deb 68 with warr _1941 A 0 11312 Sale 113
10634 28 10434 107
11414 67
Consumers Gas of Chic gu 56 19361 0 10214
_ 100 10334
.
2 Sale 10018 100% 34
Without stock pur warrants_ A 0 1_711
101 Nov'28
Consumers Powerlet 5s_ _ _ 1952 M N 10434 Sale 10412 10434 14 102 106
1944* 0 113 Sale 11114 113
22
Lorillard (P)Co 73
Container Corp Da Os
1946 1 0 9818 Sale 98
117 Apr'28
A 0
98 10278
9812
5
Registered
!I.-yr deb 58 with wart_ _1943 J D 9012 Sale 9012
36
1951 F A
91
10 8984 9812
9731:
79
1937 .1 1 9114 Sale
Cont Pap & Bag MWs63M. 1944 I A 97 9853 9753 Oct'28
94
Deb 5 Sis
91
9114
2
92
114 19
e 9
-_-
_-_-
_-
19011
dice- 1327114
8011111
Rinse
Aus. 1.
Low
MN
99 10214
100 10278
98% 1004
10114 1034:
07 98
6518 97
103% 108
97 101%
9972 10611
9812 101
9822 Rif
99 103
5012 75
100L 10378
102 10534
1014 10614
106 110
10178 107
10212 10714
95 9712
8634 10914
8072 8818
85 101
90 100
10330 10672
98 104
79 105%
9334 99
10834 11713
9314 9912
90 99
91
74
99 10212
96 10824
95 10112
100 10512
97 105
95 1015,
10014 174
91
994
110 120
891: 10464
10444 1104
104 11011
101 1034
105 1074
106 117
99% 101
94% ge
102 10612
117 12612
9612 10132
92
9532
10114 10414
9614 1024
102 1084
98 103
10648 1084
8924 96
991: 108
524
69
97 10118
9244 98
104% 105%
9614 101
87% 922s
9612 961s
81
98
68
78%
90 9914
10038 104/
1
2
88
96
10018 109
1004 10814
98 10112
10314 10572
96 10112
9872 10318
9112 9212
86% 10114
97% 10012
10212 1054
101 104
91% 94%
100 10214
741i 8104
9418 86111
7644 88
70 90
9614 10314
90 100
77 8614
9412 106
9628 10032
102 10612
9414 1023i
97 10514
9212 9818
10212 10512
100% 10514
10418 1064
10514 148
88 101
1064 1104
931: 99
10214 1074
125 185
8054 914
801: 901:
100 1074
11444 120
105 1084
10211 1057e
1001e 10514
99 1044
1024: 106
991: 101%
97 1024
100 101
97
97
101 102
96 10411
954: 1014
94 1001
.
94 9934
86 371
120 127
99% 10644
118 208
10684 11414
99 10212
104 1184
117 117
817e 9814
884 974
3071
New York Bond Record—Concluded—Page ti
BONDS
118 Y. STOOK EXCHANGE
Week Ended Nov. 30.
8.
Louisville Gas & El (Ky) 58.1952 M N
Louisville By 1st cons 58_ _1930 J I
Lower Austrian Hydro El Pow—
1944 le
Istaf 6%e
McCrory Stores Corp deb 5%841
Manati Sugar 181 5 f 7 As__ _1942 A 0
Ilanhat Ry(NY)cons g 48.1990 A 0
2013 .1 ID
2d48
Manila Elec ity & Lt f 5.3_ _1953 91
es _1947 A 0
Marion Steam Shove
Mfrs Tr Co ate of partic In
A I Namm & Son 1st 6s__1943 J I)
Market St By 75 ser A April 1940 Q
1957 A 0
Meridional El 1st 75
Metr Ed let & ref 58 ser C 1953
Metr West Side El (Chic) 46_1938 F A
Miag Mill Mach 75 with war_1956 J D
J D
Without warrants
Mid-Coot Petrol 1st 63(s__1940 M
Midvale Steel &0conv a f 5s 1938 M S
Sillw El Ry& Lt ref dr eat 43031 .1
General & ref be series A__1951 J D
& ref be series B
1961 J D
Montana Power 1st 55 A
1943
Deb 56 series A
1962 D
Ifontecatinl Min & Agric—
Deb 75 with warrants____1937 J
.1 J
Without warrants
Montreal Tram let & ref 5a__1941 J J
Gen & ref 6156 series A- —1955 A 0
Series B
1955 A 0
Morris & Co lat f 4%8_ _1939 J
Mortgage-Bond Co 4s ser 2 1966 A 0
10-25-year 5s series 3
19323 J
Murray Body 1st 63(s
19341 D
Mutual Fuel Gas 1st gu g 55_1947 MN
Mut Un Tel gtd 66 ext at 5% 1941 MN
Namm (Al)& Son—See Mfrs Tr
Nassau Elec guar gold 48_ _1951 J J
Nat Dairy Prod deb 5318....1948 F A
Nat Enam & Stampg 1st 52.1929 3 D
Nat Radiator deb (Die
1947 E A
Nat Starch 20-year deb 58_ _1930 J J
National Tube let s f 5s_ __ _1952 MN
Newark Consol Gas cons 58_1948 3 D
New England Tel & Tel 56 A 1952 J D
let g 43(8 series B
1981 MN
New Orl Pub Serv let 58 A_ _1952 A 0
First & ref 58 aeries B
1955 J D
Y Dock 50-year let g 48..1951 F A
Serial 5% notes
tau A 0
N Y Edison 1st & ref 654e A.1941 A 0
1st lien dr ref 55 series B__ _1944 A 0
N YGas El Lt H & Pr g 58_1948 J
Registered
Purchase money gold 45_1949 F A
NYLE&WC&RR5148_1942 M.N
NYLE& WDock&Imp 531943 J J
NY&QEIL&Plstg 58_1930 F A
N Y Rya 1st R E & ref 48_ _1942 J J
Certificates of deposit
30-year ad) Inc 58_ _ _Jan 1942 A 0
Certificates of deposit
N Y Rya Corp Inc 6s_ __Jan
______-1965 Apr
Prior lien 66 series A
.1
1985
N Y & Richn, Gas 1st 6s A_ _1951 MN
NY State Rye 1st cons 43(5_1962 MN
1st cons 63(s series B
1962 MN
Y Steam 1st 25-yr 6s ser A 1947 MN
N Y Tele!) lot de gen s 4%6_1939 MN
30-year deben s f 6sFeb 1940 F A
20-year refunding gold 65_1941 A 0
N Y Trap Rock let 65
1046.6 D
Niagara Falls Power let 58_ _1932 J J
Ref & gen 66
Jan 1932 A 0
&lag Lock &0 Pr 1st 58 A_ _1955 A 0
Norddeutsehe Lloyd (Bremen)20yreftle
1947 M N
Nor Amer Cem deb %a A_ _1940 M S
No Am Edison deb 58 ser A_1957 M 8
Deb 5;isserB___ _Aug 15 1963 F A
Nor Ohio Track Light 6a_ _ _1947 M S
Nor States Pow 25-yr 5a A_ _1941 A 0
1st & ref 5-yr 6s series B..1941 A 0
.1
N0119 W T let fd g 4Sis gtd_1934
Norweg Hydro-El Nit 53(6_1957 M N
Ohio Public Service 7145 A__1948 A 0
lat & ref 78 series 13
1947 1. A
Ohio River Edison 1st 68___ _1948 3 J
Old Ben Coal let 68
1944 F A
Ontario Power N F 1st 56_ _1943 F A
Ontario Transmission 181 58.1945 M N
Oriental Devel guar 65
14,53 M
Exti deb 5148 lot Ws
1958 M N
Oslo Gas & El Wks extl 55_1983 M S
5348
1946
Otis Steel 1st M 66 see A_ _ 1941
Pacific Gas & El gen & ref 58 1942 .1 J
Pao Pow & Lt let & ref 20-yr 58'30 I" A
Pacific Tel & Tel let 55
1937 J J
Ref mtge 58 series A
1952 MN
Pan-Amer P & T cony of 65_1934 MN
1st lien cony 10-yr 7s
1930 F A
Pan-Am Pet Co(of Cal)conv 613'40 I D
Paramount-B'way 1st 5%5..1951 J
Paramount-Fam'e-Lasky 65.1047.6 D
Park-Lex 1st leasehold 63(8_1953 J J
Pat & Famish)G & El cons 50 1949 M
Pathe Exch deb 75 with warr 1937 M N
Penn-Dbde Cement 6s A _ _1941 M S
Poop Gas & C 1st cons g 66_ _1943 A 0
Refunding gold to,
1947 s4 s
M
Registered
Philadelphia Co sec be eer A _1967 J 0
Phila Elec Co let 4145
1967 MN
Phila & Reading C
ref 56_1973 J J
Phillips Petrol deb 5)8s
10393 D
Pierce-Arrow Mot Car deb 881943 M
Pierce 011 deb 5 I 8s_ _Dec 15 1931 I D
Pillsbury Fl Mille 20-yr 65_1943 A 0
Pirelli Co (Italy) conv 7s___ _1952 M N
Pocah Con Collieries 1st 81561957 J
Port Arthur Can & Dk 88 A_1953 F A
1953 F A
1st M Os series B
Portland Elec Pow 1st 68 B_ _1947 M N
__ _1935 .1 1
Portland Gen Elec 1st
Portland By let & ref 5s__ _ _1930 M N
Portland Ry L & P let ref 56_1942 F A
1st lien 6c ref 66 aeries B_ _ _1947 MI'.
let lien & ref 7145 series A_1946 M N
J
Porto Rican Am Tob cony 6s 1942
Postal Teleg & Cable coil 55 1953 J J
Pressed Steel Car cony S 55_ _1933 1 .1
Prod & Ref 5 f 8s (with war).1931 J D
Without warrants attache& _ _ I 1)
Pub Elerv Corp N J deb 4%5.1948 F A
Pub Serv El & Gas 1st & ref55 '653
1967,3 D
lst & ref 411s
Punta Alegre Sugar deb 78_1937,1 1
Mee
Frfdap,
Noe. 30.
Weak', ;
&II
Range or
Loss Sale. az‘n
Ramos
Blue
Jam. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 30.
Rio? Nc
MO
Low
High
A55 'AS
10414 Sale 10378 10414 13 10058 10638 Pure Oil a f 534% notes____1937
981: Purity Bakeries s f deb 5s_ _ _1948
95
9434 9512 Oct'28
1937
Remington Arms 68
8512 11
85
911: Rem Rand deb 53(5 with war '47
8512 Sale 8518
9978 41
/
4
9838 10258 Repot) I & El 10-30-yr bs 5 f _ _1940
9978 Sale 991
9834 31
91 1093,
Ref & gen 53(e series A....1953
9834 Sale 9612
31
7718 Reinelbe Union 75 with war_1946
67
6734 68/
1
4 67s
68
____ 6312 6312 Oct'28
80
7114
Without stk purch war__ _1946
98 1031, Rhine-Main-Danube 7e A _ -_1950
____ 8678 Nov'28
99 102
Rhine-Westphalia Elec Pow 78'50
99 100
99
99
5
1952
Direct mtge 65
1953
10438 10434 10412 10412
8 10312 108
Cons in Os of 1928
96 1001: Rima Steel 1st s f 78
1955
9678 17
9634 9712 96
0612 0712 97
0014 1003, Rochester Gas & El 75 ser B_1946
4
97
102 104 10378 10378
1 1004 105
Gen mtge 53(s series C..1948
7712 84k
Gen mtge 4 Yig series D_ _ _ 1977
-___ 7678 7712 Nov'28
9613 103
9434 9534 97 Nov'28
Roch & Pitts C & I p m 58_1946
8913 9812 St Jos By Lt & Pr let 58.-1937
2
8912 92
92
92
105 Sale 105
10514 21 10412 1061.
100 Sale 100
9834 1023, St Joseph Stk Yds 1st 4%8..1930
10034 80
2
100 101
9934
9713 1003 Bt L Rock Mt & P 58 stmpd_1955
9934
10258 10312 10238 Nov'28
10212 1053, St Paul City Cable cons 58_ _1937
10111 Sale 10112 10138
8
9914 1033, San Antonio Pub Serv let 85_1952
103 Sale 103
10338 19 10038 1064 Saxon Pub Wks(Germany) 78'45
10134 Sale 10112 10178 31
Gen ref guar 63(5
1951
99 tes
1946
Schulco Co guar 6343
12218 Sale 120
Guar a f 611s series B
1946
128
209 10014 13112
93 1014 Sharon Steel Hoop 8 f 53(8_1948
9378 Sale 93
94
186
99 Sale 99
9814 1021
99
4
. Shell Pipe Line 5 1 deb 58..._1952
98 10174 Shell Union Oils f deb 55_1947
9814 Nov'28
9814 9838 10018 Shinyetsu El Pow 1st. 6348_1952
9814 -- 9838 Sept'28
8712 Sale 8712
Shubert Theatre 66.June 15 1942
8738 26
82
8214 82 Nov'28
82
Siemens & Halske s f 75
1935
8518
82
"'412
9878 VB.
97/
1
4 98
974 Nov'28
1951
Deb • f 652a
102 Sale 102
9038 10238
8 f 6145 allot ctfs 50% pd _251
10214
12
10134 ---- 102
102 107
Sierra & San Fran Power 5a_1949
Oct'28
10114
10434 July'28
10214 10454 Silesia Elec Corps 1 6%8____1946
Silesian-Am Exp coil tr 78___1941
5712 Sale 57
571
9
58
65
SIMIX18 Petrol8% notes
1929
99 Sale 9834
9578 9934 81nelalr Cons Oil 15-year 78_1937
9914 176
10118 ____ 101
Oct'28
101 10413
1st lien coil 65 series D
1930
78 Sale 7512
11
73/
1
4 101
1st lien 630 series D
1938
78
100 Nov'28
10
02
0 10
05
03
144 Sinclair Crude Oil 5)46 set A.1938
104 Sale 10334
10438
Sinclair Pipe Line e f 58
1942
7
10414 10514 10414 Nov'28
102 108
Skelly 011 deb 5348
107 Sale 107
10739 16 10518 1114 Smith (A 0) Corp let 63;5_199 39
3
10012 Sale 10012
9913 106
South Porto Rico Sugar 76..1941
10138 38
97 Sale 97
95 1013, South Bell Tel & Tel 15151 581941
9714 47
9734 Sale 9714
9712 28
9534 10114 Southern Cob Power 68 A_ _1947
8434 88
8434
8434
4
84
90 frwest Bell Tel 1st & ref 5s._1954
9018 92
9018
Spring Val Water 1st g 55.....1943
9034 19
88
94
11514 11518 11534
7 113 119
& reMilling
1930
11534
StanardM
f 5is let 5s
104 Sale 104
10418 15 103 106
1st
1945
10738 10818 10738
1 10538 11114 Stand 011 of NJ deb 55 Dec 15'46
10738
110 Apr'28
110 110
Stand Oil of N Y deb 43(s_1951
9434 Sale 94
9478 22
9218 9854 Stevens Hotel 1st Os series A _1945
10178 ____ 10238 Oct'28
Sugar Estates (Oriente) 7s_ _1942
10014
1929
100 Aug'28
ion- 1iii1; Superior 011 1st e 17s
10014 -___ 10018 Nov'28
9878 10174 Syracuse Lighting let g 5s_1951
56
62
62 Nov'28
823, Tenn Coal Iron & RR gen 55_1951
62
60
Tenn Cop & Chem deb 6s_ __1941
58 June'28 _-_58
212 ____ 4 Mar'28 ____
218 4
Tennessee Elec Pow 1st 613_ _1947
212 3
213 4
Third Ave let ref 4,3
1960
3
Oct'28 -_ -2034 Sale 1958
21
133
1338 32
Ad)Inc 58 tax-ex N Y Jan 1960
8612 Sale 8612
1937
7528 944 Third Ave By 1st g 58
8613
10638 10712 10612 10612
13
07434 109
50
Toho Elec Pow 1st 76
1955
4612 Sale 46
47
26
6% gold notes__ _July 15 1929
4878 7433 Tokyo Elec Light Co. Ltd55
55
5834 55
2
10612 Sale 10612 10612
2 105 1094
let 6s dollar series
1953
9914 10312 Toledo Tr L & P534% notes 1930
10014 Sale 100
10118 30
11012 Sale 11018
11034 22 10934 1111, Transcont 01163(8 with war 1938
107 Sale 10634
Trenton a A El let e 5s
10713 62 los 109
1949
101 Sale 101
9872 10312 Trumbull Steel let 51 65____1940
10112 17
101 10114 102/
1
4 103
8 10018 10434 Twenty-third St By ref 56_19132
10338 Sale 10332 1033
3 10278 10614 Tyrol Hydro-Elec Pow 7146-1955
34
4
10334 Sale 10334
3 101 10454
1945
UPgawa El Pow s 1 78
9314 Sale 9212
92
94,
4 Underged of London 43(s_1933
9312 60
7038 Sale 69
Union Elec Lt dr Pr(Mo)55_1932
89
7012 47
93
101 Sale 100
1933
64
99 1033,
Ref & ext 55
101
102 sale 10112 102
89 1011
/
4 10218 Un E L&P(I11)1stg 5148ser A _'54
104 Sale 10312
40 100 1071) Union Elev By (Chic) 56___ _1945
104
10114 Sale 10114
1931
Union Oil let lien s t 58
994 104
10114 29
10514 Sale 10514
30-yr fis series A_ ___May 1942
10534 12 104 507
- - - 9934 99
let lien s f 5s series C_Feb 1935
9712 100
Oct'28
-9233 SAle 92
9212 34
904 904 United Biscuit of Am deb 66_1942
111 113 112
2 112 11684 United Drug rots 25-Yr 58-1953
112
115 11514
4 115 118
United RYB St L let g 40-1934
11512
106 10612 10618
1937
United SS Co 15-Yr 85
8 1044 108
10634
92
93
9112 Nov'28
Un Steel Works Corp 634s A_1951
87
96
10218 ____ 10214
With stock pur warrants
7 10058 1061:
10234
10213 10312 10212 Nov'28
Series C without warrants__
10058 1004
9714 Sale 9712
With stock pur warrant&_
9778 33
9618 106
9018 Sale 90
9012 United Steel Wks of Burbach
9018 96
90
93's Sale 9214
Esch-Dudelange s f 78_._.1951
9314 13
905g 9378
US Rubber 1st & ref Meer A 1947
Nov'28
100 100
i6i38 We- 100
10034
10-yr 734% secured notes. 1930
10134 32
9738 1011
/
4
103 Sale 10238
S Steel CorpfCoupon Apr 1963
10318 26 10018 10514
100 10014 9978
8110-80-yr5,31Regis_Apr 1963
10018 12
9913 101"
103 Sale 103
10338 17 10211 105
Universal Pipe & Bad deb Oa 1936
10538 10538 10538
Utah Lt&'Frac lat & ref 55_ _1944
10538 12 102 108
108 Sale 108
1944
UtahPower&LtletSs
107
102 1024 108
10412 10434 10412
3 1034 105)8 Utica Elec L & Plat sfg 58_1950
10412
99 Sale 99
9978 62
Utica Cask Elec ref & ext 581957
9154 100
10012 Sale 10058 101
10
984 104
Utilities Power & Light 550.1947
10034 Sale 100
10034 71
98 102,
4 Vertientes Sugar let ref 78_1942
9534 96
9512
13
96
1953
8611 10214 Victor Fuel 1st s 1 55
10438 10513 104
Oct'28
102 1071, Va Iron Coal & Coke let g 58 1949
81 Sale 81
8638 96
50
9638 Va By & Pow 1st & ref Ea1934
9632 Sale 95
9812 15
9312 102
Walworth deb 63(5(with war)'35
11218 116 114
114
1 11354 120
let sink fund Os series A—...1945
10512 10712 10534
10614 14 102 10818 Warner Sugar Refill let 78_1941
---04
A pr'28
104 104
Warner Sugar Corp 1st 73—.1939
9934 Sale 9914
9978 150
97 1015) Wash Water Powers 15s___ _1939
9912 10018 10014
10038 15
971L 1041: Weatches Ltg g 5s strand gtd 1950
93 Sale 92
11
93
9118 1021 West Penn Power ser A 56_1946
9458 Sale 9414
9114 85
1st 5a eeries E
1983
9434 98
10618 Sale l06l8
2
10612
let 53(8 series F
1953
9012 108
10438 105 lO4I8 Oct'28
10418 10684
1956
lat sec 5s series G
10412 106 106
1 10312 10117 West Va C & C lst 66
106
1950
12312 Sale 12014
127
59
9914 129
1944
Western Electric deb 5s
95 Sale 9'
95
1
9312 9812 Western Union coil tr cur 56_1938
10334 105 10417 10458
3 10334 10634
Fund & real eats 434s._._1950
10534 104 Nov'28
10334 106
1938
15-year 6345
102 10212 102
10312
4 100 10534
25-year gold 55
1951
9934 10012 100 Nov'28
99 1031, West'h'se K & M 20-Yr g 58..1946
---- 9713 9712
9712
7
9714 9934 Westphalia Un El Pow 69_ _ .1953
9958 Sale 9958
0034
4
98 10184 Wheeling Steel Corp 1st 5145 1948
102 10438 10218
10414
3 100 10478 White Eagle 011k Ref deb 53(5'37
10718 10713 10718
1 10614 108
10718
With stock purch warrants___ _
10112 Sale 9834
10314 403
9512 105
White Sew Mach 85(with war)'36
9534 Sale 9512
9612 69
93
9718
Without warrants
100 Sale 97
102
210
90 116
Wickwire Soon St'l 1st 75_ _1935
11118 ____ 11034 Sept'28
11084 115
Wickwire Sp St'l Co 75.Jan 1935
11034 112 11018
11118
1 11018 11218 Willys-Overland 8 f 6146_ ___1933
174 Sale 16112
177 1010 116 177
Wilson & Co let 25-yr s 166_ _1941
104 Sale 104
104
12 102 10538 Winchester Repeat Armenia '41
9934 Sale 9934
101
64
99 10118 Youngstown Sheet & Tube 5s1978
9558 Sale 96
97
18
9312 107
t3
Price
Friday,
Nov. 30.
Week's
Ramo or
Loki Salo.
i3
c2g;
Sas I
SSW
JOS. 1.
Low
HIsS
Mak
NM
Ask Low
31
974 102,
4
10034 Sale 10038 101
924 9,08
9412 95
9514 16
9418
14
97 101
9972 Sale 9912 100
9312 sale 9312
92
9413 141
9734
9934 10518
6
9972 100 10114 10112
10214 40 10012 105
10134 Sale 10114
3 10318 11311
10314 10334 10314 10334
17
96 102
9612 Sale 96
97
18 10018 104
102 Sale 101
102
10112 Sale 10034 10112 31 100 10234
9112 23
8911 94
90 Sale 90
93
9413
94 Sale 93
9418 60
2
98
93 Sale 92
92
9338
6 10714 114
109 Sale 109
10914
10614 10678 10614 10614
1 104 10818
10132 102 10134 Nov'28
10134 102
90
9018
90 Nov'28
1
94
9518 Sale 9518
9811
951s
9812 Sale 9838 Nov'28
77
7812 7814 Nov'28
92
9714 92 Nov'28
10614 Sale 10614
1
10614
100 Sale 9912 10043 34
9414
9418 Sale 94
9
102 Sale 10178 102
7
3
102 1024 102
102
9812 Sale 9734
9812 37
9714 9712 97
9834 60
9838 Sale 9718
9878 39
9114 17
9034 Sale 9054
91 Sale 91
9218 14
10034 10178 10114 102
30
1
105 10513 106
106
60
106 Sale 10513 106
1
10138 16112 10112 10112
98
98 10034 Nov'28
99 Sale 99
9914 17
10
101 103 101
101
51
10378 Sale 10312 104
10014 Sale 9912 10014 360
10134 Sale 101
10178 64
63
'9738 Sale 9713
98
52
9512 Sale 9512
96
9434 45
9414 Sale 94
17
10112 10134 10134 102
106 10614 10512 Nov'28
10438 12
104 10412 104
10418 Sale 10418 10412 13
10412 Sale 10418 10412 22
9938 ____ 10018 10018
8
10018 Sale 9934 10018
103 10312 103
103
6
55
103 Sale 10234 103
98 Sale 9734
98/
1
4 107
9912 Sale 9912 10034 10
4
9712 98
9712
9818
____ 102 100 Nov'28 10678 ____ 10678 Nov'28
10234 ____ 10238 Nov'28
116 Sale 112
23
118
10612 Sale 10814
10612 24
0712 17
6612 6812 6612
6338 173
63 Sale 6212
9638 97
5
9612
97
99 Sale 9838
49
99
9912 Sale 9913
9934 20
90
99
78
794
91
9811
1054 109
,
4
99 1034
94
98
10012 1054
100 105
9513 9834
9338 98
,
4
947g 1001s
9034 984
88
9412
99 104
11144 112
10438 10739
9818 105
9118 98
96 102
9814 1084
100 10414
9714 10014
9514 1024
941s 99,
4
93
9754
914 9614
101 10312
105 11014
1024 1064
102 10'714
10214 10718
Intl 1024
984 10111
10214 11141,
10218 104
9334 984
974 10218
97 10114
100 110
105 110
10154 10858
1014 118
105 10814
73
68
,
4 724
55
954 10111
98 1004
98 100
9012
10014
10434
1023g
102
Sale 9014
9034 174
Sale 10018 10039 40
Sale 104
10514 189
_
105 10434 June'28
10211 10212 10234
8
61
61 Nov'28
-9912 100 100
100
90
9214
99 10114
100 107
104% 10712
101 10812
561s 68%
98% 101%
9914 9913 9934
9934
- 9534 Mar'28
10012 10212 102 Nov'28
10012 10112 100
10114
104 Sale 10314 104
8712 90
8712
8712
10112 ____ 10138 Nov'28
109 110 10912 110
9938 Sale 9912
9958
97 103
9512 9614
100 103
100 103
101 10414
87% 94%
9958 102
108 1124
974 102
984 1024
95 10014
81
854
95 101
90
26%
89% 974
90
96
89
,
4 9811
lows sale 10014
9712 sale 9712
82
99
89
8914
9034
90
8212
Sale
90
Sale
9112
9112
82
9713
90
8914
92
90
100,2
9814
82
9934
91
9012
92
9012
8
5
18
2
3
25
20
139
1
21
31
23
1
6
10412 Sale 104
10412 33
9012 106
9012 Sale 90
10034 sale t00% 10072 35
118
10712 Sale 10712 109
- 10612 Oct'28
—_
90
90
8
4 90
9712 39
9633 Sale 9612
10012 Sale 10012 10034 24
10518 107 105
Oct'28
10612 10712 10814 Nov'28
9418 51
94 Sale 9332
9812 Sale 98
9812 33
_ _ 45
4232
4212
6
82
8312 82 Nov'28
7
10034 10112 10032 101
95 Sale 95
1
95
901 Sale 9013
9112 13
106 10712 106 Nov'28
8812 Sale 8812
22
90
104 Sale 104
1
104
10412 10534 10413 10412
1
103 Sale 103
7
10314
10512
10514 10534 17
105 ____ 105 Nov'28
10338 Sale 10338 104
5
35 Sale 35
46
19
103 Sale 103
10312
8
104
____ 104
2
10414
9978 Sale 9978
7
9978
11018 Sale 11018 11078 14
103 Sale 103
10314 10
10414 Sale 10414
10412 66
8712 Sale 871
23
88
10134 Sale 10114
10134 19
102% 106 '
83% 984
100 105
,
4
106 1095i
10511 1084
894 96
944 1004
9854 1034
105 108
,
8
1044 112
934 944
97 101
424 65
82
91,
8
0312 102
82
984
80
9611
10512 1077,
8411 95
10238 105
1044 1094
101 105
102 108
10114 10614
10114 106
35
60
101% 106
100 1054
9638 1054
10839 11278
10114 10614
1004 105
88
9118
99
,
8 1004
10634 Sale 10478
135 Sale 125
9738 Sale 9712
4713 Sale 4712
4718 5172 47
10212 Sale 10212
10278 Sale 10212
10712 Sale 10718
10034 Bale 10012
934 1074
122 135
974 104
28
544
25
53
10113 1034
100 1054
106 10818
9914 10114
10712 244
135
36
9812 50
50
20
52
74
7
102%
10334 14
7
10712
10078 71
[VOL. 127.
FINANCIAL CHRONICLE
3072
Outside Stock Exchanges
Cleveland Stock Exchange.-Record of transactions at
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Nov. 24 to Nov. 30, both Cleveland Stock Exchange, Nov.24 to Nov.30, both inclusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
Stocks--
Friary/
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
11
Almar Stores
* 95
American Stores
Bans of No Amdar Co_100
Bankers Secur Corp pref 50 72
Zell Tel Co of Pa pref.. _100
Blauners all certificate-- 55.34
Burnot Inc
Budd (E G) Mfg Co
* 39
Preferred
0234
Budd Wheel Co
39
Cambria iron
50
•Camden Fire Insurance-- 32
Commonwealth eas Co-10 30%
__
Conrad' Traction of N J.100
Cramp Ship dr Eng _ _ _ _100
Curtis PuolishIng Co corn
220
-Electric storage Battery 100
Eire Association
10 54%
Giant Port1 Cement ra Au
gorn&Hard(PhIla.) corn.*
Horn & Hardart corn
*
Insurance Co of N A-__RI 85
Keystone Telephone- -50
034
Preftrkd
50
Lake Superior Corp__ -100 18
50 185
Lehigh Coal & Nay
Lit Brothers
10 2614
Manufact Cas Ins
osyi
Mark (Louis) Shoes Inc...*
North East Power Co.
-- _ _
Penn Cent L& P cum pf.• 60
Pennsylvania V.P.
Pennsylvania Salt Mfg 50
Penn Traffic
214
Phil& Dairy Prod pref..- - 93
Philo, Electric of Pa
25 8614
_Phila Elec Pow rects F P25 3334
Phi's, Rapid Transit.....50 52%
50 50
7% Preferred
_Phila.& Reading C & I Co *
Philadelphia Traction-.-60 5634
Pulls & Western Ry_ -50
50 31
Preferred
10 2714
Reliance Insurance
Shrev El Dorado Pipe L.25 39%
Scott Paper Co
8% preferred B
Sentry Safety Control
Stanley Cool Amer ctfs_ _• 61
Tacony-Palmyra Bridge- •
Tonopah-Belmont Bevel.1
14
1
Tonopah Mining
3%
Union Traction
50 39%
United Gas Improvement50 16934
United L & P "A" com- •
U S Dairy Prod class A_ -.* ao
Victor Talk Machine WM •
Warwick iron & Steel_ _10
West Jersey dr Seash RR 50 4934
Westmoreland Coal
50 4134
RightsBankers Sec Corp
Budd Wheel Co
7%
BondsConsol Tree NJ 1st 50 1932
Elec dr Peoples tr ctfs 4s'45
Lake Sup Corp 56 stpd
Peoples Pass tr ars 4s-1943
Phil& Elec tPa)151 lien & ref Is. -1960
1966
1st 5s
lit lien & ref 5 As.-1947
Phil,* Elec Pow 534s-1972
Strawbridge & Cloth 5a '48
United Rys&EI(Balt)45'49
Certificates of deposit_ _
• No par value.
1034 1234
95
9034
453 453
67
72
11634 11634
53
5534
10
10
38% 39%
60
6034
36
40
41
41
3214 32%
3014 32
5534
52
3
3
220 221%
9434 0634
54
5464
37
37
238 240
61% 64
85% 87
4% 6%
14
1434
16
1734
16234 168
25% 2614
69
87
314 3%
48% 51%
79
7914
87% 70
100% 191
2
2
95
9534
82
8614
33
341-4
5234 53
50
5034
3434 3436
56% 5634
8
9
31
30
27% 28
39
40
50% 50%
100 101
15
15
6014 62
37
37
A
64
33-4 3%
3964 3934
165% 17334
2634 3114
49
50
14914 155%
% 1
45
50
41% 4134
33‘ 6
5% 10
84
6634
33
5734
10434
105
106%
105%
991-6
8934
893-4
Low.
18,300 1034
12,750 64
36 453
3,200 67
200 114%
200 41
100
814
10,900 17
420 41
8,000 25
200 41
3,100 2736
700 253.4
272 5014
1%
200
300 210
2,558 69%
5,800 46%
100 31
820 205%
3,100 52
5,200 68
3
1,970
225 12
7,700
3
7,800 105%
3,809 22%
500 47
3
1,500
29,200 2034
150 79
15,200 61%
200 92
1%
500
297 90
900 6534
4,900 22
725 5034
2,231 50
50 2834
500 55
400
8
500 30
500 25
1,735 18
10 40%
30 98
200 1134
12,205 3064
232 2534
A
7.000
3%
5,400
1,405 3634
40,300 11434
43,700 15
240 3714
1,400 52
A
1,766
3,900 3314
100 35
8.900
11,100
84
81,000
57
7,000
3734 26,000
5734 5,000
10434
10534
106%
10534
99%
893-4
90
Range Since Jan. 1.
12,000
1,400
1.000
500
15,000
15,000
34.000
Nov
Jan
Nov
Nov
July
Nov
June
Aug
Aug
Oct
July
Jan
Oct
Aug
Feb
Nov
Jan
Oct
June
Aug
Feu
Aug
Jan
Jan
Jan
Feb
Jan
Sept
July
Mar
July
July
Jan
Apr
Mar
Jan
Jan
Slay
Apr
Feb
Aug
Nov
Nov
June
Mar
May
Oct
Sept
May
Oct
Nov
Oct
Sept
Jan
Feb
Jan
June
Jan
Jan
Aug
336 Nov
Nov
5
High.
20
10134
503
75
118%
60
14
39%
73
45
43%
39%
3534
6214
14
22134
99
85
4134
240
64
10434
7
21
183,4
171
29
71;4
2234
56
82
73
10934
2
97
86%
3534
61
52
38%
64
15
3634
37%
45
60%
101
16
68%
37
2
5
46
173%
31%
6234
155%
13-4
50
57%
Feb
Nov
Apr
Oct
Oct
May
Feu
Nov
Mar
Nov
Mar
May
Mar
Mar
Jan
Nov
Nov
Apr
Feo
Nov
Mar
May
Jan
Jan
Nov
Nov
June
Nov
Jan
Nov
May
Apr
Jan
Nov
Oct
Nov
Oct
Apr
Apr
Jan
May
Feb
Feb
Jan
Oct
May
Sept
Sept
Sept
Nov
Jan
July
May
Nov
Nov
May
Nov
Apr
Nov
Jan
7% Nov
14
Nov
82%
52
14
5634
Aug
Nov
Jan
Nov
90
66
3734
66%
Jan
May
Nov
Apr
102%
104
10534
104
99%
64%
85
Aug
July
Sept
Aug
Nov
Jan
Oct
106
100
10734
108
101%
89%
90
Mar
Jan
Mar
May
June
Nov
Nov
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Nov 24 to Nov 30, both
inclusive, compiled from official sales lists:
Stocks-
I,naay
sate,
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Law. High. Shares.
Range Since Jan. 1.
High.
Low.
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sate
ofPrices.
Par. Price. Low. High. Shares.
U 5-"UMt52tt;
IIMMOTADINAPNWXzz
x xx
xx
x
xxx
vixo
Aetna Rubber common.._* 25
.
8
Akron Rubber Reel Corn.
Allen industries, corn..*
Preferred
3334
American Multigraph com* 3514
Amer Ship Bldg com- _ -100 90
Bessemer Lim Sc Corn corn •
Bishop Sc Baucock. com_50
6%
20
Bond Stores "A"
434
"B"
Buckeye Incubator cornByers Machine"A"
2334
Brown Fence Sc Wire
• 35
Preferred
35;6
100 180
Canfield 011 corn
Central Alloy Steel pre:.100
City ice & Fuel
5734
Clark (Fred G) corn_ ---10
83-4
Cleve-Clifts Iron corn....• 135
Cleve Elec 1116% pref _-100 112
100
Cleveland Ry core
105.4
Cleve securities p1 pref-10
234
100
Cleveland Trust
24
Cleve Un Stockyds
Cleve Worsted M com-100 22
Dow Chemical com
•
•
Elec Contr Sc Mfg com
Faultless Rubber corn._ --• 32
Fed knitting Mills corn_ •
Firestone T Sc R corn...10
100
6% preferred
100 108;4
7% preferred
• 49
Foote-Burt common
100
Preferred
General T Sc Rub corn---25
100 99A
Preferred
100
Glidden prior pref
Godman Shoe core
*
Grasselll Chemical pre1.100
Greif Bros Coop'ge corn- *
100
Halle Bros pref
* 26
Harbauer common
India Tire Sc Rub corn-- --* 38
Interlake Steamship com_* 165
* 41
Jaeger Machine com
10 30
Haynee common
Kelley Island L & T com_• 56
* 1234
Korach (5) common
Lake Erie Bolt Sc Nut corn•
McKee, AG Sc Co,com..
Miller Wholes Drug,com_*
*
Miller Rubber,com
100 73%
Preferred
*
Mohawk Rubber, corn
100
Preferred
.
8
Murray Ohio Mfg, corn.
• '391%
Myers Pump,corn
National Acme,com-- _10 29%
• 3634
National Tile, com
• 29
Nestle-LeMur, corn
•
"1900" Washer,coin
North Ohio P &L6% 91100
Ohio Bell Telephone, pf 100 114
•
Ohlo Brass"13"
Ohio Seamless Tube,corn-• 74
•
Otis Steel. corn
Packard Electric, com---* 115
* 34A
Packer Corp, corn
Paragon Refining, cam. 19
•
Preferred
* 4834
Reliance Mfg, corn
• 390
Richman Bros,corn
Robbins Sc Myers No 1. *
*
No 2
Sandusky Cement, corn-8 230
Scher-Hirst, clam "A"...8
Seiberling Rubber, COLS. • 53
100
Preferred
• 3434
Selby Shoe,com
100
Preferred
26 88
Sher-Williams, com
100
Preferred
Stand Textile Prod, A pf100
Star Rubber,corn
634
Stearns Motor, corn
99
Steel & Tubes A
Thompson Prod, com- _ • 39
Union Metal Mfg,conk -_* as
100 341
Union Trust
Van Dorn Iron Wks,com •
100
Preferred
• 22%
Weinberger
Well-Seaver-Morg. pt..loo
Wood Chem Prod, corn.
21%
"B"
100 102
Y'stown S Sc T Pr
Range Since Jan. 1.
Low,
July
135 18
25
26
Apr
320 17
24
25%
225 1034 July
15
15
July
10 30
33% 3334
435 2634 Jan
35
3534
Sept
275 81
90
87
50 3334 June
37
37
Jan
305
6% 696
64 Aug
1,365
4
5
A Jan
1,590
64
2
12
9% Sept
210
12
Sept
23
24
500 19
Nov
35
475 35
3834
3534 38
750 3534 Nov
May
180 180
10 112
1113,4 112
58 10934 Jan
57
1,278 36 34 Feb
57%
234 Feb
395
7% 834
Jan
135 135
25 104
112 11234
204 110 June
May
105 10534 1,034 102
1% July
1,069
2% 3
Jan
380 385
105 359
Oct
24
24
76 21
Oct
22
22
100 17
200 201
60 11234 Jan
60
235 5414 Jan
62
July
32
85 30
32
Jan
37% 38
165 32
Oct
181 181
15 165
Jan
110 111
55 109
108 108 34
148 105% Nov
Feb
49
49
36 25
Feb
100 100
25 80
Mar
200 200
25 165
July
99
993.4
300 95
Jan
10434 104%
26 96
56
5634
155 5634 Oct
110 110
10 10534 Feb
July
41
41
185 39
102% 10234
Aug
30 100
2534 26
1,410 1234 Apr
Feb
36
41
2,945 18
165 185
Feb
10 123
41
200 27% Mar
4134
30
30
258 29
Aug
56
57
195 4934 Apr
12% 16
341
83.4 Feb
2734 28
Jan
70 17
41
126 393-4 Oct
41%
July
29% 30
180 24
24
24
200 203-4 July
72
74
323 70
May
Jan
234 23934
70 293
Jan
90
90
125 55
33
3334
46
3% June
Feb
39% 40
4,955 33
2694 31
1,775
734 Jan
3834 38
1,380 2694 June
Nov
25% 28
1,560 25
23
Oct
2334
75 23
97
112 93
Jan
9734
113% 114
185 109 June
92
94
1,248 80
Oct
74
280 38
Mar
78
3934 393.4
100 11% Jan
10334 115%
Jan
538 47
560 32% Feb
34
35
18
19
5,683
93.4 Jan
433.4 4334
426 4134 Sept
_43
4934 17,665 37% Oct
680 400
956 256
Feb
9
9
Nov
175
8
9
9
Nov
535
9
229 230
62 155
Jan
25
25
40 22
Aug
.4834 55
6,205 33% Feb
107 108
113 102% Aug
34
35
335 34
Nov
1431%
Nov
50 99
87
225 6534 Feb
8834
108% 106 A
75 105% Nov
125 50% Aug
6534 66 34
A Nov
285
A
A
534 634 1,350 37
Mar
99
99
100 95
Nov
38
40% 2.545 22
Feb
48% 62
1,478 42% Jun
330 341
Jan
104 285
Aug
4
4
40
4
Nov
26
26
10 26
22
140 2134 Nov
2234
71
71
Oct
50 55
28
165 24% Sent
28
140 1834 Nov
21% 21%
101 A 102
403 9934 Oct
High.
12
3
18
9
7
J
Oacnt
1734 May
Feb
37
3276:
Jan
Apr
Nov
Nov49
Jan
Jan
40
38% Nov
Nov
38
5Aa
Novr
81
112
8
5
2
Sept
60
y
t
Neo
apy
75) wis
14
10
11
Mar
109
3% Apr
400
mar
2736 Apr
Nov
23
28
5
Ma
66
May
3934 Jan
3934 May
Jan
2
13
12
2
Mar
11134 Jan
Nov
49
100
Nov
Oct
205
Mar
103
504% Oct
Nov
,
a
o
N
148151
0 1,4A
3.4
10434 Feb
56
2734 NovSeptpt
Nov
ay
5%4 54
144
63
Nov
58%
186
6
30
24
Oct
Air
t
SN
Nov
Nov
Nov
48
6
jn
28
Sept
93
3334 Nov
O::
4
33
5: A
Nov
31
Oct
29
303,4 Feb
980534; Marc
314
AprNNF0,0e
10
1110
70
Nov
4034 May
Sept
20
NOocvt
Nov
444
00
831414
1034 Oct
2,31901
MaySe';1
55
110081
45
g7
Nov
v
Apr
S.t
Nov
10934 Mar
71 Apr
1
Apr
8
Apr
Nov
101
May
44
Nov
62341
Nov
734 Mar
40
May
23
Nov
Jan
89
28
Nov
21% Nov
102
Nov
,oltiN.4*OpMerNtom,-.7:AS'.
.728gttr-Vgg=24g4m:f4
9
M
M
Feb
Am Wind GI Mach,com100 32
3134 33
314 18
100
Preferred
Aug
50
50
100 33
.Ark Gas Corp,com
•
334
234 May
33-4 334 13,355
10
Preferred
764 7% 5,509
034 MaY
7%
Armstrong Cork Co
Aug
• 62
60
1,517 54
6234
Tilaw-Knox Company-25 4334 4334 44
1,245 4334 Nov
10 223-4 22
Carnegie Metals Co
2334 2,040 1634 Jan
Feb
Colonial Trust co
100
300 300
30 250
165
10
Devonian 011
8% 834 9
614 Aug
Bonds.
July
Diamond Nati Bank - .100 600
600 600
37 501
Nov
0534 $53.500 9334 Nov 96
Follansbee Bros Co, pi-100 9834 9834 99
Aug
Steel Sc Tubes. deb 6s.1943 953( 94
40 95
Oct
Harbison-Walker Reg,com•
55
55
50 55
par
value.
•
No
Oct
39
Horne (Joseph) Co,com •
150
3834 3834
Jones dr Laughlin St, pI-100
121
12134
55 119 June
Cincinnati Stock Exchange.-Record of transactions
25 6536 64% 6564 1.761 4814 Apr
Lone Star Gas
Jan
at Cincinnati Stock Exchange, Nov. 24 to Nov. 30, both
May Drug Stores Corp ---* 2834 2934 28%
150 20
McKinney Mfg Co,conk •
12
230 1234 Nov
12
inclusive, compiled from official sales lists:
Nat Fireproofing,corn -50 loyi 10
11
530
634 Feb
Preferred
50
Afig
Friday
370 17
Sales
2634 28
Jan
Last Week's Range for
Peoples Say & Trust _ -100
Range Since Jan. 1.
750 750
10 603
Pittsburgh Brewing,cow 50
Nov
2
3
410
Sale
ofPri,es.
2
3
Week.
Nov
6
Preferred
50
7
250
Par. Price. Law. High. Shares.
Low.
6
7
High,
Stocks100 6834 asN 6934
Pitts Plate Glass
535 6834 Oct
745 483-4 Feb
Pitts Screw & Belt carp __• 60
June
59
60
94
Nov 114
998 92
9534
Am Laundry Mach com_25 95
*
Jan
Pitts Steel Fdy,com
170 27
3634
55 25
July 29 34 Apr
38
*
28
Amer Products pref
2834
Mar
Pittsburgh Trust Co ...I00
Aug
277 277
40 250
Aug 120
96
98
777 85
Amer Rolling Mill corn _25 97
Sept
Richardson & Boynton,pf •
33
33
25 33
Feb 2234 Oct
215 11
20
20
Amer Thermos Bottle
70
5% Oct
June
Salt Creek Consol 011 ...10
49
Sept
5% 5%
50
12%
734
11
243
Preferred
Apr
28
Aug
stand Plate Gl. pr pl. _100
28
10 25
Jan 275
45 222
23034 235
Carey (Philip) tom__..100 235
Mar
stand Sanitary Mfg,com 25
1,957 33
44
50
Aug
24 120
Aug 126
100 124
123 124
Preferred
Suburban Eiec Dev
* 27
17
Aug
1,395
229 2214 Jan 2991 Nov
26% 27
29
Central Brass A
28
29
Nov
June
Union Steel Casting,corn.* 38
4
2764 28
30 27
80
2% June
234
Cent Ware Sc Refit; A..20
440 4234 Jan
Jan
United Engine & Fdy,eom•
Jan 289
44
45
91 255
261 264
100
Central Trust
25 1134
United States Glass
11
1134
650 10% Nov
Sept
197 2234 Jan 46
3934
Churngold Corp
• 3934 38
*
Waverly 011 IVks, CIA
July 3934 Nov
38
100 3034 Apr
39
Chic Car Co
50 3734 36% 38% 2.856 29
Jan, CNO&TPpref
Westinghouse Air Brake_• 47
May
47
00 43
19 8034 July 121
4534
100 112
112 113
Oct
Aug 100% May
Wiser Oil Company
16
25
16
20 16
755 97
100 9834 9834 98%
Clue Gas Sc Elec pref
Jan
170
Jan
Witherow Steel, pref
Apr
9734
30
30
30
50 13
100
125
125
Chic Land Shares
100
•
Zoller(William),com _
55
25 333-4 Feb
55
25 973-4 Feb 109 June
100% 101
I C N & C Lt Sc Trite cow 100
Nov 121
May
Bonds77
77
77
100
I
Preferred
r......A....., TIrntvinn Act'Fk
RA
fl.
CR AAA
AC
T.Ina
Jan
513 45% Jan 55
50
50%
50 isow
Clot Street Ry
75 5234 Aug 128
May
119 34 123
One Sc Sub Tel
50 122
• No Par Value.
DEC. 1 1928.]
FINANCIAL CHRONICLE
Frump
sates
Lag Week's Range for
Week.
Sale
of Prigs.
Stocks (Concluded) Par Price. Low, High, Shares
24
5151
54
7251
56
100%
3734
2454
126
3354
71
10354
31
31
11254
220
114
xX
8
xx
286
11054
10054
xxX
398
H4 .474o;,2,
,
,
400;
k oTg,,,tgctgo=.y.4ctoo,wzwgw,,,w-,,7wg.4744
85
44
20
35
,,
45
3634 3654
207
5634 5634
80
35
35
89
440
86
6,034
764 85
44
1,020
4434
184 20
10,286
33
35
310
22
344 345
4
398 398
12454 12454
27
707
24
2434
994 100
34
799
514
51
95
95
11
103 103
20
100 10051
15
5154 54
357
13
13
10
72
32
7234
55
56
719
100 1004
466
36
37
754
37
3734
170
22
2454
462
5
28
30
2855
3354 3354
414
1754 1751
100
312
10334 104
75
31
32
267
130 13034
91
3054 32
118
11254 113
36
18
1854
641
282 286
260
110% Ill
245
1,581
100 10254
113 11354
21
220 220
4
104 104
3
100 100
5
32
3254
120
11254 114
1021
81
556
77
102 102
3
859
734 8
70
70
33
66
67
49
10654 1064
20
116% 11354
ft
Low,
..OMOOMOO.08MOMMOO.
N..00,,
000e,,
r 0O 0ONNN
,V00000000...ON.00t
,
rOMMV.VMONM.t.NM.CON
'
,....[-MONCOM VLOOC
NO
MMMOONM.NMONNX ,
N
MM.
Chic Union Stock Yds 100
City Ice & Fuel*
*
•Coca Cola A
Cooper Corp new preL 100
*
Crosley Radio A
100
Dow I)rug COM
Eagle-Picher Lead com_ _20
•
Egry Register A
Fifth-Third-Un'n Trust 100
100
First National
100
Fleischmann pref
*
Formica Insulation
French Bros.-Bauer pref 100
*
Gibson Art COTO
Globe-Wernicke com_ _100
Goodyear Tire lot pref _100
Grim Pfleger pref
•
Gruen Watch corn
Hatfield Campbell Corn...*
*
Hobart Mfg
•
lot Print Ink
100
Preferred
Julian Kokenge
40
Kahn participating
*
Kodel Elec & Mrg A
10
Kroger corn
•
Lunkenhelmer
._
Manischewitz corn now....
•
kfcLaren Cons A
*
Mead Pulp
100
Special pref
•
Meteor Motor
100
Nash (A)
Nat Recording Pump..._ _•
100
Ohio Bell Tel pref
Paragon Refining coin. _25
Procter & Gamble coin...20
100
6% preferred
100
Pure Oil 6% pref
100
8% pref
100
Richardson corn
100
Rollman pref
Sycamore-Hammond of 100
United Milk Crate A_..°
10
U.S. Playing Card
U.S Print & Litho corn_100
100
Preferred
U S Shoe corn
100
Preferred
•
Whitaker Paper corn
100
Preferred
tc.,,s1.,,,o. 7,
1_ 'Ira
Tnn
Range Since Jan. 1.
High,
56
61
38
10534
85
444
2434
3754
374
398
128
26
100
54
984
103
10034
5651
18
7554
56
1003.1
37
4354
554
12834
2951
3354
2034
82
1054
45
146
48
115
20
300
113
10234
1 153.4
220
104
100
354
132
8334
102
954
7254
67
108%
111,0.4
Apr
Sept
May
Apr
Nov
Nov
Jan
Nov
Apr
Nov
May
Feb
July
Nov
Jan
Nov
Oct
Feb
Feb
Oct
Nov
Oct
Nov
May
Jan
Nov
Mar
Nov
May
Jan
Oct
May
June
Apr
Apr
Sept
May
July
Nov
May
Sept
Nov
Jan
Oct
Jan
Jan
Jar
Api
July
No
Mai
Tito,
• No par value.
San Francisco Stock Exchange.-Record of transac
tions at San Francisco Stock Exchange, Nov. 24 to Nov. 30,
both inclusive, compiled from official sales lists:
1494
American Co
Anglo Calif Trust Co
Anglo & London I' Nat Ilk_
73
Atlas Imp Diesel Engine A_
1274
Bancitaly
Bank of Calif N A
Bank of Italy
Bean (John) Mfg Co
5155
Byron Jackson Ex rights_ _
864
13
Rights
Calamba Corn
Calamba Sugar pref._ _20
California Copper
811
_
Calif Cotton Mills Corn...
Calif Packing Corp ED.-- ..76-Caterpillar Tractor
8134
484
Clorox Chemical
Coast Co Gas & Elec lot pf
Crocker First National_ _ _ _
8234
Crown Zellerbach pref._ _
254
Voting trust ctfs
Dairy Dale"A"
224
"B"
East Bay Water "A" pref _ _ ......
"B" preferred
Emporium Corp (The) XD
Fageol Motors corn
Preferred
12334
Fireman's Fund
12
Foster & Kleiser corn
53
()attend Laundry
6114
Golden State Milk
Gt West Power ser A 6% pf 10154
7% preferred
14634 14954
510 510
270 272
7034 74
125 12734
305 305
21834 222
514 5434
864 984
1254 134
27
27
184 1854
83.1 94
95
95
7654 79
77
8134
46
4854
100 100
390 390
7954 8234
2334 26
254 2534
2234 23
964 98
110 110
28
2834
5
554
7
7
120 1234
114 12
5134 53
5951 62
101 1014
10534 1054
Hale Bros
Hawaiian Corn & Sugar Ltd 5151
6751
Hawaiian Pineapple
39
Home Fire
4154
Honolulu Cons Oil
corn
"A"
Bros
Hunt
Hutchinson Sugar Plant.
4634
Illinois Pacific Glass"A"- _
9234
Kolster Radio Corp
La Gas dr Elec pref
33
Langendlrf United Bak A
18
Leighton Ind "A"
14
"B" v t c
5134
Leslie Salt Co
Leslie Calif Salt rights.... .._
_..
1134
Magnavox Co
334
Magnin (D corn
Nor Am Inv,com,ex rites _ 1144
Preferred
54% preferred
3954
North Am Oil
Occidental Ina Co.
47
Oliver Filter"A"
47
"B"
55
Pac Gas & Flee,corn
___
1st preferred
Pac Lighting Corp,cons... 75
1024
6% preferred
16734
Pac Tel &Tel,com
123
Preferred
884
Paraffine Co's Inc,com_
Maly Wiggly West Sts"A" 2934
Plg'n Whistle, pfd
51
Richfield 011
2434
Preferred ex wrts
Roos Bros. pfd
8.111..t&Pwrprofdx d_..._ ____
i1
B F Schlesiruzer, pfd
3634
Shell Union 011, com
Sierra Pac Elee, pfd
774
Sperry Flour Co.com
101%
2334 2354
5054 5134
6654 6734
38
394
4151 4154
2234 234
11
11
4634 48
9134 954
10634107
33
33
18
18
14
14
4954 5134
514
4.40
104 1234
334 34
1144 1164
100 100
94
94
40
41
27
27
4434 4734
444 4731
554
53
27
274
744 764
10154 1024
160 16834
121 123
84
88
2934 3034
15
15
5034 524
2434 2451
98
98
115 115
01
91
38%
36
115
95
7754
76
100 10151
..._,
.
W
. .* F.>
-4.5=0. A
.
...
CO
W.-. .IAA -.4W
W
-....
..
..
.
.j.....2 coo...1...... .
Co
....
WWA0A. M.NA -ONW.W
....4.
W00....40,
4A
.-.00.-.0C)3V..1.
.
7.0.WWW.
..W
0.W. ...
A-4
W.
......00.,OAA.000..4. AOOWA0.-4CONAAPASO.,
...0..04.0.0....4.OW00W,
1
I.WON..Ww.W.wW.
OWOWOUGAOOWCO.00OWAOO..0.0000O.WW.O A00..
.00000,0N.000.00,00000-40.C.A0W..O....
00 W
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High,
130
400
225
31
100
2694
125
50
3134
1251
27
18
2
75
694
53
304
98
340
76
224
23
1754
844
90
27
2
5
110
1 134
5134
33
9854
-034
Jan
Jan
Mar
Jan
June
Feb
June
Nov
Apr
Nov
Oct
Sept
Mar
Jan
June
Jan
June
Jan
June
Oct
Nov
Jan
Jan
July
Sept
Oct
Jan
Jan
Feb
Nov
Nov
June
Jan
June
220
510
295
8734
2204
452
3114
5451
1084
1354
33
1934
954
14334
8134
8434
49
102
450
82
294
3234
3134
99
11034
3434
734
8
127
19
6434
6434
10334
10654
Sept
Oct
Jan
Mar
Sept
Sept
June
May
Apr
Mar
Jan
may
Mar
Jan
Jan
Aug
Oct
Apr
Mar
2334
46
41
364
35
22
11
42
30
1054
32
18
13
4734
3.85
30c
22
105
99
94
36
25
39
3854
434
264
724
100
145
1134
79
2134
1434
2351
2251
9734
113%
90
24
9434
6054
95
NON
June
Jan
Oct
Feb
June
Nov
June
June
Jan
Aug
Oct
July
Nov
Nov
Jan
Jan
Jan
Jan
Nov
June
Nov
Aug
Aug
Mar
Jan
Feb
Nov
July
Jan
June
June
Apr
Feb
June
July
Jan
July
Feb
Sept
Mar
Nov
31
5354
67 34
4914
44
2834
1534
62
0554
112%
39
2434
1634
5651
551
1634
3534
11554
103
94
4634
28
5634
5551
544
2934
9654
106%
167%
125
109%
3834
1734
5554
2554
Jan
Jan
Nov
Jan
Nov
Apr
Mar
June
Nov
Apr
July
July
Sept
Nov
Nov
Nov
Nov
Nov
May
Nov
Oct
Aug
Sept
Sept
Nov
Apr
May
Feb
Nov
Apr
Apr
Oct
May
Nov
Sept
1194
99
39
9714
85
10411
may
May
Nov
June
Apr
Asnr
June
Nov
May
Aug
May
May
May
Nov
Sept
Nov
Sept
Sept
Sept
Mar
Sept
10334 Apr
3073
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
Range Since Jan, 1.
Low.
High.
92
9151 92
Oct 120
May
1,190 8
Spring Valley Water
539
Feb 7951 Nov
Std Oil of Calif
76
75% 7951 20,771
Oct 24% Nov
Tidewater Assd 011,coca _ _
350 21
23% 2251 2334
Nov
90% 92
88 88% Nov 92
Preferred
Nov 1285( Nov
Trans Am Corp
128% 127 12854 28,202 125
Un 011 Associates
1,255 41% Feb 574 Apr
53% 53% 5514
Feb 574 Nov
Union 011 of Calif
544 5454 57
7%
A Nlar
3,077 42
2354 23
2454 1,241
284 Nov
Union Sugar, corn
Nov
29
29
170 2154 Aug 31
Preferred
2951
Oct 375% May
Wells Fargo 13k & Un Tr_
300 305
15 280
Feb
8
West Amer Finance, pfd..
340 25
5..454
5% 6
Nov 3554 Oct
West Coast 13ancorporation --3234 28% 32% 2,794
511 48
"oy 5851 Mar
Yellow & Checker Cab C _
Los Angeles Stock Exchange.-Record of transactions
at Los Angeles Stock Exchange, Nov. 24 to Nov. 30, both
inclusive, compiled from official sales lists:
Stocks-
Friday
sales
Last Week's Rangc for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High,
25
Bancitaly Corp
Bank of Italy Nat Tr&S_25
13arnsdall Corp "A"_ _ _ _25
1
Bolsa Chica 011 "A"
Broadway Dept St pref _100
Buckeye Union 011 pref _ _ 1
25
California Bank
Central Investment.- _ _ 100
Citizens National Bank 100
Emsco 1)er'k & Eq corn 100
Farmers & Mer Nat Bk 100
Foster & Kleiser com___ _10
b
Gilmore Oil
Globe Grain & MI11 corn _25
Goodyear Textile Pref-100
25
Hal Roach 8% pref
1
Holly Development
5
Holly 011 Co
'15
Home Service com
25
8% preferred
Hydraulic Brake com _ _ _25
Leighton Ind Inc"A"_ _.-*
Lincoln Mortgage Pref- - -•
10
LA Athletic Club
L A Gas & Elec pref... _ _100
1
LA Investment Co
1
Mascot 011
Merch Nat Tr & S Bk__25
1
Merchants Pete
Midway Northern Oil _._ _ 1
Moreland Motors com_10
10
Preferred
1
Mt Diablo Oil
Nat Bank of Commerce-25
1
Occidental Pete corn
1
Trust certificates
1
Oceanic Oil
Pacific Clay Products- - _ ..•
Pacific Finance com__ ..25
Preferred series "C"_ _25
Pacific Gas & El lot pf _ _25
•
Pacific Lighting corn
Pacific National Bank...25
25
Pacific National Co
Paciflc Western Pete cam.*
Plirgly Wiggly W St "A".°
1
Premier 011 Co
1
Republic Pete Co
•
Republic Supply Co
25
Richfield 011 com
Preferred ex-warrants.25
Rio Grande Oil tom (old)25
2.5
Common (new)
SanJ L &P 7% prior pf 100
6% prior preferred-100
Security Tr & Say Bk__100
•
Shell Union Oil corn
Signal 011 & Gas "A"...25
25
'11"
So Calif Edison tom -----5
25
7% preferred
25
6% preferred
25
514% preferred
So Calif Gas 6% pref.-25
6% preferred "A"_ __ .25
So Counties Gas6% of _100
Standard Oil of Calif.-.
1
Sun Realty coin
Superior 011 Co com....25
Trans-America Corp_ _ _.25
Union 011 Associates_ _ _.25
25
Unlon Oil Calif
25c
US Royalties
1
Victor 011 Co
Weber Showcase & F pf_•
1
White Star 011
125
220
46
3.55
97
1.90
134
102
5124
235
450
1151
1034
32
99
1954
1.20
5.25
27
26
37
184
9
132
108
2.15
3
262
.7
.27
2
4
3
43
654
734
1.30
2754
66
2434
274
76
5134
41
24
3054
144
93
60
5134
2434
167
35
11554
10154
550
3751
4654
4634
55
294
27
2454
254
25
100
76
5
7
12834
5351
5434
.174
.75
2434
.07
12454 125
300
150
218 220
4554 48
8,900
3.45 3.75 69,000
97
97
5
1.50 2.10 68,650
123 136
1,311
102 1024
50
51254 51254
1
275
195 240
20
450 450
100
1154 114
919
1034 11
140
32
32
40
09
99
19% 1954
50
1.20 1.20
100
100
5.25 5.25
2751 5,500
27
200
26
26
37
39
1,235
150
1834 1851
9
9
50
14,867
117 140
93
108 108
2.15 2.25 11,372
3
3.25 5,060
1,227
2474 277%
.92 21,350
.75
.27
.30 4,500
2.05
650
2
4
4
200
2.85 3
24,205
43
43
60
6
754 27.317
5% 74 8.600
1.30 1.30 1,000
2734 28
292
654 67
385
9()
2434 244
27% 2754
152
743.4 78
510
50
608
5134
40
4154
1,261
24
2434
2,784
3054 5,165
30
1454 1434
1,437
.91 1.15 6 5,650
80
80
200
504 52
10,200
2434 244
929
186 179
6,600
31,700
344 37
130
1154 116
10154 102
55
304
538 550
3751 3734
320
4654 48
1,456
15
464 48%
8,700
5154 5551
748
2954 2954
27
27
2,813
241-6 244 5,827
10
2534 2554
25
10
25
14
100 100
8,100
7534 79
5
700
5
100
7
7
1274 1284 2,300
300
534 534
5434 5846 4,300
.21 80,400
.17
.75
.75 1,100
140
24% 2454
.07
.07 1,000
June 22054 Slay
June 31234 May
Nov
Mar 48
Feb
4.25 Nov
Oct 10954 Jan
May 2.10 Nov
Aug 1794 May
June 104
Apr
Jan 550
May
Nov
June 240
June 500
May
lig Nov 1834 Jan
4
Jan
1351 Sept
30
Aug 3234 Aug
Sept
9734 Mar 104
20
Sept 234 Feb
June
1.40 Jan
1
6.25 Nov
4
Sept
Oct
234 Aug 31
26
Nov 2754 June
Nov 4234 Nov
37
20
Sept 2034 Aug
Mar
8
934 Sept
10334 Jan 17254 May
10454 Jan 11254 Apr
2.05.1une
2.80 Jan
4.25 Oct
1.15 Jan
Jan 300
140
May
.92 Nov
.30 Jan
.83 July
.22 Apr
Feb
2.05 Nov
1
2.50June
4.05 Nov
3.50 Oct
.60 May
Nov
Nov 46
43
654 Nov
854 Nov
8
Nov
514 Nov
1.45 Nov
.70 Jan
Apr
Jan 34
27
Nov
65
Nov 68
2414 Nov 2454 Nov
26 June 29
May
7351 Oct 9554 May
3834 July 5151 Nov
35
July 4414 Oct
24
Nov
2434 Nov
23 June 3851 Oct
Nov
1554 Nov
14
.03 Feb
1.474 Oct
52
Oct 6034 Nov
233.4 Feb 5534 Nov
23 June 2554 Oct
164 Fe/ 18654 Nov
3454 Nov 374 Nov
Jan 120
Mar
114
101
Jan 104% Apr
Mar
4874 Jan 556
2434 Pet' 3834 Nov
41
Sept 54
Oct
4214 Sept 534 Oct
4354 Jan 5551 Nov
2851 Jan 294 Aug
26
Jan
2714 June
2454 June 2554 May
254 Oct 28
Feb
25
Nov
2534 Nov
May
0954 Aug 104
Nov
5311 Fe) 79
551 Feb
5
Sept
6
Nov
7
Nov
125
Nov 12834 Nov
414 Feb 574 Apr
4234 Feb 57% Nov
.26 Oct
.0834 Feb
.60 Oct
2
Oct
Jan
244 Sept 28
.03 Sept.16 Nov
Bond sGoodyear T & R 550.1931
L A Gas & Elec 5s......1961
Pacific El Ry 1st 5158 1042
So Calif Edison 5s. _ _ _1951
1952
Is
0- ,-..............-... A IL. loco
10054
1014
9634
10251
102
nor/
100% 10054
101% 1014
9654 9634
10234 10251
102 102
ol., ••••••
10051
100
954
10031
10054
,s,
55,000
10,000
5,000
15,000
5,000
•••• -
100
130
45%
36c
97
25c
120
9814
490
125
435
Aug
July
Aug
July
Aug
•••-
10154
104
9854
104%
1044
o.,,
Oct
Apr
May
Apr
Apt
T.•117
'No par value.
Boston Stock Exchange.-Record of transactions at
the Boston Stock Exchange, Nov. 24 to Nov.30, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Weet's Range for
Sale
ofPrices.
1Week.
Par. Price. Low. High. Shares.
Railroad100
Boston & Albany
100
Roston Elevated
100
Preferred
100
1st preferred
100
2d preferred
Most & Maine COTO mutt 100
Prior pre: stamped 100
Series A lot pfd unst_ 100
Preferred stamped_ .100
Ser A 1st pfd stPd
10^
Series B lot pref stpd 100
4er C ist pref strid 100
Series D lot pref atPd 100
Nev receipts 70°1, paid..
Chic Jet Ry artisitrtm0
East Mass St Ry
100
1st preferred
100
Preferred "It"
100
Adjustment
Mslne Central
100
186
186
87% 86
102
116
115
102
104
78
87
109
110
91
70
84
84
132% 1324
1154 1154
186
104%
1084
29
71
68
68
54
63
187
88
102
116
104
87
110
91
76%
85
133%
116%
1664
104%
107
30
71
65
55
65
205
518
35
63
180
1,865
105
210
174
205
358
853
60
25
26
205
15
15
230
70
Range Since Jan, 1.
Low.
176%
83
100
110
10151
65
107
80
6151
6934
10654
98
136
104
10514
2551
70
63
30
69
Sept
Oct
Feb
July
Oct
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Oct
Oct
Nov
Aug
Aug
July
Feb
flight,
1944
99
107%
120%
110%
87
116
ils
90
87
145
131
180
1(1954
113%
43
88
504
654
72%
May
Mar
Apr
Jan
Jan
Nov
MRY
May
May
Mar
Apr
Apr
May
Apr
June
AM
Apr
Apr
Apr
Sept
Sales
Friday
Last Week's Range for
Week.
of Price's.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
NYNH& Hartford__ _100
Nor New Hampshire_ _100
100
Old Colony
50
Pennsvlvania RR
Providence Worcester_ _100
Vermont-Massachusetts100
Range Since Jan. 1.
Low.
High.
80.%
111
141
72%
191
121
Nov
May
Apr
Apr
Apr
Apr
63% 64
74
74
3% 3%
17% 18
192% 197%
22% 23
21% 21%
95
9744
103 103
94
95
73
72
.05
.05
78.14 81%
15
15
21
20
117 128
83
83
205 63% Nov 64
Nov 75
10 74
444
2% Oct
675
June 24%
145 15
1,874 171% July 210
Apr 25%
1,610 18
130 14% Feb 23%
650 87% Sept 9951
Oct 110
15 100
Nov 98%
48 92
Nov 73
800 72
Apr .40
100 .05
1,010 68% Nov 81%
Oct 15
50 13
Nov 23
170 20
Jan 13454
115 81
Aug 8551
54 82
Nov
Nov
June
Feb
May
Apr
Oct
May
Mar
May
Nov
Jan
Nov
Nov
Oct
Ayr
June
15
15%
6% 7%
1% 244
100 105
47
47%
101 101
20
22
271 273%
33
31
15% 16
2734 2734
8
8
17% 17%
18
18
28
30%
115% 119%
12
12%
41
41
48
46
24% 28
38% 39%
34
31
69% 70%
555 14%
2%
3,035
1%
185
3,475 86
350 45
10 100
1,482 1114
1,246 252
505 31
1,630 10
40 1644
50
6
244 16
20 17%
1,160 28
1,380 98
9%
145
10 39
3,020 46
3,777 24
405 38%
1,530 24%
285 45%
Aug 18
8
Jan
251
Jan
Feb 118
Sept 51
Nov 108
Jan 22
Feb 305
Feb 43
June 16
Jan 30
Oct 1355
Aug 2034
Nov 2254
Nov 35%
June 123%
Mar 13
July 46
Nov 49
Nov 4354
Nov 40%
34
Sept
Feb . 74%
Oct
Aug
Jan
May
Apr
Apr
Nov
May
May
Nov
May
Jan
Jan
Apr
Jan
Oct
Jan
Sent
Nov
Jan
Nov
Nov
Nov
Oct 95%
58 93
93
93
93
665
7% Jan 1554
14
15%
15%
785
7% Jan 15
1244 12% 1234
.Feb 155
317 109
131% 131% 133
92 75% Nov 88
7636 77
14%
1234 12% 9,635 12% Nov
12%
Oct 112
104% 166
500 98
410 43% Aug 52
45
4544
6
3% Nov
4% 4%
198
Apr 48%
42% 44%
270 30
6%
544 Nov
634 1,513
6%
6
Oct 3444
26% 26%
165 24
Jan 43%
192 25
37
40
Jai 100
98
10 93
98
Apr .48
.20
.20
100 .10
330 99% Oct 10944
100 100
105 10545
95 103
Aug 111%
Jan .55
.25 .25
.25
150 .10
444
2
2
200
2 June
Max 152
143
143 144%
529 x137
Nov 60
41
41
40 41
17
14% 14%
110 14% Aug
32
32
33% 1,000 25
Aug 40%
July 25%
24
25%
115 12
Mar 17%
148 15
1744 17
17%
Apr 36%
27
33
3,330 10
31
1444
Jan
18
10
10
9
34% 33% 36
18,515 30% Oct 37
135 13644
518 124% Jan 150
135
Sept 85
381 65
85
85
78
534
Mar
4%
3% 5% 7,185 .90
21%
825 17
21
20
Aug 26%
154
400
.40 Apr
.75
.75
Apr 24
2,238 11
24
21
24
710 4044 Apr 85
83
83
85
75
75
977 63% Jan 77
74
31% 31%
521 29% Mar 32
75.%
295 71% July 9655
75
Oct 25%
25
25
130 25
94
95
20 x93y, Oct 101
Nov 102
2,160 100
100 102
7% Nov 36
13
12% 14
4,255
Jan 6744
67
67% 1,318 19
63
24
330 1954 Jan 27%
23% 24%
Jan 90
100 60
65% 66
91%
Sept 98
90
41 82
104 104
10 101
Sept 106%
22
275 14% Aug 25%
22%
161
152 161
June 19244
1,610 x141
52
52
25 49
Nov 60
52
53
53
10 52
Oct 60%
66
740 4336 Sent 66
65
59
12
5% 12
2,385
254 Nov 31%
18
16% 16%
10 16% Nov
Jan
Nov
Sept
May
May
Sept
Jan
Apr
May
Oct
Oct
May
Aug
Jan
Aug
Feb
May
Mar
Feb
May
May
Mar
Jan
Nov
Sept
June
Feb
May
Nov
Nov
Nov
Apr
Sept
Nov
Nov
May
June
May
Nov
Feb
Nov
May
Nov
Apr
Mar
Apr
Mar
Sept
Apr
Apr
May
Nov
Apr
Feb
77%
72
75%
100%
136%
68
182
115%
80%
100%
136%
72
182
115%
2,579
10
20
2,236
10
20
54%
100
13144
62
180
113
June
Nov
July
June
Aug
Oct
MiscellaneousAmer Cities Pr Lt Corp_50
Amer. & Gen Sec Corp_
Amer Pneumatic Service 2.5
50
Preferred
100
Amer Tel & Tel
•
Amoskeag Mfg Co
Beacon Oil Co
Blgelow-Hartf Carnet__ _ _•
100
Preferred
Brown & Co
Capital Adrnin Co, Ltd_ _ _
Coldak Corp, el "A" tr ctia
Columbia Graph'n
Cons Automat merch Corp
Consol Laundries Corp_ _ _
Continental Securities Corp
100
Preferred
Crown, Cork & Seal Co Ltd
Common stock
10
East Boston Land
Eastern Manufacturing5
Eastern SS Lines Inc_ __2e
Preferred
100
1st preferred
Economy Grocery Stores_•
100
Edison Elec Illum
Galveston Hosts Eleo 100
General Alloy Co
Gen Pub Serv., corn
Georgian, Inc.. (The)2()
Preferred class A
German Invest Corp
•
Gilchrist Co
Gillette Safety Razor Co_•
Greenfield Tap ar Dle_ _25
Greif Coop'ge Corp cl A _
HaYnart Corp, cap stock_ _
Hood Rubber
•
HYgrade Lamp Co
Insurance Sec
10
International Corn...
Kidder Peabody Accep A
100
Preferred
Libby McNeill & Libby_ it,
25
Loew's Theatres
Massachusetts Gas Co_100
100
Preferred
Mass Utilities Ass, corn_ _
Mergenthaler Linotype 100
Mortgage Bk of Colombia_
10
National Leather
Nat Mfrs & Stores Corp- •
Nat Service Co
Nelson Corp(Herm)tr ctf5
New Engl Equity Corp_ _
Preferred
100
New Engl Oil Co
•
New Eng Pub Serv
Prior pref
•
New End l South Mills
*
Preferred
100
New Eng Tel & Tel_ _ _ _100
North Texas Elec, pref_ 100
Olympia Theatre Crt
Pacific Mills
100
Plant (Thos G) 1st p1..100
10
Reece Button Hole
Ross Stores(The) Inc_ _•
So New England Ice
dter Sec Corp pi allot ctls_ _
Swift & Co
100
Torrington Co
•
Tower Mfg
Traveller Shoe Co
Union Copper Land & Mm
5
Union Twist Drill
•
United Elec Coal
United Shoe Mach Corp_25
25
Preferred
CT El Brit Inv $3 pf -Hot ctf_
U S & Int'l Sec Corp
U S & Foreign Sec 1st pfd_
Utility Equities Corp
Venezuela Holding Corp._
Venezuelan Mx MCorp 10
•
Waldorf System Inc
Waltham Watch B corn_ •
Waltham Watch, pfd__100
100
Prior preferred
Walworth Company__ _20
50
Warren Bros
50
let preferred
50
2nd preferred
Westfield Mfg. Co. cap stir
Whitenights, Inc
Will & Balner Candle Co.*
63%
17%
195%
22%
97%
94
72
20%
117
7%
105
47%
20
27345
31
16
29
119
1236
41
46%
27%
39
34
bilni ntl.15
Adventure Cons Copper_25
1%
Aresdian Cons Min Co__25
41,ta
4%
Arizona Commercial
10
46
Bingham Mines
25 45% 45%
Calumet & Hecia
25
35
Cliff Mining Co
25 28% 25
Copper Range Co
East Butte Copper Min_10
434
Hancock Consolidated 25
2%
1
Hardy Coal Co
2%
25 .95 .90
Helvetia
1
Island Creek Coal
5334
100
Preferred
105
25 28
26
Isle Royal Copper
25 10
Keweenaw Copper
7
25
2%
La Salle Copper Co
25
2
Lake Copper Corp
1%
Mason Valley Mines____5
25
1
Mass Consolidated
.50
.91 .85
Mayflower & Old Colony 25
25 55
Mohawk
42
_5
New Cornelia Copper
44%
.50 .30
New Dominion Copper_ __ z
NipissIng Mines
3
15
North Butte
734
7
1
North Lake Mining
.50
25
3
011bway Mlaing
3
25 19
1834
Old Dominion Co
• 12% 12
P.C.Pocahontas Co
25 43
43
Quincy
36
St Mary's Mineral Land.25
10
.37 .35
Shannon
.65 .60
Superior & Boston Cop.10
[VOL. 127.
FINANCIAL CHRONICLE
3074
.15
1%
5
46%
46%
40
2934
4%
2%
3
1
5455
105
2855
10
214
2%
1%
1
1
56%
45%
.86
3
8
.50
3%
20
12%
46
3834
.50
.65
Jan .35 May
100 .05
2% June
495
Aug
1
Jan
6
2,725
34( Mar
Jan
1,815 41
1.0ct 56
Nov
720 2054 Jan 47
Nov
July 46
280 12
8,590 14% Mar 29% Nov
Oct
5
8,078
144 Feb
4% July
500
.30 Mar
Jan
12
130
2% July
1% Apr
525
.50
60
MAY
A
Au
pg
r
47
166
10 103% June 106% Apr
3,405 all% Feb 28% Nov
Nov
10
6,570
1% Mar
2% June
300 .75 Feb
May
3
Feb
1.224
1
2% Nov
100
194 June
Nov
1
.20 Mar
850
1% May
375
.25 Oct
Apr
13,126 3544 Nov 85
Nov
360 2544 Feb 46
Mar
1% Nov
2,430 .10
10
2% Nov
5% Jan
8
Nov
.90 Jan
54,840
.70 Sent
.10 Nov
290
4
Nov
.60 Feb
1,19
Mar 20% Nov
9
8,38
Oct 174 May
11
35
12% Apr 054 Nov
3,02
$844 Nov
21% Ma
2,07
.70 May
2,12
.25 Ma
.15 Ma
.75 May
1,01
Sales
Friday
Last 1Veek's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares,
Utah Apex Mining
Utah Metal & Tunnel_
Victeria
5
I
25
43.4
33.4
144
2%
444
1%
2%
2,631
2,475
20
Range Since Jan. 1.
Low.
344 Aug
1
Feb
Apr
.95
BondsAmoskeag Mfg 6s__ _1948
16,000 87
91
90
Brown & Co 5%s
1946 9934 983.4 9936 2,000 9934
Chic Jet Ry U S Y 5s 1940
102 10234 3,000 101
East Mass Street RR444s series A
1948
64
6534 15.000 63
5,000 70
55 series B
1948
72
72
Hood Rubber 7s
1936
9944 99% 1,000 99
Leipzig Trade Fair Corp
1st mtge 70
5,000 85
1953
85
85
Mass Gas Co 4448____1931 9834 9844 9834 7,000 9744
Miss River Power 58_1951
10144 3,000 10034
101
N E Tel & Tel 58
1932 100% 100% 10044 7,000 100
P C Pocah Co 7s deb_1935 10544 104% 10534 7,000 104
5,000 88
Saarbrucken Mtge Bk 6s'47
88
88
dwift & Co 5s
1944
10144 102
3,000 101
Western Tel & Tel 59_1932
10034 10034 3,000 100
Whitenights Inc 6%0 1932
57.000 70
70
80
• No par value. x Ex-d vidend
High.
534
Jan
1% Feb
2% Sent
Oct 9554 Jan
Nov 10144 May
July 103% Jan
Apt
Nov 79
Apr
Nov 88
Oct 10344 Jan
Nov
Nov
Sept
Aug
Nov
Nov
June
July
Nov
98%
10044
104
103%
115
94
103
103
128
June
Jan
Jan
Feb
May
Apr
Jan
Jan
Mar
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Nov. 24 to Nov. 30, both inclusive
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Acme Steel Co
25 128
Adams Royalty Co, corn.•
All-Amer Mohawk "A"...5 3934
Allied Products "A"
•
Altorfer Bros cony pfd_.• 4644
American ColortyPe, corn • 3834
Amer Fur Mart Bldg 91100 98
Amer Pub Serv pfd __MO 102
Amer Pub Util part pf _ WO
Prior preferred
100 95
Amer Shipbuilding
_100
Amer States See Corp A...' 1334
Class "B"
• 14
Warrants
534
Art Metal Wks Inc pref _ _• 53
Assoc Appar Ind Inc corn... 59%
Assoc Investment Co_ ....• 59
Atlas Stores Corp corn.... 66
Auburn Auto Co corn-.• 120
Automatic Washer CoConvertible preferred_.• 3534
Backstay Welt Co com___* 4144
Balaban AZ Katz v t o_ __ _25 85
Bastian-Blessing Co corn.* 49
Baxter Laundries Inc A__• 25
Beatrice Creamery com_50 84
Bendix Coro
5 112
Class B new
Borg-Warner Corp corn..10 142
100 102
7% Preferred
Brach & Suns(E J) corn _ _• 27
Brown Fence & Wire el A.* 36
* 3544
Class "13"
Butler Brothers
20 4534
Cam pb Wyant & Can Fdy• 65
Castle & Co(AND rom._10 65
Ce Co Mfg Co Inc corn__. 65
•
Celotet Co corn
100
Preferred
Cent Dairy Pa Corp A phi*
r. entral 111 Pub Serv pref.' 99
Central Ind Power, pfd.100
Central Pub Ser(Del)_ _ _• 2734
Central Pub Serv (Del) A.'
Central States Ut1157pfd -• 9745
Central S W Utll corn_ _ _ _• 85%
Pilor Ilea pref
0
* 99
Prelerred
Cent West PS B pref 100 100
• 50
Chain Belt Co corn
Cherry Burrell Corp corn_*
Chic City & C Ry par sh- •
• 19
Preferred
Chicago Elec Mfg el"A" •
Chic Jeff Fuse & El coin_ _. 4554
Chic No Sh & Mil
100 ossi
Prior lien pref
100
Preferred
Chic Rap Tr pr pf A_ _100
Chic Towel Co Co cony pf•
* 3634
Club Alum Uten Co
Coleman Lamp & St com_• 87
Commonwealth Edison_100 210
Commonw Util Corp B • 32
Consol Aut Mdse corn_ •
Cum cony preferred_ *
Consumers Co common_5 123.4
Pr pfd series"A"6% 100 95
25 4934
Crane Co, common
5 3736
CurUs Mfg Co
Davis Indus Ins "A"____• 18
Dayton Rnlyber
100
Preferred
Decker (Alf) & Cohn Inc_• 30g
El Household UtiI Corp_10 34%
Flee Research Lab Inc_..* 22
Empire G&F Co 7% pf _100
100 9534
6% preferred
6%% preferred__ ._100 9734
100
8% preferred
100 110
Fair Co(The) pref
Fed Pub Serv 655% Pret•
Federated Pub Inc $2 pfd •
Fitzs & ConDk & Dr com20
Foote Bros G dr M Co__..5 3634
Galesburg Coulter-Dbm_ _• 1173-4
GleanerComilarves'rCorp• 9334
Godchaux Sugar, Inc. Cl B• 33
Great Lakes Aircraft A _ ..• 3144
Great Lakes D & 11 _ _ _100
GrIgsby-Grunow Co
Common (new)
• 14044
Hall Printing
39
Hart-Carter Co cony of_ _• 3344
Hart Schaffer & Marx...100
Henney Motor Co_
• 50
Preferred ___ _ _ __
• 52
Hershey Corp, cony pit-A_•
6754
Class"B'
• 57
Hormell&Co(Geo)cotn"A"
Houdaille Corp CIA con pf• 58
Class B
• 5755
Illinois Brick Co
25 40
Illinois Nor Util pref__100 10031
Olden Pneum Tool v t c...• 5344
Inland WI & Cable corn _10 71
Int.ornat Pnyr (In T1A enrn• 31
1,650
12636 130
2354 2355
200
4,800
3834 41
51
5434 1,900
46
750
4634
38
39
550
97
98
80
10044 102
275
91
91
55
95
95
70
87
90
150
13
13% 4,950
13% 14% 1,950
5
5% 2,000
47
53
10,900
57% 6136 39,300
900
5734 6034
5844 66
5,550
115 12134 9,400
3434
38
85
45
25
8134
3534 3,500
42
13,450
85
100
50
16,450
26% 2,200
8434 1,150
110 119
136 144%
101 10334
2434 283.4
42
35
3431 4044
40% 47
63% 65
65
67
65
6734
67
69
8934 90
2644 26%
9744 99
9636 9634
27% 27%
3554 3555
9755 9754
82
85%
105 106
98
99
100 100
50
5034
48
4834
154 1%
17
19
1454 14%
45
4655
Range Since Jan. 1.
Low.
83
18
1334
49
46
2334
97
9734
91
93%
80
4
4%
44
28
5136
36
27
78
Jan
Oct
Aug
Oct
Nov
Feb
June
Mar
Nov
July
Sept
Jan
Jan
Jan
June
Sept
Jan
June
Sept
Nov
Apr
°di
Nov
Oct
Oct
Feb
June
July
June
Jan
Oct
May
May
Nov
Nov
Oct
Oct
Mar
Oct 36
Sept
32
Nov
333.4 Oct 42
5931 Jan 104% Oct
Nev
Feb 50
24
Apr
June 32
21
64 June 8434 Nov
Oct 131
21,450 95
115,950 70 June 144%
Nov 104
900 101
9,250 16% Jan 2844
Nov 42
14,550 35
6,550 3434 Nov 4036
136,200 20
AM 50
1,950 35 June 7534
1,000 4234 Feb 75
7234
Nov
3,350 42
550 49
Feb 73
Feb 92
250 80
745 18 June 27
366 9344 Aug 10044
Aug 101%
22 92
30
350 15/2 Apr
50 2054 Jan 37
50 97
Oct 9734
1,281 76
Jan 98
110 100
Aug 112
460 9734 Nov 10544
50 100
Nov 100
4,050 41
Aug 51
200 4731 Nov 5154
2
125
1
June
1,050 1154 Aug 2234
300 10
18
Feb
1,550 30
Feb
453,4
97
9831
114 9344
50
5054
225 48
9944 100
96 9944
97
97
50 95
34% 3734 31,750 27
8034 87
9,850 5634
201 21144 1,429 165
1,350 3134
3144 33
1534 1944 1,450
73.4
200 4334
4344 44%
79
12
1245 3,350
45 90
90
95
711 45
50
48
37
374 2.150 37
1634 1955 6,700 1244
78
2934
34
21
9934
9534
97%
111
110
94
28
5594
3634
100
9354
31
26
265
High.
130
28%
5534
5434
4934
40
101
104
101
103
1173.4
1434
1755
634
53
613.4
65
673.4
14136
10 66
78
33
7,750 25
39% 7,600 1314
24
4,450
234
150 9834
10034
210 9594
9551
40 9734
97%
11134
150 10854
110
50 107
100 94
94
550 28
29
100 46
5531
3944 5,400 1831
123
29,450 4734
1003.4
1,900 6694
34
2,400
3
32% 84,100 2444
265
35 245
114 14055 46,500 102
3,900 3844
3844 40
33
3434 5,150 2994
145 134
167 169
7.300 12
50
53
402 42%
50
52
3,500 4454
62
70
513.4 7044 9,950 42
150 2944
40
43
16.700 40
54
63
53
62% 17,000 40
41
800 39
40
60 9894
10031 10036
60 4741
5234 5334
7255 3,600 26
70
100 3036
31
31
July
Nov
Oct
Sept
Aug
July
Jan
Nov
Aug
Nov
Jan
Nov
Mar
Oct
Aug
Oct
Nov
Aug
Nov
Nov
Nov
Nov
Oet
Oct
Nov
Oct
Aug
Nov
API
May
Nov
Oct
Nov
May
May
Jan
Nov
Nov
Nov
Feb
Jan
Jan
Nov
100
65
10244
102
39
8494
21144
33
1934
48
17
95
50
473.4
2336
Aln
Jan
Jan
Apt
Jam
Nov
Nov
Nov
Nov
Aug
Sept
Aug
Sept
Oel
Oci
Aug 95
Feb 34
Jan 3934
Jan 423.4
Nov 105
Nov 99
Oct 101%
Feb 1 1334
Mar 11094
Nov 94
Nov 29
Jan 7444
Jan 3954
Jan 123
Oct10451
Jan 373-4
3244
Nov
Jan 345
May
May
Noy
Oel
May
July
May
May
Jum
No
Nos
Mal
Nos
Nni
Nos
Nos
Nov
May
Oct14044
Nov40
June 3934
Jan 181
Feb58
Feb57
OCt 8334
Oct83
Nov 4354
Nov 63
Nov 62%
Feb 4434
Jan 10154
Feb 56
Jan 73
Sept3244
No
Nos
Oc
AD
No
No,
No,
No,
Nos
No,
No
Semi
Sep
Ma
No
Set
3075
FINANCIAL CHRONICLE
DEC. 1 1928.1
Sates
t may
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Sales
Friday
Last Week's-Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par .Price. Low. High. Shares.
.....sei....i
liJniikth
Range Since Jan. 1.
High.
Low.
Range Since Jan. 1.
High.
Low.
Nov
8.950 404 Nov 43
43
41
Ryerson & Son Inc Corn_* 41
4654 Nov
300 4031 Nov
4034 4234
Jackson Motor Shaft Co__•
May
Aug 41
700 29
12034 1254 8.600 6531 Jan 14134 Oct Sangamo Electric Co_ _ _ _• 3531 3534 37
Kalamazoo Stove corn___• 122
Nov
Nov 68
1,650 53
68
63
734 Aug 2934 Oct Saunders class A corn____• 67
18,100
22
19
Kellogg switchbd corn __10 1934
Nov
Nov 54
950 50
50 53
54
51
Preferred
45 5034 Feb 5434 June
51
51
Kentucky Util Jr cum lif 50
Oct
66
*
835 484 Mar 95
6534 68
Sheffield Steel COM
Sept
5834 2,000 4334 June 70
56
Keystone St & WI coin.... 56
Nov
6,850 2434 July 166
156 166
3031 13,150 2134 Oct 3131 Nov Sonatton Tube Co com_....• 158
• 2834 27
Lane Drug corn v t c
Aug
Sept
2654
23
450
_25
corn_
25
A
25
El
25
Pow
Colo
so
Nov
30
Nov
264
9,250
29
274
• 28
Cum preferred
Apr
Aug 96
17 89
90
90
Mar
3
150
434 July Southwest Lt & Pow pret•
334 331
334
La Salle Ext Unit,com__10
June
Aug 107
891 83
June 2031 Nov Spiegel May Eitern6lr%p100 984 9831 99
700 14
1834
18
• 18
Leath & Co corn
Apr
May
5434
3054
4,250
4131
39
3934
pf..•
cony
Dredge
Standard
Nov 53 June
700 48
4831
Cumulative preferred • 484 48
Nov
304 3034 31
450 3034 Nov 31
434 Nov Stand Pub Serv"A"
434 Nov
50
44 434
434
Warrants
10,400 424 Nov 6134 Nov
56
51
• 54
Nov Stelnite Radio Co
17
1331 17
834 Apr
22,050
Libby McNeill & Libby _10 1531
Nov
314
Nov
294
2934
4,150
pref_25
40
2934
cony
100 4334 Nov 504 Nov Storkline Fur
Lincoln Ptg Co 7% Pref.50 443,4 444 45
834 May 1634 Oct
1,100
1234 13
13
334 Nov
850
931 Nov Studebaker Mall Or com_b
734
634
634
Purchase warrants
* 28
1,050 2734 Nov 284 Nov
2734 2831
54 Oct
Jan
2
Class A
1,100
4
4
4
10
Lindsay Light. corn
• 73
7031 7534 7,600 45 June 8134 Oct
3734 4034 9,750 2431 June 434 Oct Super Maid Corp com
• 38
Lion Oil Ref Co corn
Nov
135 1374 1,000 12434 Jan 196
100 136
1,000 3031 June 4534 Nov Swift & Co
4234 4534
• 45
Loudon Packing Co
Jan 3434 Feb
15 3134 314 3234 3.850 26
Nov Swift International
15,350 2534 Nov 33
* 3131 284 33
Lynch Glass Mach Co
Feb 2834 Nov
Oct 444 Apr Tenn Prod Corp, corn-- _• 2834 254 284 6,100 13
42
42
100 39
McCord Rod Mfg "A" *
Oct
10,100 5834 June 70
68
64
50 2334 Jan 60
•
May Thompson (J R) com___25 65
5734 5734
McQuay-Norris Mfg
June 3134 May
700 25
5,600 3031 Nov 3734 Oct 12th St Store (The) pfd a • 2531 2531 26
3031 33
Mark Bros' Theatres pref• 33
231 Aug
200
May
7
334 4
Stock pur warrants
12
1231 3,950 1031 Jan 2231 Apr
Meadow Mfg Co cam__ _ r• 12
4.700 23 June 394 May
3434 36
350 43
Mar Unit Corp of Am pref_ _._• 35
4434
Nov 55
43
50 43
Preferred
Jan 1024 Apr
50 95
United Lt & Pow el A pref * 1014 1014 1014
•
Mer & Mfrs SecMay
Jan 58
100 53
58
58
* 58
Class 13 preferred
Nov
31
3231 3,282 1531 Jan 35
25 31
Part preferred
Jan 2834 Nov
14
100
2834
2834
*
common_
"A"
Class
100
420
Sept
June 108
103 105
• 105
Metro Ind Co ctfs
8,800 3554 Nov 5631 Sept
43
37
7,450 3334 Nov 3834 Oct Un Repro Corp part pf A_• 43
Mid Cont Laund Inc. A_ r• 3634 3334 37
2,150 39
Sept 5034 Oct
Universal Products Co.._ _• 4634 4634 48
Nov
167 185
7,080 1234 Jan 177
Middle West Utilities. _ _ _• 181
Oct
9
8
Jan
4
200
8
8
1,200 11634 Jan 1254 May linty Theatres, cony cl A _5
100 12334 123 124
Preferred
Aug 100 June
8,200 55
77
20 7434 74
876 9334 Jan 104
Nov
l) 8 Gypsum
• 10434 103 105
28 cum preferred
Nov
55
55
Oct
35
650
53
54
115
paid
25%
99
May
108
105
Mar
105
• 105
$8 cum prior lien
Jan 128
100 122
July
125 125
100
344 12231 June 13031 May
Preferred
1264 1274
prior lien preferred....100
9.253 21
Sept
Aug 69
5434 57
Utah Radio Products com• 56
335 84 June 120
110 11934
Nov
Midland Steel Prod com__* 110
Apr
250
274
14
1234
1231
Sept
14
0
comb
Corp,
Battery
Vesta
Midland UM6.550 40
524 Oct
Aug
504 52
110 90
Oct 9934 June
Vorclone Corp Part pref..• 51
90
90
100 90
6% prior lien
Oct
30
Mar
834
2.700
27
25
25
•
20
107
corn
Nov
Co
96
Wahl
Sept
"A"_,_100
96
96
preferred
7%
450 46
Nov 55
Walgreen CoOct
5034
Miller & Hart Inc cony pf.• 5031 46
5
4,600
Nov
Jan 89
Corn stock purch warrr• 6734 6034 69
Nov
Feb 53
3,450 30
53
50
Minneap Honeywell Reg _• 52
25 10034 Feb 110
Feb
105 105
May 12831 Nov
Preferred 634 %_ _100
650 95
100 12631 12234 12631
Preferred
10 93
94
July lel
94
Ward (NI) & CoAug
Miss Val Util pr In pref _ •
Mar 130 June
480 121
127
125
•
A
June
Class
314
750
Nov
54
524
54
•
corn
5934
Mfg
Modine
Nov
Mar 185
68 66
17734 185
Waukesha Motor com.._..• 185
2,715 160
Nov
Sept 251
226 251
• 245
Mohawk Rubber
Sept
Nov 52
300 30
3134
30
•
650 244 Apr 38
28
28
Wayne Pump, corn
May
Monighan Mtg Corp A.__• 28
52
Nov
43
350
June
44
43
•
preferred
Convertible
1.000
934
93
9334
Oct
Works_.•
95
Jan
383.4
Monsanto Chem
Nov 56
Oct
524 2,220 50
• 514 50
55
6034 8,950 55
Nov 8734 Mu Wieboldt Stores. Inc
Morgan Lithograph cm.• 56
Oct 4734 Oct
1.250 35
90
38
9,100 63
66
Nov 66
6334 63
Nov Wilcox-Rich cony pf A._• 38
NI orrell & Co
Oct
3131
43
Oct
1.250
3634
35
35
•
B
Class
Nachman Springfilled coins 7734 7134 794 29,000 2831 July 7934 Nov
2231 Nov
16,050
22
19
831 Jan
Williams 011-0-Matic corn* 21
5,800 344 Nov 70
Nov
National Battery Co pfd • 6434 6034 66
Nov
18,200 4234 Sept 84
84
75
Winton Engine con pref..• 80
3,120 2734 Jan 42
35
May
38
Nat Elec Power A part._' 36
Oct
Aug 46
2,600 27
39
• 3734 36
Wisconsin Parts com
431
634 Nov
National Leather corn_ __10
454 554 4,050
334 Jan
Jan 4134 Nov
500 33
4134
• 4134 39
Woodworth, Inc,
4534 1,050 3731 Jan 574 May
45
• 45
Nat Standard corn
Nov
26
Apr
12
1.750
24
2434
•
pref_2431
p1
part
Mach
-Amer
17
•
1734
Stores,
16
Yates
1,80
Apr
corn,,.
334
Nov
Drug
1334
Neve
Jan
3434 4,000 2034 sep 43
2934
Nov 44
600 21
* 2934 28
Sept Yellow Cab Co Inc (Chic)• 3431 33
Convertible A
Nov
Nov 58
34,400 52
58
3734 41
4.850 28 June 4434 May Zenith Radio Corp com • 5631 54
Nobblitt-Sparks Ind corn... 40
56
3,150 324 Jan 5734 Oct
North American Car com.• 5434 54
BondsMar
3834 3834
50 3334 Mar 36
Northern Pap Mills, com_*
Nov 873.4 Jan
1,000 82
82
82
48
500 29
48
Jan 5031 Oct Cal & So Chl 1st 5s_ _ _1927
Northwest Eng Co coin_ •
1,000 8234 Sept 8834 Jan
8234 8234
1927
1,000 3134 Aug 101
Oct Chic City Ry 5s
83
80
Oak dr Prod class A
• 80
Feb
6334 6334 72.000 60 June 70
Oct Chic City & Con Rys Is '27
83
75
• 76
1.100 3134 Aug 102
Class 13
Jan
Aug 88
8234 4.000 79
82
1927
Chicago Rys 55
2,350 26
Nov
July 41
• 3834 3834 41
Ontario Mfg Co corn
Aug 8734 Jan
8031 8034 8031 2,000 79
Certificates of deposit__ _
244 2434 3,100 2434 Nov
•
Pacific West Oil
Nov
27
Jan
4334 13,000 39 June 47
1927 4334 43
53 series"B"
534 5534 4,550 5334 Nov 56
Nov
Parker Pen (The) Co com10 54
Nov
5,000 214 Nov 24
2134 24
1927
Adjust Inc 45
525 20
25
Jan 2734 May
Penn Gas & Elec A corn__* 2434 23
loski 1054 2,000 10234 Aug 10634 May
45
3,200 3834 Oct 45
Nov Commonwealth Ed 5s A '53
Peoples Lt & Pow "A"com • 4431 44
July
450 3131 July 60
Guard Title Mtge 535s 1938 9634 9634 9654 1,000 9631 Nov 100
55
53
Nov
Perfect Circle (The) Co.' 54
Nov
Nov 97
10.000 97
97
97
2,050 5434 Jan 22134 Nov Keys Writ Wks El 534s '48
Pines Winterfront A com_5 2064 205 216
Nov 1004 Nov
314 4,900 2734 Nov
324 Nov La Salle Bldg, 534s. _1958 10034 100 10034 45,000 100
Poor & Co class 13 corn___• 3034 30
Nov
99
Nov
99
2.000
99
99
1943
s
6
Mulliken
Nov 48
• 364 3634 3734
400 36
Oct Pettibone
Potter Co(The) coin
Nov
Nov 98
3,000 95
96
96
1,300 2734 Nov
• 2734 2734 29
3034 Nov StandTelCo54e"A" _1943
Process Cory corn
Nov
Nov 97
2.000 97
97
97
1933
Debenture tis
Pub Serv of Nor IIIJar
103
Aug
1014
7.000
10234
102
_1944
212 15934 Jan 191
186 188
•
Aug Swift & Co 1st s 15s_
Common
Nov
Nov 100
5,000 100
100 100
110 103
Aug 125
1154 117
100 117
Aug Unit Pub Serv Co 634e 1933
6% preferred
Nov
10034
31.000
Nov
100
1004
100
10034
1958
65
116
15
Lt
Sr
Aug
132
121
121
Pow
July Utll
7% preferred
100
May
Jan 107
3.000 100
102 102
WilloughbyTowIlIdg as '43
1,750 3834 Jan 187
153 161
Q-R-13 Music Co corn__ .._• 153
Oct
325 262
Apr 335
322 335
Nov
Quaker Oats Co,corn__ *
value.
par
No
•
33 111
Jan 128
12034 1204
iiio
Apr
Preferred
Oct
Aug 85
3.050 41
60
50
Raytheon Mfg Co
• 60
Reliance
Baltimore and St. Louis Stock Exchanges.-Fm
i
Mfg3134 3334 6,100 28% Nov 3334 Nov
Common
10 32
St.
3934 41
Rich Prod Corp cl "A"___• 40
700 3134 Sept 4334 NOV this week's record of transactions on the Baltimore and
•
37g
35
304
1,800
%
25
43
Sept
Class "B"
Nov
Exchanges, see pages 3048 and 3049.
400 30 Jilne 474 Oct Louis
43
42
Roes Gear dr Tool corn.. • 42
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Nov. 24) and ending the present Friday (Nov. 30) (Friday). It is compiled entirely
from the daily reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price, Low. High. Shares.
Week Ended Nov. 30.
Stocks-
Indus. 8c Miscellaneous.
•
Acetol Prod Inc A
23
Acme Steel coin
ACOUNNIC Products corn,__•
•
Adams-Millis Corp
Aero BiliMly Mfg 01 A----•
•
Class 13
Agfa ArISCU Corp corn__ *
lo()
Preferred
50
Ala Ga Sou RR ord
50
Preference
Miss dr Fisher Inc coca,_,.
•
Allied Pack corn
100
Prior preferred
100
Senior preferred
Allison Drug Stores cl A..*
•
Class B
Alpha Port! Cement corn,'
•
Aluminum Co, corn
100
Preferred
•
Aluminum Ltd
Amer Arch Co. '._ 100
Am Brown BOVerlEiriC-COIM
•
Foundersehares
*
Amer Chain corn
100
Amer Cigar, corn
Amer ColortYPe. com--100
Amer Com Alcohol v t c 100
Amer Cyanamid corn cl A20
"0
Common class 11
Amer Dept Stores Corp_•
L merlean Hawaiian 88 _ _10
•
American Meter Co
Amer Rayon Products_ _ _•
Amer Rolling Mill. corn _25
Amer. Smelting dr Refining
•
New common w I
Am Solvents &Chem.v 1 es
Cony Partld Preferred --•
AMeriCan Stores corn_ _ •
.
....
25
32
45
41
3434
134
1034
234
831
634
50
15734
107
130
400
2131
21
300
112 115
26 116.400
18
3334
32
1,300
47
4934
600
200
48
45
4034 41
1,100
600
74
7474
40
15234 15234
151 15734
60
3434 3634 2,100
134
17-4 10,900
800
11
10
234 24 2,200
834 97-4
1,300
534 634 4,700
1,500
4934 504
1 5531 160
2,200
107 10734
500
600
130 135
48
4834
500
21
83
17
24
14
834
334
70
150
151
26
78e
64
25c
8
334
36
120
10534
80
48
High.
Feb
Nov
Nov
Nov
May
May
Sept
Nov
May
Apr
Nov
Oct
Oct
Oct
Jan
Jan
Nov
May
May
Nov
Jan
94 3,000
44 Feb 14
100 2974 Nov 95
2934
142
350 125
Oct 16234
600 2334 Feb 40
3934
86
1,300 7734 Oct 8734
100 393.4 Jan 50
47
5334 103,200 y304 July 5334
23
23,000 184 Jan 244
2434 4,100 15,5 Jan 25%
50 105
1104
Nov 124
21
58,500 13
at,
24
983.4 7,400 8234 June 114
May
Jan
Apr
Sept
Nov
Apr
Nov
June
Oct
Feb
June
Jan
2034
9674
9434
2634
4831
96
93
254
45
95%
12,000
97
2634 3.400
4634 4.700
98h 7.800
00
00
5034
2234
2431
Low.
Nov
3131
Jan 115
Oct 26
July
344
Jan
76
Jan 60
Nov 4231
Nov 75
Oct 1844
Nov 185
May
3834
AUK
6
Mar 24
Aug
17
Aug 2174
Aug
154
Feb 5034
Jan 19734
Jan 1104
June 135
June 70
8
2934
141
3731
83
47
4334
21
223.4
11034
1931
96
3734
86
Sales
Prieto
Last Week's Range for
Week,
of Prices.
Sale
Stocks (Continued) Par. Price, Low. High. Sharer.
Range since Jan. 1,
9134 Nov 10034
113.4 Jan 283.4
2534 Mar 47
924 NOV 102
.
Nov
Mag
Nov
Nov
-OV
331
5
Amer Thread pref
Am Wind GI Mach corn 100
Amsterdam Trading Co
31
American shares
Anchor Cap Corp com___• 5131
•
86 50 cony pref
Anchor Poet Fence Corn..• 4434
A r.glo-Ch Ile Nitrate Corp_• 35
18
Apco Mossberg Co A__ _25
s Dooming Co corn
Armstrong;Cork new corn •
Art Metal Works cony pf_•
Associated Apparel Ind_ _ _ .._ _
Associated Dv. & Print..' 2831
Associated Laundries clA..* 13
134
1 tlantia Fruit & Sugar_ _ _•
•
sties plywood
Atlas Portland Cement__ •
Auburn Automobile. oom _• 119
Aviation Corp of the Amer. 3034
Axton-Fisher Tob corn A 10
Babcock & Wilcox Co_ _100
•
, Welt Co com
[Wane)
Bahia Corp common_ _..• 1734
25 16
Preferred
Balaban & Katz corn vtc 25 82
Bancitaly Corporation 26 1274
Baumann Mud) di Co
100
Preferred
Bellanca Aircraft v t c._ _ - 23
* 5434
Illauner's cern
• 4534
Blies(E W)Co corn
Blumenthal(S)& Co 00M-• 92
10
Blyn Shoes Inc com
Boeing Aim'& Trans com.• 65
Pref with warrants-50 6734
Bohack (H C) Co com__-•
Bohn Aluminum & Bran.• 95
Bridgeport Machine corn.*
:
ehtle3 A Corp.
Brill
-.
Range Since Jan. I.
High.
Low.
34 334
31
31
1,100
25
2"ro Jan
Apr
24
31
31
5134 5334
11034 11134
49
43
3334 35
1234 16
6534 70
6534
61
50
50
62
58
2854 284
13
137-4
134
1
834 84
43
43
117 120
3334
29
3634 374
124 124
4034
39
14
174
1434 16
84
80
12534 12934
100
3,800
300
3,000
900
1,000
900
250
200
300
1,800
800
5,100
200
200
2,100
MOO
600
25
1,200
7,500
400
1,800
4,100
Nov
31
424 Oct
Oct
102
1234 June
264 Feb
334 Apr
Aug
30
Aug
52
2934 July
Oct
55
264 Sept
Nov
12
60c Sept
z6334 Jan
Feb
38
8034 Sept
2834 Oct
2134 Sept
11731 Mar
3434 Nov
Feb
6
94 Feb
Dec
60
494 June
9934
23
5134
4434
92
334
6434
67
8534
81
234
0
241,
50
993.4
2,800
24
5434 8.300
45% 2,200
9834 2.400
334
100
5.600
66
6834 1,000
100
8534
9534 17,300
300
2%
300
2s%
97
23
4634
1631
26
14
.55
57
58
8354
24
18
KIV1
Mt
0
3urs May
Nov
31
4334
5334
11434
49
61
16
7634
66
50
62
3334
15
131
934
4734
143
35
5134
132
404
1734
1934
104
223
Jan
Nov
Oct
Nov
June
Nov
Nov
May
Nov
Nov
Oct
Nov
Oct
May
Apr
Mae
Nov
Apr
Nov
Nov
Nov
June
Ocil
Apr
Oct 102
Nov 24
Nov 5474
Mar 60
Mar 9934
431
Aug
Nov 75
Nov 7034
Sept 6934
Jan 9554
Jan
534
Oct 34%
June
Nov
Nov
Ocl
Nov
Jar
Nov
Nov
Jun.
Nov
Jar
Jar
/I.*
1.•I, ...--
3076
FINANCIAL CHRONICLE
rrtaag
Sales
Last Week's Ranp., for
of Prices.
Sale
Week.
Stocks (Continued) Pat. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Jan 3234 Oct
Illo Mfg corn
• 2534 2534 27
1.000 14
Clads A
•
2734 2734
100 2034 July 34)4 Jan
Istol-Myers Co cern. _. 94
May 97% Nov
844 97% 4,700 65
Oct
it-Am Tob ord bear-£1
304 3034
100 2534 Jan 35
Itish Celaneee-Amer deposit receipts.-834
74 834 11,200
734 Nov 3354 May
June 41
Nov
15
41
add (E G) Mfg cum_-• 384 38
1,400
Nov
• 122% 105 125
iBard Mach Tool
Jan 125
2.200 43
10
Into Bros
40% 434 1,800 21
Feb 434 Nov
Feb 794 Nov
trt (F N) Co Ltd com_25
7914 793.4
100 69
20 45% 424 47% 18,300 2034 Apr 53
Nov
ttler Bros
izza Clark Inc corn_ - - _. 14
14
14
100 1314 Nov 204 Mar
mu. Wytuit & CannonFoundry.
Nov
• 643-4 64% 6834
June 75
300 88
,nadlan Indust Alcohol-' 4734 45
200 3634 Feb 5034 Apr
4734
irnatlon MIII Procicom26 48
Jan 66
May
47
1,200 30
51
Lseln Coot Am
Mar
100 161
Jan 220
161
162
20 156
rterpillar Tractor
77% 774
Jan 8514 Aug
•
100 53
wan-Dobbs. Inc. corn..' 37% 35
37% 1,200 3134 Apr 4334 Jun,
64% met with Common
purchase warrants
Nov 11234 June
100
100 105
10634 106%
May
tlanese Corp of Am corn • 4434 42
Nov 103
4634 3,600 41
First preferred
Aug 185)4 Jan
1153-4 120)4
100 117
800 115
New preferred
Nov 102% Oct
100 97
600 95
96
97
Alulold Co common.....• 564 56% 66
Feb
900 561'4 Nov 122
$7 preferred
100 8034 Nov • 973.4 Feb
8014 8034
*
First preferred
100 10834 Nov 1853.4 Jan
•
10834 10834
hates Co corn
Feb 7334 Oct
730 49
• 6634 6534 673)
7% preferred
Feb 9014 Sept
350 80
100
884 88%
tutritugal Pine Corp.... 134 12% 1334 19,000
834 June 134 Nov
rads Corp
32% 35
1,300 2734 July 40)4 Oct
• 35
iecker Cab Mfg corn.... 43
42
45% 6.100 20)4 Mar 8134 Oct
lic Nipple Mfg Cl 13 _50
334 Jan
Aug
234 234
200
1
Nov
tilde Co pre(
10 9434 Jan 110
1034 10336
100
74% Nov
Jan
19,600 54
tles Service.common_ _33.. 73
73
72
Preferred
9934 2,500 9434 Jan
100 994 99
1034 MaY
94 9%
Preferred!)
4134 Apr
1,100
834 Jan
10
CIty Ice A Fuel (Cleve)_ •
100 3634 Jan 604 Sept
57
57
36
Nov
Nov
Clty Machine & Tool com • 3514 32
12,400 32
36
Apr
Aug 37
Cl ark Lighter cony A....." 244 23
17
1,100
2534
7,600 3734 Aug 38% Jan
33% 37
Cl ub Aluminum Utensil_ .• 36
Sept
Ccnn-Hall-Mars Co
900 2334 Jan 60
• 4534 453.4 4934
Ccbutte Palmolive Peet
87
1,400 81
Oct 92
Oct
Ex-stock dividend
863-4 85
1T,4 6,000
24 May
lilt Nov
134
Cc Lrmolan Syndicate_ .
134
400 '2934 Jan 55)4 Oct
45
46
Its Pat Fire Arms Mfg 25
owl Automatic18% 44,300
1834 Nov
734 Aug
!Merchandising•t a_ _• 1634 15
2,000 4214 Nov 48
Aug
4234 45
• 45
13.50 preferred
Nov
600
13
534 July
12
9
114
nsolidated Cigar warr__ _
Oct
Jan 51
nsol Dairy Products_ . _• 4634 4534 4634 3,200 21
29,800 124 Sept 23
Nov
fleiol Film Indus. corn..' 21
2034 23
July 23
2034 4,300 14
Oct
• 2034 20
nriol Laundries
,ns Ret Stores (no. corn_• 31% 30% 3114 2,800 28% Aug 37
Oct
600 414 Oct 42% Oct
• 414 4134 41%
on (W 13) Co corn
10134 10134
100 1014 Oct 101% Oct
3%, pref with warr _100
peland Products IncOct
24
2,000
1534 18
•
734 Jan
MUSS A with wear
.urtaulds Ltd Amer der.
1,0011 20
Oct 244 May
7ects for ord elk reg _ kl 204 204 213.4
200 23
Jan 150
octet & Wheeler com 100
Sept
13234 135
osse & Blackwell
prof with warrants_ _ .• 5614 5434 5634 2,200 51
Oct 58% Nov
owley Milner & Co corn •
54
1,500 3434 Jan 575* Oct
55
47
48
rico Press common_ _10
1,100 40
Feb 594 Oct
3734 3734
100 374 Nov
Ills Mfg cora
373/4 Nov
5
rtie Pub Co corn
220 223
375 171)4 June 221
• 220
Nov
2634
nisei Aeropl Exp Corp..' 2634 25
May
1.200 1934 Aug 44
91,300
24
riles Flying Serv Inc..' 2334 20
Nov
14)4 Oct 20
• 384 3634 3834 2,700 30
Mar 51
Jan
IVeRa. Inc
Mar 2134 Nov
rvenport Hosiery Co_ ..• 184 1834 1834
100 10
57
5734 3,000 56
via Drug Stores allot ate
Nov 5734 Nov
Nov
525 54034
ere* Cu,common_ _MO 539
350 32034 Jan 560
2634 108,200
'Forest Radio, a t a__ • 2234 22
134 Jan 36% Nov
trolt Motor Bus
9
Nov 1534 June
8
10
400
I)
1,000 49
Nov 52
49
.voe & Ilaynolds, ci B _ *
Jan
49
etograph Products new •
27
2734
Nov 274 Nov
900 19
nkler Hotels Inc, ci A
21
With purchase warrants*
21
500 194 Apr 243-4 May
1754 17514
Apr
10 155
Oct 196
con (Jos) Crucible_ _ _ 100
3834 904 2.900 1534 Feb 4634 Sept
• 39
*nun Ole-Casting
,m1rdon Stoma Ltd_ _ _.• 15634 15034 1574 3,400 10434 Jan 15,34 Nov
,nner Steel, corn
934 Sept 25)4 Nov
600
•
1934 2434
9834 Nov
Slay
9834 983-4
200 80
1% preferred
100
Nov
Jan 199
30 110
199 199
*
kr Chemical, corn
7434 Nov
700 68
7434
70
aper Corp
100
July
Nov
19
214 Apr
81,400
54 19
ibIller Condenser Corp..' 1274
Aug '2974 Nov
1,500 20
'plan Silk Corp. corn..• 253-4 25
2534
100 10034 Nov 1104 June
___100 102
102 102
1% cum Ore!........100
[Font(El)ieN,Adonewwl 142% 141
14314 43,400 1404 Nov 14314 Nov
ant Motors. Imo. _ ..• 134 1334 1534 3,700
94 Mar 1934 Oct
.rham Dupl Razor pr pt
Feb
100 41
Nov 59
With cl B corn pr war 100 42
42
42
934 May
434 Nov
1.600
434 534
it Co Inc cl A v t c____•
5
Nov
Feb 35
*ern Rolling Mill. _ ___• 35
34
1.600 '22
35
Nov
July 69
a Shovel Coal par pf__• 5934 55
4,700 43
60
Oct
Jan 73
10 60
;In Watch
68
25
68
any Auto Loading CI B b
6334 6714 15.000 44
Oct 6734 Nov
Ex 100% stock dividend 66
64 May
54
44 Aug
534 534 3,700
10
zeol Motors corn
Nov 29% Nov
Irchild Aviation class A• 26
254 294 19,700 23
lard," Sugar
122 127
Sept 1854 Apr
1,240 116
100
Apr
udango Corp corn
3 June 10
634 7% 12,600
*
73-4
Jan
Feb 36
164 1.400 13
meet Products Inc.__.• 1434 14
lders Mfg, Inc. el A_ __• 4834 4334 5()
5,700 2734 Feb 5034 Slay
Oct 274 Nov
• 2734
leral Mogul Corp
2634 274
500 23
600 33
•
5734
leral Screw Works_
57
Oct 584 Nov
ferreted Metals tr ctts__* 334 30
Mar 334 Nov
334 2,100 14
epee(Wm)Sons' 1064 89 1064 15,200 5234 Sent 10634 Nov
10634 10634
Nov 10754 Sept
300 105
14% ..um pref Co-1150
Apr
10 5434 5434 5434
100 4734 Nov 84
e Assn of Phil&
179 198
10 198
estone TA It, corn
Jac
1,370 166
Mar 238
1% preferred
Jan
100 105
108 108
Nov 112
100
2334 Nov
kker Air Corp or Amer • 194
1934 204 5,100 1934 Nov
Nov
liansbee Bros Co corn_ •
5934 63
7,200 45
Oct 63
•
Nov
38
Jan 38
100 19
yte Bros Gear Co
313
May
600 610
12,210 510
Jan 698
ed Motor Cool Can_106 600
• 3634 35
3734 2,400 23
38% Nov
rhan Co,cl A
Jan
undatIon Co?oreign shares class A._• 2134 184 2334 30.800
Aug 2334 Nov
9
4 Theatres class A cum _• 2834 2714 2834 14,680 1734 Mar 334 Sept
inklin 111 II) Mfg corn.'
300 134 Mar 3134 Nov
3174 3134
100
'referred
May 973.4 Sept
50 85
9534 954
534
434 534
7
May
1,700
134 Feb
std-Else man Radio.. _•
mch LI ne _ _ _ _600 Francs
4834 4834
1mer shs rep cum B stk714 Mar
July
100 42
%rim=(Mu, Co _._• 1454
534 Feb
1436 1534 65,200
1734 Nov
98 11734 7,550 x4754 Jan 11734 Nov
Iesburg Coulter-Disc ..• 117
• 70
400 62
me well Co,corn
May
69
Feb 76
70
Oct 154 Nov
era & Forging class B_ _• 144
200 10
1434 1474
* 15%
1634 Nov
n'l Alloys Co
1534 1634 2.000 1034 Aug
aeral Amer Investors..• 7434 6934 7554 4,900 58% Feb
77
May
1034 113-4 121,000
coral Baking corn ___.• 1054
17
Mac
64 A or
'referred
• 79
May
7834 8034 9,000 7214 Oct 86
n'l Bronze Corp corn,.' 463-4 4634 49
700 3534 Jan 5334 May
July 25
neral Cable warrant% __ ______
8
Nov
2094 21
300
o !Gee Co of tit Britain
my
8% may
1054 Aug
imerican Deposit rcts. _
10
10
•
120 122%
Nov
700 99 June 125
n Fireproofing corn_
3034 304 31
Nov
600 3034 Nov 31
Y'ew
31
,
• 27
no I.alvnti, Mach en.
27
700
274
'one
Prizing
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Cont)nued) Par. Price. Low. High. Shares.
\Int_ 127
Range Since Jan. 1.
Low.
High.
General Mills Inc. corn_ •
7,100 64% Sept 8134 Nov
mg 80
Gilbert (A C) Co corn..,.'
Aug 21X Sept
1914 20
500 13
CO Spring & Bump corn.'
12% Mar
54 Aug
64 64 1,000
Gleaner Comb harvester.'
1,400 79
Nov 1044 Nov
97 10334
Glen Alden Coal_ _._ . • 150% 150% 153
Jan
Oct 169
500 145
0,,hiberg(S Mr Stores corn•
Nov 3434 Oct
300 22
2234
22
87 pref with our warr_.• 93
93
Nov 10094 Oct
9334
300 93
Golden State M ilk Prod _25
Oct
58
100 4434 Aug 65
58
Gold Seal Uectrical Co_ • 29%
JUDP 29% Ncv
14
29% 20,700
8
0,”h^ m fg corn
•
Oct
73
900 4934 Feb 80
7534
Preferred
14034 149%
Oct
100
Feb 160
50 112
Dothan. Kultbac Mach_' 1834 1834 1934 20,700 124 Nov 20% Sept
Gramophone Co LtdAm dep recta ord
.£1
663,4 6534 684 2,600 55 June 734 Oct
Granite City Steel Corn...' 3934 39
Nov
Oct 41
40
7,800 27
-It Ati & Pat Tea 1st p1100 11634 116% 118%
Atm
60 115.14 Oct 120
Greif(L)& Bros, cool_ ... *
164 Jan
1,100
1234
8
1134 1234
Oct
Prof X
Mar
99
id()
100 9714 Feb 106
99
Grigsby-Grunow Co new _• 138% 114 13934 6.800 108)4 Oct 13914 Nov
Hall(CM)Lamp Co_
Sept
224 23
800
•
1/4 Jan 27
Hall(W F')
_10 384 35% 3814 16,900 22 June 38% Nov
Happiness Candy
St cIA.•
534 534 12,800
PrintIng_-454 Nov
934 Apr
534
Hartman Tobacco
Nov
64 Nov
5
5
800
634
6%
• 5334 534 574 7,700 3334 Aug 63 June,
FIart-Parr Co com
Preferred
• 1234 123341273-4 5,350 118
Nov 13434 Nov
Hazelthie Corp
• 4534 43
5034 10,900
84 Feb 5694 Nov
Hercules Powder corn _ _100
Nov
348. 348
20 192
Jan 360
Preferred
Nov
121
100
2() 1183.4 Feb 125
121
Fleyden Chemical Co_
204 224
*
700
734 Feb 2234 Nov
Hires ,Chas El el A corn_ •
244 2434
100 21% Mar 2654 Aug
Hormel (George A) Co_ _ _. 384 38
Nov 4834 Nov
4334 4,000 31
Horn (A C)Co corn
Nov
July 44
•
4034 42
700 14
7% 1st prof
404 47
July
50
400 41% Nov 49
Horn & Harden com
Nov
• 634 634 6314
200 524 Mar 65
Househ'd Finance part lit50 493.4 4934 493-4
800 4934 Nov 5434 Oct
fitIY lees of Del corn
Mar 30% Nov
• 2834 27
2934 4,500 IS
HygradP F.,.0{1 Prod MID.• 5034 484 513.4 7,900 254 Ian 7234 Oct
Imperial Tob of Cantu:114_5
1134 11%
800
834 Mar 11% Nov
!Deur CO of North Amer_ iii 85
85
8834 4,600 6734 Aug 10431 MaY
Insurance Securities_ ___10 33
334 86,500 2434 Sept 337-4 Nov
31
Int Harvester, comneww I • 9634 9434 974 15,200 83
Nov 10134 Nov
Internet Nickel Coot Can• 3614 35
3914 132.800 32
Nov 393-4 Nov
Internet Products corn_ __• 12)4 1134 1234 2,100 1134 June 15% Sept
Internal Projector Corp.' 13
May
12)4 13
14
600
6% Sept
Internal Safety Razor B.• 484 45
49% 14,500 25
July 4934 Nov
International Shoe corn..' 7534 7534 81
Apt
1.700 69
Feb 87
lootta-Fraschini warr
180 189X
Nov
40 75
Aug 210
Jackson Motor Shaft
• 43
4134 43
300 15
Aug 4834 Nov
Joeke Bros corn v t c
Jan
• 3836 3834 393i4
500 38
May 43
Karstadt(Rudolph)
234 234 2394
31.10 234 Nov 23% Nov
Keinsley Milbourn & Co_ •
2534 2634
200 144 July 30
Nov
Keystone Aircraft Corp _ _• 50
4934 5634 20,100 20
Nov
Sept 57
Klinnerly-Clark Cr:mourn* 5234 5234 54% 9.700 50
Nov 564 Oct
29
Kinnear Stores Co corn_ •
29
1,000 284 June 38% Mar
Klein (1) Emil) Co corn •
274 2734
400 27
Nov 2734 Nov
Klein(Henry) pref
21
20
300 20
20
Nov
21
Nov
Knott Corp,corn
33
100 33
33
•
July 4414 Mar
K"backer Stores com_
4334 44%
•
July 444 Nov
300 40
Kniskal& Kruskal
Jan
184 183,4
200 1314 Jan
19
•
4834 4934 2,800 45
Lackawanna Securities_ •
June 554 Jan
Lake Superior Corp_ _ _100 1634 1634 184 12.100
1814 Nov
34 Jan
I.akey Foundry A Mech.' 3234 3134 3334
1.600 27
June
July 38
Land Coot Florida
• 1394 1034 1334
1.400 104 Aug 2534 Feb
Lazio Bryant II1C Cum _ _ _ _• 88
88
Nov
2,300 384 June 88
77
Larrowe $411111e•
•
3034 3034
Mar 3034 Nov
200 25
Lercourt Realty corn.....' 3734 3734 404 6,600 2534 Aug 424 Sept
• 38% 3814 41)
Preferred
June 43-34 Sent
200 38
162 168)4 9.200 10534 Mar 172
Lehigh Coal A Nav _ _ _ _6( 165
NovLeda)) Val Coal etre new.
334 303.4 3334
Jan
900 2714 Mar 39
Ctrs of deposit
3234 294 3334 6,000 28% Nov 33% Nov
Lehigh Valley Coal Sales 50
50
150 4934 Nov 68') Jan
52
Certlfs of deposit
50
4834 5034
377 4834 Nov 52% Nov
Leonard Fitzpatrick &
27
100 27
Jan
28
Mueller Stores Corn....'
July 43
15
Libby McNeil dr Li bby_10 1534
1534 2,300
154'Nov
9
Jan
Libby Owens Sheet Glass 23 175% 160 17534
350 109
Nov
Mar 186
28
Lit Brothers Corp
2634 2.300 2334 Mar 2934 June
10 2834
124 lz4
Manning, 1(0wroan dr Co.' 124
lot) 12% Nov 2034 Feb
« 414 414 43
300 404 Oct 45
Mapes Consol Mfg
Nov
Mar Steam Shov,cow ___. 5234 514 534
900 3834 July 6034 Oct
Marmon Motor Car corn.• 8734 7634 88
18.300 384 Feb 88
Nov
05
150 151
Maryland Casualty
1703.4 17534
Aug 19334 May
95
3,500 30
Maasey-Harrls Ltd corn. • 914 90
Mar 9534 Nov
954 11
94
13,200
Mavis Bottling Co of Am.•
84 Nov 22
Mar
28
May Drug Stores Corp..-• 28
293.4 4,600 20
Aug 211 34 Nov
2934 294
McCord Had & Mfg v t c.•
100
1834 Apr 3334 Nov
• 5534 54
5734
1,300 5214 June 64
McLellan Stores Cl A
May
634 64
Mead Johnson A Co corn • 64
700 5334 Feb 72
May
1244 126
300 97
!Mercantile Stores Co_100 126
Jan 152
May
•
334
334 34 3,200
Nimbi Iron
17-4 Mar
414 June
7614 2,600 54
Metropol Chain Stores__ • 754 75
Jan 78
Nov
434 534
534
200
Met 5 & 50e. Stores B....
334 Sept
7
Mar
7534 76
400 44
100 76
l'referred
Jan 81
June
112 120
1,300 8014 May 120
• 112
Midland Steel Prod
Nov
900 39
• 50
4974 50
Midvale Co
Jan 51
Nov
42
4234
600 39
Miller (I) dr Sons corn. _ _• 42
Oct 4354 Oct
Minneapolls-lioneY well5334
800 30
Feb 5334 Nov
Regulatur common_ ___• 5334 51
125 1254
301
9934 Jan 12834 Nov
7% cony preferred_ _ _100 125
2814
900 2714 Nov 29
Mock. Judson Vlahrinser• 2834 28
Oct
3434 3834 5,700 31
Mond-Nickel Arner dep rots 36
Oct 3854 Nov
mulitecatini min & Agri534
2
734 11.500
July
534
74 Nov
Warrants
Montgomery Ward & Co• 15834 1494 1584 29,200 1414 Nov 1584 Nov
New common w I
100 354 Mar 68% Nov
60
60
Moore Drop Forge el A___•
• 80
7934 8174 1,000 8254 Jan 814 May
Murphy 10 1..;) cum
200 3134 Aug 75
73
75
Nachmann-Spet Corp. _ ...•
Nov
•
434 4%
100
4
Aug 10% Jan
Nat Baking. corn
60
60
109 _. .__
..d) 60
Jan
Nov 93
Preferred
73
72
8.600 71
Oct
Oct 74
Nat Bancservice Corp_ _.• 72
106 108
10 100
Nov 1077-4 May
Nat Dairy Prod pre( A..100
3634 4,100 34
• 364 34
Nov 3634 Nov
Nat Family Store
200 37
Nov
Preferred with warr_..25 37
37
Nov
37
:17
Nat Food Products34
2,100 224 July
31
• 34
Nov
Class A with wart
34
1,900
1134 12
6
Jan
• 1154
15
May
Class B.
400
434
6
Nov
414 4 36
National Leather
314 Nd v
10
44
4434
900 31
Apr 48% Nov
Nat Mfrs A
July
Nat RubberStores•
4834 Nov
Niach'y _._ • 3634 3634 3834 2,600 23
100 197
19134 19774
645 119
Nat Sugar Refit
Feb 1974 Nov
49
48
* 49
Nov
1,700 44
Nov 4!)
New w 1
834 934 2,400
Nat rbeatre Supply corn _•
934
6
Jan
194 MaY
Nat Trade Journal, Inc_ _• 344 34
3.534 2,700 30
Sept 3534 Oct
18
100 15
18
Nov 2834 May
Naulielin Pharmacies corn •
2234 2334
400 223.4 Nov 374 May
ClInvertIble preferred _.•
Nebel (Oscar) Co corn__ _• 2534 2334 254
Apr 26 le Sept
300 18
• 2834 2834 294 6,300 2434 Oct 3194 Nov
Nehl Corp corn
65
65
300 6434 Oct 67 34 Nov
lot preferred
• 65
Apr 13034 Nov
Neeorer Bros com
600 73
122 125
• 125
Oct
100 1104 Jan 170
Preferred
100 194% 16434 1644
400 20 June 3414 May
Nelson (Herman)Corm._ .5 27
364 27
Feb
Aug 3.5
20
Neptune :Meter class A_ •
20
20
20
Aug
Oct 28
101
27
Nestle LeM ur ChM A.,_ _•
27
27
May
Nov 34
900 13
Neve Drug Stores corn ....• 164 16
1734
5,400 2034 Nov 4314 May
Convertible A
2434 28
• 28
Apr
Aug 145
300 120
12234 127
Newberry (J J) Co corn • 125
II% Aug
734 June
600
New Met & Ariz Land_ _ _ 1
914
9
Star 4834 May
900 25
374
New Orl Or Nor RR_ _ _100 374 36
Jan 16134 Nov
1,275 114
Newport Co pricr com_100 160
1543.4 101%
Nov
3,600 6234 MIR 1211
Newton Steel corn
1054 125
• 122
3077
FINANCIAL CHRONICLE
DEC. 1 1923.]
Friday
Saks
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. LOW. Ifigh. Sham.
• 264
N Y Auction corn A
50
N Y Hamburg
• 2234
Niagara Share Corp
Nichols& Shepard Co__ -1 77
Stock porch warrants.........
Niles Bement-Pond eom.• 15334
Noma Electric Corp com •
North American Cement.* 11
Northwest Engineering..' 474
• 28
Novadel-Agne cote
•
Ohio Brass class B
Pacific Coat Biscuit pref
Paramount Cab Mfg com.• 3734
Paraffine Cos corn
• 53%
Parke Davis Co
Pender(D) Grocery Co A.' 694
• 70
Class B
Penney (J p)pool A of 100 10234
Pennsylvania Salt Mfg _ _50 99
Peoplee Drug Store. Inc.. • 89
Pepperell Mfg
16,(e 1,11
1134
corn,
Pet Milk co,
Mimi Dodge Corp_ _.100
Philippe(Louls)Inc Acorn • 344
B common
31"4
531
Phil Morrie Con Inc coni-*
25 10
Claes A
Pick (Albert). Barth & Co
8
1
Common v t c
Pref aloes A (panic A ph• 19
•
Pierce Governor Co
(ugly, Mtge)" Corp coni.•
Pitney 13owe8 Postage
• 1434
Meter Co
MUM & Lake Erie com _50 144
Pittsburgh Plate Glass lieW
•
Potrero Sugar corn
• 70)4
Pratt & Lambert C9
Procter & Gamble corn..20
Propper Silk Hosiery Inc.• 444
Prudence Co 7% pref _ _100
74
Pyrene Manufacturing._ 10
Radio-Keith-Orpheum A.•
Rainbow LuminousProdA• 613-4
25 73
Raybestos,Co corn
Realty.4ssoglatea,00111. .• 475
5 760
Repetti. Inc
Republic Mot Trk Nth,. ....•
Reynolda Metals, WTI-..• 3774
654
Preferred -- _ 27
ItIcerStlx Dry Goods
Rich Tool, coca 13.
Preferred class A
• 390
Richman Bros Co
Richmond Radiator emit * 16
7% cum cony pfd
• 34.34
RiversldeForg& Nisch corn'
Rolls Royce of Amer p1_100
• 33
Ross Stores Inc
Royal Bak Prodneweom100 4634
100
Rubermd Co
Se'e-T-Stat Co common • 394
Safety Car tits & Ltg_ _100
Safeway Stores new corn..' 166
84%
Old fifth warr_
.• 127
St Regis Paper Co
•
Schiff CO com
7% cum cony ph.... _190
Schulte Real Estate Co _ __• 38.
Schulte-United 50 to $1 OW 23
100 9534
Pref 2nd paid
Schutter-JohosonCand A.244
;
Scullin Steel pref
Second Gen'l Amer Inv Co
Common
• 31%
6% pref with warrants.,. 11534
Seeman Broe common_ _.•
•
7%
3
SelberlIng Rub. coin
Selfridge Provincial Store's
Ltd ordinary__ - _ ___ £1
_ _* 1534
Sentry Safety Cont
Serve' Inc(new co) v t a. • 15
Preferred y t c
100 55
• 274
Baton Leather rom
Sharon Steel, Hoop
50, 31
• 5)5
Saeafter. 114 A( Pen
194
Sikorsky' Aviation corn..
Silica Gol Corp,com v et,.• 254
• 6734
Silver,(Isaac) & Bro
100 610
Singer Mfg
* 45%
Skinner Organ
_.• 175
cam_
Corp
0)
(A
Smith
•*South Coast Co corn. _.• 24
48
Southern Asbestos130 Groo Sts cony el A__• 3434
South Ice & Ctil corn A_.•
19
Common class B
Southwestern Stores coro.• 2034
•
Preferred series A
Spalding (AG)& Bra COill•
934
3r003 & Gen Corp. Ltd_ _£1
175
Snarks-Withhufton Co_
Spencer Kellog & Sons new 38%
. Spiegel May Stern 00191.1 9834
64%. Preferred
Stariderd Invest Corp cons*
34
Standard Motor Constr.100
Stein-Bloch Co corn
Stern Bros corn B v t c..
Stetson (John B) corn ___•
Stinnes (Hugo) Corp....• 1334
Strauss(Nathan) Inc corn • 33
Stromb Calls Teleg Mfg • 32
• 434
Stroock , 93) hi Co
• 36
Sluts Motor Car
Swedish Match class A
MO 1354
Swift & Co
16 32
Swift International
Ovum Wash Mach B corn_• 25
* 4131
Taggart Corp coin
Tenuessee Prod Corp cons* 27)4
Thompson Prod Inc cl A,• 3834
Tiniken-Detrolt Axle_ __IQ 2334
Tishman Realty & Comnr •
Tobacco Products Exports*
Todd Shipyards Corp____• 61
• 2834
Toddy Corp class A
• 12%
ClassB to
127%
Trans-America Corp
Transcont. Air Transp_ • 2234
Screen
Plot
Trans-Lux
54i
•
Class A common
Triplex ,Satety Glass Ltd,_
£1
Saler deo rcts ord sh
• 26%
Truas-Traer Coal
• 53
Trolls Pork Stores
Tubise Artificial Silk el B_* 545
• 134
Tulip Cup Corp coin
Tung-Sol Lamp Wkscom.• 16
• 2534
Class A..
23
Untott Tobacco._
2
Rand. Since Jan. 1.
Pcgt.
Hiatt,
Aug 27
Nov
204 27
1,700 16
5134 5134
100 4634 Oct 5634 May
22
800 124 Mar 2334 Nov
224
Oct
804 2,900 30% Jan 87
77
Oct
60
60
600 1634 Feb 67
1464 1594 7,300 28
Jan 1591i Nov
254 254 1,400 2034 June 274 Ott
13
Jan
11
Feb
6
8
1,200
463i 49% 1,700 29% Feb 514 Oct
1,100 264 Nov
36
Oct
27% 29
Nov 10034 Mar
93
93
200 85
44
44
100 40 June 5154 Jan
354 384 2,000 334 Nov 38% Nov
84
84
Apr
50 8254 Nov 108
544 1.300 38
July
53
5434 Nov
66
Jan
72
2,100 38
Nov
72
70
70
70
200 3334 Jan
Nov
102% 1024
130 10134 Aug 1054 may
99
50 92
Jan 104.4 Nov
99
851 91
1,300 44% Mar 91
Nov
110 115
280 83
July 115
Nov
42
42% 2,000 464 Nov 47
Oct
194 195%
200 117
Feb 19954 Oct
33
1,000 24
Oct
Sept 45
3534
304 31%
200 304 Nov 31% Nov
34 Nov
76,100
Mar
10
3% 7
9)4 11%
Jan
9 June 14
1,200
8
8
19
194
35
3554
49,34 50
100
900
400
1,000
144 14%
600
143% 145
350
6934
68
800
5% 534
100
7034 7234 1,600
282 28334
125
424 4434 3,000
10234 10334
125
7
200
7)i
4034 474 261,000
614 664 10,000
72
84% 14,100
442 475
420
750
84c 1,400
2
2
300
37
3834 1.700
65% 69
2,900
26
274 13,200
3834 42
700
3734 4234
400
390 399
60
1434 16
900
3534
35
700
31
31
100
43
43
50
2834 3336 25,300
46.
4654 9,100
10934 110
300
3954, 403-4 7,300
14634;146%
600
1624,166
4,000
8434
83
500
12334 1294 19.000
53% 65
2,400
210 215
76
3934 2.200
36.
23
2334 2,700
914, 954
700
24
24% 1,400
354, 3534
100
27
314
113.14,11534
6434 6854
50
55
8
Sept
1834 Oct
18% Feb
2314 Mar
7
139
68
1%
50
247
33
10154
4
334
20
474
270,34
50c.
14
19)4
60
26
36
3734
265
144
324
2334
38
18%
4534
81 34
IS%
135
14834
30
50,
26
11034
17
17
794
24
3234
8,600 25
1,900 110
3,500 33
200 3334,
June
Oct
Nov
Nov
July
Feb
Juot
Oct
Mar
Nov
Aug
Aug
Jan
Feb
July
Sept
Sept
Nov
Nov
June
Nov
Nov
May
Apr
Oct
Oct
Jan
Mar
Jan
Oct
June
Jai,
Jan
Jan
Jan
June
June
Oct
Feb
Oct
Oct
Jan
Feb
500
334 34
3hs Nov
15% 16
300 15H Nov
144 16% 52,800
A, Jan
53.
56
2,000 23
Feb
2734 28%
500 264 Sept
304 31
700 1934 May
55
564 2,400 30. Scot
19
194 3,300 17% Oct
204 2634 7,600 17.
Feb
674 68
400 39
Jan
585 61Q
110 428
Jan
43% 45%
700 434 Nov
174% 17$
150 104, May
24
26%
900 20
May
47% 49% 15,600 2934, lap
344 34%
200 3134 Mar
18
18%
700 13
Feb
18% 194
1,100 15%, Sept
19% 20%
500 18. June
25
25
100 25 June
16(1 s135
280. 292%
Jan
734 114 105,300
234 Feb
170 179
3,000 30,
Jan
3734 46
1,600 3134 Sept
98, 99
2,980 at, Aug
39, 3934
800 34, Aug
434 12,400 600
2
Jan
12
12.
100 12
Nov
12
15
1,100 12
Oct
99 103
125 96 June
94 13% 5,600
834 Apr
324. 3634 9,800 30
Nov
31
32
700 2434 Oct
434. 484 4,800 38
Feb
3534 43
3.800 143,4 My,t
11154 11134
100 95
Jan
135%136% 1,600 126
Jan
314 32% 7,600 2534 Jan
24% 27
4,600 11 )4 July
41% 4434 2,600 41% Nov
2514 2754 1.200
, Mar
374 3934 5,300 30
June
224, 24% 4,900 1134 Feb
4234 4536 5.500 33
Jan
334, 34
600
3 June
58% 61
1,700 41% Apr
264 28% 3,800 214 Sept
114. 1334 5.200 10
Oct
127 12834 7,200 125
Nov
204 224 53,300 18% Nov
534
6
2134 214
254 27
6234 5934
615% 545
10
13%
154 154
2534 25%
23
25
9,400
234 Mht
300 22%
3,700 25%
3.000 4334
530 460
1,400,
6
600 1034
1,800 1994
4,200 23
Nov
Nov
Nov
F
Apr
Feb
Feb
Nov
11%
224
374
50
Jan
Jan
Oct
Nov
154
185
6934
144,
7234
300
Nov
Apr
Nov
Jan
Nov
May
14107%4 NovA
Apr
49
7%
4
73H
84%
475
134
Nov
.1un
Nov
Nov
Nov
Apr
3
1
Novy
'ian
72
Nov
2734 Nov
Nov
4
43
47
Nov
399
Nov
27)4 Jan
7
34°
0
674
334
5234
125
57
70
168%
88
16
55
1%
j
M
I::1a
n9y
e1
Nov
Oct
May
June
Mar
Nov
Nov
N
No
ov
215
4774
284
1004
28%
39.
Nt.v
Sales
Last Week's Range for
Sale
ofPrices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares,
Range Since Jan. I.
Low.
Union Twist Drill corn_ 5
100 z17
2234 22%
64
• 64
200 54%
6534
United Biscuit cl A
27
4,800 1334
28
Claes B
• 27
Malted Carbon v cc
• 3934 3934 4034
1,900 19
1,900 264
United Elec Coal v t c_ -* 744 7334 7414
20% 2034
400 17
United Milk Prod,cum. •
100 8036 80
300 76
8034
7% cum pref
Unit Piece liye Wks com_• Ill
1,600 5234
109 120
100 10634 10654 10634
100 102
634% preferred
11% 1134
834
100
United Profit Share corn.'
United Shoe Mach corn. 25 7434 744 75
300 634
U S Asbestos
574 3,900 2754
5534 54
4936 1,400 2854
B Dairy Prod class A-• 4934 49
6234
58
• 61
7,100 29%
U Foil class B new
4 43
4534 1,300 204
b & Foreign See corn- -• 447
9434 95
•
700 94
$6 tirat Orel
• 727-4 724 73% 1,900 70
S Freight
1,000 5334
75
73
US Gypsum Co coin__ .10
12034 122
100
100 1204
Preferred
41
42
• 41
500 38%
U S Radietor corn
1534 1554
9
U S Rubber Reclaiming..' 1534
600
1834 214 19,000 1754
Universal Aviation
• 1834
794
250 75
Universal Insurance_ _ 25 7994 78
800 134
33
Universal Pictures_
• 303-4 29
Van Camp Packing pref 00
5034 4834 5334 6,500 21
Ctfs of deposit
Sept
May
Feb
July
Feb
Aug
July
Feb
Sept
Aug
Jan
July
July
Aug
Mar
June
Feb
Aug
Nov
Aug
June
Nov
Aug
Aug
Oct
High.
2234
70%
33
43
74%
42%
91
120
110
13%
7714
5934
62%
634
544
100%
844
100
135
48
16%
21%
87
33
Nov
Aug
Sept
Nov
Nov
June
June
Nov
Apr
Oct
May
Oct
May
Nov
Oct
Feb
Jan
June
July
Jan
Jan
Nov
Sept
Nov
5914 Nov
Wahl Co corn
Want & Bond class A- -• 254
Class B
• 1934
* 9654
Nalgreen Co 00E0
Warrants
7054
Walker(Hiram).Gooderhan
• 81
& Wortscommon
Warner Bros Pict pref.... 5554
Watson (Jno Warren) 09...• 1134
• 314
Wayne Pump corn
•
Welboldt Stores cony
Western Auto Supply Cl A. 564
7
Warrants
West Jersey & Seasb RIt 50
Wheatsw,trth Inc corn _ • 59
Wheeling Steel corn....14)0
Widiar Food Products...' 27
Wilcox Rich cl B com- ..•
Class A preferred
•
Williams 011-0-Mat Heat•
3434
Williams (R C)
Winter (Beni) Inc QOM__ • 15
Wire Wheel Corti corn new.. 3234
Woodwortb,Inc een3
•
934
Worth Inc couv cl A
•
20
Yellow Test of NY
5734
Zenith Radio new
Zonite Products Corp com•
26
2534
19.4
8374
60
26
400
254 1,100
100
1934
9934 18,300
6,800
72
94
244
15
3734
1634
Feb
Jan
Mar
June
Ape
34
29
21
993(
72
Oct
Apr
Oct
Nov
Nov
8034
54
1034
303,4
5134
56
534
44
5734
9434
26
35
38
194
34%
1434
3234
3934
9
1834
55%
33
86
68.200
56% 4.500
1134 42,800
3134 2.160
100
5134
56% 1,000
734 1,400
44
5974;
400
94%
100
27
3.200
3534
200
200
384
214 2.000
400
35
15% 3,400
3334 3,100
43
5.800
10
900
20
800
5734 2,800
3II
334
794 Oct
54
Nov
5
Sept
304 Nov
5036 Nov
51
July
434 Sept
42
Oct
3434 Jan
34
Feb
26
Nov
35
Nov
Nov
38
Jan
7
344 Nov
113s June
2030 Mar
243% Jan
93( Nov
1294 Mar
5334 Nov
314 Oct
9134
594
20
5214
66
6634
1754
44
60
96
27
41H
3934
21%
35%
16
3634
43
234
24
58%
48%
Nov
Nov
Jan
Sept
Oct
Apr
Apr
Nov
Oct
Nov
Nov
Nov
By
Rights.
Checker Can Mfg
ConeRetall Stores
Fiat.
General Milla
Independent Oil & Gas_
LI bbey Owena Sheet Claes_
Loew's, Inc
Purity Baking
St Regis Paper.
Shell Union Oil
'United Klee Coal
Wilful Sewing Mach deb no
534
2
143(
510
134
934
24%
3
13%
6
104
12
12,900
7
15,400
3
174 16,100
3,800
900
5,0110
3
1,400
12
600
25%
5,300
144 1,400
634 8,600
11
1634 7,800
53-4 Nov
134 Nov
24 Apr
Sic Nov
154 Nov
934 Nov
1134 Feb
3
Nov
1334 Nov
6 Nov
107,4,N ov
8% Oct
834 Nov
Nov
3
Nov
19
Nov
Nay'
3
1434 Nov
25% Sept
Nov
5
1734 Nov
74 Nov
11
Nov
164 Nov
'3
09
c
Feb
Oct
Apr
634
234
1534
934
2434
454
1334
64
1034
16
251
Public Utilities42.600
834 Feb
Amer & Foreign Pow Warr- 5134 35% 54
12,100 1174 Jan
• 1924 184 195
Att.er Oas & Elm oom
500 10334 Oct
• 10734 10734 10734
Prefetzed
775 170
Jan
3134 Nov Amer Lt & Trao com--100 22434 219 225
50 107% Apr
11334 117%
190
Preferred
161651 Oct
18% 9,300 1634 Oct
Nov Amer Nat Gas com t o...• 1834 18
1334
Amer States Sec corn el A.' 1334
Ncv
55
• 14% 1334,
2
7,3
401
74
% Mar
Com class B
134 Apr
54 2,300
5
634
warrants
434, May
5734
22.700
4934
5434
3334 Aug
16
Superpower
Corp
A,•
Amer
57% 524 5834 2,100 3434 Aug
Class B common
May
1,400 98 June
99% 99% 100%
First preferred
16
6% Nov
ct5 t
3,100 14634 Feb
3234 May Assoc Gas di Elea el A.. -• 4834 4834 49
120 72
72
79,
79
Nov
Warrants
31
Nov
1,400 5434 July
6034 .or Brazilian Tr L & P new ord 743.4 7134 78
9:3
700
00, 30
64 8% 3
674 Jan
834
20% Nov Brooklyn City ER-7-1°0
29
Buff N lag a,East Pr
con1.• 5934 5934 6034
Ain
464 4534 46)4 2,400! 81
Jan
723( Nov
Class A
500 257-4 Nov
25
. 264 2634 2634
610
Preferred
Noy
45% Nov Central Pub ...ery °IA.-. 3534 34% 3534 3,400 19M Jan
600 30
11634 11814
Jan
•
200
Aug Cent States Elec corn
1014,10634 1,100 9834 Nov
6% pi with warrants.100 106
600 98
994
Nov
2
4894
9%, N!.?4
6% pfd without warrioo 984 98
C 1
,
100 10434 Jan
116 116
4
26
5h
7% preferred
34, 5
Mis
ay
y
1,6
300
60 337x
184, 25
25
y
Warrants
3634 384
May
28, June Cincinnati Car
500 9534 Jab
9734 9734
23% Sept tetiee Seri, Pr & Lt 26 pf;•
400 10534 Jan
107 .1074
100
28% June
7% cum pref
1973-4 220
167
Jan
300
Noy Co,,,w:Itt) Edison Co .100 220
11% INTo Com'wealth Pr Corp p1.100 10131 10134 102
Cone° E L & 'I' Balt emu,• 9534 874, 9534
6 57
7502
7
53 169
30
04
973.4
4 A
105 105
jOr
e
14
85
2
N
O
:: Conti G & E 7% pr pt _ 100
139 141
100 141
June
Duke Power Co
4,000 114 Jan
42
East States Pow B corn...• 4014 40
1°8
44
944 May
:e.
,:y Eleo Bond A SO pref _10u 10954 109 10934
0 19714
Eke Bond & Sb decor_ _ _• 16234 13734 157 170.810
Jan
15
Jan Klee Invest without war..• 7934 7234 8134
7.
:7
2
12
0000
9
100
0 10
102% 10234 643
3
4103
676
1 14
i Nov.
120
2534 A
Janr Elec Power & Lt 2nd of A!
21
23
2334
Option warrants
.1114,11134
11034 Fe,,
19
May Empire Gast & E8% p1.100
3
300
00 9
29
9934,100
254 Oct
35
3634 Nov Eut Dire Gas E 7% 01.100
Feb
4034
Empire Pow Corp part stk! 384 35
26
Nov
26
26
war...
Serv
Pub
Engineers
Nov
30%
Federal Water Sent ci A,.• 3934 3934 4334 15,500
Jan34
General Pub Serv Corn..' 2934 274 2934
140 145'
11
50
44
1
8
N
Ni,
N co
e
cib
vyv ,lenerai Pun dery 7% Ph.' 145
8
'
3
740
70
0 1120162:
103 104
•
a
una
Georgia Pow $6 pre!
400
00 41
4534. 4634 1:4
46
,34 Oct
29% Nov lutenist MB class A
• 1774 1534 1854
Claes il
4854 Nov
41.2
52 '
99
96
34 Nov
96%, 99
244
2674
9444 e
Panic pref
434 5
5
Werranta
Map
800 10
124, 134
13
On
Italian Super Power
70
00
0 43
6% 1,9
64
6
3
-1 4N
Warrants
Sept
O:e;
48
50
4% Feb Long Island Light new-ioo 50
50 109
11034.11034
Jul)
61
7% preferred
Nov
Marconi Internet Marine 64,200 12
17
22
22
May
Common Am dep rats_
1354 Oct
15
3
Pet
2834 700,200
17
17
28%
84 N:v
. Marconi WINO T of Can.
Tel
Load.
Mmcoul
Wireless
May
35
20
30 294.500 154 JU13
24
Class B
1,100 123
Jan
166 180
Middle West ULU COM _ • 177
Apr
Mohawk A nod Pow coin: 5234 5234t. 5434 6.800 2934, Jai,
400 10614 Sept
1214 10734 1084
243.4
7
1st preferred
Oct
100 10234 July
• 10734 10734 10734
27
2d preferred
Nov
20
Jan
2594 3,800
20
CY
Warrants
NovA
3234 10,900 1334 Jan
• 3134 30
66281%14
Municipal Service
800 274 Jan
3534 37
13% Nov Nat EJec Power Class A • 36
200 1064 OK
10734 108
15% Oct Nat Pow & Light Pref.- •
Jan
Nat Pub dery cum class A • 2534 24%, 2534 3,000 22
300 3394 Jan
5131 53
2
784
9% N
Oocir
t Nevada Calif Elec corn.100
•
54
195
111
249
11731
22
14%
184
634
5734
584
105%
52%
77
78
9%
6134
60
27
38
120
106%
994
12134
35
39%
102
109
220
1054
9534
10834
14894
48
1114
167
8134
cue
24%
41314
105
4234
29
4334
2934
145
1064
62
19%
105
5
164
84
5014
112%
No
,v
Apr
June
Nov
Mar
Oct
Nov
Apr
Nov
Nov.
May
May
Nov May
Oct
May
May
Nov
Nov.
May.
Mar
Nov
May
Nov
Nov.
May
Oct
Nov.
Nov
Nov
May.
Nov,
Nov.
May
AprNov
Jan
Nov
Jan
May
Nov
Apr
Nov
Nov
Apr
May
Apr
May
Nov
Nov,
Nov
Nov
Nov
MarMay
May
May,
Nov
June
June
Nov
Feb
22
Nov
2834 Nov
30
180
68
110
10834
25%
324
404
111
29%
At
Nov
Nov
Nov
Jan
Sept
Nov
Nov
May
Feb
May
Aug
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities (Cond.) Sale
Par. Price. Low. High. Shares.
New Eng Pow Assn cora_ •
NY Telep 8%% Prof-100
Nor Amer UU I Sec corn_ •
Northeast Power Corn_•
Nor States P Corp corn _100
7% preferred
Pacific G & E let pref__26
•
Penn-Ohio Ed coin
100
7% prior pref
•
$6 preferred
Option warrants
•
Penn Ohio Scour
•
Penn Water & Power
Piedmont Hydro-El warr
Power Corp of Can com •
Power Secur Co pref
Puget Sound P & L corn 100
6% preferred
100
Sierra Pacific El com 100
South Calif Edis A pf___25
% preferred C_ _ _ _25
Sou Cities Utll class A COM°
So Colorado Pow el A _25
Southeast Pow & Li coin.•
•
Commcn v t c
Partic pref
•
$7 preferred
Warns to our coin atk__
So'west Bell Tel pref _100
Stand Gas & Eiec 7% pf 100
Standard Pow & Lt 0om_25
Preferred
Swiss Amer Elec pref
Tampa Electric C
Toledo Edison 7% pfd_100
United Elec Seri' warrants
50
United Gas Impt
United Li & Pow Corn A__•
Common class B
•
Preferred class A
Preferred B
Clin Pow & Lt class B____•
UM Shares Corp com_-_-•
Western Power pref_ _l00
Former Standard Oil
Subsidiaries.
Anglo-Amer 011 (vot eh)£1
Non-voting sharee____ £1
Buckeye Moe Line
50
25
Cbesbrough Mfg
Couttnental011v t e_ __ _10
Cumberland Pipe Line _100
Eureka Pipe Line
100
Galena Signal Oil
100
Certificates of deposit
Humble Oil& RefMing _ _25
Illinois Pipe Line
100
Imperial 011 (Canada)cou•
Indiana Pipe Line
50
National ,Translt _ ___ 12.50
Northern Pipe Line new_50
Ohio 011
26
Penn-Mex Fuel
25
Prairie 011 & Gas
26
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
26
Sweet Pa Pipe Lines__100
Standard 011 (Indiana) _ _26
Standard 011 (Kaneas) 26
Standard 011 (Kentuoky)25
Standard 011 (Neb)
25
Standard Oh (0)0002... _25
100
Preferred
Swan-Finch 011 Corp_ _ _25
Vacuum 011 new
90
91
114% 1144 11435
1234 14
49% 48% 513-4
148% 146 148%
1084 108%
2751 28
5155 60
59
104% 10451 105
98
98
98
33% 2735 33%
17
1851
18%
88
91
91
74% 743-4
87
96
96
64% 67
67
1004 98 100%
98
98
98
56
57
56
26% 26%
2435 24% 245,g
31
31
24% 24%
59% 55% 6034
6734 55% 6734
90
90%
90
107 107%
23% 19% 24%
120 120
10934 110
110
49)5 443-4 4934
10235 102%
9634 983-4
66
6634
66
10734 1073-4
3
33-4
3
17055 165% 174%
3134 26% 3334
32%
31
101 10151
5735 56% 5734
32%
325,
4 32
173.4 16% 18
106 106
106
18% 18% 1834
17% 1734 1835
6834
67% 66
154% 150% 154%
19
20
19%
74
74
71% 7134 71%
73.4 734
73.4 8
10754 10234 110
258 299
289
95
92% 91
82% 85
23% 23% 25
67
68
68
76
83%
88
37% 37%
65% 653-4 68
250 278
263
215 215
215
66.4 54% 67%
80
80
91% 914 9334
2331 2334 23%
174% 169% 176%
52
53%
103 134
122
119% 119%
2134 21% 21%
994
97)4 97
Range Since Jan. 1.
Low.
May
June
Jan
Jan
Jan
Oct
June
Jan
Oct
Feb
Jan
Feb
Jan
Oct
Aug
Oct
Jan
Jan
Jan
Sept
Nov
Mar
July
Feb
Feb
Jan
July
Feb
Aug
Nov
Jan
Nov
Nov
Sept
Nov
July
Jae
Jan
Jan
Jan
Jan
Jan
Feb
July
15%
56
152
1104
30
60
109
100
33%
25
91
86
96
74
107%
10551
62%
30
25
39
26%
61
57%
92
111%
24%
121
115
58%
107%
103%
78%
115
3%
174%
33%
37
10334
58
33%
18%
108
Apr
Mat
Nov
Nov
May
Mar
Apr
Nov
Aug
May
Nov
May
Nov
June
May
Mar
Oct
Apr
Oct
Apr
Nov
May
Oct
Ara
June
Mar
May
May
Sept
May
Mai
Apr
May
Oct
Mar
Nov
Nov
Nov
July
May
Mar
Nov
may
Apr
17
June
163-4 June
Jan
68
1174 Jan
Feb
16
Nov
74
64% Jan
434 Jan
73-4 Oct
59,1 Feb
17634 Jan
564 Feb
74% Feb
19% June
56)4 Sept
5834 Feb
June
28
Sept
46
Aug
172
Mar
167
36% Jan
Jan
70
7034 Feb
Jan
15
12234 Feb
39% Feb
Mar
71
Jan
100
Feb
16
72 June
22%
2034
76
161
23
114
88
13
8
114%
299
104
91%
32%
69
83%
84
68
278
216
71%
104
95%
27%
179%
54%
134
125
23%
10151
Set
Feb
Apr
Apr
Jan
May
Apr
June
Nov
Nov
Nov
Nov
Oct
May
Oct
Nov
May
Nov
Nov
Nov
Nov
Apr
Nov
Apr
Nov
Nov
Nov
May
Apr
Nov
110 67%
375 Ill%
7
1,500
38,800 19,4
1,000 .123
50 107%
200 2334
8,000 3231
230 103
40 92
4,600 11
2,300 13
800 68
10 46%
600 71
1,000 60
950 3435
30 92
300 29
700 264
100 24%
100 30
300 23
27,600 414
2,100 40%
200 84
11,400 106
11,300 1234
50 1174
200 109
2,600 294
50 102%
100 96
500 59
75 107%
1%
21,300
48,600 111%
82,100 1334
200 20
800 94%
800 52%
3,300 18%
1,100 11
150 1024
3,600
1,800
800
500
42,600
300
500
200
1,000
24,300
2,136
1,450
1,300
1,400
5,100
33,700
200
108,200
57,700
150
3,800
300
41000
3,300
10,400
300
11,900
10
300
5,800
Mining Stocks.
2451 3,500 17
10 22% 22
Carnegie Metals
3
1,700
1
3%
3% 3%
Chief Consol Mining
3,200 206
510 600
Comstock Tun & Drge-10e 60c
5
1431 15% 10,500
Control. Cooper Mines_ _5 144
250 260
391 392
Cons Min & Smelt (Can125 392
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
Mining Stocks.
(Concluded)
High.
96
115m
Other Oil Stocks.
1% Jan
70,800 65e Sept
70c 780
Utter Contr 011Fleids____1 755
9% Nov
3% Feb
8% 931 93.200
Amer Maracaibo Co
5
83-4
Sept
Feb
2%
4,500
10
Argo 011 Corp
351 4
4
3% Nov
3% Nov
1,700
33-4 3%
Arkansas Gas Corp com__•
35-4
Nov
7%
Nov
734
200
7%
Preferred
7%
100
5
Apr
14 Jan
900
Atlantic Lobos 011 corn. •
25,
1 2%
Barnedall Corp elk numb
Nov
29%
July
3%
64,300
24
warrants (deb rights)-- 211
% 20
23% Jan
3% Nov
3% 4% 8.900
Carib Syndicate new cow._
4
17% Nov
Colon Oil
143.1 13% 17% 12,300 134 Nov
834 May
6% July
500
Consul Royalty 011
1
6% 6)4
1735 May
12% 12,500 1034 Jan
Creole Syndicate
• 12% 12
June
34
Sept
76c
21.000
135 2%
Crown Cent Petrol Corp . 254
Oct
6% Sept 15
200
Crystal Oil& Ref corn_ _•
1434 14%
8% Jan 33% Oct
30% 4,700
Darby Petrol Corp
• 29% 27
Nov
21%
Feb
7%
100
Derby 011 & Refg pref
20
20
* 20
Nov
Gull(MCorp of Penna.. _25 154
1504 159% 17.500 10114 Feb 165
7% Nov
6% Nov
Homaokla 011
7
734 17.400
7%
Nov
24%
Feb
Houston Gulf Gas
• 23
22% 24% 31,000 115*
3% Nov
June
1
Intercontinental Petrol__10
2% 3% 05,200
3%
Nov
Feb 55
International Petroleum . 48% 4851 50% 14,300 35
May
3
135 July
100
131
Kirby Petroleum
•
1%
May
9%
Nov
4
3,200
6%
Leonard 011 Develooml_25
5%
5%
Feb 43% Oct
Lion Oil Refg
• 3755 3734 3934 3,100 20
700 48% Apr 65% Nov
LoneStar Gas Corp
25 65
643-4 65
14 Apr
Sept
540
5,900
Magdalena Syndicate_ _ _1 65c
65c 730
Mar
134 Jan
1
Marland Oil of Met
2% 3% 10,600
34
Mar
8
2% Nov
900
•
3,4 4
Mexico-Ohio 011
4
74c
May
July
20e
13,400
31c 34c
Mexico 011 Corp.__ _.10 31c
1% Oct
1% 1% 16,700 76c June
155
Mountain &. Gulf 011_ __ _1
5.500 19% Sept 28% Jan
Mountain Prod Corp..10 21% 21% 22
mar 30% Apr
• 2755 2734 27% 1,500 24
Nat Fuel Gas new
5% Jan
4n Sept
4% 4% 2,200
5
New Bradford 011
54 Apr
Sept
2%
100
3
3
New England Fuel 011 •
Nov
Nov 23
10.900 15
N Y Petri 1Royalty
2234 2134 23
Nov 134 May
100 10
•
North Cent Tex 011
10% 10%
15c June
30 Feb
4,200
Northwest 011
50
9c
1
6
Nov 26% Nov
• 24% 24
24% 12,400 24
Pacific Western 011
Jan
6
2% Aug
3
3% 2,600
Pandem Oil Corporation...,
33-4
153-4 July
835 Feb
11% 9,800
Pantepec 011 of Venezuela* 1134 11
74 Apr
4% Oct
1,500
Pennock 011 Corp
•
6% 6%
Plymouth 011
27% 29% 10,300 2734 Nov 31% Nov
28
13
Aug
4% Feb
851 9% 4,500
Reiter Foster 011 Corp__ •
8%
API' 31% Mar
100 22
Richfield 011 pref
25
243-4 24%
Nov
12
4% Jan
22,300
934 12
Ryan Consol Petrol
• 10
Jan
7
5% Nov
300
10
5% 5%
Salt Creek Cons 011
Jan
Salt Creek Producers_ 10 25% 25% 25% 9,600 2334 Sept 35
435 May
Mar
3
Texon Oil& Land
3%
33-4 311,. 39,100
Feb 2234 May
1,200 13
1635 17
Tidal Osage Oil v t stock_•
200 133-4 Feb 2134 Apr
16
16
Non-voting stock
•
July 93% Jan
200 75
86
Transcont 0117% pref_100 86
86
Jan 661-6 Nov
18
400
64
663-4
Venez-Mex 011
9% Nov
431 Sept
8%
734 934 90,900
Venezuela Petroleum_ - _b
8% Apr
3% Apr
800
6
534 6
Woodley Petroleum Corp_
834 May
2% Feb
7,300
25
5% 6
5
"Y" Oil dr Gas Co
[VOL. 127.
FINANCIAL CHRONICLE
3078
Jan 273.4
455
Aug
May 600
16
Jan
Jan 392
Apr
Feb
Nov
Nov
Nov
Range Since Jan. 1.
Low.
High.
Feb 25% Nov
100 14
28
28
Copper Range Co
25
5,000 15c. Jan 32c. May
155 200
1
Cortez Silver Mines
3,300 680 Oct
23-4 Jan
770 89e
Cresson Consol 0 M & MI 84c
6o Sept
30 Mar
11.000
50
Sc
Sc
Divide Extension
1
2
Apr
2,400 30o Mar
810 90e
Dolores Eaperansa Corp..2 88c
7% Jan
2
Jan
4,300
4% 5
5
Engineer Gold kiln Ltd_5
63-4 Sept 17% Nov
Evans Wallower Lead corn* 15% 12% 17% 55,700
Oct
Nov 85
100 70
79% 793-6 79%
Preferred
Jan
50 July 16o
83,800
8c lie
90
Falcon Lead Mines
1
24 Jan 134 Sept
Golden Centre Mines_ _ _ _5 12% 1154 12% 14,400
20e Nov
Jan
80
2,000
15c 15c
150
Goldfield Consol MInes_.1
Jan
16% 2,700 13% Apr 18
ilecia Mining
250 16% 16
6% Oct
500
1834 Jan
835 8%
Hollinger Cons Old Mines 5
Nov
Bud Bay Min & Smelt__ _• 20% 19% 22 153,900 1634 June 22
8% May
24 Sept
2,600
3% 4
Iron Cap Copper
10
3%
800 38c Sept 640 Feb
62c 54c
Kerr Lake
5 520
2% Feb
1
Oct
300
1%
151
Kirkland Lake G M Ltd_
2% Nov
Ms Apr
Mason Valley Mines _
134 1% 11,000
5% Jan
3
Oct
4%
600
4
Mining Corp of Canada..1
Nov
25%
Feb
473-4
25,800
45%
New Cornelia Copper_ _5 41% 41
Sept
850 18034 Jan 243
230 243
New Jersey Zinc
100 240
200 1251 Sept 1734 Apr
N Y & Honduras Rosarlo10 15% 15% 16
Jan 217% Nov
204% 217% 28,400 122
Newmont Mining Corp...10 214
235 Oct
534 Jan
3% 3,800
3
Nipissing Mine.
334
70,5 Nov
17)4
Mar
150,200
Noranda Mines, Ltd
• 65% 6334 7034
2
Nov
63c Sept
131 2 298,400
Ohio Copper
1
2
3)4 Jan
234 Jan
500
Premier Gold Min
1
234 2%
374 25,200 2434 Sept 3731 Nov
29
35
Roan Antelope C Min Ltd_
1,000 40e Mar 76c Sept
460 46c
46c
St Anthony Gold Min
Sc May
Jan
3c
5,500
Sc
4c
San Toy Mining
1
8% Jan 243,1 Mar
Shattuck Donn Mining. • 20% 19% 22% 51,200
255 Jan
434 Sept
South Am Gold & Plat
3% 3% 2,800
1
33-6
751 Oct 114 June
Teck Hughes
1
8% 8,600
8%
2118 Jan
100 61e Sept
68c 68c
Tonopah Belmont Dev
1
5% July
700
3% 3%
2% Jan
Tonopah Mining Co
1
1% June
Jan
700 45c
760 800
United Eastern Mines...)
June 25% Jan
United Verde Extension50c 23% 23% 23% 16,300 13
1% Nov
Jan
25c
2,700
I%
United Zinc Smelt Corp...
134
134
Aug
2
Fet
1%
1.700 350
14
Unity Gold Mines
1
5% Jan
3% Aug
Utah Apex
5
43-4 3,300
31
5
Nov
Sept
680
400
Walker Mining
2% 235
234 Nov
234
Wenden Copper Mining._1
234 78,900 680 Sept
Al)?
Jan 37
2,200 25
37
Yukon Alaska trust etfs.... _
35% 34
1% Nov
13-4 5,800 50e. Feb
1
1%
Yukon Gold Co
5
a
BondsAbbotts Dairies 65_1942
AbitIbi P & P58 A_ . 1963
Abraham & Straus 5555 '43
With ark purchase warrAdriatic Electric 7e___ 11152
Alabama Power 435a_ _ 1967
1st & ref 5s
1956
Allied Pk, 1st col tr 85_1939
Deb 6s
1939
Aluminum Co a f deb 50 '52
Aluminum Ltd 5s_ __ _1948
Amer Aggregates 6s
1943
Amer Com m'l Alcohol 65'43
With warrants
Amer 0 & El deb 55..2028
American Power & Lighter!, without warr'nts 2016
Amer Radiator deb 4%s'47
Amer. Roll Mill, deb 56'48
Amer Seating 6a
1936
Amer Solv & Chem 68_1936
Anaconda Cop Min 65_1929
Appalachian El Pr 54.1956
Arkansas Pr & Lt fle--1980
New
Arnold Print Wks Cs__ 1941
Ave Dye & Press 65 1931•
Associated 0& E 5141 1977
Conde b,455s wl war1948
Without warrants.. _ _
Assoc'd Sim hard 6546 '33
Atch Top & SF 4%5_1948
1949
Atlantic Fruit 86
Atlas Plywood 5 Ma._ _1943
Bates Valve Bag 65_ _ _1942
With stock purch warr_.
Beacon 011 6s. with warr'36
Bell Tel of Canada 56_1955
Berlin City Eleo 6s...1058
1929
634% notes
Boston Con Gas 58... _1947
Burmeister & Wain Co. of
Copenhagen 15-yr 6s '40
Canadian Nat Rye 76_1935
Carolina-Ca Service Co1st 65 with warrants__ _
Carolina Pr & Lt 65 _1956
Cent AU States Serv Corp
6)4% notes with warr_ _
Cent States Elec 55_.1948
Cent States P dr Lt 534s '53
Chic Pneum Tool 5345 1942
Chic Rya 55 Mrs dep 1927
Childs Co deb 5s _ _ 1943
Cincinnati St Ry 5%5_1952
1966
Cities Service 55
Cities Service Gas5%5 1942
Cities Serv Gas Pipe L 6643
Cities Serv P & L 535s 1952
Cleve Term Bldg 6s_ _ _1941
Commander I.arabee 6s '41
Cowmen' und Privat
1937
Bank 5555
Commonw Edison 434s'
57
Consol GEL&P Ban1949
es. series A
1952
53-4s series E
1965
55 series F
Consol Publishers 63
-Is 1936
1941
Consol Textile 8.
1958
Cont'l & El es
Continental Oil 534e. _1937
Cont'l Scour Corp 53 A 1942
with warrants
Cosg-Meehan Coal 634s '54
Cuba Co 6% notes-1929
Cuban Telep 755s_ _1941
Cudahy Pack deb 5555 '37
1946
55
Deny & Salt Lake Ry 65 '60
Detroit City Gas 58 B 1950
1947
6a, series A
Detroit lot Bdge 6341.1962
25-year a f deb 713_1952
Dixie Gulf Gas 61411-1937
with warrants
Elec Pow (Germ'y)6348 53
Empire 011 & Refg 534542
F.ur Mtge & Inv 75 C_19137
Fairb'ks Morse & Co 55 '42
Fed Wat Service 550-1957
Finland Residential Mtge
1961
Bank fla
Firestone Cot Mills 55_1948
Firestone TAR Cal 5s 1942
89
10235 1023-4 2,000 100% Apr 102% Mat
Nov 94% July
87% 8935 332,000 84
110% 1093-4 111
98
984
95% 955( 964
102% 104
55% 55% 5734
55
57
55
102% 101% 10234
983-4 9835
117 120
121
98
Oct
178,000 105% Oct 114
May
15,000 9451 Jan 101
Sept 100% Mar
65.000 93
10,000 99% Oct (15)105 Nov
Oct
Jan 68
177,000 35
Oct
Aug 68
19,000 30
July 10334 Apr
45,000 100
11,000 9534 Aug 100% July
Nov
72,000 97% June 120
119 12134 84.000
9731 984 122,000
98
July 12135 Nov
9355 Aug 101% Apr
20,000 105
10734 107% 108
97% 974 694 28,000 97
97% 97% 68% 44,000 9634
9834 9714 983-4 22.000 94
117% 117 117% 11,000 99
30,000 99%
99% 99% 100
99% 99
9934 33.000 97
97% 9834 12,000 95
98
98
9834 35,000 95%
12,000 95
97
97
97
95
9631 16,000 04,4
101
101
10134 79,000 9935
101% 104 507,000 97
102
05
964 149,000 94
95
11,000 8434
863-4 88
122% 12251 1243-4 785,000 12234
20
20
4,000 1534
106% 10634 3,000 104
June
Aug
Aug
Sept
June
Oct
Juin
June
Nov
July
Sept
July
Aug
Nov
Jan
Nov
Apr
Aug
110
100%
994
10634
125
101%
10231
10134
984
101
102
114%
1134
99%
92
127
204
115)4
May
Apr
Jab
Apr
May
Jan
Mar
Mar
Nov
May
Aug
Mar
May
Nov
Apr
Nov
May
110% 110% 111% 56.000 99
113% 11334 113% 4,000 99
20,000 102
102% 1025,5 103
923-4 92% 36,000 89%
92%
100 100
1.000 98%
10234 102% 10,090 101
Jan
July
July
Aug
Jan
July
116
116
30551
959.1
101
104%
May
Nov
Map
June
Feb
Apr
97% 98
14,000 94% June 100
109% 11034 2,000 108
June 11435
Jan
Jan
90
90
1.000 90
101% 10234 12,000 100
92
9634
8054
89%
94
93
99
973'
87%
9834
92
95%
100
7934
88
98%
933-4
93
9834
96%
97%
8734
983.4
93
06%
100
80%
8934
98%
94%
93
9931
9734
97%
8834
2.000
18,000
21.000
14.000
14,000
42 000
2,000
113,000
36,000
7,000
160.000
5,000
10,000
94%
89%
%
97
78
87%
97%
MU
03
118
96%
97
83
May
Nov 99
Jan
Sept 10535 Mar
Aug
Aug
Sept
June
Aug
Aug
Sept
Apr
Nov
Aug
Aug
June
July
99% Mar
97% Apr
99
Jai
10234 July
87
Jan
96% Apr
10434 Mar
98% May
98 ' Mar
103% Apr
102
Apr
Jan
100
944 Jan
873-4 Aug 9435
96% July 1023-4
Jan
Apr
1064 106
105%
103% 103%
993.4
93
92% 9255
97%
June n10834
107% 18,000 104
105% 2,000 105% Oct 107%
July 105%
3.000 101
103%
993-4 3,000 97% Oct 102
93
1,000 81/
Sept 96
92% 33,000 89% Aug 9735
5,000 94% Aug 99
9751
Fet
Jan
Jan
May
Jan
105
91
9734
111
99%
101
90
101%
107 5106)4
9334
94
88% 8834
105
91
973-4
111
100
1013-4
00%
1014
107
94%
8934
88% 88%
94
94
92% 923-6
92
9134
9634 96
10634 105%
8955
94
93
9234
9634
106%
87%
9455
95%
87% 88
100 100
13,000
11,000
mar
Jar
Jan 115% Apr
6,000 99
Sept 9534 Feb
1,000 91
1,000 9534 Aug 983-4 Mar
9,000 109% July 112% Aug
Nov
19,000 9755 Jan 102
4 Mar
2,000 99% July 1023
Jan 93,4 May
9,000 80
6,000 903-4 Aug 104% Mal
June 1084 Feb
26,000 106
Nov 10454 Mel
39,000 93
Jar
74,000 8834 Nov 101
25,000
2,000
44,000
36,000
9,000
900,000
94% 943-4 7,000
13,000
9334 94
9535 9534 7,000
88%
03
92
90%
78%
9955
Nov 993-4 Jab
Aug 99% May
Aug 95M Mal
Oct 9734 raisr
Aug 9735 Jan
June 108% May
9355 Nov
90
Aug
924 Alto
94% Oct
9734 Mu
983-4 Jan
DEc. 1 192S.]
Bonds (Continued)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
98%
96
100%
102
10131
102%
9955
76
98%
103
105
00
9234
97
10111
112
9334
9535
83
9535
100
93
95%
9855
106%
192
Low.
High.
Bonds (Concluded)-
Range Since Jan. 1.
Low.
Iligh.
4ou Calif Edison 5a___1951 10114 10114 102% 43,000 100
10451
July
Apr
103
Jan
Si.
102% 10154 10231 27,000 100
July 10455 Apr
sou
9814 Pe,
lleru
Ca71111
(ilgasm56
14e _5__1
37
2 93
195
92% 93
14,000 92% Sept 5554 Jan
n9934 An/ Southern Dories Gs _ _1930
96
97
3,000 954 Oct 91)55 Jan
101% Aug Southwest G & E 55...1957 9734 97% 9755 6,000 95
July 1005. Apr
101
Jar
q'weat Pow & 1.1 6s__2022
10555 105% 6,000 102% Aug 112% May
9711 Nov Staley (A Ni Mfg 68..1942 97% 9731 98
8,000 96% Oct 1014 Mat
1044 Am
stand Pow & Lt 68 . 1953 99% 9951 99% 44,000 99% Nov 10455 Mar
97
Ma, -Mimes(Hugo) Corp75 Oct 1 '36 without wart' 90
87
90
34,000 87
Sept 98% May
87% 8834 22,000 86
Oct 95
Apr
7e 1946 without wart&
89% 8934 89% 9,000 87
Nov 9744 May
104% 10554 20,000 100
Jan 11S
June
Nrowr
(Nathan
7.
sst
128% 141
) 6s__ 1938 130
85,000 120
Nov 141
Nov
9514 96% 33,000 94
Aug 10034 June Stutz
1937 125
120 13755 15,000 93
Feb 148
Nov
rlufl Maid Raisin 646.1942
79
80
25,000 7531 Nov 99
Jan
85
94
99,000 84
July
9831 00
102
' Bun 011 54s
101 109% 20,000 100
102%
Apr
July
7055 73
9,000 65
Nov 9655 Jan audit Ar Co 55 Oct 15 1939
37 100
100 10055 23,000 99% Aug 10255 Nov
98% 9951 81,000 98
Sept 103
Ma
Texas Power & Lt 58_ _1956 100
99% 10051 24.000 97% July 1123
Mar
10055 100% 4,000 99
May 10031 Jan Truax-Traer 6555__ _1943 101% 1014 102
79,000 10034
102
Nov
108% 108%
1,000 10655 June 112
Jan Tyrol Hydro Elec 7s 1952 91% 9135 915.1 4,000 8954 Nov
Aug 9534 Apr
85% 8534
1,000 85
Nov 97% Jan
Ulan & Co. 634s
99
1936
9951 4,000 9734 Feb 100
May
United El elerv (Unes) 71.'56
9944 99% 6.000 99
Sept 101
Aug
With warrants
120% 120 12155 83,000 10154 Jan ill
May
101 101% 8,000 9955 Aug 102% Mar
Without warrants
9155 91
92
60.000 89% Nov 100
Apr
101% 10244 17,000 9955 Aug 1 0234 Jan United Industrial 65.55 1941
92
92
4,000 90
Oct 9955 Jau
9834 9941 6,000 97% Aug 102
May United Lt & Rya 6 he.1952 9435 94
95
22,000 9155 Sept 9955 Jar,
10044 101% 36.000 99
Aug 103
Feb
65 series A
. . 1952 1014 10131 10255 10,000 100% June 10844 Jau
87% 87% 6,000 8555 Oct 93% Aug United 011 Producers 85 '31 80
80
80
3.000 615
Aug 90
Apr
953,5 95%
7.000 93
Aug 96% Sept United Rys Havana 7558'36
110 110
2,000 110
July 11344 Feb
97
97
1,000 97
Nov 103% Jan
UnitedStee
wub wn.
a l W:461_5 1947
85
85
3,000 85 June 96
Jan
90
89
89
33.000 89
June 96
Feb
95
9635 82,000 93
Aug 9944 May U S Radiator Corp 5s A '35
93% 93% 1,000 89
Nov 98% Slay
9355 01% 19,000 93% Oct 9934 May U. S. Rubber
9651 96%
1,000 9435 Oct 1014 Mar
Se lal 655% notes__1929
99% 9934 8,000 02
July 10234 Feb
112% 1164 309,000 9634 Jan 117% Nov
Serial 6
4
6 7
1 notes..1930 9855 9835 9855 1,000 93
July 102% Jan
9931 10034 69,000 97% June 102
Mar
Serial
1933 9651 94
98
17,000 91
July 103
Feb
95
95
8,000 vie% July 10134 May
Serial
9551 19,000 9051 July 10244 Jan
95% 95
91% 92% 49,000 8934 Aug 99% May
s
SSerial
eria
ertal 64
95
931
6.1,,5
3
9555 2,000 9055 July 103 , Feb
notes 1193
96 n97
34,000 9455 Sept 9935 Apr
964 9631 9654
1936
1,000 90
July 102% Jan
96
96
1,000 96
Nov 96
Nov
Se
serrial 665!5i7
94
97
6,000 90
03 notes_ _1937
J_Iy 102% Feb
0634 9755 17,000 96
Oct 10234 Ma,
94% 95
8,000 9035 July 103
Jan
Serial 6358
9455 95% 3,000 9055 July 103% Jan
1938
9
109 109
3,000 108
Jan 115% June tl S Betel; & Ref 548.
10331 104
29,000 100
May 105
1930
Feb
10135 10235 44,000 06
A or
Feb 109
Valvoline 011 is
104
2.000
104
1044
1937
103
Sept 107
Aug
95% 06
12,000 93% Aug 101
Van Camp Vack 85. 1941 10731 10651 10731 19,000 6455 Aug 107% Nov
Mat
87% 8735
1,000 8755 Nov
9735 May
Certificates of deposit__
9451 24,000 76
9434 93
Oct 97% Nov
Va Flee. & Pow 5s A _ _1956
9934
9934 17,000 IN% Aug 10214 mar
106% 107% 27,000 94
July 108% Nov Webster 141111s 6555
6,000 88
1933 94% 9431 96
Aug 99% Apr
87
3,000 82% Aug 944,5 May
87%
Western Power 5341 _1967 11234 106% 117 533,000 09
JanaNov
17
n eatviscoChlotine5%81937
10235 10255 16,000 1011
Aug 107
May
81% 83
.51,000 8051 Oct salt Jun,
w heeling Ste4o4 4.. 1953 8951 8955 90
22.000 86
Sur. 9354
101
100%
White
101
22,000
Mach
Sewing
1940
68
100
Nov 101% Nov
82 117,000 63% June 85
76
Apr
9655 98
5,000 9655 Nov 98
Nov
9455 95% 69,000 04% Nov 9534 Sept Wisconsin Cent Sty 58_1930
100 10055 71,000 97
Oct 4101h May
Foreign Government
10655 106% 35,000 1034 May 10934 May
and Municipalities.
Agrlcul Mtge lik Pep of Col
10255 10235 2,000 102
Oct 10555 May
20-yr in
Jan 161936 98% 97
98% 10,000 97
Nov 102% AD!
94% 7,000 92% Sept 97
94
AT
75
9734 98
8,000 97
Jan
Apr
Flanen (tiern.any
ja, n7515 110
9.4
57
1
96% 964 974 4,000 0055 June 4)94 June
102% 103% 51,000 96
Feb 107
May Bank of Prussia Landown96
95
16,000 9354 Oct 09
Mar
ers
Ass'n
95%
6%
954
notes__I930
954
24,000
9451 Jan 974 Apr
98% 99
12.000 9634 Aug 100
Jan Bolivia (Repub of) 7s_19611 9744 974 974 63,000 96
Oct 984 Sept
10455 104% 15,000 103
Sept 10555 Apr Buenos Alree(Prov)7 48'47 102
1014 102
36,000 1004 Feb 114534 May
101 101
1,00 100
Oct 10335 May
in. _
99%
1962
...
18,000
10011
98
Jan 1024 June
97% 97% 19,200 94
Aug 100
Mar Cauca Valley (Dept) Col101
10144 11,00 100% June 10454 Apr
ombia, extl ef7s...1948 96
96
964 8,000 9534 Sep
9754 Oct
Cent
Bk
of
German
State
&
94
4,000 94
98
Nov 9951 June
Prov Banks Hs B.....196
8611 86% 10,000 85
Oct 9244 Mar
103% 104
22,000 10241 Aug 105
Jan
90
6
3
51
89%
65,000
90
87% Oct 97% June
97% 99
59,000 95% Aug 101% Oct Danish Cons
Muni°5%15'
96
38
5 9955 9935 9935 32,000 97
May 102
API
Is new
1953 94% 9455 9434 3,000 92
Sep
99% Apr
9935 99% 12,00
093‘ Sept 10055 Sept Danzig
E
sf
P
&
13
Waterway
13d
99% 100
5,00
P(354 July 10234 Mar
1952 8531 85% 86
3,000 85
Oct n90
Feb
9935 10055 18,00
9755 Aug 10354 Apr Denru'k (Kirstrrni)
100 100% 23,000 994 Bib, "id ti Jot
548'56
9355 93)4 9,00
July 96
91
June
430_ ___
89% 89% 85,000 87 34 June CM,
11102
4
101% 10134 2,00
9951 Aug 102% Jan Estonia (Rep) 78
85
89% 9,000 85
Nov 95
1967 85
10035 100% 2,00
Apr
99% Aug 103% Feb
Frankfort (City) 6355 1953 93% 93
9344 15,000 93
Oc
10055 101
•,‘ % May
19,000 02
Jan 10131 June
German Cons Munk 78 '47 97% 96
97% 35,000 96
Aug
9935 100
32,00
9844 Am 1024 Mar
65
89% 89
89)4 26,000 87% Aug 94% May
10035 100% 29.000 98
July 10334 Jan Indus Mtg Bk of Finland
917
105% 106% 22,00 104
Aug 109% mar
let mtge coil s f 75..1944 100% 10031 10034 19,000 9934 July 102% Per
8631 86% 32.00
Oct 94% Apr
85
Medellin (Colombia) Is '51 98% 9731 98% 20,000 9244 Jan 101
Are
145 148
23,000 105% July 194
Oct
,,s_
6)
8944 89
89% 18,000 81
Nov 9455 Sept
97% 98% 63,00
9734 Nov 100
Nov
Mendoza (Pros) Argen1tm
a
954
99% 99%
1,000 9855 Jan 9951 Nov
58
75
,
96%
98%
9651
26.000
9644 Jan 1004 Apr
97% 98
19,00
86% June 101
MiE
Mar
taxats G
ueirsace (State) ler
1az
9511
9354 94
70,00
91% July 97% Mar
1958 83% 8335 95% 18.000 83% Nov 97% Apr
10555 10554
1,000 105
Aug 106% Oct Montevideo (City) Os_ 1959 96
19,000 93% Jan 98% Apr
95% 96
Mtge Bank of Bogota 75'47
92
92% 13,000 9134 Fe
97
102 n10251 19,00
Sept
94% Feb n10251 Nov
92
New
92
9234 9.000 91% Jun
9535 Apr
91
92% 33,00
Nov 97% Ain
91
Mtge
Bank of Chile 65 1931 97
9734 22,000 93
97
Jun
99
102 102
Mar
3,00
99
Aug 104
Mar Mtg Bk of Denmark 55 '72 95% 95% 95% 3,000 95
Oct 9934 Apr
102% 103% 15,000 101
June 105% Jan
Mtge Bk of Jugoslav 75 '57 83
8244 83% 24,000 RI
Au
140 143
90
May
8,00 119
Jan 148
Apr Parana(State of)Braz 7958 94
10,000 9251 Oct 98% Ma'
9251 94
100% 10135 5,00
99
June 103% May
Prueiela (Free State) 634551 96% 96
97% 49,000 95
Jun
9455 9435 72,00
Mar
98
9131 June 97% Ain
Extl 68 (of '27) Oct 15 '52 90% 90% 90% 56,000 88% Aug ,s94
9951 9951
1,000 99
May
July 102% June ftlo Grande do Sul (State)
10055 101
7,00 100 June 102 June
Brazil
9655
96%
20.000
97
'27)..
75(01
1967
96
Jan 100% API
9955 100
4,00
98% Aug 102
Apr Russian Government1335 1334 10,000 1234 June 18
1919
9731 98% 66,00
Mar
95% July 10134 Apr
13%
6
6
4
6s
s
1355 13% 51,000 1244 Oct Ill
19111
96
Mar
9755 17,000 96
Mar 105
may
13% 134 12,000 12% Sept 17% Mar
555s
100 101 411.000 100% Nov
5558 certificates_
10131 Nov
13
13% 3,000 1234 Oct
99
2211 13
_ 11
11)4 Mar
Saar Basin Con Counties101% 102% 59,000 9955 June
1044 May
7s
9934 100% 11,000 9944 Sept 10234 klay
1935
101% 10114 6,000 100
Aug 104
Jan
Sa
7,000
100
rbrueeken 78
1936
100%
95 June 10254 Apr
1024 102% 9,000 100
Aug 104
Jan Santa Fe (City) Argentine
105% 106
18,000 103% Aug 107
JAI,
Republic exit 79
9534 95% 11,000 9355 Jan 9955 May
1945
Santiago (Chile) 78._ _1949 100
100 100% 9,000 Os
Oct 101., Apr
9935 9934 5,000 97% July
86
86
8635 8,000 85% Oct 8944 June
10255 10235 1,000 100 June 102% Mar Silesia (Prov) 7,1
Sept Switzerland Govt 5345 195
wog 1004 2,00
28
9
99% 100
1110
June n103
15,000 97% June 10344
Aug
102% Mar
1055
Warsaw (Otto is
86
8651 36.000 (15 34 July 00% May
76
76
2,000 74% Oct
98% Jan
98% 99
20,000 9455 Oct 101
• No par value. 1 Correc ion. en Listed on the Stock Exchange this week, where
Jan
103 103
3,000 100% Aug
Apr additional transactions NO be found. n Sold under the rule. o Sold for cash
97% 97% 6,000 9551 Jan 1(17
9955 Am 8 Option sales. t Ex-rights and bonus. w When
105 106
Issued. z Ex-dividend. V E.
65,000 99% Aug 106% Nov
130 132% 12,000 98
Ex-stock dividend.
Feb 155 June NOLL
90
9034 84,000 90
Cash sales as follows: 04) Hart-Parr Co. -rights" Oct. 25, 400 at 12.
Sept 91
Sept
94
04
6,000 94
Nov 94
Nov
Option sales made as follows: a Middle West Util. prior lien stk. Mar. 5 at 12
A.G.Spalding dr Bro.. corn.. Jan. 14 at 120: p Associated Gas dr Elec., Jan. 14 at 47.
96
96
10,000 96
Nov 96
Nov
9235 9255 6,000 9154 Nov
Ps
Sierra Pacific Electric Co., Jan. 6 at 92. u Mt. State Power, Jan. 13. 101 4
96% May
97
97% 34,000 9455 Aug 1004
star (1) Palmolive Pet.. Feb. 28 at 85.
10155 101% 12,000 100
Aug 104
Apr
"Under the rule" sales were made as follows:
111 112
0 Belgian National Railway, preference Jan. 20 at 1755: Eltingon Schild
31,000 95% Jan
Co
93% 9334 44,000 8855 Mar 119% Oct 88, Jan. 13
at 9834:1 Goodyear Tire & Rubber of Calif. 5 -is. Jan. 4 at 1013.4.
9531 Sept
94
9555 9,000 92
Sept 100
k
U.
S.
Apr
Rubber
J.
108;
notes
J.
at
r
1940
655%
Newberry.
pref. Jan. 25 at 1074
82
85 264,000 1351 Feb
Nov V Standard Publishing class A Jan. 25 at 4; u 41,000 United Oil
95% 9534 34,000 93% Aug 85
Prod. 88 1931
9834 Mar
90% 100
10,000 95
Oct 101% Apr Feb. 2 at 881. Potrero Sug. 78, 1967, Feb. hat 98; w American Meter Co. Feb 25
94
93
8,000 9135 Oct 97
at
126. (3) Ohio River Edison 55. 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war .
Jan
Apr. 24 at 3(4)355. (6) Mtg. Bk. of Bogota is. 1947. Apr. 20 at 96-Inland Steel
100% 101
8,000 100
Feb 10635 May
4348 Stay 4. at 85.000 at 984. (8) Cities Service pref., May 23 at
100% 10034 2,000 99% July 102%
1084
jab (9) German
94
96% 41,000 94
Con. atliaes 7s. 1947: May 23.
at 10134. (1%.) Trumbull Steel
Sept 135
Apr prat_ July 19, 11.10 at 12234.(11) 611.1wtset 91.000
Gas 75, 1936. July 23, A4.01ill at 107 9854 9814 7,000 9555 June 100
Mar (13) 1,000 Pittsburgh Steel Gs. 1948. Aug. 24 at 1034;
(15) Alabama Power 5s, 1956.
Nov. 14. 31.000 at 10854
10634 107
92,000 95
June 199% Mai
18855 194
44,000 105
Correction.-Last week's record for South Coast Co. should have read: low,
Jan 194
Nov
26; high. 2655. There were no sales at 20.
First Bohemian Glass Wks
1st 7s with stk pur war57
Fisk Rubber 6345.. _1931
Florida Power 1k IA 66_1954 92
Galena Signal Oil 7s_ A930
Gatineau Power Is.. _1956 97
New
68
.1941 1003.1
Gelsenkirchen Min ns.1934 90%
Gent Amer Invest 158_ 1952
Without warrants
88
Gen Laundry Mach 655837 104%
General Rayon 65 ser A '48 95%
General Vending CorpSs With warr Aug 15 1937 94
1946
Ga & Fla RR Gs
Georgia Power ref 55_ .1967 99
Goodyear Tire & Rub 55'28
Grand Trunk Ry 6 %().1936
Guarit'amo & W Ry 691958 8551
Guardian Investors 55_1948
With warrants
9931
1937
Gulf Oil of Pa 55
Sinking fund deb 55_1947 102
Gulf States Ut115s_. .1956
Hamburg Elec Co 76_1935 10055
Hamburg El & trot 51'i8'38
Hanover Cred Inst 65_1931
1936
Hood Rubber 7s
Oct 15 36
5345
Houaton Gulf Gas 6551943 96
1943 94
Iii
Illinois Pow &Lt 5555_1957
lade° 011 & Gas deb 65 1939 11235
incl•polis P & L 5a ser A '67 100
tat Pow Scour 7s ser E 1957 96
Intermit Securities 58_1947 91%
interstate Power 6e.....1967 9635
New
1952 9731
Debentures 65
Invest Bond dr Share Corp
1947
Deb Is series A
nvest Cool An, be A.1943 101%
lowa-Nebtaaka L & P 56'57 95%
Ware° Hydro-Else 75_ _ 1952
limns Fraschinl 75 _1942
10655
With warrants
87
Without warrants
Italian Superpower 65 1963
without warrants
82
Kelvinator Co Os
1936
Without warrants
80%
Kendall Co 5558
1948 94%
Coopers0& t: den 53_1947 100
, WO Pow Seour 46...2026 10634
LeonardTletzinc.735s 1046
Without warrant
Libby.McN & Libby 55'42 94%
L ,mbard Eleo Co 76_1962
With warrants
103%
Without warrants
96
Lone Star Gas Corp 5s 1942
Long Island I.tg
_1945 10435
Los Angeles G & E 55_1951
Light 55 1957 9751
La Power
Walton,. Power 44 _1061 10135
Mansfield Min & So,(Geri
78 without warrants 1941
Mass Gas Cs 5345...11146 103%
McCord Rad & Mfg 611943 9834
Memphis Nat Gas Os 1943
With warrants
Met Edison 4 y55... _1968 99%
Milwaukee G L 4%s__1967
Minnesota P & L 4 %s_1978
Montgomery Ward 55_1046
blontreal L & P ba. _1951 10055
Morris & Co 7 48._ 1930 101
Narragansett Else 58 A '57 100
Nat Distillers l'rod 6558'35
Nat Pow & Lt 811 A...2026 106%
1978 8634
Nat Pub Serv 5s
Nat Rub Mach'y 65 _1943 145
Nat Trade Journal 60..__
9755
Nevada Cc deb 5s....1941
New Eng G & El Awn 58'47 9745
NY P&L Corp 1s1 4348'67 9354
Niagara Falls Pow 6s 1950
Nichols & Shepard Cu 68'37
10255
Without warrants
Nippon Elea Pow 6145,1953 9134
North Ind Pub Serv 5s 1966
Nor States Pow 634% 1933 102%
1933 14034
Cony 655s
Ohio Power be ser B._1962 101
1056 9434
4558 Who I)
Ohio River Edison 55_1951 99%
Osgood Coati with war 1935 10055
Oswego Falls Co Gs__ _1941
Pao Gm & El let 4345_1957
1948
Pacific Haven be
Pacific Western 0116%s'43
Penn-Ohio Edison Os 19511
Without warrants
Penn Pow & Light 55 B '52
lot & ref 55 ser D_ _ 1953
PhDs Else Pow 6345. _1972
Phila. Suburban Counties
G & E 1st ref 4.35s.._1957
1948
Pittsburg Steel @8
Potomac Edison 56_1956
1947
Potrero Sugar 7s
Power Corp of N Y 53.48 '47
Queenaboro U & E 5348'52
Rem Arms 555% notes1930
Richfield 01154% notes'31
1941
Gs
Rochester Cent Pow 581953
1953
Ruhr Gas 6558
Ryerson (Jos Ti & Sons Inc
1943
15 yr s f deb 5s
St Louie Coke & Gas rle 47
San Ant Pub ier lie __1958
s'anda Falls Co 5s_ _ _ _1955
1915
Schulte It E Os
'4Vith warrants
Without warrants
Scripps(E WI 5558_ _ _1943
Serve! Inc (new co) 65_1948
Shewinlgan W & P8(55 '67
Shawsheen Mills 78._ _ 1931
Sheridan-Wyom Coal 69'47
Silica Gel 634% note 1932
With warrant
Sloss Sheffield S & I 6s 1929
milder Pack 6% notes.1932
Solvay-Am Invest 58__1942
southeast P & L 68_2025
Without warrants
..mthern Aebestos 65.1937
Range Since Jan. 1.
3079
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
84
90
92
100%
97
9755
100%
90%
86%
90
92%
160%
9731
97%
101
9134
7,000 84
7,000 88%
46,000 91
1,000 87
16,000 96%
5.000 97
26,000 100
30,000 90
Nov
Nov
Oct
Feb
Oct
Nov
June
Oct
3080
FINANC1 A L CHRONICLE
Quotations of Sundry Securities
All bond prices aro "and Interest" except where marked -I".
Investment Trust Stocks
BId As1
Pa
and Bonds
Allied Internal Investors_ _t *105 109
Amer Bond & Share corn-10 2512 28
22
21
Amer Brit & Cont corn
95
85
75% paid
92
94
6% preferred
2612 2812
Amer Finan Hold corn A
83
Am & For Sh Corp units... 81
33
36
Common
4 7034
,
87
Amer Founders Corp corn.
4
,
4434 47
6% pereferred
4934 5234
7% Preferred
76
Amer &Genl Sec. units... 74
35
32
ClassA
10
8
Class B
40 4212
Amer Internal Bond dr 8h
712
4
1
6
Co
Inv
AndrewsSecur
ao
47
Astor Financial class A
5.25 5.00
Delaware & Hudson 415_
14
11
B
Class
5.20
4.90
Erie 444s&5e
7312
•71
All & Par Intl Corp
5.35 5.00
Equipment65
2412 27,2
Bankers Financial Trust...
5.25 5.00
Great Northern Os
14
13
com_
Am
Bankers
Investml
4.90 4.70
Equipment be
(414 10
Debenture shares
4.90 4.70
Hocking Valley 55
812 r)14
Shares
Industry
5.25
Basle
5.00
EquIpme.pt 6s
49 50
British Type Investors A
4.90 4.70
Illinois Ceetral 4345 a 84
Continental Securities Corp 120 123
5.20 5.00
EquIpruenttlis
86
82
Preferred
5.00 4.80
Equipment 7s & OM
107
Ss 1942 with warrant
5.30 5.00
Kanawha & Michigan Gs
104
Without warrants
5.25 5.00
Kansas City Southern 5)4e
5.25 5.00
Crum & Fonder LaurenLouisville& Nashville Os
102 104
shares corn
4.95 4.75
Equipment0348
103 105
Preferred
5.10
4.75
65_
Michigan Central LISA
2412 2514
she
Diversified Trustee
Minn St P&SEIM 4145 & be 5.30 5.00
2
20% 21,
Shares B
5.50 5.00
Equipment 034-s & 75_..
27
corn
Corp
Bankers
5.25
Eastern
4.95
MissouriPacific 6ti & 640- _
145 iiis
Units
4.90 4.70
Mobile & Ohio be
Flnan & Indust Bee 0050,..,. 136 140
New York Central 4415 & 11s 4.90 4.70
118
Preferred
5.25 5.00
Equipment
150
Warrants
5.00 4.80
EquipmentIs
99
94
Trust
Inv
Foreign
Fed
4.90
First
4.70
_
Norfolk & Western
21% 221,,
Fixed Trust Shares
5.00 4.80
Northern Paola(' 75
General American Inveetore
5.00 4.85
Partite Fruit Express 75deb Si with warrants-. 14912
4.00 4.70
Pennsylvania RR ea Is _ _
25 16General Trustee common
Pinar, & Lake Erie 011s....... 5.05 4.80
7812
130
*120
Old units
4.90
4.70
1
be
Stores
Reading 00434
Mercantile
-IA
75
70
120
105
New unite
100
Preferred
Bt Louis & Ban Francisco fis_ 5.30 6.00
119
77
6% bonds
Seaboard Air Line rig & 611 5.75 5.25 Metropolitan Chain Storee-t *75
23
21
122
corn
118
Corp
way
Green
4.90
4.70
1
New preferred
Southern Pacific Co 636555
SS
10
Preferred (w w)
5.00 4.80 Metropol 5 to 50 Sts corn A t .5
Equipment7,
21
7
Guardian Investment
t .4
5.10 4.90
Southern Ry 4315 & be
Common II
28
26
79
74
Preferred.
5.30 5.00
100
Preferred
Equipment68
89 9112
incorporated Investors
-t *42 44
100
.-_.:
.o_nx
%_e
ine
I)d&81to
Tre
(
efe
Toledo & Ohio Central 84_ _ - 5.30 5.00 MiEler
Short Term Securities
95 99
insuranshares see A 1927... 26 27,2
5.00 4 75
Union Pantie 75
26 2712
10312
1021
SeriesC 1927
Mock Judson & Voekingerpf.
Allis Chef Mfg, 58 May '37_ 100 100,2
2$34 .3014
Bodes P 1927
Murphy (CI C)Co corn---t .78 83
2512
Alum Coot Amer.59 May'52 10134 102
24
109
104
1927
El
Series
100
Aeronautical Securities
8% cum pref
Amer Rad.44b 434a, May'47 93 9812
2138 2234
34
Series B 1928
4 98
1
Nat Family Stores Inc---1 .31
Am Roll Mill deb 55, Jan'48 97/
59 62
int See Corp of Am corn A
6 1414 14,
4
Cum pref 92 with warr_25 33 38
Am Thread (is, Dec 1928__ 99,51. 100,4 Aeromarine-likmm
8414 3714
*21 25
CommonB
corn
16,2
99 99/
2 Aeronautical Industries- _ _ 16
1
Anglo-Am Oil 4145. July
95 100
89 95
preferred
11
14
P
Na
614%
8
Air
tre
Associates
irt
err
h
f
4
1
/
99
89
ed
.
9
1
100's
%
9
8
'29
Jan
t
65,
Min
Ana'da Cop
89 93
103 106
6% preferred
36
37
1
Nat Tea 612% peel
let eons 6s_ _Feb. 1953 105's 10512 Air Investors
43 47
.26 29 Invest Co of Am corn
1 15
20
Alexander Indus corn
Nedlek's Inc corn
Rataelan Pete 4348. _1942 93,4 94
98 103
127
.123
_
Preferred
96
pref
100
participating
coin
7%
z
Inc
Errs
102,
Nehmer
103
8%
Bell Tel of Can 58 A _Mar'55
163
160 165
Series A units
47
1
4 100,2 American Airports Corp.. 5 42
1
Preferred 7%
99/
*Beth Sti5% notes J une 15'2
*123 128
Investment Trust of N Y. 12
612 7,4 Nepwre
bfeerge0
J)Co CC=
(J7%
4 Amer Eagle Aircraft
99,
Sec 5% notes_June 15 '30 99
ES
105 109
Invest Trust Associstez_ _
1
4 Bellnoca Aircraft Corp units
1
See 5% notes_June 15'31 99 99/
116
23 24
4
N Y Merchandise coin...-5 .80 35 Bent Securities Corp corn.. 98 101
,
99
New
See 5% notes_June 15'32 99
102 105
100
160
175
Preferred
common
Aircraft
9812
Cessna
7%
First
pref
9912
'2
5e_May
•Com'l Invest re
Units
98 100
4 973s
1
96/
Preferred
Penney (J C) Co corn _A00 312 318
May 19
6% notes
4912 502
Massachusetts InVeinOra-255 265
100 101 192
6% cum cl A pref
'Cud Pkg,deb 5148.0et 1937 99'4 10038 Claude Neon Lights
115 117
86
.82
Mohawk
Invest Corp
corn...1
9
es
r
tot
pre
Peoples
Instrument-t
2
,
%
8
98'4
DrugS
Consolidated
2
,
99
Cunard SS Line 434s Dec'29
12
11
125-_
Trust..
Investment
Mutual
12
1
15
turn
Crescent Aircraft
Ed El III Best
1012 1112
2 New Englund Invest Truittt .4712 5014 99% Curties-Robertson Al:plane
1
99/
Phrgly-W1ggly Corp
3112 3312
434% notes--Nov 19
102
corn
Tr
Invest
Colony
Old
100
56
155
Units
Preferred 8%
Empire Gas dr Fuel bs
92
89
33
44% bonds
31
34
t .31
97,4 9912 Curtiss Assets
Plggly West States A
June 192937
33
Rogers Peet Co com___ A00 125 140 Pacific Investing Corp cum_
Fisk Rub 51.4s_ Jan 1931 90 90'2 Fairchild Canine: Engine- - 55 65
5312
5012
Corp.
109
See
105
lute/oat
Second
21
20
6%
Safeway Stant w'out war
Den Mot Ac Corp Sts Mar'29 99/4 100's Gates-Day Aircraft
2614
14
23
CornB when If & as iss
22
25
Sanitary Grocery Co
5% serial notes...Mar '30 99,4 2104 Great Lakes Aircraft
4312 4612
8% Preferred
12
100 165 175
15
4 991s Haskelite Mfg
1
611% preferred
5% aerial notes_Mar '31 98/
40
t *62 67 Shawinut Bk Inv Trust.... 38 2412
8,2 9,4 Sabin Co corn
9812 Heywood Starter Corti
Li% serial notes__Mar '32 98
245 265
50 24
paid)
Stock
(40%
60
50
-.100
pref
7%.
cony
AircraftCum
9714
93
Kreider-Rehmer
'33
5% serial notes__Mar
90 93
69
.67
1942
431s.
corn.'
70
5
.
7
ro
re
69
B
p
4 98
/
Silver
Lockheed Aircraft common}
5% serial notes__Mar '34 971
95 98
118 122
Se 1952
1312 15
corn cony
4 9734 Maddox Air Lines corn
5% serial notes_Mar '35 96,
36
1952 290
65
22 24
Southern Groc Stores A....-t .34
4 9734 Mahoney-Ryan Aircraft
1
5% serial notes_ _mar '36 96/
55"
47
95
units_
InS
Corp
Secs
Stand
12
14
4 1001s Mohawk Aircraft
1
Southern Stores6 units
Goodr(BF)Co 5s Jan 15'29 99/
40
300 Standard Investing COrp.--- 38
.6
Spald (A G)& Bros. corn 100 285
4 1001s Mono Aircraft
,
*5
Doodyr T AR 5s _Dee 15'28 99
104 105
7
w
w
Preferred
%
511
24
..f
23
A.....clasa
corn
Stores
08
Moth Aircraft Co711 1111138
Gulf 011 Corp of Pa deb
: 412
12712
5% bonds w w
14
16
t tow
Com class B
4
1
Common
Dec 1937 10132 101/
so
_ 176
Swedish Amer Investing pf.
100 50 55
330 340
let preferred 7%
4 102
/
National Air Transport_
Feb 1947 1011
Deb 58
1338
98
*94
A
Shares
clans
S
17
1
15
16
Walgreen Co corn
Nat Aircraft Malls Corp_ _ _
Koppers Gas & Coke deb 59
187s
Class A 1
10 107 110
60 61
8% cum pref
June 1947 100 10012 National Aviation
43
Class B
West Auto Supply corn A t *56 67
N R Airways
Meg Pet 4 Ns_Feb 1529-35 0512 100
4
1
26/
Caidd C 1
100 .103 105
7
6
614% preferred
4 10014 Pollak Mfg
1
Mar 011 5s._ __June 15 1929 99/
27721
Class C 2
__
0914
6
011
4
Standard
4
1
/
98
commonAirway.
Scenic
Seria15% notes June 1580
287s
1812
8
,
•18
........
3
C
Class
stook-51
vot
19
011
17
Anglo-Amer
*
Stearman Aircraft com
Eleria15% notesJune 15'31 97,4 98
1812
Ciess D.
81 •1712 18
Non-voting stook
7% 'preferred
19
Serial5% notes June 15'32 96,2 tati
15
210
Atlantic Refg corn rew-25 5034 5072 II B & Ent Internet 04 B.- 38
Units
Mass Gas Cos,5545 Jan 1946 103,2 104
43
11612
1
w
A
116
Class
1.01/
Preferred
Brineon Aircraft class A_ _ _
Pacific Mills 511s- --Feb '31 95 97
80
77
50
Units
25 *45
IS
20
Scene Serymeer Ca
Common
Peoples Gas L & Coke 414s
I) S 41. Foreign Sec nom_ _ - 4212 4412
Buckeye Pipe Line Co.. _.50 .67 68
15
g13
9312
Swallow Airplane
Dee 1929 k 1930 98 100
94
5518 5514
Preferred
500
New
98'4 Travel Air Mfg
Proct de(iamb,4 Ns July '47 98
14
12
Cbeeebrougb Mfg Cons- -25 150 155
U S Air Transport
Sloss Shel Eltl& Jr 65 Aug '29 100 101
in
l
1972
ariltoeke
er
ig
l
,7arams
e
4
,
*19
10
c
t
v
20
Oil
19
Continental
Universal Aircraft units
Swift 4: Co 5% notes
3
_ao
75
82
'omberland Pipe Line_ _100 70
78
Oct 15 1932 100 100,4 Warner Aircraft Corp
150
t;no t Aguirre Sugar am-J:0 •I47
525
Eureka Pipe Lbw Co..__ 100 72 75
4 99,2 Western Ale Express
(Blew Pow let 5s Au:'29 98,
130
*128
8
Hagar
irajarrio
4
,
7
_100
ooze._
-Wen* Signal Oil
4
1
•Un NJ RR & Can Sa Sept'29 98,a 99/
23
18
I
85
Vederal Sugar Ref esam..1100
100 83
4 104
1
Preferred old
U S Sm & Ref 5418-Nov '35 103/
_100 35 45
Preferred
MO 78 85
Preferred new
9619 98
Water Bends.
Jae'
'Wise Cent 3m.
.30 33
*106 10712 Godchaux Sugars Inn_ _
91
.100
Preferred
1014 289 292
IAne ning--M
96
tlhRefi
9umbletlt
(Wools
Pipe
Mean Wet ist 55 56 A.A&O 94
89 43
041
'
I t•x92 93
Holly Sugar Corp
Imperial 011
Birm VVW let 5148.A'54_&&0 100 103
Tabs's* _____s Per
92
90
Preferred.
(ndiana Pipe Line Co._.60 *54 87•
1st M 58 1954 ser B._J&D 96
197 200
international Petroleum. t *x4814 4912 Nation/ill:Sugar RefinIng_100
City W(Chatt)5145E4A7&11 190 103
45
moerlean Cigar porn. _100 140 150
85
RIO
r
om
4
Sur
24
sum
th
f
nt
*23
g
tiitiero
an
w
v
e
Zs
95
National Transit Oo_12.50
ist M ad 1954... _
_ 190 109
135
Preferred
71
4
70
00 6
100
._ .. 1
;
ct
4
0. unteCo
li)rans1
rnik_ p
or
(em
o0Y
New
7r
City of New Castle Water
120
....latish-Amer'robe° ord. El .29,
117
E7
Preferred
*2:04 3014
94
1
be Dec 2 1941._ _
so Sugar Enteral Oriente id 00 2 33
.211
32 (Milton WW 1st 541-39.FA A 94
:Imperial'Fob of CI IS & BB'S .30
369I2 3012 Vertlentes Raw of...10G 6 65
.*7
Co-----2
... _ 21. •
l co
eu
o
n rieMo
Fti
prion
Pe
eizi &
108
Com'w'th Wat lot 5SillA'67 97
let Cigar Machinery ttew100 102
4
Rubber Stock*
,
65
25 *6514
60
70
C1onnellry W 5•00.2119A&01 95
Johnson TM Foil & Met_
(Cievelczna thinfraforati r5i
KM 263 264
24
Prslr1e Pipe Line
25
E. St L & Luc Wat6s'42.J&J 94 05
onion Tobacco Co corn_
212
Aetna
Rubber common_ _ t *2414 26,4
210
100
70
_J&J 100 102
75
•inlar Refining
185 M 65 1942
Class A
100
Prcferred
108
Hunting= let Os '44 M&S 100 102
;if"
young (18) Co corn ...lee 104 112
13
corn
8
16
6
!tubber
Falls
1'
7
5
1
:6
13
5
5
-2
96
C°1954
r
e
h
t
u
3°Hth Pe:20111in.
Son
fie
100
Preferred
26 *111 17
46
Preferred
44
New
Slid Steter4 WW 6e'38 MAN 100
32
*31
Faultless Rubber
94
Mourn Con W let rts'56AJ&D 92
Southwest Ps Pine Lins5.100 82 83
*180 198
Indus. &
4 'Firestone Tiro & Rub cons.10 110 11012
1
Monm Val Wt 5345'50-J&J 98 100,s Standard 011 (California)_.• *7514 75/
.10e
Pi% preterrea.....
Standard Oil(Indiana)._ .25 •9112 0178
Muncie WW 5410et2'351 A01 94
100 1071 10812
7% preferred_
9
-American Hardware
88
wo'
"
7 12
74
12
di Jewel) Water be 1941AA-0 15
Standard 011 (Kansas). ..7.5 .281 237
205
Babcock & Wilma
General Tire & Rub cum_ .2f
4. 44441184512 Sher:sego VaiWat fre'/AA&O US
25 17412 175
(Kentnek11
011
Standard
:
90:
Co
W)
Blitz(E
._ _
Mimed
48
4fll
1)5
New
So Pitts War 1st 5/t IWO J&J
bp *60
,
Preferred
p1.1.00
Can
of
R
&
T
Cooly'r
741A
.1
.
106 198
96
- let M 55 1956._
Standard Oil INeb)
.36
-Childs Company prel.._1013
Rubber
8 India Tire
21s
591
0
5912
*5
6•
15
Per 11W W 3s'451 A _J&D 100 103
100 340 360
Standard 01101 New Jer-2
50e
lot,
Hercules Powder
4118 Marron Tire & Rubber eant
041
.100 122 125
Standard 011ed New York 35 '
let M fe 1956 err B Pad) 95
. 8
Prsferred
Preferred
125
25 .123
Wichita wet 1,0 a* 49 Wks 100 103
41endard 011 (Ohlit)
14
Intermit Silva 76 ref_ 100 120 fliM
iller Rubber preferred 1
100 11714 119
Preferred..
1st M 5811156 ser B._ e&a. 95
100 190
27
273.0 50
Phelps Dodge Corp
21% Mohawk Rubber
95 •21
+eau & Finch
*PO 34612 Ani Dep St 141 pt 71% __.100 •103 110
88 90
100
Royal Beiges Pow KMPreforms:I
1115 120
Stores unite
1C7
Berland
Preferred
101
roe
& Rubber- -1
Preferred
%lertine
ib
,7alon Tank Car Co.. __Re 123 125
t444„444.mauujusuzths_ lop 590 610
10t4
_ 1
10 *5_3_8
_Preferred- 95 297 9712
vacuum all (New)
634
E. *6
.
Singer Mfg
s Sale price.
colorant)*
r
Canadian
rights
Er
V
d
is Not:Meal 5 Er-dividen
Purchaser also pays accrued dorldeud
4
h Beefs
on
va
par
No
1
snare
Per
•
Public Utilities
Par BM Ask
amerieen Gas & Electrie-1 .193 195
• •107 10312
6% preferred
smer Light & Tmc eom_100 220 225
100 113 118
Preferred
amer Pow & Light
M&E 107 10712
Deb (1s 1016
artier Public Uttl corn _ _ _100 50 65
7% Prior preferred _ _100 95 99
98
100 93
Partlo preferred
4 108,2
1
Appalachian El Pr pf _100 107/
1712
Associated Gas & Elea com.t •16
• 4,34. -56
Original preferred
elm
96
$5 preferred._
t *9934 10012
8512 pref
*100 101
16 preferred
102
NH preferred
1 104
92
10
*1
•
$7 preferred
A & 0 9212 93
Deb 5s 1968
: 99
2875 971
Deb 55
Com'w'ith Pr Corp prei..100 10112 102
t •3912 4012
East, Uhf. Asst, corn
t *1112 13
Cone. Bock_
Elm Bond A Share prof 100 108 10912
30
.29
Genera/ Pub Bent corn _
5 •140 145
$7 preferred
S •100 102
$6 first preferred
100 94 95
Gaol Public CHI
Miestse1616 RI,Pow pref.100 107 109
First nitre 55 1951_ 4242 10112 10212
MAN 97
1 tab ne 1947
_vat-Must Pow & Light pref.+ 107 10812
orth States Pow com_100 146,4 14712
10712 10812
1% Preferred _____ __I
15
.or Tema Elea Co com_100 12
42
40
I
Preferred
inlo Pub Serv. 7% Orel _100 111 112
102 103
6% Prof
Pacific) Gas & El lst pref _ _26 .2714 2734
Puget Sound Pow& Lt6%p t .08 99
5% preferred
5 •88 90
10214 103,4
let & ref 6145
59
11Outb Cal Edisen 8% pf__25 .53
109'2111
prpLlOO
11 & 7%
"and :
Tenn Elea Power let pref 7% 106'2 10712
100 99,2 10012
6% preferred
_. 103 105
'Toledo Edison 6%
100 109 110
754
Ote5
pret
tern
Pow Corp prof.-100 106 109
Railroad Squirt:111mM
Par Bid
5.25
stlantk Coast Line 61.--490
Equipment6 Ns
5.25
Baltimore A Ohio 6s
4.90
Equipment 434s & 50.
Buff Roth & Pitts equip 68. 5.25
Canadian Pacific 4115 & Os_ 5.10
5.2.5
Central RR of N J 65
5.25
Chesapeake & Ohio 85
5.00
Equipment 614s
4.90
Equipment lis
Chicago & North West 65_ 5.30
5.00
Equip Ment6 Ns
5.00
Chic It! & Pac 4145 & 585.30
Equipment Its
5.40
Colorado & Southern 6s-
Ask
5.00
4.70
5.00
4.70
5.00
4.70
5.00
5.00
4.80
4.70
5.00
4.80
4.75
5.00
5.00
Chain Store Stocks
Ask
Par. Bid
42
Bird Grocery Stores com_-t .40
110
war)100
pref
(with
cum
7%
Bohack (H C) Inc com- _t .83 86
100 106
7% 1st preferred
14
*9
Butler(James) corn
45 55
1
Preferred
Consol Ret Ste. 8% of with
7
12
100 18
warrants
41
Diamond Shoe, corn
104 107
Preferred
30
Fan Farmer Candy Bh pref t *28
9
t •6
Fed Bak Shops,corn
Pref 7% with warr_ _ _ _100 96 100
Feltmen & Curare Shoe
t *10 20
Stores A corn
100 75 85
7% preferred
(it All & Pat Tea vot corn.1 *325 335
100 116 118
Preferred
Grant(W T) Airy 7% pf 100 10312
18
Floworth-Snyder Co. A.--- 15
Kaufm Dep Sts. corn_ _100
100
7% preferred
t *29 30
Kinnear Stores corn
6 120
18
13
t.2
100
255
pl
d
61 H
orn
8
rre
Kn
fee
,
111
106
x
$7eum pref
70
1 .65
CIA panic pref
1 *43 45
Kobacker Stores corn
100 102 105
Cum pref7%
t *80 82
Lane Bryant Inc corn
1t 122 130
7% nun prof
185
Preferred with ware
Leonard Fitzpatrick &
1 •2654 28
Muller Stores corn
100 108 115
Preferred 8%
10(1 410 450
Lord & Taylor
First preferred 6% __ _100 100
100 110
Second pref.8%
t .56 60
McLellan Stores corn
100 102 105
6% preferred
Melville Shoe Corp corn __t •64 66
110
t pref 6% with warr_100 105
wsarr
l
*3
Inttestuunt and Sailroad jtntelaigente.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of November. The table covers 11 roads and shows
10.86% increase over the same week last year.
Third Week of November.
1928.
Buffalo, Rochester & Pittsburgh.Canadian National
Canadian Pacific
Duluth,South Shore & Atlantic_ _Georgia & Florida
Mineral Range
Minneapolis & St. LOUIS
Mobile & Ohio
St. Louis, Southwestern
Southern Railway System
Western Maryland
Total(11 roads)
Netincrease(10.86%)
1927.
$330,980
6,339,937
5,593.000
83,189
28,400
4,853
278,880
339.538
465,500
3,632,268
399,422
Increase.
$314,046
5,456,611
4,790,000
77,882
27,300
4,565
300,910
307,167
453,352
3,650,955
397,227
Decrease.
$16,934
883,326
803,000
5,307
1,100
288
23,026
32,371
12,148
18,689
2.194
17,495,968 15,780,053 1,756,668
16i5013
41,715
In the following table we show the weekly earnings for
a number of weeks past:
Wen.
5th week Mar.(12 roads)
1st week Apr. (12 roads)
2d week Apr. (12 roads)
3d week Apr. (11 roads)
Oh week Apr. (12 roads)
tat week May (12 roads)
3d week May (12 roads)
Bd week May (12 roads)
4th week May (12 roads)
15t week June (12 roads)
211 week June (12 roads)
Sd week June (11 roads)
4th week June (11 made)
let week July (12 roads)
Id week July (12 roads)
Sd week July (12 roads)
4th week July (12 roads)
15* week Aug (12 roans)
2d week Aug (12 roads)
3d week Aug. (12 roads)
4th week Aug. (12 roads)
te week Sept.(12 roads)
24 week Sept.(12 roads)
ad week Sept.(11 roads)
4th week sent.(12 roads)
let week net. (12 roads)
2d week Oct. (12 roads)
8d week Oct. (11 roads)
4th week Oct. (11 roads)
1st week Nov.(12 roads)
2nd week Nov.(12 roads)
3rd week Nov.(11 roads)
Current
Year.
Previous
Year.
21.017,426
15,651.418
13.255,732
9,009.058
17,496,497
13,649,210
14.191,781
14,458,113
15,007,030
13.673,411
14,229.434
14,138.958
19.250,488
14.126.722
14,888.775
14,611,038
20,725.17
14,966,919
15,193.245
15.501,891
22,607.809
14,814,631
15,852,576
16,681,361
23,120,234
18,628,331
19,183,201
18,438,901
27,286,800
17,315,911
17,765,764
17,494,968
20,134,884
15,283.350
13.508,682
8,996.523
18.058.908
14.118,344
13,856,727
13.506487
14,264,043
13,394,869
13,551,112
13,541,992
18.288,339
13,318,138
13448.978
14.078.523
19,038.584
13.605.103
14,211,656
14,278,486
21,421,180
14,510,064
14,614,550
14,445,792
20,831,363
16,045,279
16,492,870
15,578,335
23.795,760
15,854,197
17.485,732
15.780.053
Increase or
Decrease.
$
+882,541 4.38
+368.068 2.41
-252,950 1.87
+12.534 0.14
-562.411 3.11
-469,133 3.33
+535,054 3.92
+952.046 7.04
+742.987 5.21
+278,542 2.08
+678,341 5.01
+596.966 3.66
+962.147 5.25
+808,584 8.07
+717.797 5.26
+532.435 3.78
+1,686,586 8.84
+1,361,818 10.00
+981,589 8.91
+1.223,405 8.57
+1,186,629 5.54
+304.567 2.09
+1.238,048 8.28
+2.223.567 15.48
+2,298,871 10.98
+2.583.052 16.10
+2.690,331 16.31
+2,858.566 18.33
+3,491,040 14.66
+1,461,714 9.21
+ 280,032 1.60
+1,614,915 10.86
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Oron Earnings.
Lona.
1927.
1926.
Increase or
Decrease.
Net Earnings.
1927.
1926.
Increase or
Decrease.
I
t
$
$
$
$
$
October 582,542,179 605,982.445-23.440.266 180.919,048 194,283,53
Novem'r 502.994,051 561,153,956-58,139,905 125.957,014 158,501.561 -13.384.491
-32.544.547
Oecem'
r 466.526,003625,820,708-69.294.706 90.351.147 118.520.165
-28.169,018
! 1928.
1927
1927.
January 456.520.8E17 486.722.645-30,161,749 93,990;640 99,549,436
February 455,681.258 468.632.117-12,850,88911o5.120,729 107,579.051 -6458.796
+541.678
March.- 504,233.099 530.643,758-26.410.059131,840.275 135,874.542
-4.034.267
April... 473,428,231 497.865,380-24,427.l491110,907.453
113.818.315
Slay _._ 309.746,395318.569.718 -8.823.3231128,780,393127.940.076 -2,910.862
+840.317
fine _.501,578.771 516,448.211-14,871.
127.284,387 129,111.754 -1,827.387
fuly...... 512,145.231502,811,756 +3,333.445137.412.487125.790.631 +11.711.856
August _ 556.908,120,556,743.013
+165.107 173.922,684 164.087.12
Ielitem'r 554,440,941564421,830 -9.980,689180,359.111 178,647,780 +9,835,559
+1.711,331
Note.-Percentage of increase or deorease in net for above months has
1927-Oct.,3.87% dec.' Nov.,20.53% dec.: Deo., 23.76% dec. 1928-Jan., been
5.58%
deo.; Feb.. 0.50% Inc.; March. 2.96% dec.: April, 2.58% deo., May. 0.66%
no.:
June, 141% dec.; July, 9.32% Inc.; Aug.. 5.99% Inc.
In the month of Oct. the length of road covered was 238,828 miles in 1927,
against
238,041 miles in 1926; in Nov., 238.711 miles, against 238,142 miles In 1928; In
238,552 miles, against 237,711 miles in 1926; in Jan., 239,476 miles, against Dec..
miles!n 1927:in Feb., 239.584 reilag, against 238,731 miles in 1927:in March,238,608
239,649
miles. against 238,729 miles in 1927; in April, 239.852 miles. against 238,904
In 1927: In May, 240.120 miles. against 239,079 miles in 1927; in June, 240,302 miles
against 239,066 miles in 1927; In July, 240,433 miles, against 238,906 miles in miles,
In Aug., 210,724 miles, against 239,205 miles in 1927:in Sept.. 240,693 miles, 1927:
against
239,205 miles In 1927.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
3081
-Grossfrom Railway--Net from Railway- -Net after Tann1928.
1927.
1928.
1927.
1928.
1927,
$
Boston & MaineOctober _ 7,379,404 6,936,675 1,771,875 1,638404 1,324,510 1,334,123
From Jan 1_63,814,935 65.377,868 16,035,841 15,835,886 12,949,315 12,849,455
Brooklyn Eastern District TerminalOctober_ _ _ _
137,460
115.947
51.660
41,111
43,260
34,772
From Jan 1_ 1,228,787 1,190,132
480,906
430,572
397.638
382,205
Buff Roch dr PittsburghOctober - - 1,591,642 1,547,077
256.698
191,458
206,701
191,462
From Jan 1.19,192.413 14,831,697 2,694,345 1,749,135 2.274.177
1.328.718
Buff & SusquehannaOctober. 157,500
124,504
27,435
def7,247
25,435
def6,347
From Jan 1- 1,322,894 1,289,578
116.008 de/30.025
96,008 def51,029
Canadian NationalOctober_ _ _ 30,154,743 24,787,721 10,323,313 7.584,614
Frm Jan 1 226.472,565 202807,307 46.410,110 34,586,955
Atlantic & St LawrenceOctober _
203,270
181,080
-6,858
5,661
21,758
-6.819
From Jan 1. 2,120,795 2,122,055 -186.082
148,739 --333,182
21.069
Chic, Det & Canada Grand Trk JetOctober _-_
878,371
326,966
223,542
148,533
207,231
138.127
• From Jan 1_ 3,314,136 3,269,807 1,965,699 1,588,406 1,856,216 1.484,544
Det, Grand Haven & MilwOctober
837.626
761,248
271,071
253,010
266,953
250.006
From Jan 1_ 7.924,196 7.076,416 3.036.991 2,583.923 2,952.960 2,452,423
Canadian PacificOctober. _27,020,332 21,201,713 10,006,279 6,971,385
Frm Jan 1183,588.531 160384,749 41,231,588 31,466,611
Central of GeorgiaOctober.. _ 2,253,000 2,372,000
6540,000 6481,000
From Jan 1-20,986400 23,495,000
63,599.000 64.438,000
Cent RR of New JerseyOctober _ -- 5,684,150 5.171,252 1,845.088 1,542,418 1,291,364 1.045482
From Jan 1_48,313,597 49,603,211 13,559,982 13,240,041 9,242,435 9,958.708
Central VermontOctober _
813,240
813,477
175,333
199,845
164,967
180,289
From Jan 1_ 8,212,616 7,650,382-1,001,693 1,524,702-1,139,239 1,330,105
Charleston dr West CaroOctober...315,265
296,129
132,774
90,989
115,249
73,407
From Jan 1. 2,754,264 3,003,196
843,291
675,256
439.428
477,005
Chesapeake & OhioOctober .__12.210,171 11,743,799 4,919,807 4,092.122 4,296,260 3,289.667
From Jan 1 103834,693 114773,253 34,039,596 38,414,009 27,587,489 30,985,212
Chicago & AltonOctober ___ 2.736,529 2.563,191
646,030
594,548
540,274
488,452
From Jan 1.23.876,215 23,693,816 5,104,102 5,067,778 4,046,313 4,009,121
Chicago Burlington & QuincyOctober._ _16,874,335 15,570,593 8,430,716 5,658,807
From Jan 1_138473,663 128897,950 41,741,434 38,759,478
Chicago Gt WesternOctober... 2,590,112 2,366,531
732,993
583,752
633.327
491,154
From Jan L20,844,885 20,501,407 4,489,491 4,011,946 3,605,506 3,152,672
Chic Indianap & LoulsvOctober_ __ 1,725,284 1,665,562
533,857
485,837
433,401
396.979
From Jan 1.15,312,310 15,861,753 4,307,722 4,539,407 3.451.147 3,711.927
Chicago & North WesternOctober-. 15,121,304 14.639,630
63,529,972 62,663,230
From Jan 1_129029,008 127668,520
622,212.319619.249.217
Chic St. P Minn & OmahaOctober _ _ _ 2,563,724 2,679.198
618,174
721,202
492,174
74,202
From Jan 1_22,658,806 22,536,378 3,710,650 4,464,274 3,710,650 4,464.274
ClinchtieldOctober ___ 632,322
694.011
284,309
262,933
204,309
162,933
From Jan 1_ 5,728,785 6,726,431 2.192,064 2,403,983 1.476,633 1.628.836
Del Lack & Western7.803,739 7.742,165 2,799,003 2,681,765 2,125,918 1,961.207
October _
From Jan 1_67,069,007 71,163,941 18,658.573 20,661,345 13,201.116 14.364,138
Delaware & HudsonOctober ___ 4,092,933 3,771,104 1,264,781
956.351
914,597
839,285
From Jan 1_33,288.124 35,998,925 7,391,008 7,270,727 5,192.694 8.109.163
Detroit& MackinacOatober._ _
182,715
145.457
41.205
28,805
30,787
18,860
From Jan 1_ 1,441,418 1,409,826
347,430
255,248
145,292
245,515
Terminal
Detroit
October _ __ 241,307
146,325
96,627
27,735
63.552
16.888
From Jan 1_ 1.960,519 1,748.255
548,411
743,680
535,316
393,928
Duluth & Iron Range971,283
739,206
October _ _
318,922
538,916
478,350
274,044
From Jan 1 6.130.777 6,442,231 2.385,381 2,367,745 1,958,229 1,835,995
Duluth Winnipeg & Pac197.195
October _
217,325
23,566
45,741
13,499
35.055
From Jan 1_ 2,173,172 2,133,430
391,226
379,659
280.724
273,872
Elgin Joliet & EasternOctober.... 2,115,000 1,969,000
11426,000 6314,000
From Jan 1_20,798,000 20,839,000
63.912,000 64,141,000
ErieNew Jersey & New York141,015
October _ _ _
135,442
24,514
10,052
6.474
20.650
From Jan 1_ 1.320,359 1,333,287
166,636
130,101
127,490
94,102
Florida East CoastOctober _
838,308
972,209
71,554
--2,508 --75,947 ---159.892
From Jan 1_11,776,045 15,398,431 3,446,510 3,088,496 1,951,458 1,788,218
Fort Smith & WesternOctober _ _ _
193,630
167,707
72,620
40,601
84,565
34,463
From Jan 1_ 1,271,492 1,380,439
207,819
179,633
159,333
126,284
Galveston WharfOctober...
261,308
176,262
147,817
62,580
122,815
36.080
Geo
Frrg
om
iaJan 1_ 1.824.767 1,657,523
843,686
557,897
608,688
349.897
515,715
October._ _
519,967
140,248
148,208
121,205
115.064
From Jan 1_ 4,395.911 4,811,287
735,178
937,905
628,869
802,988
Georgia dr FloridaOctober..__
142,557
147,765
17,705
21,048
8,701
13,347
From Jan 1_ 1,382,587 1,611,421
241,195
329,160
152,799
251,425
-Crossfrom Railway- -Nei from Railway- -Net after Tares
- Grand Trunk
Western1928.
1927.
1927.
1928.
1928.
1927,
October _
1,998.698 1,846,965
448,717
559,918
461.816
364,300
From Jan 1_18,673,817 17,826,104 5,148,218 4,955,888 4,258,431 4.111,175
Akron, Canton dr YoungstownOctober - _ _ 367,213
Great
Northern
272,688
161,351
103.946
145,717
97,059
From Jan 1. 2,952,577 2,711,920 1,080.582
October _ _ _18,524.804 15,974,095 9,155,804 7,032,092 7,156,599 6.057440
969,490
939,035
823,342
From Jan 1104554.992 97,902,083 35.311,572 32,424,623 26,823,281 23,971,515
Ann ArborGulf
October...... 542,835
Mobile & Northern513,953
147,773
128,966
118,366
104,864
From Jan 1_ 4,923.450 4,738,024 1,248,750 1.078.536
October..._
702,000
731,000
6192,000 6189,000
993,501
827,796
From
Jan 1_ 6,262,000 6,071,000
61,061,000 61.023,000
Atch Topeka & Santa Fe SystemOctober__ _26,969.772 25.774.496 12.289.084 10.142.423610,202,261 67,846,439 Gulf & Ship IslandOctober...
51,876
304,560
320,830
62.338
24.336
21,803
Fr'm Jan 1 205,095.610 213119,658 59,895,354 62,640,713842,275,359043,933,868
From Jan 1_ 2,801.460 3,227,813
436,572
98,698
158.433 ded144,727
Atlanta, Birmingham & CoastHocking Valley446,485
October _ _ 403,756
30,894
35,105
15,890
October... 2,316,524 2,023,610 1,156,526
806,634 1.015,325
20,947
650.651
From Jan 1_ 4,002,037 4,421,830
150,726
268,671
-115
From Jan 1_17,437.764 18,320.501 6,784,565 6,932,943 5.550,827 5.679,095
125,629
Atlantic CityIllinois Central System281,525 -51,314 -48,149 -91.864 --88,419
October. _ __ 293,966
October _ _17,454,864 17,230,045 5,442,826 4,561,402 4,153,534 3,429,815
From Jan 1_ 3,282,515 3,739.317
180,504
From Jan 1 149248.373 153979,841 34,284,174 36,067.557 24,033,987 25,531,050
372,510 -205,002
5,733
Atlantic Coast LineYazoo & Miss ValleyOctober _ _ 5.705,815 5,963,858 1.108,316
111,229
October... 2,901,710 2,907,424 1,069,567
791,846
657,141
889,563
639,592
209,438
From Jan L59,187,117 67,480.167,11,917,015 13,796,833 7,249,756 8,808,668
From Jan 1_21,891,448 22,296,712 4,506,225 1,810,689 2,840,226 1,810,669
Baltimore & OhioIllinois CentralOctober _ _22,851.505 21,952,261 7,525,119 5,822,761 6,494,969 4.826,030
October _ _ _14,535,048 14,305,273 4,387,388 3,773.483 3,262,696 2,798,782
From Jan 1 196954,815 209280,884 52,279,726 53,440,852 42,942,378 43,242,314
From Jan 1 127263,121 131542,473 29,793,441 32,526,867 21,256,870 23,793,568
Belt Railway of ChicagoKansas Oklahoma & Gulf713,231
816,667
October _
292,873
253,277
242,418
204,765
149,140119,278
304,038
October _ _
344,485
139,217
109,511
From Jan L 6.839,817 6.286,519 2,239,524 2,193,288 1,723,170 1,714,191
From Jan 1_ 2.642,301 2,404.727
989,126
513,266
882.710
417.715
3082
-Grossfrom Railway- -Na from Railway- -Net after Taxes
1927.
1928.
1927.
1928.
1927.
1928.
Lake Terminal- $
1.810
11,864
5,310
17,846
101,011
113,785
October _ _
17.061 -64,932
67,712 -25,199
925,050
From Jan!. 956,956
Lehigh & New Engl173,672
182,361
205,410
209,162
539,016
October _ _ _ 553,373
1,325,732
From Jan 1_ 4,533,537 4,961,332 1,174,879 1,545,677 1,015,395
Lehigh Valley7,399,025 6,692,710 2,631,185 1,465,876 2,231,257 1,101,677
October _
10,154,756
From Jan L59,782,044 62,994,726 14,918,963 13,084,043 11,833,877
Los Angeles & Sal Lake512,530
552,067
634,395
694,890
2,487,002 2,326,106
October
2.853,970
From Jan 1_20,747,966 21,449,079 4,156,958 4,218,714 2,769,058
Louisville & Nashville53,019,517 52,657,531
October_ _ _12,589,746 13,048,226
518,530,684521,405,011
From Jan 1_113563,258 122687,061
Maine Central322,641
357,719
437,889
471,555
October.... _ 1,739,110 1,738,829
2,465,449
From Jan 1_16.256,957 17,009,972 3,658,572 3,606,573 2,551.170
Midland Valley170,383
155,269
186,197
167,915
363,157
October _ _ '366,262
1,153,407
From Jan I_ 3,136,243 3,328,322 1,353,722 1.342,245 1,204,045
Minneapolis & St Louis348,728
433.252
426,195
513.138
October _ _ _ 1,567,623 1.519,308
704,124
From Jan 1_12,150,522 12.072,782 1,704,625 1,292,360 1,066,291
Minn, St Paul & S S Marie2,335,743
2,393,495
2,689,780
6,301,823 5,962,762 2,870.826
October _
8,943.508
From Jan 1_42,120,970 41.256,384 11,457,187 11,486,584 8,957,922
Mobile hc Ohio424,041
452,108
541,213
569,016
October _ _ 1,683,834 1,704,218
2,884,375
From Jan 1_14,416,223 15,275,613 3.429,384 3,787,004 2,549,374
Monongahela Connecting23.166
43,495
30,551
54,027
139.937
October _ __ 211,310
312,849
374,361
400,915
460.815
From Jan I_ 1,768,224 1.653,425
Nashville Chattanooga & St Louis5641,000 5418,000
2,287,000• 2,062,000
October_ _
53,711,000 53,433,000
From Jan 1_19,461,000 19,302,000
National Rye of Mexico-395,810
540,488
October_ _ 8,444,712 8,851,776
From Jen 1_84.516.745 83,885.707 10,634,994 5,058,245
Mexico
Interoceanic Rys of
871,522 -50,312 -247.702
October. _ _ _ 913,346
121,467-1,330,585
From Jan!. 9,403,984 8.869,930
Newburgh & South Shore27,141
32,229
40,027
51,167
155,293
167,469
_
_
October_
127,830
273,723
239,889
448,194
From Jan 1_ 1,750,532 1,346,089
New Orleans Great Northern
62,721
93,771
78,709
112,482
296.503
October __ 305,415
664.339
670,048
832,900
841,589
From Jan 1_ 2,723.983 2.769.436
•
New Orleans Terminal78,062
62,431
87,066
72,439
185,973
120,155
October_ _ _
561,992
455.442
674,083
564,557
From Jan 1_ 1,387,715 1,613,964
New York Central6,930,500 4,951,610
October _ _ _35,886,283 33,043,192 9,429,280 7,033,316
57.131,517
From Jan 1 318569.413324416.478 77,507,125 79,006,667 55,304.786
Cleve Cin Chic & St L1,853,083 1,338.224
October- 8,363,573 7,948,606 2,365,497 1,823,940 13,589,899 13,926,139
From Jan 1_74,968,838 77,404,083 17,919,917 18,233,721
Michigan Central52,430.000 51,771,000
October_ _ _ 8,676,000 7,689,000
519,506,000518,138,000
From Jan 1_78,469,000 76,303,000
New York, Chic & St Louis1,183,162
October _ _ 4,981,094 4,885,762 1,688,331 1,453,292 1,417,688 9,962,685
From Jan 1_44,226.876 45.297,876 12,302,470 12,555,022 9,800.198
New York Connecting162,903
169,509
198,903
209,209
291,280
293,700
October....
1,165,093
From Jan 1_ 2,341,746 2,509,053 1.515.423 1,549,093 1,115,912
NYNH& Hartford4,424,787 3,432.384
October ......12,807,825 12,146,071 5,014,520 3,940,209 28,567,726
27.529,018
From Jan 1 113747,205 110586,321 34,607,263 32,735.895
NY,Ont& Western159,327
169,049
159.401
209,049
October _ _ _ 1.172,857 1.117,567
1.507,355 1,629,952
From Jan 1_10,812.975 11,311.026 1,973.113 2.082,421
Norfokk Southern
185,597
192,357
247,187
260,601
831,863
832.480
October _
1,624.522 1,809,229
From Jan 1_ 7.700,562 8.026,680 2,194,754 2,361,402
Norfolk & Western54,286,773 53,290,667
October.. _ _ _10,703.838 9,668,225
527,053,766529,610,717
From Jan 1_87,667,142 94,696.306
Northern Pacific4,631,290 4,354,751
October _12,174,735 11,515,225 5,917,250 5,573,449 16,375,407 14,119.784
From Jan 1_84.463.681 78,816,946 24,356.888 21,707,385
Pennsylvania16.144.034 11,928,066
October.... 62,669,847 58,131,572 19,853,809 15,560.486 112112,815 105417,771
From Jan 1_540663626 564264,973 143405,865 136108,538
Bait Chesa & Atlantic7,288
14,622
13,134
20,554
134,998
125,948
October_ _ _
def284,491 6e1107,769
From Jan 1_ 1,154,858 1,252.161 def234,632 def58,503
Long Island875,872
1,021,175
October... 3,664.309 3.542,246 1,211,977 1,052,772 8,082,434 7,068,198
From Jan L34,209,872 34,595,832 10,482,000 9,332.522
Monongahela315,358
316.984
349,244
348,008
683,034
668,556
October_ _ _
2.558,096 3,019,338
From Jan!. 5,973,119 6,605,545 2.793.241 3,326,297
VirginiaW
&
Pittsburgh
55,619
154,213
109,299
216,151
312,275
October...470,345
930,167
1,141,437
From Jan 1_ 3,753,496 3.460,485 1,655,999 1,416,290
West Jersey & Seashore63,591
195,038
63,692
195,054
851,134
October....813,696
966,641
1,190,116
From Jan 1_ 9,104,257 10,200,532 2,191.107 1,849,033
Peonia & Pehin Union16,314
-2,579
38,314
17.881
170.310
150,806
October _
216,125
306.537
404,699
487,305
From Jan 1_ 1,606.649 1,542,737
Pittsburgh & Lake Erie353,084
465.438
545,018
635,128
3.017.418 2,638,099
October
3,036,768 3,415,507
From Jan 1_26.107,640 27.417,407 4,674,003 5,142,964
Pittsburgh & Shawmut47,926
31,424
49,092
32,862
187,874
157,805
October _ _
287.078
480,047
298,980
493,795
From Jan I_ 1,585.783 1,543,372
Pittsburgh Shawmut & Northern36,481
20.969
39,620
23,991
174,534
181.870
October _ _ _
240,688
329,949
270,772
360.556
From Jan 1_ 1,606.519 1,543.639
•
Port Reading99.336
134,258
113.434
148,137
220,340
277,438
October_ _
754,582
749,292
915,402
892,369
From Jan 1_ 1.927,855 2,062,900
Reading2,605,524 1,924,565
October... 9,188,968 8,403,616 3,106,571 2,449,831 12,332,866 13,292,080
From Jan 1_73,883.848 77,962,068 16.174,698 17,764,628
Richm Fredericksb & Potomac180,746
165.245
237.012
215,429
842,938
October _ _ 819,612
2,084.530
From Jan 1_ 9,174,537 9.759,717 2.567,112 2.648.773 2.043,429
Rock Island52,944,194 52,778,908
October_ _ _ _13,249.815 12,271,333 4,008,535 3,783,101
,236,744518,682,778
From Jan 1_117923,240 118585,835 28,900,394 29,928,161520
Rutland42,236
87.296
66,278
117,553
560,111
560,165
October_ _ 650,628
838.113
927,797
From Jan 1_ 5,671,813 5,343.179 1,126.426
SystemFrancisco
St Louis-San
52,441,142 52,471,997
October.- _ _ 8,312,712 8.074,004
517.200.421518.278,532
From Jan 1_71,437,695 74,496,167
St Louis Southwestern System852,100
820,870
936,806
October.... 2,784,705 2,467,603 1,014.084
943,044
1,027.218
From Jan 1_21,331,079 20,176,426 5,247.857 4.693,960
St Louis Southwestern
608,093
709,064
744,323
840,395
October _ _ 1,859,222 1,642,716
4.705,599 3.846.449
From Jan 1_15.040.187 14,030,359 5,426.400 4,492,303
[VOL. 127.
FINANCIAL CHRONICLE
-Grossfrom Railway-- -Net from Railway- -Net after Taxes-1927.
1928.
1927.
1928.
1927.
1928.
$
5
$
San Diego & Arizona5,550
16,500
13,230
22,369
92,589
97,481
October _
257,992
188,345
335,196
245.899
From Jan 1_ 1.023.739 1,184,142
Seaboard Air Line997,201
October _ _ 4,842,406 4.893,830 1,268,437 1,283,986 1,001,991 9,750,515
From Jan 1_47,182,278 51,909,816 11,652,886 12,803,963 8,639,497
Southern Railway System4,712,703
October _ _ _17,411,047 17,278,258 5,982,938 5,869,086 4,803,560 37,225,880
From Jan 1157708.925 163471.614 44,882,758 47,718,716 34,310,373
Southern Railway3,634,278
October _ _ _13,412,972 13,165,815 4,644,319 4,519,005 3.752,189 28,535,386
From Jan 1119998,995 124031,773 34,270,294 36,424,346 26,354,229
Alabama Great Southern268,327
240.487
333,167
304,832
946,614
October _ _ 927,968
1,807,015
From Jan 1_ 8,405,982 8,638,166 2,261,336 2,408,443 1,641,891
Cinn, New Orleans & Tex Pee407,148
520,260
517,859
637,205
October _ _ 1,896,841 1.816,763
4,386.741
From Jan L18,132,700 18,513,633 5,545,611 5,492,640 4,436.274
Ga Southern & Fla87,580
51,073
109,090
78,321
422,291
October _ _ 373,103
288,982
155,476
501,298
380,024
From Jan 1_ 3,692,089 3,997,323
New Orleans & NoVeastern185,845
143,668
236,386
198,774
545,292
521,325
October _ _
1,218,151
From Jan!. 4,577,064 4,887,821 1,464,653 1,653,870 1,007,704
Northern Alabama55,610
34,397
63,510
40,384
139,790
109,786
October _ _
429,148
214,477
484,883
275,165
From Jan 1_ 925,056 1,183,383
Staten Island Rapid Transit68,539
82,809
86,094
97,809
275,035
272,567
October _ _
685.742
649.554
877.156
848.262
From Jan 1_ 2,625,884 2,769,691
Term RR Asso of St Louis233,509
193,372
323,093
299,343
October _ _ 1,110,813 1,167,820
2,529,890
From Jan L10,894,430 11.154.628 3,405,439 3,517,180 2.421,978
Texas Mexicandef392
18,887
4,726
23,887
84,533
112,550
October,..
100,307
220,512
159,075
270,719
From Jan 1_ 1,065,994 1,132,577
Ulster & Delawaredef6,338
3,171
def588
9.068
77,131
94,207
October._ _
25,715
122.593
83,215
180,240
From Jan L 1,038.996 1,006,776
Union79,393
338,788
102,143
390,788
824,315
October _ 1,044,417
1,769,603 1,077,728
From Jan 1_ 8,576,529 8,567.340 2,116,122 1,291.365
Union Pacific6.848,966
6,433,745
7,666,854
7,186,982
October _ _ _14.775,547 14,854,900
29,746,307 26,138,427
From Jan 1102019.269 94,248,795 36,690.311 ,3,l17.557
Oregon Short Line1,673,671
4,428,440 4,276,494 2,079,765 2.031,102 1,770,707 6,388,428
October _
From Jan 1.32.181,389 29,666,921 10,601,431 9,011,946 7,855,516
Ore, Wash RR & Nay Co960,958 1,052,644
October _ _ 3,187,155 3,131,868 1,139,113 1.274,607 3,167,497 3,416,462
From Jan 1_24.929,309 24,130,240 5,058,153 8,358,974
St Joseph dr Grand 151171.781
165,507
206,298
194,440
442.370
445,435
October _
530,526
848,437
704,969
From Jan 1. 3,447,879 2,904,694 1,056,615
Utah59,837
72,587
68,159
80,998
159,915
192,024
October _ _
406,571
290,344
495,224
373,922
From Jan 1_ 1,367,904 1,400,983
VirginianOctober.. _ 1,707,696
From Jan 1_15.390,847
Western MarylandOctober _ _ 1,795,926
From Jan 1_15,494,515
Wheeling & Lake ErieOctober _ _ 2,113,688
From Jan 1_17,443,127
S After rents.
Ann Arbor
Boston & Maine
Chesapeake & Ohio
Gulf Coast Lines-
633,505
711,042
758,529
891,042
1,732,285
5,235,412 7,610,937
19,044.828 6,741,676 9,060,350
517,783
564,190
622,783
644,100
1,803,013
4,124,748 4,683,329
18,509,240 4.949.748 5,698,329
195.807
615,487
313,811
785,925
1,503,127
4,323,239 2,833,140
15,729,616 5,806.153 4.127,967
Total
Net Income.
3
104,158
Oct.'28
94,512
'27
772,359
From Jan 1 '28
670,026
'27
Oct.'28 1,242,113
'27 1,223,383
From Jan I'28 12,182,497
'27 11,877,343
Oct '28 *4,537,647
'27 *3,393,432
From Jan 1 '28 *29,766,669
'27 *32,371,832
336,125
Oct.'28
257.582
'27
From Jan 1 '28 2.887.653
'27 2,225.703
600,134
Oct.'28
Internat Great Northern
485,912
'27
From Jan 1 '28 2,370,211
'27 2.019,700
Oct.'28 3,098.378
Missouri Pacific
'27 2,634,538
From Jan 1 '28 21,158,284
'27 17,309,942
New York, New Haven & Hartford Oct.'28 *3,805,199
'27 *2 772 960
From Jan 1 '28 *23,017,346
'27 *20,867,758
131.835
Oct.'28
New York, Ontario & Western
129,312
'27
From Jan 1 '28 1,222,605
'27 1.362.668
274,747
Oct' 28
Pittsburgh & West Virginia
188,745
'27
From Jan 1 '28 1,969,499
'27 1,775.872
•
Oct '28 *2,944,194
Rock Island Lines
'27 *2,778,908
From Jan 1 '28 *20,236,744
'27 *18,682,778
Oct.'28 2,562,419
Et. Louis,San Fran.System
'27 2,562,288
From Jan I '28 20,548,846
'27 19,011,417
823,021
Oct.'28
St. Louis Southwestern System
803,234
'27
From Jan 1 '28 3,716,830
'27 3,607,855
Oct.'28 1,094,999
Seaboard Air Line
'27 1,085,037
From Jan 1 '28 10,176,921
'27 10,842,938
Oct.'28 1,452,863
Texas & Pacific
'27 1,024,517
From Jan 1 '28 8,969.272
'27 5,161,162
Oct.'28 1,722,829
Wabash
'27 1,434,462
From Jan 1 '28 10,703,230
'27 8,699,765
• Before addition or deduction of "other income" items.
Fixed
Balance.
Charges.
$
$
65,781
38,377
49,666
44.846
358,836
413,523
213,925
456,101
574,468
667,645
578,353
645,030
6.588,434 5,594,063
6.565,112 5,312,231
619,295 3,918,352
667,840 2,725,592
6,305,319 23,461.350
6.614,142 25,757,690
135,173
200,952
71,918
185,664
887.571
2.000,082
461.944
1,753,760
453.829
146,305
351.839
134.073
918,330
1,451,981
756.516
1,263.184
1,767,505
1,330,873
1,320,495
1,314,043
13,131,974 8.026,310
13,692,342 3,617,600
1,050,377 2,754,822
1,111,460 1,661.500
10,832,851 12,184,495
12,677,911 8,189,847
13,191
118,643
9,418
119,894
18,527
1,204,078
189,803
1,172,805
250,089
24,657
163,148
25,596
241,800 1,727,699
1,510,143
265,728
925,694 2,018,500
953,215 1,825,693
9,380,643 10,956,101
8,988,827 9,714,151
1,505,524
1,056,885
1.277,489
1,284,799
13,963,485 6,585,361
12,933,719 6,077,699
604,669
218,351
583,899
219,334
1,509,879
2,206,950
1.385.515
2.222.339
160,879
934.120
124,853
960,183
813,327
9,363,594
1,487,941
9,354,997
1,192,008
260,855
781,686
243,851
2.658,940 6,310.332
2,421,565 2,739,596
1,108,830
613,999
937,231
497.231
5,956.877 4,746,353
3,678,516
5,021,249
3083
FINA_NCIA L CHRONICLE
DEC. 1 1928.]
Bangor Hydro-Electric Co.
Electric Railway and Other Public Utility Net
-Month of October- 10 Mos. End. Oct. 31.
Earnings.-The following table gives the returns of
1928.
1927.
1928.
1927.
ELECTRIC railway and other public utility gross and net Gross earnings
157,203 1.961,939 1.870,042
167,293
896,732
849.770
74.872
78,729
Operating expenses & taxes_ _
earnings with charges and surplus reported this week:
New York City Street Railways.
*Net
Gross
Revenue.
Revenue.
Companies.
S
$
79,480
893,992
Aug '28
Brooklyn City
102,348
906,420
'27
8 mos ended Aug 31 '28 7,690,724 1,055,847
986,707
'27 7,682,131
7,939
1,559
Aug '28
Brooklyn Heights
7,810
1,560
'27
(Receiver)
62,473
12,475
Aug
31
'28
ended
mos
8
65,296
12,525
'27
4,762
220,728
Aug '28
Brooklyn & Queens
17,301
217,277
27
209,349
8 moo ended Aug 31 '28 1.900,359
152,164
'27 1.835,047
40,752
244,169
Aug '28
Coney is'&Brooklyn
54,312
245,026
'27
371,451
8 mos ended Aug 31 '28 1,902,926
250,831
'27 1.938,857
6,025
21,005
Coney Isl & Gravesend Aug '28
6,731
19,339
'27
13,130
103,268
8 mos ended Aug 31 '28
-530
'27
101,296
23,406
80,775
Aug '28
8th and 9th Ayes
-13,967
102,910
'27
(Receiver)
40.574
Aug
31
'28
634,686
ended
mos
8
-68,749
'27
893,265
347,757
Aug '28 1,522.963
Interhorough R T
328,024
'27 '1,133.291
(Elevated Div)
8 mos ended Aug 31 '28 12.489,105 2,788,051
'27 12,660,376 3,117,484
Aug '28 3,493,939 1.436,286
(Subway Division)
'27 3,441,916 1,433,971
8 mos ended Ads 31 '28 32,160,589 14,682,163
'27 24,943,697 10,116,019
11,052
58,980
Aug '28
Jamaica Central Rye
12,129
'27
54,708
4.869
40,228
Aug '28
Manhattan & Queens
4,341
'27
37,916
(Receiver)
318,916
32,336
8 mos ended Aug 31 '28
42,979
'27
307,598
-609
Aug '28
17,225
Manhattan Bridge
219
'27
18,345
3,788
142,576
8 mos ended Aug 31 '28
7,202
'27
150,501
14,014
Aug '28
501,799
Nassau Electric
51,454
'27
498.221
462,675
8 mos ended Aug 31 '28 4,062,264
'27 4,018,982
-38,314
94,342
Aug '28
75,623
New York & Harlem
'27
100,892
79,971
805,368
702,926
8 mos ended Aug 31 '28
821,205
'27
738.114
9,573
70,461
NY & Queens (Rec.) Aug '28
'27
70,433
12,079
103,334
570,417
8 mos ended Aug 31 '28
'27
88,465
559,048
584,933
103,225
Aug '28
New York Rya
'27
109,753
600,128
870,748
8 mos ended Aug 31 '28 4,415,915
'27 4,593,192
736,436
830.071
N Y Rapid Transit
Aug '28 2,858,240
'27 2,723,210
781.267
8 mos ended Aug 31 '28 23,334,272 7,660,908
'27 21,751,702 7,722,142
Aug '28
4,762
-1,050
Ocean Electric
'27
7,051
-362
8 mos ended Aug 31 '28
-16.644
41,353
27
-30,492
34,497
Aug '28
Richmond Rys
60,682
3.770
'27
62,129
5,853
Aug '28
83,889
5.004
Second Ave (Rec.)
'27
85,241
3,802
45,476
8 MO8 ended Aug 31 '28
701,999
'27
692,534
43,018
Aug '28
46,262
126,753
South Brooklyn
'27
48,547
124,495
788.598
252,328
8 mos ended Aug 31 '28
'27
249,822
830.270
Aug '28
65,389
3,758
Steinway Eye (Rec.)
'27
64,732
3,835
32,482
545,906
8 mos ended Aug 31 '28
'27
60,499
537,622
Aug '28 1,258,108
157,165
Third Ave Rye
'27 1,237,837
191,789
8 mos ended Aug 31 '28 10,370,721 1,730,549
'27 10,972,446 2.099.327
Net Corp.
Fixed
Income.
Charges.
$
$
41,396
38,083
57,630
44,718
723,143
292.700
604.280
372.427
-50,069
58,009
58,009
-50,199
464,072 -401,599
464,404 -398,108
-52,633
57,396
57,224
-39,923
467,008 -257,659
485,241
-38,855
31,083
9,669
32,887
21,425
125,633
245,816
260,350
88,082
13,894
-7,868
13,752
-7,021
110.378 -107,235
110.610 -111,143
7,939
15,466
8,907
-22,874
71,442
-30,867
71,154 -136,784
468,534 -118,797
896,642 -369,619
5,199,683 -2,331,651
5.575.504 -2,471.509
1,104.112
332,174
1,007,724
326,250
8,823,969 5.858,162
8,421.274 3.695.749
900
10,152
1,521
10.607
9,938
-5,067
9,705
-5,364
79,028
-46,689
77,777
-34,808
456
-1,665
413
-194
3,391
394
3,062
4.139
100,521
-86,507
100,305
-48,850
798,430 -337,755
789,948 -750,642
59,448
34,894
55,471
45,420
488,456
309,791
421.164
383.038
23,260
-13,687
23,618
-11,540
189,198 -83,863
188.709 -100.243
178,182
-74,957
186,605
-76,852
601,899 -731,158
983.856 -247.408
525,971
304.100
518,440
262,827
4,158.159 3,402,754
4,020,716 3.711,417
-1,050
-,
362
508
-17,152
507
-31,000
416
3,353
417
-5,436
17.958
-12,954
17,680
-13,868
141,906
-96,428
131,273
-78,245
18,864
27,594
19,141
28,806
146,4'42
105,622
177,394
74,258
4,564
-808
4,340
-505
41,320
-26,513
40.768
9,732
229,110
-71,945
223.656
-31,868
1.828,841 -852,292
2,130,100
-30,774
* includes other income.
Alabama Power Co.
Month of Oct. 12 Mos. End.
1928.*
Oct. 31 1028.
Gross earnings from operations
Oyer. expenses, incl. taxes and maintenance_ _ _
Net earnings from operations
Other income
Total income
Interest on funded debt
Balance
Other deductions
1.545.899
631.747
16,839.020
6,368,332
914,152
119,501
10,290,683
1.088,909
1,033,653
11.379,597
3,475,647
7.993,959
615.478
Gross income
Interest. &c
88,564
20,419
82,331 1,065,207 1.020,272
330,556
267,397
25,083
Net income
Preferred stock dividend
Depreciation
68.145
57,248
Balance
Common stock dividend
Balance
797,810
248.734
122,522
689,716
225,875
132,529
426,554
227,983
331.312
158.055
193,571
173.257
Barcelona Traction, Light & Power Co., Ltd.
-Month of September- 12 Mos.End.Sept.30.
1927.
1928.
1927.
1928.
Pesetas.
Pesetas.
Pesetas.
Pes,das.
7,470,886 7,187.589 74.113,502 71,190,569
2,316.722 2.306,957 22,386,651 21,935,984
Gross earnings
Operating expenses
5,154.164 4,880.632 51,726,851 49,254.585
•
Net earnings
Boston Elevated Railway.
-Month of October-1
1928.
1927.
i
$
Receipts• 2,891.250 2,845.910
From fares
From oper. of special cars, mail pouch service,express
2,331
3,311
and service cars
64,109
65,557
From adv.in cars, on trans., priv. at stations,&c- - _ 25,227
5,075
From other railway cos. for their use of tracks & facil.
4,116
4,902
From rent of buildings and other property
11,746
9,514
From sale of power and other revenue
Total receiptsfrom direct operation of the road---- 2,980,077 2,952.976
14,832
14,113
Interest on deposits,income from securities, &c
2,994.190 2.967.808
Total receipts
Cost of ServiceMaintaining track, line equipment and buildings_ _ _ _
Maintaining cars,stop equipment,&c
Power
'Prang). exps. (incl. wages ofcar service men)
Salaries and expenses of general officers
Law expenses,Injuries and damages,and insurance_ _
Other general operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Sub. & tunnel rent, to be paid to the city of Boston_ _ _
Cambridge sub. rent, to be pd. to the Com'wealth of
Massachusetts
Interest on bonds and notes
Miscellaneous items
364,454
388,469
205,071
930.920
8,425
143.157
112.713
131,745
262,264
187,497
342,446
355,466
200,831
946,922
8,511
106,033
115,668
142,671
262,753
152,384
32,961
214,620
8,752
33,011
214,11)8
6.686
2,991,055 2,888,386
Total cost ofservice
Excess of receipts over cost ofservice
3,135
79,421
Central Illinois Light Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of October- -12 Mos.End. Oct. 311927.
1928.
1927.
1928.
Grosb earnings
Operating expenses, incl.
taxes and maintenance
391,032
366,132
4,700,477
4,368,052
233,822
224.862
2,790,861
2,622,581
Gross income
Fixed charges
157,209
141,270
1,909,615
357,258
1,745.471
437.629
1.552,357
410,510
296,800
1,307,842
411,386
256,800
845,046
639.655
Net income avail,for diva. & retirement reserve.
Dividend preferred stock
Provision for retirement reserve
Balance
Eastern Massachusetts Street Railway.
-Month of October- 10 Mos. End. Oct. 31.1927.
1928.
1927.
1928.
Railway operating revenues_
Railway operating expenses_
711,035
471,762
746.313 7.499.553 7,806,872
594,263 4,853,317 5,116,658
Net after expenses
Taxes
239,273
31,561
152.049 2,646,235 2,690,213
27.118
297,034
286,087
Net operating revenue_ __ _
Other income
207,712
25,815
124,932 2,349,201 2,404.125
22,509
203.082
226,069
Gross corporate income.. _ _
Int. on funded debt, rents,&c
233,526
96,620
147,441 2,552.284 2,630,194
100,891
982,603 1,019.565
Avail. for depr. divs., &c_ _
Depr., equal. & retirements-
136,906
70,613
46,551
7.724
1,569,681
761.221
1,610,629
997,695
66,292
38,826
808,459
612,935
Net income
Engineers' Public Service Co.
(Preliminary Report.)
-Month of October- 12 Mos. End. Oct. 31.1927.
1928.
1928.
1927.
$
$
$
$
2,721,187 2,501,689 31,060,044 29.159,036
Gross revenue
1,148,546
949,355 12.779,605 11.224,832
Net after taxes
826.561
652.202 6,877.420 6.142.995
Surplus after int. & amort
Balance
Dividends on preferred stock
7.288,472
Gulf Power Co.
1,827,996
reserves,
retirements,
&c
for
Balance
5.460,476
* Including earnings of companies consolidated to form this company. I Gross earnings from operations
Oper. expenses, incl. taxes and maintenance
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies.)
-Month of September- 9 Mos.End, Sept. 30.1928.
1927.
1928.
1927.
$
$
$
c
2,717.038
revenues
2,334,913
24,218,53e 27,386,011
Operating
Net revenue from opera151,224
244.212
1,758,720
tion (incl. deprec.)1,509,815
239,833
314,485 2,432,278 2,153,677
Gross income
216,468
taxes
210,543
1,898,434
&
rents
Interest,
1,987,850
29,290
98,016
533,843
Net income
165.826
Month of 12Mos.End.
October. Oct. 31 1928.
89,962
63,682
1,054.377
654,215
Net earnings from operations
Other income
26,280
2,725
400,162
28,181
Total income
Interest on funded debt
29,005
426,323
130.943
Balance
Other deductions
295,380
94,738
Balance
Dividends on $8 cumul, pref. stock
200.642
50.622
Balance for reserves, retirements and dividends
150,020
3084
FINANCIAL CHRONICLE
[Vol.. 127.
Illinois Power Co.
Portland Electric Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of October-12 Mos. End. Oct. 31.
-Month of October- -12 Mos.End. Oct. 311927.
1928.
1928.
1927.
1928.
1927.
1927.
1928.
Gross
earnings
$
1.088,958 1,022.976 12.475,259 12,127,976
Gross earnings
236,070
220,107 2,713.700 2,631,321 Operating expenses and taxes 666,534
589,884 7,447.985 7,258,573
Operating expenses,incl.
taxes and maintenance
Gross income
154,504
1.829,371
1,783.136
154,996
422.424
433.092 5.027.274 4,869,403
Interest, &c
211.742 2.574,100 2,580,819
212,723
Gr0118 income..
81,566
801,949
65,110
930,564
Fixed charges
Net income
392.260
389,466
221,350 2,453.174 2.288,584
209.701
Dividends on Stock-Prior preference
475,267
471.820
Net income avail, for diva. & retirement reserve
First preferred
409,688
541.098
741.585
657.346
Dividends preferred stock
Second preferred
232,115
225,354
300,000
320,000
Provision for retirement reserve
150,000
150,000
Balance
855,971
919,769
Balance
165.743
27,572 Depreciation
744.925
776.260
Balance
Kansas City Power & Light Co.
111.046
143,509
-Month of October- -10 Mos.End. Oct.31Southern
1928.
California Edison Co.
1927.
1927.
1928.
-Month of October- -12 Mos.End. Oct. 31Gross earns. (all sources) 1.131,946 1,068,281 13,587,288 12,153,038
1928.
1927.
1927.
1928.
Oper. exp. (incl. maint ,
2
gen'l & income taxes)_
582.790
545.074 6,967,947 6,024,640 Gross earnings
3,49,452 2,597,206 34,43,240 30,319.571
Expenses
710,277
611.233 7.874,281 7.151.136
Net earnings
549.156
523,206 6,619,340 6,128.397 Taxes
278,628
252,276 3,334,981
2,801.912
Interest charges
111,435 1.265,156 1,307,645
94,905
Total
expenses
&
taxes
863,509
988,906
9,953,048
11,209,262
Balance
454,250
411,771 5,354,184 4,820,752 Total net income
2,100,545 1,733,696 23,113,978 20,446.522
Amon. of disc. & prem..
15,429
181,245 Fixed charges
185.148
15.428
546,522
5,756.220 5,929,555
451,601
Balance
438,821
396,343 5,169,036 4,639.506
Balance
1.554,022 1.282,094 17.357,757 14,516,966
Dividends let pref.stock
20,000
810,190
531.663
79,166
Southern Indiana Gas & Electric Co.
Surplus earns, avail.
for depreciation &•
(Subsidiary of Commonwealth Power Corp.)
corn, stock dive......
418,821
317,176 4,637.373 3,829.316
-Month of October- -12 Mos.End. Oct. 311928.
1927.
1928.
1927.
Market Street Railway Co.
Gross earnings
1,635
216,622 3,1:12,393 3.080.768
Month of 12 Mo.End. Operating
expenses. 111c1
Oct. 1928. Oct. 31 '28.
taxes and maintenance159,068
144,509 1,783,958 1,748,096
Gross earnings
845.620 9.834.079
Gross income
107.566
112,113 1,348.435 1,282,671
Net earnings,including other income, before provi353.841
316.727
sion for retirements
1,502.093 Fixed charges
135,256
Income charges
751.430
60.661
Net income avail, for dive. & retirement reserve 1,031,707
928,830
Dividends preferred stock
342.557
382,533
Balance
750.663 Provision
74,595
for retirement reserve •
221,935
236,576
The Nevada-California Electric Co.
(And Subsidiary Companies.)
-Month of October- -12 Mos.End. Oct.311927.
1928.
1928.
1927.
$
$
$
Grossoper.--_361,891
340,853 5,392,730 5,117.960
144,910
138,662 2,306,394 2,353.299
OPer•kgenIx
rnDiffitaxes
Operating profits_ _ Non-oper. earns.(net)--
216,980
8,354
202,190
1,994
3,086,336
108,538
2.784,661
129.648
Total income
Interest
225,335
122,848
204.185
113.524
3.194.874
1,474,165
2.914,309
1,403.525
Balance
Depreciation
102,487
47,214
90,661
47,055
1,720,708
606,648
1,510,784
569.968
Total taxes
Net oper. income
Non-oper. income
48,020
132,485
3,607
42,397
152,720
161
523.877
1.689,386
-6,683
559,704
1,694.423
8.095
Gross income
136,092
Deductionsfrom Gross IncameInterest on bonds and
coupon notes
19.079
Int. on notes pay., &c.. _
352
Amortization charges..
247
Depreciation
17,869
Total deductions from
gross income
37,548
Net income
98,544
152,881
1,682,703
1,702,519
20,611
737
697
29.192
232,015
10,117
3.870
344.416
247.419
12,448
.8,347
372.230
51,239
101,642
590.419
1,092.283
640.444
1,062,075
Balance
412,597
364,336
Third Ave. Railway System.
-Month of 01c9
1o2b7er.
4 Mos. End. Oct. 31
1928.
1918.
1927.
Operating RevenueTransportation
Advertising
Rents
Sale of power
1,332,019 1,308.039 5,065,981 5,000,958
12.500
12,500
60.000
50,000
19.660
21.129
83.040
77,768
919
761
3,364
2,846
Total operating revenue...- 1,365.099 1,342.431 5,196,596 5,137.363
Operating ExpensesMentenance of way
235,032
171,595
948.998
746,683
Maintenance of equipment.- 127,480
474,676
122,623
476,713
Depreciation
29,341
31,846
28.846
158,544
Balance
55,273
43,605
940.815 Power supply
1,114,060
84,759
310,566
78,973
329,629
Discount and expense on
Operation of cars
453,239
446,236 1,786,646 1,757,435
securities sold
8,320
107,484 Injuries to persons & prop--- 113,221
7,567
97,388
425,574
111,067
424.234
Miscell. additions and
Gen.& miscell. expenses_ -._
47,467
53,084
194,963
208,806
deductions (net cr.)- _
7,888
64.854
17,962
418
Total operating expenses.... 1.031.860 1.015.426 4,002,640 3,952,588
Surplus avail, for red.
of bonds. diva., &c_
.74,841
36,456
898.186
1,034,634
Net operating revenue-333,238
327.004 1,193,955 1.184,774
Taxes
96.329
100,116
377,006
380,357
New Bedford Gas & Edison Light Co.
Operating income
236.909
226.888
813,598
807,768
-Month of October- -12 Mos. End. Oct.31Interest revenue
18.137
16.110
70,761
70,779
1928.
1927.
1927.
1928.
$
$
$
Gross income
Oper. revs.-gas dept._
255,046
242,998
878,548
884,339
92,672
1,1,382 1,105.938
100.971
Oper. revs.-elec. dept _
Deductions274,256
269,611 3,100.090 3.250,687
Interest on let mtge. bonds...
42.756
42,756
171,026
171,026
Total oper. revenues_
73.301
366.928
73,301
370.583 4.215.473 4,356,626 Interest on 1st ref. mtge. bds.
293,206
293,206
Oper. exp.-gas dept_ _ _
740,862 Interest on adj. mtge.bonds59.304
93.900
710,213
93.900
61.857
375,600
375,600
Oper. exp.--elec. dept_ _
1,410
1,583
127.118
113,608 1.291,996 1.361.635 Track and terminal privileges
5.677
6,406
Miscell.rent deductions
730
760
2.505
2.571
Total oper. expenses.._
1.474
1,866
186.423
175,466 2.002,209 2.102,497 Amort. of debt disc. & exps
5,897
7.789
Net operating revenue- _
2,790
2,790
180,505
195,117 2,213,264 2,254,128 Sinking fund accruals
11.160
11.160
Taxes-gas dept
27,680
120,881 Miscellaneous
15,387
122,028
125,576
11,864
9,409
25,001
Taxes--elec. dept
2,164
438,822 Int. on series "0" bonds.-2,164
8,656
401.849
32,987
36,155
8,656
The Ohio Edition Co.
Total deductions
Net income
246.207
234,510
999,306
901,418
8.838
8.488
114,946
22.870
York Utilities Co.
Operating revenues
Operating expenses
-Month of October- 10
1928.
1927.
$
$
8.532
9,877
10,648
10,035
Net revenue
Non-operating income
*2,176
6
•154
2
Gross income
Deductions-Coupon int_
Miscellaneous
Taxes
*2,169
3,392
*154
3,392
(Subsidiary of Commonwealth Power Corp.)
-Month of October- -12 Mos.End. Oct.31- Total deductions
1928.
1927.
1927.
1928.
Net income
Gross earnings
115,876
118,866 2,013,392 1,917,499 Surplus from previous years
Operating expenses,incl.
taxes and maintenance
85,858
1,079,347 1,065,989
84,233
Total surplus
Gross income
841,510
100.018
74,632 1,004,044
• Deficit
Fixed charges
80,380
194,423
Net income avail, for diva. & retirement reserve
809,621
761.130
Dividend preferred stock
145.316
160,198
Provision for retirement reserve
123,000
145,500
Mos. End. Oct. 31.
1928.
1927.
2
$
103.658
147,206
103,683
156.548
4.25
*9,341
42
45
321
600
16
33,920
175
3,604
3,714
3,992
37,700
38,692
*5,883
*4.146
*37,684
*142,825
*47,987
*78,173
*180,509
*126,168
*9,295
33,920
4,771
FINANCIAL REPORTS.
Balance
Public Service
503,923
Corporation of New Jersey.
492,813
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Nov.3 1928.
•
-Month of October- 12 Mos, End. Oct. 30.
1928.
1927.
1928.
1927.
$
$
$
$
Gross earning,
Railroads-10,625,744 10A20,611 123172,041 113549,021
Page.
Oper. exp.,'mint. taxes and
Algoma Central & Hudson Bay Ry_2811
depreciation
7.731,684 7,608,702 88,035,965 82330.419 Algoma Central Terminals, Ltd___ _2811
Atchinson, Topeka & Santa Fe Ry--2623
Net income from operation 2,894,059 2,811,908 35,136,075 31,418.602 Atlantic Coast Line Co
2811
Other net Income
20,245
852.420 Belgian National Rye
*68,869 1.833.101
2680
Boston dt Maine RR
2812
Total
2,914,305 2,743.039 36,969.177 32.271.022 Central Argentine Ry, Ltd
2812
Income deductions
1,293,486 1,365.522 17,710,779 18,699.351 Cincinnati Northern RR
2812
Cleve.(Inn. Chic.& St. Louis Ry--2812
Ital.for divs, and surplus_ - 1.620.818 1.377.517 19,258.398 13,571,670 Consolidated RRa of Cuba
2880
Page.
Railroads-2680
Cuba Northern Ity
2681)
Cuba Railroad
Duluth South Shore & Atlantic 11g...2681
2813
Indiana Harbor Belt RR
2813
Mahoning Coal RR
2813
Mexican Ry. Co., Ltd
12813
Michigan Central RR. Co
2813
New York Central RR
2813
Pittsburgh & Lake Erie RR
Rutland Itit
2813
Dye.1 1928.]
FINANCIAL CHRONICLE
Railroads-Concluded.
Industrial-Continued.
Page
Page.
aouthern Ry
_2822
2813 Alaska Juneau Goo aiming in
Toronto, Hamilton & Buffalo Sty.- -2814 Allied Internat. Investing Corp.__ -2531
Amerada Corp
2531
Public UtilitiesAmerican Bank Notoko
2531
Alabama Water Service Co
0814 American Bosch Magneto Corp
2686
Amer. Commonwealth _Power Corp2524 American Bre wn Boyer(Electric Corp2958
American Light & Traction Co
2814 American Chicle Co
2686
American Natural Gas Corp
2815 American Encaustic Tiling Co,Ltd._2687
American Power Sc Light Co
2815 American European Securities Co_ -2531
American Public Service Co
2525 American Hide & Leather Co
2687
American Utilities Co
.2525 American Ice Co
2687
Amer. Water Works& Elec. Co., Ine2815 American La-France & Foamite Ccrp2822
Asscriated Gas & Electric
American Steel Foundries
2687
Co
2816, 2682 ,2524 American Plano Co
2822
Bell Telephone Co.ofPa
2683 American Pneumatic Service Co-- -2822
Baotou Elevated Ry
2816 American Safety Razor Corp
2959
Boston, Wcrcester & N.Y.St. Ry-2683 American Seating Co
2959
Calgary Power Co.,Ltd
2954 American Soda Fountain Co
12959
California-Oregon Power Co
2816 American Type Founders Co
_2678
California Power & Light Co
2683 Andes Copper Mining Co
2533
California Water Service Co_ _2816. 2525 Anglo-American Corp. of So. Africa,
Central Illinois Public Service Co_ _ _2525
Ltd
2533
Central Maine Power Co
2816 Angle-Persian Oil Co.. Ltd
2822
Central Power Co.(Del.)
2525 Archer-Daniels-Midland Co
2533
Central Power dr Light Co
2525 Art Metal Construction Co
2687
Central & South West Utilities Co._2525 Artlocm Corp
2687
Central States Electric Corp
2525 Arundel Corp
2687
Central West Public Service Co
2525 Atlantic & Pacific Internat. Corp _2959
Chester Water Service Co
2525 Atlas Plywood Corp
2959
Cleveland Elec. Illutnin. Co_ _2816. 2683 Atlas Jack Corp
2687, 2533
Columbia Gas & Electric Corp
2816 Austin, Nichols & Co.,Inc
2959
Columbus Sty. Power & Light Co__ _2683 Barnet Leather Co
2823
Commonwealth Edison Co
2525 Barnsdall Corp
2687
Congo!. Gas, Electric Light & Power
Bastian Blessing Co
2960
Co.of Baltimore
2683 Bellanca Aircraft Corti
2960
Denver Tramway Corp
2525 Berkshire Cotton Mfg. Co
2687
Duluth-Sunerior Traction Co
2525 Bingham Mines Co
2823
East St. Louis dr Suburban Co
2817 (Sidney)Blumenthal & Co.Inc.(The
Eastern Massachesetta St. Ry__--2817
Shelton Looms)
2533
Eastern Shore Public Service Co__ 2817 Boeing Airplane & Transport Corp._2533
Engineer,Public Service Co.. Inc _.2526 Bon And Co
2688
Federal Public Service Corp
2526 Borden Co
2823
Georgia Power & Light Co
2817 Borg-Warner Corp
2534
Green Mountain Power Corp
2817 Baume Milks
2687
Havers Erectric Est Co
2526 Brantford Cordage Co.Ltd
2960
Holyoke Street Sty Co
2817 Briggs Mfg. Co
2823
Holycke Water Power Co
2955 Brown Shoe Co. Poe
2952
Houston Lighting & Power Co
2683 (Edward G.) Budd Mfg.Co
2823
Illinois Bell Telephone Co
2955 Burns Brothers
2960
Illinois Power & Light Corp
2955 Bush Terminal Co
2534
Illinois Water Service Go
2526 Butte Copper & Zinc
2688
International Power Securities Corp _2679 Butte & Superior Mining Co
2824
International Railway
2956 (A. M.) Byers Co
2824
Interstate Pubne Service Co
_2520 Calumet & Arizona Mining Co
2824
Iowa Sty & Light Corp
2684 Calumet & Hecht Coned Copper
Jersey Central Power& Light Co__ _2817
Co
2535
Keystone Public Service Co
2684 Camaguey Sugar Co
2824
Lake Superior District Power Co._ -.2817 Campbell, Bryant & Cannon FounLouisville Gas& Electric Co
dry Co
2817
2535
Market Street Sty
2817, 2526 Campe Corp
2824
Massachusetts Utilities Associates_ _2817 Canada Dry Ginger Ale, Inc
2688
Michigan Electric Power Co
2817 Canada Packers. Ltd
2824
Michigan Gas & Electric Co
2526 Canadian Bakeries, Ltd
2824
Michigan Puolic Service Co
_2819
2818 Canadian Car & Fdry. Co., Ltd
Middle West Utilities Co
2956 Caterpillar Tractor Co
2535
Milwaukee Electric Sty. & Light Co_2818 Central Ohio Steel Products Co
2889
Mississippi Power Co
2818 Certain-teed Products Corp
2689
Mississippi River Power Co
2818 Chicago Yellow Cab Co
2535
Montana Power Co
2526 Childs Co
2689
Mountain States Power Co
2818 Chrysler Corp
2689
Municipal Service Co
2818 City Machine & Tool Co_ _2961. 2826
National Electric Power Corp
2818 Coca Cola Co
2535
National Public Service Corp
2818 Colorado Fuel & Iron Co
2689
New Bedford Gas& Edison Light Co.2526 Columbia Graphophone Co., Ltd_ _ _2826
New England Power Association__ 2818 Columbian Carbon Co
2961
New England Public Service Co_ _ _ -2956 Commercial Credit Co
2826
New York Water Service Corp
2527 Commercial Solvents Corp
2536
Niagara Falls Power Co
2527 Commercial Investment Trust Corp_2827
North American Co
2526 Conde-Nast Publications, Inc
2536
North American Edison Co
2818 Consul. Cigar Corp
2690
North Carolina Public Service Co 2818 Consol. Dairy Products Co.,Inc.__ .2689
Northern OhIc Power & Light Co.--2527 CO11801. Film Industries, tin
2827
Northern States Power Co
2819 Container Corp. of America
2538
Northwestern Minds Ciliate* Co_ ...2827 Continental Baking Corp
_2690
Ohio Electric Power Co
2819 Continental Can Co., Inc
2536
Ohio Water Service Co
2527 Continental Mills
2827
Oklahoma Gas & Electric Co
-2819 Corn Products Refining Co
2536
Oregon-WashingtonWaterServiceCo.2819 Coty, the
2961
Pacific Gas St Electric Co
2957 Crown Willamette Paper Co
2827
Pacific Lighting Corp
2819 Crown Zellerbach Corp
2827
Pacific Tel. & Tel. Co
2957 Crystal 011Reflaing Corp
2537
Penn. Central Light & Power Co -2819 Cuba Cane Sugar Corp
2810
Peoples Light & Power Corp
2527 Curtiss Aeroplane & Motor Co.,
Philadelphia Co
me
2819
2690, 2336
Philadelphia Electric Co
2128 Davis Drug Steres Corp
2537
Pittsburgh Suburban Water Service
Diamond Match Co
2690
Co
2819 Derider Die Casting Co
2962
Public Service Co.of New Hampshire2819 Donner Steel Co
2690
Public Service Co.of North. MacIs-28I9 Elsenlohr (Otto) & Bros.. Inc
2690
Public Service Co. of Oklahoma_ -2528 Electric Auto-lite Co
2537
Public Service of Pennsylvania, ine-2957 Electrographic Corp
2690
Public Utilities Consolidated Corp-2528 Emsco Derrick & Equip. Co..2828. 2690
Radio Corp. of America
2819 Ercoie Marelli Electric Mfg.(Ereole
san Diego Congo]. Gas & Electric Co2819
Mareal & C., S.A.)
2690
Scranton Spring Brook Water Service
Fairbanks Co
2691
Co
2820 Fairbanks-Morse & Co
2691
Southern Cclorado Power Co
2819 Famous Players Canadian Cp., Ltd_2828
southweetern Bell Telephone Co_ .2529 Federal Mogul Corp
2962
Southwestern Gas & Electric Co_ _2529 Federated Publications Inc
2963
eouthwestern Light & Power Co
_2529 Finance Service Co
2537
Spring Valley Water Co
2521) Financial investing Co. of N.Y., Ltd2628
Pringfieki Street Ity
2820 First National Pictures. Inc
2963
Standard Gas & Electric Co
2820 First National Stores Inc
2828
rem's-Louisiana Power Co
2957 Formica .nsulation Co
2961
Third Avenue Railway Co
,2678 Foundation Co
2963
Twin City Rapid Transit Co
2820 Fox Film Corp
2963
l win Staten Gar & Electric Co
2957 Fuller (Geo. A.) Co_
2963
I'nion Electric Light & Power Co. of
Gabriel Snuboer Mfg.Co
2691
Illinois
2820 Galesburg Coulter-Disc Co
2828
union Electric Light & Power Co
General Bronze Corp
-2a28
(St. Louis)
2821 General Cable Corp
2691, 2538
irahm Street Sty
2820 General Cigar Co
2691
Union water Service Co
2820 General Fdry.& Machine Co
2961
United Electric Rys. of Providence.
General Motors Corp
2678
III.2821 Gen. Outdoor Advertising ()o., Ltd _2692
United Electric Service Co. of Italy _2958 General Refractories Co
2538
2821 Gillette Safety Razor Co
United Power.6 Light Corp
2964, 2692
United Rys.& Electric Co. et Balto_2821 Gebel, (Adolf) Inc
2829, 2539
Virginia nubile Service Co__ _2821, 25.30 Goodyear Cotton Co.of Canada, Ltd2692
2958, 2530 Goodyear Tire & Rubber Co. of
West Penn.Power Co
Canada, Ltd
2530
Weft Texas Utilities Co
2962
West Virginia Water Service Co_ _ _ _2530 Gould Coupler Co
2829
2821 Greenway Corp.1(nvest. Trust) Balt2829
Wisconsin Electric Power Co
2821 Gorgsby-Grunon Co
Wisconsin Gas & Electric Co
2964
2821 Gulf States Steel Co
Wisconsin Hydro Electric Co
2539
2821 Hazel-Atlas Glass Co
Wisconsin Public Service Corp
2693
2821 Heela Mining Co
2965
Worcester Coned. Street Ity
Hercules Powder Co
2546
Holland Furnace Co
2540
Industrial2958 Houston Oil Co. of Texas
2693
Acme Steel Co
2822 Hudson River Navigation Corp_ .. _ _2589
Ahumada Lead Co
2965
Airway Metric Appliance Corp....2058 Flumberstone Shoe Co.. Ltd
Hygrade Food Products Corp
2693
Albany Perforated Wrapping Paper
2822, 2530 llseder Steel Corp (Ilseder Butte)- _2541
Co
3085
Industrial-Conclude,.
Industrials-Continued.
Page.
Page.
_2548
Independent Olt & Gas Co
2542 Postern Co., Inc
2837
Inland Steel Co
2965 Pullman, Inc
Indian Refining Co., Inc
2542 Quincy Market Cold Storage &
2696
Warehouse Co
Internat. Business Machines Corp_ _2830
2973
2542 Real Silk Hosiery Mills.Inc
Internat. Milling Co
2873
2830, 2693 Reiter-Foster Oil Corp ______
Internat. Nickel Co
-2973
2966. 2831 Reliance Grain Co., Ltd
International Paper Co
2973
2966 Remington Rand, Inc
Internat. Safety ROAM Corp
.2697.2349
Interstate Department Stores Inc.-2543 Boo Motor Car Co
_2549
2966 Republic Iron .6 Sleet Co
Investment Managers Co
2523
2966 Richneld 011 Co. of California
Ipswich Mills
2973
2543 Roes Gear & Tool Co
Jones & Laughlin Steel Corp
2543 Ryerson (Joseph T.) & Son., Inc _..2973
Jordan Motor Car Co., Inc
St. Lawrence Flour Mllis Co., Ltd_ _2549
Karstadt (Rudolph). Inc., (Rudolph
2906 St. Louis Rocky Mountain .6 Pacific
Karstadt Aktiengesellschaft)
2550
Co
King Philip Milli
2543
_2549
2832 Safeway Stores,Inc
Klein (Henry) & Co., Inc
2838
2987 Savage Arms, Corp
Kraft-Phenix Cheese Corp
2550
2543 Schulco Co. Inc
Lago 011 & Transport Corp
2973
2957 Schulte Retail Stores Corp
Lake Shore Mines, Ltd
2696
Laura Sward Candy Shope, Ltd..._2968 Scott Paper Co
2836
Leslie-CalifornIa Salt Co
2833 Seagrave Corp
2550
2952 Selfridge (Gordon) Trust,Ltd
Libby-Owens Sheet Glass Co
2550
2543 Serve', Inc
Lincoln Printing Co
2963
2543 Shaffer 011.6 Refining Co
Lindsay Light Co
2973
2968 Shattuck (Frank G.) Co
Lien Oil Refining Co
2098
2968 Shell Union Oil Corp
Liquid Carbonic Corp
2694 Shreveport-ElDorado Pipe Line Co.,
Long-Bell Lumber Corp
2974
MC
2833
Louisiana Oil Refining Corp
2550
2968 SiMM8 Petroleum Co
Ludlum Steel CO
2838
2694 Skelly Oil Co
McCallum Hosiery Co
2551
2544 Smith & Western, use
McCord Radiator & Mfg. Co
2679
2694 South Porto Rico Sugar Co
MeAvoy Stores Corp
2838
2968 Southern Ice, Co
McKesson & Robbins, Inc
2974
2694 Sparse. Chalfant dr Co
McLellan Stores Co
2839
2964 Spicer Mfg. Corp
SlaeAndrews & Forbes Co
2694 Standard Plate Glare Co__ _ _ _ 2551
Mack Trucks, Inc
2551
Manhattan Electrical Sum). Co.,Inc2968 State Street Investment Corp
2833 Steward-Warner Speedometer
Manhattan Financial Corp
2975, 2551
Corp
2544
alarland Oil Co
2695 Struthers-Wens-Titusville Carp. _.2850
Marlin-Rockwell Corp
2552
2833 Studebaker Corp
Marmon Motor Car Co
2839
2694 Superior Oil Corp
Martin-Parry Corp
2552
Steel
Corp
Superior
2544
Maytag Co
2552
2544 Swan-Finch 011 Corp
Mengel Co
2830
2968 Symington Co
Mergenthaler Linotype Co
2552
2544 Telautograph Corp
Mexican Petroleum Co
2552
2833 Texas Pacific Coal & 011 Co
Mexican Seaboard Oil Co
2975
2544 Thompson (John Ft.) Co
Mid-Continent Petroleum Corp
2699
2833 Trice Products
Moody's Investors Service
2939
2545 Truax-Tuaer Coal Co
Moto Meter Cc., Inc
2553
2545 Truscon Steel Co
Motor Products Corp
_2553
@FedFRASER