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The
olliturra31
financial
rtintde
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 125.
SATURDAY,DECEMBER 24 1927.
ght
Thronicle
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The Financial Situation.
The stock market the present week, while continuing to display more or less irregularity at times,
has on the whole developed further strength. Even
the renewed expansion in brokers' loans the present
week, after the slight decrease of last week, had only
a passing effect yesterday on the upward course of
values. Powerful financial interests are evidently
at work determined to prevent any serious general
decline and yet are not extending support to share
properties in which they are not interested or which
they do not favor. This permits pool operations in
special stocks, many of them high-grade and highpriced issues. These are carried to fancy figures
with the utmost ease, and it will remain for the future to determine to what extent these prices are
warranted by the circumstances relating to the properties themselves. At the same time, liquidation is
evidently procedling in other parts of the market
and where this is going on the strength of the general list finds no reflection. The moot question still
is whether the market is being kept strong to facilitate liquidation or merely to await developments in
hope of an early revival of trade and industry and
to facilitate such revival.
Accounts regarding the steel trade have been
much better the last two weeks and this has been an
influence in reviving activity in the steel shares.
/
4 yesterday,
U. S. Steel common closed at 1541
against 149% on Friday of last week and at 14178
the previous Friday. It is admitted, however, that
the income statement of the Steel Corporation for
the December quarter will make a poor showing. On
the other hand, prices of certain steel products have
been advanced in face of the indifferent state of the
steel trade generally, and it is expected that this will
play an important part in improving the character
z
Bank and Quotation Section
Bankers' Convention Sectior,
NO. 3261.
of the income showing for the first quarter of the
new year. Crucible Steel closed at 92/
1
4 yesterday
against 881/
4 at the close last Friday and 84/
1
2 the
previous Friday. General Motors stock has also
moved towards higher levels, and closed yesterday
at 134/
1
2 against 132% on Friday of last week and
127% on Friday of the week before, and this indicates that the future of the automobile trade is not
viewed unfavorably.
It is the copper shares, however, that have been
the conspicuous feature in the rising tendency of the
market and here the advances have been spectacular
and sensational. The higher price of the metal has
been the stimulating agency. Greene Cananea,
owing to reports of the existence of important bodies
of high-grade ores, stands perhaps in a class by itself; this stock touched 1491/
4 Dec. 20 and closed
yesterday at 142/
1
2, against 126/
1
2 on Friday of last
week and 121% on Friday of the week before. But
the present week Kennecott Copper has been hardly
less conspicuous, this stock closing yesterday at 88%
against 831/
4 at the close on Friday of last week and
81% on Friday of the previous week. Calumet &
Arizona closed yesterday at 117% against 109 and
94/
1
2 respectively on the two previous Fridays. As
another illustration, Amer. Smelt. & Refining closed
yesterday at 18478 in comparison with 1731/
2 two
weeks ago.
While the higher prices of metal is the underlying
cause of the large and general rise in this group of
stocks, manipulation has played its part in propelling values higher in all these instances, prices
being whirled upward often 3 or 4 points within a
single hour or two. Many of the specialties of one
kind or another have gone through the same experience, as so often in the past, large advances being
established within a comparatively short time, sometimes on a large volume of business, but not infrequently on very limited transactions. Among the
pecialties that have been especially distinguished this
week have been some stocks never previously found
in the speculative arena, which shows how the frenzy
is spreading. Thus Fidelity Phenix Insurance
closed yesterday at 199% against 178 on Friday
two weeks ago, National Surety closed at 346 as
against 3211/
2 two weeks ago, and Continental Insurance at 306 against 262%.
Railroad stocks have not commanded much favor
and yet some of the standard stocks like New York
Central, Canadian Pacific and New Haven are always quick to follow the general trend and have not
failed to participate in the rise—often noticeably.
The trouble with the railroads is that their traffic
has been reduced by the recession in trade and the
collapse in the coal industry. The truce patched up
3388
THE CHRONICLE
early in October between miners and operators in
the union controlled bituminous coal mines of the
country, where the miners previously were on strike,
has not had the effect expected. Bituminous coal
production since the settlement has fallen to a lower
level than before. For instance, the soft coal output in November this year was only 40,628,000 tons
against 59,213,000 tons in November last year. The
anthracite coal trade in turn has been depressed by
reason of the unseasonably high temperatures that
have prevailed and also by the fact that low-priced
oil is supplanting high-priced coal in many different
directions.
All this is of larger importance with Eastern
roads than with Western roads, since the former
traverse the manufacturing and mining sections,
which are largely lacking in the West. Some of the
Western roads are really giving a very good account
of themselves, especially in the matter of the net.
However, the speculative fraternity is little inclined
to make distinction and accordingly the fortunate
are suffering with the unfortunate, and for the time
being the trading element is holding largely aloof
from both.
[VOL. 125.
Reserve institution from a total of $79,189,000 Dec.
14 to $140,273,000 on Dec. 21, and at this latter figure comparison is with only $116,900,000 on Dec. 22
last year. Evidence of large borrowing at the New
York Reserve Bank is also seen in the latter's own
statement for the same week, which shows holdings
of discounted bills on Dec. 21 of $192,794,000 as
against $128,433,000 on Dec. 14 and comparing with
$174,244,000 on Dec. 22 1926. Holdings of acceptances, however, have fallen during the week from
$104,433,000 to $76,896,000. Holdings of Government securities, too, have diminished during the
week, being now $154,028,000 against $160,327,000
on Dec. 14, due to the taking up by the United States
Treasury of the temporary certificates of indebtedness which had the previous week been issued to the
Federal Reserve Bank of New York along with the
other Federal Reserve banks. Still, even as reduced,
these holdings of United States Government securities for Dec. 21 by the New York Federal Reserve
Bank at $154,028,000 compare with only $63,459,000
on Dec. 22 1926. Owing to the increased borrowing during the week by the member banks, total bill
and security holdings of the New York Reserve institution for Dec. 21 are $423,718,000 agaiAst $393,193,Figures of brokers' loans this week do not con- 000 on Dec. 14 and $351,321,000 on Dec. 22 last
year.
tinue the record of last week, when, as will be re- The New York Reserve Bank also during the
week
membered, the long series of increases, continued added to the amount of Federal Reserve
notes in
week after week, was broken and a small contraction circulation. The amount increased from
$368,618,was disclosed in the grand total of these loans. On 000 on Dec. 14 to $383,684,000 Dec. 21.
the contrary, the present week's statement shows
What has been said in the foregoing also applies to
that the upward movement has been resumed, and the statement for the whole Federal
Reserve system
at an accelerated pace, too. Last week's decrease —that is, for the 12 Federal Reserve
banks comwas really inconsequential considering the magni- bined. Member banks considerably enlarged
their
tude of the antecedent expansion, amounting, as borrowings at the different Reserve institution
s and
pointed out at the time, to no more than $4,450,000. accordingly the system's holdings of discounted
bills
This is followed now by a further addition in the the present week aggregate $578,156,0
00 against
large sum of $85,976,000. It is needless to say that $494,973,000 a week ago. The amount,
however, is
this establishes a new high record in all time, the still well below what it was a year
ago, when the
total now (Dec. 21) standing at $3,644,331,000.
total was $715,424,000. Holdings of acceptances
Apparently nothing is to be gained at the moment during the week were reduced from
$381,125,000 to
by dilating- again upon the significance of loans of $365,772,000. Holdings of
United States Governthis class of such tremendous proportions, and the ment securities fell from $597,895,0
00 to $587,952,evidence they furnish of how largely Stock Exchange 000, due entirely to the complete
paying off by the
speculation is being conducted on borrowed money. United States Treasury of the $40,000,00
0 of tempoThe public appears to be indifferent about the mat- rary certificates of indebtedness which had
been sold
ter. We will therefore have to content ourselves by to the Reserve banks. Allowing for this, holdings
simply recording the fact and noting how large is of United States Government securities actually
the increase even when compared with 12 months increased 30 million dollars during the week. As
ago when the totals were by no means small. As against the present amount of $587,952,000, these
against the present aggregate of $3,644,331,000, the holdings of United States Government securities at
grand total on Dec. 22 1926 was $2,723,465,000. The the corresponding date in 1926 were only $314,406,increase for the 12 months is thus seen to be $920,- 000. The increase of $273,546,000 indicates what
866,000. Big increases, too, are found in all the has been done to offset the diminished borrowings of
different subdivisions into which the totals are sub- the member banks (as compared with a year ago)
divided. The loans to brokers and dealers (secured in order to keep the same amount of Reserve credit
by stocks and bonds) made by the 52 reporting mem- (or a still larger amount) employed as before. As
ber banks on their own account now amount to $1,- a result of the various changes noted, total
bill and
302,333,000, against $906,973,000 a year ago; loans security holdings (the true measure of the
extent of
made for account of out-of-town banks stand at Reserve credit employed) stand at
$1,532,860,000
$1,337,183,000 against $1,037,103,000, and the loans the present week, against $1,474,943,000
a week ago
for account of others aggregate $1,004,815,000 and $1,420,019,000 a year ago. In
order to put more
against $779,389,000. In other words, there has been Reserve credit into use the past week,
it became
a notable expansion in all directions and by all necessary to increase the amount of Federal Reserve
classes of financial institutions.
notes in circulation from $1,766,735,000 to $1,821,The means for the past week's further additions 332,000; the deposits, representing mainly the
reere obtained largely through increased borrowing serve accounts of the member banks, fell during the
at the Federal Reserve Bank of New York. The 52 week from $2,447,979,000 to $2,434,003,000. Concurreporting member banks in this week's return show rently, gold exports have diminished the gold holdan increase in their own borrowing from the Federal ings of the Reserve institutions awl hence gold re-
DEC. 24 1927.]
THE
onnoxicLE
3389
the department's figures, the value of the cotton crop
is again much higher than that of any other crop,
excepting corn. As to corn, however, there is much
of it that never appears in the market, while practically the entire cotton crop is sold by the producer.
The production of corn this year of 2,786,288,000
bushels is valued by the.department at $2,014,725,while in 1926 the yield of 2,692,217,000 bushels
000,
The New York Clearing House banks and trust
estimated value of $1,729,457,000. The total
an
had
companies in their return last Saturday showed no
output of wheat this year, including both Winter
changes of any great note except that as a result of
and Spring wheat,is put at 871,691,000 bushels, with
the income tax collections, Government deposits
a farm value of $974,694,000. The wheat harvest of
rose from $1,162,000 to $50,052,000. Loans and dis1926 was 831,040,000 bushels, but the value in that
counts of these Clearing House institutions inyear was $995,954,000. The heaviest decline in value
creased $18,267,000 during the week, but deposits
is in the case of potatoes, the crop of this year of
were somewhat lower, demand deposits showing a
000 bushels having an estimated farm value
402,149,
decrease of $591,000 and time deposits of *4,388,000.
,000, while that of 1926, with a produc$387,870
of
The reserve of the member banks with the Federal
000 bushels, was valued by the de354,328,
of
tion
Reserve bank remained almost unaltered, showing
,000.
$501,017
at
t
partmen
merely $78,000 increase. On the other hand, cashof
all crops for 1927 is placed by
value
total
The
00,
in-own-vaults increased no less than $6,220,0
department at $8,428,626,000, as compared with
though such cash does not count as reserve for mem- the
80,000 in 1926. The area planted to the imber banks of the Reserve system. The final result $7,793,4
crops this year was 355,826,000 acres, an
was that reserves in excess of legal requirements portant
of 169,020 acres over last year. Revised eswere only slightly changed, being $18,281,560 Dec. increase
timates of the total yields this year are 2.1% below
17 as against $18,095,550 on Dec. 10.
the average for 1926, but 2.5% higher than the tenThe per capita production of the
Taking it all in all, the crops raised in the United year average.
is
l
placed at 3.4% under that of last
crops
principa
States during the season of 1927 were in the main
than the average of the last ten
less
4.8%
and
year
very satisfactory. As to one or two of the leading
estimate for oats for the curThe
revised
years.
crops the yields were somewhat under expectations.
6,000 bushels compared with
is
1,195,00
year
rent
Cotton perhaps received more attention in this rein 1926; of barley 265,577,000
bushels
8,000
1,246,84
spect than any of the other crops and yet the returns
184,905,000 bushels last year; of
so far made for cotton promise very good results in btishels against
00 bushels against 40,795,000 in 1926
contrast with practically every season prior to the rye 58,572,0
1,237,832,000 pounds compared with
last two years. Moreover, an estimate of the value and tobacco
9,000 in the preceding year.
of the cotton crop harvested this year indicates re- 1,297,88
sults from a financial standpoint far in excess of the
The outlook for the new Winter wheat crop sown
value of the record crop of cotton harvested in 1926.
the recent Fall months is much more encourduring
Likewise, as to corn, the improvement of that crop
for the crop planted a year ago, accordthan
aging
during the last two months of the season was so
of the Department of Agriculture
report
to
the
ing
marked that both the yield and the quality proved
ton on Wednesday of this week.
at
Washing
issued
Furmuch higher than earlier conditions indicated.
larger for the new crop than
much
is
very
area
The
than
thermore, the production of corn was larger
of last year and the concrop
wheat
Winter
the
for
higher
ably
in 1926, and the estimated value consider
Winter is several points
than for the preceding year. Oats and barley also dition at the opening of
crop; also above the
show an increase in value this year. On the other higher than for last Winter's
area planted to the
The
n.
hand, while the wheat harvested in 1927 was con- ten-year average conditio
as 47,897,000
given
now
is
siderably larger than in 1926, a reduction is shown new Winter wheat crop
at 86.0% of
1
Dec.
as
of
ns
in the indicated value. Tame hay wasalsoless in value acres, and the conditio
Dec. 1 rethe
when
year,
last
time
this
At
this year than last, and a heavy decline appears in normal.
Winter
growing
then
the
of
n
conditio
on
the
port
the estimated value of the potato crop, although
given
was
planted
area
the
issued,
was
crop
wheat
the harvest as to the latter was considerably above
of
n
as
81.8%
conditio
the
and
00
acres
as
41,807,0
that of the preceding year.
that
at
time
that
ed
announc
It
further
was
normal.
final
report
These conditions are set forth in the
of the Department of Agriculture on the crops pro- the area was 2,000,000 acres higher than was sown
duced in the United States during the year now in the Fall of 1925. Later the area figures for the
drawing to a close, which was issued at Washington Fall planting of 1926 were revised to 43,465,000
this week. The indicated value of the cotton crop, acres, so that the area sown this year, for the crop
as it appears in this report,Is based on an estimated to be harvested in the Summer of 1928, exceeds the
farm price on Dec. 1 this year of 19.6 cents per revised estimate for the crop harvested last Summer
pound; in 1926 the indicated farm price was 10.9 by 10.2%. Furthermore, the condition of the growcents, an increase this year of 8.7 cents per pound ing Winter wheat crop is now 4.2 points higher than
over a year ago. The average export price of cot- that indicated a year ago and two points above the
ton during the past Autumn, so far reported by the ten-year average condition on Dec. 1, the latter being
Department of Commerce, is a little over 5 cents per 84% of normal.
Considering all of these circumstances the growpound higher than it was in the corresponding peWinter wheat crop enters the Winter with a coning
of
d
yield
estimate
The
g
year.
precedin
riod of the
y larger area planted than in recent years
siderabl
00
bales
and
12,789,0
at
placed
is
year
this
cotton
n is concerned.
as
so
the total value $1,253,599,000. In 1926 the yield and a better outlook far conditio
in
the
years
past fifteen
several
been
was 17;977,400 bales.and the value $982,736,000. In There have
serves for Dec. 21 are $2,742,323,000 against $2,792,202,000 on Dec, 14, The effect has been to reduce
the ratio of total reserves (including reserves other
than gold) to deposit and Federal Reserve note liability combined from 69.2% Dec. 14 to 67.2% Dec.
21st.
••••,
3390
THE CHRONICLE
[voL. 125.
or twenty years when the area sown to Winter wheat the slight margin will enable conversion to be made
was higher than at the present time—in 1921 when without much dislocation of industry. Indeed, a
the area planted for the 1922 crop was 49,787,000 conversion which slightly lowers the gold value of
acres and in 1918 for the 1919 harvest, 51,051,000 Italian prices was expected to aid, rather than to
acres. In no other years for at least twenty years, damage, Italian exportations.
has the area sown been larger than this year. DamDuring the meeting of the Council of Ministers at
age to the crop during the Winter has caused an which stabilization was decreed, Finance Minister
average abandonment during the past ten years of Volpi revealed that the stability of Italian currency
10.1%, the range having been from 1.9% to 21.6%, would be guaranteed by a credit of $125,000,000
so much will depend upon the character of the granted by fourteen nations. A credit of $75,000,000
weather experienced during the next few months. has been placed at Italy's disposal by the central
Last Winter the area abandoned on account of Win- banks of these nations, with the United States Fedter killing was 3,550,000 acres or 8.3%, leaving for eral Reserve system and the Bank of England at
harvest 38,701,000 acres. The final revision for the their head, while the remaining $50,000,000 has been
Winter wheat harvest of 1927 was 38,125,000 acres, placed at Italy's disposal by American and British
and the yield 552,384,000 bushels.
bankers, led by J. P. Morgan & Co., and with the
There have been only two years in the ten years participation of such banks as the Hambro Bank
prior to 1927 in which the production of Winter of Northern Commerce, the Rothschilds and Baring
wheat has been smaller than the crop harvested the Brothers & Co., Ltd. "The Bank of Italy," said
past Summer. In the principal producing section, Count Volpi,"just as the Bank of England did when
the Northern Central States, the acreage planted to the British Government decided to return to a gold
Winter wheat during the recent Fall months has standard, wishes to secure the collaboration of the
been 13.8% larger than the area sown in the Fall of international bankers, both in order to increase its
1926, and the condition of 85.7% of normal for these capacity to defend the exchange at a definite level
States compares with 79.5% for the same section in and because it figured that the credits granted by
the preceding year.
the central banks and the great international banks
The area sown to rye the past Fall has been 3,802,- would insure the cordial collaboration and assent
000 acres, which is 3.6% more than the revised esti- of the world for the decision taken by the Italian
mate of 3,670,000 acres sown to this crop in the pre- Government." The credits, Count Volpi explained,
ceding year. The condition of rye on Dec. 1 was are needed merely to complete the formidable de89.3% of normal as compared with 86.3% Dec. 1 fenses of the maximum limit of exchange which the
1926 and 83.8% for the year prior to that last men- Italian Government has fixed for the lira. These
tioned. What is true of Winter wheat this year is defenses, he said, are now so formidable that they
also true of rye, for in the Northern Central States, are sufficient to defeat even the most daring possithe principal producing section, the increase in area bility of speculation.
this year over last year is 3.5%, while the condition
Premier Mussolini, in laying his plans before the
in these States on Dec. 1 this year of 89.1% of nor- council meeting, asserted that it had never been
mal compares with 86.4% a year ago. The harvest the intention of the Fascist Government to re-value
of rye in 1927 of 58,572,000 bushels compares with the lira at the pre-war level. The Government, in40,024,000 bushels in the preceding year.
stead, was convinced that the lira could not, with
profit, be revalued beyond the present point, and
• f
' Formal stabilization of the lira on a gold basis therefore had decided to effect conversion at about
was decided on in Rome Wednesday evening at a the present figure, finally stopping the period of
Cabinet Council over which Premier Mussolini pre- fluctuations in exchange which had proved such a
sided. The value of the paper lira was fixed at 19 curse in the past. "Further revaluation," he said,
to the dollar, 92.46 to the pound sterling and 3.66 "would be possible, but undesirable, because, first,
to the gold lira. The decree authorizing the conver- what has happened also in other countries would
sion was published the same night, bringing the step be prevalent as a result of international speculative
into force immediately. The Government's action forces; second, because it would create the gravest
was entirely unexpected in financial circles in Rome permanent crisis, as well as periodic crises, and
and caused much surprise, according to a dispatch of third, because it would entail unbearable sacrifices
Wednesday to the New York "Times." The Italian for the State and, therefore, for the citizens.
Government, it was pointed out, has repeatedly The Cabinet Council can note that the level of restated, even recently, that no such step was contem- valuation reached by our currency in the shortest
plated for the present. Nevertheless, the return to time is most notable. It is also most satisfactory
a gold basis was universally applauded in Italian because it corresponds to the gold index of world
banking and commercial circles as contributing to- prices and represents the point where all interests,
ward a settled state of finances and as paving the both of the State and of individuals, find a fair
way for greater prosperity next year. It was con- equilibrium."
sidered significant that the margin between the reThe traditional ceremony of proroguing Parliacent value of the lira, which has fluctuated between
18 and 18.3 to the dollar, and the new value of 19 on ment took place in London Thursday and was made
a gold basis is very small. This was generally inter- the occasion for a further statement regarding
preted in Rome to mean that both the gold reserve British naval policy. Bing George, in a speech
in the Bank of Italy, which now amounts to more which was read before Parliament, referred to the
than 50% of the total currency, and the funds at Geneva Naval Limitation Conference which came to
the disposal of the exchange institute, which exer- an unfortunate end last Aug. 4. "The delegates of
cises a controlling influence over exchange, are suf- my Government," the King declared, "put forward
ficient to guarantee that the lira will be kept strictly a limitation of armaments proposal which, if ac• to its new value. It was asserted, moreover, that cepted, would have led to substantial reductions in
DEC. 24 1927.]
THE CHRONICLE
3391
Mr. Gilbert added, "that the Government already
has taken some measures for financial reform." He
commended particularly the Reich's expressed resolve to balance its budget without further borrowing, but repeated his strictures on budgetary relations between the Federal authorities and the State
Governments. "The States and Communes," he
said, "have played a major part in the general tendency toward spending in excess of resources which
has recently characterized public finance in Germany." Doubt was expressed in the report as to
whether benefit accrues to German reconstruction as
a whole from the large volume of foreign credits to
German industry and commerce. The Reich's currency, however, is absolutely sound, in the AgentGeneral's opinion. He records the adverse balance
in German foreign trade, but voices no fear about
this becoming a danger to Dawes Plan payments.
German business is in excellent shape, according to
the Agent-General, with Hnemployment no longer a
problem and production at a high level. Prices, however, are considered to be above normal, and Mr.
Gilbert accordingly urges curtailment of domestic
The annual report of Agent-General S. Parker consumption.
For the first time since the operation of the
Gilbert on the operation of the Experts' Plan for
Plan, the United States figures in the payDawes
Berlin
in
public
made
Reparations Payments was
The transfer to this country, amounting to
ments.
debate
anew
international
late Dec. 16, stimulating
marks, applies on the claims of the occuGer55,000,000
over
payments
reparations
of
as to the priority
costs and is listed in a special priority
army
pation
connecthe
to
as
and
repayments
loan
man foreign
the total payments France received
Of
debt
category.
Allied
and
payments
reparations
between
tion
payments to the United States. Several unusual fea- 767,000,000 marks, more than 50% of this transfer
tures in the report itself aroused keen interest being made in kind. Britain received 307,000,000
throughout Western Europe and America. Mr. Gil- marks, Italy 108,000,000, Belgium 97,000,000, Yugobert flatly denied the thesis that repayments of for- slavia 54,000,000, Rumania 12,500,000, Japan 13,eign loans for German private enterprises take pre- 000,000, Portugal 8,000,000, Greece 4,000,000, and
cedence over the German Government's obligations Poland 301,000. Foreign currency payments showed
abroad. The Versailles Treaty, he pointed out, makes a considerable increase in the third year, totaling
Allied reparations a "first charge upon all the as- over 49% compared with 35% in the previous year.
sets and revenues of the German Empire and its Payments in kind decreased correspondingly. In
constituent States." The only exception to this rul- commodity payments coal holds first place with a
ing, he asserted, was authorized by the Reparation total of 200,000,000 marks. Payments in kind inCommission, the sole competent authority in the ex- cluded contracts awarded to Germany for dredging
tension of priority, in the repayment of the so-called work at Havre and bridge construction over the
Dawes loan accorded to the Reich in 1924 for the sta- Danube at Belgrade.
Some uneasiness was expressed in the report rebilization of German currency. The concluding sentences in the report were considered especially sig- garding German railways. Railway bonds are schednificant, however. These suggest a definite fixation uled to furnish 660,000,000 marks in the coming
of the total payments to be made by Germany, for- year, while the transport tax is to account for a
eign supervision to be withdrawn thereafter. "As further 290,000,000. The railway company, Mr. Giltime goes on and practical experience accumulates," bert said, may be obliged to raise its rates on acsaid Mr. Gilbert, "it becomes always clearer that count of increased expenditures due to the higher
neither the reparation problem nor the other prob- wage program for active and retired officials. For
lems depending upon it will be finally solved until the construction program new capital is likely, Mr.
Germany has been given a definite task to perform Gilbert believes, but he urges resort to internal
on her own responsibility, without foreign supervi- financing rather than to external borrowing. Gersion and without transfer protection. This, I be- many's public debts are declared in the report to
lieve, is the principal lesson to be drawn from the aggregate almost 10,000,000,000 marks, of which
past three years, and it should be constantly in the 8,000,000,000 is owed by the Reich, 1,800,000,000 by
minds of all concerned as the execution of the plan the Communes and 1,100,000,000 by the States. In
the past six months State and municipal indebtedcontinues to unfold."
The report records the punctual payment of the ness has increased by 230,000,000 marks. Foreign
third year's annuity, totaling 1,500,000,000 marks loans contracted by private enterprise in Germany
(about $360,000,000) and expresses the conviction are set at 1,700,000,000 marks in the report, and
that the payment of 1,750,000,000 marks due during the total sum owed abroad at 4,300,000,000, of which
the current twelve months will be forthcoming. It nearly half has gone to the States and comcontains, however, a reiteration of the Agent-Gen- munes.
Secretary of the Treasury Andrew S. Mellon was
eral's recent insistence upon retrenchment in the
Reich's administrative expenditures and reform in reported in Washington dispatches of Dec. 19 as
the National Government's financial relations with strongly approving the recommendations of Agentthe several German States. "It is encouraging," General Gilbert that the total amount which Ger.
naval strengths and costs. I regret that, though
much community of view was revealed, it was not
possible to reach an agreement. In spite of this
temporary failure, my Government has no intention
of embarking upon an increase in its naval building
program, which is based upon a considered view of
the defensive needs of my widespread empire." This
statement, according to a special dispatch of Dec. 22
from London to the New York "Evening Post," is
the British answer to the remarks made by President Coolidge in his last Message to Congress concerning the failure of the naval conference. President Coolidge said at the time, "we were granted
much co-operation by Japan, but we were unable
to come to an agreement with Great Britain." The
statement on naval policy by King George was the
more interesting, coming as it did shortly after the
introduction in the House of Representatives of the
American program for the construction of seventyone ships. President Coolidge indicated on Dec. 16
that the naval bill presented by Representative
Thomas S. Butler had his approval.
3392
THE CHRONICLE
many will be required to pay in reparations be fixed
with as little delay as possible. But at the same
time, it was added, the Secretary was emphatic in
making known his opinion that there was no connection between reparations and the wartime debts
owed to this country by the Allied nations. Mr.
Mellon, in a brief comment on the Gilbert suggestion, was said to have asserted a belief that its adoption was both simple and necessary. This pronouncement in Washington apparently caused Paris
opinion to change materially. A possible accord
with Mr. Gilbert's recommendations had previously
been hinted, coupled with the suggestion that Allied
debts to the United States be revised at the same
time. But in a Paris dispatch of Dec. 21
to the New York "Times," Mr. Mellon's statement was said to have increased France's "inability to see the wisdom of the suggestion made by
the Agent-General of Reparations." The French, it
was added, "insist that the reparation total remain
at 132,000,000,000 gold marks, fixed in 1921.. This
insistence is not based on any belief that such an
amount will ever be collected from Germany, but on
the belief that it puts the Allies in a good bargaining
position for a general readjustment of the war indebtedness, which they feel will surely come some
day. One evidently is in a much better position to
make large concessions on a debt of $33,000,000,000
than on one of $10,000,000,000. If America feels
that she is still against a general reconsideration,
then the French are still against a reduction of the
German indebtedness."
[VoL. 125.
of which would involve amendments to the constitution of the Reich.
A bill raising the tariff duties on German imports of automobile parts to the same rate charged
for finished cars, namely, 150 marks per 100 kilos,
until July 1 1928, and 100 marks per 100 kilos thereafter, was passed by the Reichstag Dec. 16, making
certain the discontinuance of American automobile
assembling plants in Germany. The law will be effective Jan. 15, and will in effect, it is stated, raise
the duties from their present rate of about 12% ad
valorem to about 28%. The bill was introduced in
the Reichstag by the Ministers of Finance and Commerce, although the latter is declared to have promised the five American firms operating assembly
plants in Germany that no changes would be made
from the enactments of two years ago. As reasons
for the measure, supporters of the bill asserted that
the importing of parts in quantity lots and the assembling of cars in Germany is an evasion of the
law. The American firms, it was said, stand to lose
an investment totaling about $12,000,000, besides the
organizations which they built up with considerable
care and expense. They were said to have conferred
with officials of the German Ministry of Commerce
before they began operations and were assured that
Germany would welcome American concerns as a
means of giving employment to many men, as well
as introducing American efficiency methods. The
act, therefore, was regarded in motor circles as showing bad faith on the part of Germany. Berlin's unemployment, according to a dispatch of Dec. 16 to
A general financial housecleaning in Germany the New York "Times," will increase by at least
and establishment of Federal control over State and 4,00Q, due to the Reichstag's act. The German automunicipal expenditures was demanded last Monday mobile industry, it was said, will get practically a
in a manifesto issued in Berlin by organizations monopoly of the business and will be enabled to rerepresenting the entire complex of German industry vert to the former higher prices charged before the
and commerce. Coming hard on the heels of the Americans entered the field.
"I
recommendations made by S. Parker Gilbert, AgentGeneral for Reparations Payments, in his annual
A general expulsion of all leaders of the Commureport, the manifesto, according to a Berlin dispatch nist Party Opposition was voted unanimously at a
to the New York "Times," will have an important congress of the Party in Moscow, Dec. 18. The most
repercussion throughout the Reich. "A unified eco- important Oppositionists—Trotsky, Zinovieff and
nomic and financial policy demands the strengthen- Preobajenski—had already been ousted, and to them
ing of the Federal Government's powers," the mani- were added last Sunday ninety-eight additional
festo declares. "The Federal Government should leaders, including Kameneff, Radek, Piatakof, Raand must bear the responsibility for the conduct of kovsky, Smilga, Smirnoff, Yevdokimoff, Sapronoff,
financial policy." To make the proposed central Lashevich and Muraloff. The Oppositionists, accordcontrol effective, the industrialists declare that the ing to a Moscow dispatch of Dec. 18 from Walter
Federal Finance Minister must be accorded the Duranty, special correspondent of the New York
right of vetoing increases in Federal, State and mu- "Times," had formed two groups since the convennicipal budgets, and the right of obtaining from the tion opened and both had addressed letters to the
States and communes all necessary information presiding board. Both letters agreed to abandon
about their financial status, including details about factional work, condemned as illegal by the mass of
their funded and floating obligations. This pro- the Party, but the Trotsky faction insisted on the
posal was said to be far more radical than any that right to maintain their views and even to "advocate
Mr. Gilbert has made. The manifesto, which is them openly within the limits of Party rules." After
signed by the central banking, industrial, shipping the report dealing with the Opposition had been
and commercial associations, stresses the dangers read, Smilga, speaking for the Opposition, declared
to the German body economic arising out of the con- that he and his comrades would still consider themstantly climbing tax burdens and the imperative selves Communists if expelled and continue to work
need for the improvement of the living standard locally for the revolutionary cause. This was rethrough the steady development of industry, trade garded, the dispatch said, as a definite statement
and agriculture. Everything tending to increase that the Opposition had not abandoned its attempts
the cost of production and prevent the creation of to prove the Administration policy erroneous. A
fresh capital must be avoided, the document de- rider to the resolution of expulsion added that rankclares. A decrease in the number of office holders and-file Oppositionists would be allowed to remain
and a broadening of the powers of the Reich's Com- in the Party and efforts made to convince them of
missioner for Public Economy is also urged—all the error of their ways. At the selection of a Party
Din. 24 1927.]
THE CHRONICLE
3393
directorate for the coming year, Stalin was again German Consuls there, a Berlin announcement of
elected General Secretary of the Communist Party. Dec. 22 said. It was added that as Germany has
not been recognized by the Nationalist Government,
Chinese affairs in the past week once again have no question of formal diplomatic representation was
presented a curiously mixed aspect, with native and involved.
foreign interests and actions hopelessly entangled.
A decided improvement in the relations between
The diplomatic break with Soviet Russia which followed the abortive Communist uprising of Dec. 11 the Governments of the United States and Mexico
and 12 in Canton was enforced drastically by the Na- was reported this week as a result of Colonel Charles
tionalist Government in Shanghai. The registration A. Lindbergh's non-stop flight to Mexico City. The
of all Soviet subjects in China was ordered in a Na- visit of Colonel Lindbergh to Mexico and his enthusitionalist proclamation issued late Dec. 16. "Our astic reception there were said, in a Mexico City disonli aim," this proclamation announced, "is to pre- patch of Dec. 18 to the New York "Times," to have
vent continuance of their agitation. We do not want brought about "some remarkable results, political,
to persecute private citizens who attend to their own economic and social." He has acted, the dispatch
business." Gruesome tales, meanwhile, continued to added, as a clarifying agent in a slowly developing
trickle through from Canton, telling of the after- situation. An especially significant feature of the
math of the suppression of the Red uprising there. movement in that direction was the report that PresHundreds of Chinese communists and many Rus- ident Canes will go to Havana in January to meet
sians were reported to have been executed, the So- President Coolidge at the Pan-American Congress
viet Vice-Consul among them. "It is now evident," there. Ambassador Morrow is said to have played
said Thomas F. Millard, Shanghai correspondent of a leading role in bringing about the improvement.
the New York "Herald Tribune" in a dispatch of "He has placed diplomacy in Mexico on a new basis,
Dec. 16, "that the Communists, after their delegates treating those with whom he has dealt as men of
to the Shanghai preliminary conference had failed their word who desired the best for their country."
by obstructive tactics to obtain recognition and The excellent impression created by the new Amerioffices in a reorganization of the Nanking Govern- can Ambassador was greatly augmented by the
ment, planned concerted action at several important flight of Colonel Lindbergh. Mexico, the dispatch
points, but the comparative failure of the Canton said, "was swept by a wave of pro-Americanism
coup caused failure everywhere and resulted in de- which is difficult to realize, even in the midst of it."
cisive action by the moderates against the Commu- Caution was urged against the expectation of a
nists and Soviet Russian influence, which they had miraculous change in the conditions which have
meditated for some time, but lacked resolution to made any tenure of office or business prosperity in
carry out heretofore."
Mexico uncertain. Nevertheless, the belief was exA prompt reply to the Nationalist note severing pressed that under the surface there are influences
relations was made by the Soviet Government in and tendencies which augur well for the future of
Moscow. M. Koslovsky, the Soviet Consul in Shang- Mexico and Mexican-American relations. Colonel
hai, handed this final note to Kuo Tai-chi, the Na- Lindbergh himself, in a brief statement at the Mexitionalist Commissioner for Foreign Affairs, on Dec. can War College, Tuesday, expressed the hope that
17. The gist of the reply, dispatches said, was that his flight "will result in a better understanding bethe Soviet Government had never recognized the tween the United States and Mexico." Preparations
so-called Nanking Nationalist Government and that for the reception of the flyer are proceeding apace,
all relations between Russia and China were gov- meanwhile, in the Central American Republics of
erned by the Peking Treaty of 1924. The note em- San Salvador, Guatemala, Nicaragua, Honduras
phatically rejected the charge that the Soviet Con- and Panama, each of which Colonel Lindbergh has
sulate in Canton was used as a base for directing a promised to visit in his famous plane.
revolutionary movement in the province of Kwangtung and generally accused the Nationalists of yieldThe Imperial Bank of India on Thursday raised its
ing to pressure from foreign "imperialists." The discount rate from 6% to 7%. This is the second
note concluded with the statement that "the Soviet advance the present month, the rate having been
Government is convinced that the attitude of the raised from 5% to 6% on Dec. 9. Official discount
Chinese authorities at Shanghai will do harm, first rates at leading European centres have undergone no
of all, to the Chinese people and the Nationalist in- change during the week. Rates remain at 7% in
terests of China, and that the people who so lightly Germany and Italy; 63/2% inTAustria; 5% in Paris,
start a hostile policy against the Union of Socialist Denmark, Norway, and Madrid; 41A% in London,
Soviet Republics will be the first to feel the harm Belgium and Holland; 4% in Sweden and 33/2% in
thereof!'
Switzerland. In London open market discounts are
Further extreme measures against the radical now 43A% for short bills and 4 5-16 and 4V% for long
members of the Kuomintang and Russians in Na- bills. On Friday of last week the rate was 4 5-16%
tionalist territory was deprecated last Sunday by for both short and long bills. Money on call in Lonthe Nationalist Minister, Dr. C. C. Wu. "We have don on Wednesday was 3%%, but yesterday was
no hostility toward the Russian people, for whom 33/% against 337
0 on Friday of last week. At Paris
we feel much sympathy," said Dr. Wu. "Our action open market discounts remain at 3%,and in Switzer3
is not intended to constitute a cessation of the so- land at 3/%.
cial and commercial contacts with Russia, the position being similar to that of America and Russia."
The Bank of England statement this week showed
Dr. Wu amplified his statements Thursday and re- a gain in gold holdings of £472,511. As this was aciterated his charge that the Soviet Consulate at Can- companied by an increase in note circulation of
ton was a hotbed of Communist propaganda. Rus- £1,530,000 reserve declined £1,058,000. The proporsian interests in China will be looked after by the tion of the Banks reserve to liabilities now stands at
3394
THE CHRONICLE
[VOL. 125.
25.84% against 29.31% last week. In the correspond- Below we give a comparison of the various items for
ing period last year the ratio was 25.19% and two three years past.
years ago, 14.75%. Both classes of deposits showed
REICHSBANK'S COMPARATIVE STATEMENT.
increases, public deposits gaining £9,724,000 and
Changes for
Week.
Dec. 15 1927. Dec. 15 1926. Dec. 15 1925.
"other" deposits £1,060,000. Loans on Government Assets-Reicharnarks. Retchsmarka. Retchsmarka. Retchamarka.
Gold
and
bullion
Dec.
291,000
1,860,731,000
1,772.261,000 1,207,888,000
securities increased £1,675,000 while loans on other Of which depos.abr'd_
Unchanged
77,248,000 176,827,000
98,507,001)
securities rose £10,210,000. Notes in circulation now Ree've in for'n curr'cy Inc. 7,718,000 286,239.000 460,064,000 394,875,000
Bills of exch. checks.Dec.121,780,000 2,220.456,000 1,277,989.000 1,585,026,000
aggregate £138,778,000, in comparison with £141,- Silver and other coin_ _Inc. 5,303,000 54,848,000 132,809,000 87,383,000
on oth.Ger.bks.Inc. 1,999,000
17,845,000
17.988,000
29,977,000
285,355 last year and £145,728,590 in 1925. The re- Notes
Advances
Inc. 18,303,000
58,628,000
44,711.000
8,673,000
serve total is £31,353,000; this compares with £30,- Investments
Unchanged
93,430,000
90,928,000 228,272,000
Other assets
Dec. 25,176,000 477,307,000 842,318,000 689,820,000
407,860 and £18,643,053 in 1926 and 1925 respec- LfafriUiUs—
tively. No change has been made in the Bank's dis- Notes in circulation_ _Dec. 112,239,000 3,931,441,000 3,185,804,000 2,568,327,000
Oth.dally matur.obllg.Ino. 25,018,000 525,089,000 653,757,000 785,029,000
count rate of 4
Below we furnish comparisons Other liabilities
Dec. 28.723,000 296,733,000 259,412,000 519,721,000
of the various items of the Bank of England's return
for five years.
A slight tightening of money rates, customary at
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
this time of the year, occurred in the New York
1927.
1926.
1925.
1924.
1923.
money market this week, occasioning little comment.
Dec. 21.
Dec. 22.
Dec. 23.
Dec. 24.
Dec. 28.
Demand funds again loaned at 4% at the opening
Circulation
13138,778,000 141,285,355 145,728,590 129,751,995 128,142,780
Public deposits
18,443,000 12,134,540 17,651,838 14,852,431 15,682.105 of the week, but as the large holiday demands for
Other deposits
102,902,000 107,939,596 108,300,201 111,280,953 116,779,958 currency
became more pressing the rate was adGovernm't securities 42,984,000 31,337,539 45,422,526 41,919,363 49,604,532
Other securities64,954,000 78,279,419 79,798,152 83.590.163 81,072,981 vanced to 432% Wednesday and to 5% Friday.
Reserve notes dr coin 31,353,000 30,407.860 18,643,053 18,689,085 19,686,802
Coln and bullion-2150,381,205 151,943,215 144,621,643 128,524,369 128,019,382 The latter rate, however, attracted a heavy flow of
Proportion of reserve
funds and an "outside" market was again estabto liabilities
25.84%
25.19%
14;(%
1454%
14;4%
Bank rate
4)4%
0 reported. Calling of
5%
6%
4%
4% lished, with trades at 4%7
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion loans has been substantial during the week, aggrepreviously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard. gating about $20,000,000 Tuesday, $25,000,000
b Beginning with the statement for April 29 1925 includes £27,000.000 of Bank Wednesday and $20,000,000 Thursday. Time loans
of England notes issued In return for the same amount of gold coin and bullion
also were slightly firmer. Preparations were in
held up to that time in redemption account of currency note issue.
progress for the large disbursements at the year end,
The Bank of France in its statement as of Dec. 21 and this likewise tended to harden money rates.
shows a decrease in note circulation of 5,133,000 Close attention is still being paid the gold export
francs, reducing the total of that item to 55,806,309,- movement, notwithstanding the remoteness of its
095 francs, as compared with 52,233,529,215 francs influence on the present market. Brokers' loans
in 1926 and 49,932,825,785 francs in 1925. The State against stock and bond collateral as reported by the
reduced its indebtedness to the Bank by 100,000,000 Federal Reserve Bank for the 52 New York reporting
francs, total advances to the State now standing at member banks again moved sharply upward in the
24,550,000,000 francs. All gold holdings remained weekly compilation issued Thursday. The increase
unchanged. Silver increased 4,000 francs and Treas- for the week reached $85,976,000. Not only is the
ury deposits 20,771,000 francs. Bills discounted fell further addition large in itself, but it carries the
off 155,106,000 francs, trade advances 18,149,000 grand total to a new high record.
francs, general deposits 250,634,000 francs, while
Dealing in detail with the rates from day to day,
divers assets increased 472,616,000 francs. Below
we give a comparison of the various items for the last all transations in call loans on the Stock Exchange on
Monday and Tuesday, including renewals, were at
three years:
4%. On Wednesday the renewal rate was still 4%,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
but on new loans there was an advance to 4
for Week.
Dec. 21 1927. Dec. 23 1926. Dec. 24 1926.
On Thursday all loans were put through at 43/27o,
Gold Holdings--Francs.
Francs.
Franca.
Francs.
In Prance
Unchanged 3,180,508,414 3,684,488,899 3,883,788,585
including renewals. On Friday after renewals had
Abroad—Available
Unchanged
482,771,4781 1.864,320,907 1,864,320,907
Not available
Unchanged 1,401,549,4751
been continued at 432%,there was an advance to 5%.
time loan market was inclined to irregularity with
The
Total
Unchanged 5,514,829,327 5,548,809,607 5.548.089.492
Silver
Inc.
4,000
342,938.256
340,717,058
320,076,005 a tendency of rates to even up as
between the different
Bills discmmted
Dec. 155,106,000 1,396,208,386 3.642,319,385 3,693,445,155
Trade advances
Dec. 18,149,000 1,736,729,045 2,155,002,835 2.538,938,730 maturities,and the quotation yesterday was uniformly
Note circulation —Dec. 5,133,000 55,808,309.095 52,233,529,215 49,932,825,785
434% for all maturities from 30 days to six
Treasury deposits_Inc. 20.771,000
32,547,344
47.199,831
10,989,199
General deposits_ _Dec. 250,634,000 10,459,620,195 5,324,371,057 3,243,966,254 months.
The commercial paper market has been
Advances to State_Deo. 100.000,000 24,550,000.000 38,450,000,000 34.650,000.000
Divers assets
Inc. 472,616,000 25,794,078,000 4,737,898,075 1,553,494,874 slow and dull, with the quotation for four to six
months' names of choice character 4%. For names
The Bank of Germany, in its statement for the less well known the quotations remains at 434%. For
second week of December, shows a decrease in note New England mill paper the range is still 4@,434.7
0.
circulation of 112,239,000 marks, reducing the total
to 3,931,441,000 marks as against 3,1,65,804,000 marks
In the market for banks' and bankers' acceptances
last year, and 2,566,327,000 marks in 1925. Other the posted rate of the American Acceptance Council
daily maturing obligations expanded 25,018,000 marks for call loans against acceptances has again remained
while other liabilities fell off 28,723,000 marks. Total unchanged throughout the week at 334%. Nor has
gold and bullion holdings declined 291,000 marks; de- the Council made any change in the rates for accepposits abroad remained unchanged. Reserve in for- tances, the posted quotations on prime bankers'
eign currency increased 7,718,000 marks, silver and acceptances eligible for purchase by the Federal
other coin 5,303,000 marks, notes on other German Reserve banks remaining at 33'% bid and 3% asked
banks 1,999,000 marks and trade advances 16,303,000 for bills running 30 days; 334% bid and 338% asked
marks. Bills of exchange and checks dropped 121,- for bills running 60 days; 3/% bid and 334% asked'
780,000 marks and other assets 25,176,000 marks. for 00 days; 332% bid and 38% asked for 120 days,.
Dnc. 24 1927.]
T-R-E CHRONICLE
3395
value might attach to the
and 38% bid and 332% asked for 150 and 180 days. scooped whatever publicity
from New York to
shipment
gold
important
first
follows:
as
Open market rates also remain unchanged
advantage will
publicity
-won
already
This
London.
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— deter other banks both in New York and in London
Asked.
Bid.
Asked,
Bid.
Asked.
Bid.
354
334
334
334
from making further gold engagements unless there
334
354
Prime eligible bills
—90 Days— —60 Days— —30 Days—
profit above fully covered interest
Asked. is some reasonable
Bid.
Asked.
Bid.
Asked.
Bid.
3
334
expects that gold will move
334
33-i
rather
334
334
charges. London
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
any important movebefore
England
from Canada to
334 bid
Eligible member banks
to London.
York
New
bid
from
334
place
take
ment can
Eligible non-member banks
The demand for sterling arises, as during the past
There have been no changes this week in Federal several weeks, altogether from money market and
Rese e Bank rates. The following is the schedule financing operations. Neither the Bank of England
of tes now in effect for the various classes of 'aper nor any other central bank in Europe is likely to take
the different Reserve banks:
any steps which might prevent an inflow of gold to
ISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLA
Europe, as they all stand in need of large physical
AND MATURITIES OF ELIGIBLE PAPER.
holdings of the metal. German and Amsterdam
Precious
Dais
&dein Wed
Rate,
Established.
on Dec. 23.
Federal Reserve Bank.
nkers expressed opinions this week indicating that
4
Aug. 5 1927
334
Boston
th are firmly of the belief that the gold imports
4
Aug. 6 1927
334
New York
4
Sept. 8 1927
334
Philadelphia
are b • g engineered by the Bank of England and that
4
Aug. 6 1927
834
Cleveland
4
Aug. 16 1927
834
Richmond
4
some exceptional efforts will be made to increase the
Aug. 181927
334
Atlanta
4
Sept. 7 1927
334
Chicago
4
holdings of the Bank of England, as there are reports
Aug. 4 1927
334
St. Louis
4
Sept.18 1927
334
Minneapolis
4
1927
29
July
the British Government contemplates having
that
334
KEITIStia City
4
Aug. 12 1927
334
Dallas
4
1927
10
Sept.
of England early next year take over the
334
Bank
the
Francisco
San
war-time currency issues. Certain French bankers
Sterling exchange has continued firm this week have also expressed similar opinions, but are doubtful
though slightly below the high quotations of a week that gold remittances from the United States can
ago. The range for the week has been from 4.87% reach any important proportions.
The Bank of England in its return for the week
%
•to 4.88 for bankers' sight and from 4.881
% to 4.883
• for cable transfers. Nothing new has developed with ended Wednesday night showed an increase in gold
respect to possible further gold exports. For the holdings of £472,511. On Saturday of last week
time being the holidays are causing a certain lull in the Bank released £500,000 in gold sovereigns for
exchange transactions. Banking opinion in New account of the Bank of South Africa. On Tuesday
York seems to be divided as to the prospects for re- the Bank bought £32,000 in gold bars. On Wednessumption of gold exports after Jan. 1. The export day the Bank bought £68,000 in gold bars and ex-of $7,537,000 to England reported this week by the ported £24,000 in sovereigns to India. On Thursday
Federal Reserve Bank of New York includes gold the Bank bought £1,532,000 in gold bars. Yesterday
which was fully accounted for in these columns last the Bank bought £5,000 in gold bars and exported
week. For the most part bankers regard the move- £12,500 in sovereigns in Holland. At the Port of
ment reported last week and the week before as in the New York the gold movement for the week of Dec.
nature of special transactions and hardly justified by 15-21, as reported by the Federal Reserve Bank, conthe rate of sterling exchange. The probable course sisted of imports of $142,000, of which $53,000 came
of sterling is still a subject of discussion. The supply from British South Africa and $59,000from Colombia.
is undoubtedly small, so that any substantial increase Exports totaled $21,051,000, of which $7,537,000
in demand causes the rate to rise. There will cer- went to England, $2,375,000 to India, $9,750,000 to
tainly be an increase in foreign loans after Jan. 1, Argentina, $1,000,000 to Belgium, and $314,000 to
much of which will require transfers to London, so Straits Settlements. The greater part of these gold
that a resumption of normal foreign exchange trading exports was accounted for in this column last week.
-volume after the turn of the year might see the rate There was no Canadian movement of gold either to
move up on any slight demand. Some bankers feel or from the United States. Canadian exchange conthat higher rates and further gold shipments to Lon- tinues at a discount, Montreal funds during the week
-don may be forthcoming, but opinion is far from having been quoted as low as % of 1%. In some
united in the matter. Speculation is active as to the quarters gold from Canada to New York is expected
point at which gold can be profitably shipped purely within a few weeks. However, the sterling-Canadian
as an exchange transaction. While the majority of rate is higher than the sterling-dollar rate, and this
exchange experts were agreed a few weeks ago that difference may cause a flow of gold from Montreal to
-gold shipments could not profitably take place below London before a movement takes place between Mon4.89, they later reduced this estimate to 4.88%. treal and New York. Montreal funds were quoted
Now London experts figure that gold exports on an at a discount ranging this week from 5-64 of 1% to
exchange basis will start as soon as dollar exchange 5-32 of 1%.
has reached the point calculated on the least conservaReferring to day-to-day rates sterling was steady
and
they
in moderate demand last Saturday. The range
place
at
basis,
this
and
cable
rate.
4.88%,
tive
This figure does not allow for interest charges, so that was 4.87%@4.8785 for bankers sight and 4.881%@
only banks with idle funds could afford to send gold 4.88 3-16 for cable transfers. On Monday the rate
-at that rate. Quite a number of American and rallied. Demand ranged from 4.87% to 4.87 15-16
British concerns are eager to be the first in the field and cable transfers from 4.881% to 4.88 5-16. On
-to make a shipment on a purely exchange basis, for Tuesday the pre-holiday dullness became manifest,
the sake of the • resulting prestige. However, the but sterling was firm. Bankers sight ranged from
shipment by the National City Bank last week of 4.87 13-16 to 4.87 31-32 and cable transfers from
17,500,000 seems to have fulfilled all the requirements 4.883i to 4.88 11-32. On Wednesday the market
of the "least conservative point," and has certainly moved still higher. The range was 4.87%@4.88
3396
THE CHRONICLE
for bankers sight and 4.88 5-16 to 4.889' for cable
transfers. On Thursday the quietness continued,
with steady rates. Bankers sight was 4.87%@4.88
and cable transfers, 4.88 5-16@4.88%. On Friday
the range was again 4.87%@4.88 for bankers sight
and 4.88 5-16@4.889/ for cable transfers. Closing
quotations yesterday were 4.87 15-16 for demand and
4.88 5-16 for cable transfers. Commercial sight bills
finished at 4.87%, 60-day bills at 4.84, 90-day bills
at 4.82 3-16, documents for payment (60 days) at
4.84, and seven-day grain bills at 4.8714. Cotton and
grain for payment closed at 4.87%.
[VOL. 125.
care, in a statement made before the French Chamber
of Deputies last week, predicted important and inevitable monetary operations in the near future,
and intimated that circumstances might compel the
French Government to alter its stabilization program.
The action taken by the Italian Government seems
to be of such outstanding importance that the French
authorities may hasten their plans for stabilization.
The Bank of France is in a particularly strong position at this time to maintain the franc at a fixed level,
and could probably do so without having recourse
to outside credits, although in the interests of world
financial betterment these credits would be forthIn the Continental exchanges the outstanding coming were they needed. The
statement of the
feature this week is the stabilization of the Italian Bank of France for
the week shows an increase in
lira on the gold basis, which was decided upon by the sundry assets of $472,600
,000 francs, making a total
Council of Ministers at Rome on Wednesday. The of 25,794,000,000 francs.
The sundry assets of the
basis of stabilization is 92.49 to the pound sterling Bank of France include
very large holdings of foreign
and 19 to the dollar. Therefore the paper lira will currencies and bills of exchange
. Paris dispatches
be valued at 3.66 to one gold lira. The new ex- state that the French
Treasury will probably repay
change rates took effect on Thursday when the Italian 1,000,000,000 francs to the
Bank of France before
banks began to pay lire on that basis. Rome dis- the end of 1927 to be applied
to the reduction of its
patches stated that the decision was announced debt. Premier Poincare
announced that "We will
after the Stock Exchanges had closed on Wednesday make this payment without
being under any obliin order to avoid unsettled conditions in trade. The gation to do so."
The French trade balance for
announcement comes as a climax to Premier Musso- eleven months of the year is favorable
to the extent
lini's deflationary reorganization of Italian finances. of 2,500,000,000 francs.
French tax receipts for
The rate is lower than was generally expected, as eleven months reached
a total of 47,643,000,000
Italy had a de facto stabilization of 90 to the pound. francs, a gain over those of a year ago
of 6,100,000,000
Hence Thursday's prevailing rate for lire, 5.273 for francs.
cable transfers, represented a drop of 153/ points
German marks are firm and in demand, ruling on
from the closing rate on Friday of last week. The an average fractionally
higher than a week ago.
Italian Government has been increasing its control Money stringency still continues
in Berlin, and the
over exchange dealings and fluctuations for some firmness in the mark is due to transfers
in connection
time. In 1925 a $100,000,000 loan was placed here with the money market and as the result
of foreign
• through J. P. Morgan & Co. to assist in combating issues. A considerable revival of foreign
loans and
bear speculation. In 1926 international realization further employment of funds in the money
market
of the financial improvement taking place in Italy is confidently expected in Berlin to follow after
Jan. 1.
caused a widespread bull speculative movement
The London check rate on Paris closed at 124.02
which sent the lira rate as high as 5.843 early this on Friday of this week, against 124.02
on Friday of
year, as compared with a record low of 3.16 in 1926. last week. In New York sight bills
on the French
Since the middle of this year lire have been held centre finished at 3.933/2, against
3.93% a week ago;
firmly by means of Governmental operations at cable transfers at 3.93%, against
3.93%, and com89-90 to the pound. The Federal Reserve Bank of mercial sight bills at
3.933I, against 3.933/8. AntNew York, in association with other Federal Reserve werp belgas finished at
13.983/i for checks and at
banks, has agreed to purchase from the Banca 13.993/ for cable transfers, as against
and
d'Italia up to $30,000,000 in prime commercial bills. 13.993/ on Friday of last week. Final13.983/
quotations
The agreement of the New York Federal Reserve for Berlin marks were 23.90 for checks
and 23.91 for
banks, it was announced, was made in agreement cable transfers, in comparison with 23.883/
and
with other banks of issue, as a part of credit arrange- 23.893/ a week earlier. Italian lire closed
at 5.273i
ments aggregating $75,000,000 or its equivalent, for bankers' sight bills and at 5.27% for cable
transwhich the banks of issue have entered into with the fers, as against 5.423's and 5.429 last week.
AusBanca d'Italia in furtherance of the plan for stabiliz- trian schillings have not been changed from
143/s.
ing Italian currency on a gold basis. J. P. Morgan Exchange on Czechoslovakia finished
at 2.963',
& Co. issued official confirmation that in connection against 2.963/8; on Bucharbst at 0.613/,
2 against
with the stabilization of the Italian lira credits 0.61%; on Poland at 11.15, against 11.15, and
on
amounting to $25,000,000 were extended by them in Finland at 2.52, against 2.52. Greek
exchange
New York and £5,000,000 by Morgan, Grenfell & Co., closed at 1.33 for checks and at
1.3331 for cable
Baring Brothers & Co., Ltd., Hambros Bank, Ltd., transfers, against 1.33 and
1.333 a week ago.
and N. M. Rothschild & Sons. With the conclusion
of these credits the Banca d'Italia has now, it is
The exchanges on the countries neutral during the
claimed, at its disposal 16,497,000,000 gold lire (new war have been firm, ruling on an average
fractionally
parity) for the support of the new currency unit. higher than last week, largely in
response to the
This gives a potential reserve of 94% against paper strength of sterling. Except for transactions in
guildcirculation of approximately 17,500,000,000 lire.
ers, the market in New York has been quiet for most
The stabilization of the lira alters the outlook with of the Continental currencies. The dollar continues
respect to the de jure stabilization of the French at a discount with regard to Swedish and Danish
franc. Bankers in general expected that the sta- krona. Bankers expect an announcement within the
bilization of the French franc could not take place next few weeks that Norway will return to the gold
before the French elections in May. Premier Poin- basis. Swiss francs were especially firm this week and
http://fraser.stlouisfed.org/
aMmme,Reserve Bank of St. Louis
Federal
DEC. 24 1927.]
THE CHRONICLE
the strength is taken in some quarters as an indication
that the Swiss discount rate may be increased, although other bankers express the opinion that the
firmness is simply discounting a year-end flow of interest and dividend remittances on foreign securities
held in Switzerland. The Swiss discount rate is 332%,
for months the lowest rediscount rate in Europe, and
the only one in the world as low as the current level
in the United States. Spanish pesetas have been
quoted at slightly higher figures this week, but have
suffered more fluctuation than most of the other units.
U. S. Secretary of the Treasury Mellon on Friday expressed the opinion that Spain and France will follow
Italy in going on a gold currency basis. It seems
hardly likely, however, that Spain will take steps to
stabilize at present levels, as it would be injurious to
Spanish national pride to establish stabilization around
16.70-17.00, when the par of the peseta is 19.3.
Bankers' sight on Amsterdam finished on Friday at
40.42, against 40.41 on Friday of last week; cable
transfers at 40.44, against 40.43, and commercial
sight bills at 40.38, against 40.37. Swiss francs closed
at 19.333/ for bankers'sight bills and at 19.34 for cable
transfers, in comparison with 19.3131. and 19.31%
a week earlier. Copenhagen checks finished at 26.82
and cable transfers at 26.83, against 26.82 and
26.833'. Checks on Sweden closed at 27.02 and cable
transfers at .27.03, against 26.99 and 27.00, while
checks on Norway finished at 26.62 and cable transfers at 26.63, against 26.61 and 26.62. Spanish pesetas closed at 16.75 for checks and at 16.76 for cable
transfers, which compares with 16.67 and 16.68 a
week earlier.
The South American exchanges are firm although
extremely dull. Bankers expect this condition to
continue until after the turn of the year. The South
American exchanges are normally very dull at this
season, as business in the Catholic countries comes to
almost an entire standstill around Christmas time.
It has been noted above in the discussion regarding
sterling that gold exports from the United States to
Argentina, as reported by the Federal Reserve Bank
of New York, totaled $9,750,000 during the week
ended Dec. 21. These exports were accounted for in
detail in these columns last week, as they were not
included in the report of the Federal Reserve Bank for
the week of Dec. 8-14. The dollar is at a discount
with reference to Argentine, Urugayan, Chilean and
Colombian pesos. Peruvian exchange has been
benefited by flotation of the $50,000,000 Peruvian
national 6% loan which was offered here this week,
dated Dec. 1,and which has for its purpose the refunding of the entire external secured debt of the republic.
Part of the loan will be used for the establishment of
a gold exchange fund to be employed in assisting the
stabilization of the currency and for the payment of
the republic's share of the Mortgage Bank of Peru,
soon to be created. Argentine paper pesos closed
yesterday at 42.75 for checks, as compared with
42.73 last week, and at 42.80 for cable transfers,
against 42.78. Brazilian milreis finished at 12.01 for
checks and at 12.02 for cable transfers, against 12.01
and 12.02. Chilean exchange closed at 12.24 for
checks and at 12.25 for cable transfers, against 12.21
and 12.22, and Peru at 3.92 for checks and at 3.93
for cable transfers, against 3.95 and 3.96.
3397
yen are steady and in demand. Gold continued to go
to India, $2,375,000 having left New York this week,
of which $1,740,000 was accounted for in these
columns last week. It is known that additional
amounts will leave New York early next week. The
Bank of India increased its rediscount rate on
Wednesday from 6% to 7%, following an increase
from 5% only a few weeks ago. It is customary for
the Hank of India to increase its discount rate at this
season to meet the usual heavy demands for money
to move the crops from the interior to the ports.
The firmer money conditions in India are given as
practically the sole reason for the firmness of rupee
at this time. The rise in the exchange has naturally
helped the Indian Government in its task of remitting funds to London.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
DEC. 17 1927 TO DEC. 23 1927, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York.
Country and MonsterV,
Value in United States Dollars.
Unit.
• Dec. 17. Dec. 19. Dec. 20. Dec. 21. Dec. 22. Dec. 23.
EUROPE$$
Awnria,Belittling
14104 I .14099
Belgium, belga
1399
.1399
Bulgaria. lev
007254 .007245
Czechcsiovakia, krone .029627 .029639
Denmark, krone ster-1
.2682
.2682
England. pound
ling
4 8811
4.8826
Finland. markka
.025178 .025200
France. franc
0394 . .0394
Germany, relchsmark. .2389
.2389
Greece. drachma
013293 .013311
Holland. guilder
4042
.4044
.1747
Hungary. Deng°
.1748
Italy, Ilra
.0543
.0543
Norway, krone
.2662
.2662
Poland, zloty
.1122
.1126
Portugal. escudo
.0496
.0495
Rumania.leu
.006192 .006188
Spain, peseta
.1668
.1669
Sweden.krona
2700
.2700
Switzerland. franc_ .1931
.1931
Yugoslavia, dinar---- -017606 .017609
ASIAChinaChetoo taxi
.6675
.6660
Hankow taxi
.6567
.6546
Shanghai taxi
.6409
.6388
Tientsin tael
6729
.6710
Hong Kong dollar
.5057
.5042
Mexican dollar_ _. _ .4605
.4598
Tientsin or Pelyang
dollar
4575
.4554
Yuan dollar
4542
.4521
.3676
India,rupee
.3676
Japan. yen
.4612
.4628
Singapore(S.S.)dollar_ .5696
.5688
NORTH AMER.Canada, dollar
.999012 .998906
Cuba, peso
998031 .999031
.484333 .484500
Mexico, peso
Newfoundland. dollar .998625 .996469
SOUTH AMER.Argentina. peso (gold)! .9721
.9723
Brazil, milreis
.1198 " .1198
Chile, peso
.1221
.1222
Uruguay. peso
1.0396
1.0394
.14098
.1399
.007223
.029631
.2682
$
I
$
.14094 5.14099 5.14085
1399
1399
.1399
.007221 .007236 .007229
.029626 .029629 .029631
.2682
.2682
.2682
4.8829
4.8833
.025197 .025188
.0394
.0394
.2389
.2390
.013312 .013297
.4043
.4044
.1748
.1747
.0543
.0543
.2662
.2662
.1121
.1121
.0496
.0496
.006192 .006193
.1660
.1664
.2701
.2701
.1032
.1934
.017611 .017610
4.8831
.025190
.0394
.2390
.013307
.4044
.1748
.0527
.2662
.1121
.0496
.006193
.1674
.2701
.1933
.017617
.8832
.025192
.0394
.2390
.013315
.4044
.1748
.0527
.2662
.1121
.0495
.006197
.1676
.2702
.1933
.017616
.6621
.6488
.6333
.6675
.5030
.4570
.6592
.6479
.6318
.6654
.5020
.4558
.6598
.6506
.6346
.6660
.5025
.4573
.6617
.6517
.6359
.6671
.5033
.4573
.4521
.4488
.3676
.4632
.5688
.4513
.4479
.3677
.4641
.5688
.4521
.4488
.3675
.4639
.5688
.4525
.4492
.3677
.4638
.5688
.098736
.999031
.484300
.996313
.998534
.999094
.484333
.996469
.998520 .998483
.999031 .999094
.484500 .485667
.995938 .996063
.9724
.1198
.1222
1.0396
.9721
.1198
.1222
1.0400
.9721
.1200
.1222
1.0400
.9724
.1200
.1222
1.0400
Tokio dispatches early this week stated that the
Fifteenth, or Nobles' Bank, will probably be reopened. The Bank of Japan has, it seems,issued a
statement to the effect that it has 80,000,000 yen
available for the Fifteenth Bank under the Emergency
Act. Leading shareholders have voted to call in
$20,000,000 yen of capital; the directors are to make
a donation of 7,000,000, yen, and a group of peers to
make a loan of 10,000,000 yen. The depositors are
asked to agree upon a plan for deferred payments,
and if the proposals of the nobles are accepted it is
expected that the ,bank will reopen in April. This
would be the last step in the rehabilitation of the
banking interests since the crisis of last summer.
Favorable developments in the financial situation
in Tokio have been such that stock market prices
are higher than at any time since last March. Closingquotations for yen checks yesterday were 46/@463/2,
against 46.08@461
/
1 on Friday of last week; Hong
Kong closed at 503/
2sg50 9-16, against 503'@50%;
Shanghai at 637
4(4)633
%,against 643@643/2; Manila
at 49 9-16, against 49 9-16; Singapore at 57%(4)
573/2, againit 57%@573/2; Bombay at 36 15-16,
The Far Eastern exchanges continue to show firm- against 36 15-16, and Calcutta at 36 15-16, against
ness. The Indian rupee is especially firm. Japanese 36 15-16.
3398
TILE CHRONICLE
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 efcect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
[VOL. 125.
first charge upon all the assets and revenues of the
German Empire and its constituent States." The
Dawes Plan, he continues,"did not give to the Transfer Committee or to the Agent-General any power
to supervise or control the issue of foreign loans
of the German Reich, States or communes, or of
German companies or other undertakings, and, except in the case of the German external loan of 1924,
funds for the service of these loans, whenever issued,
do not pass through the hands of the Transfer Committee or the Agent-General. With the one exception, therefore, of the German external loan of 1924,
the Transfer Committee and the Agent-General have
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE always stated, in answer to inquiries, that they were
AT CLEARING HOUSE.
not in a position to give any assurance whatever as
Saturday. Monday, Tuesday. Wednesd'v, Thursday, Friday.
to the service of these loans that might be floated
Aggregate
Dec. 17. Dec. 19. Dec. 20. Dec. 21. Dec. 22. Dec. 23.
for Wed.
abroad. . . . In substance, therefore, the posi$
$
142.000,000 133.000,000 106.000.000 103.000.000 107.000,000 113,000,000 Cr. 705.000.00 tion is that bankers and investors
have been left
Nofe.—The foregoing heavy credits reflect the huge mass of checks which come free to make up their own minds as to the investment
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, merits of foreign loans issued by the
German public
however, reflect only a prt of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in authorities or private
undertakings, in much the
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 same manner as would be done with any other inBank for collection for the account of the local Clearing House banks.
vestments."
The foregoing statements would seem to make it
The following table indicates the amount of bul- clear that Mr. Gilbert
regards the Treaty of Verlion in the principal European banks:
sailles as assuring priority for reparation payments
over all German loans, public or private, except the
Dec. 22 1927.
Dec. 23 1926.
1924 loan of 800,000,000 gold marks, which was isGold.
Meer.
Total.
sued when the Dawes plan was launched, and to
f
8
I
I
I
I
England__ 150,381,20
150,381,205151,943,215
151.943,215
nee a — 146.220,3
13,717,903159.938.227 147,379.548 13,600,000 160,979,548 which priority was accorded by the Reparations
ermany
89,174,1
c994,600 90,168,750 79,780,000 c994,600 80,774,600
104,133,s I 27,319,000131,452,000 102,267.000 26,943,000129,210,000 Commission. French opinion, however, is reported
Italy
46,946,00
3,776,000 50,722,000 45,597,000 4,159,000 49,756,000
Netberlds. ,
2,333,000 34,841,000 34,469,000 2,359,00 36,828,000 to have interpreted Mr. Gilbert's statements as imNat. Belg 20,201.111 1,213,
21,414,000 17,722.000 1,073,000 18.795,000
SwItzeri'd. 18,032,000 2,572,000 20,604,000 17,733,000 3,031,000 20,764,000 plying that the Agent-General and the Transfer
Sweden_
12,806,000
12,806,000 12,497,000
12,497,000
Denmark 10,114,000
647,000 10,761,000 11.612.000
12,498.000 Committee, while inclined to construe the Versailles
Norway-__ 8.180,000
8,180,000 8,180,000
8,180,000
Total week638,695,67 52,572,503691,268.182629,179,763 53,045,600682,225,363 Treaty as assuring priority to reparations, have
Prey. week 638.247,718 52.555,343690,803,061 628,800,395 53,019.600681,819.995
avoided a definite answer to the question until the
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74.572,866. b Gold holdings of the Bank of Germany are ex- question itself was formally asked, and that in any
elusive of gold held abroad, the amount of which the present year is £3,862,400.
case the foreign loans of German private enterprises
c As of Oct. 7 1924.
are to be regarded as standing on a different basis
German Debt Priorities and Reparations
from those of the Reich, the States or the communes.
The annual report of S. Parker Gilbert, Agent.. It is urged, in support of this interpretation, that
General for Reparation Payments, made public on neither the peace negotiators nor the Dawes ComDec. 16, is, in the main, as was the previous report, mittee probably foresaw the huge volume of foreign
an informing general review of the economic situa- loans which would be contracted by Germany, and
tion of Germany and a detailed account of the oper- that the existence of such loans, accordingly, creation of the Dawes Plan. At both of these points the ates a new situation for which the Treaty of Veroutlook is hopeful. German industry and trade con- sailles does not clearly provide. As Mr. Gilbert's retinue to prosper, and the payments called for by the port is addressed to the Reparation Commission, it
Dawes Plan have been made. Mr. Gilbert renews is possible that an opinion may be forthcoming from
the warning which he has already twice given that body when the necessity for deciding the quesagainst extravagant governmental expenditures, and tion arises.
again criticizesthe composition ofthe German budget,
The other point concerns directly the future of
but he nevertheless finds satisfaction in the as- reparations. "As time goes on and practical experisurance of the German Government that "the period ence accumulates," Mr. Gilbert declares, "it becomes
of high extraordinary expenditures may be regarded always clearer that neither the reparation problem
as closed." The vexed question of control over the nor the other problems depending upon it will be
expenditure by the States of the funds alloted to finally solved until Germany has been given a defithem by the Federal Treasury cannot, of course, be nite task to perform on her own responsibility, withsettled without a revision of the Constitution of the out foreign supervision and without transfer proReich, and such a revision, even if political condi- tection. This, I believe, is the principal lesson to
tions were favorable for the undertaking, would re- be drawn from the past three years, and it should
quire time, but Mr. Gilbert is still of the opinion that be constantly in the minds of all concerned as the
some further Federal oversight is desirable if the execution of the (Dawes) Plan continues to unfinancial administration of the country is to be fold."
placed on a proper basis.
Mr. Gilbert has touched here upon one of the cruIn two particulars the report has given rise to cial factors in the reparations situation. Until the
much discussion. The first relates to the question aggregate amount of reparations which Germany is
of priority as between foreign loans and reparation to pay shall have been determined, the question of
payments. Mr. Gilbert calls attention to the fact the annual amounts to be paid, and the length of
that the Treaty of Versailles makes reparations "a time over which the payments are to extend, will
DEC. 24 1927.]
THE CHRONICLE
3399
continue to be agitated in Germany and to disturb attempt to force a merging of these two questions
the political relations between Germany and the could be dropped, and the issue of reparations given
former Allies. Whether or not the maximum an- a definitive adjustment on its merits.
The outlook for peace in Europe would be greatly
nual payment, under the Dawes Plan, of 2,500,000,if the reparation claimants, with the exheightened
withtime
a
for
made
be
to
continue
can
000 marks
admirable working of the Dawes Plan
the
of
ample
asking
be
would
it
finances,
German
impairing
out
too much to expect Germany to go on paying that or before them, and with Mr. Gilbert's tribute to the
any other amount indefinitely. Moreover, now that sincerity of Germany's purpose under the Plan in
Germany has been admitted to the League of Nations mind, were to agree with Germany on a maximum
on a footing of equality with the other members, and reparations figure, and acquiesce in a scheme of
its ambassadors and ministers have been received payment which would relieve Germany from surveilby the Governments of the States which were for- lance. "A definite task to perform on her own remerly its enemies, it seems both just and right that, sponsibility, without foreign supervision and withonce the total reparations figure has been fixed, the out transfer protection," is Mr. Gilbert's remedy for
time and manner of payment should be such as Ger- the present ad interim situation. There is no one
many, by agreement with the former Allies, shall better acquainted than he with the situation as it
find best suited to its circumstances. In other words, is, and none better qualified than he to indicate how
the Dawes Plan, as Mr. Gilbert implies, is a tem- it should be treated. To reject his advice is to turn
porary arrangement, a device for bridging the pe- away from the counsel of an expert who has shown
riod during which German finances have been un- from the first that he has no interests to serve, in
dergoing reorganization and the ability of the na- the difficult task which he administers, except to
tion to make regular payments on reparations ac- carry out the provisions of the Dawes Plan, with
count has been tested. It has been an immensely due regard to all interests involved, which necesuseful device, and the credit which Germany now sarily means maintaining the efficiency and integenjoys in the money markets of the world is a trib- rity of Germany, so as to enable her to fulfill her
ute to its wise practicality, but the time is near part of the obligations imposed. In other, words,
when, in the interest of the Allies as well as of Ger- the welfare of the one side is exactly as important
as is that of the other.
many, its direct aid may best be dispensed with.
It will be interesting to see how the States that
The Preservation of the Individual.
have reparation claims will deal with Mr. Gilbert's
At the Community Church, Park Avenue and
pointed suggestion. The likelihood that the French
Government, adhering to the position which it has Thirty-fourth Street, a few Sundays ago, as reported
thus far persistently held, will do its utmost to tie in the New York "Times," Dr. Clarence R. Skinner,
together the two questions of reparations and war leader of the Boston Community Church, delivered
debts seems to be, at the moment, the chief obstacle an address on the topic: "Are We Cheapening Huto a satisfactory settlement. The French argument, man Life." Arguing that the "value of human life
of course, is plausible. The less the amount that is was generally accepted at a good deal less than it
received in reparations, the less, it is urged, will be had been in previous years," Dr. Skinner set forth
the amount that can be availed of for paying the the reasons as follows, according to the report:
war debt. Whether the total of 132,000,000,000 gold "There were, however, three fundamental reasons
marks originally fixed by the Reparations Commis- for the lowered estimate of a human being's worth,"
sion is to be regarded as only a kind of statement of he asserted. These were the astronomical, biological
account, or as a maximum to be reduced somewhat and psychological pessimisms and cynicisms that
in the light of further knowledge of Germany's abili- have seized mankind. To each of these, Dr. Skinty to pay, it has all along been the contention of ner argued, there was an answer. . . . To the
France that any concession to Germany on the score astronomical pessimism that resulted from man's
of reparations should be offset by mutual concessions discovery of the vastness of the universe and man's
among the Allies, and that the most obvious and na- insignificance in size, Dr. Skinner replied by pointtural field for concession is that of the debts. As ing out that man himself was the discoverer of this
far as the United States is concerned, however, Sec- vastness. Man, also, had become a creative partner
retary Mellon, in commenting upon Mr. Gilbert's re- in this vast universe through his advances in the
port, has again let it be known that the United sciences, he said. To the biological pessimism which
States is no more disposed now than it has been had its roots in the emphasis of our animal origins,
hitherto to allow the two questions to be merged, Dr. Skinner answered that man must not be judged
and as Mr. Gilbert is fully aware of the American simply by his origins, but rather by his goals, purattitude, the suggestions of his report were unques- poses and progress. It was true that man came from
tionably made with that attitude in mind.
the animal, he said, but"man was steadily going forAs a matter of fact, reparations and war debts ward in emergent evolution. . . ." Taking up
have nothing in common save as an after-thought the psychological cynicism which rose as a result
of victory. None of the war loans were contracted of the mechanistic and Freudian beliefs, Dr. Skinwith any understanding, or even with any expressed ner asserted that it was necessary to judge man by
expectation, that they would be repaid wholly or in his best as well as his worst. Moral heroes, Dr.
part from the proceeds of reparations. They were Skinner said, were as much human beings as the
contracted to save the national existence of the bor- lowest of degraded men. . . . Dr. Skinner derowing States, and in large part at a time when the dared that "the final religious answer to all these
outcome of the World War hung in balance. It doubts was a faith in life, a creative force, that made
would be well if, now that the financial, industrial life worth living."
It is interesting to observe that this talk on the
and commercial restoration of Europe has been so
with
credit
in
accomplished,
general
high
of life is free from credal implications
philosophy
largely
vastly
situation
long
improved,
the
currency
extends
and
swiftly and directly into our commer..
and the
3400
THE CHRONICLE
[VOL. 125.
cial, economic and political environs. The overshad- is now by phrases straightening the backs and kinowing question is:. Based on these modern so-called dling the minds of the people."
beliefs, are we cheapening life by herding men into
Enthusiasm for a cause may be increased by orgroups, associations, organizations and bureaucratic ganization but is it not at the expense often of the
forms of government? Aside from a self-conscious true individualism? Is man as self-reliant to-day
pride of power occasioned by man's discoveries and as in the time of our national pioneers? He has
adaptations of the natural laws in which he lives and more knowledge and more power, but is he as able
moves and has his being, there is a feeling of egotism to stand alone and cope with the conflicting forces
resultant from his acceptance of the group. A very of life? Must he seek the safety of the organization
simple example of this is found in man's exaltation in what he now deems self-defense? Take the erroby reason of his belonging to this or that order in neous claim that there are no more any really great
the small community. He assumes by reason of his men! Why, if it be not that it is the group that
membership the virtues, power and ideals of the towers over the man—and not only towers but tyrgroup or order. Democracy, which should recognize ranizes?
the independence and worth of the individual beYet this man working alone in the fields of science
cause of his abilities and attributes, is literally and mechanism is the discoverer and creator! Does
honey-combed with these orders, organizations and the group cultivate this thinker or seek to exploit its
associations. The individual has come to be greater own theories—these most probably advanced by
because of this massed power and necessarily be- some single member and adopted by the rest, who
comes less in his own behalf. He struts his brief thus become mere automata in life? When the inpassage through life panoplied in the power derived dividual disappears, democracy will die. When infrom the group, the party, or the organism. "Many dependence in thought and action are no more, there
in one" takes on a new meaning. The democratic will appear a form of slavery more deadening than
ideal is sunk in the collective one. On the outside that of old. It is too much to believe that we shall
working out his own destiny as best he may the in- ever return to that Greek development when "every
dividual finds himself not in competition or even man was fit to sit in the councils of State." But
co-operation with his fellowman, but in a sort of we are hastening in the other direction when only
apposition to the group and loses heart in the race half the citizens vote. It is too much to claim that
or sacrifices his individuality to the mass. He be- we can live free from organization, but when there
comes lost in the crowd, and wanders aimlessly, an are only those who are loyal to the powers that be
alien in his own homeland. If it be in politics, the in the political and social groups, there will be a
"independent" is a lonely figure and often turns diminishing of discovery and creation.
away in disgust from his civic duty. If it be in the
The individual is the supreme thinker. It must
commercial life, he grows despondent, is prone to ever be so. The soul of man is the center of the.unilisten to socialistic tirades against "capitalism" and verse, physical or spiritual. Toward the supreme
"the interests," forgetting his inherent power and purpose in life he must present himself, alone and
right to create other "interests" of like size and de- unafraid. He is not in opposition to this purpose
when he seeks to align himself with it. This is the
gree.
at-one-ment
he must make if he is to preserve his
But we need not continue in this vein. Man is
eager for power in himself. Finding himself against own soul. If the crowd is irresponsible, the group
the wall of organization on every hand, he is willing is irresponsive. Millions, pursuing individual needs,
to sacrifice himself to attain power through the desires, aims, purposes, ideas, and ideals, fuse in
group. Sometimes he flatters himself that he is do- the zeal for accomplishment into a harmonious
ing this for the good of the many,,and we do not at whole. We need in affairs to keep this thought upalfdeny that.this altruism exists and is a great force permost if we are to be free to progress, each in his
in the world for good, but very often he is willing to own way, toward his own highest development.
give up his independent individualism for the sake
of attaining his own ends. The eventual result of The Christmas Season and the World Outlook.
this is communism such as exists in Russia, where
The Christmas season is a distinctive period centhe lower class has become the upper, and where the tering in a common festival in all Christian comlatter has ceased to be considered by the ruling munities. It bears witness to certain existing feapower. When "the bottom rail is on top" the fence tures of modern civilization which are traced back
is weak. And the accession of rule by the irrespon- to Jesus Christ, and which, whatever may be thought
sible proletariat is fatal to good government and of him, are more or less directly due to his influence.
human happiness. Yet there is in this "revolution" He stands for a permanent and deeply penetrating
from the old to the new as much of tyranny as ex- force which in its widely creative power persists in
isted before, albeit the new ruling class obtains a all the characteristic features of the life of today
thrill that is pleasing and selfish. A brief excerpt as witnessed in the individual man and in human sofrom an article by Mrs. Anne O'Hare McCormick, ciety.
If, therefore, in the pressure of daily affairs we
a recent traveller in Russia, expounds the truth
She writes: "The new ruler may be as transient as would pause to consider the forces that are at work
the scripture of to-day, but he has a sense of himself in and about us we shall certainly find some of them
as a potentate for whom all the ages have been wait- brought to light in a new book, Protestant Europe:
ing and toward whom the oppressed proletariat of Its CrisiS and Outlook, by two scholars, one Swiss
the earth looks for light and leading. "We move and one American, Adolf Keller and George Stewwith history," a young Communist told me. "We art (Doran), examining present conditions.
They point out that while Europe has in many
move with the force of history. Therefore we are
invincible." It was a phrase I heard often in a so- directions become impoverished by the World War,
ciety where everybody has the same phrases, where resident recuperative forces are at work to re-estabthe delusion of grandeur that once inflated kings lish political, economic and social conditions; but
DEC. 24 1927.]
THE CHRONICLE
3401
the serious impairment of the spiritual forces repre- who would help others, have found it difficult to see
sented by the Christian churches of whatever name how that can be usefully done. The call for light is
is universally apparent An atmosphere of defeat constant; and youth on all sides is restless and leadmarked by a feeling of resentment, of greed, and erless. There is no doubt about the need of a resurof fear still survives as the chief feature of the post- rection and restored application of fundamental
war revival in the belligerent countries. Recrim- principles and forces.
in these there is no monopoly; they are inherent
ination is constant, class rivalry prevails, loss and
injury are held due to injustice, and while national in man and are to find their field and opportunity
pride is strong, successive governments have proved in his unfolding life. They combine to make both
unable to restore right conditions. The downfall him and his institutions. They underwrite his civiof the Western world is still exploited, and the lization. The general change throughout Europe in
churches, in the destruction of their edifices, their the progressing disestablishment of the state
changed condition and general loss of support, have churches, making all more or less free, emphasizes
gravely suffered; and in consequence, the construc- this situation, bringing them close to the people in
tive forces for which the churches stand are seri- all their direct and constructive influence, even
though for the time being they may suffer in diminously impaired.
The shifting Of 6,000 of the 10,000 miles of Euro- ished membership and resources. Churches distinctpean national frontiers in 1919 has amounted to a ly free when introduced from without have often
distinct upheaval of the reconstructive power of the to meet neglect and even persecution, and only evenchurches as it has involved change of language, of tually to win an open field.
physical and economic connection, of traditions and
The chief difficulty before the churches of Europe
of customs, so violent and so serious as to promote to
-day arises in the poverty of their members caused
hostility and not prosperity and peace. The middle by the war. Besides curtailing their beneficent acclasses and the clergy have been and still are the tivity, it seriously affects their raising and training
chief sufferers; and with them the change is so com- of leaders. In Germany where the churches as a rule
plete that little in the way of adjustment has yet recognize the new social order and seek a place in
been made. While certain groups have received ade- it, the number of theological students has fallen
quate and even aggressive aid, the Christian com- from more than 4,000 in 1914 to less than 2,000 tomunity as a whole is greatly demoralized. The ob- day; and Germany alone has more than 60% of all
vious need is of emphasis upon the great underlying the theological students of the whole continent. If
truths of the Christian faith and of mutual help- the State, as representing its citizens, is a moral
fulness, and this as an accepted policy by the out- creation and responsible for the 'character of its
side world.
doings, as to-day is everywhere recognized, the great
The corruption so prevalent in the 18th and early falling off in the number of its spiritual leaders is
19th centuries, and the rivalries and antagonisms of a matter of public concern.
later days, need to give place to the new life; the
Since the 'conference of 1924 in Birmingham,
way to-day is open as never before for creative ener- known as "Copec," the social function of the church
gies to be effectively applied. Because of their im- is definitely recognized and its importance in the
mediate relation to the heart and life of the indi- new conditions acknowledged. If the world is to
vidual, and because the well-being of the community have peace, the church is called to lay foundations
is ultimately determined by the thoughts and desires for it in, hearts at peace with one another and with
which originate in its individual membership, there God. In a large and true sense, "human perplexican be no enduring political and social reconstruction ties are ultimately theological;" man himself is the
without the aid of the churches, especially those chief element in them; and when his mind is turned
which stand for modern Christianity, that is, for to setting himself right with God, he gets light.
revealed religion as interpreted and applied to the The observance of Christmas illustrates the same
life of to-day.
truth. For the hour the tone of life is changed, its
The disaffection in Europe resulting from the re- asperities are softened or disappear before its reactionary policy of Metternich and his school, led minder of the new day that dawned for men 2,000
to the nationalism, the industrialism, and the social- years ago at Bethlehem. In both instances, the unism which marked the last century. Ideas were derlying truth is lifegiving. Its recognition, and the
spread abroad which created rivalries and the sepa- form and manner of its application will change with
ration of peoples and causes, with the assertion of the change of conditions, but it cannot be disregardnational and individual rights. These eventually, ed, nor can the desired good be realized in its full
in connection with the war, created the conditions significance without it. The constructive principles
difficult to deal with and in which both church and of human society are to be found in obedience to the
State are deeply involved. The social cataclysm, the teaching of Jesus Christ. In this lies the settling of
class struggles, the political and moral changes, the differences and antagonisms of individuals, and
widely prevalent, have proved problems difficult for the peaceful overhead contribution of the State.
both. Life has to be realigned in many directions.
The story of this relationship in its Working as
New political doctrines are on trial in the oldest disclosed in the conditions existing in the various
states, and are the accepted teaching in the younger European nations is recounted in detail in the book
ones; the churches share with them in facing new to which we call attention. It presents many painrequirements, and the universities and schools have ful pictures of persistent controversy, and some even
not escaped. Democracy and socialism have suf- of merciless oppression and cruelty as visited upon
fered serious reaction in passing through the anar- people of alien race 'brought now under new rule;
chical disturbances which inevitably follow initial but the light is spreading. A new spirit is abroad
defeat. Labor experiences new pressure when con- and the year drawing -to its close will be looked upon
fronted by unemployment and the increase of or- as the one in which, while reconstruction is economic
ganization and machinery, and groups in society and political conditions were extensive and full of
3402
THE CHRONICLE
promise, it became growingly apparent that the future peace of the world cannot be secured by any
amount of industrial combinations and international agreements apart from the spread of a spirit new
and yet old in the hearts of men, which is that of
Jesus Christ.
Federal Reserve Bank Charters.
[Editorial Article in New York "Journal of Commerce" Dec. 13.1
There may be people who suppose that the question of
prolonging the life of the Reserve banks has been settled
beyond the possibility of resurrecting it as a political issue.
The surreptitious insertion into the McFadden Act of a
provision to extend Reserve bank charters for an indefinite
period of years is not, however, a final answer to those
who are leading the attack against the system. On the contrary, irritation is probably enhanced by the feeling that
the charter section of the McFadden Act was slipped in
[VOL. 125.
through machinations which arouse retrospective resentment.
At any rate, a report comes from Washington to the effect that the new Senate Committee on Banking and Currency may launch an attack upon that provision of the
banking law which deals with the charters of the Reserve
banks. If, as seems likely, this attempt should fail, it
nevertheless serves as a warning to the optimists that the
fight is by no means won/ The Reserve banks have gained
no guarantees of continued existence under the McFadden
Act; at most, they have acquired a provisional lease on life
which Congress may destroy at will. The best protection
that they can have against loss of their charters lies in
functioning so efficiently that they can convince the public
of their indispensability. In that case, even if their Congressional detractors do not share the favorable opinion
of the rest of the community, they may at least be made
aware of the political inexpediency of trying to destroy the
Reserve system.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 23 1927.
At last seasonable weather and the usual holiday expansion of buying has brought about a better retail trade. In
fact, it is now equal to that of a year ago. Moreover, there
is some increase in wholesale business. This is especially
the case in textiles, though here and there it is said that
steel is in somewhat more demand, at the West. Some
reports are to the effect that steel sheets and scrap are
somewhat higher. The sales of pig iron at the West are
reported to be on quite a good scale. In the main it is true
wholesale trade and industry are still slow. But there is
no doubt that the feeling is more hopeful with weather
conditions better for seasonable trade. In woolen goods
there has been a better business. There is a larger trade
in broad silks. Raw cotton has advanced on an increased
demand at home and abroad, with a larger trade in Worth
Street and Manchester. It appears, too, that the reported
cotton mill curtailment is not, after all, as large as had been
supposed. Night work has been discontinued in some of
the South Atlantic mills, but they are still running at a
good capacity. One drawback is the falling off in automobile production in November to the lowest point in over
five years. Just what this really means time must determine; that is, whether it means some dying out of the popularity of motor travel or whether it is due to some purely
transient cause. The South is more prosperous than it
was a year ago. Cotton ginning up to Dec. 13 was 100,000
bales or more smaller than had been expected. Cotton prices
are higher, and there are persistent reports of an increased
business in print cloths and other gray goods. India and
China are buying Lancashire's cloths more freely, and it
Is hoped that the Chinese revolt against Sovietism may
bring about better conditions of trade in China and increase
its power to buy the products of the Western world.
In some large Eastern and Western section centers of
this country there has been a pretty good business in
Spring ,goods for forwarding next year. And a new thing,
by the way, is the purchase of some cotton goods for delivery as far ahead as June, although some of the mills
refuse to sell any further ahead than January. But the
situation has its shadows as well as its lights and it is noticed that employment in factories during November was
the lowest in some cases for three years past and in others
for even a longer period. This seems to point inevitably,
however, to more or less under-buying. Certainly there
has been no over-trading. The business of the country has
been proceeding on very conservative lines. No branch of
trade has been taking chances; all have kept their feet
on the ground. There has been a big speculation in stocks,
to be sure, but in other directions speculation has been
for the most part smaller than usual in this country, although money has been cheap and therefore has afforded
an invitation to speculative operations.
The week's employment figures at Detroit show an increase over last week of 4,200. Beef cattle prices have advanced. There has been a falling off in the trade in nonferrous metals. Raw silk has been steady and in fair de-
mand. Wheat has declined somewhat w th the crop in this
country 40,000,000 bushels larger than the last one and the
yield in Canada large. So that North American supplies
are liberal. At the same time the export demand has not
been active. Argentine will soon he competing, and its
crop is of good quality. Possibly Argentina for a time
will have the preference in the European markets, price
and quality considered. Corn has declined during the week
5 cents on some deliveries, owing to the fact that the Government estimate last Monday was about 100,000,000 bushels
larger than had been expected. It increased the November
estimate about 33,000,000 bushels, making it 2,786,288,000
bushels. At the same time there has now and then been
quite a good export demand for American corn. A Liverpool estimate is that Europe will need about 80,000,000
bushels of American corn. Rye has also declined with little
export demand. It is noticed that low grades of Canadian
wheat are selling below the price of American rye. Small
wonder that the export demand for rye in this country is
nothing remarkable. Provisions have latterly declined in
response to lower prices for corn. Coffee has advanced as
the Defense Committee in Brazil has suspended receipts
at Rio until stocks there decrease. And both Brazilian and
European prices have latterly been firm. Cuban sugar sold
on the spot to a fair extent early in the week at firm prices,
but latterly has been quiet, and December liquidation coincident with Victoria notices caused some decline in future& Rubber has advanced and the expectation is that
the early part of 1928 will witness an increased business.
Latterly, moreover, the stock in London has been decreasing. The Bank of India has increased the rate of discount
to 7% and this is supposed to mean some increase in its
export trade.
The stock market is still very active and today United
States Steel advanced 4/
1
2 points. It is significant of present conditions in the stock market that today when the
transactions fell off to about 2,300,000 shares it was looked
upon as a rather quiet day. But even with money up to
5% and brokers' loans increased for the past week nearly
$86,000,000 to a new high record of $3,644,331,000, or $81,526,000 above the high mark of Dec. 7, the tone despite
some irregularity was on the whole surprisingly strong. It
was noticed, too, that mail order shares reached a new
high level. Not only United States Steel, but shares of
similar standing were noticeably firm. There is an expectation of better times in 1928, the retail trade is more promising, and the cotton textile industry exhibits signs of a
revival after prolonged depression. The persistent movement of the leading trading nations of the world back toward the gold standard is one of the heartening signs of
the times. The next to reach the gold basis following Italy
is expected to be France. Devaluation of course is inevitable. Italian bonds were strong today and other issues
were steady or firm despite the rise in the money rate to
the highest figure since last July.
At Lowell, Mass., practically all operatives in the mills
of the Appleton Co. were laid off for an indefinite period
on the 17th inst. The Appleton Mills voted about two
DEC. 24 1927.]
THE CHRONICLE
3403
w.
w.
COWWOCCO,DC00,1000Q COCCaD
OMMCCCCW09.000000000.000000Q 0CW,Q .
OWN2ND.4000aDOo00.-4Woot4=-400*WOW004.0MCOWNDWWOOMO CO W O WC4.Q 0WWIPM
Oli:Db;47>GOOOGni-.60060,0,6;-40.6i,D;-4•WiDioiair).ONI10006;-.01,44446Gok..64.6042G3GA,4;t.
months ago to ship 30,000 spindles to the South after erect- and onions. Beef steers, eggs, and wool, on the other hand, averaged
than in the preceding month.
ing a mill there. New Bedford reports that New England higher
Foodstuffs rose slightly in price, with minor increases reported also
mills are adopting plans for an immediate extension of the for hides and leather products, chemicals and drugs, and housefurnishing
policy of curtailing the output of cotton goods, due to dull- goods. No change in the general price level is shown for the group of
miscellaneous commodities, while small decreases took place among textile
ness of trade and the recent decline in prices which pre- products,fuel and lighting materials, metal products,and building materials.
Of the 550 commodities or price series for which comparable information
clude a reasonable Profit. Many large units of fine and
October and November was collected, increases were shown in 157
fancy textile productions not allied with the Fine Cotton for
instances and decreases in 154 instances. In 239 instances no change
Goods Exchange are reported to have decided, this week that In price was reported.
Comparing prices in November with those of a year ago, as measured
curtailment of output Is the only policy possible to prevent
by changes in the index numbers, it is seen that farm
and hides
a recurrence of losses. But no definite plan is announced; and leather products were considerably higher, whileproducts
foods and textile
it may be 20 to 25%. At Manchester, N. H., although the products were slightly higher. Decreases are shown for all other groups
Amoskeag Workers' Congress voted to oppose the 10% re- of commodities, ranging from less than 34 of 1% in the case of housefurnishing goods to 93 % in the case of building materials, and over 19%
duction in wages, which goes into effect Dec. 24, it is con- in the case of fuel and lighting.
•
sidered improbable that any serious dispute will follow. INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBThe workers are likely to accept the reduction as best for
GROUPS OF COMMODITIES (1926=100.)
all concerned. Charlotte, N. C., wired that cotton mills in
1927.
the Carolinas and Georgia, operating 2,500 spindles, will
1926
Purchasing
begin today and continue indefinitely a program of reduced
Groups and Sub-Groups
November.
Power of the
October.
.November. 1926 Dollar
production adopted by the individual mills. Plants will give
in Norembtr
their employees a holiday of several days and will close at
(Cents).
noon each Friday for the rest of the season. Many thousand All commodities
97.0
96.7
103.4
products
105.0
104.3
95.9
spindles will be idle all the next week. In the Greensboro, Farm
Grains
99.2
99.6
100.4
Livestock and poultry
105.5
100.8
99.2
N. C., section, it is said that there is no curtailment by cotOther farm products
106.7
108.3
92.3
ton mills. Greenville, S. C., wired that the cotton mills Foods
100.0
101.5
98.5
Butter, cheese and milk
107.2
108.3
92.3
there, are, for the most part, planning to stop each Friday
Meats
100.0
100.9
99.1
Other foods
97.2
99.1
100.9
at noon and resume operations the following Monday morn- Hides
and leather products
113.0
114.3
87.5
Hides and skins
128.0
131.6
76.0
ing. Most plants were to stop Friday at noon of this week.
Leather
116.5
117.1
85.4
Boots and shoes
Several plants will operate only 2% days of next week. At
105.6
106.3
94.1
Other leather products
108.9
109.2
91.6
the holiday season at Greenville, it is asserted 2,000,000 Textile products
98.4
97.5
102.6
Cotton
goods
106.0
104.6
95.6
sp!ndles will be idle for one day and approximately oneSilk and rayon
85.4
83.6
119.6
Woolen and worsted goods
98.0
98.1
101.9
third that number in Greenville will be idle for about three
0t b et textile products
95.7
94.9
105.4
83.8
82.9
120.6
days. At Richmond, Va., the Chesapeake & Elizabeth Knit- Fuel and lighting
Anthracite coal
96.0
96.9
103.2
ting Mills, which had been running only two and three days
Bituminous coal
99.6
97.8
102.2
Coke
93.9
.92.7
107.9
to the week since early in October, have started in full
Manufactured gas
97.6
Petrcleum products
67.5
66.6
150:
-- i
swing. These two mills, which manufacture knit wear, Metals
and metal products
97.1
97.0
103.1
Iron and steel
94.0
93.5
107.0
have 800 hands.
Non ferrous metals
89.9
90.3
110.7
The thermometer was dawn to 18 degrees here on the
Agricultural Implements
98.9
101.1
98.9
Automobiles
102.2
102.2
97.8
19th inst. Over Sunday there was a heavy fall of snow
Other metal products
99.3
100.7
100.7
materials
90.2
110.9
91.6
In the northern part of this State and many automobile Building
Lumber
112.1
91.2
89.2
Brick
93.3
91.3
109.5
parties were stalled for days near Oswego and suffered
Cement
96.5
96.5
103.6
Structural steel
111.9
for food.. The snow drifted 10 to 15 feet over the roads.
91.9
89.4
Paint materials
116.7
87.0
85.7
There were 4 days of rain, sleet and snow. The New York
Other building materials„:„
91.7
91.2
109.6
and drugs
97.1
97.4
102.7
Central Railroad suspended traffic on its Ontario division. Chemicals
Chemicals
102.3
97.8
101.8
Drugs and pharmaceuticals_
117.4
86.2
85.2
Gales off Lake Erie sent snow drifting across the tracks.
Fertilizer materials
105.4
94.1
94.9
Fertilizers
92.5
92.0
107.6
Of eight telephone lines ordinarily in use between SyraHousefurnishing goods
101.1
98.5
98.9
cuse and Oswego only one line was working on the 19th. It ' Furniture
97.0
97.2
102.9
Furnishings
99.4
100.0
100.0
offered the first communication since Dec. 17. Between Miscellaneous
113.3
88.3
88.3
Cattle feed
122.4
81.7
116.7
Three Rivers and EtTewerton 15 grain boats were frozen in
Paper and pulp
91.6
91.3
109.5
Rubber
70.5
77.8
the State barge canal. An ice-breaking tug was on the way
128.5
Automobile tires
74.9
140.4
71.2
from Albany but it was feared that the boats might remain
Other miscellaneous
99.9
00.1
100.9
tied up for the Winter. On the 19th inst. In Chicago, Cin*Data not yet available.
cinnati and Milwaukee it was 6 degrees above zero, in Cleveland and Detroit 10; in Pittsburgh and Kansas City 8, in Increase in Retail Food Prices in November as Compared with Preceding Month.
Montreal 12, in Bismarck 30 below, in St. Paul 2 below,
•
in Winnipeg 12 below. During the last 48 hours snow flurThe retail food index issued by the Bureau of Labor Star:es have occurred in the Lake region, the Plain States tistics of the United States Department of Labor shows
and the Middle Rocky Mountain region and rains on the for Nov. 15 1927 an increase of about two-tenths of 1%
North Pacific Coast. Temperatures have fallen over the since Oct. 15 1927; a decrease of a little more than 3%
Plains States and upper Mississippi Valley, while elsewhere since Nov. 15 1926; and an increase of a little more than
changes have been unimportant.
49% since Nov. 15 1913. The indek number (1913 = 100.0)
To-day it was cool but pleasant here, although it is turn- was 161.6 in November 1926, 156.1 in October 1927, and
ing somewhat,colder tonight. The forecast is for continued 156.5 in November 1927. The Bureau, in its survey for the
fair weather. Temperatures today were 33 to 38 degrees month, issued Dec. 19, also says:
During the month from Oct. 15 1927 to Nov. 15 3927, 9 articles on
with 36 at 3 P. M. Yesterday in Chicago it was 18 to 22
degrees, in Cincinnati 26 to 42, in Cleveland 26 to 36, in which monthly prices were secured increased as follows: Strictly fresh
eggs 9%, storage eggs 4%, plate beef 3%, and chuck roast, canned n-d
KR118118 City 14 to 32, in Philadelphia 34 to 42, in Pitts- salmon, butter, cheese, coffee and bananas, 1%. Twenty articles deburgh 26 to 36, in Boston 32 to 42, and in St. Paul zero to 20. creased: Pork chops 13%, oranges 8%, cabbage 5%, onions, 4%, prunes
and raisins 3%, lamb and flour 2%, bacon, ham, lard, rice, navy beans,
canned peas and canned tomatoes, 1%, and sirloin steak, round steak,
hens, vegetable lard substitute and macaroni, less than five-tenths of 1%.
The following fourteen articles showed no change in the month: Rib roast,
fresh milk, evaporated milk, oleomargarine, bread, cornmeal, rolled oats,
cornflakes, wheat cereal, potatoes, baked beans, canned corn, sugar and
tea.
Changes in Retail Prices of Food by Cities.
During the month from Oct. 15 1927 to Nov. 15 1927 there was an
increasa in the average cost of food in 28 of the 51 cities as follows:
Bridgeport, Buffalo, Butte, Dallas, Denver, Fall River, Los Angeles, Manchester, Mobile, New Haven, Peoria, Rochester, and Scranton, 1%, and
Birmingham, Boston, Charleston, S. C., Columbus, Houston, Milwaukee,
Newark, New York, Philadelphia, Portland, Me., Providence, Richmond,
Salt Lake City, San Francisco, and Savannah, less than five-tenths of 1%.
In the following 23 cities the cost of food decreased: Atlanta, Cleveland,
Jacksonville, Kansas City, Little Rock, Memphis, New Orleans, Norfolk,
Omaha, Pittsburgh, St. Paul and Washington, 1%, and Baltimore, Chicago,
Cincinnati, Detroit, Indianapolis, Minneapolis, St. Louis, and Springfield,
Farm products again showed a slight decline from the preceding month, Ill., less than five-tenths of 1%. In three cities-Louisville,
Portland.
to
decreases
in
corn,
hogs,
lambs,
calves,
mainly
cows,
due
cotton, peanuts. Ore., and Seattle, there was no change in the month.
Decline in Wholesale Prices in November 1927 Compared with Same Month Year Ago.
A slight reaction from the recent upward movement of
wholesale prices is shown for November by information
codected in representative markets by the Bureau of Labor
Statistics of the U. S. Department of Labor. The Bureau's
revised index number, computed on prices in the year 1926
as the base and including 550 commodities or price series,
stands at 96.7 for November, as compared With 97.0 for
the month before, a decline of nearly 1-3 of 1%. Compared
with November 1926, with an index number of 98.4, a
4% is shown. In its advices Dec. 17 the
decrease of 13
Bureau adds:
3404
THE CHRONICLE
For the year period Nov. 15 1926 to Nov. 15 1927 50 cities showed
decreases: Jacksonville 8%, Omaha 7%, Cleveland, Columbus, Denver,
Houston, Kansas City, Little Rock, Pittsburgh and Washington, 5%;
Baltimore, Buffalo, Butte, Charleston, S. C., Chicago, Cincinnati, Detroit, Indianapolis, Memphis, Milwaukee, Mobile, Peoria, Philadelphia, Richmond, St. Louis, St. Paul, Savannah, and Springfield, flI., 4%; Atlanta,
Birmingham, Boston, Louisville, Minneapolis, New Orleans, Norfolk, Portland, Me., and Scranton, 3%; Bridgeport, Fall River, Los Angeles, Manchester, New Haven, Providence, Rochester and Salt Lake City, 2%;
Dallas, Newark, San Francisco and Seattle, 1%, and New York, less than
five-tenths of 1%. In Portland, Ore., there was no change in the year.
M compared with the average cost in the year 1913, food on Nov. 15
1927 was 66% higher in Chicago and New York, 64% in Richmond and
Washington, 63% in Baltimore, Detroit and Scranton, 62% in Birmingham, Buffalo and Philadelphia, 61% in Atlanta and Boston, 60% in New
Haven and Providence, 59% in Fall River, 58% in Cincinnati, Milwaukee,
Pittsburgh and St. Louis, 57% in Charleston, S. C., 56% in Dallas and
Manchester, 55% in Cleveland, 54% in Newark and San Francisco, 53%
In Louisville, 52% in New Orleans, 51% in Indianapolis and Minneapolis,
50% in Kansas City, 48% in Jacksonville, 47% in Little Rock and Omaha,
46% in Los Angeles and Memphis, 44% in Seattle, 41% in Portland, Ore.,
40% in Denver, and 35% in Salt Lake City. Prices were not obtained
In Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah, and Springfield, Ill., in 1913,
hence no comparison for the 14-year period can be given for these cities.
Halsey, Stuart & Co.—Views of Business Conditions—
Immediate Prospects "Healthy But Cautious
Prosperity."
"Present conditions should tend to keep money rates
easy and put firmness into conservative bond prices. The
immediate prospect for business conditions is that of healthy
but cautious prosperity." Thus, Halsey, Stuart & Co.'s
quarterly review briefly sums up the bond market and
general business conditions. Commenting first on the
bond market, the review says:
The bond inaket is firm over practically the entire field, and this in spite
of the fact that more new financing has been undertaken in 1927 than during any previous peace-time year. A common question in financial circles
Is: How long will the supply of funds seeking investment continue so
large that it Is the dominant factor in the market? What are the factors
which have succeeded so long In keeping bond prices firm in the face of the
unprecedented volume of new securities?
In general, of course. it is the plentiful supply of money. The country
has a great surplus of'old. yet this surplus is now apparently started on Its
back flow to normal distribution throughout the world. In addition.
however, there is now a vastly greater amount of new wealth in America—
and loaned abroad—than before the war, and this produces a large volume
of new capital annually for reinvestment. Also institutions, corporations
and individuals are coming to place more and more of their investment
funds Into securiles. New capital available for investment from interest
alone in 1926 was in excess of 33.200,000.000. The present Treasury
program for retiring the public debt releases nearly a billion dollars a year
for reinvestment. This policy, in conjunction with the other tendencies
noted, and In view of the probability that commodity prices will continue
at approximately current levels for some time, will tend strongly to keep
money rates easy and to put firmness Into conservative bond prices."
The review then considers business conditions at the
present time, saying:
"There is still no preponderance of evidence pointing to a radical down
or up-swing in the near future. Favorable indicators, such as gains in
the textile output, increase in electric power production, heavier dividend
payments, improved agricultural outlook, and large gains in the shipments
and sales of building materials, are counterhahm-ed in part by a slight
decrease in building permits, and a falling off in iron and steel production.
Automobile production has been down, but eirer7 indication now is for
substantial acceleration in output, and hence of all the allied activities.
Voluir.e of revenue freight Is slightly less than for the same period of 1926,
but well ahead of other recent years and of the five-year average. Even
the customary forecastings of business tend to cancel each other out, with
some pointing to an early depression, others seeing a big boom ahead, but
the majority holding that the present even tenor of business prosperity is
not likely to see much change in the near future.
"With the principal sources of buying power all on a moderate up-swing
at the present. but still averaging close to the normal-trend increase of
population and development, and with buying activities showing a widespread but moderate increase. it appears that the immediate prospect for
business conditions is that of a healthy but cautious prosperity."
The review also says in part:
nip bonds have kept full pace with the general market rise in
"Realtate
recent
. One of the faors
factors effecting this appreciation is no doubt
the ince
lig conservatism among underwriters in this field resulting
from a growing feeling that construction in certain classifications is gradually catching up with current requirements. With the expansion of the
volume of building construction now apparently past its peak, and the fact
that a decreasing percentage ofconstruction enterprises is being financed
by public underwriting, the quality of this type of security may be expected to undergo constant improvement, and the supply to continue In
somewhat reduced volume. Nevertheless, the yield on first grade real
estate bonds is still among the highest in the present market.
"The Municipal bond market has continued firm during the last quarter
of the year, In fact several new high records have been established in the
price of these securities. One important factor in the firming of the Municipal market has been the recent annual retirement of a very large amount
of United States Government bonds and the consequent increased demand
from some quarters for municipals. Municipals. too, are increasingly
popular with the private investor for diversification and security. Small
Issues, because of their natural narrower market, are still obtainable at
attractive prices."
Col. Ayres of Cleveland Trust Co. on Prospects for
1928—Looks for Improved Business Conditions
In Not Far Distant Future.
Summing up his conclusions as to the prospects for 1928,
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Co. states that "it now seems probably that the course
of general business will reverse its trend of 1927 by starting
[VOL. 125.
lower and ending higher. It seems likely that conditions
will improve in the spring, hesitate in the summer, and
improve strongly in the autumn." In his summary Col.
Ayres also says:
It seems likely that short term interest rates win be lower in the opening
months of 1928 than they were in the corresponding early months of 1927,
but higher in the closing months of 1928 than they have been in the late
months of this year.
The main trend of the prices of high grade bonds will probably be an
advancing one during most of the year. The movements of the prices of
representative stocks promise to be active and highly selective, and while
it seems likely that their averages will reach levels at some time in 1928
higher than any touched in 1927. it cannot safely be assumed that the
trend of the price movement for the whole year will remain an advancing
one.
The amount of new building construction in this country in 1928
may well be even greater than that of 1927, and If this proves to be the
case the costs of building are likely to advance somewhat during the year.
It now seems probable that industrial employment will improve as the
year advances and that wages will remain firm. Wholesale price averages
seem likely to advance moderately, but it does not seem probable that
there will be much change in the cost of living.
The output of iron and steel promises to be greater than that of 1927.
It seems likely that the number of passenger cars and trucks produced
In 1928 will be greater than in any previous year.
The prospects are that industrial profits in 1928 will be greater than those
of 1927.
Col. Ayres, whose views are presented in the Dec. 15 issue of the "Business Bulletin" of the Cleveland Trust Company, depicts three cycles since
the war, and says:
Three Cycles Since War.
Since the war there have been throe great irregular waves of business
activity. The first began early in 1919 in the brief period of depressed
business that followed the armistice. This was the Post-War Inflation
Cycle that lasted through the stimulated prosperity of 1919 and 1920, and
ended in the great depression of 1921. Then came the Recovery Cycle,
which began in the summer of 1921, carried on through the brief prosperity
period of 1923, and came to an end in the mild depression of 1924. Following that there came this present cycle, sometimes called the Coolidge Prosperity Cycle, which began in the summer of 1924. reached its high points
of prosperity late In 1926 and early in 1927. and has been gradually receding during the past seven months or so
Ever since last spring general business activity has been declining, not
very rapidly, but pretty steadily. It is now below normal in a number of
industries. shortages are in the making in such fundamental lines as iron
and steel output. the manufacturing of automobiles, and the production
of railroad equipment. There are no important stocks of goods in storage
to supply the needs for these products, and yet the current rates of manufacturing are below those necessary to meet the normal requirements of
the country.• Since this is true, and since production is still slowing down,
two forecasts seem justified. The first is that the worst is yet to come;
the second Is that things will be better soon.
A New Business Era.
We are in a new era of business that is characterized by stability but
only relative stability of industrial activity of credit rates, and of commodity prices. The credit stringencies that formerly came in business
cycle is still with us, but it no longer runs through the old wide swings from
profound depression to feverish prosperity, and back again. Its irregularities have been in large measure smoothed out. Its peaks have been
partly taken off, and its valleys largely filled in. We need no longer fear
the severe times of unusual business activity, and since our credit supplies
are now ample, and are skilfully and flexibly administered through the
Federal Reserve System, the movements of security prices no longer bear
the same relationships to the business cycle that they did formerly.
We are now in the closing phases of the first ot the business cycles of
this new type. We have had a long period of prosperity which has finally
given way to a slow decline that has already reached mild depression levels
in some lines. Production has fallen off, commodity prices have declined.
profit margins have narrowed, and insolvencies have increased. Meanwhile, bond prices have advanced, and there has been a long bull market
for stocks.
Four Essentials for Recovery.
The present prospects are that the conditions of general business will
Improve in the not far distant future. There seem to be four conditions
that are necessary for business recovery following a depression. The first
of those is expanding industrial production. It seems reasonable to expect
this early next year, because the normal consumption of a number of
essential industrial products calls for greater rates of output than those
now being recorded. Since there are not many over-sized inventories to
be worked off, production must soon increase or consumption decline,
and this country is fundamentally too healthy in a business way to permit
of much reduction in its accustomed rates of consumption.
The second essential for business recovery is an ample supply of easily
available credit, and that we have, and apparently shall continue to have.
The third requisite is agricultural well-being, which we have at leant to
a degree entirely greater than seemed at all possible only a few months ago.
The buying power of the agricultural districts this winter and next spring
will be better than it has been for several years past.
The last of these four essentials is a good export trade, which seems
mewed for at least most of the coming year. Our export trade has been
of large proportions this year, and the domestic and world trade of other
countries of this continent and across the seas is now increasing at a pace
that makes it seem probable that they will benefit us more by being better
customers in 1928 than they will hunder us by being keener competitors.
We may sum up the situation by noting that all four of the requisites for
sustained business recovery promise to be active and effective in 1928.
Loading of Railroad Revenue Freight Still Lower.
Loading of revenue freight for the week ended on Dec. 10
totaled 877,600 cars, according to reports filed on Dec. 20
by the railroads with the Car Service Division of the American Railway Association. This was a decrease of 40,637 cars
below the preceding week this year, when 918,237 cars were
loaded instead of 915,408 as originally reported. The difference is due to a correction made by one road in its report
for that week. The total for the week of Dec. 10 was a
decrease of 114,855 cars under the same week last year and
of 131,096 cars below the same week in 1925. Further details
are given as follows:
DEC. 24 1927.]
THE CLIRONICLE
,Miscellaneous freight loading for the week totaled 307,972 cars, a decrease of 27.784 cars under the corresponding week last year and 52.280 cars
below the same week in 1925.
Coal loading amounted to 172,427 cars, a decrease of 65,006 cars under
the same week last year and 19,523 cars below the same period two years
3405
least to be stabilizing themselves. Inventories are low. Consumption
is close upon the heels of production. Public purchasing power has been
given a chance to catch up to sales. Low money rates should prevail
for some time to come. The Autumn decline has served, apparently, to
clear the way for a good year in 1928.
ago.
Grain and grain products loading totaled 44,109 cars, a decrease of 1,564
cars below the same week in 1926 and 14,526 cars below the same period
In 1925. In the Western districts alone, grain and grain products loading
totaled 29,478 cars, an increase of 1.759 cars above the same week last year.
Live stock loading amounted to 31.768 cars, a decrease of 2,376 cars below
the same week last year and 5.643 cars below same week in 1925. In the
Western districts alone, live stock loading totaled 24.023 cars, a decrease of
2,279 cars below the same week last year.
Loading of merchandise and less than carload lot freight totaled 246.904
cars, a decrease of 6,923 cars under the same week last year and 12,930 cars
below the corresponding week two years ago.
Forest products loading totaled 56.874 cars, 6.689 cars below the same
week last year and 15.245 cars under the same week in 1925.
Ore loading totaled 7,880 cars, 2.188 cars below the same week in 1926
and 4,298 cars below the corresponding week two years ago.
Coke loading totaled 9,666 cars, a decrease of 2.325 cars under the same
week in 1926 and 6.651 cars below the same period in 1925.
All districts reported decreases in the total loading of all commodities
compared with the corresponding periods in 1926 and 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
1926.
1925.
Five weeks in January
4,524.749
4.428,256
4,456,949
Four weeks in February
3,823,931
3,677,332
3,623,047
Four weeks in March
4,016,395
3,877.397
3,702,413
Five weeks in April
4,890,749
4,791.006
4.710,903
Four weeks in May
4,096.742
4,145,820
3,869.306
Four weiks in Juno
3.974,160
4,089,340
3,965.872
Five weeks in July
4 915,397
5,213,759
4.945,091
Four weeks in August
4,249,359
4,388,118
4,321,427
Four weeks in September
4,360.022
4.523,112
4,297,936
Five weeks in October
5,587.921
5,967.576
5,537,159
Four weeks in November
3,822,620
4,248.272
4.093.715
Week of Dec. 3
918.237
1,051,219
1.020,839
Week of Dec.10
877.600
992,455
1.008,696
Total
50,077,882
51,393,662
49,553,353
Trend of Business as Viewed By Continental and
Commercial National Bank & Trust Co. of Chicago
—Prosperity For First Half of 1928 Predicted—
Question as to Monetary Policy of Reserve Banks.
Prosperity for the first hatf of 1928 is predicted by the
Continental National Bank & Trust Company of Chicago,
in discussing "The Trend of Business" on Dec. 18. In its
forecast for the half year the Bank says:
The money income of the farmer is a beautiful back-log of purchasing
power. The prospect is for maintenance of industrial employment and the
sustained Income of industrial workers will help to sustain business. The
probabilities are that industrial production will at least be maintained at the
present level and may very easily increase after the turn of the year. Moderate inventories point to this conclusion. Easy money is our best guess and
this condition always sustains business. Ease in the money market and
moderate inventories make a sharp down-turn in commodity prices improbable. But continued conservatism in buying will prevent an overrapid increase in prices. Adequate credit for any business need is assured.
Easing off in the volume of new building is likely and desirable. Other
onstruction will probably continue in volume. A new record for security
cssuee, in 1927,suggests expenditures for labor and materials. Profits will be
learned, truly earned by efficient management. There will be variations in
earnings, between localities, lines of business and individual concerns.
There always are. But the degree of variations will depend largely on controllable factors of organization and management.
We feel that the business record for the first six months of 1928 should
equal the average for the entire year 1927. It may be up to the figures for
the first half of 1927.
Prosperity is in prospect.
Electrical Manufacturing Business in 1927 Satisfactory
According to President Swope of General Electric
Co.—Outlook for 1928 Favorable.
Gerard Swope, President of the General Electric Co., reviewing business conditions for the past year and commenting on the outlook for 1928, says:
"The electrical manufacturing business for 1927 has, on the whole,
been satisfactory, and about the same in volume as the previous year.
The use of electric current in homes and factories has increased 7%
over 1926, and with the exception of 1921 has shown an increase each
year since 1919 when the index was first prepared, and the consumption
in 1927 was more than double what it was in 1919. This is becoming
one of the best indices of general and industrial conditions in America.
"The outlook for 1928 is, on the whole, favorable. Economic conditions are sound and the satisfaction of the demand of 120,000,000
people should provide ample business activities with the usual attendant
improvement in the art. Earnings of labor have never been so high
and with a continuance of good business their earnings should continue
and employment become steadier."
Silberling Business Service on Outlook for 1928—
Criticism of Policy of Federal Reserve Banks In
Artificially Adding for Credit Supply.
The Silberling Business Report, issued Dec. 22, thus present the outlook for 1928:
It is probable that after a little temporary irregularity business will
advance in an orderly way to a new high point by the middle of 1928. We
estimate that the first half of 1928 will average between one and two
per cent, above the normal trend and that the actual volume of transactions during this period will be from 3 to 4% over the corresponding
period of this year.
Among the factors mainly supporting this outlook are the improved
position of agriculture in many sections, the continuance of active building, and to scene extent the revival of Ford production.
From the same source we take the following:
There is a growing feeling in responsible financial circles that the present policy of the Federal Reserve banks of more or less artificially adding
to an already abundant credit supply through purchases in the open market will involve all the more serious consequences later when, with additional security flotations and probably continued gold outflow, there is
also some enlarged demand from revived commerce and industry. Were
credit conditions now adjusted to fundamental considerations rather than
to the attainment of certain international ends, the money market would
undoubtedly be slightly higher. Since basic factors now prevailing are
likely to continue for some time, it appears of little use to postpone
the adjustment and thus make it more severely felt when it does come.
Building Construction Contracts in the United States
in 1927 Reach 7-Billion Mark—Drop in Awards on
Buildings in 1927 Offset by Gains in Other Classifications.
Preliminary estimates on total value of construction contracts let in the United States for the year 1927 indicate that
the industry is holding to the seven-billion-dollar line, "Engineering News-Record" reports. It is likely, however, that
According to the Bank "the most disturbing question in buildings, which includes small residential projects, will show
making a forecast for the first half of 1928 is this: What a decline slightly more than 3%, compared with 1926 totals
will be the monetary policy of the Reserve Banks after the in this class. Construction other than buildings will show a
turn of the year." It adds:
gain over last year of approximately 8%.
The policy of lower rates, inaugurated in August, has checked the gold
Inflow into the United States and aided the Bank of England. For a long
time the policy had been one of checking speculation in the domestic security
and commodity markets. Will the new policy, related primarily to international conditions, be continued? Or will the recent increase in commodity prices and the rise in stock prices lead to a policy of higher rates?
Firmer rates would pur pressure on business at home, affect adversely
the exchanges of European countries, complicate the transfer of reparations
later in the year and might cause opposition from agricultural interests.
But any tightening of money rates would not be enough to precipitate
depression or result in a major downswing of security prices. And higher
rates would soon cause a gold movement into the United States, leading in
turn to easier money.
Incidentally, the Reserve Banks could offset any withdrawal of foreign
deposits from member banks by the open market purchase—not sale, as
some financial writers state—of bankers acceptances and government
securities, particularly the latter.
A vast amount of gold could be exported without danger. And if necessary, the effect of this outflow of gold could be offset by Reserve Bank
purchases of "governments" and by the substitution of Federal Reserve
notes for gold certificates.
Union Trust Co. of Cleveland Depicts 1928 as a Good
Year for Business.
A summary of present factors definitely Indicates a gradual but substantial recovery In the first quarter of 1928,
followed by a period of good business later in the season,
says the Union Trust Company of Cleveland, in its business
magazine, "Trade Winds," made public Dec. 17. In exPressing its views it states:
The farmers have began to buy. Ford production is under way. Winter and holiday trade is at hand. Prices appear to be stiffening or at
Increase in Building Activity in Illinois During
November.
Building activity increased during November, as shown
by permits issued in 28 Illinois cities. According to Sidney
W. Wilcox, chief of the Bureau of Labor Statistics, of the
Illinois Department of Labor. In his report of building
operations, issued Dec. 17, Mr. Wilcox says:
The total estimated venni of building authorized during November was
336,887,467, an increase of $2,633.664 over the preceding month and of
$2.127,759 over November 1926. Fourteen of the 28 cities reporting building figures showed gains over October and 16 cities showed increases over
November a year ago.
In Chicago, the estimated value of building authorized in November was
$28,238,025, an increase of $1,837,420 over October, but a decrease of
$299,535 from Nov. 1926. New housekeeping accommodations were
planned for 3.224 families.
In the metropolitan area outside Chicago, Oak Park takes the lead over
Evanston in the value of building authorized during November, with a total
of $1,683.580. Evanston is second in this area, with $871,550, and Berwyn
with $471,600 is third. In home-building within the same region, Oak
Park is also first with provision for 114 families; Berwyn is second, with
dwellings for 97 families: and Cicero is third with accommodations for 78
families. In new non-residents! building, Oak Park leads this region with
a total of $702,755, which is not approached by any of the reporting cities
within the same area.
Outside the metropolitan area, Waukegan takes the lead in value of
building authorized during November with a total of $1,055,405. of which
$700,000 is accounted for by one building alone. Freeport ranks second
with $690.050. of which 6650,000 is due to a building which Is to be constructed Eby a large fraternal organization. Third is Rock Island with
building valued at $439,725. Rockford leads in home-building in the
same region with provision for 72 families and Waukegan is second with
accommodations for 52 families. In the value of new non-residential
building, Waukegan Is first outside the metropolitan area, with a total
of $728,300, and is followed by Freeport, with $664,550. Rock Island is
third in this region with new non-residential building valued at $375,900.
The total value of building authorized in all the reporting cities during
the first 11 months of 1927 is $436„530,623. Exclusive of Joliet, for which no
figures were available before April 1926, the total for the State during
this period is $433,921,696, which is $12,090,168 less than the total for
the first 11 months of 1926. Only 9 cities,3 of them in the metropolitan area
and 6 outside the metropolitan area, showed gains for the first 11 months
to 1927 over the corresponding months of 1926.
Chicago building for the first 11 months of this year totals $345,117.240,
a decline from the first 11 months of 1926 of $9,475,585. Home-building
In Chicago for the first 11 months of this year provides for 38.274 families.
In the metropolitan area outside Chicago, Evanston leads in total value of
building authorized during the first 11 months of 1927, with $14,600,475.
Oak Park is second in this region with a total of $8,302,366. and Berwyn
Is third with $7,164,500. Within the same area and the same period of
time, Evanston leads in home-building with provision for 1,346 families,
and Berwyn is second with accommodations for 1.230 families. Evanston
Is also first in this area in new non-residential building during the first
11 months of the year, with a total of $2,824,605, Oak Park is second with
$2,075,941, and Cicero is third with $1,041,370.
Outside the metropolitan area, Waukegan ranks first in total value of
building during the first 11 months of 1927 with a total of $7,095.701.
Rockford is second with $6,244,043, Decatur is third with $5,742,340.
and East St. Louis is fourth with $5,462,849. In home-building in this
area during the first 11 months of the year Rockford is first, with provision
for 864 families, Decatur is second, with accommodations for 604 families;
East St. Louis has planned housekeeping dwellings for 571 families and
Waukegan for 516 families Waukegan leads the same area in new nonresidential building planned during the first 11 months of the year, with a
total of $3,707,232; East St. Louis is second with $2,880,336; Decatur is
third with $2,342,945.
Henceforth the statistical tables on building operations as published by
the Bureau of Labor Statistics in its monthly releases will contain only the
grand totals for each month or period included in the discussion.
The following tables are supplied by the Bureau:
NUMBER AND ESTIMATED COST OF' BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES IN NOVEMBER 1927,
BY CITIES.
,
'Wm,. 125.
THE CHRONICLE
3406
November 1927.
October 1927.
Nov. 1926.
No.
Estimated
Bich's.
Cost.
No. Estimated
Bldgs.
Cost.
Estimated
Cost.
in November, according to F. W. Dodge Corporation.
This figure shows an increase of 13% over the amount reported in November of last year, but was 23% less than the
amount reported in October of this year.
The figure quoted above covers the five boroughs of
New York City, Westchester County, Nassau and Suffolk
Counties on Long Island, and the northern half of New
Jersey, as far south as Tom's River. This area very nearly
corresponds with the metropolitan area as recently defined
by the United States Census Bureau, the United States
Chamber of Commerce, and the Merchants' Association of
New York. The contract figure includes parts of Suffolk
County, L. I., and Ocean County, N. J.,that are not included in the officially defined metropolitan district; and,
to effect this, omits Rockland County, N. Y., and the
western half of Fairfield County, Conn., which now belong
in the official metropolitan district.
Analysis of last month's building record shows that residential building is still the leading kind of construction in
this district, being $62,514,300, or 55% of the total; public
works and utilities were $19,896,800, or 18%; commercial
buildings were $6,806,600, or 8%; and industrial projects
were $6,664,500, or 6%.
New construction started since the first of this year has
reached a total of $1,275,087,200, being a drop of 5% from
the total for the corresponding period of 1926. Northern
New Jersey shows an increase of 17% over the eleven months'
figure of last year, and Westchester County shows a gain of
27%. The five boroughs of New York and Nassau and
Suffolk Counties.showed losses of 13% in this year's construction expenditures to date, as compared with the first
eleven months of last year.
Cities.
Whole State
3,408 536,887,467 4,262 834,253,803 834,759,708
Metropolitan DistrictChicago
1,842 28,238.025 2,251 26,400,605 28,537,560
483,400
471,600
146
617,400
Berwyn
103
97,494
32
35,065
33
88,885
Blue Island
446,772
35
206,513
214,838
53
Cicero
871,550
161
758,150 1,230,400
98
Evanston
103,830
23
87,320
438,675
24
Glen Ellyn
150,965
60
381,750
296,743
37
Highland Park
229,415
228,675
50
91,850
59
Maywood*
693,614
111
601,721
112
1,683,580
Oak Park
170,286
34
347,659
30
185,319
Wilmette
75,530
320,650
23
328,475
Winnetka
27
Outside Metropolitan District
268,039
208.165
223,387
87
Aurora
87
16
75,500
18,500
91,000
Bloomington
19
2,100
8,130
2,115
2
3
Canton
37
118,688
14,600
14
50,615
Danville
231,275
231,555
140 1,134,135
Decatur
88
115,645
131
289,203
95
180,310
East St. Louis
150,325
382,943
87,362
89
Elgin
83
18
54,500
18,700
14
699,050
Freeport
585,000
103,400
41
125,277
59
Joliet
68,770
49
97
207,294
Moline
75,373
5,000
Murphysboro
175,405
89,930
Peoria
296,675
110
106
102,085
41
98,750
52,745
47
Quincy
216
648,585
518,625
Rockford
348,097
134
93,905
Rock Island
439,725
68
167,036
92
107,260
143,405
127
183,584
Springfield
70
e ff Anr
rt..,
nAr esne
...IA AO&
• Total figure exceeds details by 391,850, since detailed lgures are not obtainable
for Maywood.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES FROM JANUARY
THROUGH NOVEMBER 1927, BY CITIES.
Jan.-Nov. 1927.
No.
Bidis.
Estimated
Cost.
Jan.-Nov.
1926.
Estimated
Coat.
New Building Permits for November Make More
Favorable Comparison.
Reports to S. W. Straus & Co. from 541 cities and towns
in the 48 States revealed somewhat more favorable 'conditions in the building industry in November than for several
months past, the decline in permits issued being but 1% less
than for the same month last year. The figures were:
Nov. 1927, $309,160,519; Nov. 1926, $311,942,793. The
report goes on to say:
While losses were shown in New York, Philadelphia, Detroit and a few
other large cities, the rank and file of centers throughout the country revealed well sustained volumes of new building with occasional gains of
surprising proportions.
While these records of building permits, covering as they do such a wide
range of cities and towns throughout the entire country, constitute a most
sensitive index, it would not be the part of good Judgment to conclude
definitely from these data that we are reaching the end of the decline in
building operations which has been going on for more than a year. Aside
from the clement weather which existed throughout the Northern States
until late In the month there was no special factor present.
Notwithstanding the more favorable reports for November, the industry
Is still far below the level of activities that obtained in 1926. A survey of
employment conditions conducted by S. W. Straus dc Co. showed that in
the building crafts employment is about 12% less now than it was at this
time last winter. Building permits, which more quickly show approaching
changes than any other index, were, at the end of November, 13% behind
the corresponding 11 months.
Twenty-fire:Leading
Cities.
It is of interest, though of no special significance, that the 25 cities in
which the greatest volume of permits was issued in November this year
were about 6% ahead of last year. Inasmuch as this group represents the
cities where the peak of activity exists, the places comprising it change
from year to year. However, the total this year was slightly ahead of the
cities which comprised the group in Nov. 1926, but was about 10% behind
the 1925 group.
Plans filed in New York City dropped from $82,820,375 to $68,999,452.
a loss of 17% between November last year and this. Prospective building
operations in the metropolis were, on December 1, 15% behind the first
11 months of last year. Detroit showed a surprising loss, dropping from
$14,382,068 in Nov. 1926 to $6,185,619 last month. There was a loss
in Philadelphia of a little more than $2,250,000. Elsewhere in the group
gains of considerable magnitude were shown. notably in Los Angeles,
Buffalo, Louisville, New Haven, Conn. and Scarsdale, N. Y.
46,512 $436,560,623 $4446.011,864
Whole State
Metropolitan District25,982 345,117,240 354,592,825
Chicago
7,164,500
1,516
8.345400
Berwyn
1,352,091
444
1,046,869
Blue Island
577
5,157,608
4,472.874
Cicero
14,798,920
1,390
14,600,475
Evanston
1,911,675
245
1,337,945
Glen Ellyn
2,406,123
389
2,116,111
Highland Park
4,266,685
567
1.925,345
Maywood
6,180,655
8,302,366
985
Oak Park
1,498,868
2,038,439
328
Wilmette
1,448,505
2,388,405
250
WInnetka
Outside Metropolitan District3,890,402
1,018
2,577,673
Aurora
1,037.650
173
900,200
Bloomington
151,060
38
127.468
Canton
232
1.015,591
1,335.300
Danville
The Labor Situation.
1,589
5,275,327
5,742,340
Decatur
4,306,987
1,316
5,462,849
East St. Louis
From reports by international officers of half a dozen important building
1,029
1,740,593
3,442.257
Elgin
207
1,419,552 trades and from statements by numerous building contractors, it is apparent
1,561,851
Freeport
562
2,638,927
that the volume of man-hours now needed is considerably below the requireJoliet*
1,309,797 ments of last winter. These sources of information, while giving the
859
1,127,824
Moline
266.400
13
60,500
Murphysboro
5,531,610 general aspects of the situation, lack concrete statistical data. It has,
1,438
3,170,650
Peoria
411
1,285,343 however, been possible, through various Federal and State labor figures,
1.027,871
Quincy
5.325,774 to establish an approximately dependable estimate of labor conditions
2,065
6,244.043
Rockford
1,159,505
906
1,761,465
Rock Island
4,053,540 within the industry, which indicates that employment is about 12% below
1,133
3,794,508
Springfield
last winter.
4,262,205
852
7,095,701
Waukegan
Building Material Prices,
•Figures for Joliet not available before April 1926.
The building material market was steadier during the past month than
it has been for some time. For the most part there were more upward
November Building Construction Volume in Metro- changes than declines in prices. In the basic materials, Portland cement
was a little weak at New Orleans and New York-and common brick prices
politan District Larger than in Previous Year.
declined at New York, St. Louis and San Francisco. The lumber market
York
had
$113,385,900
New
The Metropolitan district of
was in better condition than formerly and the most active material was
worth of contracts let on new building and engineering work structural steel. Steel sold at 1.80c. Pittsburgh and 1.90c. Chicago.
THE CHRONICLE
DEC. 241.927.]
3407
Eleven-Month Period.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR NOV. 1927, WITH COMPARISONS.
For the first eleven months of this year production has gained 7% over
Nov.
1926.
Nov.
1925.
Nov. 1927.
$82,820,375
$89,330,559 sales in the same period last year. Almost all the Provinces share this
888,999,452
New York (plans filed)
33,145,400 increase. Prince Edward Island and Quebec lead, each with a gain of 11%.
27.289.000
27,454,200
Chicago
8,412.440
8,688,255
17.464.327
Gains in city business range from 6% in Winnipeg to 52% in Ottawa
Los Angeles
8,667,140
13,281,620 for the year to date.
6,411,195
Philadelphia
3,478,843
3,293,891
6,382,171
San Francisco
Sales during the twelve months ended Nov. 30 1927 show a 7% gain
632,101
1,235,530
6,299,206
New Haven
2,048,715
1,599,327 over sales in the preceding twelve months. Quebec continues to lead the
6,192,395
Buffalo
14.382,068
13.724,703 Dominion with a gain of 13% for this period.
6.185,619
Detroit
3,029,130
4,128.137
5,854,759
St. Louts
6,282,608
2,857,846
5,016,627
Boston (plans filed)
6,575,075
3,329,550
4,281.000
Cleveland
Factories in November
317,563
3,866.824
388,355 Employment in New York State
Pontiac, Mich
3,128,926
3,187,118
3.446,280
Newark
Year
Ago.
That
of
Below
2,280,840
1,452,840
3,193,430
Seattle
3,384,825
5,173,200
3,023,125
Washington, D.C
James A. HamilCommissioner
According
to
Industrial
483,450
451.430
2.777,400
Scarsdale, N.Y
2.560,912
3,361.150 ton, the number of workers employed in New York State
2,672,589
Milwaukee
1,228.500
1,740,400
2,455,930
Providence
1,107,415
1.896,235 factories during November gave but little evidence of in2,448,021
Yonkers
4,649,600
3.905,305
2,442,300
Baltimore
1,530,253
2,226,863
1,316,380 creased business activity. During the middle week of OcHouston
870,770
1,092,395 tober it was estimated that 45,000 fewer persons were em2.225,600
Louisville
2,271.056
1.809.868
Oakland
1.908,713
1,650,500
1,083,229 ployed in the factories of this State than were employed
1,898,621
Birmingham
2,965,997
1,810.071
1,816,648
Pittsburgh
$196,943,295
Total
$184,842,724
$210,452,362
Real Estate Market Index in November Eight Points
Higher Than October.
Real estate market activity for November was measured
by an index figure of 159, according to the compilation made
monthly by the National Association of Real Estate Boards.
The compilation is made from official figures of transfers
and conveyances recorded in 41 typical cities. The November figure was eight points higher than the index for October.
It is one point lower than the index for November of 1926.
The index record for the past 13 months is as follows:
Nov. 1926. Dec. 1926. Jan. 1927. Feb. 1927. Mar. 1927. Apr. 1927. May 1927.
156
180
173
186
170
160
155
Nov. 1927.
Sept.1927.
Oct. 1927.
Aug.1927.
June 1927. July 1927.
151
159
158
161
167
163
Ordinary Life
Gains
Sales.
Insurance Production in United States
for First Eleven Months-November
November sales of ordinary life insurance in the United
States by reporting United States and Canadian companies
totaled $662,688,000. This is a loss of about $30,000,000
from sales in November 1926. New business during the first
eleven months of this year showed a gain of 2% over production during the same period last year. These figures represent the reports of 81 companies having in force 90% of the
total life insurance outstanding in United States legal reserve
companies and include the production of new paid-for ordinary insurance exclusive of revivals, increases, dividend
additions, reinsurance from other companies and group
insurance. The Life Insurance Sales Research Bureau of
Hartford, Conn., in announcing this Dec. 20, adds:
Only slight gains are recorded in any section, and these are balanced by
slight losses In most of the other sections. Sales in the New England States
averaged 14% less than sales made in November 1926, while the greatest
gain evidenced in any group was the 4% increase in the West North Central
States. The general conditions prevailing in various parts of the country
show their effect in monthly sales. The drop in sales in Vermont. Massachusetts and Connecticut reflects general depression after the flood which
proved so disastrous to town in the Connecticut River Valley. The marked
improvement in sales in some Western States follows larger wheat crops
and better general conditions.
Sales in the Middle Atlantic States, which pay for approximately one-third
of the entire business In the United States, show a 9% loss this month over
production in November 1926. However, the section's sales in November
1926 had gained 12% over the same month 1925. The total production
this month amounted to 8205,305,000.
This section continues to lead the country with its gain of 5% for the
year to date and 6% for the twelve months ended Nov. 30 1927. These
gains are shared by three States included in the section.
Other sections of the United States report the following sales' experience:
Slight gains in sales were recorded in the West North Central States, which
gained 4%; and the South Atlantic. West South Central and Mountain
States. which Increased 1%. The following losses were reported by these
sections: East North Central States, 2%; East South Central States. 3%.
and New England States. 14%. Sales in the Pacific States were practically
identical with those made a year ago.
Life Insurance Sales in November Continue to Gain
in Canada-Sales Increase 7% for First Eleven
Months.
A total of $44,935,000 of ordinary life insurance was
purchased in Canada during the month of November,
according to figures just issued by the Life Insurance Sales
Research Bureau. This is a gain of 2% over sales in November 1926. The report includes the production of new paid-for
business by companies having in force 84% of the total life
insurance outstanding in Canada. The monthly gain is
well distributed throughout the Dominion-most provinces
showing improvement over November 1926. Alberta and
Ontario lead with gains of 12 and 6%, respectively, says
the Bureau, which also states:
Most of the reporting cities show excellent gains for the month, Ottawa
and Vancouver leading with respective.increases of 57 and 39%.
during the corresponding week in 1926. By November it
was estimated that 20,000 more employees had been laid
off. The decrease in the number of workers employed in
November was partly seasonal, but was greater than the
decrease which occurred in November 1926. Comparison of
the two years shows that employment in November was
about 5% lower than it was last year. Payrolls were 6%
less than a year ago. It is estimated that the factories of
this State were paying out in wages about a million and
three-fourths dollars less per week than they did in November 1926. The Commissioner's statement is based on
reports from approximately 1,650 manufacturing concerns
employing more than one-third of the factory workers in
the State. His survey for November, made public Dec. 19,
also states:
These firms constitute a fixed list of representative factories which
report each month to the New York State Department of Labor.
Chemical Factories Employ More Workers in 1927.
Of the 55 industry classifications used by the Department, 44 reported
smaller forces in November 1927 than in the preceding year. Those which
were employing more workers this year were, for the most part, in the
chemical or food groups or were closely related to the manufacture of
clothing.
The gradual increase in the number of employees required by chemical
factories is evidence of the increased use of chemicals in industry. In
the case of both clothing and foods, the Fall of 1926 was a period of
relatively low activity. In many of the industries where forces were
larger this year than in 1926 they were smaller than in 1925 or 1924.
Laundries and factories making millinery and certain groceries showed improvement over a longer period.
Holiday Business Active.
When it is considered that total factory payrolls have been running from
two to four per cent. below 1926 for several months, it would not be surprising if manufacturers of holiday goods had a poorer season than they
did last year. There is some evidence that this is the case. Manufacturers
of jewelry, particularly in New York City, have increased their forces this
Fall but in most cases the increase has not been as large as in 1926 and
the total number of workers in jewelry factories is nearly 9% less than it
was a year ago. Manufacturers of metal and wooden toys, on the other
hand, are reporting forces as large and, in some cases, larger than in
1926. In the men's furnishing industry decreases since last year appear
in firms manufacturing hats and caps rather than in those making shirts,
collars and neckwear..
Reduced Employment in Metal Industries.
With the single exception of structural and architectural iron work,
all of the metal industries reported smaller forces in November 1927 than
in November 1926. According to the estimate of the Department of Labor,
snore than 25,000 metal workers who were employed in New York State
factories in November 1926 were not employed in these factories in November 1927. Firms making automobiles, railroad equipment, machinery,
and sheet metal and hardware had all laid off large numbers of employees
in the course of the year. From the middle of October to the middle
of November New York State factories making automobiles and automobile parts had taken on altogether about 400 employees. Most of the
other metal industries continued to reduce their forces and the number
of workers employed in metal industries in November was more than 1%
less than in October.
Examination of individual reports indicates that the heaviest reductions
have occurred in factories making producers' goods. Railroad equipment
factories were employing about tbreefourths as many workers in November 1927 as they did in 1926, while railroad repair shops had reduced
their forces by 8% in the same period. Firms making tools and cutlery had decreased their forces by nearly 14% during the year; those
making pig iron and steel, by 12%; and those making machinery and
electrical apparatus, by 8%.
Dull Season for Clothing.
It is possible that the smaller amount of money at the disposal of factory workers, and perhaps of the public in general, has been responsible
for reduced employment in the fur and clothing shops. The comparison
with 1926 in these industries has become increasingly unfavorable as the
months of 1926 begin to show recovery after the strikes of the Summer
and early Fall and those of 1927, the effects of a dull season. Manufacturers of clothing took on relatively few employees from September to
October and had released nearly 5% of their October forces by the middle
of November. It seems likely that these decreases were the result of mild
weather and not necessarily of reduced purchasing power. Men's furnishings factories continued to add to their forces in November and women's
underwear factories took on more than half as many workers as they
had laid off in October. The greatest decreases in November were in the
men's cloithng factories where the season had closed and many firms
were taking inventory. There were also sharp declines in millinery, shoes
and furs.
3408
THE CHRONICLE
[Vot. 125.
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
More Workers Being Employed in Paper and Textile Mills.
NOVEMBER 1927.
Ths industries, besides chemicals, which were doing most in November
to maintain employment at the 1926 level were the paper making and (Bureau of Labor Statistics, 300 W. Adams St., Chicago-By Sidney W. Wilcox.)
printing industries and the textile industries. Manufacturers of pulp and
Employment.
Earnings (Payroll).
paper have been increasing .their forces steadily since August, while last
year they reduced the number of employees each month from September to
Index of Employment
Per Cent
Total "Average"
February. Employment in paper mills is not yet equal to that in 1926,
Change
(Average 1922-100)
Earnings. Weekly
Industry.
from
Per Cent o. Earnings
but the comparison with last year is more favorable than it was a few
a
Change
for
months ago. Throughout most of 1927 printing establishmens have been
October November November from a November
Month
employing somewhat fewer people than they did in 1926. The seasonal
Ago.
1927.
1926.
1926. M'rithAgo 1927.
increase from October to November of this year, however, was sufficient to
All industries
99.1
99.6
108.1
-0.3 $29.23
bring the total number of employees up to the figure for November 1926.
All mfg. industries _
-2.0
91.8
93.7
101.1
-3.0
28.23
For the last six months textile factories have been employing approxi- Stone, clay,glass pr.
+0.1
121.0
120.9
132.9
29.23
+0.8
Miscell.
stone
prod.
96.3
mately the same number of workers as they did in the corresponding
101.1
116.4
26.67
cement, plas'r
-1.2
107.0
108.3
128.7
-5.3
29.74
months of 1926, but at no time this year have they employed as many as Lime,
Brick,tile pottery_ _
108.9
+3.5
110.6
125.1
+5.7
34.02
they did in 1925. Employment in textile factories was very much af- Glass
145.4
146.3
143.9
+0.6
24.70
fected by strikes during the Summer and early Fall of 1926 and in October Metals, machinery.
conveyances
-2.5
97.1
99.6
110.7
29.31
and November, when the strikes had been settled, was only a little better
Iron and steel
-3.8
110.0
114.3
116.2
30.20
than it is now. Firms making carpets and rugs have employed more Sheet metal work,
workers throughout 1927 than they did in either 1926 or 1925 and silk mills
hardware
91.0
--3.5
94.3
104.7
-4.5
25.43
680'
--2.8
70.0
96.9
-4.4
30.87
had increased their forces until, in November, they were employing 1% Tools and cutlery _ _
Cook., heat. sonar_
109.5
--3.6
105.6
110.7
--13.9
27.70
more workers than they did in November a year ago. Employment in Brass, copper, zinc,
cotton mills was even with last year and in knitting mills only 1% under
other metal
+1.8
141.0
148.9
138.5
+2.7
30.58
Cars & locomotives_
-4.1
36.3
50.4
37.9
29.44
last year.
-6.6
Autos, accessories_ _
96.0
110.9
-13.1
104.7
28.29
Machinery
129.8
139.2
129.3
+0.4
+2.4
31.81
Electrical apparatus
120.2
99.3
101.5
-2.2
28.27
Industrial Conditions in Illinois During November- Agricul. implements +1.3 124.6
123.0
133.5
28.97
+0.7
Instrumls,appli'ces
57.2
62.1
59.3
28.91
Employment at Lower Level than at Any Time Watches & Jewelry_ -1.1 108.9
110.1
122.8
+3.4
27.15
Wood products_ _ _ _
-3.7
89.5
92.9
27.22
104.8
Since December 1921.
Saw planing mills_
104.8
105.3
129.1
-0.5
28.98
cabinet
In his review for November of the industrial situation in Furniture,
work
107.3
111.1
-3.4
121.0
28.16
musical inst.
77.3
95.0
-14.0
32.5
29.54
Illinois, Sidney W. Wilcox, of the Bureau of Labor Sta- Pianos,
Miseell. wood prod_
-11.9
--2.3
61.3
21.24
59.9
72.8
Household furnish's
111.3
97.1
-18.3
106.6
--8.9
23.45
tistics, Illinois Department of Labor, says:
Furs & leather goods
111.1
-11.5
116.9
115.8
18.73
Estimates based on reports from leading Illinois manufacturers indicate Leather
103.4
29.01
100.2
106.8
+0.9
88.5
+1.3
42.13
87.6
79.8
a decline in employment of 1-6 from 1923. This figure is probably an Furs and fur goods_
and shoes_ _ _ _
119.5
-5.7
112.7
115.6
-15.3
17.17
exaggeration as regards smaller firms, but if it held for all manufac- Boots
Miscell. leather g'ds
75.3
73.5
81.8
-6.7
14.28
turing plants, the decline would be 100,000. Employment in Illinois man- Chem., oils, paints_
116.6
113.9
129.0
-2.3
26.85
105.8
98.4
107.0
-1.1
-0.5
22.59
ufacturing establishments has, with two exceptions, declined steadily during Drugs, chemicals_ _
130.4
132.1
129.9
28.42
+0.4
the last year, and is now on a lower level than at any time since De- Paints, dyes, colors
Mineral, veg. oll
106.0
109.0
31.32
149.5
+2.8
cember 1921. The present recession is due largely to the reduction of M iscell.chemicals_ _
137.7
-10.3
134.8
128.6
26.94
-6.1
working forces in metal establishments, although employment in all of Printing, paper g'ds
117.1
118.2
+2.3
120.4
34.32
+1.9
the major industrial groups is generally lower than is usual for No- Paper boxes, bags.
Suites
149.3
26.22
149.0
150.5
+0.2
vember.
Miscell. paper g'ds_
+2.8
128.4
26.28
123.5
128.5
+1.5
While the volume of employment in non-manufacturing industries is Job printing
114.1
34.89
111.3
+3.8
114.5
+2.5
lower than it has been in any November since 1921, there are reasons to Newspapers, periodicals
46.21
+1.7
136.0
143.3
133.7
-0.3
be optimistic in regard to the immediate future. Trade groups, public Edition
bookbinding
+4.6
+9.6
34.88.
utilities and coal mines have experienced a gain which shall probably con- Textiles
+4.4
114.9
113.8
16.29
109.0
+3.8
tinue in December. Building contractors, however, report that fewer Cotton & wool.g'ds.
152.9
-0.2
21.22
153.2
149.6
Knit goods, hosiery
99.1
93.8
+5.7
103.4
14.36
+6.0
workers are on their payroll than in October.
Thread & twine_
66.8
74.2
+3.3
21.20
75.2
+2.8
Total earnings are lower than they were a month ago. The total payroll Clothing, millinery.
is 0.3% less than it was in October, and 3.0% less money has been paid
laundering
64.7
-1.2
65.5
24.43
84.7
55.0
55.4
53.5
-10.7
27.75
in wages to those who are working in factories. It is a noteworthy fact, Men's clothing_ _
Men's shirts,furnish.
105.4
105.4
0.0
111.4
-0.9
18.58
however, that those workers which are employed in factories are being Overalls,work cloth.
79.5
+6.9
17.64
84.4
78.9
+0.7
paid more than in the three years following 1921, and as much as they Men's hats & caps_
52.0
52.0
0.0
58.4
28.00
+8.8
105.0
110.3
-4.8
21.74
103.9
-22.0
had in 1925 and 1920. Reductions in the total payroll are generally due Women's clothing_ _
Women's underwear
93.2
91.4
+2.0
16.15
105.8
+2.8
to a drop in employment and not a cut in wage rates.
Women's hats
-18.9
-31.1
63.7
86.4
76.7
21.66
Laundering, cleaning, dyeing
Building Employment Below 1926.
122.4
-0.6
20.91
121.7
119.5
Food, beverages,
During November much irregularity has been experienced in the buildtobacco
--2.6
28.63
96.1
93.6
99.8
ing and building products industries. Building contractors report that Flour, feed, other
cereals
105.4
-4.1
26.45
115.7
109.9
+0.6
9.3% fewer workers are on their payroll than in October. Sawmills reFruit,vegetable canport a reduction, and in brickyards the downward seasonal movement has
ning
17.6
-44.2
35.1
17.67
36.9
-49.8
been reversed with a gain of 3.5%. Structural iron mills have fewer Waren. groceries_
103.3
105.0
28.93
100.4
Slaughtering, meat
workers than they had in October.
packing
+0.9
89.7
26.25
93.1
88.9
+1.6
Dairy products_ _ _
-1.3
98.0
99.3
44.47
108.3
+8.0
Machine and Agricultural Implement Manufacturing Go Up.
Bread, other bakery
products
-0.4
95.1
95.5
29.57
92.9
-4.2
A downivard movement in the metals group has two exceptions-the ma- Confectionery
72.1
-10.3
80.4
21.18
-11.6
84.9
chine and the agricultural implement manufacturing industries, both of Beverages
+1.3
66.7
65.8
32.83
86.0
+6.5
which report a general irpprovement throughout the State. Reports re- Cigars, other tobacco products
-5.9
86.9
92.4
85.3
--16.9
19.87
garding the future trend of the implement industry are particularly fav- Manufactured
ice
-16.9
71.0
85.4
--11.1
53.02
74.7
orable, so that a continued increase of employment will probably be Ice cream
-9.6
•
46.89
--15.8
noted in the December survey of employment conditions. The condition Trade, wholesale.
retail
+3.2
78.6
76.2
79.6
23.08
+1.6
of employment in other lines of the metal industry is less favorable, howDepartment stores_
125.7
124.6
+0.9
119.4
25.45
+1.0
ever. Several of the larger iron foundries made heavier reductions than Wholesale dry goods +16.4
75.2
64.6
18.52
60.8
usual, due to a lack of demand for iron and steel. It is a noteworthy Wholesale groceries
--1.1
94.2
95.2
99.8
26.57
-4.4
Mall order houses
+3.4
109.1
105.5
111.7
+2.2
22.65
fact that the present drop is unusually great for November.
Public utilities
136.3
-0.9
137.4
31.64
138.9
+0.9
Water, light, power
134.5
134.2
+0.2
38.03
138.3
+0.4
Fewer Clothing Workers Employed in November.
Telephone
0.0
131.2
131.2
26.95
127.4
+0.7
Street railways_ _ _ _
109.9
--1.8
111.9
114.3
+1.6
34.90
The upward movement of employment in textiles, and a reduction of Railway car repair
working forces in clothing factories is consistent with the usual Novemshops
-2.2
56.5
57.8
30.12
61.7
+1.0
Coal
mining
+32.8
68.4
51.5
32.18
91.9
+58.2
ber experience. While the present decline has been generally felt by all
Building, contract'g
-9.3
122.2
134.7
43.29
162.4
-12.0
leading establishments, in no case has it been very great.
Building construc'n
83.2
91.6
43.01
-12.0
116.5
Road construction_ -24.9
437.1
582.0
30.36
311.3
-22.2
Mlseell. contracting
Meat Packers Report More Workers.
-4.9
265.6
279.3
48.14
-10.2
311.5
Employment in the food industries has declined largely as a result of
a reduction of working forces in the canning and dairy products groups. Agricultural and Financial Conditions
in Minneapolis
Meat packers report that they have followed their usual November policy
Federal Reserve District-November Volume of
of increasing their working forces.
Business Below that of Previous Months.
Gain in Mail Order Houses Less Than Usual.
Employment in the trade groups failed to make as great a gain as is
usual in November because of smaller employment increases in the mail
order houses. Retail stores followed their usual upward November movement, and wholesale grocery establishments report a gain in contrast to
their usual November reductions. It is a noteworthy fact that employment in the entire group is above 1926.
Building Employment Declines from 1926.
The present level of employment in the building industry is somewhat
lower than in previous years. With the exception of November, 1926, the
present drop is greater than that which has been experienced in the last
five years.
Coal Mining Increases.
Employment in coal mines has been gaining very rapidly since the
termination of the strike. During the last month 32% more workers
have been reported, and 58% more money has been paid in wages.
The Bureau supplies the following statistics:
The preliminary summary of agricultural and financial
conditions prepared by the Federal Reserve Bank of Minneapolis, issued Dec. 14, states that "the November volume
of business did not maintain the level established in September and October." The Bank adds:
This development was expected in view of the early marketing of the crop.
The daily average volume of debits to individual accounts declined 7%
between October and November, although there is usually an increase
varying from 4 to 11%. The return of money from circulation in this
district exceeded the issue of money by this bank during November. This
event has not happened during November since 1921. In 1921. it was
attributed to business depression. In 1927, it may be attributed to the
early crop movement which caused an unusual outflow of currency in
September and October.
In spite of the lower level of business during November, the volume
continued to exceed the 1926 volume. Debits to individual accounts were
18% larger in November 1927 than in the corresponding month last year.
A small part of this incrtase was due to the fact that the month had one
more business day this year. Of the non-agricultural Industries of the
DEC. 24 1927.]
TITE CHRONICLE
3409
The gross production of the 17 principal crops was 2.2% less than production last year. but 3.3% greater than the average production during the
last ten years. Crop production per capita is, however, declining, being
3.4% less than last year and 4.8% below the average per capita production
during the last ten years.
Corn.-The 1927 corn crop of the United States is now estimated at
2,786.000.000 bushels. This IS 94,061,000 bushels more than the 1926
crop of 2,692,000.000 bushels. The value of this larger crop of 1927, on
the basis of a higher Dec. 1 farm price, was 17% greater than that of the
1926 crop.
While there was only a 3% increase in corn production for the country
as a whole, there was a decrease of about 22% in the Eastern corn belt
States. An increase of 25% was shown in the Western corn belt States.
The Rocky Mountain and Pacific Coast States increased corn production
about 45% over last year. Corn production in the eleven cotton States
increased 3% over last year's large production. There was a decrease of
10% in the North Atlantic States. About 69% of the 1927 crop was produced in the twelve corn belt States, as compared with 68% in those States
last year.
Wheat.-December final estimates of the 1927 national production of
Canadian Bank of Commerce on Business Conditions- all wheat place the total crop at 871,691.000 bushels, which represents a
very small increase over the preliminary estimate of 866,538.000 bushels
Manufacturing on Comparatively Large Scale.
Compared with last year's revised estimate of 831.040.000 bushels, the 1927
The December number of the Monthly Commercial Letter production is about 41,000,000 bushels larger. In the revision of the 1926
by a small margin of about 2.000,000
of the Canadian Bank of Commerce presents the following final estimates, the total was lowered
bushels. Total farm value of the wheat crop in 1927 is placed at $974,694,survey of business:
the value of the 1926 crop.
3995,954,000.
compares
which
with
000,
General business seems to be following the course indicated a month
The 1927 winter wheat production, placed at 552.384.000 bushels, is
Winter
of
sales
affected
adversely
has
ago. Mild weather in the East
about 75,000.000 bushels below the relatively large 1926 crop. On the other
clothing, but in other lines, both wholesale and retail trade have been in hand, spring wheat production in 1927 was 319,307.000 bushels, which is
large volume, particularly in the urban centres and mining districts. In the largest since the record production of 356,33u.000 bushels in 1918, and
the West there has been less than normal activity owing to the lateness Is about 116,000,000 bushels large than the production in 1926.
of the movement of grain and the consequent delay in making payments
The Dec. 1 farm value of the winter wheat crop was $645.091,000. comto the farmers. Reports frees our local representatives in the latter pared with $760.406.000 value of the 1926 production. On the other
a
volume
expect
trade
of
dealers
all
that
state
however,
practically
area,
hand, the Dec. 1 farm value of the spring wheat crop was $329,603.000,
during the Winter and Spring that will be at least equal to that of the compared with $235,548,000, value of the 1926 production.
corresponding period of 1926.
The smaller 1927 winter wheat production occurred in spite of a slight inManufacturing continues on a comparatively large scale, especially in crease in acreage over 1926 and was brought about by lower yields per acre
the furniture, boot and shoe and tire industries. The operations of the compared with 1926 in such important States as Oklahoma, Texas, Kansas,
steel mills, which were curtailed in October, have been increased as a Illinois, Ohio and Indiana. Better yields' than in 1926, however, were reresult of the placing of some important contracts. The immediate outlook ported in Colorado. Nebraska, Washington and several of the less imporfor the automobile industry is difficult to determine. When manufacturing tant States.
The spring wheat crop in 1927 shows both a larger acreage and a higher
operations were suspended at the Ford plant the public demand for automobiles kept manufacturers of other types busily eniployed, and produc- yield per acre compared with 1926. the difference between the two years
spring wheat States,
tion was higher during the Spring and in the early Summer than in the being due partly to the 1926 drought in the important
per acre in those
corresponding period of 1926. Latterly, however, it has declined, the which curtailed both the acreage harvested and the yields
important States
output for October being only 7791 units, as compared with 14,670 units areas. Production of all spring wheat in 1927 in the four
was 253,305,000
Montana,
and
Dakota
in October 1926. Some seasonal decline was to be expected, but it is of Minnesota, North Dakota, South
In this area a genernow apparent that the sales of low-priced cars have been at an abnormally bushels, compared with 147.760,000 bushels in 1926.
In 1927, contrastlow ebb, chiefly, it is thought, because of the interest in the new Ford ally favorable season for the wheat crop was encountered
The largest increase in
model. This car, however, may not be produced in large quantities before ing with a season that was mostly too dry in 1926.
in Montana, where the 1927 spring
February or March. It may also be noted that imports of automobiles 1927 production over 1926 occurred
bushels, compared with 37,450.000 bushels in
have increased, indicating that the public is able financially to purchase wheat crop was 65.952,000
a greater number of the types not made in this country. On the other hand, 1926.
The durum wheat crop,included above in the estimates of all spring wheat
exports of Canadian automobiles show a decrease in contrast to the situgrown largely in North Dakota, South Dakota and Minnesota, is estiation in the United States, where automobile manufacturers have been and
mated separately at 76.155.000 bushels, compared with 43.931.000 bushels
able to increase their foreign trade.
in 1927. Both acreage and yield per acre of durum wheat increased in 1927
compared with 1926.
Interest Paid on Inactive Deposits of Idaho State
Cotton.-The value of cotton lint and cottonseed on the basis of Dec. 1
Treasurer-Comparison With Interest Paid By farm prices increased about 29%. or $331,000.000. from 31.132,000,030 in
1926 to 31.463.000.000 in 1927. The Doc. 1 1926 prima were below the
Other State Depositaries.
seasonal average price for the 1926 crop. The value of the cotton crop
The following is from the "Wall Street Journal" of flint and seed), based upon the 1926 seasonal prices, was about 31.300,000.000. The Dec. 1 1927 prices were also below the seasonal average prices to
Dec. 13:
The State Treasurer of Idaho collects on inactive funds on deposit in that date.
Ocas.-A production of 1,195,000,000 bushels of oats is shown, which is
banks, 4.85%, which is a higher rate than any state in the Union, the nearest being 4%. Ohio and Kansas are the only States which select deposi- slightly under the October estimate. The final estimate of production for
taries by competitive bidding on the rate of interest. In Ohio the rate of 1926 is 1,247,000,000 bushels. The value of the 1927 crop, based on Dec. 1
interest on active funds is limited to whatever the few banks in Columbus farm price, was estimated at $537,000,000, compared to $497,000,000 in
bid, as these funds cannot be placed outside Columbus. New York gets 1926.
Barley.-Itarley presents the unusual spectacle of sharply increased pro2% on active accounts and 3% on inactive ones. Iowa and Nebraska
have bank guarantee laws. Delaware and North Dakota own a controlling duction being accompanied by a substantial increase in price per bushel.
interest in banks use as State depositories. Kansas and Ohio select de- Acreage in 1927 is estimated at 9,492,000 acres, compared with 7,970.000
positories by canpetitive bidding on rate. The banks of Utah are not acres in 1926. Yields per acre this year average 28 bushels, compared with
permitted to hypothecate assets. Several of the States keep all accounts 23.2 bushels a year ago, resulting in production being raised from 184,905,000 bushels in 1926 to 265.577.000 bushels this year. Simultaneously the
"active."
price per bushel advanced from 57.5 cents last year to 67.8 cents in 1927.
by nearly 74.000.000 dollars. The inAgricultural Yield of 1927-The Season's Grain and enhancing the value of the crop
creasing popularity of barley as a feed crop is attested by the fact that
Other Farm Productions-Farm Prices.
acreage Increased in practically every State where grown.
The Crop Reporting Board of the United States DepartRye.-The total production of rye for grain in 1927 is estimated at 58.572.ment of Agriculture made public on Dec. 19 its estimates of 000 bushels, compared with 40,795,0130 bushels in 1926. The value of the
based on Dec. 1 price, is estimated at 549,945,000, compared to $34,the acreage production and value (based on prices paid to crop,
024,000 in 1926.
farmers on Dec. 1) of the important farm crops of the
Flaxseed.-Production of flaxseed in 1927 is estimated at 26,583.000 bushUnited States in 1927 and 1926, based on the reports and els. compared with 19.335,000 bushels, the increase being due to higher
yields
per acre. The 1927 flaxseed production is the largest since 1924.
data furnished by crop correspondents, field statisticians and Total farm
value of the 1927 production, based on Dec. 1 farm prices, Is
co-operating State Boards (or Departments) of Agriculture 319.373,000. compared to $37,510,000. revised estimate of the farm value
and Extension Departments. This report shows that the of the 1926 crop.
Rice.-Production of rice declined 1,500.000 bushels in 1927 compared
total value of all agricultural products in 1926 is placed at
with 1926, and due to a decline in price per bushel the total value on Dec. 1
,428,626,000, as compared with $7,793,480,000 in 1926 is
estimated at approximately $8.000,000 below the value of the 1926 crop.
Grain Sorphums.-Grain sorghums for all purposes increased slightly in
and ,949,321,000 in 1925. This year's farm crops, thereand production in 1927 compared with 1926. Production for
fore, are valued at $635,146,000 more than last year and acreage
grain shows an increase of less than 1%,the total for 1927 being 100.956.000
$520,695,000 less than two years ago. The comments and bushels, and for 1926. 100.256.000 bushels. The average price per bushel
on Dec. 1-was 61.6 cents, compared with 53.9 cents a year ago.
figures follow:
The total value of about fifty crops in 1927, for which details are included
Broomcorn.-Broomcorn acreage declined nearly 30% in 1927 compared
in this report, is estimated at $8,428.626,000, compared to $7,793,480,000 with 1926. Yield per acre declined also, with the result that the total
for the same crops in 1926. an increase of $635,146,000, according to the production of 35,679 tons this year is fully a third less than was produceP
December crop report issued Dec. 19 by the Crop Reporting Board of the in 1926. A sharp increase in the price per ton has resulted and the total
United States Department of Agriculture. The prices are as of Dec. I. value of the crop on Dec. 1 was approximately 39.000,000 dollars, compared
with 42.000.000 dollars a year ago.
except for some crops sold earlier in the season.
Potatoes.-This year's potato crop, estimated at 402.149.000 bushels, is
The greatest increases in value were corn. $285,268.000; cotton, $330.714,000; barley. $73.890,000, and oats, $40,694,000. The only really worth $387,870,000. The crop is about 48,000,000 bushels larger than the
decrease
shown for potatoes. relatively short crop of last year and I , worth about 3113.090.090 less. The
large decrease in value was the 3113.147,000
although wheat, hay, apples, peaches and some other crops show decreases. greatest decrease in value occurred in the Northwestern States, where an
unusually large acreage was planted.
ranging from ten to thirty million dollars.
Sweet Potatoes.-Production in 1927 shows an increase from approximately
The acreage of principal crops increased from 355,657.000 acres last year
to 355.826,000 acres. Yields average 2 1% lower than those of last year, 82,703.000 bushels in 1926 to 93.928,000 bushels in 1927, the slightly deyears.
ten
last
the
of
those
above
yields of this year being more than offset by the substantial increase
creased
but still average 2.5%
district, building and iron minmg reported smaller volumes in November
than in the corresponding month a year ago and flour mills and linseed
nulls increased their shipments as compared with last year.
Farm income from cash grams and potatoes declined sharply to $51,000,000 during November, which was only one-half as large as the income from
this source during October, but exceeded the November income in 1926
and 1925. For the first four months of the crop year the cash value of
wheat, rye, flax and potatoes sold amounted to $271,000.000, as compared
with $156,000,000 in this portion of the 1926 crop year and $289,000,000
in the corresponding prtion of the 1924 crop year, which established a new
peace-time record. Other forms of farm income showed divergent trends.
The income from dairy products during October (the latest month estimated)
and the first ten months of the calendar year was about 10% larger than in
the corresponding portions of 1926. Income from hogs during Novemter,
on the other hand, was estimated to be 29% smaller than in November 1926.
Smaller market receipts of cattle, calves and sheep probably offset the
higher prices for these classes. The feeder movement to the country during
November was much larger than in November 1926. Feeder steers were
brought at the highest prices since September 1920.
THE CHRONICLE
In acreage. Prices per bushel have declined from last year, and in consequence the total value of the crop shows a decline of more than $12,000.000.
Tobacco.-Production of tobacco in 1927 is estimated at 1,237,832,000
pounds, a reduction of about 60,000,000 pounds from last year, increase In
the bright flue-cured districts of the Eastern seaboard being more than
offset by heavy reductions in the air-cured and fire-cured districts of the
Mississippi Valley and Virginia, and less important reductions in some of
the cigar districts. The average price per pound In 1927 shows an increase
of 3.2 cents per pound over 1926, representing an increase in the total farm
value of this crop of approximately $30,000,000. the total value for the 1927
crop being estimated at $266,356,000.
Cloverseed.-The 1927 crop of cloverseed (red, alsike and white) was more
than double the very short crop of 1926, larger than the relatively short
crop of 1924 and 1925 and about equal to the large 1923 crop. Production
Is estimated to be 1,738.000 bushels, as, compared with 728,000 bushels in
1926. Acreage of red clover cut for seed was greatly increased in all important States except Nebraska and Kansas.
Peanuts.-Peanut yields in the Virginia-North Carolina belt are proving
much lower than expected as the niits are picked out. December estimates
there show a reduction of more than 10% from November indications.
Elsewhere yields seem about in line with earlier expectations.
The total United States production, based on revised estimates of yields
on the acreage harvested for nuts this year, is placed at 867,000.000 pounds.
which Is 51,000,000 less than estimated in November and 235.000,000 more
than the harvested crop of last year. The five-year average is 670,000,000
pounds. The yield of 766 pounds per acre is slightly higher than last year's
figure, 750, and considerably above the ten-year average of 698. The
harvested acreage is 1.132,000. compared with 843.000 last year and 1,051,000, the five-year average.
Beans.-Bean production in 1927 is placed at 16,872,000 bushels, which
is a small reduction from the revised 1926 crop of 17,396.000. The crop in
1927, based on Dec. 1 farm prices, is valued at $48,732,000, compared
with the value of the 1926 crop of 551.005,000.
Reduced yields per acre in Michigan and California, two large producing
States, help account for the lower 1927 production. Total United States
acreage decreased slightly compared with 1926, while yield per acre was the
same both years.
Sugar Crops.-Beet sugar production this year is forecast at 1,060,000
short tons, which is the third largest on record and 163,000 more than in
1926.
Acreage is 7,737.000, compared with 7,223,000 in 1926, and sugar content is about 15.97%. compared with 14.94% last year.
A production of about 78.000 short tons of sugar is forecast for Louisiana
this year, compared with 47,000 short tons from the 1926 cane crop; yield
of cane per acre this year being twice as much as last year.
Tame Hay.-The 1927 crop of tame hay is the first to exceed 100,000,000
tons and is the largest ever produced. The acreage is about the same as in
1922 and 1924, the two years having the previous high acreages. Yield
per acre is 1.74 tons, as compared with the highest previous yield of 1.68
tons in 1916. Production is 106.219,000 tons, as compared with 86.497.000
tons last year and 97,622,000 tons in 1924. the previous record crop. The
farm value based on Dec. 1 prices was $1.206,650,000. about 1%, or $12:000.000. below the value of the smaller 1026 crop.
Production of alfalfa hay increased from 27,575.000 tons in 1926 to 31,781,000 in 1927. due largely to larger yields in the North Central States.
Clover hay increased materially in both acreage and yield from the very
short crop last year. Acreage increased from 6.998.000 acres in 1926 to
8,277,000 in 1927. and production from 9.737,000 tons to 14.497,000 tons.
Mixed clover and timothy hay was also materially larger than last year.
Acreage cut for hay in 1926 was 15,762,000 acres and in 1927 was 16,774,000. Production was 20.520,000 tons in 1926 and 27,280.000 in 1927.
Cowpea, soybean and peanut vine hay was cut on a greatly increased
acreage in the Southern States, where these crops constitute the chief source
of hay. Acreage last year was 3.370.000 acres and this year 4,449.000
acres. Production increased from 3,669,000 tons to 4,868,000 tons.
Millet. Sudan, redtop and old meadow was also larger in both acreage
and yield in 1927 than in 1926.
Timothy cut for hay and grains cut green were smaller in 1927 than in
1926. Weather conditions in 1926 caused many fields of mixed clover and
timothy to produce almost solely timothy. This year the weather favored
the clover in such fields and a smaller proportion produced unmixed timothy.
Acreage in 1926 was 9,E61,000 and in 1927 9,070.000 acres. Production in
1926 was 11,073,000 tons and in 1927 12,995,000 tons; average yield per
acre in 1927 was much larger than in 1926.
Small grains were cut for hay from large acreages in 1926, as emergency
forage in the Prairie States, In 1927 there was less need for this type of
hay and the acreage was much less.
Wild Hay.-The 1927 crop of wild hay was nearly double that of 1926.
Acreage and yield were both larger than last year, particularly in the Great
Plains area, where this year seasonal rains were favorable and last Year
dry weather very unfavorable. The 1927 crop is the largest since 1923.
The farm price on Dec. 1 was very low and the value of this large crop was
only 5113.874,000, compared with $96,159,000. the value of the short
crop of 1926.
Fruit.-The apple crop, estimated at 123.455,000 bushels, Is valued at
$171.078.000. Last year's crop of 246,524.000 bushels was almost exactly
twice as large, but was worth only 1178,233,000, or 4% more.
The peach crop of 45,463,000 bushels was worth $50.494,000, compared
with a value of $68,426,000 on last year's crop of 69,865.000 bushels. More
than half of the decline in value occurred in California, where about 2,700,000 bushels were lost because of local marketing conditions.
,
This year's pear crop of 18.072.000 bushels was worth nearly $24,000.000,
about 7% more than last year's crop of 25.249,000 bushels.
Oranges.-The California and Florida orange crop is estimated at 32,540.000 boxes, compared with 39,867,000 boxes picked last year, and the grapefruit crop of these States is estimated at 7.020.000 boxes, compared with
8.450.000 boxes last year. Prices of both crops are higher than they were
at this time last year.
Grapes -This year's California grape crop is estimated to include 473.000
tons of wine varieties. 348,000 tons of table varieties, 303,000 tons of raisin
varieties marketed fresh, 281,000 tons of dried raisins representing 1,140.000
tons of raisin gr.. pee dried, a total of 2.264.000 tons of all kinds harvested,
compared with 2 114,000 tons harvested last year.
Commercial Truck Crops.-The combined value of the 1927 commercial
truck crops, for which reports were received by the Department, is estimated at $324,608,000, compared to 8336,575,000 last year. The acreage
devoted to truck crops in 1927 is 2,072,-. 70 acres, compared to 2,139,070
acres in 1926.
ACREAGE, PRODUCTION,PRICES PAID TO FARMERS ON DEC. I, AND
FARM VALUE (BASED ON PRICES PAID TO FARMERS ON DEC. 1)
OF FARM CROPS OF THE UNITED STATES.
[As now estimated by the Crop Reporting board of the United States Department
of Agriculture. These estimates are based on the latest and fullest information
available, including reports and data furnished by crop correspondents, field statisticians, co-operating State Boards (or Departments) of Agriculture, and agricultural
colleges, et all
Ve,L. 12S.
Production.
Crop and
Year.
Corn
Winter wheat_
Spring wheat_
All wheat._._
Oats
Barley
Rye
Buckwheat_ _.
•
Flaxseed
Rice
Grain
sorghums 0 c
Cotton
Acreage.
1926
1927
1926
1927
1926
1927
1926
1027
1926
1927
1926
1927
1926
1927
1926
1927
1926
1927
1926
1927
1926
1927
1926
1927
Total.
_ Farm Total Farm
Price Value Based
Dec. 1
on Dec.1
Unit. Per Unit Farm Price.
Dollars.
Cents.
64.2 1,729.457,000
72.3 2,014,725,000
121.2 760,406,000
116.8 645,091,000
115.7 235,548,000
103.2 329,603,000
119.8 995.954,000
111.8 974,694.000
39.8 496,582,000
45.0 537,276,000
57.5 106,237,000
67.8 180,127,000
83.4
34,024,000
85.3
49,945,000
11,183,000
88.2
83.5
13,518,000
194.0
37,510,000
185.7 49,373,000
109.6
45,722,000
93.8
37,728,000
53.9
74,065.000
61.6
84,802,000
c10.9 982,736,000
e19.6 1,253,599,000
Dollars
7,982,000 Tons 18.68 149,121,000
5,678.000 "
36.80 208,972.000
1.47
86,497,000 "
14.09 1,218,319,000
1.74 106,219,000 "
11.38 1,206,650,000
.77
9,568.000 "
10.05 96,159,000
1.17
17,293,000 "
6.58 113,874,000
1.34
96,065,000 "
13.68 1,314,478,000
1.63 123,512,000 "
10.69 1,320,524,000
1.33
728,000 Bush. 17.71
12,895,000
1.44
1,738,000 "
15.25
26,499,000
17,396,000 "
10.5
51,005,000
2.93
10.5
16 872 000 "
48,732,000
2.89
6,094,000 "
11.22
1.99
12,105,000
8,163,000 "
12.50
1.69
13,822,000
Cents.
750 631,825,000 Lbs.
4.48
28,161,000
766 866,822.000 "
4.06
35,193,000
Dollars.
4,335,000 Bush.
9,218,000
5.62
2.13
5.64
1.72
5,834,000 "
10,007,000
Cents.
113.5 354,328,000 Bush. 141.4 501,017,000
114.7 402,149,000 "
06.4 387,870,000
78,956,000
101.0
95.5
82,703,000 "
77,520,000
82.5
93,928,000 "
100.0
784 1,297.889,000 Lbs.
18.2 236.522,000
769 1,237,832,000 "
21.5 266,356,000
Dollars.
54,964,000
7.61
7,223,000 Tons
10.7
60,198,000
10.7
7.78
7,737.000 "
5,437,000
4.92
6.8
1,105.000 "
6,583,000
14.0
4.61
1,428,000 "
Cents.
17,888,000
168.0
80.7
22,172,000 Gals.
17,520,000
178.5
21.425.000 "
81.8
8
29
7:20
088.00
7.000
0
89.
86
8
2.6
4.6
3 376000
2 2
34
1:8
M7:000 :
99,713,000 27.0 2,692,217,000 Bush.
98,914,000 28.2 2,786,288,000 "
36,987,000 17.0 627,433,000 "
37,872,000 14.6 552,384,000 "
19,350,000 10.5 a203,607,000 "
20,711,000 15.4 a319,307.000 " '
56,337.000 14.8 831.040,000 "
58,583.000 14.9 871,691,000 "
44,177,000 28.2 1,246,848,000 "
42,227,000 28.3 1,195,006.000 "
7,970.000 23.2 184,905,000 "
9,492,000 28.0 285,577,000 "
40,795,000 "
3,578,000 11.4
58,572,000 "
3,670,000 16.0
12,676,000 "
694,000 18.3
832,000 19.4
16,182.000 "
2,907,000
6.7
19,335,000 "
2.907.000
9.1
26,583.000 "
1,034,000 40.4
41,730,000 "
989,000 40.7 40,231.000 "
6,690,000 20.6 137,515,000 "
6,733,000 20.4 137,608,000 "
47,087,000 d182.6
17,977,000 Bales
40,168,000 d152.3
12,789,000 "
Cottonseed_._ 1926
1927
Hay, tame.-- 1926
1927
Hay, wild____ 1926
1927
1926
All hay
1927
1926
Cloverseed
1927
Beans, dry
'1926
edible 8 j_ _. 1927
Soy beans 0_ _ _ 1926
1927
58,791,000
61.196,000
12,911,000
14,787,000
71,702,000
75,983.000
530,500
1,208,000
1,649,000
1,605.000
543,000
653.000
11926
11927
843,000
1,132,000
Cowpeas g.11926
)1927
771.000
1,035,000
1926
Potatoes,
1927
white
Sweet potatoes 1926
1927
1026
Tobacco
1927
3,122,000
3,505,000
819,000
931.000
1,656,400
1,610,200
Sugar beets_ _ _ 1926
1927
Sugar cane(ex- 1926
cept for sirup) 1927
(I-a.)
Cane sirup i1926
1927
Sorghum sirup 192
27
6
877,000
722,000
163.000
102,000
Peanuts
Per
Acre.
132.000
120,000
387
38000
6:000
Dollars.
4.202,000
53,400 Tons 78.69
3,899.000
35,679 " 109.28
Cents.
Apples, total_ 11926
246.524,000 Bush.
74.5 178,233,000
11927
138.6 171,078,000
123,455,000 "
Dollars.
Apples, coml. 1926
2.14
39,119,000 Bb s.
83,697,000
1027
25,900,000 "
4.00 103,530,000
Peaches, total 1926
68,426,000
69.865,000 Bush, 100.0
1927
50,494,000
45,463,000 "
118.1
22,399.000
Pears. total__ 1926
88.7
25,249,000 "
1927
23,902,000
132.2
18,072,000 "
Dollars.
64,603.000
Grapes, total h 1926
2,423,413 Tons 26.66
1927
67,677.000
27.46
2.464,712 "
Oranges (two 1926
38,867,000 Boxes
2.94 114,293,000
--- 1927
32,540,000 "
3.09 100,620,000
arapefrult
States)1926
7,800,000 "
16,380,000
2.10
1927
(Fla.)
6,300,000 "
16,695,000
2.65
Lemons (Cal.) 1926
21,671,000
7,712,000 "
2.81
1927
6,400.000 "
17,600,000
2.75
L'ranberries b_ 1926
28,475 26.1
743,600 Bbls.
7.56
5,623,000
1927
211.495 17.4
496.000 ..
12.27
0.085.000
a Including Durum (production 4 States 43,981.000 bush. 1926, 76,155,000 bush.
1927). b Price pal producing States. e For all purposes. d Pounds. e Per pound.
Including Lima beans. p Gathered for grain, new basis. h Production is the total
for fresh fruit, juice and raisins.
COMMERCIAL TRUCK CROPS.
Production.
Seatnai Total Farm
Farm Value Based
Crop and Year.
Acreage.
Per
Price on Seasonal
Acre.
Total.
Unit. PerUnit Farm Price.
Broomcorn c__11926
11927
Asparagus ... 1926
1927
Beans, snap.... 1926
1927
1926
Cabbage
1927
Cantaloupes.. 1926
1927
1926
Carrots
1927
Cauliflower
1926
1927
Celery
1026
1927
Corn, sweet
1926
(canning).- 1927
Cucumbers... 1026
1027
Eggplant
1926
1927
Lettuce
1926
1927
Onions
1926
1927
Peas, green__ _ 1026
1927
1926
Peppers
1927
Potatoes,early 1020
1927
Spinach
1026
1927
Strawberries 1926
1927
Tomatoes_. _ _ 1926
1927
Watermelons_ 1926
1927
308,000 d346.8
218,000 d327.4
Dollars.
84.980
7,813.000 Crate
92
1.82
90,100
87
7,874.000 "
1.59
95,120
1.2
109.600 Tons 128.93
112,310
1.1
122,300 "
118.48
129,330
8.0
1,034,200 "
17.79
138.370
8.4
1,162,600 "
15.81
142
101.690
14,393,000 Crate
1.29
107.280
142
15.272.000 "
1.22
19,000
291
5,523,000 Bush.
.57
26,090
307
8,002.000 "
.46
22,520
246
5,538,000 Crate
.74
17,340
248
4,299,000 "
1.07
24,130
268
6,476,000 "
1.91
25,320
293
7,407,000 "
1.43
317,310
2.6
816,000 Ton
13.23
213,830
1.9
395.800 "
12.13
109,250
81
8,855,000 Bush.
1.17
98,340
85
1.14
8.360.000 "
3,260 243
791,000 "
1.18
2,870 260
746,000 "
.93
162
105,560
17,150.000 Crate
1.64
122,310
144
17.652,000 "
1.02
74,200 282
20,945,000 Bush.
.75
75,440
299
22.576,000 "
.78
261,840
1.0
261,100 Tons 73.35
217,910
1.1
236.800 "
76.10
15.330
254
3,890,000 Bush.
1.27
14,600
240
3.502,000 "
1.01
309,450
112
34,615.000 "
1.54
40,359,000 "
331,600
122
1.41
51,580
2.4
124,400 Tons 60.23
54,340
2.6
141,000 "
50.81
152,480 1,823 277,940,000 Qta.
.17
188.130 1,819 342,284.000 "
.15
372,430
3.7
1,375,800 Tons 31.18
387,280
4.2
1,621.500 ••
27.23
350
199,060
69,698.000 No. a146.0
180,910 316
57,220,000 " a186.00
Total of abovef1926 355,657,445
1927 355.826.465
a Per car of 1,000 melons.
Dollars.
14,188,000
12.559,000
14,131,000
14,490,000
18,398,000
18,382.000
18,520,000
18.611.000
3,145.000
3,688,000
4,120,000
4,596,000
12,304,000
10,584,00(
10,800.000
4,800,000
10,360,000
9,607,000
931,000
692.000
28,109,000
18,004,000
15,803,000
17,547,000
19,152,000
18,020,000
4,937,000
3.529,000
63,240,000
57,006,000
7,403,000
7,982,000
47,701,000
49.885,000
42.808,000
44.155.000
10.156,000
10,661.000
____ 7,793.480,000
____ 8,428.626.000
DEC. 24 1927.]
THE CHRONICLE
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS,
1926-1927.
State.
Acreage
Harvested.
1926.
1927.
1,000 1,000
Acres. Acres.
270
289
60
60
1,170 1,090
1,789 1,610
1,697 1.782
2,163 2,293
979
891
65
73
146
155
342
425
1,391
1,550
75
105
,881 3.457
10,139 9,936
103
98
520
525
637
687
147
13
447
48.
50
8
104
12
258
32
440
52
7
4
30
2
4,214 3,70
1.802 1,850
521
82
447
50
48
6
1,207 1.23
212
2
38
5
149
15
Yield
Per Acre.
Production.
1926. 1927.
1926.
1927.
Bush. Bush.
1,000
Bush.
6,069
1,380
20,185
28,980
27,621
30,056
19,156
1.716
3,317
8.075
15.580
1.890
70.868
111,283
1,862
9,188
8,381
1,706
5,168
880
1,150
3,059
3,696
74
'102
322
33,372
17,945
13,750
12,274
972
16,003
150
1,450
2,888
120
33,684
23,400
13,642
552,384 121.2116.8
17.5
22.0
20.0
22.5
20.0
18.0
18.3
20.6
17.5
22.0
15.3
8.5
12.9
14.3
20.0
23.0
16.5
16.0
14.1
16.0
15.0
18.5
18.0
13.5
17.0
13.5
17.5
18.2
14.0
23.0
18.0
12.0
23.0
25.0
21.0
24.0
1,20. 23.0
900 19.0
18.4
81
21.0
23.0
18.5
18.0
15.5
13.5
21.5
23.5
21.4
19.0
10.0
18.0
20.5
11.2
19.0
17.5
12.2
13.3
10.7
11.0
9.2
9.5
7.0
10.5
17.0
11.5
9.0
9.7
22.0
24.5
13.0
13.0
6.0
25.0
19.0
24.0
28.0
26.0
16.8
1,000
Bush.
4,725
1,320
23,400
40,252
33,940
38,934
17,916
1,339
2,555
7,524
21,282
638
37,165
150.057
2,060
11,960
11,336
2,352
6,303
800
1,560
4,773
7,920
94
68
40"
73.745
32,796
7,294
10,281
864
14,484
4,876
950
3,129
120
10,481
16,720
12,015
United States... 36,987 37,872 17.0
- Spring Wheat (Ina.)) or urn).
6
Maine
4 20.0
Vermont
2
1 20.0
9
New York
12 18.0
Pennsylvania
19.0
7
6
Ohio
5 22.0
6
Indiana
8 18.0
120
Illinois
216 17.5
5
Michigan
6 16.5
Wisconsin
63
72 20.0
Minnesota
1,783 1,653 12.5
36
Iowa
41 15.4
Missouri
12
10 16.0
9,653 9.846 8.0
North Dakota_
South Dakota__ _
1,842 2,987 6.0
196
Nebraska
173 14.9
Kansas
8
10 3.4
3,040 3,202 12.3
Montana
Idaho
598
670 24.0
150
Wyoming
172 19.0
Colorado
256
333 15.5
New Mexico
37
30 21.0
Utah
88
90 27.0
12
Nevada
14 24.0
Washington
1,260
983 17.0
146
Oregon
165 13.6
United States.. _ 19,350 20.711 10.5
14.6
627,433
18.0
20.0
18.5
17.0
17.5
16.0
18.0
10.0
19.8
10.9
15.5
12.0
12.7
14.8
17.1
4.4
20.6
30.0
20.0
18.0
14.0
31.0
26.0
20.0
20.5
120
40
162
133
132
108
2,100
82
1,260
22,258
554
192
77,081
10,973
2,920
27
37,450
14,352
2,850
3,968
777
2,376
288
21,420
1,986
15.4
203,607
Winter Wheat.
New York
New Jersey__ _ _
Pennsylvania
Ohio
Indiana
Illinois ______ _ _ _ _
Michigan
Wisconsin
Minnesota
Iowa
Missouri ______ _ _
South Dakota_ _
Nebraska
Kansas
Delaware
Maryland _____ _ _
Virginia
West Virginia._ _ _
North Carolina_ _
South Carolina_ _ _ _
Georgia
Kentucky
Tennessee
Alabama _ _ _
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
84.7
880
653
Durum Wheat (India Spring Wheat above)
Minnesota
191
268 14.0 13.2
3,804 3,994 9.5 14.0
North Dalcota__ _ _
South Dakota....
765
994 6.5 16.5
Montana
14
15 8.6 20.0
Total 4 States._
4,774
5,271
Farm Price
Per Bushel
Dec. 1.
72
20
222
136
88
128
3,888
114
1,426
18,080
636
120
124,970
44,303
2,958
44
65,952
20,100
3,440
5,994
420
2,790
364
19,660
3,382
3,538
55,016
16,401
300
9.2
14.4
43,981
76,155
Corn *Maine
13
14 35.0
New Hampshire__ _
15
15 43.0
Vermont
84
84 43.0
Massachusetts.. _ _
45
46 44.0
Rhode Island
9
10 41.0
Connecticut
54
55 42.0
New York
670
663 35.0
New Jersey
188
179 40.0
Pennsylvania
1,304
1,270 41.0
Ohio
3,591
3,376 41.0
Indiana
4,672 4,205 38.0
Illinois
9,205 8.469 35.0
Michigan
1,593 1,418 34.0
Wisconsin
2,110 2,100 34.5
Minnesota
4,343 4,172 34.0
Iowa
11,170 10,947 39.0
Missouri
6,471 5,953 27.2
1,009
North Dakota_ _
959 18.0
4,630 4,655 18.0
South Dakota_ _ _ _
8,004 8,805 15.5
Nebraska
5,563 5,897 11.0
Kansas
138
Delaware
135 31.0
554
Maryland
515 30.8
1,694 1,626 27.5
Virginia
485
West Virginia
451 33.0
2,376 2,352 22.0
North Carolina_
South Carolina.... 1,426 1,497 15.5
Georgia
3,817 3.893 14.5
551
Florida
573 14.0
Kentucky
3,060 2.885 33.0
Tennessee
3,099 2,944 27.5
Alabama
2,825 2.966 16.2
Mississippi
1,918 1,918 19.2
Arkansas
2,026 1,925 20.5
Louisiana
1,127 1,161 17.5
2,353 3,177 26.0
Oklahoma
3,844 5,189 27.8
Texas
Montana
359
305 11.0
Idaho
76 91.0
66
Wyoming
176
176 20.0
1,496 1,426 7.0
Colorado
221
New Mexico
166 20.0
40
Arizona
44 28.0
18
Utah
19 24.0
2
Nevada
2 24.0
49
Washington
43 35.0
75
81 33.0
Oregon
77
77 31.5
California
37.0
41.0
39.0
41.0
38.0
38.0
34.0
40.0
39.5
32.5
31.5
30.0
27.5
32.5
30.5
36.5
29.0
25.0
29.0
33.1
30.0
35.0
44.0
29.5
33.5
22.8
17.0
14.0
13.0
26.0
24.0
16.0
17.8
19.0
17.5
26.5
23.0
23.5
41.0
21.0
16.0
15.0
32.0
26.0
25.0
37.0
36.0
32.0
455
645
3,612
1,980
369
2,268
23,450
8.648
57,154
147,231
177,536
322,17t
54,162
73,106
147,662
435,630
176,011
18,162
83,340
139,407
61,193
4,278
22,049
96,585
16.005
52,272
22,103
55,346
7,714
101.277
85,222
45,765
36,826
41,533
19,722
61,178
106,863
3,949
2,706
3,520
10,472
4,420
1,120
432
48
1,715
2,475
2,426
518
615
3,276
1,886
380
2,090
22,542
7,160
50,165
100,720
132,458
254,070
38,995
68.250
127,246
399,566
172,637
23,975
134,995
291,446
176,910
4,725
22,6110
47,067
15,109
53,636
25,449
54,502
7,449
75,010
70,656
47,458
34.140
36,575
20,318
84,190
119,347
7,168
3,116
3,696
22.816
2,490
1,408
494
50
1,591
2,916
2,464
132
132
129
127
124
122
122
125
120
120
124
115
117
119
130
130
131
135
143
155
150
133
136
160
130
128
118
120
107
108
107
108
110
130
107
110
115
120
130
175
132
128
130
126
120
122
122
126
123
119
125
117
118
112
115
113
105
107
104
113
102
118
117
120
125
125
127
125
124
120
120
117
109
117
122
105
109
117
125
127
132
137
145
152
155
135
139
155
135
125
120
121
92
100
96
105
115
135
102
125
107
112
118
175
140
130
130
125
122
117
120
117
110
115
115
104
106
105
117
07
96
94
100
120
102
125
109
112
100
100
95
115
115
115
86
80
78
60
50
56
73
75
56
56
68
68
58
68
70
64
61
85
94
88
90
76
92
65
66
76
82
80
90
56
60
92
9Q
72
71
87
120
115
120
05
100
106
110
105
105
120
120
120
96
85
91
77
68
71
85
84
64
69
75
62
57
62
61
80
80
92
100
91
90
81
97
88
83
92
93
87
90
59
65
72
82
74
68
93
115
110
115
90
95
108
United States... 99,713 98,914 27.0 28.2 2,692.217 2.786,288 64.2 72.3
• For all purposes, including hogged and siloed, and that cut and fed without
removing the ears, as well as that I usked and snapped for grain. In most States
the yield for grain is applied to the total acreage to obtain an equivalent production
of all corn.
State.
Acreage
Harvested.
1926.
Cts.
319,307 115.7103.2
2,674
36,138
5,049
120
ACREAGE, PRODUCTION, YIELD PER ACRE AND PRICE OF GRAINS,
1926-1927.
1926. 1927.
Cis.
3411
OatsMaine
New Hampshire...
Vermont
Massachusetts_ _ _.
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota_ .._ _
South Dakota_ __ _
Mebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina_ _ _
South Carolina_ .._ _
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
'United Staten
Yield
Per Acre.
1927. 1926. 1927.
1,000 1,000 Bush.
Acres. Acres.
136
129 38.0
.11
11 40.0
82
83 38.0
9
8 34.0
3
2 32.0
15 32.0
15
1,017 1,000 34.0
491 33.0
50
1,1001 32.0
1,111
1,980 1,900 38.0
2,050 1,948 30.0
4,661 4,008 26.5
1,570 1,617 33.0
2,577 2,422 37.5
4,532 4,496 28.5
6,218 5,972 31.5
2,173 1.630 20.0
2,024 2.125 17.0
1,984 2,480 11.7
2,537 2,441 20.7
1,626 1.463 21.6
4
4 28.0
52
51 32.3
186 26.0
186
224 28.0
207
310
273 22.0
416
449 25.2
475
442 23.0
ii 16.7
12
259
215 24.5
276
170 25.0
101 22.0
107
41
48 22.0
243
207 22.0
30
35 26.6
1,340 1.112 28.0
1,964 2,003 42.6
506 26.0
641
119
143 40.0
120
120 35.0
19'
189 24.0
30 28.0
54
15
17 35.0
54
51 90.0
2
2 32.0
229
183 43.0
304
310 29.0
147 32.5
156
44 177 49 99
..: 9
Production.
Farm Price
Per Bushel
Dec. I.
1926.
1927.
1,000
Cts.
Bush.
4,773 63
429 65
3,237 60
280 70
64 70
480 66
35,000 50
1,764 50
39.600 49
60,800 39
48,700 35
102,204 35
54,170 40
93,247 40
120,403 34
197,076 35
27,710 42
45,638 33
72.664 36
69,813 40
34,380 44
116 59
1.708 50
3,999 63
5,421 59
5,733 69
10,327 67
9,282 69
121 65
4.085 53
3,043 55
1,788 68
912 66
4,140 52
612 64
21,128 37
42,063 33
23,840 53
6,721 45
4,560 45
5.481 44
660 56
612 75
2,142 60
80 62
9,150 53
10.540 50
4,190 48
Cts.
37.0
39.0
39.0
35.0
32.0
32.0
35.0
36.0
36.0
32.0
25.0
25.5
33.5
38.5
26.8
33.0
17.0
21.5
29.3
28.6
23.5
29.0
33.5
21.5
24.2
21.0
23.0
21.0
11.0
19.0
17.0
17.5
19.0
20.0
17.5
19.0
21.0
90.0
47.0
38.0
29.0
22.0
36.0
42.0
40.0
50.0
34.0
28.5
1.000
Bush.
5,168
440
3,116
306
96
980
34,578
1,650
35,552
75,240
61,500
123.516
51,810
96,633
129,162
195,867
43,460
34,408
23,213
52,516
35,122
112
1,706
4,836
5,796
6,820
10.483
10,925
200
6,346
6,900
2,354
902
5,348
798
37,520
83,666
16,666
4.760
4,200
4,680
1,512
525
2,160
64
9,847
8,816
5,070
95 5
1 94.11 545 1
1,11; onai an A
45 (1
Bush.
1926. 1927.
68
70
65
70
75
69
55
53
54
95
43
43
48
47
40
42
47
35
36
40
45
68
54
64
64
72
75
75
80
60
60
70
70
58
66
44
47
44
50
42
48
56
70
60
65
56
53
63
Silberling Business Service on BusinesE Conditions
on Pacific Coast.
Reviewing Pacific Coast business conditions, the Silberling Business Service on Dec. 3 said:
After due allowance for purely seasonal tendencies, the general activity
of business in the three Pacific Coast States showed some further decline
in October. This brings the actual level of activity practically equal
to that of a year ago; but when it is considered that from past experience there should be about 6% annual growth in business volume, it
is apparent that conditions are below normal expectation.
Attention is called to the fact that the average rate of business
growth from year to year is considerably more rapid on the Pacific
Coast than in the country as a whole. This growth does not proceed at
a constant rate, but rather at a rate which tends to diminish a little
each year, with the result that the line indicating normal growth is
slightly curved rather than straight.
Our forecast for the next few months, based on measurement of local
credit sonditions projected into the future by a formula derived and verified
Irons past experience, suggests that there will be moderate recovery of
business during the first part of the coming year, but that conditions will
probably not average up quite to the levil of growth expectation.
General business in the San Francisco Bay region, taken as a whole,
was but little changed during October and early November. Industrial
activity in iron anti steel, robber, and leather pr,-,duets and in automobile and machinery lines is still proceeding on a reduced scale. Building
permits in San Francisco during October were considerably below those
of last year in value. Retail collections generally are inclined to be
slow, although in many wholesale lines they are reported fairly good.
There have recently been many sprcial sales in the larger stores. In the
East Bay area improvement in the tone of business continues and the
forecasts previously indicated are being verified. Employment conditions
in Oakland are now distinctly better than they were in the earlier part of
the year.
In the Stockton region a minor reaction developed during September
and October, but on the whole conditions may be described as fairly
satisfactory.
Employment remains below last year, but with active
building in progress no serious surplus of labor is apparent. The Index
for San Jose and the Santa Clara Valley continues to reflect a depressed
condition of general trade, and until local agricultural incomes are en
larged there will probably not be any marked improvement in this area.
There has been some further recession in the indices for the two great
interior valleys. In the 'region centering about Sacramento the general
situation appears somewhat more quiet than in the San Joaquin area.
Building permits during October were below the 1926 figures in Sacramento, while in Fresno the total volume of contemplated construction
exceeded that of last year. Employment conditions also point to a somewhat legs active demand for workers in Sacramento than in Fresno. It
seems probable that the coming year will see considerable improvement in
business and financial conditions in the valleys.
Business activity in the Los Angeles region shows a further decline,
as anticipated in earlier reports. While the agricultural situation in Southern California is generally fairly satisfactory and building construction
is progressing actively, there is less than normal activity in industry and
in many wholesale lines. Collection conditions are slow. Sales of dry
goods and wearing apparel have been rather disappointing. Our Index
of labor demand for this area shows no important change during the
last two months. There has been recently a considerable reduction in
imports into the Los Angeles district. The outlook for next year is for
some improvement, although not a marked revival during the first
half
of the year. In San Diego, business shows a slight tendency toward
3412
THE CHRONICLE
recovery from the marked depression of earlier months. We believe that
the worst of the situation has been passed and that the coming year
will be more satisfactory, although probably not fully up to the normal
level.
In the Seattle region conditions in general have improved somewhat,
but there is considerable unevenness in the situation. Reduced sales of
lumber hoes affected the physical volume of transactions as compared
with last year; but agricultural buying power is well sustained and there
is a fairly satisfactory credit and collection situation. Building in Seattle
proper is running rather below a year ago, but in some communities of
the area, such as Tacoma, there is pronounced construction activity. In
the Portland region conditions still remain unsatisfactory, but marked
improvement should develop by the close of the year. Collections here
are slow and employment well below normal.
In the lurnber field prices have been sustained by reduced production
schedules and attempts to prevent accumulation of stocks. There has not
been much East coast or California business outside of transits. Japanese
buying is expected to appear in the near future in greater volume and
the industry looks to the foreign and railway markets to compensate
what appears to be an indefinitely protracted reduction in domestic
demand.
Lumber Business Continues Ahead of Last Year.
The organized lumber industry appears to have had some
increase in shipments, and slight decreases in production
and new business last week, as compared with the preceding
week, according to telegraphic reports received by the
National Lumber Manufacturers Association from 457 of the
leading commercial lumber mills of the country. In arriving
at this conclusion, allowance is made for the fact that 18
fewer mills reported last week. When compared with the
same period a year ago, however, there are absolute increases
in all three items.
The softwood industry showed nominal decreases in production and new business and a slight increase in shipments
this week, when compared with reports for the week earlier.
For the corresponding week last year, there were increases
in all three factors.
The hardwood industry showed gratifying increases this
week in production, shipments and new business, when
compared with the previous week. In comparison with the
like period a year ago, production is off and also shipments,
but there is a sharp advance in new business, reports the
National Association from which we further quote:
Unfilled Orders.
The unfilled orders of 222 Southern Pine and West Coast mills at the
end of last week amounted to 577,539,762 feet, as against 553.041.230 feet
for 221 mills the previous week. The 105 identical Southern Pine mills
In the group showed unfilled orders of 209,537.151 feet last week, as against
209.557.712 feet for the week before. For the 117 West Coast mills the
unfilled orders were 368,002,611 feet, as against 343,483,518 feet for 116
mills a week earlier.
Altogether the 328 comparably reporting softwood mills had shipments
83%, and orders 90% of actual production. For the Southern Pine mills
these percentages were respectively 92 and 92: and for the West Coast mills
72 and 84.
Of the reporting mills, the 328 with an established normal production
for the week of 221,521,608 feet, gave actual production 99%, shipments
82% and orders 89% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood, regional associations,
for the three weeks indicated:
Past TVeek.
Softwood. Hardwood
Corresponding Week.
1926.
Preceding Week 1927
(Revised.)
Softwood. Hardwood. Softwood. Hardwood.
333
131
136
Mills
339
129
328
Production_ 218,294,000 18,024,000 191,978.000 19,430,000 226,940,000 17,535,000
Shipments-. 181,948,000 18,165,000 174,525,000 19,375,000 181,418,000 18,849,000
Orders,. — 198,308,000 19,229,000 177,814,000 17,718,000 208,025.000 17,811,000
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables. Eighteen of these mills, representing 52% of the cut of the California pine region, gave their production for the week as 10.567,000: shipments 13,737.000, and new business 11,246,000. Last week's report from
15 mills, representing 57% of the cut was: Production, 15,132,000 feet,
shipments 15,459,000. and new business 17,459.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 117 mills reporting for the week ended Dec. 17 was 16%
below production, and shipments were 28% below production. Of all new
business taken during the week 47% was for future water delivery, amounting to 45,8.57,821 feet. of which 31,960.872 feet was for domestic cargo
delivery and 13,896,949 feet export. New business by rail amounted to
47,944,136 feet. or 49% of the week's new business. Forty-nine per cent
of the week's shipments moved by water, amounting to 41,332,312 feet,
of which 28,289.677 feet moved coastwise and intercoastal, and-13.042,635
feet export. Rail shipments totaled 39.400,773 feet, or 47% of the week's
shipments, and local deliveries 3,382.928 feet. Unshipped domestic cargo
orders totaled 122,745.893 feet, foreign 128,337,349 feet, and rail trade
116,919,369 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 105
mills reporting, shipments were 8.45% below production and orders were
8.48% above production and 0.03% below shipments. New business taken
during the week amounted to 60,120,364 feet. (previous week 67,810.178).
shipments 60.140,925 feet, (previous week 58,722.216), and production
65,689,520 feet, (previous week 66.111,568). The normal production of
these mills is 73.046,898 feet. Of the 103 mills reporting running time, 66
operated full time, 49 of the latter overtime. Four mills were shut down,
and the rest operated from 2 to 6 days.
The Western Pine Manufacturers Association of Portland. Ore., reports
a heavy decrease in production, a slight decrease in shipments, and new
business about the same as that reported for the week earlier.
[VOL. 125.
The California Redwood Association of San Francisco, Calif., with one
more mill reporting, shows a nominal decrease in production, considerable
Increase in shipments, and a good gain in new business.
The North Carolina Pine Association of Norfolk. Va., reports noticeable
decreases in production and shipments and approximately a 50% Increase
In new business.
The Northern Pine Manufacturers Association of Minneapolis, Mimi..
with one more mill reporting, shows production and shipments about the
same, and a heavy decrease in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two fewer mills reporting,
shows some decreases in production and shipments and a marked decrease
In orders.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reported froze 16 mills (two fewer mills than reported for
the preceding week) substantial increases in production and shipments and
nearly 100% increase in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 113 mills (5 fewer mills than reported for the previous week) production about the same, a nominal decrease in shipments and orders about
the same as those reported for the week before. The normal production
of these units is 18,984.000 feet.
West Coast Lumbermen's Association Weekly Report.
One hundred sixteen mills reporting to the West Co tat
Lumbermen's Association to." the week ended Dec. 10 manufactured 118,086,997 feet, soid 99,320,737 feet and shipped
85 300 298 feet. New business was 18,766,260 feet less
than production and shipments 32,786,699 feet less than
production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Dee. 10.
Dec. 3.
Nov. 26.
Nov. 19.
Number of mills reporting
116
114
115
119
Production (feet)
118,088,997 117,888,559 108.167,215 120,323,026
New business (feet)
99,320,737
95,984.868
90,684,414
97,513,381
Shipments (feet)
85,300,298 108,095,389
80,112,288
95,385,788
Unshipped Business—
Rail (feet)
110,300,029 106.816,288 108,785,478 111,549,443
Domestic cargo (feet)_...... 110,774,764 101,501.175 110,854.275
96,832,801
Export (feet)
122,408,725 128,589,601 132,879,329 131,964,046
Total (feet)
343,483,518 334,707,062 350,299,080 340,348,090
First 49 Weeks—
1927,
1926.
1924.
1925.
Average number of mills
95
108
113
123
Production (feet)
4 916,591,292 5,178,038,890 4,939,598,268 4,636,109,228
New business (feet)
4 780,396,968 5.135,503,497 5,079,084,352 4,890,938,690
Shipments (feet)
4 722,508,290 5,155,736,391 5,073,614,219 4,721,569,550
Automobile Prices and New Models.
It is reported that the Gardner Motor Co. of St. Louis,
Mo., will introduce three series of new Improved 8-cylinder
cars at the New York Automobile Show, with 15 custom
designed body styles and 50 color combinations.
The Marmon Motor Car Co.,has placed on display in its
New York agency models of its new "78" which will be
formally introduced at the automobile show on Jan. 7th.
It is offered in six body styles, ranging in price from $1,805
to $1,995. Closed types include a 5-passenger sedan, 2passenger coupe and victoria coupe, and these are supplemented by a collapsible coupe-roadster, 2-passenger roadster
and 4-passenger speedster. The cars are long, low and
sweeping, and the use of new color treatments and new
designs of interior appointments are features. Each body
type will be available in a variety of color combinations,
all of them based on the new Jewel colors which were
introduced by Marmon this year.
On Dec. 23 the Chevrolet Motor Co. at Detroit announced
that a complete new line of motor cars will be introduced
Jan. 1. The official announcement covering the details will
then be released. In the meanwhile, reports thought to be
reliable state that the new car is larger and heavier, with
body lines resembling La Salle, on a wheel base of 109
inches, and having four-wheel brakes and numerous refinements and accessories. The three principal types in the
new line will be a coupe, sedan and coach, which will
sell for about the prices of the current models, which (at
factory) are now as follows: coupe, $625; sedan, $695, and
coach, $595. It will continue to carry a four-cylinder
motor.
November Automobile Production Very Low.
November production (factory sales) of motor vehicles
in the United States, as reported to the Department of
Commerce, was 133,202, of which 108,903 were passenger
cars and 24,299 were trucks. This is only about half the
production in November last Year, when a total of 256,300
cars and trucks were turned out.
The table below is based on figures received from 155
manufacturers in the United States for recent months, 53
making passenger cars and 120 making trucks (18 making
both passenger cars and trucks), and is a revision of the totals
previously shown. Figures for passenger cars include taxicabs and those for trucks include ambulances, funeral cars,
fire appratus, street sweepers and busses. Canadian figures
have been supplied by the Dominion Bureau of Statistics.
DEC. 24
1927.]
THE CHRONICLE
AUTOMOBILE PRODUCTION.
(Number of Machines.)
United States.
Total.
1926.
January
February
March
April
May
June
July
August
September
October
November
309,544
364,179
434,467
441,306
421.179
387,900
359.275
426,605
395,687
334,421
256,300
Canada.'
Passenger
Trucks.
Cars.
Total.
Passenger
Cars.
Trucks.
277,831
325,122
387,570
389,833
375,317
343,708
319.688
382.651
352.202
292,562
222,419
31.713
39.057
46.897
51.473
45,862
44,192
39.587
43.954
43,485
41,859
33,881
15.479
18,838
22.374
21,502
24,934
21.751
15,208
15,261
17,495
14,670
9,828
11,781
14,761
17,989
17,929
21.429
18,818
12.953
12,778
12.624
10,595
6.774
3,698
4.077
4,385
3,573
3,505
2,933
2,255
2.483
4,871
4,075
3.054
Total(11 months)._ 4.130.883 3,668,903
38.909
December
Total(year)
1927.
January
February
March
April
May
June
July
August
September
October
November
Total(11 months)
461,960
197,340
158,431
139,850
28,072
7,752
6,052
1,700
4 298,785 3,808.753
490,032
205.092
164.483
40,609
199,650
264,171
345.911
357,009
357,148
278.728
236.866
274,350
226,440
182,941
108,903
39,276
40,582
48.506
47.728
46,949
43.218
31,603
34,432
33,938
36,669
24,299
15,376
18,655
23,250
24,611
25,708
19,208
10,987
12,526
11,262
7,791
6.617
11,745
14.826
19,723
20,890
21,991
16,470
8,719
10.139
8,681
6.236
5,173
3,631
3,829
3.527
3.721
3,717
2.738
2,268
2,387
2,581
1,555
1.444
3.259.317 2.832.117
427.200
175.991
144.593
31.398
167,922
238.926
304,753
394,417
404,737
404,097
321,946
268.469
308.782
260,378
219,610
133,202
*Reported by Dominion Bureau of Statistics.
3413
place in the United States on Nov."30 1927,of which 32,269,478 were operated at some time during the month,
compared with 32,497,504 for October, 32,343,454 for September, 32,239,246 for August, 32,324,426 for July, 32,756,862 for June and 32,582,030 for November 1926. The
aggregate number of active spindle hours reported for the
month was 8,680,217,297. During November the normal
time of operation was 251,1 days (allowance being made for
the observance of Thanksgiving Day in some localities),
compared with 253
% for October, 254 for September, 27
for August, 25 1-6 for July and 26 for June. Based on an
activity of 8.78 hours per day, the average number of spindles operated during November was 39,152,987, or at 107.2%
capacity on a single-shift basis. This percentage compares
with 105.3 for October, 107 for September, 103.5 for August,
99.1 for July, 109.3 for June and 101.3 for November 1926.
The average number of active spindle hours per spindle in
place for the month was 238.
Spinning Spindles.
State.
In •
Place
Nov. 30.
Active SpincUe Hrs.for Nov.
Active
During
November
Total.
Average
per Spindle
in Place.
Cotton-growing States
New England States
All other States
18,381.294 17.877.478 5.824,476.733
16,508.994 12,934.390 2,555,695.562
1,646.224 1,457,610 300.045.002
317
155
182
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina_
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1.590,842
1.129,480
3,030,538
1,117,980
10.283,522
175,402
1.422,724
378,660
863,232
6,201,002
2,410,480
5,451.378
603,000
274.128
714,378
889.766
290
196
303
159
146
308
165
169
181
321
166
349
306
274
221
205
1.511,348 460,860,995
1,057,074 221,365.717
2.954,220 916.904,999
917,154 177,466.809
7,771,714 1,499,065,267
159,102
54,020,790
1,075.522 234.285.377
375,060
63.883.603
724,963 156.664.829
6,034,862 1,993.371,350
2.000.706 399,943.400
5.384.694 1.902,860.718
585,284 184,500,997
242.438
75,110.432
688,634 157.681,520
786,698 182.250394
Output of Tires in October Reaches New Low Figure
for the Current Year-Shipments Are Second
Lowest This Year, but Show an Increase Over
October Last Year.
In the month of October there were produced a total of
3,582,879 pneumatic casings-balloons, cords and fabricsand 33,577 solid and cushion tires, according to statistics
compiled by the Rubber Association of America, Inc., from
figures estimated to represent 75% of the industry. This United States
36.536,512 32,269.478 8.680.217.297
238
is a new low record for the current year and compares with
a total output of 3,827,467 pneumatic casings and 43,796
Manchester Establishes Trading in Spot Cottonsolid and cushion tires in the month of October 1926.
Royal Exchange Sets Up New Market Long Wanted
Total shipments for the month of October 1927 were
by English Spinners.
3,599;455 pneumatic casings and 42,968 solid and cushion
The'following is from the New York "Herald-Tribune"
tires. Although these two amounts are 25,967 tires in
excess of the output for that month, shipments were-the of Dec. 21:
striving many years to establish a "spot" market to enable spinners
second lowest of the current year. The previous low was to After
buy cotton under more favorable conditions and to encourage the direct
in February, in which month 3,344,071 pneumatic casings importation of cotton, Manchester, England. yesterday opened trading in
and 45,889 solid and cushion tires were shipped. In October this feature on the Manchester Royal Exchange.
There has been opposition to the establishment of trading in "spot"
1926 3,408,118 pneumatic casings and 44,636 solid and cush- cotton,
and the innovation is being observed with interest by Liverpool
on tires were shipped.
cotton merchants.
According to George M. Massey, New York representative of the Man,
During the first ten months of this year 42,074,326
Ship Canal Company,the novelty is the result of developments that
casings were produced as compared with 39,822,437 casings Chester
have been proceeding for years.
for the corresponding period in 1926, while shipments were
"Now that the plan has taken definite shape," he said."it will be possible
42,184,023 casings, an increase of about 10% over total for the spinners of Oldham, Bolton, Rochdale, Stockport, Bury and other
towns to go to Manchester, the nearest port, and select their cotton under
shipments for the same period last year.
more favorable conditions and terms."
The Association, in its bulletin dated Dec. 16, gave the
Commenting on the venture, J. L. Tattersall, President of the Cotton
Yarn Ann.,said a "spot" market for Manchester has long been wanted by
following figures:
Month of OctoberTires:
Balloons
Cords
Fabrics
Total pneumatic tires
Solid and cusion tires
spinners, especially those in the American section.
1927
1926
production. Shipments. Production, Shipments,
1,683.003
1,809,385
1,755,646
1,668.051
1,830.171
1,710,288
1,916,053
1.560,399 Boston
69,705
79.782
155,768
179.668
3.582.879
33,577
3,599,455
42,968
3,827.467
43.796
3,408,118
44,636
Total
Inner tubes:
Low pressure
High pressure
3,616,456
3.642.423
3,871,263
3,452.754
1,415,650
2.383,346
1.607.119
2,161.449
1,786,536
2,869.433
1,649,595
2,456,252
Total
First Ten MonthsTires:
Balloons
Cords
Fabrics
3,798.996
3,768,568
4,655,969
4,105,847
21,788,663 18,925.473
18,809,024 18,147,649
1,094,022
2,275.230
17,565.196
18,099.063
2,250,259
Total pneumatic tires
Solid and cushion tires
Total
Inner tubes:
Low pressure
High pressure
Total
22.611.412
18,323.812
644.855
41,580,079 41,691,709
494,247
492.313
42,074,326
39.348,352 37,914.518
474.085
450.575
42,184,022 39,822,437
38,365,093
22,837,589 21.948.862 20,778,552 18,493,983
22,971.382 25,647,087 28.087.454 28.068,565
45,808.971
47,595,949 49,866.006
46,562,548
Total inventory at Oct. 31 1927 totaled 7,248,724 pneumatic casings-balloons, cords and fabrics-as compared
with 7,291,294 on Sept. 30 and 7,437,559 on Oct. 31 1926.
Inventory of both high and low pressure inner tubes at
Oct. 31 were 10,154,694 as against 10,133,407 at Sept. 30
last and 11,947,007 on Oct. 31 1926.
Hotels Ask Abstention From Beef "Till Quality
and Prices Return to Normalcy."
Leading hotels of Boston, according to a resolution
drafted on Dee.9 at a meeting in Boston of the City of Boston
Hotel Association, will request their patrons not to order
beef until the "price and quality return to normalcy." A
dispatch to the New York "Times" in stating this added:
The hotels will ask all the night clubs, restaurants and cafes in the city to
co-operate with them in their campaign.
The meeting, which was attended by twenty representatives of prowlnent hotels, was presided over by Arthur L. Race of the Copley Plaza.
The beef situation in Boston was declared to be "very serious." While
the hotel men Insisted that their campaign was not a boycott, it was said
that the organization hoped that the abstention would become national in
character.
Letters will be sent to a.I persons dealing with food in Boston asking their
aid, while cards bearing the following statement will be placed on the
dining tables of the member hotels:
"The beef situation in Boston is very serious at present. Prices are higher
and quality is poorer than at any time in many years. It is therefore recommended that the public refrain from ordering beefsteaks or roast beef until
such times as conditions improve and the quality and prices return to
normalcy."
The hotel men expressed the opinion that the alleged decline in the
quality of beef might be attributed to haste In killing the cattle. The
beef was light, it was pointed out, and was not fattened before killing.
High Beef Prices Bring Prosperity to Farmers-SuperinActivity in the Cotton Spinning Industry for
tendent of Armour ac Co.'s Eastern Plants Gives
November 1927.
Reasons for Range of Current Quotations.
The Department of Commerce announced on Dec. 19 that,
The
following is from the "Wall Street News" of Dec. 15:
according to preliminary figures compiled by the Bureau of
U. P. Adams, superintendent of Armour & Co.'s Eastern plants, in conthe Census, 36,536,512 cotton spinning spindles were in nection
with current prices of beef in this part of the country, said:
THE CHRONICLE
3414
"Current beef prices are not due to any scarcity of meat, though there is a
temporary shortage of certain kinds of beef. Choice cuts are wholesaling
at the highest prices since the war.
"This is a situation which is bringing prosperity to the farmers and stock
raisers of the country. Live cattle prices have been very low for a number
of years and many producers have been bankrupt. This naturally resulted
In the discouragement of producers and a reduction of herds so that the
present year found a supply that was not adequate to the demand of a
prosperous country. Cattle prices accordingly have advanced and the
cattleman's dollar to-day comes very close to having a pre-war value.
This has been an important factor in the rehabilitating of the agricultural
sections of the country.
"As the situation stands at the moment those who can afford to pay
record prices for beef are helping to put the nation's farmers back on their
feet, while those who cannot pay these record prices can obtain wholesome
high grade meats other than beef."
Crude Oil Production Declines.
Estimates of the daily average gross crude oil output in
the United States for the week of Dec. 17 show a loss of
30,550 barrels as compared with the preceding week, according to figures released by the American Petroleum Institute.
The Institute estimates that production for the week ended
Dec. 17 was 2,456,950 barrels, compared with 2,487,500
barrels for the preceding week, and with 2,396,700 barrels
for the corresponding week one year ago. The current
daily average production east of California was 1,832,850
barrels, as compared with 1,860,100 barrels, the week before,
a decrease of 27,250 barrels. The following are estimates
of daily average gross production by districts for the weeks
mentioned:
(In Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION
Dec. 3 '27. Dec. 18 '26.
Dec. 17 '27. Dec. 10 '27.
581,200
766,000
736,200
720,300
106,300119,750
106,050
105,050
158,550
85.550
86,500
85,400
103,100
78,450
77,200
76.000
69.950
58,500
58.100
58,150
• 58,800
231,150
271,800
260,650
54,950
27,300
27,550
27,250
40,650
26,100
25,600
25,000
54,800
48,000
47,650
47,200
138,950
96,650
96,100
95,200
170,700
121,700
126,550
127,450
11,050
15.100
14,250
14,600
110,000
113,750
112,000
111,000
57,400
57,450
52.300
57,900
13,050
11,650
13,050
13,050
7,700
6,850
6,450
6,850
7,400
2.600
2,250
2,150
660,100
626,400
627,400
624,100
iVor.. 1.25.
Wholesale prices in Chicago, Ill., markets on Dec. 23
were reported as: Gasoline, motor grade, 5%@6c.; kerosene, 41-43 water white, 4%Ce41hc.; fuel oil, 24-26 gravity,
80.@85c.
Gross Crude Oil Stock Changes for November.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 1,777,000 barrels
in the month of November, according to returns compiled
by the American Petroleum Institute from reports made to
it by representative companies. The net change shown by
the reporting companies accounts for the increases and decreases in general crude oil stocks, including crude oil in
transit but not producers' stocks at the wells.
Changes in Stocks at Refineries East of California for
November.
The following is the American Petroleum Institute's summary for the month of November of the increases and decreases in stocks at refineries, covering approximately 88%
of the operating capacity east of California.
Barrels 01 42 GallonsDomestic crude oil
Foreign crude oil
Gasoline
Kerosene
Gas and fuel oils
Lubricating oil
Miscellaneous
Increase.
Total
Deduct
2 209,000
674.000
Net increase
484,000
621,000
362,000
612,000
130,000
Decrease.
443.000
•
231,000
674,000
1 535,000
World's Production of Copper for Month of November
Shows a Decline as Compared with Last Year.
According to figures compiled by the American Bureau of
Metal Statistics, the total world's production of copper for
the month of Nov. 1927 amounted to approximately 145,000
short tons, as compared with total output in October of
about 148,300 short tons and of about 151,300 short tons in
Nov. 1926.
Copper output for the first eleven months of this year by
principal countries of the world, which furnished about 98%
of the world's total, amounted to 1,509,385 short tons, as
compared with 1,458,191 short tons in the corresponding
period of 1926, an increase of 51,194 short tons. The daily
rate of production for these countries for the month of
Nov. 1927 was 4,733 short tons, as corspared with 4,944
short tons the same month a year ago, and 4,686 short tons
in October. The Bureau's figures are as follows:
x MONTHLY COPPER PRODUCTION.
2,396,700
2.480,750
2 456,950
2,487,500
Total
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, North, West Central, West Texas,
East Central and Southwest Texas, North Louisiana and Arkansas, for the
week ended Dec. 17 was 1,500,200 barrels, as compared with 1,532,500
barrels for the preceding week, a decrease of 32,300 barrels. The MidContinent production, excluding Smackover. Arkansas heavy oil was
1,427,750 barrels as compared with 1,459,150 barrels, a decrease of 31,400
barrels.
The production figure; of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels of
(By principal countries of the world, which furnished about 08% of world's total.)
42 gallons):
OklahomaDec.17. Dec.10.
Dec.17. Dec.10*
Daily gale.
Monthly Production.
2,850 2.950
North Braman
North Louisiana2,050 2,050 Raynesville
South Braman
6,800
6,750
1926. 1927.
1925.
1927.
1926.
1925.
Tonkawa
15,550 16,350 Urania
8,500
8,500
Garber
10,050 9.850
4,624
4,178
4,204
143,337
129,518
130.310
January
36.900 37.400
Burbank
Arkansas
132,870 4,392 4,516 4,745
136,455
122,975
9,300 February
9,200
24,600 24,850 Smackover, light
Bristow Slick
4,398
4,346
4,366
136,347
134,727
135,359
March
72,450 73,350
10,750 10,800 Smackover. heavy
Cromwell
135,729 4,130 4,565 4,524
136,938
124,510
April
Wewoka
10,450 10,200
139,114 4,072 4,402 4,488
136,468
126,236
Coastal TexasMay
55,700 55,850
&loth°le
4,189 4,137 4,475
134.243
124,100
8,500
125,685
8,600
Columbia
West
June
112,350 118.150
Bowlegs
132,186 4,030 4,016 4,264
124,483
124,926
4,200 4,000 July
22,100 23,450 Blue Ridge
Searight
3,955 4,147 4,355
135,015
128,568
13,400
122,618
15,300
Junction
Pierce
August
40,300 38,900
Little River
133,291 4,174 4,400 4,443
132,013
125,206
12,700 13,950 September
150,450 159,300 Hull
Earlabor°
145,278 4,459 4,406 4.686
136.600
138,234
55,000 55,050 October
Spindletop
Panhandle Texas141,975 4,434 4,944 4.733
148,321
133,007
3,850 3,900 November
Hutchinson County.... 56,350 57,800 Orange County
4,252 4,590
142,300
131,809
December
7,500 8,100
Carson County
Wyomtn019,300
20,100
•
Gray
42,100 36,300
Creek
Salt
4,222 4.385 4,521
1,509.385
1,600,491
1,540,875
Total
1,400 1,250
Wheeler
137,217
133,374
128,406
Monthly average- - MontanaWest Central Tenn11,000 11,000
17,500 18,000 Sunburst
Brown County
x Table Includes production by the United States. Mexico, Canada. Chile and
Shackleford County ____ 5,100 5,300
Peru, Japan, Australia, Europe (partly estimated) and Belgian Congo,
CaliforniaWell Texas38,500
38,500
22,950 22,950 Santa Fe Springs
Reagan County
112,000 112,000
45,300 54,200 Long Beach
Pecos County
61,000 62,000 Metal Prices Ease in Holiday Market-Copper Below
Crane & Upton Countles.121,100 127,700 Huntington Beach
20,000 20,000
54,300 50,500 Torrance
Winkler.
14,500 14,500
Dominguez
14 Cents, Delivered in East.
East Central Texas8,500 9,000
13,160 13.300 Rosecrans
Corsicana Powell
32,000 32,000
all of the major non-ferrous metals, New York
for
Prices
2,050 2.050 Inglewood
Nigger Creek
81,000 81,000
Midway-Sunset
Southwest Tao:
53,600 51,900 lead only excepted, are a little lower than they were a week
14,250 14,500 Ventura Avenue
Luling
43,000 46,000
7,500 7,850 Seal Beach
Laredo District
ago. The declines, however, are small and are not particu-
larly significant because of the holiday quiet, "Engineering
and Mining Journal" reports. Resumption of buying on a
Crude Oil Prices Advanced-Gasoline Remains Unchanged. "normal" scale is expected by sellers after the turn of the
Following an advance in price of from 5 to 10 cents a year. The "Journal" adds:
barrel made on Pennsylvania crude oil on Dec. 3, a second
Sellers of copper who felt obllged to dispose of some metal cut the price to
Apparently these sales eased the pressure
advance was made this week when the price of certain 13.75 cents,delivered in the East.
and yesterday no copper was offered at lees than 13.875 cents and several
grades was increased from 5 to 10 cents on Dec. 17. The small parcels brought even more. The tone of the market seems good.
The
new prices are: Pennsylvania grade in New York Transit despite the fact that 14 cents VMS the prevailing price a week ago.
price has been maintained all week at 14.50 cents, c. 1, f., with
Lines and Bradford district in National Transit, $2.80; foreign
export business fair.
Pennsylvania in National Transit and in Southwest PennGalvanizers bought a fair tonnage of zinc. The market settled at 5.65
sylvania Line, $2.65; Pennsylvania in Eureka Lines, $2.60; cents a poundforasked.
lead for the new year have been corning in satisfactorily.
Contracts
increases of 5c. each, and Pennsylvania grade in Buckeye with the indications that 1028 requirements will be above those for the year
ending. Demand for nearby lead has been slow In the past week The
Line, $2.35, an increase of 10c.
Now York contract price held at 6.50 cents. Small lots sold in the Middle
advance,
the
Following
unchanged.
were
Other grades
West at slight concessions from 6.35 cents, St. Louis basis.
10c.
advanced
was
however, on Dec. 19, Corning crude oil
Aside from some buying interest in tin for forward delivery, the market
a barrel to $1.45 and $1.55 a barrel in Buckeye pipe lines. was quiet with little variation in prices.
Dm 24 1921.]
TIIE CHRONICLE
3415
on the Louisville & Nashville lists and the Santa Fe should close soon on
3,750. Chicago district rail mills, whose operations have been increased
to 75%, have booked 35,000 tons of rails in the past week and look for
inquiry for 100.000 tons.
French makers have been awarded 4,000 tons of cast iron pipe at Detroit
at $35.05, delivered, or nearly $3 under the low domestic bids. The remainder of the 10,000-ton job has been placed with domestic makers.
The blast furnace lineup promises many shifts. Stacks at Port Henry,
N. Y., Sharpsville, Pa., and Indiana Harbor, Ind., are slated to be lighted,
while one stack each at Cleveland and Erie. Pa., has been blown out. Two
or three merchant stacks in the Chicago district May be withdrawn in
January, owing to heavy stocks.
Steel corporation subsidiaries are operating at 69% this week, compared
with 66% last week. Independent steelmakers are at a slightly slower
Youngstown.
The new higher prices on bars, plates and shapes have been the basis pace. Improvement is most noticeable at Chicago and
The "Iron Trade Review" composite of fourteen leading iron and steel
of further 1928 contracts. However,shipments for some time will carry the
the first week since late
old prices, as numbers of buyers had availed themselves of the opportunity products stands unchanged this week at $35.09,
October that this index has been stationary.
to cover a large part of their first quarter needs prior to the advance.
The situation in sheets is somewhat parallel. Prices $1 higher than recently prevailing have been established on 1928 contracts, but a large carryOutput of Bituminous Coal Shows Recoveryover into the first quarter had already been booked, while in addition the
Anthracite Unchanged.
mills appear disposed to allow unused December balances to remain active.
What fresh grain has been recorded in sheet, demand comes chiefly from
occurred in the output of bituminous coal
recovery
Some
railroad car builders for business in prospect. The automobile industry
during the week of Dec. 10, bringing the tonnage up to
does not promise to strike its pace before February.
Rail purchases amounted to 31.000 tons in Chicago, including 25,000 9,678,000 tons from 9,053,000 tons in the preceding week.
tons for the remainder of the 1928 needs of the Chicago & North Western.
however, remains small alongside that
Pittsburgh booked 5,500 tons for the Wheeling & Lake Erie. A fresh The current output,
inquiry is for 10,000 tons for the Missouri-Kansas-Texas. Three roads of the corresponding week of 1926, when tonnage totaled
bought 4,000 tons of track accessories. Chicago mills now have ahead 14,090,000 net tons, according to figures compiled by the
of them four months' capacity operations in rails.
Mines. During the week of Dec. 10,
The Pennsylvania has asked for prices on 690 passenger, express and United States Bureau of
baggage cars. The Boston & Maine has ordered 30 locomotives.
reports the Bureau, Anthracite production remained at
November bookings of fabricated structural steel were considerably under about the same figure, current rpoduetion this week being
October, being 213,000 tons as compared with 261,000 tons for the earlier
net tons the previous
month, but the eleven months' showing, 2,521,740 tons, remains ahead. 1,388,000 net tons against 1,391,000
by nearly 9%, of the 2,327,760 tons for the eleven months of 1926.
week, and 1,807,000 net tons one year ago. The Bureau's
for
part,
in
Increased demands from the automobile industry account,
in more detail follows:
sustained activity in the pig iron market in the Central West. A leading report
BITUMINOUS COAL.
automobile maker with a long term contract has asked for maximum shipments next quarter. Sales by Cleveland furnaces during the week totaled
The production of soft coal increased sharply in the week ended Dec. 10.
50,000 tons.
The total output, including lignite and coal coked at the mines, is estiHeavy melting scrap has a-vanced 25c. a ton at Chicago and is stronger mated at 9,678,000 net tons, an increase, compared with the preceding
from
support
current
its
of
most
gets
market
scrap
The
centers.
other
in
week, of 625,000 tons, or 6.9%.
dealers, who count on heavier demands from steel works.
Estimated United States Production of Bituminous Coal (Net Tons) Ind. Coal Coked.
The "Iron Age" composite price for finished steel has advanced to 2.314c.
1926
1927
Cal. Year
Cat. Year
from 2.307c. The pig iron composite price remains for a second week at
Week.
to Date.a
Dale.
to
Week.
$17.54 a ton.
13,413,000
513,684,000
473,480,000
8,830.000
Nov. 26
Pig Iron.
1.844,000
2.439.000
1,700,000
Finished Steel.
Daily average-. _ _d1.731,000
Dec. 20 1927, $17.14 a Gross Ton.
14,676,000
528,360,000
482,534,000
9.053.000
Dee. 20 1927, 2.3140. a Lb.
Dec.3 b
$17.54
1.857.000
'2.307e. One week ago
2,446.000
1,696.000
Daily average... _ 1,509,000
One week ago
17.63 Dec.10 c
14,090.000
2.307o. One month ago
542,450.000
492,212,000
9,678,000
One month ago
19 88
1,867,000
2.348.000
2.4530. One year ago
1.694,000
One year ago
Daily average_ _ _ 1.613,000
15.72
1 689e. 10-year pre-war average
10-year pre-war average
Minus one day's production first week in January to equalize number of days in
Based on average of basic Iron at Valle) thea two years. b Revised since last report. c Subject to rev's! n. d Computing
Based on steel bars, beams, tank plates.
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago
Thanksgiving Day as 0.1 of a full working day.
and black sheets, constituting 86% of the Philadelphia, Buffalo, Valley and Bir
mingham.
The total quantity of soft coal produced during the calendar year 1927
United states output.
Low.
High.
Low.
High.
to Dec. 10 (approximately 291 working days) amounts to 492.212,000 net
1
Nov.
$17.54
4
Jan.
1927...$19.71
25
Oct.
1927_ _2.453e. Jan. 4 2.293e.
tons. Figures for corresponding periods in other recent years are given
1926...2.453c. Jan. 5 2.4030. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925..2.560e. Jan. 6 2.396o. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7 below:
3
Nov.
19.21
1924..2.7890. Jan. 15 2.460e. Oct. 14 1924_ 22.88 Feb. 26
534,483,000 net tons
542,450,000 net tons 1923
1926
1923_2.824c. Apr. 24 2.446e, Jan. 2 1923._ 30.86 Mar.20 20.77 Nov.20 1925
393.781,000 net tons
486,930,000 net tons 1922
451,704,000 net tons
1924
Activity in the iron and steel markets is heartening, conAs already indicated by the revised figures above, the total production
as a whole during the week ended Dec. 3 is
sidering year-end handicaps, says the "Iron Trade Review', of soft coal for the country
estimated at 9,053,000 net tons. This is an increase of 223.000 tons over
Specifications
industry.
the
of
summary
in its Dec. 22
the output in the preceding week, when working time was curtailed by the
from users of finished steel against low-priced fourth-quarter Thanksgiving holiday.
The following table apportions the tonnage by States and gives comparcontracts are mitigating the Decembeer tendency to let down
able figures for other recent years.
Conditions In Iron and Steel Markets Indicate Slight
Improvement.
As the iniustry enters a new year, conditions indicate a
fair first quarter and a good second quarter, according to the
opinion of the "Iron Age" as expressed in its weekly review
of the iron and steel trade. Forecasts are be.ng borne out
that spec.fications for steei wi.t exceed those of November,
but that production and shipments will not do so, leaving a
moderate increase in unfilled orders over Dec. 1, the "Age"
says, adding:
in production, while first quarter bookings in both pig iron
and finished steel continue heavy, continues the "Review"
from which we quote further as follows:
High expectations for the first quarter have received further support.
Quiet negotiation for freight cars is greater than the 11,000 cars openly
inquired for. Some foundries on automotive work have never covered more
heavily on first quarter pig iron. Building steel inquiry is seasonally high.
Scrap prices are rising in most districts.
Considerable tonnage of heavy finished steel, some of it for stock, has been
developed by the firm price stand taken by the mills. There is less talk of
another advance of Si per ton since Bethlehem Steel Co. established basing
points on heavy steel at its eastern plants and named 1.90c. and 1.95c.,
but buyers no longer hesitate to cover. The stiffening tendency in some of
the higher steel products is as yet more gesture than fact, because considerable first quarter business was booked at recent low levels.
In closing on 50.000 tons of pig iron Cleveland blast furnace interests
have brought their bookings in the past five weeks up to 234,000 tons.
December sales at Detroit are at the highest rate in many months; there as
at Cleveland automotive tonnage dominates. Sales at Chicago are considerably over November. Heavy shipments at Birmingham are reducing
stocks. St. Louis sales total 14,000 tons. Pig iron prices generally are
more stable.
Some first quarter arrangements for beehive furnace coke have been
priced at $2.85 to $2.90. If wages at coke ovens are reduced from $6 daily
to $5, Jan. 1. the saving per ton of coke would be 34 cents, bringing these
contracts in line with fourth quarter ones at 53.15 to 23.25. Distress sales
have been made in furnace coke at $2.65 and in foundry at $3.65.
All markets have been touched by the improvement in heavy finished
steel. Pittsbugh bar mills this week have had the best specifications and
orders in over five months. Bar and plate bookings at Chicago run considerably ahead of shapes, with farm implement manufacturers generous
buyers of bars and carbuilders protecting on prospective heavy plate needs.
Firmness is manifest in plates, shapes and bars at 1.80c.. Pittsburgh, and
090c., Chicago. and in plates at 1.95c., Coatesville.
Practically all sheetmakers are quoting 2.10c., Pittsburgh, on blue annealed, 2.90c. on black and 3.75c. on galvanized sheets, but so much first
quarter business was closed at lower levels that these prices have not been
tested. Low prices still obtain on December shipments. Eastern mills
are at capacity, owing to heavy specifications against cheap contarcts, and
consumption is heavier due partially to reviving automotive business.
Hot strip is moving at as low as 1.80c., Pittsburgh. Cold finished bars
are more firmly held at 2.20c., Pittsburgh.
The railroads are a major market factor. They have placed 14.350 tons
of bridge work and have about 20,000 tons more on inquiry. The Chicago
& North Western wil lbuild 2,000 freight cars in its own shops,bids are in
Estimated Weekly Production of Soft Coal by States (Net Tons).
Total Production for ITeek Ended.
December
Dec. 4
Dec. 5
Nov. 26
Average
Dec. 3
1926.
1925a
1927.
1923.b
1927.
State484,000
539,000
310,000
338.000
309.000
Alabama
Arkansas, Kansas, Mis268.000
316,000
237,000
234,000
souri and Oklahoma-__. 258,000
298.000
293.000
115,000
245,000
139,000
Colorado
1,243,000 1,154,000 2,323,000 1,721,000 1.485,000
Illinois
526,000
700,000
327,000
498.000
339,000
Indiana
117,000
117,000
129,000
50,000
51,000
Iowa
786,000 1,056,000 1.024,000
565,000
725,000
Kentucky-Eastern
421,000
362.000
197,000
305,000
292,000
Western
74,000
35,000
80,000
54,000
61,000
Maryland
25,000
22.000
20,000
17,000
20,000
Michigan
73,000
75,000
84,000
61,000
88,000
Montana
59,000
69,000
65,000
55,000
70,000
New Mexico
33,000
26,000
31.000
74,000
61,000
North Dakota
716,000
841,000
580,000
138,000
150,000
Ohio
2,283.000 2,128,000 3,609,000 3,283,000 2,727,000
Pennsylvania
127,000
99,000
144,000
82,000
85,000
Tennessee
21,000
20 000
29,000
21,000
21,000
Texas
110,000
99,000
96,000
124,000
133.000
Utah
287,000
187,000
311,000
222,000
216,000
Virginia
56,000
58.000
81,000
62,000
61,000
Washington
W. Virghda -Southern.c. 1,550.000 1,685,000 2,854,000 2,126,000 1,124,000
825,000
983.000
642,000
614,000
705,000
Northern-d
184.000
178,000
168,000
173,000
190,000
Wyoming
6.000
5,000
2,000
3,000
3,000
Others
9.053,000 8,830,000 14,676,000 12.796,000 9.580,000
a Revision. b Weekly rate maintained during the entire month. c Includes
operations on the N.& W.; C.& O.; Virginian; K.& M.;B. C.& G.. and Charleston
division of the B. as 0. d Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Dec. 10 is
estimated at 1,388,000 net tons, approximately the same figure as for the
preceding week. The output during the corresponding week in 1926 was
1.807,000 tons.
Estimated United Stales Production of Anthracite (Net Tons).
1927
1926
Cat. Yea,
Cal. Year
to Date.
to Date.
Week,
Week.
Week Ended73,756,000
1,286,000
26
76,770,000
Nov.
75,147,000
1,997,000
1 391,000
Dec. 3-b
78,767,000
1,388.000
74,000
76,635,000,
Dec. 10-c
a Minus one day's production first week in January to equalize number of days in
revision.
to
Subject
c
report.
last
since
Revised
b
years.
two
the
BEEHIVE COKE.
Beehive coke production during the week 4 Dec. 10 amounted to 81,000
tons against 84,000 tons in the preceding week. Total production during
3416
THE CHRONICLE
1927 to date is 6,751,000 net tons compared with 10,970,000 net tons
during the corresponding week of 1926.
Estimated Production of Beehive Coke (Net Tong).
Week Ended
1926.
1927.
Dec. 10 Dec. 3
to Date. to Date.a
Dec. 11
1927.
1927.b
1926.
Pennsylvania and Ohlo
51,000
56,000 148,000 5,104,000 8.912,000
West Virginia
12,000
16,000
734,000
15,000 758,000
Ala., Ky.,Tenn.& Georgia_
5.000
7,000
6,000 244.000
579,000
Virginia
4.000
4,000
7,000 302,000
334.000
Colorado and New Mexico....
2,000
2,000
4.000 184.000
243.000
Washington and Utah
3,000
4,000 159,000
3,000
168.000
United States total84,000 184,000 6,751,000 10,970.000
81.000
Daily average
14,000
31,000
14,000
23.000
37.000
a Minus one day's production first week In January to equalize number of days in
the two years. b Revised since last report.
The output of bituminous coal in the United States
during the week ended Dec. 17, as estimated by the National
Coal Association, was about 9,775,000 net tons.
[Vol,. 125.
against 44,000 tons in October and 59,213,000 tons in Nov.
1926, according to the monthly statisticg compiled by the
United States Bureau of Mines. The average daily rate of
output in November was 1,638,000 tons, a decrease of 3.2%
from the October rate.
Anthracite production in the month of November
amounted to 6,902,000 net tons as compared with 7,404,000
tons in October. The average daily rate of output in November was 288,000 tons, a decrease of 2.7% from the average
rate of 296,000 tons for Cetober. In November 1926, the
output was 7,397,000 net tons.
MONTHLY AND AVERAGE DAILY PRODUCTION OF COAL(NET TONS).
Bitumbunts Coat.
Afonth.
Toted
Production.
Monthly Production of Bituminous Coal and Anthracite in November.
The total production of soft coal for the country in the
month of November amounted to 40,628,000 net tons as
Sept.
Oct
Nov.a
Nov., 1926_ _
Number
of
Working
Days.
41,928.000
44.000,000
40,628,000
59.213,000
Anthracite Coal.
Average
Per
Working
Day.
25.4
28
24.8
24.9
Total
Production.
1,651.000
1.692.000
1,638,000
2.378,000
6.642,000
7,404,000
6,902,000
7.397,000
Number Average
of
Per
Working Working
Days.
Day.
25
25
24
24
266,000
296,000
288,000
308,000
a Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 21, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined, shows increases for the
week of $54,600,000 in Federal Reserve note circulation
and of $83,200,000 in holdings of discounted bills and decreases of $15,400,000 in holdings of acceptances purchased
in open market, $9,900,000 in U. S. Government securities,
$60,400,000 in cash reserves and $24,200,000 in member
bank reserve deposits. Total bills and securities were
$57,900,000 above the amount held a week ago.
Larger holdings of discounted Ms were reported by eight of the Reserve
banks, the principal changes being increases of $64.400,000 at New York,
319.500.000 at Cleveland. $8,900.000 at St. Louis, $7,900,000 at Richmond
and $7.700.000 at Philadelphia and a decrease of $15,500,000 at Chicago.
The System's holdings of acceptances purchased In open market decreased
$15,400.000 and of U. S. Treasury notes $5,300,000. while holdings of
United States bonds increased 35.400,0 0. Holdings of certificate of
indebtedness declined $10,000,000 following the payment of the speclaj
Treasury certificate of $40,000.000 held a week ago.
Federal Reserve note circulation was 354.600.000 larger than a week
ago, all of the Federal Reserve banks reporting increases of which the
largest were $15,100,000 at New York and 311,200,000 at Chicago.
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 3449 and 3450. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dec. 21 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted. total
Secured by U. S. Government obligations...Other bills discounted
Increase (+) or Decrease (-)
During
Week.
Year.
-$60,400,000 -$52,700,000
-49,900.000 -61,000,000
+57.900.000 +112,800,000
+83.200.000 -137,300.000
+43,200,000 -31,600,000
+39,900.000 -105,700,000
Rills bought In open market
-15,400,000
-21,800,000
U.S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-9,900,000
+5,400,000
-5.300.000
-10,000,000
+273,500.000
+229,500.000
-35.900,000
+80.000,000
Federal Reserve notes in circulation
-1-M,600,000
-92,600,000
Total deposits
Members' reserve deposits
Government deposits
-14,000,000
-24.200,000
+ 11,400.000
+126,000,000
+176,200.000
-52,400,000
Returns of Member Banks for New York and Chicago
Federal Reserve District-Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also Kegan to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks-now
658-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coining Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week show
an increase over the previous week of nearly $86,000,000
the grand aggregate of these loans for Dec. 21 being $3,644,331,000 against $3,558,355,000 on Dec. 14, establishing a
new high record. The previous record was $3,562,805,000
on Dec. 7.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-52 Banks.
Dec.211927. Dec. 141927. Dec. 221926.
Loans and investments-total
7,160,838,000 7,050,007,000 6,314,202,000
Loans and discounts-total
5,258,221,000 5,152,364,000 4,592,247,000
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
44,644,000
41,319,000
45,120,000
2,597,315,000 2,496,820,000 2,021,018.000
2,616,262,000 2,614,225,000 2,526,109,000
Investments-total
1 902,677,000 1,897.643,000 1.721,955,000
U. S. Government securities
Other bonds, stocks and securities_
Reserve with F. R. Bank
Cash in vault
994,184.000
908.493,000
992.088,000
905.555.000
857,185,000
864.770,000
777,375,000
85,103,000
756.618.000
74,201,000
702,992,000
85,113,000
Net demand deposits
Time deposits
Government deposits
5,578,195,000 5,596,212,000 5,060.338,000
1,042,459,000 1,021,657,000 899.512,000
56,841,000
45,326,000
1,352,000
Due from banks
Due to banks
106,348.000
96,915.000
93,412,000
1 281,513,000 1,291,317,000 1,031,911,000
Borrowings from F. R. Bank-total_ _ _ _
140.273.000
79,189.000
116,900,000
Secured by U.S. Govt. obligations
An other
103,280,000
36,993,000
62,205,000
16,984,000
101.450,000
15,450,000
Loans to brokers and dealers (secured by
stocks and bonds): For own account_1,302,333,000 1,230,124.000 906,973,000
For account of out-of-town banks_ __ _1.337,183.000 1,374,106,000 1,037,103,000
For account of others
1.004.815.000 954,125,000 779,389,000
Total
3,644,331,000 3,558,355,000 2,723,465,000
On demand
On time
2,799,974,000 2,729,454.000 2,037,857.000
844,357.000 828.901,000 685,608,000
Chicago-44 Banks.
Loans and investments-total
1 969,210,000 1,988,987,000 1,848.825,000
Loans and discounts-total
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments-total
U. B. Government securities
Other bonds,stocks and securities--Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,476.101.000 1.503,541,000 1,439,148,000
13,596.000
777,739,000
684,766,000
15,029.000
804.106,000
684,406,000
14,733,000
697,767,000
726,648,000
493.109.000
485.446.000
409,677,000
220,204.000
272,905,000
216.738.000
268,708,000
171,483.000
238,194,000
193,232,000
24,925,000
187,930,000
22,254,000
170,341,000
30,600,000
1 290,373.000
642,504,000
9,029,000
1.300.132.000 1,215.030.000
631,088,000
474,000
584.419,000
8,562,000
150,083.000
371,689,000
156,412,000
356,091,000
152,350,000
348.717,000
Borrowings from F. R.Bank-total_.
17,680.000
31,514,000
24,987,000
Secured by U.S. Govt. obligations
AU other
15,589.000
2,091.000
30,025,000
1,489,000
17,575,000
7,412,000
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks, now 658,cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of entire body
1)Fc. 24 1927.]
THE CHRONICLE
of reporting member banks of the Federal Reserve System
for the week ending with the close of business Dec. 14.
3417
thus far this year were much lower than those for the similar period
of last year. Money is plentiful and cheap. Individual savings are
increasing rapidly in spite of record issues of securities which are finding ready markets. The Bourse is active but is less speculative. The
coal market is still depressed and stocks remain very high. The Government is taking active measures to improve the coal situation.
Menace of a lockout in the German metallurgical industry has upset
the Belgian iron and steel market. German and Dutch buyers are
offering high prices for export, but Belgian producers are cautious in
accepting.
Brazil
Business continues slow in Brazil, but the tone is somewhat firmer,
and the movement of holiday goods is fair. Exchange has been erratic,
and the trend uncertain. The President signed the decree establishing
Federal control of coffee entries into ports of shipment on December 14.
All construction contracts in the State of Rio Grande do Sul have been
suspended until after the inauguration of the new government.
The Federal Reserve Board's condition statement of 658 reporting
member banks in leading cities as of Dec. 14 shows increases for the week
of $14.000,000 in loans and discounts. $16,000,000 in investments $72.000,000 in net demand deposits and of $49.000,000 in borrowings from
Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $41.090.000 above the Dec. 7 total at all reporting hanks and
$28,000.000 above at banks In the New York distr.ct. "All other" loans
and discounts were F28,000,000 less than the total reported a week ago, a
decline of 835.000.000 being shown for reporting member banks in the New
York district, and increases of $7,000,000 and $5.000.000, respectively, for
the Boston and Atlanta districts.
Holdings of United States Government securities increased $8.000.000 at
all reporting banks. increases of $13.000,000 and $1.000 000, respectively
reported for the New York and Boston districts being offset In part by declines of 86,000.000 in the San Francisco district and of $5,000.000 In the
Cleveland district. Holdings of other bonds, stocks and securities were
British Malaya
$8,000,000 larger than a week ago at all reporting banks, a decline of
As the result of improved rubber prices in November, traders were
$11.000.000 shown for the New York district being more than offset by
more optimistic than at any time in recent months. Tin, however, conIncreases in other districts. principally Philadelphia and Chicago.
tinuing to decline in price, fell to the lowest level since 1925. Despite
Net demand deposits, which were $72.000.000 above the Dec. 7 total,
Increased $36,009.000 at reporting member banks in the New York district, uncertainty in leading export markets, the volume of November's foreign
$11.000.000 In the Boston district. $10.000,000 in the San Francisco district, trade was good and the total value was 4% above that of October, the
$8.000,000 In the Atlanta district, and $7.000.000 in the Dallas district, greater advance being in imports.
and declined $6,000.000 at reporting member banks In the Chicago district.
Canada
The principal changes In borrowings from Federal Reserve banks, which
A good volume of business and generally a demand from good to
were $.19.000.000 larger than a week ago at all reporting member banks,
brisk
is
reported
for the early December wholesale trade in such lines
Included increases as follows: Chicago district 822,000,000, Cleveland
district 811,000,000, Boston district $8,000,000. and Philadelphia district as electrical goods, sporting goods, footwear, groceries, hardware, and
dry
goods.
$7.000.000.
Recent orders placed for railway equipment by Canadian lines inA summary of the principal assets and liabilities of 658 reporting member
banks, together with changed during the week and the year ending Dec. clude 11 switching locomotives, 100 sixty-ton box cars and a steel snow
• plough. The Canadian National Railways announced Dec. 13 that
14 1927. follows:
tenders may be invited Jan. 1 for the construction of new terminal
Dec. 14 Increase 1+) or Dec.(—) During
facilities, including a new station, at Hamilton, Ontario, to cost about
1927.
Week.*
Year.
$1,000,000.
Sixteen Canadian manufacturers and dealers have reLoans and investments—total
21,658,177,000 +29,534,000+1,623,225,000 ceived orders for a moderate quantity of machine tools and miscellaneLoans and discounts—total
15,292.803,000 +13,793,000 +871.685,000 ous shop and foundry equipment for the Canadian National Railways.
Canada's largest mail-order firm is opening chain stores throughout the
Secured by U.S. Govt. obligations_ 124,846,000 —8,077,000 —16,533,000 Dominion for the merchandising of groceries, men's wear and departSecured by stocks and bonds
6,414,554,000 +49,393,000 +905,649,000 ment-store lines. The increasing demand for high-grade preferred
All other loans and discounts
8,753,403,000 —27,523.000 —17,431,000
Investments—total
6.365.371.000 +15,741,000 +751.540,000 stocks is a current feature of the Canadian investment market. Prices
of government and municipal bonds continue strong. A scarcity of
U.S. Government securities
2,814,111.000 +7,852,000 +397,147,000 corporation bond issues is reported.
Other bonds, stocks and securities_ 3,551.263,000 +7,889,000 +354,393,000
Estonia
Reserve with F. R. banks
1,786.214,000 +17,296,060 +27,263,000
Cash in vault
314,801,000 +24,906,000
Estonia's foreign trade in October showed a decline of both imports
—9,656,000
and exports, the former decreasing from 890,600,000 Emks in September
Net demand deposits
14,031.075,000 +72.182,000 +787,310,000
Time deposits
6,471,291,000
—598,000 +633.809,000 to 869,077,000 Emks at the end of October, and the latter from 1,123,Government deposits
6,700,000 +1,106,000 —156,655,000 600,000 Emks to 1,107,947,000 Emks. (Emk. = $0.00268). Butter,
timber and cotton fabrics were the principal export items and the leadDue from banks
1,237,232,000 +31,094,000
Due to banks
ing markets were Germany, England and Sweden. The principal im3,584,255,000 —85,774,000
port items were grain, sugar, cotton and rubber and rubber manufacBorrowings from F. R. banks—total_ 353.308.000 +48.914,000 —11,345,000
tures and the leading suppliers were Germany, Soviet Russia and the
Secured by U.S. Govt. obligations_ 270,354,000 +48,961,000 +35,626,000 United States. The results of foreign trade for the first ten months are
Another
Exports amounted to 8,482,300,000
82,954,000
—47,000 —49,971,000 considered highly satisfactory.
•Dec. 7 figures revised.
Emks. and imports to 7,790,200,000 Emks., thus returning an export
surplus of 692,100,000 Emks., as compared with a favorable balance
of 229,800,000 Emks. for the first ten months of 1926.
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department
of Commerce.
The, Department of Commerce at 'Washington releases
for publication to-day (Dec. 24 the following summary.of
conditions abroad, based on advices by cable and other
means of communication:
Argentina
Christmas and New Year buying during the week was
active. Crop
conditions were good. The province of Santa Fe
authorized the floatation of an internal loan of thirty million paper pesos
for the construction of highways. The steamer "Viking Star"
arrived in Buenos Aires
loaded with United States West Coast fruit in fine
shape, thus demonstrating that apples from that section of the United
States can be
successfully shipped. Business in general was good,
considering that
this is the summer season. Merchants are optimistic
with regard to
the business outlook.
Australia
The commencement of tropical rains in Australia
is benefiting large
areas in New South %Vales and is relieving parts of a
number of drought
sections in Queensland. The Federal conversion loan
of £36,000,000
now due has been only partly subscribed, but bankers are
underwriting the remainder. The export butter bounty will be
raised to four
pence on January 1, according to a recent decision. The new
wheat
crop is making its appearance on the market, with a
carry-over of
4,000,000 bushels left from the previous crop. Wool sales at
Brisbane,
Melbourne, and Sydney continued strong, with a record price
reached
for greasy merino.
Austria
There has recently been renewed agitation on the part of
Federal
employees looking towards salary increases; they are now demanding
advances averaging 17% %. Negotiations with the
Government have
not yet been completed but the Minister of Finance has already
offered
concessions which would result in the additional expenditure, by
the
Federal Government, of 31,700,000 schillings on account of
salaries.
The $30,000,000 loan for the City of Vienna has been formally approved
by the Municipality of Vienna. Although the loan was concluded for
a period of 25 years, it is to be noted that the City has reserved the
right to pay off the loan at any earlier date it may select.
Belgium.
Holiday retail sales are said to be excellent and the general business
tone, even discounting the holiday trade, is better. The trade balance
for the first 10 months this year, although unfavorable as usual, was
very satisfactory in relation to the balance for the similar period of
preceding years. The general market for American goods is improving,
with increased interest in American agencies. Retail and wholesale
prices are higher. Car loadings declined somewhat. Commercial failures
Latavia
Recently published official figures show that the note circulation in
Latvia has increased considerably since September, from 84,995,000
hats (1 lat worth $0.193) on September 1 to 90,034,000 lats on Nov. 1,
which is a new high. The increased circulation is attributed chiefly to
large purchases of foreign exchange by the Bank of Latvia during recent months.
Mexico
As a result of the prevailing optimism, slightly better retail sales
and an increasing interest in development projects were noted during
the week ended December 16. On the other hand, the position of domestic industries and orders for import have not changed materially.
Shoe and textile factories are still operating on a reduced scale.
Netherland East Indies
Widespread building operations, both for private dwellings and public works and extending to the Outer Possessions, continue in Netherlands India. General business conditions are satisfactory, although the
important textile import market has been depressed for the past two
months. Sugar trade has firmed. Final local estimates place the year's
crop at 2,142,000 long tons.
Netherlands
Retail sales increased moderately owing to the holiday trade. Money
rates continued high. New capital issues during November were less
than one-half the high record reached in October and related primarily
to domestic enterprises. Foreign participation which has hitherto dominated the market was greatly reduced, especially that of Germany. The
high money rates have cut down the volume of business on the stock
exchange, although conditions were relatively steady. The commodity
markets were generally satisfactory. Cereal quotations have improved
following a heavier demand. The textile industry is busy and is expanding production facilities. Stocks of hides and skins are short and
the demand has been keen at unusually high prices. The shoe industry
has been seasonally active, but prices have been unsatisfactory, owing
to sharp increases in leather prices. There has been an improvement
in the electrical industry, and the margarine industry is also in a better
position. The ceramic industry is still suffering from foreign competition. Automotive sales have been good. Wholesale and retail prices
during November increased slightly and there was a slight increase in
unemployment.
Peru
The Peruvian house of Deputies has approved an authorization for
a foreign loan embodying the following features: All issues are to be
secured solely by the general credit of Peru: the total service on the
loan must not exceed one-third of the average total national revenues
calculated on the basis of the gold equivalent of the National income for
the three years preceding the issue. Immediate issue of the first series
of $50,000,000 is authorized, the loan to be for 34 years with intreest
at 6% per annum, and cumulative amortization of 1% annually, the
minimum yield to the state treasury to be 85% of par, and the bonds to
3418
THE CHRONICLE
be callable on any half yearly interest day without payment of premium.
The estimated proceeds, in dollars, will be employed as follows $23,930,000 for the redemption of outstanding foreign bonds of issues
which have not yet been specified; $4,400,000 for the formation of a
gold reserve for the stabilization of exchange; and $2,820,000 for the
Callao port works. The Co-employment of the residue is not yet
determined. It is assumed that an important amount will be retained
for public works. The bill provides terms for a second $50,000,000
issue in one or more series. The new tariff measure has been approved
without departing from the original draft of the Tariff Commission, by
the committees of both houses of Congress, and it is stated that the bill
will undoubtedly receive congressional acting making it effective Jan. 1.
Philippine Islands
Depression continued in the textile trade throughout November and
most export markets were quiet. The holiday trade in piece goods has
been disappointing and Chinese dealers continue reticent. Competition
is extremely keen, tending to greatly reduce prices of most lines. The
automotive market slackened in November, with new registrations
about 33% below October. Tire sales, however, increased. Import
trade in flour and canned salmon was active. Copra supplies were
limited because of lack of labor, which was employed in the rice fields,
and prices were consequently high and the market firm. Abaca and
sugar markets, however, continued quiet. Due to inferior quality the
new tobacco crop moved slowly and the native rice trade weakened, with
a sharp drop in price.
Ruinania
Customs receipts for the first 10 months of the current year totaled
7,933,000,000 lei (rate of exchange, 1 leu = $0.060), showing a surplus
of more than 20% (1,350,000,000) over budgetary estimates for the
period of 1926. The favorable result was accounted for exclusively by
the large increase—over 2,000,000,000 lei—in the receipts of import
duties, while export tax and incidental customs charges show a combined decrease of 33% (1,174,000,000 lei). The reversed condition in
the customs receipts of 1927 and 1926 was caused by the heavy increases
in import duties on many items in the 1927 tariff and by the reduction
of export tax on the principal Rumanian commodities.
Sweden
General indications point to maintenance of prosperity during the
next year and a continuation of the high purchasing power of Sweden.
The principal weakness in the present situation is the possibility of a
further unfavorable development in the pulp industry or of an unforeseen decrease in foreign purchases. Swedish industries remained well
occupied during November, and the placing of foreign orders materially
increased the sale of lumber for next year's delivery. The demand for
wage reduction by pulpmill owners and the equal insistence by the
workers for extension of present wage agreements may lead to the shutting down of many pulp mills at the beginning of 1928. Private banks
are in a very strong position, especially with reference to foreign exchange holdings. Deposits increased appreciably during November, loans
decreased and rediscounts with the Bank of Sweden fell off considerably
—all of which indicates an easy money market. The irregularity of the
stock exhcange was reflected in a marked drop in quotations. The wholesale index remained unchanged at 143 for November. Swedish foreign
trade remained at its high level during November but due to a greater
increase in imports than exports an unfavorable balance estimated at
about io,00qmo crowns was returned for the month. Nevertheless the
possibility of an export surplus for the year still remains with a favorable trade balance of 21,000,000 crowns for the first eleven months of
the year against an unfavorable trade balance of 81,100,000 crowns for
the same period of last year.
Turkey
Greater commercial activity has been noted since the advent of the
export se'ason, but expansion is still affected by the shortage of money,
high interest rates, and uncertain exchange situation.
Exchnage
fluctuations have been violent at times and suggestions for Government
intervention with a view to stabilization have been made in business
circles. The improvement in exchange started in September, when the
Turkish pound was quoted around $0.50; it appreciated during October,
reaching a high of $0.541, and a slight reaction followed; quotations
during the early part of November were aorund $0.53. Among the bills
scheduled for early consideration by the National Assembly is one for
the establishment of a State Bank. At present the Ottoman Bank, with
central offices in London and Paris, is the leading banking institution,
while the Agricultural Bank, a semi-official concern, and the Business
Bank of Turkey are rapidly growing in importance.
United Kingdom
Exports of domestic goods during November at £70,600,000 were
higher than for any month since June, 1924. This total represents an
increase of £8,500,000 over the preceding month and of £9,500,000
over November, 1925. Exports of imported merchandise (re-exports),
at £10,530,000 showed an increase of £1,100,000 over October and
recorded the highest total since June. Imports in November were
valued at E107,410,000, an increase of more than £2,000,000 over the
previous month and the highest figure since March, but some £7,000,000
less than for November, 1925. Coal exports in November were 14,000
tons below the October volume and average values were also lower, and
there was a small decrease in coal production during the month. Bunker
trade showed an increase, a North Wales coal audit for the three
months ended with October shows a trading loss of £25,000, which
represents nearly 7d per ton. Proposed relief measures in the Yorkshire federated coal area suggest a levy of 3d per ton on all coal
raised, the subsidizing of exports, possibly to the extent of 3 shillings
per ton; from the fund thus created; regulation of output through fixing agreed tonnage for each pit with monthly sales on a percentage
basis of such tonnages; and finally that the scheme should not be
adopted unless owners controlling at least 90% of the total output
agreed to it. Steel production in November was low and domestic consumption was the smallest in any month so far this year. Trade returns
show for November a larger excess of steel exports over imports than
for any other month in 1927.
Italy Stabilizes Lira on Gold Basis—Rate of Exchange
Fixed at 19 to Dollar—Credits Arranged With Federal
Reserve System, Bank of England and Other Foreign
Banks.
The stabilization of the Italian lira on a gold basis was
decided upon on Dec. 21 at Rome by the Council of Min-
[VoL. 125.
isters, under the presidency of Premier Mussolini. The
rate of exchange agreed upon was 19 te $1, or 92.49 to a
pound sterling; therefore, it is pointed out in the cablegrams to the daily papers, the paper lira will be valued
at 3.06 to one gold lira. The new exchange rates went
into effect Dec. 22. It is stated that the decision on Dec.
21 was reached after the closing of the stock exchange
in order to avoid an unsettled condition in trade. Minister
of Finance Count Volpi announced that the Bank or Italy
has been authorized to open credits .with the Federal Reserve system, the Bank of England and other foreign
banks, amounting to $125,060,000. The New York "Times"
in its advices (copyright) from Rome regarding the arrangements, said in part:
It is notable that the margin between the recent value of the lira,
which has oscillated between 18 and 78.3 to the dollar, and the new
value of 19 on a gold basis is very small, especially when compared to
the large margin allowed by the Belgian Government when conversion
was effected there.
This is generally interPreted to mean that both the gold reserve in
the Bank of Italy, which now amounts to more than 50% of the
total currency, and the funds at the disposal of the exchange institute, which exercises a controlling influence over exchange, are sufficient to guarantee that the lira will be kept strictly to its new value.
This will greatly help Italian manufacturers and exporters, for whom
the varying exchange has represented a constant source of danger.
Easy Adjustment Is Expected.
The slight margin will enable conversion to be made without much
dislocating of industry. Wholesale and retail prices and wages, in
fact, have now stabilized themselves at the new level attuned to a
value of the lira around 18 to the dollar. The jump to 19 to the dollar
is not too great to be made without throwing industry out of gear.
Indeed, a conversion which slightly lowers the gold value of Italian
prices is expected to aid, rather than to damage, Italian exportations.
The conversion in any case is considered a powerful element in making for a stability from which Italian industry and general prosperity
cannot but benefit.
During the Cabinet Council Finance Minister Volpi revealed that
the stability of the Italian currency, now that it was placed on a gold
basis, was guaranteed by a credit of $125,000,000 granted by fourteen
nations, among which America figures prominently. A credit of
$75,000,000 has been placed at Italy's disposal by the central banks of
these nations, with the United States Federal Reserve System and the
Bank of England at their head, while the remaining $50,000,000 has
been placed at Italy's disposal by American and British bankers, led
by J. P. Morgan & Co., and with the participation of sues banks as
the Harnbro Bank of Northern Commerce, the Rothschilds and Baring
Brothers & Co., Ltd.
"The Bank of Italy," said Count Volpi, "just as the Bank of England did when the British Government decided to return to a gold
standard, wishes to secure the collaboration of the international bankers, both in order to increase its capacity to defend the exchange at a
definite level and because it figured that the credits granted by the
central banks and the great international banks would insure the cordial
collaboration and asset of the world for the decision taken by the
Italian Government.
Terms Negotiated in London.
"The negotiations were conducted last week in London by the
Director General of the Bank of Italy and his collaborators on the
Exchange Institute with the Governor of the Federal Keserve Bank
of New York, who purposely had journeyed to London, and the Governor of the Bank of England, as well as with an important group
of Anglo-American bankers.
"It was decided that two credits would be opened on which the Bank
of Italy can draw. The first amounting to $75,0uuM0, was granted uy
the central banks of fourteen States on a gold basis, among which are
America and Japan, headed by the Federal Reserve System of the
United States and the Bank of England. The second, amounting to
$50,000,000, was granted by the Anglo-American nanxers heaueu by
the Morgan bank and with the participation of such banks as the
Hambro, Rothschild, Baring, &c., and five great English bangs.
"The details of these transactions will be published later, but probably
the Bank of Italy need never avail itself of these credits, just as the
Bank of England has never touched the credits placed at its disposal
in American when Britain returned to a gold basis.
"The credits merely are needed to complete the formidable defenses
of the maximum limit of exchange which the Government has fixed
for the Italian lira. These defenses are now so formidable that they
are sufficient to defeat even the most daring' possibility of speculation."
Mussolini Explains Policy.
The meeting of the Cabinet Council was opened by a speech by
Mussolini, who explained the reasons which led to the stabilization of
the Italian currency. It never had been the intention of the Fascist
Government, he said, to revalue the lira at the pre-war level. The
Government, instead, was convinced that the lira could not with profit
be revalued beyond the present point, and therefore had decided to
effect conversion at about the present figure, finally stopping the period
of fluctuations in exchange which had proved such a curse in the past.
He expressed the conviction that great benefits to the nation would
derive from the permanent stabilization of the lira.
After recalling the speech that he delivered at Pesaro on Aug. 16,
1926, which marked the beginning of the Government's revaluationist
policy, Mussolini sought to show how completely successful this policy
had been so far.
"But further revaluation," he continued, "would be possible, but
undesirable, because, first, what has happened also in other countries
would be prevalent as a result of international speculative forces; second, because it would create the gravest permanent crisis, as well as
periodic crises, and third, because it would entail unbearable sacrifices
for the State and, therefore, for the citizens.
"The Cabinet Council can note that the level of revaluation reached
by our currency in the shortest time is mostnotable. It is also most
satisfactory because it corresponds to the gold index of world prices and
represents the point where all interests, both of the State and of individuals, find a fair equilibrium."
After stating the present moment was particularly favorable for
effecting the conversion, Mussolini concluded:
"The decision to return to a gold basis is useful and inevitable. It
has the exceptional result of closing a period, which has now lasted
ten years, of continual fluctuations of exchange; and it places Italy
among the nations which have returned to the gold standard.
111.:c. 24 1927.]
THE CHRONICLE
"The Cabinet Council is profoundly convinced that our decision to• day will have a beneficial and deep influence on the industrial and
agricultural development of the country, giving all initiatives and all
healthy enterprises a feeling of trust and security in the future. The
Cabinet Council also believes Italy's return to monetary normalcy will
contribute toward a final peaceful reorganization of the world's
economy."
Announcement by Federal Reserve Bank of New York
Regarding Participation in Italian Credit Incident to
Italy's Return to Gold Standard.
On Dec. 22 the Federal Reserve Bank of New York
issued the following announcement regarding the participation in the Italian Credit, to which further reference is
made in our issue to-day in items regarding the return of
Italy to the gold standard.
The Federal Reserve Bank of New York, in association with other
Federal Reserve Banks, has agreed, if desired, to purchase from the
Banca d'Italia up to a total of $30,000,000 of prime commercial bills.
The agreement of the Federal Reserve Bank of New York was made in
cooperation with other banks of issue as a part of the credit arrangements aggregating in all $75,000,000, or its equivalent, which the banks
of issue have entered into with the Banca d'Italia in furtherance of the
plans which have been completed for stabilizing the Italian currency
on a gold exchange basis.
3419
the French franc has suffered no material fluctuation for some time,
a
condition that also marked the lira in the months preceding
Mussolini's
permanent stabilization.
Final French stabilization, of course, is predicated to a considerable
degree on the settlement of the American war debt, through ratification
by the French Parliament and the Congress of the United States.
While
the embargo on French loans in the United States has been
modified to
exclude the ban on certain refunding operations by which that
country
took advantage of better interest rates, probably considerable
opposition
would develop to new credits prior to ratification of the debt pact.
The French stabilization project probably will be taken
1928 after the elections of that nation. Little of permanentseriously in
nature
be done before that time, but it is expected, following the elections, can
debt pact will be taken up as a forerunner of the return to the the
gold
standard.
The Italian Government launched its program of stabilization shortly
after the debt agreement was made with the United States. Count
the Finance Minister, in addition to negotiating the final debt, soonVolpi,
after
obtained a $100,000,000 loan for his Government.
Officials here said that it would have been possible to stabilize the lira
at a figure slightly in excess of that provided for, although such
action
would have worked certain unnecessary hardships on the Italian people.
Details of Italian Monetary Reform Incident to Return
of Lira to Gold Standard.
We are in receipt of the following advices from Romolo
In its edition of yesterday (Dec. 23) the New York Angelone, Commercial Attache of the Royal Italian Embassy
regarding the financial measures decided upon incident to
"Times': said:
The arrangements for the new credit brought into public attention the stabilization of the lira on a gold basis:
Bonaldo Stringher, Governor of the Bank of Italy, who is credited with
having brought the negotiations to a successful conclusion. Signor
Stringher is one of the few Governors of European central banks whose
incumbencies date back to before the war, and who have guided their
institutions both through the war and through the period following it.
It is understood that Governor Strong of the Federal Reserve Bank
of New York, who is now in Europe, arranged the Federal Reserve
credit with Mr. Stringher.
•
•
•
The credits are similar to those arranged previously for Belgium and
Poland, when those countries stabilized their currencies, and to the
$300,000,000 credits obtained by Great Britain when the latter country
returned to the gold standard in April, 1925. It is sot believed that the
new credits will be called into play.
•
•
•
The Italian action leaves France and Spain the only important countries in Europe which have not officially stabilized their currency, though
unofficial stabilization has been a fact in France for months. The principal countries which have adopted the gold standard since the war are
Great Britain, Germany, Sweden, Hungary, Canada, Uruguay, Italy,
Switzerland, Denmark, Finland, India, Chile, Belgium, Holland, Austria,
Poland, Argentina and Colombia. De facto stabilization exists in France,
Portugal, Bulgaria, Czechoslovakia, Greece, Brazil, Yugoslavia and
Rumania.
ROYAL ITALIAN EMBASSY
Office of the Commercial Counselor
New York, Dec. 23. 1927.
The Commercial & Financial Chronicale,
138 Front St., New York City.
Gentlemen.—I take pleasure in sending to your paper details about
the
Italian monetary reform decided at yesterday's Council of Ministers
providing return of the lira to gold standard.
The measure was decided in full co-operation with Bank of
England and
Federal Reserve Bank, who have acted for account of fifteen
Banks of issue
in Europe and other Continents on gold basis.
The Italian monetary reform was the subject of careful
and prolonged
study and is based upon the following factors:
1. Balanced State budget which has shown substantial
surplus for past
three fiscal years.
2. Adjustment of war debts toward United States of America
and Great
Britain on very favorable basis and organization of an autonomous
amortization fund for administration of war debts and reparation.
3. Stern control of foreign exchange trade.
4. Concentration of issue privilege exclusively to Bank of Italy
and
replacement of treasury notes for small denominations issued by the State
with silver coin,fully covered by the value of their previous metal.
5. Stern pllicy of deflation by the withdrawal without substitution of
400.000.000 lire in State notes of 25 lire and reimbursement to the Bank of
Italy of 2,500,000.000 lire issued for war needs by the transfer to said
bank of net proceeds Morgan loan of 1925; the deflationary policy
was
J. P. Morgan Lk Co. Confirm Connection With Stabilization continued no as to reach
the present volume of 17.500 million lire against
a record level of 22,000 millions in 1920.
of Italian Lira.
6. Careful supervision over national banking system.
The following statement was issued in behalf of J. P.
7. Conversion of floating debt into funded obligations which has comMorgan & Co. on Dec. 22:
pletely eliminated floating indebtedness leaving only nine year treasury
J. P. Morgan & Co. confirm that in connection with the stabilization bonds, due 1931 and thereafter.
8. Floating foreign loans to Italian industries in the American and British
of the Italian lira, as announced from Rome, credits to the Banca d'Italia
in the amounts of $25,000,000 in New York have been extended by J. P. markets within safe limits and the proceeds of which were put at the disposal
Morgan & Co. and of £5,000,000 in London by Morgan Grenfell 8r Co., of the State Treasury.
9. Creation of new sinking fund for the internal national debt
Baring Bros. & Co., Ltd., Hambros Bank, Ltd. and N. M. Rothschild
which has
already bought and destroyed 300 million lire of public debt bonds
& Sons.
during
first quarter of activity and buying during the fourth month
additional
450 millions which are being destroyed.
Secretary Mellon's Views on Italy's Return to Gold Basis
10. Supervision and control of all wholesale and retail prices.
The Bank of Italy as a result of the credit arrangements made with
—Sees Currency Reform to All Europe Nearer Comthe
Bank of England and with the Federal Reserve Bank for a total
amount of
pletion.
75 million dollars and with a banking syndicate headed by J. P. Morgan
Secretary of the Treasury Mellon regards the announced & Co. for an additional 60 million dollars, has at its disposal for the defense
ofthe new gold lira a total of 16.497 millions against a total actual circulation
return of Italy to the gold standard as marking the gen- of 17.500 millions, that is a covering
of 94% for defense purposes.
The main characteristics of monetary reform are the following:
European
eral
tendency which eventually will bring all the
1.
Bank
of
Italy
will
convert
against
presentation to its Rome central
Continental nations to a permanent currency basis, says office
its own paper currency in gold or foreign exchange of those countries
Washington advices Dec. 22 to the New York "Journal of Which are on gold standard.
2. The new gold parity is fixed in the ratio of a weight of fine gold of
Commerce," from which we also quote in part as follows:
Details of the Italian plan, available here today, show the stabilization grams 7.919 for each hundred lire, corresponding to 19 lire per dollar,
92.46 per pound sterling. 3.76 per gold franc.
of the lira at nineteen to the dollar, with a $125,000,000 credit estab3. All paper currency issued by the Bank of Italy and Treasury Notes
lished in London, New York and other money centers. J. P. Morgan of small denomination
s will possess full legal tender power until withdrawn
& Co. and other British and American private bankers will furnish $50,- from circulation; same power
to be enjoyed by silver, nickel and copper
000,000 of the credit, while the central banks of issue, including the coins to an extent
equal
to that enjoyed previous to the monetary reform.
Federal Reserve banks of the United States, will provide for the
4. Bank of Italy is authorized to include in its assets expressed in gold
remainder.
lire on the basis indicated in previous No. 2. all its reserves allocating
Allotments Not Worked Our.
resulting surplus to reduction of State debt toward bank of issue.
Secretary Mellon understands that the allotment of amounts to the
5. Bank of Italy is obliged to keep a reserve in gold or foreign exchange
various central banks has not as yet been worked out.
as indicated in No. 1. for an amount not lower than 40% of total paper in
• •
circulation or any other side obligation.
6
The return of Italy to the gold standard represents a step of capital imWhile the loan has not been called to the attention of the State Departtnent, officials stated today that they could see no reason why the depart- portance toward the rapid economic development of the country brought
ment should raise any objection to the transaction. Such a loan to Italy about by the sound and courageous policies of the Fascist Government
would not fall within the category of loans which have been banned by and offers another indication of the rehabilitation of the European Conthe State Department in the past, since Italy has funded her debt to the tinent.
United States. The chief negotiations were carried on by Benjamin
Strong, governor of the Federal Reserve Bank of New York; Sir Montague Norman, governor of the Bank of England, and officials of the
Italian bank. It the process of the negotiations, Mr. Norman has visited
the United States, having conferred with Federal Reserve bank and
board officials, and Mr. Strong has conferred with Italian leaders and
officials of European and other central banks participating in the credit.
Secretary Mellon has kept in close touch with the progress of the
arranging of the credit.
France and Spain Still Left.
The Secretary declined today to comment on the probability of France,
which with Spain is the only nation not yet on a gold standard, arranging
for the gold basis stabilization. He significantly indicated, however, that
Premier Mussolini of Italy Issues Several Decrees—One
Putting Into Effect Franco-Italian Moans Vivendi.
Under date of Dec. 18, Rome Associated Press advices
published in the New York "Times" said:
Premier Mussolini has presented to the Council of Ministers a
scheme for carrying out the provisions of a Franco-Italian modus
vivendi.
The plan calls for the regulation of the treatment of the nationals of
each country in the territory of the other until the conclusion of
a
special convention on that subject, or if the convention is not concluded
before, until June 1, 1928.
3420
THE CHRONICLE
The Premier also presented
and had adopted by the
cree declaring work on
Ministers a desport
necessity and therefore exem ing fields and stadiums to be of public
pt from registration and
other taxes.
Another decree for intensificat
ion of the "swat the fly"
promulgated, authorizing the
campaign was
Ministry of the Interior to
delinquents under the sanit
proceed against
ary
laws
who
permi
t
the existence of fly.
breeding nuisances.
Another decree makes
the Valle section of Pompe
ii,
excavation zone, an auto
nomous commune, thus creat including the
national centre of histor
ing a sort of
ic art.
Other draft decrees appro
ved
by
the
Cabin
et
include one for instituting a training schoo
l in the Montessori method
in Rome, one for the
extension of time for compl
etion of a plan for enlar
the City of Genoa and
ging the limits of
one for the betterment of
the hygienic conditions
in rural schools, particular
ly those in the South and
on Italian islands.
[VoL. 125.
Treasury officials are not
tendency will be permanent, inclined to believe that the present gold
but that it is a special
about by specific financial
condition brought
operations. This count
since the war has been
on the vergae of an outwary a number of times
but no permanent expor
rd
movement of gold,
t has developed since
amassing of the present
supply.
Statistics available to-day
indicated that the year
small increase in the
will end with a
country's
ported $197,104,000 in gold, gold. For eleven months there was imwith an export of $123,
November, one of the large
606,000. In
ward flow was $55,266,00 st exporting months since the war, the out0, with imports of but
$2,082,000.
Some stabilization and other
been the chief factors in the loans to Latin America and Europe have
will have a large favorable sudden export of gold. The United States
the natural tendency of balance of merchandise trade this year, with
attracting gold to this
country and thereby
counteracting the influence
of which are taken down of the foreign loans, a part of the proceeds
in gold.
France to Take Step Earl
y in 1928 Toward Return to
Gold
Basis—Will Arrange Fore
ign Credits—Has $40,000,000
Gold Ear-Marked Here—W
ould Cut State Debt to Association of British Creditors Submit
Debt Payment
Bank First.
Plan to Russian Soviet.
Jules I. Bogen, writing in
A
sugg
esti
on
for
a settlement of Russ
the New York "Journal
of has been mad
ia's foreign debts
Commerce" of Dec. 23 says
e by Stafford Talbot,
:
founder and first PresiThe French Government has
dent
of
the
Asso
compl
ciat
eted
ion of British Cred
its plans for the revalorization
of the franc and will follow
itors of Russia,
Italy in returning to the gold
early part of 1928, it became
basis in the who is now in Moscow, it was reported
known here yesterday.
in special advices
from Moscow Dec. 7 to
One important step taken by
the New York "Tim
the Bank of France latterly
es" (copyearmarking of $40,000,00
0 of gold in New York. This has been the right). The information therein also
is part of the
policy of the bank to get as
stated:
Mr.
large
leap and making the franc conve a reserve at possible before taking the
rtible into gold. The earma
France of $40,000,000 largely
explains the recent mysterious rking by
earmarking
transactions at the New York
Federal Reserve Bank.
Talbot's proposal is that 1%
or a fixed fractional
of the turnover in Russian
per cent
foreign trade, both
impor
in all financial or credit
operations with the Sovie t and export, and,
t Union, should be
voluntarily set aside as a sinki
ng fund to compensate
Mr. Talbot realizes that this
foreign creditors.
would require the
the Soviet Government, but
of foreigners doing consent not only of
and the formation of some
busin
ess with Russia,
sort
tries to determine the apportioniof clearing house by the various counng of payments. But
foreigners trading in Russia
he argued that
would accept the sugge
stion because it is
obviously to their interest to
have the debt question
settled.
The Soviet Government would
also accept, he says,
offers an issue from "formal recog
becau
nition" of debts, which se the plan
owing to internal policy. Thus
Stalin recently stated is impossible
ments to be made to France accor
that the payding to the Rakovsky
tentative agreement were "only supplementary
interests" upon credi
ts which he said
the agreement had included, becau
se the Soviet Administra
result of opposition attacks and
tion, as a
for other reasons, canno
t formally admit the principle of debt recognition,
despite its urgent need
money and willingness to do its
foreign
for
utmost to conciliate forei
opinion.
gn financial
Exchange Holdings $1,250,000
,000.
The exchange holdings of the
Bank of France, it was learn
ed from an
unquestionable source, now amou
able gold holdings of the bank nt to about $1,250,000,000. The availamount to approximately $750,
that its total gold and excha
000,000, so
nge coverage is $2,000,000,000.
circulation is now in excess
The note
of
rates of exchange, gives a cover55,000,000,000 francs, which, at current
age of about 90% in gold
exchange. This makes the
and foreign
Bank of France one of the
intrenched institutions in the
most strongly
world at the moment, altho
of the close relations between
ugh because
the
Bank
of
Fran
ce
and
the
this showing could be changed
Government,
within a short period.
The chief factor holding
up
learned, is political difference the return to the gold standard, it is
s over the correct point
Certain politicians are insis
ting that the franc be stabilof stabilization.
high as the lira, for the
ized at least as
purpo
administration, however, feels se of maintaining French prestige. The
that the franc has now been
facto during a full year at the
stabilized de
1.3 cents, which would be neede present level, and to raise its value by
d if its gold value is to equal
Gold Export Ascribed to Ban
lira at the latter's new reval
that of the
k of England—Continental
orize
Markets Think Sterling Was
ness depression in the country. d level, would bring on a serious busiForced by Bank
Gold.
to Get
Plan Four Steps.
Berlin accounts Dec. 18, to
The steps contemplated by
the New York "Times"
to the return to the gold basis the French as indispensable preliminaries (copyright)
said:
are:
1. A further reduction of
The Frankfort Zeitung, commenti
the Government's debt
France. The Bank of
ng on the American gold expor
to the Bank of emphasizes
ce advances to the State
ts,
the fact that the two American
000,000 francs on DeceFran
amounted to 24,650,shipments to London were
mber
14
of
arran
this year. A year ago it
ged at a moment when sterling
greater. The decline
was
was below the normal American
50% gold expor
through recent months. has been continued almost without interrupti
t point. It believes that this circu
on
mstance needs special explanation which it believes to be
2. Revaluation of the
Great Britain's urgent need of gold.
of the revalorized franc gold held by the Bank of France on the basis
The
Frank
furter Zeitung further holds that
. The gold is now value
these gold requirements
of the bank as if it were
d on the balance sheet ore probably due to the
paper.
British Government's determination
3. Recapitalization of
to compel
the Bank of England next
the
year
Bank
to
take over liability for the war-time
of France to put its state
a gold basis.
ment upon currency notes. Alfred Lansburgh,
in
Die
Governor Benjamin Stron
Bank, considers that both
the American expor
g of the Federal Reserve Bank
who has been in confe
of New York, way of delivering t of gold and the American export of goods by
rence with Montague Norm
proceeds of foreign loans are ultim
an, governor of the America's
Bank of England, over
ately due to
conscious effort to maintain
England's gold problem, espec
prices and to prevent the
ially in connection dustrial
with the consolidation
depression which would result
of its bank note and currency
if
the accruing surplus capital
issues, is next to of the country
discuss the French situa
tion with Governor Riot of the
were invested productive
It is understood that
Bank of France.
Further copyright adyices from ly at home.
the arrangement of a credit will
be settled at that
abro
time.
ad (Paris, Dec. 18),
were reported as follows by the
"Times":
Capital Export Expected.
New York's gold exports to Lond
•
on are believed here to have been
As soon as France retur
the direct result of the Bank
ns to the gold basis the restrictio
of
export capital will be remov
ns on the That action was evidently taken England's efforts to force up sterling.
ed. France, it is expected, will then
for the purpose of causing
a capital exporting nation.
become of gold from New York to Lond
the flow
on. The purpose has been effec
It is because of the danger of an
overexport but it is not believed in the
of capital, among other
things, that the Government is takin
Paris market that the gold remit ted,
tances
g such care- flout America to that marke
ful steps to buttress the
t can reach any really important
condition of the Bank of France befor
figure.
e making
the currency convertible.
No more borrowing is neede
d by France, it is felt, and no furth
Government loans are looke
er C. D. Pugsley Attributes Dro
d for
p in Wholesale Prices to
railroads and other French secur here except refunding issues for the
ities here for the purpose of reducing
Gold Exports.
the coupon rate. However,
credits with central banks and leading
investThe recent fall in wholesale com
ment bankers, such as those
arranged by the Italian Governme
modity prices is attribunt, is table to
thought wise because of their
the export ofgold in the opin
effect in gaining confidence on the
part of
Frenchmen and foreigners in
ion of Chester D.
the success of the currency valuation.
Pugsley, Vice-President of the West
chester Cou
nty National
Bank at Peekskill. Be thus states
his views:
The recent fall
. -
in the wholesale commodity price
Secretary of Treasury Mell
index 18 in appreciable
on Sees No Danger to Credit measure attributable to the export of gold.
It is a fundamental economic law that
in Present Gold Export Mov
expor
ts of gold occasions a fall in
ement.
prices, while an excess of imports over
exports
In adyices from its Washingt
If it were not for the export of gold such of gold occasions a price rise.
on bureau Dec. 19, the New
a
fall
in wholesale commodit
York "Journal of Commerce"
prices would indicate overstocking of
stated:
goods and a lack of demand, where y
There is no occasion for alarm
in this country as a result of the
outward turn in the movement
of
reached a net export of $53,000,00 gold that began in the fall and
0 in November, in the opini
on of
Secretary of the Treasury Mellon.
The Secretary takes the position that there
is
no
certa
inty
that the
outward movement of gold will continue.
United States in possession of over $4,500,000 Furthermore, with the
,000 in gold, or half the
world's monetary supply, a considerab
le amou
without endangering the country's credi posit nt might be exported
t
ion.
Mr. Mellon declined to estimate how much
gold might be removed
from the country without creating
a credit situation. Some economists
have estimated that a net export
of $500,000,000 in gold would leave
the United States with sufficient reser
ves to keep business and finance
in a healthy condition.
as
stocks of merchandise carried by whole
saler
October than a year previous in most lines s were smaller at the end of
in the wholesale trade were in abou the esxcept shoes, and average sales
t
same ratio to stock on hand as
year previous.
a
The export of gold may aid in the stren
gthening of the economic and
financial position in Europe.
Economies in Gold, Warning by Comp
trollor, of British
Mint—Foresees Scarcity as Mines Run
Low and Production Costs Rise.
A warning that "unless we are
prepared to face a prolonged fall in commodity prices
it is imperative to econo-
DEC. 24 1927.]
THE CHRONICLE
mize on gold, both as regards its use as a commodity and
as money," is a feature of the 1926 report of the Comptroller of the Royal Mint, Colonel R. A. Johnson, issued
the
Dec. 21, according to London message (copyright) to
New York "Times." Referring further to the report the
account said:
Soviet Commissars Pass Credit Pact—Agreement With
American Group Headed by Percival Farquhar for
400,000,00 6-Year Credit to Russia Confirmed.
In its issue of Dec. 16 the New York "Journal of Commerce" said:
on the reHe pointed out that with the growing demand consequent
the question
turn to stabilized conditions in one country after another,
a most important
of the probable amount of virgin metal has become
of the discovery
economic factor. The report says that in the absence
certainly of great imof new fields, economy in the use of gold is
some fields owing
portance, especially since production is hampered in especially where
to the growing cost of labor and working expenses,The Rand is in.
the metal is becoming more and more inaccessiblewould render it imstanced as a field where a further rise in costs
possible to work many of the older mines.
in 1926 than in any preSouth Africa's gold production was greater
United States as the
vious year, and Canada is now challenging the
Australian average annual
world's second greatest producer, but the
a fifth of its
production in the last five years was little more than
output in the first decade of the century.
to as an
referred
air is
The growing tendency to transport gold by
where long distances
encouraging factor, since the interest involved
in the calculation of cost.
are in question is itself a considerable item
y—
Gold Need Created by Plan to Reform British Currenc
England
of
Bank
and
Currency
Amalgamation of
New
Notes Due "Early in 1928"—Governor Strong of
Mctative
Represen
and
Bank
Reserve
York Federal
Montague
Fadden Reported as Conferring With
Along
Norman.—Bank of England May Be Modernized
Federal Reserve Lines.
of ComThe following is from the New York "Journal
17:
Dec.
of
merce"
3421
currency issue with the Bank of
The amalgamation of the British
year and makes it especially
England note issue is awaited early next be increased at the present
bank
desirable that the gold reserve of the
underlying the present international
time, an analysis of the factors
it is understood here, is one of
gold movements shows. This question,
London by Governor Benjamin
the problems now being taken up in
New York and Congressman
Strong of the Federal Reserve Bank of
Norman of the Bank of
Louis I. McFadden with Governor Montague
England.
which brought about the
The report of the Committee on Currency,
1925, concluded with a statereturn of Great Britain to a gold basis in
ng the two note issues
ment pointing out the desirability of amalgamati trial under the gold
of
as soon as possible. It stated that the period
currency issue could be abstandard would end in 1927 and that the
1928."
in
"early
England
of
Bank
the
by
sorbed
the Bank of England
Under the Bank Act of 1844, the note issue of
On Nov. 23 last the gold
is secured by a gold coverage of 100%. £150,117,075, and the bank
secured note issue of the bank amounted to
fiduciary issue, which is
had outstanding in addition the E19,750,000
and having no secursimilar to our greenbacks, being fixed in amount
£293,328,000 on the same
ity. The currency note issue amounted to
£56,250,000 of Bank of Engdate. This issue is secured chiefly by
£250,000,000 of Governland notes held by the Treasury and nearly
ment securities.
Amalgamation of Note Issues.
of Socialist Soviet
The Council of People's Commissars of the Union
t and the
Republic has confirmed the agreement between the Governmen
Russia is to
American group headed by Percival Farquhar by which
cable reports
receive a $40,000,000 credit for six years, according to
which reached the financial district late yesterday.
by the
capital
The agreement provides for investment of American
Under its
granting of heavy credits to the Soviet metal industry.
to provide for a yearly
terms the Malotevsky factory will be re-equipped
reduction in
output of 860,000 to 870,000 tons of pig iron at a marked
the cost of production.
Makeevthe
plans,
Equipped according to the most modern American
metallurgical entersky factory group is expected to become the largest
new mines and
prise in the Soviet Union. It is understood that several
coal and ore for
pits will be equipped in order to secure the necessary
the expansion of production.
t is to
Details of the agreement provide that the Soviet Governmen
to $40,receive from the Farquhar group a six year credit amounting
machinery and
000,000, and specifically designated for the purchase of
to this,
equipment. The Government is expected to expend in addition
50,000,000 rubles of its own.
into a
converted
be
It is also provided that the six year credit may
the
long term 20-year loan, and in case of such a conversion during
will
first four years after the agreement is signed the Farquhar group
sky,
receive the privilege of financing the re-equipment of the Ekaterinin
Donotz, Lihaia, Stalingrad and Merefa, Kherson Nikolaev Railways
harbor
of
t
enlargemen
into trunk lines, as well as the re-equipment and
installations in Nikolaev.
Such conversion would give the Farquhar group the rihgt, as concessionaires, to erect a new metallurgical factory and a steel mill with
a yearly production of 1,000,000 tons in the district of the Elcaterininslcy
Railway and the right to construct elevators, harbors, warehouses and
shipbuilding wharves in Stalingrad. The exact terms of these concessions would be determined by special agreements.
It was also learned here yesterday that a loan equal to about
$30,000,000, believed to be the first large home loan, was issued in
Moscow by the People's Commissariat of Communication, by virtue of
a decree of the Central Executive Committee and of the Council of
People's Commissars of the U. S. S. R. This is a 6,000,000 chervonetz
9% railway bond loan, guaranteed by the Government of the Union
of the Soviet Socialist Republics, having for its object the increase of
funds designated for railway construction.
The loan is issued in 60 series of 100,000 chervonetz each. The
bonds are in denominations of 10, 25, 50 and 100 chervonetz, and the
loan is issued for a period of seven years, beginning September 1.
The chervonetz at par value is worth about $5.14.
Soviet Gets $800,000 Loan—English, American and Swiss
Banks Provide Money for Rail Equipment.
In copyright advices from Geneva Dec. 21 the New York
"Times" said:
Maxim Litvinoff, the Soviet Vice Commissar for Foreign Affairs,
while attending the recent League disarmament conference here succeeded in raising an international loan of 160,000 pounds sterling
($800,000), it is now learned.
English and American banks participated in the loan, but Swiss
banks have taken the largest slice.
The entire sum will be expended in buying locomotives and coaches
from the Swiss firm of Brown & Boverie, at Baden, for the Russian
railways.
issues will be
It is expected that the amalgamation of the two note
of the Bank of England
made the occasion for a revision of the charter
banking practice. Above all,
S. Parker Gilbert Arrives in U. S.
to bring it further into line with modern
gold reserve is
the requirement that bank notes shall have a 100%
the
the Leviathan to spend the holidays in this
of
on
g
Arriving
considered obsolete and a bar to the most efficient functionin
understood country, S. Parker Gilbert, Agent General for German
bank. A change in the direction of the American practice is
any comment regarding
to be planned.
as Reparations declined to make
Deducting the Bank of England notes held by the Treasury
present Germany's financial outlook, according to the "Wall Street
security for its currency issue there are outstanding at the
The gold
News" of Dec. 22, which reported him as saying:
time more than 1407,000,000 of bank an currency notes.
reserve of about 1150,000,000 gives a reserve of gold to total currency
All that was possible to say I included in my recent semi-annual report
Act
Reserve
anyFederal
The
of
36.7%.
and bank issues outstanding
and
considering the responsibilities that are mine, it is difficult to say
gold and
makes the legal reserve for Federal Reserve notes 40% in
at this time.
thing
the
100% in commercial paper of the types eligible for rediscount with
Federal Reserve banks.
two
the
that
event
Senate Confirms Nomination of Dwight W. Morrow
It is not believed safe for Great Britain, in the
as Ambassador to Mexico.
note issues are consolidated, to establish a gold reserve as low as our
the moveown. London is the world's greatest free gold market and
the
The U. S. Senate confirmed on Dec. 17 the appointment
ment into and out of the country is relatively much larger than in
case of the United States. Hence in the interests of safety a larger of Dwight W. Morrow as Ambassador to Mexico. Regold reserve is needed to guard against too large a gold outflow at any garding the Senate confirmation the New York "World"
one time.
17 said:
Informal proposals have also been made in Great Britain to keep the in a Washington dispatch Dec.
100% gold reserve requirement on Bank of England notes and absorb
No record vote was taken, and confirmation followed an hour's disthe currency issues of the Treasury through the deposit of Government cussion behind closed doors. Senators Reed of Missouri and La Follette
securities against the notes. This would not merely continue the pres- of Wisconsin are understood to have expressed opposition, while Senator
ent status, but involve the transfer of the currency account of the Edge of New Jersey and others strongly urged prompt confirmation.
Treasury in toto to the Bank of England. The liberal element of the
When President Coolidge gave Mr. Morrow a recess applontment there
London banking community is understood here to favor a more thor- was talk of a bitter fight when his nomination came up for confirmation
oughgoing reform, however.
on account of his long connection with the banking house of J. P. Morgan
& Co. The progress already made by Mr. Morrow toward smoothing
Single Gold Supply.
out relations with Mexico has had the effect of removing virtually all
opposition on the part of Senators.
a
to
for
allow
its
n
remodel
organizatio
England
Should the Bank of
Following the executive session it was learned that the majority of
l
in
the
a
increase
'substantia
issues,
note
for
all
reserve
gold
single
Senators present would have voted in the affirmative without a moment's
amount of gold held by the bank would become necessary. This need hesitation had a roll call been demanded on Mr. Morrow's confirmation.
arises at the very time that France and Italy are planning to go on a The viva voce vote was overwhelmingly favorable.
gold basis, drawing gold very likely from the London market, where it
The Foreign Relations Committee acted promptly in recommending
can be secured more cheaply than in New York as a rule, because of favorable action on Mr. Morrow's nomination.
the smaller shipping and interest expenses involved.
Mr. Morrow's appointment to the post by President
As a result of the present conferences between the central bank
heads in London, the accomplishment of these delicate transactions with Coolidge was reported in these columns Sept. 24, page 1660.
the least friction and disturbance to domestic credit conditions is ex- The presentation of Mr. Morrow's credentials to President
pected. Also, through the participation of Congressman McFadden, it
Calles was noted in our issue of Nov. 5, page 2462.
is thought that any opposition in Congress would be allayed.
rat
3422
THE CHRONICLE
[VOL. 125.
Report of S. Parker Gilbert on
Thus far the first time the Agent General
German Reparations For
expresses the opinion that
in the end Germany must be left free
Third Annuity Year—Reform
to pay her war debts of her own
of System of Expendi- accord,
without
being
subjecte
d
to the sort of control which he himtures of Revenues by States
and Communes Called
self now is exercising.
For—Dawes Payments Take Precedence
The report records the punctual payment
Over Foreign
of the third year's annuity,
totalling 1,500,000,000 marks (about
Loans—Would Have Germany Freed
$360,000,000) and voices the confrom Super- viction that the
payment
of 1,750,000,000 marks chic during
vision.
the current
twelve months will be forthcoming.
The report of S. Parker Gilbert Agent
,
General for
Improvement its 1928 Budget.
Reparations, covering the third annuit
Much space is devoted to an analysis
y year under the
of the German budget. Sharply
Dawes plan, was made public on
Dec. 16, and one of the condemning the budgetary arrangements of the last and the
present
fiscal
year, Mr. Gilbert gives the German
marked passages of the report is
Government credit for having
its statement that as improved considerably
in its financial program for the
time goes on it becomes "clearer that
year that begins
neither the repara- next April.
tion problem nor the other proble
He commends particularly the
ms depending upon it
Reich's resolve to balance its budget
without further borrowing. His stricture
will be finally solved until Germany
s on budgetary relations behas been given a de- tween the Federal
authorities and State Governm
finite task to perform on her own respons
ents are severe, howibility, without ever.
foreign supervision and without
"The States and communes have
transfer protection." Anplayed
a
major
part in the general
tendency toward spending in
other feature of the report, (this is
excess of resources which has
pointed to in the copy- characterized public
recently
finance
in
Germany,"
right cablegram to the New York
"Herand-Tribune)" is
Regarding foreign credits to German he says.
industry and commerce, he
the suggestion offered for the
doubts
whether their large volume now benefits
first time by the Attorney
German reconstruction
as a whole.
General that the time is rapidly
drawing nigh when the
Currency and Business Sound.
total amount of Germany's
liabilities to her former
The Reich's currency, in the Agent
General's
enemies should be definitely fixed.
The account from sound. He records the adverse balance in Germanview, is absolutely
foreign trade, but
which he quotes continues:
voices no fears about this becoming a
danger to Dawes plan payments.
German business is in excellent shape,
While insisting that Germany give the Dawes
he states, unemployment is no
plan
a
fair
test
by
longer a
doing everything in her power to facilitat
e the transfers of payments, cates, are problem and production is at a high level. Prices, he indiabove normal, .however, and domestic
Mr. Gilbert says:
consumption ought to
be
curtailed.
."The very existence of transfers tends to save
the German public
authorities from some of the conseque
The
report
covers 237 pages and is supplemented
nces of their own actions, while
by three additional
on the other hand the uncertainty of the total amount
of reparation bulky reports from the Commissioners for German railroads and the
liabilities inevitably tends everywhere in Germany
Reichsbank and the Trustee for industrial
to
diminish
the
debentures.
normal incentive to do things and carry through
For reasons known only to Mr. Gilbert's
reforms that would
clearly be in the country's own interest.
"
of printed matter was not handed to the subordinates here, this mass
America
n correspondents here
Contrary to legal views expressed in
this country, (and until 5 o'clock this afternoon, allowing about six hours for reading,
digesting and summarizing the volumin
which we are giving elsewhere in
ous documents.
our issue to-day) the
report of Mr. Gilbert places priority of
Reparation Allotments.
reparation payOf the total of 1,500,000,000 marks in Dawes plan
ments over service for external loans
third-year annuities,
floated publicly and 410,000,
000 was paid from the national budget.
privately, with the exception of the Germa
For the fourth year,
n external loan 500,000,000 marks must be raised from
this
of 1924. Whenever the question has arisen, the report industrial debentures and German railways source. Transport taxes,
bonds also will be obliged
to bear a heavier burden, bringing the
states, both the Transfer Committee and the
total payment of 1,750,000,000
Agent Gen- marks.
eral have considered it their manifest duty to
make full
For the first time since the operation
of the Dawes plan the United
reservation of the legal rights of the credito
r powers States figures in the payment, which amounts to 55,000,000 marks.
This
applies
under Article 248 of the Treaty of Versailles and
on
the
claims
of
the
occupati
on
army
costs and is listed in the
the pro- special
priority category.
visions of the experts' plan. Bankers and investo
rs have
France got the lion's share of reparations,
totalling 767,000,000 marks,
been left free to make up their own minds as to the
in- with more than 50% of the payments in kind.
Britain receives 307,000,000 marks; Italy,
vestment merits of foreign loans issued by German
public
108,000,000; Belgium, 97,authorities or private undertakings in much the same man- 000,000; Yugoslavia, 54,000,000; Rumania, 12,500,000; Japan, 13,000,000; Portugal, 8,000,000; Greece, 4,000,00
0,
and
Poland, 304,000.
ner as would be done with any other investments, the
The third year showed a considerable
"
reincrease in foreign currency
payments in cash or goods, totaling now
port declares.
over 49%, compared with 35%
last year.
The report is a voluminous document, and an extend
ed
There was a corresponding decrease in
payments in
account of it, contained in copyright advice
s to the New liveries in kind, coal holds first place, totaling 200,000, kind. Of de000 marks. PayYork "Times" from Berlin Dec. 16 is quoted herewi
ments in kind included contracts awarded
to Germany for dredging
th:
work at Havre and bridge construction
The annual report of Agent General S. Parker Gilbert to
over
the
Danube
at Belgrade.
the Reparation Commission, carrying his periodical surveys of Germany's
Concern for Rail Financing.
economic
position into the opening months of the Dawes plan's
The railways are causing Mr. Gilbert
fourth year, was
uneasiness. From the railway
issued for publication here recently. Mr. Gilbert is now
enroute to bonds must come for next year 660,000,000 marks
America.
and from the transport tax 290,000,000. The company may be
obliged to raise the rates on
While milder in tone than his last two public communications, the account of
increase
d
expenses
due
to the higher wage
report sternly reiterates the Agent general's insistence upon retrench- active and
retired officials. For the construction program program for
ment in the Reich's administrative expenditures and reform in the Na- is likely, Mr.
new capital
Gilbert believes.
tional Government's financial relations with the Federated States.
For 1927, 436,000,000 marks must be paid
to the staff retired or disMr. Gilbert flatly denies the thesis advanced by certain American charged after the inflation
. This is 41% of the payroll of active embankers that foreign loans for German private enterprises take preced- ployes. The recently
enacted civil servants' increased pay bill also
burence over the German Government's obligations abroad. The Versailles dens the railroad's payroll.
Treaty, he recalls, makes Allied reparations "a first charge upon all the
"It would seem probable that the company could
material
ly reduce its
assets and revenues of the German Empire and its constitutent States." program of capital expenditures without
embarrassing the operation or
The only exception to this ruling, he affirms, was authorized by the service."
If the railroad needs money the Agent General
Reparation Commission, the sole competent authority in the extension
believes internal
of priority in the repayment of the so-called Dawes loan accorded to financing should be resorted to as much as possible through the issuance
of secondary obligations, even if the preferre
the Reich in 1924 for the stabilization of German currency.
d shares could not be absorbed.
.It is not the policy of the Reparations
Establishment of Confidence
Commission to let preferred
As usual, Mr. /Silbert cautiously avoids any prophecies about the shares be issued abroad, he says, and adds:
"It
is
manifest
that
any
external
issue of securities by the railroad
ultimate fulfillment of the Dawes plan. But, referring to the solemn company
raise important considerations of principle
assurances of its intention to do everything within its power to fulfill standpointwould
from the
of the experts' plan. There can be no
doubt that it is inits obligations under the plan, contained in the Reich's reply to his herently difficult in the present
status
the plan for the railroad to
extremely critical memorandum of Oct. 20, the Agent General observes: finance itself by the issue of secondaryofsecuritie
s."
"Looking toward the future, these declarations of the German GovPraises Pledge to End High Spending.
ernment furnish a basis for proceeding with the test of practical exFifty pages of the report are devoted to a
perience as intended by the plan, and it is encouraging that the Governconsideration of the Reich's
revenues, expenditures and debts. Of the
ment already has taken some measures for financial reform.
Federal budgets, Mr. Gilbert
"The real answer depends on the practical results that follow and on writes that for the present year and the preceding year "they
have not
the extent to which Germany succeeds in reversing the tendencies to- been soundly balanced," and adds that the same is true
of the State and
ward overspending and overborrowing that have so generally appeared. municipal budgets.
Fortunately, this test is a relatively simple one to apply, and it will
Stabilization, he
soon be apparent from the course of public expenditure and borrowing ones and caused explains, brought surpluses to all of the public tress.
extravagant expenditures for improvements
whether or not real reforms have been accomplished."
that were
While he evidently believes that the time is not yet ripe for the fix- impossible during the inflation era. Economic depression followed, with
resultan
t
unemplo
yment,
and the Reich, the States and the commun
ation of the total German indebtedness as ultimately contemplated by the
es
plan, Mr. Gilbert finds that the confidence which must be a necessary were all driven to borrow to make both ends meet.
In this connection the Agent General repeats
preliminary of the final settlement has already been established.
measure passed on Wednesday by the Reichstag his criticism of the
raising the pay of all
Looks to End of Supervision.
Federal employes and entailing an ultimate
burden of 1,500;000,000
marks
on
the
German
taxpayers.
He concludes his report with the following significant sentences:
It was this action that drew his fire in his
"And as time goes on and practical experience accumulates, it beOctober memorandum.
comes always clearer that neither the reparation problem nor the other The German Government's statement, in its reply, that "the period
of
problems depending upon it will be finally solved until Germany has high extraordinary expenditures may be looked on
as closed," elicits
been given a definite task to perform on her own responsibility, with- Mr. Gilbert's praise in the present report.
out foreign supervision and without transfer protection.
Revenue Gain to Cut Big Deficit.
"This, I believe, is the principal lesson to be drawn from the past
'three years, and it should be constantly in the minds of all concerned
While in his opinion expenditures remain too heavy in
the current as.
as the execution of the plan continues to unfold."
calyear, Mr. Gilbert voices belief in a consider
able reduction in the
DEC. 24 1927.]
THE CHRONICLE
3423
The cost of living, which in 1925 had the same relative level as wholeimpending deficit due to the fact that the "revenues for the first six
decline during the industiral depression and is rismonths have proved to be not only larger than those of the correspond- sale prices, failed to
150 to the wholesale prices' 140.
ing months of the preceding year but also larger than one-half of the ing steadily, now being
Compared with American and British basic commodity prices, the
budget estimates."
been highest during most of the present year. A
He places the probable deficit at 230,000,000,000 marks, which, he German index has
midsummer decline in the prices of several agricultural products caused
predicts, must be met by the issue of Treasury bills.
bringing it below the American, which at the
Commending the simplification achieved by incorporating the war the German index to fall,
charges, hitherto listed separately, in the main budget, Mr. Gilbert says same time rose.
of the draft budget for 1928-29 that it "gives reason to hope that if
The memorandum of Mr. Gilbert warning against over
vigorous action is taken public expenditures may be brought and kept
and excessive spending was given in these
borrowing
on
the
this
judgment
bases
He
revenue."
within the limits of available
authorof
absence
the
and
12, page 2617.
expenditure
y
Nov.
of
extraordinar
volume
columns
reduced
ization for further borrowing.
to
Curiously enough, he fails to stress the fact that the Reich proposes
on German Transfers—
spend 400,000,000 marks more, or 9,500,000,000 altogether, next year More Controversy Likely
than the estimated total of its expenditures ending March 31, 1928. Yet
Agent-General Gilbert Not Wholly Clear
of
Attitude
-•
again and again he sounds the note of warning aganist extravagance in
When He Declares Loan Services Secondary.
the disbursement of public funds.
the above head the "Wall Street Journal" in its
Under
Hope for Revenue Disposal Reform.
20 stated:
Expressing hope that the conference between the Federal Government issue of Dec.
in payment
Renewed controversy over the question of priority of transfers
and the Premiers of the Federated States, scheduled for January, will
service of German loans, excluding the
mean progress in more economical public administration, the Agent of reparations and of funds for
seems likely to result from the extracts
General urges a thorough reform of the present system under which the German Government 7% loan,
the annual report of Agent-General S.
States and communes spend the revenues alloted to them on a proper- published here Saturday from
Commission, en this point the report
Reparations
control.
the
to
Federal
Gilbert
Parker
without
like
and
as
they
Reich
the
tionate basis by
in one dispatch as follows:
Germany's public debts are declared by the report to aggregate almost of the Agent-General is summarized
Article 248 of
"The Agent-General declares emphatically that under
11.000,000,000 marks, of which 8,000,000,000 is owed by the Reich,
States and
the Treaty of Versailles all loans contracted by German
1,100,000,000 by the States and 1,800,000,000 by communes.
in- municipalities are secondary to the payment of reparations."
In the past six months State and municipal indebtedness has
"flatly denies
Another dispatch, reviewing the report, says Mr. Gilbert
creased by 230,000,000 marks. Foreign loans contracted by private
bankers that foreign loans for
American
Gilbert
Mr.
certain
by
by
marks
0
advanced
thesis
1,700,000,00
at
the
set
are
Germany
in
enterprise
half German private enterprises take precedence over the German Govrnment's
and the total sum owed abroad at 3,300,000,000 of which nearly
allied repaobligations abroad. The Versailles Treaty, he recalls, makes
has gone to the States and communes.
and revenues of the German
The absence of adequate governmental control over the credit oper- rations 'a first charge upon all the assets
ations of private concerns, as well as over those of the States and Empire and its constituent States'."
to State and
The first dispatch referred to makes the Gilbert reference
municipalities, is emphasized by the report. Under the heading, "Rela•
the theory held by many American
disputes
second
states:
the
Gilbert
loans;
Mr.
municipal
Payments,"
Reparation
to
tions
from
bankers that German corporation loans, apparently as distinguished loan
"The plan did not give to the Transfer Committee or to the Agent
in the
of
General any power to supervise or control the issue of foreign loans or
State and municipal loans, have an advantageous position
the German Reich States or communes or of German companies
service.
attitude
other undertakings and, except in the case of the German external loan
Neither seems to make clear exactly what the Agent-General's
clear on the
of 1924 (the Dawes loan] funds for the service of these loans, whenever
is on the transfer of funds. Later dispatches may be more
the
or
Committee
Transfer
the
of
hands
the
through
con-epass
not
do
newspaper
issued,
situation. The report was delivered to the American
Agent General.
so that the time for study of the 237afternoon,
Friday
of
loan
late
external
spondents
German
the
of
therefore,
exception,
one
'With the
from the commissioners for
1924, the Transfer Committee and the Agent General have always stated page report, supplemented by three reports
the industrial
in answer to inquiries that they were not in a position to give any as- the German railroads and the Reichsbank and the trustee for
surances whatever as to the service of any of these loans that might be debentures, was necessarily limited.
studied the
floated abroad.
It has been quite generally realized by those who have
"The general power of the Transfer Committee and the Agent General Dawes Plan in a brief way that the Treaty of Versailles makes reparaexwith respect to the transfer of reparation payments and German
assets and resources of the Reich and its
change are matters of public record in the treaty and the plan. In sub- tions a prior charge on the
point in relation to German
stance, therefore, the position is that bankers and investors have been component States. Reassertion of this
in the Berlin disleft free to make up their own minds as to the investment merits of borrowings, excluding the Government loan, as given
foreign loans issued by the German public authorities or private under- patches, does not seem in itself sufficient to establish whether the
inbe difficulty about
takings in much the same manner as would be done with any other
Agent-General takes the stand that, if there should
secure enough
vest ments."
transferring reparations payments through inabiliity to
Steady Gain in Es-ports.
market, transexchange
foreign currencies without upsetting the German
Analyzing Germany's foreign trade, the report records an excess of fer of funds for service of other loans must wait. But that the Agentimports over exports aggregating 3,600,000,000 marks, but points out General refers only to the principle of the securities rather than service
of the
that the export figures omit reparation deliveries. It is also indicated of the loan also would seem a somewhat strained interpretation
that domestic prosperity is produced by home consumption resulting in extracts cabled last week on his report.
a heavy increase in imports.
Exports, Mr. Gilbert observes, have manifested a small but steady
increase throughout the past three years. Their volume, he adds, must German Reichstag Passes Bill Increasing Salaries of
be augmented and to that end foreign credits possibly need to be di.
Federal Officials—Measure Opposed by S. Parker
• minished and the rise in internal prices certainly needs to be halted,
since both encourage imports and form an obstacle to exports.
German commerce and industry have been more active in recent
In Berlin advices Dec. 14 (copyright) the New York
months than at any time since the stabilization, Mr. Gilbert observes,
adding that the effects on production, distribution, employment and con• "Herald Tribune" stated:
Paul Loebe
sumption have been remarkably uniform. The developments relate prinIn a dramatic session, in the course of which President
another, the Reichstag
cipally to internal conditions and domestic markets.
called to order several Deputies for reviling one
one
A disturbing factor, however, is the tendency of German prices to passed to-day the officials' salary increase bill. This bill, although
rise, which is regarded as dangerous, especially when the prices are of the measures to which Seymour Parker Gilbert, the Agent-General for
menace the balancing
based on credits.
reparation payments, recently objected as likely to
Another encouraging sign is the reduction of unemployment to a nor- of the German budget in the future, had been submitted to the Reichmal or at least to a manageable stage. There are about 1,000,000 fewer stag with only slight changes.
separately, were accepted
out of work than a year ago. The great reduction in unemployment is
In a ten-hour session all paragraphs, voted on
traceable to the widespread industrial revival now entering every phase with strikingly small majorities, while the whole bill was passed by a
from voting.
of business.
vote of 333 to 53, sixteen Deputies abstaining
Democrats and Socialists
Mr. Gilbert observes that through the reduction of the jobless and the
The Government parties were supported by the
increased size of the working population more are now employed than and most of the members of the Centrist Party, while the Communists,
the
ever before. Less than 500,000 persons are receiving Government doles the Bavarian Peasants' Party, and the Economic Party voted against
the Bavarian People's Party
as compared with 2,000,000 in the middle of January.
bill. Some of the Centrists and members of
abstained from voting.
'Steel Industry Keeps High Level.
explaining their position
Before the final vote the Socialist spokesman,
'rue volume of production, consequently, has increased proportion- as friends of the measure, declared that they entertained many objections
ately to the increase in the working forces, though exact figures are un- to the bill in its existing fonn, but felt that they ought to support it all the
available. If the iron and steel industry can be taken as a criterion, the same because if it were not passed nothing would be done to improve the
volume of production reached early this year is being fully maintained. economic situation of Government officials.
during a discusSince May of this year, the iron and steel output remained constant
Clashes between Socialists and Nationalists occurred
at the highest level it has attained since the 1925 depression and higher sion of a paragraph of the bill dealing with pensions. The Socialist
than pre-war. The output is more than the share fixed in the program Deputy Erich Rossman, who compared the pensions received by former
granted to invalided
of the International Steel Syndicate.
ministers and high military officials with the rents
German agriculture has suffered two inferior crops in succession, add- soldiers, was ridiculed by the Nationalist Deputy Atto Schmidt, who,
inthe
farmers
since
the
on
thrown
were worthier
difficulties
other
the
ing to credit
praising the merits of the old army officers, said that they
flation and causing augmented imports of foodstuffs during the past of pensions than certain Socialists who got highs posts only by their Party's
fifteen months.
patronage.
Though the present crop is larger than last year's, it is still considerIn its reference to the debate in the bill in the Reichstag
ably below the pre-war figures, making due allowances for those somewhat exaggerated estimates, though the acreage under cultivation has on Dec. 13, the New York "Times" advices (copyright) said
considerably increased.
In part:
The volume of freight traffic, judged by the number of cars placed
salary inAll parties were unanimous in recommending the proposed
at the disposal of shippers, is larger than either of the last two years,
be effected without addican
says
Koehler
Minister
Finance
which
crease,
it
the
year
though suloject to seasonal movements. In the early part of
will be passed
tional taxation, and there seems little doubt that the bill
. showed a 15 to 20% increase, while in the latter part it was only before midnight to-morrow. Thereby the pay of lower grades in the civil
slightly above last year's figure.
service will be raised 25%, that of the middle grades 15%, and that of
Another indication of improved business is shown by a check on the
higher officials, including Cabinet officers, 10%.
last
over
a
increase
28%
showing
traffic,
check
postal
the
of
clearings
Paul Loebe, President of the Reichstag, announced that the majority
year.
must be increased in
of taxes is run- factions were agreed that salaries of legislators
The volume of business estimated front the turnover
the ratio of those of the Ministers.
ning 10 to 15% higher this year.
Gilbert.
3424
THE CHRONICLE
W.E. Bell, of Harris, Forbes & Co. Analyzes Situati
on
in Germany and Europe Following Trip Abroad—
S. Parker Gilbert Memorandum Viewed as Constructive Crticisim.
The foreign borrowings of Germany to date have contributed to the recovery of Germany in a much higher degree than any burdens they impose, Walter E. Bell, of Harris, Forbes & Co., which is prominently identified with
European financing, said on Nov. 24 following a trip abroad
during which he spent a month in Germany observing conditions there. He states that the situation in Germany is
undoubtedly stronger than at any time previous since the war,
and throughout Europe a new spirit of co-operation is providing a basis for profitable co-operation between the business interests of different countries as well as improved
political relations. In presenting his views he says:
[VeL. 125.
"It is so framed as to facilitate a final comprehensi
ve agreement sa to all the
tphriosbp
leom
assibolfe...
reparation and connected questions as soon
as circumstances make
It is the French contention that "and connected questions"
means
the inter-Allied debts and the Allied debts to America.
Does Mr. Gilbert
mean that? He does not say so clearly in his report,
but so firm
is the French insistence on the point that one wonders
whether they have
something more to go on than the official wording
of the document
Issued yesterday.
One thing may be said, and that is the French are
consistent, for they
themselves have always linked reparations and debt
payments, despite
the refusal of the United States to accept that position
formally, although
informally Secretary Mellon has come pretty close to
doing so.
insist on Germany Sharing Burden.
Put pedantically, the French say they do not see why in
any adjustment
only the Allies should lose and Germany should gain
and do not see
why the German taxpayers' burden for liquidating the
war cost should be
cut and the burden of the Allied taxpayers be left where
it is.
For some years the French have been willing to
give to America and
Great Britain all they get from Germany to call
things square. Failing
that, because of American opposition, they have
insisted on a safeguard
clause specifying that they will quit paying if Germany
quits paying.
The demand for that assurance blocked the ratification
of the Beren•
ger agreement. And now once again the French see
the opportunity,
whether or not they have read it into Mr. Gilbert's
report, to put forward the theory of the correlation of all internation
al indebtedness.
Would Sell Dawes Plan Bonds Here.
Whenever there is a consideration of a general settlement
on this side
of the Atlantic one has always heard mentioned the
11,000,000,000 gold
marks in railroad securities and the 5,000,000,000 gold
marks in industrial securities provided for by the Dawes plan. This
means $4,000,000,000,
and the experts figure the present value of the
European war debt to
America, calculated on the debt settlements made, at
only slightly more
than that.
When Germany came out of the nightmare of inflation three years ago
the country was rich in technical ability and the capacity for organization. It had an intelligent, efficient and industrious population but was
in great need of working capital. There were available two ways of
obtaining capital—one by the slow process of saving; the other by borrowing a portion of the requirements. There can be no doubt that
the
foreign loans to German States, municipalities, public utilities
and 13'
dustries have helped very greatly in the rehabilitation of the Getman
economy, and the fact that foreign loans were available has in turn
accelerated the growth of internal capital. A certain number of borrowed
dollars may have gone into projects which were not essential, but
certainly a very high percentage of the proceeds of the loans has been
used
for productive purposes, resulting in a much more rapid recovery than
would otherwise be possible and contributing very greatly to the successIt is suggested to let the world investors, which means
ful operation of the Dawes Plan.
largely American
In spite of the progress that has been made, Germany still requires investors, buy these securities, which are better than any other German
additional working capital and offers a field for the safe and profitable securities, and let Washington take the proceeds and call everything
employment of American funds. There has been much discussion of the square. It is argued that the United States has invested about
amount of Germany's foreign loans. Up to date it is safe to say that $2,000,000,000 in Germany in the past three years, so there exists a
possibility for the successful marketing of these Dawes plan
foreign borrowings have contributed to the recovery of Germany
securities,
in a
much higher degree than any burden they impose. As to future borrow- especially, it is added, if they have some sort of tax exemption to make
ings, the test.of their usefulness continues to lie in the question: "Will them attractive at their 5% interest rate. There has been much disthe proceeds serve a productive purpose and contribute to the further cussion of this plan. Anyhow, it is plain that the French wish to use
strengthening of Germany, including her capacity to meet her obligations their position for bargaining purposes.
under the Dawes Plan?"
Dr. Schacht's TluAtis Recalled.
The Advisory Council known as the Beratungsstelle, which passes upon
The French reaction to Mr. Gilbert's report recalls the program
loans to States, municipalies, etc., has exercised a close supervision
which
over Dr. Hjalmar Schact, head of
such loans and there is every indication that they will be even
the Reichsbank, has been preaching. His pomore sition is that the Reich should
do its best to execute the Dawes plan for
critically scrutinized in the future. In this connection it should be
remem- the next few years, because
he believes that the United States would
bered that the States and municipalities in Germany which
have bor- then come to see the wisdom
of an all-round arrangement of war indebtedrowed in the United States own public utilities and other
productive ness, and that when that
day comes Germany would have a better chance
enterprises and that the borrowings have been, in the main,
for the of profiting if she had fulfilled
her obligations than she would have if
development of these properties, a type of loan which in the
United she had opened herself to the
charge by France and the other Allies
States would be made by private corporations.
of
having
been
guilty
of bad faith.
The Agent General for Reparation Payments recently
presented to the
Discussing the report of Mr. Gilbert, the "Temps" says tonight that
Finance Minister of the Reich a memorandum which.
has been the occa- it is apparent that the
author wishes to start a movement for a revision
sion for much discussion. After talking with Dr. Stresemann
, the Foreign of the Dawes plan, and
adds:
Minister, with Dr. Koehler, the Finance Minister, as well
as bankers and
"However stands common
business men in Berlin, I am sure that this menorandum
this step can be considered only in linking
of Mr. Gilbert reparations with all the debts sense,
of the Allies in a general settlement which will fully
is considered in responsible quarters in Germany
as a friendly and con- protect the interests of France.
structive criticism which will serve a very useful purpose. The
"It will be Interesting to see the repercussions which the suggestion of Mr.Gilbert
Finance will
Minister's reply to Mr. Gilbert represented a
have In the United States and England, seeing It could be considered only In
unanimous view of the the
frame of a general settlement of reparations and inter-Allied
German Cabinet and was written in a fine spirit
debts."
of co-operation.
The German Government, like all other
governments, is under heavy
pressure and has some difficult problems to meet.
But I am confident
they are in good faith endeavoring to hold
expenses within reasonable Reich Control of all Expenditure Sought—German
bounds.
Germany has so far faithfully met all her obligations
under the Dawes
Plan. In view of what has been accomplished under
exceedingly difficult
conditions, she is justified in expecting the world to
have confidence in
her assurance that those obligations will continue
to be met. The American investor should not worry over the question of the
priority of transfers. I do not think anyone who has studied the
question doubts that
as a practical matter, the interest and sinking fund
payments on the foreign loans will be taken care of even if it resulted in
a temporary lack
of sufficient exchange to permit the full transfer of
reparation payments.
The Dawes Plan itself provides for such a contingency
.
New Deal to Germany Favored in France—S. Parker
Gilbert's Suggestion of Free Rein to Pay Fixed
Reparation Total Accepted in Paris—But Linked
with all Debts.
Edwin L. James, writing to the New. York "Times" from
Faris, Dec. 17 (copyright), says:
France being the country most interested in the receipt of
German
reparations, it is apparent that the greatest importance is attached
the French reaction to Agent General S. Parker Gilbert's recommenda to
tion
that the total of the German debt to the Allies eventually be
fixed at a
definite sum and the Reich be left free to liquidate that
Indebtedness.
That reaction is highly interesting. It may be stated as follows:
"Germany's total indebtedness was fixed justly In 1921 ar
132,000,000,000
gold marks, and the Dawes plan represents the means for collecting
what Germany Is supposed to be able to pay toward the liquidation. Should
It come to be
generally accepted that all international indebtedness left by the World
War forms
a hindrance to good economic and political relations among the nations,
would be entirely willing to take part in any general readjustment and France
to make
concessions commensurate with those which other nations were willing
to make."
There is much meat in that paragraph, for it means that the
Allied
nations are willing to cut Germany's debt if and when America is willing
to cut their debts to the United States. It may be taken for granted
that the other Allies will agree with the French position.
Now Look to Debt Readjustment.
One finds the almost striking belief in the French capital today
that
Mr. Gilbert agrees that there should be a general reconsidera
tion of the
adjustment of international war indebtedness. One is asked to look
at
Page 171 of Mr. Gilbert's report, which says of the Dawes plan in
quoting
its author.:
Industry and Commerce in Manifesto Go Further
than S. Parker Gilbert.
The centralization of Germany's financial and economic
policies in the hands of the Federal Government is urgently
demanded in a manifesto issued on Dec. 19 by organizations
representing the entire complex German industry and commerce, says a wireless message (copyright) to the New
York "Times" from Berlin. Continuing, it says:
The authors of this significant document take the line laid down
by
S. Parker Gilbert, the Reparations Agent General, in his last
and previous
reports, but they go much further in their insistence on a general
financial housecleaning and establishment of Federal control over
State and
municipal expenditures.
Coming as it does so hard on the heels of Mr. Gilbert's recommendations,
the manifesto is evidently means to second and support
his findings
and doubtless it will have an important repercussio throughout
n
the
Reich.
"A unified economic and financial poliicy demands the strengtheni
ng
of the Federal Government's powers," the manifesto declares.
"The Federal Government should and must bear the responsibility for
the conduct
of financial policy."
Propose Veto Power.
To this end the industrialists .,pose that the Federal Finance
Minister
be accorded the right of vetoin- r creases in Federal,
State and municipal
budgets passed by the Reidl 4 or State or communal
legislatures;
a similar right in connection win the State and municipal
draft budgets
prior to their submission to the legislators; and the
right of obtaining
from the States and communes all necessary information
about their
financial status, including details about their funded
and floating obligations.
Realization of this far-reaching proposal, which is much
more radical
than any of Mr. Gilbert's, would make the Reich's
Finance Minister
virtual dictator over all public expenditure in this
country.
The manifesto is signed by the central banking,
industrial, commercial
and shipping associations. It begins by stressing the
dangers to the German body economic arising out of the constantly climbing
tax burdens and
the imperative need for the improvement of the living standard through
the steady development of industry, trade and agriculture. Therefore,
it
declares, everything tending to increase the cost of
commodity
production and prevent the creation of fresh capital must
be avoided.
DEC. 24 1927.]
THE CHRONICLE
Warns of "Self-Coat Crisis."
German productivity, the document declares, is confronted with a
"self-cost crisis" which threatens to open the domestic market to cheaper
foreign goods.
While the manifesto is silent on the subject of foreign loans, its conclusions clearly point to views on this subject similar to those enunciated
by the Agent General, who holds that the acquisition of credits abroad
must be controlled with the utmost caution.
Merchants and manufacturers hail the conference between the Reich
and State Governments scheduled for next month as a "historical event"
which will determine whether the authorities really intend to enforce
economy.
The first step their proclamation defines as a substantial diminution
in all public expenditures this year below the level reached last year.
It welcomes the 6% reduction in the ordinary Federal budget, but insists
that similar curtailment must be undertaken by the States and Communes.
Administrative reform in decreasing the number of office holders must
be put through forthwith, the manifesto affirms, and the powers of the
Reich's Commissioner for Public Economy must be broadened.
3425
ential groups in Germany toward greater economy in the national budget,
toward bringing about improved financial relations between the Reich
and the German States, and toward securing unified supervision of
Communal and Municipal finance. Distinct progress toward these important objectives is being made.
"In general, Europe gives ample evidence of continued progress in reconstruction. The budgets of most of the important European nations
are now in balance and their currencies stable. In France and Italy legal
sanction to the defacto stabilization is expected shortly. Industry and
commerce are moving along normal lines with programs for development
and expansion. While American capital has been a contributing factor,
the results achieved are due chiefly to the technical skill, industry and
determination of the people themselves. The manner in which they have
coped with their problems inspires confidence for the future.
W. P. Cook Resigns from Reparations Commission—Succeeded by Franklin W. M. Cutcheon.
The Reparations Commission on Dec. 5 accepted the
resignation of Walter P. Cook, who set on the Commission
F. Eberstadt of Dillon, Read & Co. Says Fixing of as an American citizen for the consideration of questions
Definite Total as German Reparation Debt Would relating to the application of the Dawes Plan, according
Have Beneficial Effect—Loans to Germany Neces- to a cablegram to the New York "Times" (copyright). It
sary and Desirable.
added:
Ferdinand Eberstadt, a member of the firm of Dillon,
Senator Chapsal, who presided, thanked Mr. Cook on behalf of the
Read & Co., who has spent the past several months in Commission for his valuable collaboration and expressed its unanimous
regret on his departure.
Europe, in connection with the business of his firm, reOn the proposal of Mr. Cook, whose resignation was made effective
turned on Dec. 21 on the Majestic. Commenting on Ger- on March 1, 1928, the Commission appointed Franklin W. M. Cutchmany's need of further loans, and on the Dawes Plan, &c., eon his successor.
The "Times" also stated:
Mr. Eberstadt said:
"A significant event in the development of European finance and reconstruction was the reference in the report of Mr. Parker Gilbert, Agent
General for Reparations, to the possibility that a definite total might
be fixed as the German Reparation Debt and that the full responsibility
for meeting that debt be placed on Germany without foreign control of
transfer.
"Financial opinion in Europe is quite generally agreed that to achieve
this goal would constitute the most important and beneficial accomplishment that could be realized in European financial reconstruction.
"Along with the realization of this important act there is the general
feeling in Europe that Germany's reparation obligations constitute a
fundamental element in the whole complex of international debts, and
cannot be dealt with separately. European public opinion is clearly hopeful
that a solution of these matters as a whole can soon be worked out and
that when the proper time comes America as one of the principal parties
In interest will co-operate in so constructive a move.
"American loans to Germany now amount to a large total, and interests
In Germany are seeking to place with American investors additional loans.
The funds so far advanced have on the whole been devoted to productive
purposes, and further loans in moderation would appear to be necessary
and desirable so long as the proceeds are used for purposes which enable
the borrower to earn a margin above the requirements for service of the
loan. There seems to be no good reason to conclude that reparation
payments have priority over the service of loans or credits to private industrial concerns in Germany. The matter of foreign loans to German
States seems to be in a special category. There is general recognition
of the moral obligation due to those who have made loans through which
German economy has been rehabilitated, and thus additional power afforded to the German Government to provide reparation payments.
"The Dawes Plan, as a measure of supreme statesmanship, has been
completely successful. Even should there be at some future time inability
to transfer the maximum annuities, this will by no means constitute a fail.
ure of the Dawes Plan itself. The very object of the experts was clearly
to devise a plan which would survive such a contingency. Among the
features of the present operation of the plan is the increased proportion
The untransferred balance is approximately equivalent to what Agent
of the reparation payments transferred in the form of foreign currency.
General Gilbert called "a normal working fund."
"Emphasis has often been laid on Germany's apparent adverse trade
balance. It is important to realize, however, that there are intangible,
offsetting, favorable items the amount of which, though difficult to ascertain, is undoubtedly substantial. There is a large reserve of German holdings of foreign securities, German foreign credit balances, income to Germany from tourists and credits obtained to carry on her substantial foreign
trade, and a constantly increasing credit accruing to Germany in foreign
currency collected by her insurance companies and her merchant fleet.
Substantial amounts of German loans placed in foreign countries are also
undoubtedly held by Germans. These invisible elements in the trade balance are of increasing importance as against the bare statement of the
adverse tangible items.
"Not the least significant phenomenon in present Getman financial
developments is German participation in the movement toward combination
and rationalization in European industry, such as, for example, her participation in the International Steel Cartels and the much-discussed
Chemical Alliance of England, France and Germany. The primary purpose of these alliances seems to be to create stability and offset the
shocks of unrestrained competition through the regulation of production
and distribution. There seems to be no evidence of any plan to combine
International industry for conquest of world markets, as against American
trade. On the contrary, there is strong evidence of a sincere desire to
co-operate, rather than to compete. An outstanding characteristic of
German industrial effort at the present time is a pronounced effort to
work more closely in accord with the industry and finance of the United
States.
"The year 1927 has been the best year for German business since the
Dawes plan was adopted. The large volume of traffic carried by the
national railways is a barometer of general conditions. There has also
ben a large addition to deposits in savings banks.
"Germany's relations with her neighbors are steadily improving, and
she has entered into important trade treaties, conspicuous among which
is the recent one with France, out of which grow the tariff dispute between France and the United States. At present, negotiations are understood to be under way for a trade agreement between Germany and
Poland.
"The recent criticisms of the Agent General for Reparations of German
Government finance are in harmony with the vigorous effort of influ-
Franklin W. M. Cutcheon, appointed to succeed Walter P. Cook
of the Reparations Commission, was formerly a partner in the law
firm of Bryne & Cutcheon. At one time he was counsel for the Denver
& Rio Grande Railroad and for the Western Pacific Railroad.
In 1917 he was appointed Secretary General of the American Red
Cross, serving in an advisory capacity on questions involving international relations. He was also legal adviser to General Pershing during
the war, and was decorated with the Distinguished Service Medal, the
Order of St. Michael and St. George and the Legion of Honor. In
1922 he was appointed counsel to the New York City Charter Revision
Committee.
Krupp's Passes Dividend—German Concern Reports
Net Profit of $13,000,000 Marks for the Year.
From Berlin the following Associated Press Cablegrams
were reported Dec. 7:
Krupp's report for the business year 1926-27 shows a gross profit
of 42,750,000 marks (about $10,700,000), a net profit of 13,000,000
marks, compared with a loss of 2,000,000 marks for the preceding year.
No dividends will be distributed, but 3,000,000 marks will be transferred to the Employees' Welfare Fund and 9,000,000 set aside for expansion of the works.
From the New York "Times" of Dec. 8 we take the following comment:
Announcement that Krupp's had passed its dividend was received with
interest in Wall Street yesterday. The action will have no direct effect
here, since all of the Krupp stock is owned by one family and the
company has redeemed the only bond issue that it ever sold in this country,
but its progress has been closely studied here because of the magnitude
of its operations.
It is probably the only industrial organization in the world comparable
to the Ford Motor Company in point of single ownership and operation of
manufacturing plants.
The Krupp works, which furnished the bulk of the munitions used by
Germany in the war, now turns out a wide variety of products. It makes
locomotives, railroad cars and similar equipment, besides manufacturing
parts of such rolling stock for assembly by other corporations. It also
makes surgical instruments, agricultural implements, forgings and even
such incidentals as cameras and artificial teeth. Its transition from a
war to a peace basis was one of the largest industrial operations in
poet-war Europe.
Great Britain Announces Conversion Scheme—New
Treasury Sa Will Replace War Bonds Due Next Fall.
According to the London correspondent of the New York
"Journal of Commerce," the British Treasury and the
Bank of England have provided an interesting problem for
the market in gilt-edged securities for Christmas in the form
of a voluntary conversion scheme for the National War
Bond 4s and 5s maturing in September 1929. These advices, from London, Sept. 22, go on to say:
The new Treasury 5% bonds have been created to mature in 1933 and 1935
and are to be offered for cash subscription at 101. These bonds are to be
convertible into 4s of the consolidated loan.
During the last fortnight bonds maturing in July 1928 at E117 have been
consolidated at E100 and at the period ended at the last fortnight of January
1929 at 11436 for 100.
Holders of National War Bond 5s are asked to exchange these securities
into these new Treasury bonds at the rate of 1053i for each E100 held.
Holders of the National 4% war bonds may change these at the rate of
E99;4 for Treasury bonds for £100 It should be explained that the Na
tional War Bond 5s mature at 105 in September, while the 4s mature at par
It should be further understood that the consolidated 4s are irredeemable
except at the Government's option after 1957. Hence this scheme gives
the holders of the National War Bonds an opportunity for exchange into
1935 bonds with the option in 1928 and 1929 of converting these scour
Into long dated loans.
3426
THE CHRONICLE
American Dollar at Discount in Nine Financial Centres,
According to A. D. Mendes & Co., Inc.—Effect on
Money Rates.
The American dollar is at a discount in nine financial
centres, according to a statement issued this week by A. D.
Mendes & Co., Inc. In London, Antwerp, Geneva, Amsterdam, Stockholm, Copenhagen, also in Buenos Aires, Bogota
and Valparaiso it is necessary to pay in dollars above the
par value of the local currency. "This condition indicates,"
says the statement, "that the recent export of gold has not
cured a well-defined trend that has been observable during
recent months. The logical result of this will be, in our
opinion, rising money rates with declining bond prices,
among such bonds as are returning solely the wages for capital
subject to no risk. The probabilities also indicate that
money rates in these centres are in a declining phase, so that
their local bonds will show rising prices."
Belgium Shows Progress During Current Year—
Statistics, Compiled by Mackay & Co., Show
Savings Increasing and Position of Banque Better.
[VOL. 125.
payable on these war loans providing they are retired during
say a period
of 70 years at the rate of $30,000,000 a year,
$3,350,000,000; European
war pensions, $1,035,000,000 soldiers civil re-establishment,
including pension administration and care of patients, $115,000,000;
administration of
Soldier Land Settlement Board, $12,000,000.
Direct Expenditure.
The direct war expenditure reached its peak in the
fiscal year ended
March 31 1919 when it was $446,519,439. Since then
it has decreased
sharply, until last year, ending March 31 1927, it was
only $64,485.
Interest on the public debt attributable to the war
reached its highest
point in the fiscal year ended March 31 1921 when it totaled
$126,658,015.
It has decreased gradually since the year 1923 and the
total for the last
fiscal year was $116,781,863.
The Dcminion probably will be paying pensions to soldiers
who fought
in the Great War or their dependents for the next half
century or more.
The largest amount paid in any one year since the outbreak
of hostilities
was $36,761,161 in the year ending March 31 1921, but the
amount paid
out last year on this account was only a few thousands
less, namely,
$36,745,754.
War Tax Revenues.
Not for three years after the cessation of hostilities did
the revenue
derived from special war taxes begin to overtake the expenditures
caused
by the war. When the expenditures totaled more than half a billion
in
the last year of the struggle, the grand total war taxes barely
exceeded
$100,000,000. The largest amount ever received in any one year was
$182,000,000 in the year ended March 1924. In the total of $1,500,000,
000
received from war taxes in the 14 years they have been in force
more
than $702,000,000 have been yielded by sales taxes, stamp taxes
and
the like, while income taxes have produced $427,000,000 and the business
profits tax has brought in $196,000,P00.
The bugles sounded "cease fire" nine years ago along the Western
front, but the echoes will be heard in Canada for a century.
The Kingdom of Belgium, which recently celebrated the
first anniversary of the stabilization of its currency, has
enjoyed the most prosperous year in 1927 of its post-war
history, according to a statement issued by Mackay & Co.
The letter says:
As recently as 1926 Belgium adopted extraordinary measures, imposing Anglo-Mexican Claims Convention—British Subjects
new taxes amounting to 1,500.000,000 francs and demanding
Holding Claims Urged to Communicate With
wherever possible. The results are said to have been remarkably economy
Foreign
successful.
Office.
The Belgium savings
banks are now reporting a monthly growth of approxiwith only 7.400.000 francs in 1926.
One of the chief accomplishments during the past year was
the consolidation of the floating debt. The position of the Banque of
Belgium has
also been very much improved since stabilization. Gold and
foreign exchange reserves increased from 5,202.000,000 francs in
October 1926 to
5,697,800,000 francs on Oct. 20 1927. The gold reserve of the obligations
of the bank was 52.05% on Oct. 28 1926 and 54.61%
on Oct. 20 1927.
The discount rate has been reduced from 73-5% In March
1926 to a low of
% at the present time.
mately 55,000,000 francs compared
Canadian Treasury Notes to Retire Bonds-4% Three-
Year Issue Will Replace 554% Victory Loan.
J. A. Robb, Canadian Minister of Finance. announced
Nov. 23 that the Government will not make any public issue
of securities to finance the Dec. 1 maturity of $63,437,250,
51,4% Victory Loan.
Ottawa advices Nov. 23 to the Montreal "Gazette" in
reporting this said:
The maturing bonds will be taken care of by an issue of
$45,000,000
4% three-year treasury notes which have been sold to
the chartered
banks of Canada at par. The sale of these treasury notes
marks the first
financing since 1912 which the Dominion Government has
effected at a
net cost as low as 4%. The treasury notes will be
dated Dec. 1 1927.
The balance of the maturing loan will be met from surplus
revenues.
The Government's program for financing 1927 maturities
is completed
with this transaction and may be summarized as
follows:
Maturing loans:
Nov. 1st, renewal loan 51
/
2%
$29.068,400
Nov. 15th, Treasury notes 4%
8,000,000
Dec. 1st, Victory Loan 51
/
2%
63,437,250
The British Library of Information issued the following
notice Dec. 14 regarding the Anglo-Mexican Claims Convention and the presentation of claims:
On the 31st of March 1927 an announcement was made in the press
to the effect that a convention had been concluded between His Majesty's
Government and the Mexican Government for the adjustment of certain
classes of claims for losses incurred by British subjects in Mexico on
account of revolutionary acts which occurred between November 1910
and
May 1920, and that British subjects or companies with claims
of this
kind should, in their own interests, communicate at once with the
Under
Secretary of State for Foreign Affairs at the Foreign OffHee. The
classes
of claims concerned are defined in the convention, the text
of which has
been published by His Majesty's Stationery Office (No.
Cmd. 2876
of 1927).
A number of British subjects with whom it has been found
impossible
to communicate and who filed claims about the time of their
losses with
Ills Majesty's Consulate General, Mexico City, have not yet communicat
ed
with the Foreign Office. Claimants or their legal representati
ves are
warned that failure to communicate immediately with the Foreign
Office
may seriously prejudice their claims and, in cases where further
evidence
is required but not forthcoming, may lead to their abandonmen
t.
Bonds of State Loan of Hungary Drawn for
Redemption.
Speyer & Co. anounce that a drawing for the sinking
fund of the State Loan of the Kingdom of Hungary 1924
73'% gold bonds has taken place and that the $265,700
bonds so drawn will be payable on arid after Feb. 1 1928
at par, at their offices, 24 and 26 Pine St., New York.
Cordoba (Argentina) Negotiating for American Loan.
The city of Cordoba, Argentine Republic, is negotiating
$45,000,000 with American bankers for a loan of approximately $2,500,000 to provide funds for street improvements. The issue
Redeemed in cash
$55,505,650
The saving in interest resulting from these transactions will be $3,607.- of bonds had been previously authorized by the city, but
800 annually. An additional advantage will accrue from a
further reduc- not marketed up to date. Cordoba is the third largest
tion in the amount of outstanding tax-free bonds as the Dec. 1st
maturity city in the Argentine Republic and has a populatio
n of over
of $63,437,250 has carried exemption from taxation.
216,000. It has previously sold American dollar bonds
n this market and now has outstanding an external debt
Another 70 Years Will See Dominion Clear of War
of $4,465,500.
Debt—Canada Has. to Date Paid Off $181,000,000
of Obligations.
South Africa to Check Diamond Output—Puts Twelve
The Ottawa correspondent of the Toronto "Globe" had
Months' Ban on Prospecting.
Issue:
4% Treasury notes, 1927-30
$100,505.650
the following to say under date of Dec. 7:
Canada has paid off $161,000,000 of her war debt. The stupendous
struggle in Europe ended nine years ago, but the Canadian people
will be
paying for their share in the conflict for another 70 years.
In addition to the 50,000 of the flower of her youth who sleep
in
Flanders, the conflict cost Canada $1,694,621,697 in direct war expenditures.
Other expenditures arising from the war to date have amounted to
more than a billion and a half dollars. These include the following:
Interest on war debt, $1,082,235,878; European war pensions, $297,354,364; soldiers' civil re-establishment, $148,699,497; soldier land
settlement, $16,693,461; Imperial War Graves Commission, $3,464,170;
battlefields memorial, $941,427; Halifax relief, following the explosion
of a cargo of munitions lying in the harbor there, $6,000,000.
Six Billions To Be Paid.
Experts estimate that it will take 70 years to extinguish the financial
obligations which are the aftermath of the war. The estimate of expenditures attributed to the war to be met in the future is $6,602,000,000.
This includes the following: Retirement of outstanding war loans, approximately $2,100,000,000; total interest at an average of 41
/
2% per annum,
Cape Town (South Africa) Associated Press advices,
Dec.14, were published as follows in the New York "Times":
The Government Gazette to-morrow will annouuce
that all diamond
prospecting on Crown and private lands will be
prohibited for twelve
months, beginning next Friday.
Diamond diggers in Victoria, South Africa, on
Tuesday called upon
F. W. Beyers, Minister of Mines and Industries, to
demand that certain
districts, closed to restrict output in order to bolster
the price of diamonds, be turned over to the diggers.
Bank Loans Analyzed by Cuban Treasury—Less Than
25% of $173,966,339 Extended in Six Months Went
to Agriculture. '
Havana ads-ices under date of Dec. 6 to the New York
"Thnes" stated:
The total of loans made by Cuban banks during the last
six months was
$173,965,339, according to statistics compiled by the currency section
of
the Department of the Treasury.
DEC:. 24 1927.]
THE CHRONICLE
Less than 25% of the total was for agricultural purposes, judging
by the collateral taken as security. The figures are as follows:
On sugar and sugar crops and mills, $43,374,609 ; on tobacco, $2,529,944; on coffee, $290,592; on cattle, $136,781 ; on rice, $94,256, and on all
other agriclutural products, $216,524.
The greater part of the money loaned during this period in Cuba was
on notes bearing two signatures or more. Loans of this type aggregated
$32,598,303. Loans secured by such collateral as stocks and bonds aggregated $32,794,334. Mortgage loans totaled $19,153,352.
Comment in business circles following the release of these figures
pointed to the nadequacy of the banking faciliities in Cuba for the
farmer who grows anything but sugarcane or tobacco. It is said that
75% of the figure that refers to "all other agricultural products"
represents loans made on pineapples, leaving less than $50,000 that was
loaned by banks during six months to the half-million small farmers in
Cuba.
This, of course, is not the sum total of the financial assistance to the
farmer. It only refers to loans made by banks that come under the supervision of the Department of the Treasury.
Offering of $50,000,000 6% Bonds of Republic of Peru—
Issue Oversubscribed—Proposed Refunding of
External Loans.
Public offering was made on Dec.21 of an issue of $50,000,000 Republic of Peru, Peruvian National Loan,6% external
sinking fund gold bonds, first series, by a syndicate headed
by J. & W. Seligman & Co. and The National City Co.
Associated with them in the offering were Blyth, Witter &
Co., Continental National Co., J. Henry Schroder Banking
Corp., E. H. Rollins & Sons, Graham, Parsons & Co., F. J.
Lisman & Co. and Ames, Emerich & Co., Inc. A. substantial amount of the issue was reserved for sale in Europe,
through Seligman Brothers, London, through Pierson & Co.,
the Netherlands Trading Society and Mendelssohn & Co.,
Amsterdam, and through the Credit Suisse, Switzerland.
J. & W. Seligman & Co. and National City Co., as head of
the syndicate which underwrote the $50,000,000 loan,
announced before the close of the day on Dec. 21, that the
issue had been heavily oversubscribed. Only $10,000,000
of the issue was alloted to European markets because of the
heavy demand for bonds in the United States. The greatest
demand for bonds in Europe calm from the London market.
Re arding the purpose of the loan official advices state:
3427
become subject to a lien in favor of the bonds of the Peruvian National
Loan, subject only to already existing liens, if any.
The Republic has made provision by law for the collection by or deposit
with the Caja de Depositos y Consignaciones, effective Jan. 1 1928, of a
substantial part of its revenues, and the Caja has covenanted to apply
the available revenues received by it each month to the payment to the
Fiscal Agents of the monthly service charges for all bonds of the Peruvian
National Loan of all series outstanding before paying over any sums to the
Republic. Pursuant to such provision, it is contemplated that the Caja
will shortly commence to collect or receive the deposit of revenues which
averaged, for the three year period 1924, 1925 and 1926, $17,126,376 per
annum of which there will be available for the service of the first series
bonds revenues which averaged annually for this three year period $14,224,155, or 4.06 times, and in 1926 amounted to $17,180,660, or 4.90 times.
the annual service charge of $3,500,000 on the first series bonds. . . .
The Caja de Depositos y Consignaciones is a Peruvian corporation formed
In 1905 as a trustee and depositary for Government administrative and
judicial funds and the deposits of public institutions. All of its stock is
owned by local banks in Peru and its directorate, with the exception of a
representative of the Republic and one for the Fiscal Agents, is composed
of representatives of such banks. The Fiscal Agents now have and will
by law continue to have, as long as any bonds of the Peruvian National
Loan are outstanding, the right to be represented on the Caja's Board of
Directors. . . .
The total public debt of the Republic as of June 30 1927 was $82,174.967
(exclusive of $1.500,000 municipal debt, guaranteed by the Republic),
or about $14 per capita, of which $63,161,605 was external debt and $19.013,302 internal debt (conversion of Peruvian pounds made at the average
rate of exchange for the first six months of 1927). The total annual service
charges on the external debt were, before this issue, approximately $6,620,417, or about 17% of the Republic's revenues for 1926, and on the entire
funded debt $8,056,992, or less than 21% of the 1926 revenues. The
plan tentatively agreed upon by the Republic and Fiscal Agents for the retirement of external loans and obligations with part of the proceeds of this
first series results in an increase of less than $215,000 in the annual debt
service of the Republic by reason of this issue.
Total expenditures of the Republic for 1923, 1924, 1925 and 1926,
Including both ordinary and extraordinary expenditures but excluding
expenditures for capital putposes, averaged annually $37,048,991. (conversions made at the average rates of exchange for the respective years). and
total revenues, excluding the proceeds of loans, averaged for the same
years $36,745,954.
It is stated that conversions of Peruvian pounds into dollars have,
unless otherwise stated, been made at the rate of $3.94 per Peruvian pound.
the average rate for 1924. 1925. and 1926. The present value of the Peruvian pound is about $3.94. Conversions of pounds sterling have been
made at the rate of $4.8665 per pound sterling.
Charles Boeschenstein Heads Chicago Stock
Land Bank.
According to the Chicago "Tribune" the first step in
reorganizing the management of the Chicago Joint Stock
Land Bank was taken on Dec. 19. It adds:
T ,ase bonds will constitute the first series of a Peruvian National loan
which has been authorized for the purpose, among others, of refunding the
entire external secured debt of the Republic. The proceeds of this first
The directors elected Charles Boeschenstein as President and director to
series will be used primarily for retiring by purchase or redemption certain succeed Guy Houston, resigned. It also was announced that several new
of the external secured loans or obligations of the Republic the service directors will be elected to succeed directors who have resigned.
charges on which are comparatively high. The remainder of the proceeds
Mr. Boeschenstein also is President of the Edwardsville National Bank,
of this first series will be used for (1) the repayment of short term interim Edwardsville, Ill., and also organized and was President of the Illinois
indebtedness of the Republic contracted for objects included within the Midwest Joint Stock Land Bank.
purposes of the loan, (2) the establishment of a gold exchange fund to be
utilized to assist the stabilization of the Peruvian national currency, (3)
the payment of the Republic's share of the capital of the Mortgage Bank of New York Joint Stock Land Bank Acquires Control of
Peru,soon to be created,(4) the construction and improvement of dock and
New York and New Jersey Land Bank—Ohio,
shipping facilities in the harbor of Callao and (5) the carrying forward of
Pennsylvania, New York and New Jersey Institupublic works now under construction. The bonds will be issued under a
fiscal agency and loan agreement which will provide for the issue of additions to Be Closely Affiliated.
tional series of the loan under specified restrictions.
The bonds will be dated Dec. 1 1927 and will mature
Dec. 1 1960. They will be redeemable in whole or in part
at the option of the Republic, on any interest date, on 60
days' published notice, at principal amount and accrued
interest. A cumulative sinking fund will be provided, calculated to retire all these bonds by maturity through semiannual drawings by lot for redemption at their principal
amount and accrued interest. Principal and interest (June)
and December 1) will be payable in United States gold coin
of the standard of weight and fineness existing Dec. 11927,
in New York City, at the principal office of either of the
Fiscal Agents, J. & W. Seligman & Co., and the National
City Bank of New York, without deduction for any Peruvian
taxes present or future; also payable, at the option of the
holder, in pouuds sterling in London, in Duth guilders in
Amsterdam, or in Swiss francs in Zurich or Basle, in each
case at the offices of the respective Paying Agents in such
cities at the banker's buying rate for dollar sight exchange
on New York at the time of payment. The bends will be
in coupon bearer form in denominations of $1,000 and $500.
Manuel G. Masias, Minister of Finance of the Republic of
Peru in advices to the bankers, says in part:
Security.
These bonds will be direct obligations of the Republic of Peru, which
will pledge its full faith and credit for the payment thereof and which will
covenant, among other things, so long as any bonds of the Peruvian National Loan are outstanding,(1) not to Issue or guarantee any loan or obligations secured by a lien on specific revenues nor, without the consent of the
Fiscal Agents, on specific assets, unless prior thereto bonds of the Peruvian
National Loan of all series shall be given a Ben on such revenues or assets,
subject only to existing liens, if any, and (2) if it shall issue or guarantee any
funded debt, secured or unsecured, whereby the maximum annual serivce
charges on the entire funded debt, external and internal,and not repurchased
and held for retirement, are increased to more than one-third of the average
annual gross revenues for the three fiscal years next preceding the date of
such issue or guaranty, then all revenues collected by or deposited with the
Caja de Depositos y Consignaciones (referred to below) shall automatically
Announcement was made this week of the purchase of the
New York and New Jersey Joint Stock Land Bank of
Newark, N. J. by the New York Joint Stock Land Bank.
The New Jersey Bank was organized in 1922 by Senator
Joseph Frelinghuysen and others and is said to have assets
of over $4,000,000. Control of the New York Bank was
purchased last March by Samuel L. McCune of Cleveland
and others associated with him in the Ohio, Pennsylvania
Joint Stock Land Bank. Prominent in this deal were
Parwely W. Herrick, President of the Herrick Co., J. A.
House, President of the Guardian Bank of Cleveland,
Arthur H. Seibig, President of the United Banking & Trust
Co. of Cleveland, Thomas H. Hogsett, Attorney and
Frederick W. Freeman of Columbus, Ohio. The stock control of the New York Bank, it is stated, is in practically
the same hands as that of the Ohio-Pennsylvania Bank of
Cleveland. The New York Bank has been re-organized in
several respects during the past several months. Its principal
office has been removed to Rochester in order that it might
have a closer association with the Agricultural interests
of the State. Its capital has been increased and new officers
selected. Mr. McCune is President of the New York Bank
as well as the Bank at Cleveland. Dean B. Copeland,
formerly with the Cleveland Bank, has been made VicePresident in active charge at Rochester. Harper Sibley
of Rochester and C. M. Hinman, the New York representative of the Pure Oil Co., are Vice-Presidents also. In addition to the foregoing the following are directors in the New
York Bank: Ledyard Cogswell, Jr., President, the New
York State National Bank, Albany, N. Y.; C. B. Boyd,
Vice-President, Merchants National Bank, Middletown,
N. Y.; Parmely W. Herrick, Capitalist, New York and
Cleveland, Ohio; Edward Hibshman of Pennsylvania State
College, State College, Pa.; R. V. Mitchell, Investment
3428
THE CHRONICLE
Securities, Cleveland, Ohio; Senator James W. Wadsworth,
Genesee, N. Y.; A. H. Seibig and James P. Wood of Cleve-.
land, E. K.Tan Allen, Attorney, Rochester, N. Y. "With
the acquisition of the New Jersey business the New York
Bank will be an institution of approximately $16,000,000 of
assets and will be ably equipped to serve the agricultural
interests of the States of New York and New Jersey,"
according to Mr. Hinman, Vice-President. Senator Joseph
Frelinghuysen, together with David McKy, who has been
the active Secretary of the New Jersey Bank, will be added
to the New York Board. Mr. Hinman, states:
The New York Bank will be the only institution of this character located
In New York State and will be twelfth in size in the entire System. It wil
operate in New York and New Jersey—two States that are recognized as
providing an excellent Held because of their diversified agriculture, their
high type of rural citizenship, their many hundreds of miles of improved
roads, with the greatest markets of the United States only a few hours
away.
The securities of both the New York and New Jersey Bank have occupied
an enviable position in financial circles and the proposed consolidation should
produce economies at once reflected in current earnings.
The Joint Stock Land Banks, which now number about fifty, have in
ten years loaned over 8600,000.000 to the farmers of the several States
wherein they operate and have demonstrated their essential usefulness not
only to the farmers of our country but to the commercial banks in the
rural districts as well. Through a long-time amortized method of financing
they are ably equipped to take care of the farmers needs for "long-time
funds"—a type of loan which the ordinary commercial bank is neither
equipped nor anxious to handle.
The affairs of the Land Banks are now in the hands of a well organized
and ably constituted Board in Washington. The Farm Loan Board is
now headed by Eugene Meyer. formerly of the War Finance Corp., an a
great improvement has been noted in the short time the new Executives
have been in charge.
Eugene Meyer, Jr. Turns War Finance Corporation
Books Over to Senate Committee—Inquiry Into
Corporation Sought.
It is learned from Washington advices to the New York
[VoL. 125.
prise the Curb's decision no longer to permit these listings, since financially it had considerable to lose and nothing to gain by the decision.
From what could be learned yesterday it became apparent that before
the small board would consent to the ban on split-up stocks it received a
pledge from the Stock Exchange that subscription rights would be barred
from the big board until the record date. Usually rights attached to
stocks listed on the New York Stock Exchange appear for only a day
or two on the Curb and then move on to the big board.
It was believed in well informed circles yesterday that the agreement
between the exchanges had been in effect for some time. Credence was
given this beilef in connection with the fact that Atchison, Topeka &
Santa Fe subscription rights have been allowed to stay on the Curb for
nearly a fortnight instead of moving to the Stock Exchange.
The "Evening Sun" of Dec. 21 contained the following
as to the action taken by the two boards:
A repetition of the market situation in steel common last spring
and in General Motors common during the summer, when a tremendous wave of speculation involving "when issued" shares disrupted
the market, has been rendered impossible as a result of a decision made
by the New York Stock Exchange and the New York Curb Exchange
banning the listing of non-existent stocks under certain conditions.
Stocks that are to be dealt in on a "when issued" basis will not be admitted to trading on either of the exchanges if they represent a split-up
of existing work.
This information came to light in connection with an attempt to have
admitted to the Curb 275,000 shares of common stock of the Kroger
Grocery & Baking Company, which were offered to the public on Monday
by Lehman Brothers. Although formal application was not made to the
Curb, where new stocks usually serve their period of probation, the
usual oral inquiry was made by the bankers, and they were told of the
new listing policy. It was made plain that there was nothing in the
Kroger offering or in the general nature of the stock itself to account •
for refusal to list it on a "when issued" basis.
Kroger Recapitalization.
As a result of the Curb's decision, it will be necessary to confine the
market in Kroger to over-the-counter-trading until the shares are actually
issued and the old stock retired. The new stock is the result of a
recapitalization plan involving the exchange of one share of old stock
for two of new.
New stocks offered for listing on a "when issued" basis are not involved in the decision of the two exchanges if they do not represent a
split-up or stock dividend.
The practice of trading in bonus stocks before they exist is an old
one and it has always been recognized by men as being subject to abuse.
The practice grew on the trading community and then came the United
States Steel and Geenral Motors incidents, both big and conspicuous
enough to emphasize these abuses and prompt the exchanges to rule
against the listing of a stock that does not exist when it represents a
split-up pr prospective stock dividend.
"Journal of Commerce" that Eugene Meyer, Jr., former
Director of the War Finance Corporation and now head of
the Federal Farm Loan Board, on Dec. 20 turned over to
the Senate Committee on Banking and Currency the audit
books of the special Government war-time organizations
in response to the resolutions presented to the Senate by
Senator Duncan U. Fletcher, Democrat, of Florida, seeking Ratification of Plans for Organization of San Francisco
an investigation of its operation. The resolution, subCurb Exchange and Change in Name of San Francisco
mitted by Senator Fletcher on Dec. 17, was referred to the
Bond Exchange to San Francisco Stock Exchange.
Committee. The item in the "Journal of Commerce" says:
Organization of the San Francisco Curb Exchange, im-
The Committee will review the War Finance Corporation records before
mediate changing of the name of the San Francisco Stock
proceeding with the hearings in the case.
The investigation of the War Finance Corporation grew out of the nomina- and Bond Exchange to the San Francisco Stock Exchange,
tion to the Federal Loan Board Farm of Mr. Meyer and his two associates. and final authorization of the purchase
of the building
Floyd Harrison and George Cooksey,submitted to the Senate last week by
President Coolidge. Rumors had been current that the consideration of now occupied by the San Francisco Stock Exchange on
their names would provoke disagreement in the Senate.
Bush Street, are the outstanding developments of a special
The following is the resolution of Senator Fletcher:
meeting of the members of the San Francisco Stock and
Resolved by the Senate, That the Committee on Banking and Currency of
the United States Senate, or any subcommittee thereof appointed by its Bond Exchange, held Dec. 7. The former San Francisco
chairman, be, and is hereby, authorized and directed to investigate the Stock Exchange on Bush Street will be known as the
administration and transactions of the War Finance Corporation during the San Francisco Mining
Exchange. The San Francisco
period of its existence and to report to the Senate the result of such investigation. For the purpose of such investigation the said committee or Stock and Bond Exchange, in announcing these changes
subcommittee is hereby authorized to call upon any department or estab- on Dec. 8 said:
lishment of the Government to aid and assist in the examination of the
It is expected that the new Club Exchange will be in operation
books, records, accounts, and data of and pertaining to the transactions of shortly after the first of the year. All members of the former San
the said War Finanee Corporation, and the Secretary of the Treasury is Francisco Stock and Bond Exchange hold memberships
the new
hereby requested to make available such books, records, accounts, and data Curb Exchange. There are 100 members of the Curbin Exchange.
fer that purpose and to facilitate the examination thereof.
Charter members total 67. The remaining 33 seats may be made
available for sale.
Charter membership was recorded in the Curb Exchange with the
New York Stock Exchange and Curb Market Ban Dealings signing
of the new constitution, and temporary officers and A TEMon "When in Stock Issued" Basis Representing Split- PORARY GOVERNING BOARD OF THE NEW Cuib Exchange
up—Curb May Have Exclusive Market in Subscription weze elected. The constitution of the new Exchange has been carefully drawn and is modeled largely upon the constitution of the former
Rights for Time Being.
San Francisco Stock and Bond Exchange.
Permanent officers and a permanent governing board of the new
Regarding action taken by the New York Stock Exchange
Curb Exchange will be elected in January, which month commences
and the New York Curb Market to ban dealings in stock the fiscal year of the Curb
Exchange.
Formal signing was accomplished at the meeting yesterday of a
on a "When Issued Basis," we quote the following from
the
contract
with
former
San
Francisco Stock Exchange, and the San
the "Journal of Commerce" of Dec. 23:
Francisco Curb Market operated by
While officials of the New York Stock Exchange had no comment to involving the transfer of the rights the members of that Exchange,
to use the name, "San Francisco
make yesterday on the understanding reached with the New York Curb Stock Exchange" and the "San
Francisco
Market to ban on either exchange trading in stocks known as "when vide for the sale of the building of the Curb Market", nad to proissued" if they represent a split-up or stock dividend, details of which Exchange on Bush street, to the buildingformer San Francisco Stock
became known Wednesday, it was indicated that the initiative was taken San Francisco Stock and Bond Exchange. corporation of the former
by the Curb Exchange and acquiesced in by the big board.
The contract also contains the agreement that the San Francisco
The action of the exchanges developed in connection with an attempt Mining Exchange, which is the
organization under which the members
to have admitted to the Curb 275,000 shares of the common stock of the of the former San Francisco Stock
will
Exchange
Kroger Grocery & Baking Co., which were offered to the public on not deal in the securities admitted to tradingare to do business,
on the San Francisco
Monday by Lehman Bros.
Curb Exchange or listed on the new San Francisco Stock Exchange.
A new phase created by the joint agreement of the two exchanges was
Under the new plan, the new San Francisco Stock Exchange, commade known yesterday in the statement that as compensation for the prised of the membership and organization of
the San Francisco Stock
loss of business to result from its decision not to permit trading in and Bond Exchange, will deal only in listed stocks and bonds which
"when issued" stocks representing a split-up or a stock dividend the bave fully met the rigid requirements of that Exchange.
New York Curb Market will hereafter have the exclusive market in subAll other securities will be banished from the Exchange and will
scription rights up to the time stocks sell ex rights.
be traded in on the new Curb Exchange.
This, it was said yesterday, is part of the program agreed upon by
It will clarify the stock market situation in San Francisco to have
the Curb and the New York Stock Exchange to put an end to unsound a curb exchange in strong hands. Such a curb exchange will serve
arbitrating in stocks. The two exchanges will no longer list stocks on as a proving ground for the securities of those corporations which are
a "when issued" basis if they represent a split or stock dividend. In the unable to meet, in their early stages of development, the rigid listing
past the Curb has had a good business listing temporarily such "when requirements of the primary San Francisco Stock Exchange.
issued" stocks even though these stocks moved quickly to the big
As soon as the new curb exchange is organized for conduct of busiexchange. Due to this circumstance, trading circles received with sur- ness, which action is contemplated in January, all unlisted stocks and
DEC. 24 1927.)
THE CHRONICLE
bonds will be banished from the larger Exchange and will be traded in
on the new Curb Exchange.
Previous reference to these plans appeared in our issue
of Nov. 26, page 2887.
Herman W. Booth, Former New York Stock Exchange
Broker, Pleads "Guilty" to Two Indictments Charging
Larceny in the First Degree—To Be Sentenced Jan. 6.
On Dec. 16 Herman W. Booth, who was petitioned into
bankruptcy on Sept. 27 (following his expulsion from the
New York Stock Exchange for violation of its rules) and
subsequently arrested for alleged embezzlement, pleaded
"guilty" in the Court of General Sessions before Judge
Nott to two of three indictments returned against him on
Dec. 12, the Court accepting the pleas as covering all three
of the indictments, according to the New York "Evening
Post" of that day. The former broker will be sentenced
by Judge Nott on Jan. 6. The following we take from the
paper mentioned:
Booth's attorney, James Duross of 100 Broadway, told Judge Nott
to-day that the hearings before a referee in bankruptcy to determine
Booth's assets probably would be completed about Dec. 29. He added
that he hoped the hearing would result in a settlement with Booth's
creditors, which would enable them to recover practically all that they
had lost.
Booth pleaded guilty to apprcpriating to his own use sums of money
and securities intrusted to him for investment by two women. The
first indictment charged him with taking $27,000 worth of New York
Central stock from Mrs. Edna A. Miller, wife of Hugh Gordon Miller,
the attorney. The second accused him of misappropriating $105,827 in
cash and securities belonging to Mrs. Jennie C. Denton of 155 Riverside Drive. The third indictment, which was covered by the guilty
pleas to the first two, charged him with taking $11,987 from Charles B.
Warren of the Warren-Nash Motor Company.
Booth, after pleading, was returned to the Tombs, where be has been
held without bail since his arrest last September.
Among the assets which his attorney hopes will cover losses to his
customers is $335,000 which he received from the forced sale of his
seat on the Stock Exchange. He also is said to have large up-State
real estate holdings.
3429
require $10,000,000. Of course, all of this money will not be spent lea
single year, but, nevertheless, it will be expended if provided for. Large
Initial appropriations would be necessary.
Other Demands Cited.
"And that is nothing at all," Senator Smoot added. "Muscle Shoals,
Boulder Dam, the Great Lakes-St. Lawrence waterway, enlarging the
facilities° f the Panama Canal, the Columbia River basin project,.;and
other works all demand large appropriations."
Senator Smoot's list would total close ro $3,000,000,000. Beyond that
there is a new movement said to have been begun by the Veterans of Foreign
Wars and other veteran organizations to have Congress provide service
pensions of $50 a month for all the men and women who served in the
armed forces of the United States during the World War. Such proposals
would not be given serious consideration at this time. But the fact that
such a campaign is contemplated is sufficient to engage the attention of
the lawmakers to the end that they will not cut the Government loose
from needed sources of revenue.
"Before I vote on this tax bill," Senator Smoot concluded, "I want to
know how many of these demands will have to be met by the Treasury
during the year, and,furthermore, I want to know beyond the shadow of a
doubt how much the surplus will be next June."
For 12% Corporate Tax.
The Treasury, he said, will have definite knowledge on the latter point
March 15. By that time most of the more important measures providing
appropriations will have come before Congress in some form or other.
Then will the Administration leaders in the Senate know the extent to
which they safely can go in the cutting of taxes. Naturally they are desirous of affording the country the maximum of tax relief, and it Is anticipated that the leaders will be inclined to go slightly higher than the Mellon
maximum of $225.000,000. However, that total will not approximate the
$289,700,000 provided for the House bill.
There is a great deal of sentiment among members of the Senate favorable to a 12% rather than an 11%% rate applicable to taxable net incomes
of corporations There are Senators who would like to apply that saving
to the readjustment of the so-called intermediate brackets of the surtax
schedule. Then again there is the belief that the President would sign a
bill such as passed the House if a tax of 1% %upon automobiles were
retained. Mr. Coolidge is opposed to any narrowing of the tax base as
such. He does not particularly favor repeal of the Fedreal estate tax, but
he stood behind the recommendation of Secretary Mellon in that direction
because of the necessity that he accept the viewpoint of the financial leader
in the Government. The Senate favors the repeal of this tax: the House
does not. Largely because of its disapproval of the alleged lobby back of
the repeal of this levy the House is expected to insist upon the retention
of this form of taxation.
Congress Adjourns for Christmas Holidays—Death of
Senator Jones.
On Dec. 21 Congress adjourned for the Christmas recess.
Final meetings of the House and Senate until Jan. 14 were
brief, practially all business being suspended as a mark
of respect to the late Senator A. A. Jones of New Mexico,
whose death occurred on Dec. 20. The Senate was in
Mr. Kane in opposing the plea of James A. Duross, counsel for session less than ten minutes and the House only a little
Booth, that he be admitted to bail, said that other indictments against more than half an hour.
Immediately following his indictment by the Grand Jury
on Dec. 12, Booth entered a plea of "not guilty" before
Judge Donnellan in the Court of General Sessions and was
remanded to the Tombs without bail at the request of Assistant District Attorney Thomas F. Kane. In reporting
the matter in its issue of Dec. 13 the New York "Times"
said in part as follows:
Booth were expected. Mr. Duross had explained that it was his
belief that his client would enter a guilty plea to the present indictments later. Booth had been kept a prisoner in the Tombs since his
arrest on Sept. 30. Accountants still are working on his books, according to a statement made by his lawyer, and thus far clients have
filed claims approximating $1,500,000 against his estate.
Mrs. Jennie C. Denton of 155 Riverside Drive, one client, had persorally obtained Booth's arrest at about the time the man was expelled from the Stock Exchange, but the indictments handed up yesterday were based on the complaints of Charles B. Warren of the Warren.
Nash Motor Company and Mrs. Edna Allen Miller, wife of Hugh
Gordon Miller, a lawyer. Mr. Warren accused Booth of the theft of
about $12,000 in Southern Pacific Railroad stock, and Mrs. Miller
alleged that he stole about $27,000 in New York Central stock from her.
Booth was a lawyer when he engaged in the brokerage business,
and through his clientele of persons of social prominence he induced
many of their acquaintances to invest in stock through him in a
scheme which he never has clearly explained.
Our last reference to Mr. Booth's affairs appeared in the
"Chronicle" of Oct. 29, page 2338.
Senator Smoot Indicates Likelihood of Delay by
Senate Committee on Tax Bill Until March Pending
Action on Appropriation Bills.
The likelihood of the Senate Finance Committee with
holding action on the Revenue bill of 1928 until March,
when definite knowledge will be had as to the Congressional
Appropriations, was indicated on Dec.22 by Senator Smoot,
Chairman of the Committee. With reference thereto we
take the following from the Washington advices Dec. 22 to
the New York "Journal of Commerce":
The desire has been to have the tax bill acted upon by both houses of
Congress and sent to the President for signature in time to make its provisions effective March 15, on which date the first quarter's payments
of taxes against 1927 incomes are due. But with requests for support
for new appropriations presented almost daily, those in charge do not
want to take the responsibility of bringing about the premature or excessive
cutting of taxes.
"America has gone money-spending mad," declared Senator Reed
Smoot of Utah.Chairman of the Senate Finance Committee. "The Treasury
will be picked clean if Congress attempts to meet the demands for appropriations that are pouring in almost daily."
No one knows, he said, how much money will be required to take care
of the flood control problem—the Administration's plan calls for an expenditure of $289,000,000, but there are other suggestions that would
mount up to about $1,000,000,000. Farm relief will undoubtedly require
another large sum;the new Navy building program represents $780,000,000,
and $125,000,000 has been added to allotments already provided for under
the public buildings program; a bill appropriating $40,000,000 additional
for the Veterans' Bureau is in sight, and the corn borer campaign will
President Coolidge Signs First Deficiency
Appropriation Bill.
President Coolidge on Dec. 22 signed the first deficiency
appropriation bill, carrying approximately $203,000,000
for various Governmental activities. It is noted in the
"United States Daily" that this is the first of the annual
appropriation measures adopted by Congress. It was
reported to the House on Dec. 6 and passed by that body
on Dec. 9. The bill passed the Senate on Dec. 13. The
conference agreement was adopted by the House on Dec. 16
and by the Senate on the following day.
Senator Simmons, Who Favors Tax Cut of $400,000,000
Looks For $300,000,000 Reduction by Senate—Views of
Representative Tilson.
While a cut of $400,000,000 in Federal taxes is favored
by Senator Simmons, ranking Democratic member of the
Senate Finance Committee, he believes that the Revenue
bill of 1928 as it comes from the Senate will provide for
tax cuts of $300,000,000, as compared with the reduction
of $289,765,000 effected in the bill as passed by the House
Dec. 15 (referred to in these columns Dec. 17, page 3292)
and the maximum tax cut of $225,000,000 recommended
by Secretary Mellon. The same coalition between Democrats and independent Republicans that swept aside the
Administration's tax bill plans in the House is expected to
be continued in the Senate in the disposal of the measure,
said Senator Simmons in indicating the possibility of
greater reductions by the Senate than are proposed by the
House. The New York "Times" in Washington advices
Dec. 17, in thus reporting Senator Simmons' views states
that the Senator's program includes the reduction of the
corporation tax tO 11% as against 111/2% in the House
bill. He will urge also the repeal of all admission and
other so-called nuisance taxes and is in agreement with
the House bill on repeals of the automobile sales tax, says
the "Times," which adds:
Senator Simmons protested against "cheese paring tax reductions,"
and insisted that there was no good reason why the reduction should
3430
THE CHRONICLE
not be sufficient to prevent the recurrence of "big surpluses of money
unnecessarily collected from the American people."
He declared that, by reason of modern conditions, every municipality
and State in the Union was laboring under heavy tax burdens, incurred
for the purpose of providing necessary facilities to take advantage of
modern conditions. He said that while this condition existed, there
was no reason why the Federal Government, after having made ample
provision for the retirement of the public debt within a reasonable time,
should, year after year, be collecting out of the people more than is
needed.
Would Fix Funds for Debt.
"My efforts will be employed to get the Federal taxes to a normal
basis as quickly as possible," Senator Simmons said, "and I believe
that the financial condition of the Treasury justifies a tax reduction of
at least of $400,000,000. Another thing I will try to determine is
what funds shall be allocated to reduce the national debt. There has
been a question as to the wisdom of using the interest paid on the
foreign debt for debt reduction purposes. I think Congress should
decide finally just how the interest on the foreign debt should be
used."
The belief is growing among Republican leaders that President
Coolidge will veto the tax bill if Congress sends it to him with a
reduction greatly in excess of $225,000,000, the figure recommended by
the Treasury. One prominent leader expressed the opinion that the
President would not approve a bill which repealed the automobile tax.
Senator Simmons said that he did not credit these reports. He did
not believe that the President could afford to veto such a bill unless it
made the reduction so high as to cause a deficit. In the Senator's
opinion, a deficit would be caused by a reduction of $500,000,00
0 or
$600,000,000.
The tax bill, received in the Senate today, was referred to the
Finance Committee and Senator Smoot announced that bearings
will
be held after the holiday recess.
Representative John Q. Tilson of Connecticut, Republican House
leader, in a statement today, said that the House bill did not
suit him
entirely, but that it was much better than the $400,000,00 reduction
0
advocated by the United States Chamber of Commeree.
Blames Chamber of Commerce.
"Enough Republican members of the House, impressed no
doubt by
the National Chamber of Commerce propaganda, joined with
the Democrats to make several important changes in the bill," Mr. Tilson
said.
"I am not saying this in criticism of the Chamber of Commerce,
which
is performing a patriotic and worthy service to the
country, but I think
port of the biritne or credit, whichever it may be,
for the failure to
follow the Treasury recommendations as to the amount
and type of
the tax reduction to be made should be placed where it
rightfully
belongs.
[VOL. 125.
question as well as a line of decisions by district courts and the
United States Board of Tax Appeals.
The only restriction on the Government is that it must insfitute court
proceedings within one year from the passage of the Revenue Act
of
1927 in order to take advantage of the new power offered.
Text of Retroactive Provision
The Revenue Act of 1928 would provide in section
611:
If any internal revenue tax (or any interest penalty or addition
to
such tax) was, within the period of limitation properly
thereto assessed prior to June 2, 1924, and if a claim in applicable
abatement
was filed, with or without bond, and if the collection of any
part
thereof was stayed, then
(a) the payment of such part (made before or within one year after
the enactment of this act) shall not be considered as an overpaymen
t
under the provisions of section 607, relating to payments
made after the
expiration of the period of limitation on assessment and collection;
and
(b) a distraint proceedings in court for the collection
such part
may he begun within one year after the enactment of thisofact.
History of the proposed section 611 of the new tax measure goes
back to the case of the New York & Albany Lighterage Co. against
Bowers, in which the Supreme Court decided that the levying of a
distraint to enforce the collection of taxes was a proceeding governed
by the statute of limitations prohibiting the institution of any proceeding for the collection of taxes after five years from the date the return
was filed, and this notwithstanding the fact that the assessment of the
taxes proposed to be collected by such proceedings had been timely
made; that is, within the statute of limitations governing the making
of assessments.
Supreme Court Ordered Tax Refunded.
This case was under the Revenue Act of 1918, wherein the period of
the statute of limitations was five years, and although the collector
actually had collected the tax under the distraint warrant issued more
than five years after the date of filing the return, the decision of the
Supreme Court required that such tax so collected should be refunded.
The Revenue Act of 1921 was similar in this respect to the Revenue
Act of 1918,
The Revenue Act of 1924, enacted June 2, 1924, made some changes
in these statutes, among which is section 278 of that act providing that
taxes assessed within the statutory period for making assessments might
be collected at any time within six years after the date of such assessment, but providing further that the provisions of that section should
not apply to any suit or proceeding begun or to any assessment made
prior, to the enactment of that act.
Several of the United States District Courts and also the United
States Board of Tax Appeals have held, therefore, that an assessment
made, say in May, 1924, within the period of the statute of limitations
permitting the assessment of additional taxes, could not be collected
when no proceeding was instituted for the collection of such an assess"The Chamber of Commerce presumably represents
the business ment until after the expiration of the original five-year period. Some of
interests of the country, and if the tax bill is not all
that is to be the courts have gone so far as to say that if collected under such circumdesired in the form in which it passed the House, they
are at least stances, that is, after the expiration of the period of the statute of
partially to blame.
limitations, the taxpayer making such payment could recover refund
"So far as the elimination of the automobile tax is
concerned, I have therefor.
no complaint whatever, except that by doing so we have
Now the whole matter is up again in section 611 of the Revenue Act
carried tax reduction $65,000,000 further than the Secretary of the Treasury
believes of 1928. House Ways and Means Committee apparently intends to
to be safe, and $33,000,000 further than the Ways and
void
the effect given by the courts to its prior legislative acts, and
Means Committee recommended. The other two amendments made
on the floor thereby revive rights and remedies heretofore affirmatively extinguished
of the House in the atmosphere of protest against
the Treasury plan by law.
fomented by the National Chamber of Commerce
There are said to be millions of dollars involved in items which this
are unjust, discriminatory and absurd.
section proposes to reach.
"One of these amendments would prevent affiliated
corporations from
making affiliated returns. A number of railroad
corporations throughout the country own all the stock of certain
other roads and operate President Coolidge Views Tax Reductions Carried in House
their own and the controlled lines as one system.
In operating such a
Bill Excessive.
system, it is advantageous in the buying of supplies
and in many other
ways to consider the entire system as one unit,
That President Coolidge does not believe that the prosas it is in fact. There
is no valid reason why it should not be
considered as one unit for tax pective condition of the Treasury justifies
a tax reduction
purposes, as it is under existing law.
of $:289,765,000, is the statement officially made in his
beTilson Sees "Discrimination."
half at the White House on December 16, acording to the
"The other important amendment made on
the floor of the House
discriminates unjustly and absurdly in favor of
United States. Daily, from which we also take the followsome
tions. If this amendment becomes a law, a corporation small corporacapitalized for ing:
$10,000, which makes an income of $10,000 a year,
will pay proporHe thicks, it was stated, that it would be unsafe to reduce taxes by
tionately less tax on that income than a corporation
which makes more than
$100,000 on a capital of $2,000,000. In other words,
$225,000,000, as recommended by the Secretary of the Treasthe corporation ury, Andrew
which makes 5% on its invested capital will pay a
Mellon, and approved by the l'resident.
higher rate than a
corporation which makes 100%. If there is any
justice or equity in
Expects Revision in Senate.
such a discrimination I'd like some one to point it out
to
President Coolidge believes, furthermore, that the bill passed by the
"I am not saying that the National Chamber of Commerceme.
is
House
in
favor
carrying
a
tax
reduction
of $289,000,000 will receive most careful
of these amendments, but that distinguished body
of business men consideration in the Senate, be kept within proper
limits, and then
started the protest against the Treasury recommenda
tions and should receive the approval of both Houses of Congress.
certainly share the blame of any atrocities committed
by their allies,
The President's views on tax reduction were outlined orally on
the Democrats in Congress."
his behalf at the White House as follows:
The President was represented as not caring to say in advance that
he will positively approve or veto any bill that was on its passage in
Tax Bill Contains Old Claims Joker—Section
611 Would either House of Congress. The President
will decide the question when
Extend Time Limitation on Many Cases Long
Thought it comes to him on its merits.
Closed.
Opposes Present Bill.
According to the Washington bureau of the Wall
It is the President's opinion, however, that the bill that passed the
Street
House of Representatives reducing taxes by approximately $289,000,000
"Journal" a joker has come to light in the tax
bill now carries tax
reduction further than is warranted by the prospective
before Congress. The Revenue Act of 1028, a measure condition
of the Treasury.
designed to reduce taxes, contains a provision which would
The President was represented as believing that no one
knows what
is going to happen in the future with respect to business conditions
enable the government to collect millions of dollars
in
in the United States. It is quite probable,
he believes, that during the
what would be new taxes, through the voiding of the year 1928 that
the country will experience a business boom that will
statute of limitations with respect to many cases long greatly increase tax receipts. Such a boom is possible
but not probable.
The president believes, on the other hand, that there may
Thought closed, says the paper quoted, whose further obbe a serious
depression, due to events that cannot now be forseen that will greatly
servations follow:
reduce the tax revenues. The President does not think
that this is
One effect of the proposed change in the present law would be partly probable, however. There is a Treasury surplus of. $252,000,000, of
to offset the amount of revenue lost through the proposed rate reduc- which $75,000,000 comes from nonrecurring revenue. There is
a total
tions by the additional revenues which might be collected through re- of $177,000,000 that is recurring reevnue.
That, however, does not, the President believes, support
opening old cases. On the other hand, the supposed theory of the
a tax reducpresent revenue revision—the injection of finality into tax administra- tion of $289,000,000. It does not take into account the probable expenditures for flood control and also for increased expenditure
tion—would be defeated.
s for the Navy
What is proposed in section 611 of the act is an authorization for building program.
the Internal Revenue Bureau to bring court actions to collect taxes as
Favors $225,000,000 Limit.
far back as tinder the 1918 act, where assessment was made but the
The President thinks, therefore, that the proposal to reduce taxes by
government did not avail itself of court proceedings in time to stop the $289,000,00
0 is too much. He thinks a safe limit would be not to exceed
running of the statute of limitations. To do this the Revenue Act of $225,000,00
0, the amount recommended by the Secretary of the Treasury,
1928 would upset a Supreme Court decision specifically on the point in
Andrew W. Mellon.
DEC. 24 1927.]
THE CHRONICLE
go to the Senate,
The $289,000,000 bill passed by the House will now have very careful
the President understands, where he is certain it will believe that the
to
consideration and the President has every reason limits and then be
amount carried in the bill will be kept within proper
adopted by both Houses of Congress.
Under Secretary of Treasury Mills Says House Tax Bill
, Endangers Integrity of Budget.
Ogden L. Mills, Under-Secretary of the Treasury, speaking before the Bankers' Forum of the American Institute
of Banking at the Hotel Roosevelt, New York, on Dec.
by
19, declared that the Revenue bill of 1928, as adopted
leadthe
under
15,
Dec.
s
on
ntative
Represe
of
House
the
ership of Representative Garner, the minority leader,
for
"endangers the integrity of the budget as presented
given
as
s,
remark
further
Mills'
Mr.
year."
fiscal
the next
in the New York "Times" follow:
t in his budget
"Whereas the official figures submitted by the Presidenreduction, place
message, after making reasonable provision for debt
consideration such adthe surplus at $252,000,000—without taking intoflood relief, agricultural
ditional expenditures as may be called for by
ton at a cost
Washing
relief, the purchase of the so-called triangle in
bill increasing the
of $25,000,000, the passage of a public buildings project, and naval
maximum of annual expenditure, the Boulder Dam taxes by approxiexpansion—the revenue bill as *passed reduces the
mately $290,000,000.
$225,000,000
"The Treasury Department had previously stated that
that
represented a maximum figure of possible reduction, and even
provided
figure allowed a very slim margin of safety. The reduction
Treasury
the
in the bill as amended and adopted by the House exceeds
maximum by $65,000,000.
of an unf`There is no conceivable excuse for incurring the risk
reasonable and
balanced budget, which means serious interruption of a to-day do not
taxes
moderate program of debt reduction. Our Federal
sweeping tax
constitute an unbearable burden. There has been three
n is possible withreductio
al
substanti
reductions since 1921. Another
ing the Treasout endangering the integrity of the budget or confront
note or certificate
ury epartment with the necessity of additional bond, retirement from
issues which will serve to negative and offset debt
foreign repayments and sinking fund."
3431
sold to Joseph P. Jacobson, consideration $305,000. The
seat of Arthur Sinclair was reported posted for transfer
to William Pigeon and that of R. H. Rush Toland, deceased,
to Samuel Weiss, the last two for a nominal consideration.
The New York Curb Exch-ange membership of H. L. P.
Van Tait was reported sold this week to Kenneth L. Taylor
for $65,000 and that of E. W. Van Vleek to Nathan Markoe
for $67,000.
The New York Cotton Exchange membership held by the
estate of Buchanan Schley Jr. was reported sold to Herbert
ng
B. Newman for another for $29,000. The last precedi
sale was for $30,000.
The membership of C. J. Walter on the New York Rubber
for
Exchange was reported sold this week to John L. Handy
ng
precedi
last
the
over
$500
of
e
advanc
an
,
another for $6,000
sale.
New York Stock Exchange to-day
A petition to close theof
(Saturday, Dec. 24), having been denied by the Board
the
Governors on Dec. 15, trading will be conducted by
e
Exchange as usual to-day. The Curb Market will likewis
no sesbe in session. In the case of the following exchanges,
y
sions will be held to-day,—a three-day holiday over Monda
York
New
the
d:
observe
being
incident to Christmas, thus
ge,
Cotton Exchange,the New York Coffee and Sugar Exchan
Cocoa
York
New
the
York,
New
of
ge
the Rubber Exchan
Exchange and the New York Produce Exchange.
s
At a meeting of the Board of Directors of Banker Trust
firm of
the
of
Ewing
William
week,
Co. of New York, this
y
J. P. Morgan & Co. was elected a Director to fill the vacanc
.
Morrow
W.
Dwight
of
tion
resigna
caused by the
Co.
Meetings of the stockholders of the Interstate Trust
zations to Act on and the Hamilton National Bank of New York, have been
Organi
Bank
Chase
of
olders
Stockh
of the
Stock
called for Jan. 16 to act on the proposal for the merger
Question of Removing Shares from New York
19,
two institutions. The plan as noted in our issue of Nov.
Exchange List.
instiboth
of
rs
directo
the
of
by
ed
shares
approv.
for
s
been
receipt
ng
page 2764, has
Action on the question of removi
ge tutions; the consolidation will be effected under the name of
the Chase organizations from the New York Stock Exchan
g, ac- the Interstate Trust Co. This consolidation, when comtrading list will be taken at the coming annual meetin
its main
lders:
pleted, will give the Interstate Trust Co. not only
cording to the following notice issued to the stockho
ageously
office at 59 Liberty St. but seven branches advant
New York, December 20 1927.
of
Receipts for
located in New York City. Resources will be in excess
To the Holders of Bankers Trust Company
of
ent of the Interstate Trust
statem
Shares of the Chase National Bank of the City
official
The
,000.
$50,000
on,
New York and Chase Securities Corporati
resources of
of Chase Securities Corporation Co., issued as of Sept. 30 1927, showed total
At the annual meeting of the stockholders
will
,
there
e of about
herewith
increas
enclosed
an
is
nted
which
of
represe
total
$32,983,588 which
to be held on Jan. 9 1928, notice
remove the receipts for shares
having opened
ate
Interst
the
be submitted to you for approval a proposal to
a
year,
than
less
within
list
the
400%
from
ion
s Corporat
of the Chase National Bank and Chase Securitie
e. The proxy enclosed for business on Oct. 14 1926. On Sept. 30 1927, Interstate
of securities dealt in on the New York Stock Exchang
favor of such proposal.
in
voted
be
,
will
returned
herewith, if signed and
reported total deposits of $25,124,304, which total repreOF
THE CHASE NATIONAL BANK OF THE CITY
sented an increase of 685% within less than a year. The
NEW YORK.
on National Bank,
10, statement of the condition of the Hamilt
A similar proposal, as indicated in our issue of Dec.
s of $17,456,500 comdeposit
total
showed
1927,
10
Oct.
of
as
al
page 3115, will come before the stockholders of the Nation
pared with $13,223,100 reported on June 30 1926. Total
City Bank at their annual meeting. From the "Journal of resources at the present time exceed $20,000,000, while caping:
Commerce" of Dec.23 we take the followi
and surplus and undivided
t by which to be tal stock amounts to $1,500,000
Although Stock Exchange authorities have no preceden
statement. The capital
the
stocks,
to
the
ng
of
the removal
profits, $313,000, accordi
guided should the stockholders approve requesting
offer no opposition
amounts to $3,800,000 and
now
Co.
Trust
ate
t is understood that the Stock Exchange will probably
Interst
the
of
believed to have authority
to striking the shares from the list, although it is
surplus and undivided profits $1,524,777.
to retain them.
y for removal
Despite the fact that the Chase executives are now definitel
the application for
At a meeting of the Board of Trustees of the New York
of their stock from the big board, it is understood that
prepared. This
the listing of the new Chase stock,recently issued, is being
21, Clarence E. Hunter, formerly
on for the listing of Trust Co. held Dec.
is in accordance with the agreement on the applicati bank will "notify
was appointed a Vice-President.
ent,
the
Assistant Vice-Presid
the stock, which provides among other things that
of listed securities
formerly Assistant Treasurer, was appointed
Zell,
T.
the Stock Exchange of the issuance of additional amounts
Lucian
" In order to
and Eric J. Gluckstadt was
and to make immediate application for the listing thereof.
es will be an Assistant Vice-President,
comply with the provisions of the contract the Chase authoriti
ly appointed an Assistant Treasurer.
practical
although
stock,
new
the
of
listing
for
the
apply
to
d
compelle
they are opposed to it.
the Stock Exchange,
The stocks of nineteen banks are now traded on
entire controversy,
being quoted on the bond ticker. On September 17 the
of the banks
which will reach its height early in January when the majority
the committee
have their annual stockholders' meetings, was begun when
to
post
create more
of arrangements transferred the stocks to the Inactive
of the customary
active trading in the stocks in units of ten shares instead
100. Following many protests by the banks the shares were later quoted
on the bond ticker instead of the regular stock tape.
give
It is believed that at the January meetings the stockholders will
and that
their entire approval to the stand taken by the bank officials,
for removal of their
the request of the National City and Chase banks
securities from the big board will be followed by the smaller institutions,
es as being in sympathy
some of which have already expressed themselv
with the move.
Boies C. Hart, identified f- or the last 11 years with the
foreign organization of the National City Bank of New
York, was on Dec. 21 elected Vice-President of that institution and will have charge of all branches in the South
American district covering Brazil, Uruguay, Argentina and
Chile. Mr. Hart is the first senior officer of the bank to
come up through its foreign branch service and to obtain
all his foreign training with the bank. In his new assignment, Mr. Hart will relieve W. W. Woods, also a VicePresident of the bank, who has been recalled to take up
other duties at the bank's head office in New York. He
&c.
NIES,
will sail for South American on the steamship Western
T
TRUS
COMPA
ITEMS ABOUT BANKS,
World on Jan. 14. Mr. Hart is a native of Adrian, Mich.
The New York Stock Exchange membership reported
After two years at the University of Michigan and a year
the
m
at
posted for transfer last week to Willia Baroni
with the Seattle "Post Intelligencer," he became associated
record price of $310,000 was that of Melville D. Martin.
with the Big Horn County Irrigation Co., Worland, Wyo.,
d
n
was
also
reporte
McAlpi
H.
The membership of David
becoming General Manager of that company at Basin,
later
sold for the same consideration to Herbert D. Salzer.
In 1912 he organized and assumed the presidency
Wyo.
d
was
reporte
nson
Hutchi
J.
m
Willia
The membership of
3432
THE CHRONICLE
of the Pioneer Trust & Savings Bank
of that city. For
two years he served as Treasurer of
the Wyoming Bankers
Association. In 1911 he was a member
of the Wyoming
House of Representatives. Mr. Hart enter
ed the employ
of the National City Bank in 1916.
At a meeting this week of the Eexcutive
Committee of
the National City Bank of New York,
Percy West was
appointed Assistant Vice-President and the
following were
appointed Assistant Cashiers: James B.Funst
en,J. Everett
Koop and Edward L. Pierce.
At the Hotel Roosevelt, New York, on Dec.
19, Thomas
R. Preston, President of the Hamilton
National Bank,
Chattanooga, Tennessee, and President of the
American
Bankers' Association, was the guest of honor
of the Bankers' Forum, New York Chapter, Inc., Ameri
can Institute
of Banking (section of the A. B. A.). The
Forum was preceded by a dinner at 7 o'clock at which Frede
rick W. Gehle,
Chairman of the Forum, presided.
The Chase National Bank of New York has
distributed a
Christmas bonus to its employees. This distri
bution was
made to the employees of the main office
and twenty
branches in New York and Brooklyn, and
also to the personnel of the offices in Havana, Cuba,
Panama City and
Cristobal, Canal Zone, and to the staff of the
London office.
In all, over three thousand employees
were benefited. The
distribution was based on a sliding scale
depending on
length of service with the bank, and range
d from 5% to 10%
of annual salaries. No employee who
had been with the
bank as long as a year received less
than $75 Christmas
bonus. Other evidences of the bank's
interest in its employees are the maintenance of a dining
room where lunches
are served daily at no cost to employees,
a medical department and a system of group insurance.
[vim. 125.
chase of the Bank of Coney Island by
the Brooklyn Trust
Co. The merger will become effective
through an exchange
of stock on a basis of 5 shares of stock
of the
Island for 2 shares of the Brooklyn Trust Bank of Coney
Co. The directors of both institutions approved the
plans on Dec. 20,
and a special stockholders' meeting
will be called early in
January for the final ratification of the
proposals.
On Wednesday of this week, Dec. 21,
the directors of
the First National Bank of Boston, the
largest banking institution in New England, voted to
increase the bank's
capital and surplus each to $25,000,000
through the sale
of 50,000 shares of new stock, of the par
value of $100 a share,
at $300 a share. The present capital
and
institution are $20,000,000 each. The balan surplus of the
ium on the stock will be added to undivided ce of the premA meeting of the stockholders of the bank profits account.
Feb. 6 next to ratify the proposed increa will be held on
ses. In reporting
the matter the Boston "Herald" of Dec. 22
said in part:
The new stock will be Issued
to present shareholders in the ratio
of one
new share for each four shares of the
present stock now held. The present
stock sold yesterday (Dec. 21) at $500
a share, making each right on the
present shares worth $40. Deposits
of the bank as of the date of the last
bank call, in October, totalled $346,62
4,911, approximately $160,000.000
In excess of those of its nearest comepti
tor. If the present increase is
ratified, as it undoubtedly will be, It
will make the sixth time the bank
has expanded its capital, the last being
on April 1 1925. when 50,000 new
shares were offered ta $200 a share.
Daniel G. Wing is Chairman of the Board of
Directors of
the First National Bank and Clifton H. Dwinnell,
President.
An increase in the capital stock of the newly
organized
Lee, Higginson Trust Co., Boston,from $300,000 to
$500,000
has been approved by State Bank Commissioner
Roy A.
Hovey, according to the Boston "Transcript" of
Dec. 21.
With the increased capital, the paid-in surplus will
be $500,000, making combined capital and surplus $1,00
0,000.
Winthrop W. Spencer has been elected Treasurer of
the new
bank; Arthur I. Glidden, Assistant Treasurer, and
Malcolm
The election of Herbert J. Yates to the
board of directors C. Ware, Trust Officer. Charles F. Choate 3d and Willi
am
of Chelsea Exchange Bank of New York
J.
Coone
is
y have been elected directors. The trust comEdward S. Rothchild, President.• Mr. Yates announced by pany will open
is President of
for business shortly after the first of the year
the Consolidated Film Laboratories, Inc.,
and Sterling Ma- on the fourth floor of the Lee, Higginson Office Building,
chine Co., and prominent in the film industry.
50 Federal Street. Our last reference to the new instit
ution
appeared in the "Chronicle" of Oct. 22, page 2223.
The Trade Bank of New York, which is this
month celeEffective Jan. 1, the Portland National Bank, Portl
brating its fifth anniversary, announces the
and,
payment of a Me.,
and the Union Safe Deposit & Trust Co. of that city,
Christmas bonus to officers and employees
at the rate of will
be consolidated under the charter of the former,
5% of their yearly salaries with 1% extra
acfor each com- cordi
pleted year of service. During the five
ng to the New York "Journal of Commerce" of Dec.
13.
years of Its operation, the bank, with Karl Schenk as Presid
ent, has accumuThe New Jersey Banke
rs Securities Company through
lated deposits in excess of $6,000,000.
their President, Harry H. Weinberger, announces that
at a
regular meeti
Colby M. Chester Jr., President of
Postum Co., has Trust. Comp ng of the Board of Directors of the Hobart
been elected a trustee of the Central
any, it was unanimously resolved to increase
Union Trust Co. of the
capital from $500,000 to $1,000,000. A stock
New York.
dividend
was declared of 100%, giving to each stockholde
r of record,
The depositors of the United States Savings
Bank of the one share for each share now owned and in addition thereto,
City of New York are being advised of an increa
se in dividend there was declared a regular quarterly dividend of 3% and
rate from 4% to 44% per annum. The bank was
organized an extra cash dividend of 3%.
in 1889. It is significant to note that it took 11
years for
William H. Elliott, Cashier of the First Natio
the bank to reach the first $1,000,000, and havin
nal Bank
g crossed of Nutley, N. J.,
has been elected a Vice-President of the
that mark has gained steadily in deposits, which have
trebled Washington Trust Co.
since 1921. The President of the bank, Adolphe F.
of Newark, N. J. He will be in
IA)(lost, charge of the Liberty branc
has been with the bank in various positions since it
was or- and will assume his new h of the Washington Trust Co.
ganized, a record of over 38 years continuous service.
office after Jan. 1. The merger
of the Liberty Trust Co. with the Washington
which is to go into effect on Jan. 1, was referr Trust Co.,
The directors of the United States Mortgage & Trust
ed to in these
Co.
columns Dec. 3, page 3013. John U.
have declared the regular quarterly dividend of 4% and
Weber, who has
an
extra dividend of 4% on the capital stock, payable Jan. 3 been President of the Liberty Trust, will retire
from the
1928, to stockholders of record Dec. 27 1927. As announced management.
last week, the company on Jan. 16 will also distribute a stock
The Union County Trust
-Co. of Elizabeth, N. J., on
dividend of 33 1-3%. The company is distributing its 1928
calendar, the eighteenth in a series illuminated with paintings Dec. 16 acquired controlling interest in the First National
Bank of Cranford. The First National Bank
of American historical scenes by Percy Moran. This year's
was estabsubject shows Paul Jones and the sinking of the Bonhomme lished in 1922 and has a capital of $100,000. We learn that
- no merger of the two banks is planned,
Richard after her battle with Serapis.
each continuing
their separate existence.
The board of directors of the Guaranty Trust Co. of
The Comptroller of the Cur- rency announces
New York on Dec. 20 authorized the payment of additional
that on Dec.
compensation to present salaried employees of the company 10 the name of the Bergenfield National Bank, Bergenfield,
and its subsidiary companies, amounting to approximately N. J., was changed to The Bergenfield National Bank and
8 1-3% of the total salary paid to them during 1927. The Trust Company.
subsidiaries include the Guaranty Co. of New York, GuarThe stockholders of the Se-cond National Bank
of Atlananty Safe Deposit Co., Fidelitas Realty Corp. and the tic City, N.
J., ratified on Dec. 13 plans to change the par
Guaranty Executor & Trust Co., Ltd., London
value of the stock of the institution from $100
to $25 and
Edwin P. Maynard, Chairman of the board of the Brook- thereby increasing the number of shares outstanding from
lyn Trust Co. of Brooklyn, on Dec. 20 announced the pur- 3,000 to 12,000. The paid-in capital is $300,000.
DEC. 24 1927.]
THE CHRONICLE
3433
Supplementing the item published in our issue of Dec.
17 (page 3300) regarding the declaration of a stock dividend
by the directors of the Market Street Title & Trust Company of Philadelphia, we give herewith the letter of President H. N. Diesel to the stockholders, Dec. 14:
17. At the same meeting the directors also elected three
Assistant Vice-Presidents, namely, Howard D. Sordon, T.
Scott Root and Thomas W. Smith, all of whom have been
associated with the institution for more than 25 years. The
"Leder" went on to say:
The stockholders approved an increase of the capital of your company
from $1,000,000 to $1,500,000 on Dec. 7 1927 at a meeting called for
that purpose.
It gives me great pleasure to inform you that at the regular meeting of
the Board of Directors held this day a stock dividend of 10% was declared on the present paid-in capital of $1,000,000, this dividend to be
payable in capital stock in the proportion of one share for each ten
shares held and in fractional scrip for shares less than ten, and will be
payable Jan. 14 1928 to stockholders of record at the close of business
Dec. 31 1927. The fractional scrip will be without voting power and
non-dividend bearing until exchanged with other scrip for full shares, and
if not 60 exchanged within six years from the data of issue, will be null
and void.
The Treasurer was authorized to transfer from the undivided profits
account to the capital account $100,000 to pay for the above dividend
stock of 2,000 shares, each share to be full paid and to have a par value
of $50.
Your directors were prompted in taking this action by the favorable
earnings during the past two years, but it must not be taken for granted
that this action will be repeated unless the future earnings shall warrant
such action.
Mr. Lee will assume his duties Jan. 1 1928. He is a son of former United
States Senator Blair Lee, of Maryland; a director of the Silver Spring National Bank. Silver Spring, Md.; the Takoma Park Bank, Takoma Park,
Md.; the Birdsboro Steel & Foundry Co., Birdsboro, Pa.; Treasurer and
Manager of the Silver Spring Building Supply Co.. and Vice-President of
the North Washington Realty Co.
Mr. Sordon has been with the bank 27 years and has been located at the
Broad Street Branch, Broad and Sansom Streets, as Assistant Cashier.
Mr. Root, also an Assistant Cashier, entered the employ of the institution 33 years ago.
Mr. Smith Joined the bank's forces 27 years ago and has been an Assistant
Cashier for a number of years.
The three Asst. Vice-Presidents will assume their new duties Jan. 1 1928.
Directors of the Bank of North America & Trust Co., Philadelphia, on Dec.8 elected George P. Bissell, of the banking
firm of Laird, Bissell & Meads, Wilmington, Del., a member of the directorate and declared the regular quarterly
dividepd of 4%, payable Jan. 3, according to the Philadelphia "Ledger" of Dec. 9.
The Comptroller of the Currency has announced the voluntary liquidation of the Union National Bank of Philadelphia, with capital of $1,000,000, effective Dec. 3 1927. The
institution and the Mutual Trust Co. have consolidated under the title of the Union Bank & Trust Co., as noted in
the "Chronicle" of Dec. 3, page 3014.
According to the report of Effingham B. Morris, President
of the Girard Trust Co. of Philadelphia, made at the annual
meeting of the stockholders on Dec. 19, net profits of the
institution for the year ended Nov. 30 1927 were $2,012,551,
exceeding those of any one of the 90 years preceding it.
As of Nov. 30 the bank's statement, according to the Philadelphia "Ledger" of Dec. 20, showed:
Total assets. $81,623,605; capital, $3,000.000; surplus. $9,000,000;
undivided profits, $3.637,027; deposits, $65,497,239. Since the date of
the statement $1.000,000 has been transferred from undivided profits to
surplus, making the latter account 810.000,000.
Trust funds, $497,270,027; corporate trusts—investments and cash
balances in special corporate funds, $20,118,430; total amount of trusts
under deeds of trust or mortgages executed by corporations to the company
as trustee to secure issues of corporate bonds, including equipment trusts,
$1,461,715,390; total amount of securities deposited by corporations with
the company as trustee to secure issues of collateral trust bonds. $443,419,851; registrations of stock of corporations, 3809.823,100.
Following the annual meeting of the directors of the
Security Trust Co. of Detroit announcement was made on
Dec. 15 of the promotion of Fred L. Adams from an Assistant
Secretary to an Assistant Vice-President of the institution,
according to the Detroit "Free Press" of Dec. 16. At the
same meeting P. D. Hall, A. H. Foster and E. H. Henderson, formerly Assistant Trust Officers, were made Trust
Officers, and John 0., Kelm and Marcus Bostwick were
elected Assistant Secretaries. Mr. Adams, the new Assistant
Vice-President, has been associated in various capacities
with the Security Trust Co.for more than ten years, entering
the company's employ as chief clerk in the accounting
department. Five years ago he became Assistant Secretary.
Prior to going to Detroit he was connected with life insurance
companies in Chicago. The personnel of the Security Trust
Co. for the ensuing year will be as follows: James S. Holden,
Chairman of the Board of Directors; Albert E. Green,
President; Albert B. Hoffman, Walter B. Hayes, C. T.
Thornton and Charles N. Gray, Vice-Presidents; Robert L.
Nixon, Treasurer; Kenneth C. Thom, Secretary; Fred L.
Adams and Harry R. Gleeson, Assistant Vice-Presidents;
Herbert V. Pusch, P. D. Hall, A. H. Foster and E. H.
Henerson, Trust Officers; F. J. O'Donnell, Alfred W.
Massnick, Leo J. McClarty, Harold W. Gibson, Leo J.
McMillan, Vernon C. Fratcher, Robert S. Marx, John J.
Spoutz, John 0. Keim and Marcus Bostwick, Assistant
Secretaries; F. E. Wall, Assistant Treasurer; Charles E.
Howard, Assistant Trust Officer; J,. E. Johnson, Auditor;
W. S. Gilbreath, Jr., Manager of the bond department;
Herman S. Marquardt, Manager of bond sales, and Dave J.
Moreland, State representative, bond department.
At the annual meeting of the directors of the Union Trust
Co. of betroit, held Dec. 14, Charles E. Clark, John A. Reynolds, Clinton F. Berry, Homer Guck and A. Douglas Jamieson, were elected Vice-Presidents of the company, while
Louis H. Charbonneau, Harold C. Woodruff, John C. Evans
In his report, as printed in the "Ledger," Mr. Morris
and Wayne W. Putnam were made Assistant Vice-Presisaid in part:
Detroit "Free Press" of Dec. 15.
The foregoing statement of the results of the business of your company dents, according to the
during the 91st year of its existence seems to require a few more words The last named (Mr. Putnam) will continue to act as Asin order that the shareholders may have the information to which they sistant Secretary in addition to his new duties. Frank W.
are entitled regarding the condition of their property.
The year just ended was more than ordinarily satisfactory, as the profits Blair was re-elected President of the company, Charles R.
exceeded those of any one of the 90 years preceding it. No losses upon Dunn, John N. Stalker, B. H. Manning and Joel H. Presloans or other transactions occurred. As all securities held for investment
cott were again named Executive Vice-Presidents, and
are producing and paying income, no occasion exists at the close of the
year—as naturally sometimes happens—to make precautionary provisions Charles N. Crossman, Charles H. Adams, and Merrill C.
against possible doubtful accounts.
Adams were re-elected Vice-Presidents.
It is proper also for shareholders to know that present market value of
securities owned for investment showed an excess over the book value
thereof to a very considerable sum—approximately an amount greater
than the capital stock of the company.
Shareholders will remember from previous reports that the company's
banking house at the northwest corner of Broad and Chestnut Sta. is
carried upon the books at the cost only of the bare ground, when purchased many years ago for the sum of $2.880,050. It is assessed for city
taxation in 1927 at $5,000,000.
There is, therefore, an excess value in this asset, the amount of which
can be estimated by each shareholder according to his own views thereof,
but which can safely be put at a considerable sum in addition to that
above referred to in connection with investment securities.
The Morris Building, adjoining your banking house to the west, continues to be fully rented; more than 09% of its capacity being occupied
by tenants in 1927. It provides a satisfactory return upon the share
capital owned by your company of the Chestnut Street Realty Co., in
which the legal title to this property is carried.
Andrew L. Malott, for the past two years manager of the
real estate department of the Guardian Trust Co. of Detroit, was elected a Vice-President of the institution at the
annual meeting of the directors on Dec. 14. Robert 0. Lord
was re-elected President, as were the other officers of the
company. Mr. Mftlott, according to the Detroit "Free
Press" of Dec. 15, has been engaged in the real estate business for the past twenty-five years and prior to his joining
the Guardian Trust Co. when it opened for business in 1925
was connected with prominent Detroit realty oranizations.
He is a former Secretary of the Detroit Real Estate Board.
The Board of Directors of the Chicago Title & Trust Co. of
The Philadelphia "Record" in its issue of Dec. 20 reported
Chicago after the regular monthly meeting on Dec. 14 deMr. Morris in his statement as also saying:
The managers believe that the results of the present year justify an oared the regular dividend of 4% and an extra dividend of
additional distribution of profits to the sharheolders, and a special dividend
of 10% has therefore been declared out of the profits of the year ending
Nov. 30 1927.
3% payable on Jan. 2 1928 to stockholders of record at the
close of business on Dec. 21 1927 it was also voted to pay
the sum of $100,000 as a Christmas bonus to employees, and
Livingston E. Jones, President of the First National Bank to transfer $1,000,000 from undivided profits to surplus
of Philadelphia, announced on Dec. 16, following a meeting account.
of the directors, the election of P. Blair Lee, of Silver Spring,
Announcement of a proposed consolidation of the American
Md. (a suburb of Washington), as a Vice-President of the
institution, according to the Philadelphia "Ledger" of Dec. National Bank with the First Wisconsin National Bank, of
3434
THE CHRONICLE
Milwaukee, was made on Dec. 17, by Walter Kasten,
president of the First Wisconsin National Bank. The consolidation has been approved by the boards of directors of the
two institutions and plans for the immediate merging of the
two organizations will be presented to the stockholders some
time in January. The consolidation will include the National
Ave. and Mitchell St. branches of the American National
Bank. These offices will be retained in their present locations
and will operate as branches of the consolidated institution.
The official staff, heads of departments and other employees
will all be retained, and each will occupy as nearly s possible
the same relatively important positions as heretofore. The
enlarged organization will operate under the name and charter
of the First Wisconsin National Bank. The combined institutions will have total resources of more than $125,000,000,
deposits of over $110,000,000 and capital, surplus and undivided profits of $11,000,000. In his announcement Mr.
Kasten said:
"The consolidation has been undertaken with the idea of anticipating the
growing banking needs of Milwaukee's rapidly expanding industrial and
commercial interests. With the divisional organization which has been in
operation for the past seven years for loaning and commercial accounts,
customers in each industry are assured the personal attention of officers
who specialize in the various diversified lines represented in Milwaukee."
[VOL. 125.
Association, serving on numerous committees, and as
Executive Manager of the association. He has also been
President of the Idaho Bankers Association, and last year
was President of the State Bank Division of the American
Bankers Association.
—
That the Bank of Italy National Trust ; Sayings Association, San Francisco, has acquired the City Bank of Stockton, the First National Bank of Tulare, the First National
Bank of Yuba City, and the Savings Bank of Sutter Gounty
(Yuba City), all in California, was reported in the New
York "Times" of Dec. 16. Total resources of the acquired
banks were estimated at $9,000,000, it was said.
THE CURB MARKET.
Irregularity was the feature in Curb Market business this
week, many issues showing weakening tendencies while some
issues advanced. Heavy trading was reported at times.
Industrial i ayon was an outstanding feature and was
heavily dealt in up from 19 to 243i and at 2334 finally.
Sensational trading in Marconi Wireless of Canada to-day
and also during the week advanced the price from 2 8 to 434.
Celanese Corp. of Am.com.sold up from 953
4 to 10634 down
to 1023i and 1033( finally. The first pref. jumped from
16534 to 17434, the close to-day being at 17334. Celota
Co. com. dropped from 64 to 58 and recovered to 59%.
Firestone Tire & Rub. moved up from 201 to 235, eacted
to 21934 and ends the week at 221. Glen Alden Coal advanced from 166 to 17234, but fell back to 171. JohnsManville com. was off from 12534 to 1193i, the close to-day
being at 120. The W. A. Sheaffer Pen Co. lost some of the
advance made last week, dropping from 845 to 760, with
the close to-day at 770. Insurance stocks were promising,
Alliance selling up from 82 to 8934, down to 85 and at 87
finally. Firemen's Fund rose from 8634 to 101 and reacted
to 9734. Among oils, Gulf Oil ran up from 10434 to 118,
and finished to-day at 114. Elsewhere in the oil division
prices show irregular movement and for the most part slight
changes.
A complete record of Curb Market transactions for the
week will be found on page 3469.
"In joining forces with the First Wisconsin National
Bank„' said Mr. Bird, president of the American National
Bank, in commenting on the consolidation, "we are offering
our patrons the benefits of a broader banking service with
more extensive facilities. We feel that the consolidation will
be an advantage not only for our depositors and shareholders,
but for the community as well, inasmuch as it will permit
even larger transactions than have been possible in the past."
The First Wisconsin N ational Bank claims to be not only
the largest bank in Wisconsin, but the largest northwest of
Chicago. It has existed as such, it is stated, since the consohdation of the First National and Wisconsin National
Banks, which took place on July 1 1919. It traces its origin
back to the old Farmers and Millers Bank which was established in 1853. In 1863 when the national banking act was
passed this bank was reorganized as the First National Bank
and was granted Charter No. 64. This is the charter under
which the First Wisconsin National Bank operates today.
The original capital of the Farmers and Millers Bank was
$50,000, as compared with the $11,000,000 capital, surplus
and undivided profits of.the First Wisconsin to-day. The old
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Wisconsin National Bank was organized on Dec. 5 1892.
STOCKS (No. Shares).
BONDS (Par Value)•
Both the First National and the Wisconsin National ex- Tea Ended Dec. 23.
ind&Aftre
OS.
Mining.
Domestic. Foreign Govt.
tended their antivities by a series of consolidations and
mergers, until they joined forces on July 1 1919, with a Saturday
221,100
74,790
32.800 81,809.000
8238.000
Monday
342,806
171,850
58.700
3,044,000
399,000
capital of $6,000,000. At the same time the affiliated trust Tuesday
345,1,65
151.820
48,500
3,249.000
383,000
Wednesday
352,595
152.430
73,220
3.365.000
511,000
companies of the two institutions combined, forming the Thursday
339,540
159,970
97,170
3,575,000
462,000
First Wisconsin Trust Company which at that time had Friday
442,328
98,300
37,400
3,408,000
304,000
offices in the Trust Company Building at East Water and
Total
2,043,564
809,1601 347,790 518,450,000 $2,297,000
Wisconsin Sts., but which this year moved to new quarters
on the second floor of the First Wisconsin National Bank
Building. In Jan. 1920, the. First Wisconsin Company was THE WEEK ON THE NEW YORK STOCK EXCHANGE.
organized to take over the investment business of the bank.
Speculative activity in stocks continued at a rapid pace
during the early part of the present week and many new high
The directors of the Union Trust Co., Chicago, on Dec. 20 records were established all along the line. As the week addeclared the regular 3% quarterly dividend, payable Jan. 3 vanced the market developed considerable irregularity and
to stockholders of record at noon Dec. 26, and also an extra trading slowed down somewhat, though for the first three
dividend of 4%, payable Dec. 31 to stockholders of record days the daily turnover continued closeto the 3,000,000 mark.
at noon Dec. 26.
Copper stocks have been the predominating feature, though
the so-called specialties stocks and merchandising issues have
The directors of the Hibernia Bank & Trust Co. of New made considerable progress. Steel shares have gradually imOrleans, at their regular monthly meeting, declared a proved and oil stocks as a group have shown increasing
quarterly dividend of $4.50 per share out of the earnings for strength, with occasional upward spurts in some particular
the quarter ending Dec.31, payable on Jan.3 to stockholders issues. The outstanding features of the week were the adof record Dec. 21. At the same meeting the Board also vance in the rate for call money yesterday to 5% and the
declared a Christmas dividend on the salaries of employees, announcement that the Italian Government had stabilized
the amount of which is determined by length of service. its monetary unit on a gold basis.
Every employee in the bank participated in this distribution.
Copper shares continued in the foreground during the
brief session on Saturday, Greene-Cananea scoring a sensaR.S. Hecht,President of the Hibernia Securities Co., Inc., tional gain of 7 points. Chili Copper crossed 40 and such
New Orleans, has announced the opening of a Los Angeles issues as Calumet & Arizona, Cerro de Pasco and Nevada
office of the company, under the management of Guy E. Consolidated trailed along to the highest levels of the year.
Bowerman, who has been elected a Vice-President of the Mercantile stocks were notably strong, Montgomery Ward
company in charge of their Pacific Coast business. The and Sears-Roebuck reaching new high marks not only for
company, which has offices in New Orleans, New York, the year but for their present form of capitalization. Oil
Chicago,Atlanta, and Dallas, handles short-time investments shares were firm, Simms Petroleum advancing into new high,
for banks,including commercial paper and bank acceptances, ground for the year and both Marland and Pure Oil moved
and in addition to specializing in high class Southern securities, briskly forward at substantial advances. American Can
the Los Angeles office will identify itself with the Pacific was the noteworthy feature of the specialties and closed
Coast's financial activities through the origination of, and with a net gain of more than a point. New York Central
participation in choice local investment issues. Mr. Bower- was the strong feature of the railroad shares. Bullish
man has been active for years in the American Bankers demonstrations in a few selected stocks were again ap-
DEC. 24 1927.]
THE CHRONICLE
parent on Monday, the important movements centring
around the motor issues, copper stocks and specialties with
advances ranging from 2 to 10 points. Copper stocks
maintained the market leadership, with Greene-Cananea
in another sensational rise of 11 points to 142. Merchandising shares were again in the foreground with the twin
leaders, Montgomery Ward and Sears-Roebuck, at new
tops for the present forms of capitalization. Railroad
shires alternated between strength and weakness, most of
tb;) activity being directed toward New York Central and
C Imadian Pacific which closed with moderate gains. Pacific
& Tel. had a spectacular dash to the highest point in its
history and independent motors, under the leadership of
Hudson and Gardner, pushed vigorously forward to higher
levels.
Motor stocks moved up with the leaders on Tuesday,
General Motors advancing 2 points to above 135 and selling
at its highest price since the October reaction. Hudson
Motors, Studebaker and Mack Truck were also higher and
Nash, Chrysler and Packard all reached new tops for their
present form of capitalization. Copper stocks continued
their remarkable advance, Greene-Cananea shooting forward over 7 points to above 149, followed by Calumet &
Arizona with a gain of 4 points to 114. Railroad shares
improved, New York Central leading the advance and New
Haven reached its best since 1916 at 61 or better. Other
strong stocks included Atchison and Delaware & Hudson.
Erie common was another strong feature of the group and
advanced about 2 points and St. Louis and San Francisco
common made a net gain of about 3 points. A. M. Byers
sold up to 96, a gain of 5 points, and American Can reached
a new high at 77H. Colorado Fuel & Iron was up about
4 points; Vanadium Steel continued its advance, but United
States Steel common and Bethlehem ,Steel lost ground.
The stock market was somewhat erratic on Wednesday and
without definite trend during the greater part of the day.
The most spectacular movements of the day were in the
insurance shares, particularly in Continental Insurance
which sold as high as 341, making again of 323 points for
the day and advancing into new high ground in all time.
Copper stocks continued to move upward, Chili Copper
soaring to a new high for the year at 423, as compared
with its previous close at 40, and Kennecott Copper closed
with a substantial gain. On the other hand, GreeneCananea, wlch for several days held undisputed leadership
of the group, suddenly turned downward and slipped back
to 140, as compared with its previous close at 1453. Motor
stocks were lower and a long list of specialties slipped downward.
Price movements were somewhat mixed on Thursday.
but with most of the changes in the direction of higher levels.
One of the important advances was in United States Steel
common, which made a further gain of 2 points to 151.
Insurance stocks continued their sensational advance,
interest in these stocks being directed chiefly to Fidelity
Phoenix, which added 16 points to its previous high record,
and Rossia and Continental which were also higher. Copper stocks were again el se to the leaders. The str ng
stocks included Cerro de Pasco, Chili Copper and Kennecott, the two last named reaching the highest in their history.
In the railroad shares Erie continued in demand and there
was also considerable activity in Western Maryland,
Chicago Great Western and Chic. & Northwest. A noteworthy feature among the advances was International
Nivicel which reached new high ground with an advance of
8 points to 89 or better. International Harvester, International Combustion Engineering and Davison Chemical
were all conspicuous for their strength.
On Friday stocks continued to advance during the greater
part of the session, though realizing sales at times gave the
market an irregular tone. Copper stocks were the real
leaders of the upward swing, Kennecott, Anaconda, Cerro
de Pasco and Chili all breaking into new high ground for
the year. International Nickel also maintained its advance
and crossed 25 to its best for the $25 shares. Railroad
stocks moved forward under the leadership of Rock Island
and St. Louis & San Francisco, though here and there
throughout the group were weak stocks, notably Reading
and Ontario & Western, both of which moved to lower
levels. United States Steel common was in strong demand
and crossed 151, but General Motors barely held its own.
One of the outstanding strong stocks was Montgomery
Ward which exceeded all previous records as it crossed 122.
The final tone was good.
3435
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Railroad.
&c..
Bonds.
State.
Municipal &
Foreign Bonds.
1,633,680
2,893,120
2,933,672
2.923,630
2,593,434
2.269,300
84,623.000
6,791,000
7,435.000
8,503,000
6,912,000
5.127,000
81.382,000
2,834,500
3.250.000
3,720.000
4.459.000
1,743,000
31,484,000
1.051,000
2,440,000
1,125,750
678,500
524,000
15,246,836
339,391,000
317,388,500
37.303,250
Week Ended Dec. 23.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Week Ended Dec. 23.
Jan. Ito Dee. 23.
r 1927.
1926.
15,248,836
8.918.053
564.750,448
443,704.597
$7,303,250
17,388,500
39.391,000
34.684,150
14,536.000
41,186,000
3285.721.000
821,729,200
2,107.018.100
$251,840,650
604.810.450
1,973,944.100
Stocks-No,of shares_
Bonds.
Government bonds_ _State and foreign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
1927.
1926.
364.082.750 360,406.150 $3.214.468.300 $2,830,595,200
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
&Ems.
Week ending
Dec. 23 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore.
Shares. Bona Sates. Shares. Bond Sales Shares. Bond Sales.
!
.33.617
$54,950
18,801
$12,000
2,671
331,000
*51,252
29,650
23.201
12.700
7.135
28,500
.66,972
22,000
31.309
17.500
3,716
28,000
47,327r
.71,046
33.000
38,000
6,646
28.000
47,442
41.600
34,805
18,000
6.165
37.000
37,425
85,000
31,700
12,000
5,409
12,000
307,755
3271,200
184,943
3105,200
31,742
331.996
3250 000
146.633
3234.700
19.900
$164,500
34M.900
• In addition, sales of rights were: Saturday, 40: Monday, 690; Tuesday,
1,716; Wednesday,734.
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a substantial increase
over a year ago, but the greater part of this will be due to
the fact that the Christmas Holiday came in this week last
year, having fallen on Saturday, whereas the present year
it comes on Sunday and will be celebrated on Monday.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that
for the week ending to-day (Saturday, Dec. 24), bank
exchanges for all the cities of the United States from which
it is possible to obtain weekly returns will be 28.7% larger
than for the corresponding week last year. The total
stands at $10,996,004,033, against ,547,199,360 for the
same week in 1926. At this centre there is a gain for the
five days of 20.1%. Our comparative summary for the
week is as follows:
Clearings-Returns by Telegraph.
Week Ended December 24.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
35.785,000,000
584,926,791
458,000.000
394.000,000
115,067,182
127,700,000
173,127,000
152,838,000
154.983.791
151.500,000
99,625,357
91,298,622
74,908,726
$4,817,077,857
685.661.856
498,000.000
397.000,000
133,277.616
127.500.000
142,748.500
147,127,000
165.801,481
139,089.293
94,944,491
89.298,815
59,471,961
+20.1
-12.1
-8.0
-0.8
-13.7
+0.1
+21.3
+3.9
-6.5
+8.9
+4.9
+2.2
+26.0
Thirteen cities, 5 days
Other cities, 6 days
$8,362,975,469
1,050,361,225
37,481,998,370
1,085,200.990
+11.8
-1.4
Total all shied, 5 days
All cities, 1 day
$9,413,336,694
1,582,667,339
$8,547,199,360
Holiday
+10.1
510.998.004.033
58.547.199.360
+28.7
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
of the last week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 17. For
that week the increase is 3.4%, the 1927 aggregate of clearings being $12,056,925,616 and the 1926 aggregate $11,664,382,920. Outside of New York City, however, there is a
decrease of 0.2%, the bank exchanges at this centre having
increased 5.8%. 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) there is a gain of 5.8%, but in the Boston
Reserve District there is a loss of 11.1% and in the Philadelphia Reserve District of 1.7%. In the Cleveland Reserve District the totals are smaller by 2.9%, in the Richmond Reserve District by 6.8% and in the Atlanta Reserve
District by 3.7%, the latter due largely to the falling off
at the Florida points, Miami showing a decrease of 61.8%
and Jacksonville of 27.7%. In the Chicago Reserve District the clearings show 3.4% increase, in the St. Louis
Reserve District 1.6% and in the Minneapolis Reserve
District 9.0%. The Kansas City Reserve District suffers
a decrease of 2.7%, but the Dallas Reserve District has
bettered its 1926 figures by 1.4% and the San Francisco
Reserve District by 11.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 17 1927.
1925.
Dec.
1926.
1927.
Federal Reserve Dist.
600,498,419
lat Boston- --12 cities
7,447,268,857
2nd New York_11
656.283,535
3111 Phlladelphial0 "
451.998,895
4th Cleve4and-18 "
205,627,239
5th Richmond -16 "
227,575,194
6th Atlanta---13 "
1,042.878,292
7th Chicago_ -20 "
255.057,479
8th St. Louis-18 "
140,577,278
9th MinneapoUs17 "
271.164,403
10th Kansas C1ty12 "
89,548,524
15 "
llth Dallas
668,447,501
12th San Fran_.17 "
$
675,724,703
7,041,155,231
667,461,936
465,312,152
220,626,372
236,423,281
1.008.547,071
250,993,276
122,930,819
278,8 t2,259
88,280.582
602,085.268
1924.
95
553,244,238
591,138,083
-11.1
+5.6 6,687,228,644 6,466,106,831
674,326,025
709,517,850
-1.7
414,142,590
456.899.665
-2.9
219,526,977
241,601,690
-6.8
248,04%5M
314,097,143
-3.7
948,181,462
+34 1,057,046,637
247.905,466
+1.6
277,140,586
153,514,068
159,216,935
+9.0
257,694,963
293,735,638
-2.7
86,239,801
94,823,871
+1.4
507,233,506
623,850,639
+11.0
1 9 cities 12,056,925.616 11,664,383.9201 +3.4 11,506.095,351 10,776,545,518
,
Total
4,764,838,531 4,773,448,382 -0.2 4,952975.503 4,443,406,993
Outside N. Y. City
Canada
(VOL. 125.
THE CHRONICLE
3436
31 Mies
499,095,618
317,895.715 +32.1
412,557.528
392,245,472
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1Veek Ending Dec. 17.
Marini/a al1927.
1926.
1166.07
Dec.
1925.
1924.
3
First Federal Reserve Dist rict-Boston
797,653 -2.8
775.662
Maine-Bangor-3.996,858 -1.3
3,945.270
Portland
536.000,000 614,000,000 -12.8
Mass.-Boston
2.263,288 +21.0
_
2,738.975
Fall River_
a
a
Holyoke
1,;05,107 +3.2
1,552.986
Lowell
a
a
Lynn
77,458 +9.9
'
1,2
1,404,030
New Bedford
5.682,208
6,178,346 -4.8
Springfield_ +2.2
4.174,441
4,265,355
Worcester
16,853.512 +2.8
17.331.222
Corns -Hartford.
+12.1
7.650,469
8.579.067
_
_
Haven.
New
16.062,300 +5.8
16.997.700
38.1.-Providence
965,271
+6.3
1,025,944
N.H.-Manche'r.
Total(12 cities)
600,498.419
675,724.703 -11.1
762.262
4,006.634
533,000,000
2.479,739
a
1,349,297
a
1,762,028
5.959.854
4,276,375
15.312,994
6,930,132
14,571.700
725.068
591,136,083
663,070
3,214,606
500,000,000
2.530.069
a
1,251,467
a
2,095.678
5,470.030
3,806,000
13.314.826
7.038.150
13.074,800
784.700
553.244,236
Second Feder al Reserve D istrict-New
6.667,649
6.178,248
N. Y.-Albany
1,125,400
Binghamton__ _
1.399.700
58,341,751
56,950.965
Buffalo
1,010.505
1.107,207
Elmira
1,412.185
1,578,684
Jamestown...
7,292,087,085 6,890,934,538
New York_
14,649.792
13,244,152
Rochester
6,701.371
6.427.390
Syracuse
03,638,254
3.601.242
Conn.-Stamford
950.739
1.029,657
N. J.-Montclair
62,223,875
57,165,699
Northern N.J_
York6,158,560
6.569,035
-7.4
948.100
1,122,900
+24.4
54.836,817
59.543,390
-2.4
791,760
891,980
+9.6
1.471,917
1.517,658
+11.8
+5.8 .543,116,878 6,333,138,568
11.625.150
+10.6
13,089.793
4.943.416
5.798.362
3.087,248
+1.0
3,452,858
813,014
+8.3
1,210.920
48,292.281
50,914,870
+8.8
Total(11 Cities) 7.447,268,857 7,041,155,231
+5.8 6,687.228,644 6.456,106,831
Third Federal Reserve Dist ries-Phllad elphla
1.452,341
1.582.330
1,699,538 +2.0
1,673,088
Pa.-Altoona _ _
4,216.048
4.566.536
4.497.042 +2.8
Bethlehem.._
4,622.135
1.410,733
1,682.615
1,406.593 +6.6
Chester
1.499,950
2.570,456
2,798.057
2.190,147
Lancaster
2,130.414
621.000,000 633,000.000 --1.9 674.000,000 641.000,000
Philadelphia
3,307.644
3.882,241
4.975,250 --3.3
Reading
4,810.357
6,752.930
5,653.807
6,759,288 --2.0
Scranton
6,556.360
4.337.559
4.353,332
3,176.683 +46.1
Wilkes-Barre
d4.642.40
1,806.525
2.02.5,219
2,132.442 +7.4
2.290,786
York
7.471.789
8.975.713
7,684.623 -8.2
7,058,037
N.J.-Trenton._
a
a
a
a
a
Del.-WilmingVn
Total(10 cities)
656.283.535 667,481,906
-1.7
Fourth Feder al Reserve D(strict-Cies.eland.
5,678,000 +26.9
d7,204.000
Ohlo-Akron_
4,856,514 -7.5
4,494.842
Canton
82,478.321 +1.6
_
83.812.849
Cincinnati_
143,722,808 144,712,037 -0.7
Cleveland
19,316.900 +8.0
20,867.600
a
a
a
Dayton
a
a
Lima
2,471,267 -26.8
d1,908,897
Mansifled
a
a
a
Springfield_
a
a
a
Toledo
5,278.543 -F2.7
5.423.544
Youngstown-__
a
Pa.-Erie
184,564,855 200,520,570 -8.0
Pittsburgh-
709,517.8.50
674,326,025
5.941.000
4,158,561
82.359,533
137,604,084
17.474,000
a
•
2,214.094
a
a
5,573,294
9,146.000
4,824,869
77.169,809
119.894,867
14,417,600
a
1;13,535
a
201,375,099
438,609
a
182.237,101
-2.9
456,699,665
414,142,590
Fifth Federal Reserve Dist rIct-Richm ond1,965.000 -22S
1.516.255
W.Va.-Hunt'en
10,747.471 -48.4
83.541.832
Va.-Norfolk-.
-1.1
55,023.000
_
_
_
.
54,413.000
Richmond.2.000.000 ..2,100.000 ---4.8
S.C.-Charleston
Md.-Baltimore- 112.357,791 120,306,595 ---6.6
30.484,306 ---2.2
29.798,361
D.C.-Wash'g'n-
1,800,426
10,221,010
67,188.000
2,316,728
130,019,177
30,056.349
1,740.134
11,044,895
68,041.000
3.393.552
108,988.548
26.318.848
Total (8 chiefs)
451,998,895
465,312,152
-6.8
241,601,690
219,526,977
Sixth Federal Reserve Dist rict-Atlant a418.877,287 • 8.098.285 +9.6
Tenn.-ClaatVgay3,300.000
*3,150,000
Knoxville
23,721,681 +18.8
28,064.115
Nashville
62.115.359 -5.0
58.981,723
Georgia-Atlanta..
2.463,397 -6.5
2,304,188
Augusta
2,240,662 +3.3
2.314,138
Macon
a
a
Savannah
27,1166,928 -27.7
19,849.986
Fla.-Jack'nville9,674,339 -61.8
3,697.000
__
Miami. _
27,927.480 -0.1
27,899.045
Ala.-BIrming'm2.296.166
1,769.458
Mobile
2,233,000 +3.9
2,320,000
Jackson.
457,639
416,823
Vicksburg-- 64,428.345 +5.4
67,931,431
La.-NewOrleans
8,642.987
3,573,477
25,274,250
91,556,931
2,521,933
2,197,390
a
41,180,215
27,455.733
31.990.789
2.630,145
1,932.261
470.383
74,670.649
7,649,024
3,154.000
23.085,987
76,385.530
2.688.353
2.054.477
a
19,770,783
7.246,800
32.412,820
2,173.057
1,461,000
598.343
69.352.419
-3.7
314,097,143
248.042.593
Total (6 cities).
Total(13 cities)
205,627,239
227,575,194
220,626,372
236.423,281
Week Ending Dec. 17.
Clearings at1927.
1926.
Inc.or
Dec.
Seventh F. R. District-C hicago295,007
Mich.-Adrian..
1,189,766
Ann Arbor...
1.177.033
192,303,562 192.227,308
Detroit
8,180,640
Grand Rapids_
8,320,304
2,523,249
Lansing
3,100,333
3,219,068
3,497,239
Ind.-Ft. Wayne
24.390,000
Indianapolis...
2.5,830.000
4,779.100
South Bend_ _ _
4,524,100
5,683,498
5,865,015
Terre Haute.- 46,5.50,499
47.373.844
Win -Milwaukee
2.678.155
Iowa-Ced. Rap_
2,838,336
9,871.282
10.437.305
Des Moines_
6,125,329
5,940,603
Sioux City__ - 1,403,128
Waterloo
1,352.736
2,103.083
1,678,579
684,388,561
Chicago
715,456,
a
a
Danville
1,339,533
1,435,498
Decatur
5,046,111
3,501.014
Peoria
4.823.649
3.884,995
Rockford
2,819.355
2,977.483
Springfield_ -
1925.
1924.
252,376
1.260,939
195.237.766
8,680,255
2.817.104
2,992,881
25.208,000
4,598.900
6.407.439
43.169.769
2,563,665
10,321,411
7,008.607
1,239,293
1,836,655
730,696,794
a
1,445,250
5,396.994
3,011,546
2,900,993
2.58.838
902.305
161.434.007
7,645,931
2.271,980
2,704,864
17,798.000
3,591,000
4,904.667
39.245,575
2,575,030
11,238,000
7,244,304
1,561,035
1,637,186
671.097,691
a
1,714,340
5,224,168
2.402.036
2.730,605
Total(20 cities) 1,042,878,292 1,008,547,071 +3.4 1,057,046,637
Eighth Federa Reserve Dis trict-St. Lo viaInd.-Evansville_
6,202.881
6,377.9425.883,174 +8.4
880.-St. Louis.. 157,500,000 162,100,000 --2.8 176,500,000
Ky.-Louisville..
41,887,037
39,429,865 +9.7
43,246.205
542,076
472,037 -8.7
431,062
Owensboro _ _
Tenn-Memphis_
24,880,496 +13.0
28,121,908
31.876,842
Ark.-Little Rock
16.316.085 +7.3
17,508,092
18,042,550
403,127 -0.3
401,953
III.-Jacksonv'e..
521,073
Quincy
1,470,317
1.508,492 -2.5
1,568.127
948,181,462
Total(8 cities). 255,057,479 250,993,276
Ninth Federal Reserve Die trIct-MInne
7,486.253
8.432,663
Minneapolis...
77,638,921
87,257,057
St.Paul
36.472.106
36.970,843
No. Dak.-Fargo
1,923.265
2,089,387
B.D.-Aberdeen.
1,495,759
1,486,893
Mont.-Billings-.
649,183
744,435
Helena
3.265,332
3,596.000
+0.3
-1.1
+0.1
+1.7
+22.9
+8.6
+5.9
-5.3
-3.1
+1.8
-5.6
-5.4
+3.1
-3.6
+25.3
+4.5
a
+7.2
+44.1
-19.5
-5.3
5,272.267
154.959,794
36,534,265
727,963
31,296.911
17,190,623
521.176
1,402,467
+1.6
apolis.
+12.6
+12.4
+1.4
+8.6
-0.6
+14.7
+10.1
277,140,586
247.905,466
13,200.876
100,407,530
37,661.950
1,945,081
1,669.242
697.618
3,634.638
12.707,568
96,854,633
36,746,167
2,067.833
1.575,368
524,583
3,037.916
Total(7 cities). 140,577,278 128,930,819 +9.0
Tenth Federal Reserve Ells trIct- Kans as City
Neb.-Fremont-.
424.042 +12.9
d478 802
Hastings
477.847 +3.3
493,733
Lincoln
5,159.950 +2.2
5.276,006
Omaha
41,774,705
39,401.726 +6.0
Kan.-Topeka
3,421,794 +1.1
d3,459.269
Wichita8,217,506 +4.2
d8.54/4,444
Mo-Kanass City 146.412,786 158.264,478 -7.5
7,176,673 -1.9
d7,052.692
St.JosePh-a
•
a
Okla.-Muskogee
Oklahoma City d33.940,310
32,639.949 +4.0
a
a
a
Tulsa
1,080,390 +19.9
1.295,146
Colo.-Col.Spgs
21,391,095 -2.5
20,847,421
Denver
1,186.809 +32.2
Pueblo
01.569.089
159,216,935
153,514,068
413,758
675,339
4,953,185
45,509.789
3,608,499
8,943,139
160,920,570
8,056.838
•
37.158.662
a
1.255.025
21,109.703
1,131.131
404,463
457,637
4,140,896
40.097,922
2.835.216
8.124,000
137,453,881
7,921,570
•
33,340,273
a
1,038.445
20,809.337
1,071.323
Total(12 cities) 271.164,403 278.842.259 -2.7
Eleventh Fecle cal Reserve District-Da Ilas.
Texas-Austin-..
1,379.377 +26.9
1,750,326
53,110,832 +7.6
Dallas
57.169,887
16,434,395 -4.2
Forth Worth_ _ d15,742.110
11,392,000 -27.6
Galveston-. _ _
8,253,000
a
a
a
Houston
5,963.978 +11.2
6.633.201
La.Shreveport _ _
293,735,638
257,694,963
1,731,324
59.117,043
15.658,408
12,209,000
a
6,108,096
1,801,964
48,103,645
16,534,131
14,427.099
a
5,772.962
94.8231671
+1.4
Franci sco56,065,650
+9.2
13,867.000
-0.1
a
a
1,583,502
+ 15.4
42,164,569
+0.7
15,578,053
+13.0
•
a
a
a
5,677,548
+0.4
8.199.427
+2.0
+4.7 183,385,000
25,550,096
+6.3
7,233.484
+2.5
10,355,181
-12.1
6.363.717
-13.2
+24.1 236,671,000
+8.5
3.290.951
1,937,274
+20.7
-12.0
2.240,187
3.688,000
+0.6
86,639,801
88,280.582
Total(5 cities)89,548,524
Twelfth Feder al Reserve Ei 'strict-San
46,548,994
Wash -Seatl.
50,846,759
12,448,000
Spokane
12,447.000
a
a
Tacoma
1,457.060
Yakima
1,681.078
40,413,784
40,685.851
Ore -Portland..
19,135,527
21,615,319
Utah-S.L.City.
•
Nev.-Reno._
a
a
Ariz.-Phoenix.
4.999.765
5,021,536
Cal.-Fresno. _ _
8,196,015
8.361.984
Long Beach__ _
Los Angeles... 217,211,000 207,426,000
21.829,861
23,207,333
Oakland
7.858.579
8.052,927
Pasadena
9.730,088
Sacramento _ _
*18,557.377
7,088,919
6.155.165
San Diego_ _ - San Francisco_ 253.944,000 204.628.000
3.089.731
3,353,437
San Jose
1,625.372
1.961,770
Santa Barbara_
2,476.073
2.191,265
Santa Monica_
3,133.500
03,153,700
Stockton
41,979,090
11,562,000
a
1,311.406
36,558,408
18,512,668
a
a
4,070.785
7.816.704
154.448,000
20.115,315
5,936,870
8,770,453
4,181.989
183,900,000
2,321,351
1,202.016
2,027,551
2,605,900
Total(17cities) 668.447,501 602,085.268 +11.0 623,850,639 507,220,508
Grand total 129
12.0543.925616 11,664.382920 +3.4 11.506,095381 10.776,545518
cities)
Outside New York 4.764,836.531 4.773,448.382
•••••••••••••••....1927.
-0.2 4.962,978,503 4,443,406,950
Week Ended Dec. 15
inc.or
Dec.
1925.
1926.
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Bt. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William..._
New Westminster
Medicine Hat _ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albeit....
Moncton
Kingston
Chatham
Sarnia
8
169,012,155
150.395,445
78.823.739
19.669.011
8,434.598
8,061.497
3,358.022
6,286.657
11,924,437
3,062,399
2,365,143
3.101,104
5,598.455
7,562,758
693,315
750,811
2,696.292
1,542,071
1,351,070
1,048,369
755.502
629.858
1,068.333
894.842
1,235,679
5.034.749
461,322
1,082.802
773,063
806,523
605,597
$
114,626.208
114,897,121
61,976,539
17.844,187
5,990.443
6,715,123
2,792.103
5,624,741
10,301.088
2,524.780
1,940,152
2,720.887
5,507,723
5,385.268
706.980
657.800
2,284,627
1,362,622
1,183,512
929,394
656.743
342,684
806,883
1,062,263
1,100,354
4.257.880
407,866
1.176,384
815,999
649.712
647,649
%
+47.4
+30.9
+27.2
+10.2
+40.8
+20.0
+20.3
+11.8
+15.8
+21.3
+21.9
+ 14.0
+1.6
+40.4
-1.9
+ 14.1
+18.0
+13.2
+15.0
+12.8
+15.0
+83.8
+32.4
-15.8
+12.3
+18.2
+ 13.1
-8.0
-5.3
+24.1
-6.5
$
107,326,067
128,174.720
92.657.773
16,240.780
6.981,969
6,173,751
3,621,524
4,725,248
9.998,451
2,469,529
2,147.203
2,873.948
5,238,612
6,145.741
722,493
849.774
2,622,747
1,528.965
1,398,350
1,006,205
708,007
342.684
823,705
793,208
1,139,481
3,582.489
479,589
1,007,752
776,763
$
124,346,111
114.623.296
77,380,471
15.221.346
6,766,835
6,123.677
2,784.170
4,977,141
8,529,033
2,280,229
1,694,296
2,872,837
4,586,877
4,490,475
805,343
668,886
1,677,934
1,320,299
1,039,619
1,242,700
607.239
422,239
746,208
766,441
1,222,654
2,944,693
362,806
930,903
810,714
Total(31 cities)
499.095.618
377.895.715 +32.1
412.557.528
392.245.472
ended Dec. 14. d Week Ended Dec. 15. e Week ended Dec. 16. •Estimated.
DEC. 24 1927.]
THE CHRONICLE
Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for November 1927
and 1926 and the five months of the fiscal years 1926-27
and 1927-28.
-Month ofNovember-Five Months
Receipts.
1927.
1926.
1927.
1926.
OrdinaryCustoms
47,660,302 52,655,253 262,150,589 270,386.594
Internal revenue:
Income tax
30.514,670 40.630,138 583,962.680 617.612.039
MIscell. Internal revenue 49.442.377 54,968,998 262,256,268 278,784.899
Miscellaneous receipts:
Proceeds Govt.-owned secs.:
Foreign obligationsPrincipal
2,000
53.425
6.000
Interest
164.169
164,316
10.193,139
10.348.079
Railroad securities
2,357,070 3,836,502
85,559,412
30.060,471
MI others
260,013
636,127
3,676.680
57,999,920
Trust fund receipts(reaPPropriated for investment)--__ 5,431.877 3,648,936
28,139.342
20.234,205
Proceeds sale of surplus prop.
323.987 3.052,582
2,479,474
8.080.012
Panama Canal tolls, arc_ _ 3.226,639 2,025.492
12,253,716
10.242.683
Recta, from miscall, sources
credited direct to approp'ns
325.929
760.486
2,731,234
3,770,971
Other miscellaneous
9,976.701 13,621,517
83,775.141
66.897,249
Total ordinary
149.682,733 176,002,347 1,337.231.100 1,374.423,122
Excess of total expenditures
chargeable against ordinary
reets over ordinary rec'ts_257,147,508 88,248,094
Expenditures.
Ordinary(Checks and warrants paid, ate.)
General expenditures
154.440,642 151,587.385
Interest on public debt.a.--- 30,824,232 73.596,739
Refund of receipts:
Customs
2.046.993
1,530,550
Internal revenue
6,935,041 3,251,874
Postal deficiency
Panama Canal
1,470,232
529,868
Operations in special accounts:
Railroads
628.792
194.449
War Finance Corporation-. 6911.674 81.079,464
Shipping Board
1,934,609 2,298,742
Mien property funds
329,704
8431,124
Adjusted service ctf. fund
275.178
104.554
Civil service retirement fund_
681,758
37,388
Investment of trust funds:
Govt.life insurance
5,367.206
3.648.936
D.of C.Teachers' retirem't
26.456
Foreign service retirement_
85.876
8957
General railroad conting't_
38,214
Total ordinary
Total
203,512,250 28,981,500
24.784.032
807,955.365
283,140,002
787.516.276
308.259.157
9.075,288
59.346.943
13,000.000
4,450,888
7,842,528
51.436.115
7.015,648
2,781,184
794.271
81,796.900
14,757.843
879.971
844.989
92,074
355.717
83,803,956
9,371.400
8802.690
6192,882
866,415
27.726.056
250,153
129,500
163,134
19,983,717
57,693
129.351)
192.796
350,286.250
1.500
44,54
209,110.500
350.332,300
209,131.510
21,010
Total expend, chargeable agst. ord. rec'ts 406,830.241 264,250,441 1,570,251,899 1,399,207.154
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $129,809.52 and for the fiscal year 1928 to
date $606,995.74 accrued discounts on war savings certificates of matured series
and for the corresponding periods last year the figures include $186,841.72 and $1,158,472.39, respectively. b Excess of credits (deduct).
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 7 1927:
GOLD.
The Bank of England gold reserve against notes amounted to /148,593,460 on the 30th ult., as compared with £150,117,075 on the previous
Wednesday.
Only about £52,000 bar gold was available in the open market yesterday
and was taken for India and the Trade.
It is announced by the "Times" correspondent from New York that
$1,000,000 In old is being shipped to-day to London. The American exchange at the moment does not warrant such an operation: this would make
it appear that it must be a special transaction.
An amount of 12.997,747 is shown in the return for the week ended the
30th ultimo, detailed below, as exported to Poland. This gold was reported
in preceding letters as having been taken for a destination not disclosed.
The following movements of gold to and from the Bank of England have
been announced:
Dec. 1. Dec. 2. Dec. 3. Dec. 5. Dec. 6. Dec. 7.
Received
Nil
Nil
Nil
Nil
Nil
Nil
Withdrawn
Nil
Nil
Nil 179,000 126,000
17,000
The am sovereigns withdrawn were destined for India. During the
week under review £112,000 has been withdrawn from the Bank, increasing
the net efflux this year to 12.579 000, and since the resumption of an
effective gold standard to £7,933,000, as set out in the daily bulletins at
the Bank.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 30th ult.:
Imports.
Exports.
British South Africa_ __ _ S912.046
Sweden
113,400
Other countries
Poland
2,912
2.997.747
Germany
101 260
Switzerland
429)1
Egypt
25.500
British India
23.000
Straits Settlements
32.202
Other countries
26.808
1914,958
SILVER.
The market has been steady during the week, though more from smaller
offerings than any other reason. Bear covering has been the main support.
Spot supplies are improving and the difference between cash and two
months' delivery has been reduced to qd. America, the last few days, has
been selling freely for shipment: on the arrival of these purchases, stocks
here will be considerably increased.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 30th ultimo:
Imports.
Exports.
United States of America 1125.581
Germany
127.650
Other countries
Egypt
6,102
14.966
Iraq
100.1)00
British India
84.:-93
Other countries
3.700
--£131,683
f230,709
Rupees
IN
DIAN CURRENCY RETURNS.
In Lacs of
Nov. 22.
Nov. 15.
Nov.1
355
0.
Notes in circulation
18246
Silver coin and bullion in India
11445
1
18
06
14207
11350
Si ver coin and bullion out of India
Gold coin and bullion in India
2976
2
.
0
il-iii
Gold coin and bullion out of India
Securities (Indian Government)
5;To
31 93
5We
Securities (British Government)
129
136
No silver coinage was reported during the week ended the 30th ult.
The stock in Shanghai on the 3rd inst. consisted of about 52.600,000
ounces in svcee. 71,300.000 dollars and 7,340 silver bars, as compared with
about 54.800.000 ounces in sycee, 70,600,000 dollars and 5,420 silver bars
on the 26th ult. Quotations during the week:
-Bar Silver per Oz. Std.Bar Gold
Two Mos.
Cash.
per Or. Fine.
Dec. 1
26 13-16d. 2631d.
84s. 113d.
2845
Dec.
213 13-16d. 2634d.
.
1131d.
Dec. 3
26 13-16d. 2631d.
84s. 1131d.
Dec. 5
26 15-16d. 2631d.
84s. 1134d.
Dec. 6
27d.
2631d.
84s. 1134d
264d.
84s. 11%d
265.1d.
ADvreceage
96.56d.
26.854d.
84s. 11.4d;
The silver quotations to-day for cash and two months' delivery are re?
pectively 3-16d. and ;id. below those fixed a week ago.
140
5
233,020.798
203,317,991 235,268,941 1.219,919.599 1.190.075,644
Public debt retirem'ts chargeable asst. ordinary recta:
Sinking fund
203,501,250 28,97.5,000
Received for estate taxes_
Forfeitures, gifts. dm
11.000
6.500
3437
£372627818
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
There.,
Tun,
Wed..
Sat,
Mom.
Wk.End.Dec.23. Dec. 17. Dec. 19. Dec. 20. Dec. 21. Dec. 22.
Silver, per oz__ 26 13-166. 26 11-166. 26 7-166. 265cl.
26 7-166.
Gold,per fine es 8413.11Hd. 848.11 K d. 846.10d. 848.10d. 846.10d.
Consols,234%_
549-166. 545
5444
545
British, 5% _
101X
101
101
10131
British, 43.%_
9634
9631
96
963.
French Rentes
(in Paris)Jr_ ____
57.75
58.15
58.25
58.40
French War L'n
(in Paris)
__
77.95
78.15
78.90
78.40
Dec. 23.
2614
84(3.11d:
5454
10134
9631
60
79
The price of silver in New York on the same days has been:
Silver In N.Y., per oz.(eta.):
Foreign
585$
5834
5751
5731
5754
5731
Dommercial andMistellanermsglews
Breadstuffs figures brought from page 3508.741
the statements below regarding the movement of gramreceipts, exports, vislb e supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour. I Wheat.
Corn.
Oats.
Barley.
Rye.
bls.19618s.bush. 6018*.bush.56 lbs.bush. 32 lbs.bush.48lbs bush.561bs.
Chicago
217,000
177.000 1,629,000
930,0001 178.000
96.000
Minneapolis
151 000
1.874.000
296.000409.000
52,000
Duluth
1,041.000
1,000
7,000
169.000 214.000
Milwaukee_ _ _
45,000
7,000
369,000
70,000
120.000
21,000
Toledo
308,000
37,000
94,000
1,000
Detroit
34,000
38.000
14.000
10,000
Indianapolis_
38,000
639.000
108.000
St. Louis__ _
121,000
488.000
316,000
509.000
24,000
5,000
Peoria
66.000
49,000
128,000
20,000
395,000
Kansas City.
1,026.000 2.072,000
38,000
Omaha
383.000 1,467.000
118,000
St. Joseph
93,000
12,000
469.
Wichita
350.000
72,000
4,000
1,000
2,000
Sioux City.
125,000
50.000
355,000
2,000
1.000
Total wk. '27
Same wk. '26
Same wk. '25
449,000
462,000
483,000
5,893,000
4,910.000
7.645.000
8,189.000
5,043.000
8,583,000
2,209.000 924,000
2,238,000 668.000
4,364,000 1,111,000
401.000
216.000
554.000
Since Aug.11927
9,827,000 286,562,000 90,664,000 72,344,000 9,398,000 6,796,000
1926
9.756,000201.649,000 89.733,000 69,524.000 6.465.000 18.729,000
1925
9.565.000 209,291,000 87,072.000 129.389,000 51,159
15.343.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Dec. 17, follow:
Receipts at- I
New York_ _ _
Philadelphia__
Baltimore---Norfolk
New Orleans*
Galveston_
Montreal __ St.John, N.B.
Boston
Flour.
Wheat.
Corn.
Oats.
I Barley.
Rye.
Barrel*.
Bushels.
Bushels.
Bushels. I Bushels. Bushels.
310.000 2,124.000
39,000
116.000. 1,553.000
141,000
62.000
621,000
20.000
27.000
64.000
36.000
29.000
787,000
14,000
19.000 353.000
4.000
48,000
106.000
78,000
12.000
92,000
100,000
35.000
316,000
18.000
49.000
20,000
28,000
959,000
1,000
28,000
9,000
31,000
18.000
156,000 282,000
1
Total wk. '27 547.000 5,023.000
269,000
380,000 2,300,000
186.000
Since Jan.1'2722,170.000291.605,000 10,167,000 24.298.000 27,761,000 16.289.000
Week 1926_
507.000 5,850.000
304,000
381,000 1,276,000 449,000
Since Jan.1'2624,765,000 297,607,000 8,055,000 41,987.000 311,587.000 30,705,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bi is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Dec. 17 1927, are shown in the annexed
statement:
THE CHRONICLE
3438
[vol.. 125,
S per oh.
$ per oh. Shares. Stocks.
Shares. Stocks.
$2 lot
5 Citizens Investing Co
60 Greenwich Village Playhouse,
Corp.,
Vanadium
United
$5101 63,000
Inc., pref., par $25
518 lot
common, par 525c
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Co., pref _$15 lot
Importing
Fine
20
Arts
$1 lot
19,638 143,762 363.312 1,500 Hedley Gold Mining, par $10_ 170. 800 Ray Hercules Mines, Inc
83,653 122,853
1,783,575
New York
9,000 329,000 200 Jennings Coal Co
14.000
Strongheart B. es L. Assn., arbitra40,000
70
Boston
108.000
2,000
tion committee cents. No. 409,
28,000
199,000
Copper Co.,
Ely-Bonanza
Philadelphia
1,000
46,000 602,000
4,000
aggregating $5,350, representing
50
368,000
par $1
Baltimore
4,000
lot
2634 shares Ressein B. dz L.
Norfolk
10 Bear Tractors, Inc
17,000
.000
2
•
18,000
Assn. full-paid stock and also
11.000
Inc.._
Co.,
124,000
10
Devel.
New Orleans
28,000 500Automotive
9,000
1,000
28.000
past due note of Jacob Marbin
959.000
St. John, N. B
Riverdale Farms Co,par $10...510 lot
62,000
3,000
dated June 22 1925 in the amount
Halifax
20 Water Works Equipment Co_ __EIS lot
(balance due $3,281.84),
9.000
0155,000
94,000
5,000 Wickwire-Spencer Steel trust
Houston
$20 lot
secured by above stock
$205 lot
certificates
1,322,312
394,762
41,638
204,853
notes of Samuel B.
due
past
Two
216,653
York,
Co.,
3,473,575
Machinery
week
Read
1927._
300
Total
6,000 216,059 1,704,324
Lush dated June 25 1925 and
46,000 198,178
60
Pa.. common
Same week 1926.. 6,438,524
June 30 1925. aggregating $14,100 R. E. Thompson Mfg. Co. of
$1 lot
500, unsecured
S16 lot
N.J., 1st pref
The destination of these exports for the week and since
West Virginia Coal & Coke
6,341
of
Co.
Mfg.
E.
R.
Thompson
100
below:
as
July 1 1927 is
$60
Co.,6% B pref
$21 lot
N.J., lst pre
99 Chilean Min.Co.,corn., no par.515 lot 14,242 2-3 West Virginia Coal & lot
Corn.
Coke Co., common, no par
Wheat.
10 Union Discount Co., common._ $I lot
Flour.
$80 lot 1,000 West Virginia Coal & Coke
20 Union Discount Co., pref
Exports for Week
Since
$25
Week
Co.,6% B pref
$6101
Since
Week
Since
6,000 Marsh Mines Cons. Co
Week
and Since
July 1
Dec.
17.
1
El lot 2,666 2-3 West Virginia Coal & lot
July
17.
Dec.
Corp
1
Otrobi
150
July
17
Dec.
to-July1
1927.
par
no
1927.
common,
Coke
Mines
1927.
1927.
2,000 Miami Consolidated
1927.
1927.
26 2-3 West
Co.. Virginia Coal & Coke
$7
Co., par $1
$5
Co..common,no par
Bushels. Bushels. Bushels.
Bushels.
500 Green Monster Mining Co.. lot
Barrels. Barrels.
355,895
111,653
10 West Virginia Coal es Coke Co.. lot
723,774 47,864,766
par 50c
United Kingdom_ 64,158 1.982,791
176,844 500 Radium Co. of Colo., corn,.
94,000
6% B preferred
110,395 3,152.067 2,737,801 103,106,137
Continent
176,000
165,000
$1 lot 1,000 National Spring Products Co ,
9,000
no par
213,555
So.de Cent. Amer_ 8,000
$25 lot
395,000 1,620 Decorative Tile Corp., com.,
11,000
Del., pref
21,000
3,000
233,000
8,000
West Indies
lot 84 Canadian Forest Prod., Ltd..8150 lot
5100
345,003
par
no
332,558
14,300
_
Other countries._
Gold
Silver
Min.
dr
100
Candelaria
common...1514
5 Womens Realty Co.,
$1 lot
Co., pref., par $5
J lot
204,853 5.913,971 3,473,575 151,501,906 216,653 1,103,739 5 Womens Realty Co., pref
Total 1927
46,000 2,203,530 1,000 Commonwealth Paper Corp ,
50 Western Mfg. & Oil Co., guar.
198.178 6.613.792 6.438.524 155.846.404
Total 1926
$5 lot
capital stock
$10 lot
common, no par
15 Western Mfg. & 011 Co., 1st pf33 lot
70,000 Black Diamond Mines, Inc.,
Verde
Ltd.,
Val
lot
$10
250
Co.,
Copper
regarding
par $1
National Banks.-The following information
545 lot
par 55
73 725-10000 Atlas Alloy Steel
$20 lot 1,866 Winter Harbor Co., par 55.570 lot
national banks is from the office of the Comptroller of the
Corp., pref
$155 lot
390 Miner-Edgar Co
24 3375-10000 Atlas Alloy Steel
Currency, Treasury Department:
$250101 500 Mu-Rad Radio Corp., no par_$35 lot
Corp.. corn., v. t. C.
50 Frederick Southack Ss Alwyn
Distribution
APPLICATIONS TO ORGANIZE RECEIVED.
Capital. 48 7150-10000 Assets
$2
Ball Jr. Inc pref
55 lot
$200,000 118 Assets Realization Co
816 lot 50 Frederick Southacic & Alwyn lot
Dec. 14-The National Bank of La Jolla,La Jolla, Calif
Ball Jr. Inc., corn., no par
Automobile Apts.,
Correspondent, It. C. Bulger, Box 293, La Jolla, Calif.
Boston
1,800
50,000
$17 lot
325 lot 200 Mu-liad Radio Corp
Dec. 14-The Central National Bank of Leonia, N.J
Inc., corn., no par
60 Frederick Southack Ss Alwyn
Correspondent, John Pollock, Paulin Blvd., Leonia,
5 Club de Montmartre, Inc., com
51 lot
Ball Jr.. Inc., corn., no par
Montmartre, Inc., pref._ $65
N. J.
de
Club
5
125,000
Grimes Radio & Cameo
Dec. 14-The Union National Bank of Jersey Shore,Pa Pa.
6,000 Two-In-One Gold Mines, Ltd. lot 100 DavidCorp
lot
Shore,
525
Jersey
Record
Carter,
M.
S.
Dr.
Regulator
Correspondent,
Window
50,000 600 Perfect
$50 lot 250 Keystone Forging Co., pref.$130 lot
Dec. 16-The Leola National Bank, Leola, Pa
Corp., corn
Oil
Burner,
Fuel
ParaMount
lot
60
Inc...51
Co.,
Refg.
Correspondnet, R. E. DeWalt, Leola, Pa.
Oil
Dalford
25,000 1,250
51
Inc., preferred
$11 lot
Dec. 17-The First National Bank of DeKalb, Miss
100 Indiahoma Refining Co
Fuel Oil Burner, lot
Correspondent, J. H. Dews, DeKalb, Miss.
400 Caddo Cent. 011 dr Refg. Corp.S1 lot 50 Paramount
common
Inc.,
pref.-1535
50 Electric Outlet Co., Inc.,
APPLICATION TO ORGANIZE APPROVED.
Co., Inc., corn..1 lot 50 Hunt's Modern Paper Prod.,
25,000 40 Electric Outlet
$10 lot
Inc
Dec. 14-First National Bank in Shelton, Neb
500 Colombian Emerald Synd....565 lot
Neb.
Shelton,
Parks,
F.
B.
1,000 Vidaver Mailing Machine
Correspondent,
160 House of A. Silz, Inc., 7%
$35 lot
Co., Inc., par $5
5
CHARTERS ISSUED.
cum. panic pref
60 Monterey Bay Redwood Co„ pf 525
20 Sterling Tire Corp. of RutherDec. 12-The Springfield Gardens National Bank of New York,
585 30 Monterey Bay Redw'd Co., corn lot
200,000
ford, pref
N.Y
Columbia Metals'
40 Sterling Tire Corp. of Rather- lot 100 Alaska British
President, Nelson B. Ashmead. Cashier, Joseph W.
Co., common, par $10
ford, common, par $10
Fox.
Copper Co., par $5.- $11
Sunshine
100
Newark,
of
Co.
35,000
Mfg.
McConnell
Ohio
40
Jewett,
of
Bank
Dec. 13-The First National
$25 734 Am.Tin Smelteries Inc., prof.. lot
preferred
Succeeds State Bank of Jewett, Ohio. President,
Inc.. corn.,
30 McConnell Mfg. Co. of Newark, lot 30 Am. Tin Smelteries,
D. V. Heck: Cashier, R. E. Burrell.
no par
_
_
_
100,000
Pa_
common
Lansdowne,
Dec. 14-The National Bank of Lansdowne,
Inc.,
com.$ 6 lot
Photoproducts,
Ansco
5
lot
par_53
400 Federal Pur. Co., cl. B,no
President, Frederick W. Kelly. Cashier. W. A. Sulli247 21-100 Sackett & Minims
1,000 Broad Acre Ranch, Inc.,7%
van.
c
t.
v.
pref.
1st
Corp.,
lot
5100
100,000
pref
cum.
Dec. 15-The First National Bank of Revere, Mass
42 12-100 Sackett & WIlhelms Corp. 8180
4,433 637-10,000 Oregon Logging &
President, Andrew A. Casassa: Cashier, Eldon F.
lot
2d pref. v.t. c
$25 lot
Timber Co
Everett.
lot
90 Sackett & Wilhelms Corp. COM.
51,000-850
par
300,000 20 Toluol Prod. Corp.,
Dec. 16-The Forbes National Bank of Pittsburgh, Pa
V. t.0
180 Allied Oil Corp., corn., par $10
President, Richard K. Mellon: Cashier, W.S. Phillips.
60,000 2,000 Goldfield Ore Mining Co.. $12 60 Touman Oil Co., Inc.. par $50'
Dec. 17-The Noble County National Bank in Caldwell, Ohio_ _
lot 20 Touman Oil Co., par 550
treasury stock, par 51
President, T. R. Hazard; Cashier, A. C. Okey.
63,999.99 (3) notes of Touman 011 $5
150 Leedem Fabrics, Inc., class A
VOLUNTARY LIQUIDATIONS.
Co.. Inc.. dated Apr.5 1920, Apr. lot
515
common
25,000
12 1920. and Apr. 12 1920
Dec. 12-The Farmers' National Bank of Thornton, Texas
Fabrics, Inc., class B, lot
Leedem
150
United Dyewood Corp., corn 334
11,182
Effective Dec. 7 1927. Liq. Agents, T. M. Wilson,
common
American Oil Devel.
Mart, Texas: H. T. Wilson. Thornton, Texas: and
50 Neuland Electrical Rights, Inc.. $10 20,000 Latin 51
3175 lot
Corp., par
J. E. Bradley, Groesbeck, Texas.
Magneot Co., par 55.- lot
10
Neuland
Clark Sr Shay, 100.510 lot
100,000
Greynolds,
0101
34
$
Dec. 14-The First National Bank of Comanche,Texas
66K.F. Textile Mills, Inc
$5
Effective Dec. 7 1927. Liq. Committee, A. J. Gray,
4734 Dixie Acme Corp., pref.- 530 lot
pref
Corp.,
Keeno
12
lot 6234 Dixie Acres Corp., corn., no
W. M.Durham, and K. L. Macon. Comanche, Texas.
13 Keeno Corp., corn., no par
$5 lot
par
Absorbed by the First State Dank of Comanche, Texas.
Internat. Royalties, par 51-53 lot
$17 lot
50,000 2,500
50 Boston Florida Trust
Dec. 15-The City National Bank of Rockwood,Tenn
Mfg. Co., Inc., pref
Truesdell
25
Inc.,
Co.,
Mines
Promontorio
740
$4
corn.,
Effective Nov.29.927. Liq. Committee, S. D.Smith,
Inc.,
Co..
35 Truesdell Mfg.
$200 lot
lot
let pref
Jahn A. East, hocKwood, Tenn., and W. L. Foster.
no par
335 8-10 Fromontorio Mines
Oliver Springs, Tenn. Absorbed by the Rockwood
10 Truesdell-Haddock & Co., Inc..
$80 lot
Co..
pref
2d
Tenn.
Inc.,
lot
Rockwood,
$3
National Bank,
preferred
200,000
88 Bontouca Land Co., Inc., New
Dec. 15-National Bank of Commerce of Tampa, Fla
59,737.48 claim against the Colum5120
lot
Orleans
lot
Ore_5100
Portland,
Effective Dec. 1 1927. Liq. Committee, Hatton B.
bia Tire Corp.,
50 Multiple Elec. Prod. Co., no par_ 82101
Rogers and D. H. Laney. Tampa, Fla. Absorbed by
1 Goodyear Rub. Co., Minn., prof.
275 Multiple El. Prod. Co.. no par.56lot
Conn., corn.
Co.,
Citizens Bank St Trust Co. of Tampa, Fla.
Rub.
1
Goodyear
25,000
$200 Note of Multiple Elec, Prod. Co.,
Dec. 16-The Rice National Rank, Rice, Minn
1 Goodyear Rub.Co., N.Y.. corn
bal. due $34,938.47, without int_ 52 lot
Effective Jan. 19 1926. Liq. Agents, I. W. Bouck,
1 Goodyear Rub. Co., N.Y., pref.. lot
18,500 Handy Dandy Mfg. Co.,
corn.
Co.,N.J.,
Royalton, Minn.: J. N. Kremer and Damon I. Bouck,
Rub.
2 Lambertville
8234 lot
par El
Rice, Minn. Absorbed by the First Nat.Bank of Rice,
8 Hotel Realty Co., Trenton, N.J., lot 500
Tell 011 dr Gas Co., par $L..82 lot
$90
Minn.
preferred
Gold
Two-In-One
1,000
Mine.
S..
4 Hotel Realty Co., Trenton, N.
$26 lot
par $1
$25 lot
common
40
10 Morris County Golf Club
Auction Sales.-Among other securities, the following, 88 Acer Lumber Co., Woodsville.
26
$20 lot 78 Normandy Water Co
auction
at
H
N.
sold
were
Exchange,
Stock
the
at
in
dealt
not actually
100 U.S. Rayon Corp., pt., no par- 10
Co., Woodsville.
Lumber
Acer
22
Wedneson
and
Buffalo
corn.,
lot
54
Y.
Co.,
N.
Western
011
$15
Philadelphia
Boston,
in New York,
N. H., corn
no par
$10 lot
1,900 Penns Seaboard Steel C0_540 lot 300
day of this week:
834
N. Y.State Rye., corn
$600101
70 H. G.Dow dr Co., Inc
5
prat.-100
Co.,
lot
550
Hold.
Northwood
10 Florida Shores Realty Co
By A. J. Wright & Co , Buffalo:
100 Foundation Co. corn., no par- 401i
A
Cl
Corp.,
Mareal-Mazzetti
sh.
per
3
450
Stocks.
Shares.
2 et oh.
EnShares. Stocks.
Locomotive
of
20
Brotherhood
par..334
no
B,
el.
with 50 she.
$I lot
90 Rock Island South. Corp
5Hill Pierce 011 ds Ref. Co., par$101
gineers Secur. Corp. of N. Y
per eh. on A stock: common bonus
Dividend issue with 60 Hill Pierce $5 lot I Buff., Niag. & awn., Preferred 261j
$200
class A common
3334 Routh Olive Realties, Inc 5225 lot
par $25
011 & Ref. Co., par $10
Br therhood of Locomotive en- lot
10
lot
$3
1,000 Baldwin Gold Mines, par $1. 2Sic. 5 Truart Pictures Corp
100 Thermiodyne Radio Corp., no
gineers &cur. Corp., N. Y ,
1510
pref
Corp.,
10
Moluska
lot
-it
50e.
par
Green
Monster,
4,000
$1101
par
class B common, no par
20 Moluska Corp., corn,, no par.__ I lot
1 Buff., Nis. dr East., pref., no par 313( 260 Miley Petroleum, par $25....$5
$9 lot 7.000 Capitol Silver Mines, Ltd ,
88 Goldfield Consolidated, par $10. lo. 85 Valley Stream Realty Co
20 Jackson Health Resort, Inc.,
$1,200 lot
par El
Co.,
SOW
&
cent.
Engelhard
Per
A.
258
Bonds.
$10 lot
preferred with $100
Louisville, Ky..pref„par 51.82.600 lot 50 Dry Ice Corp. of Amer., corn.,
$200 Eastern States Package CO,
8 Jackson Health Resort, Inc.,
Te lot
no par
513 lot
Co
Goods
Dry
Mason
lot
160
$1.
1947
6%,
lien
let
common, no par
200 Poole Engineering & Machine
2,000 Interstate Gasoline Co., par
$3.950
Co., class A, no par
83 lot
81
By Adrian H. Muller & Sons, New York:
lot
876 lot 300 Poole Engineering & Machine
$ per oh. 246 Detrolt United Rya
$ per oh. Shares. Stocks.
Shares. Stocks.
par
no
B,
Co.,
class
50 Paramount Fuel 011 Burner.
4 U. S. Testing Co., Inc., corn.,
$65.000 face amount four certain
100 International Equities Corp ,
82
Inc.,
pref
$25
par
$100
promissory notes of Intermediary
10
class A, no par
Feb.
50 Paramount Fuel Oil Burner, lot
Finance Corp. dated May 11 lot Claim for $1.000 and int. from
50 Knickerbocker Exploration Co.
Inc., common
4 1923 against Theodore Landis, $15
1925, not matured
$25101
par
$50
Ltd.,
Corp.
Furnace
lot
600
and
Amer.
Bosshardt
had
Hill,
Pa.,
Red
for
money
$25,000 face amount five certain
$25 lot $1,000 perpetual membership certi •
Interim receipts. no par
received
promissory notes of Thayer West $10
of Nat. Town & Country Club_ 5210 lot
156 Porter Engine Devel. Inc.,
Director Printing Os BookPoint Hotel Corp., various dates, lot 5 Trow
$13 1,000 Amer. Maracaibo Co.. no Par 3
no
c..
t.
par
v.
common
binding Co., common
payable on demand
637
West Virginia Coal & Coke
lot
32 Porter Engine Devel. Inc., pref.J
oil
3 Long Island Ltg. Co., pref
$16
Co., common, no par
78-10 Intermediary Finance Corp., 5
Strongheart B. & L. Assn. arbitra2 Boulevard dr Day Land dr Bevel.
common
201
West Virginia Coal & Coke lot
410Nos.
certifs.
tion committee.
$65
pref
2d
Co.,
Co.,
Sons
dr
Woods
B
W.
pref.,
Co.,6% con-turn.
222 Joseph
413. aggregating $59,000 repre$6 lot 6 Boulevard dr Bay Land Sr Devel. lot
2,070 Esda Mfg. Co., pref.. par 310
preferred
senting 75 shares A. S. Berman
Co.. 1st pref
16,066 Esda Mfg. Co., corn.. Par $80
300 Joseph W. Woods & Sons Co.,
B. & L. Assn., 116 abs. Ressein
dr Bay Land & Bevel.
Boulevard
102
lot
lot
$4
$10
common
B. dr L. Assn., and 15 she. Safe &
$50 lot
Co., common
Certif. of the Nat. Commercial Bk.
$13,500 Whitmer-Parsons Pulp &
Savings B. dr L. Assn., all fullOkeechobee. Inc.(Del. Corp.)
1405
for
Y.,
N.
Albany,
Se
consol.
Co..
let
Co.,
Trust
Lumber
&
paid stock, and also 13 past due
$25,000 lot
no par
$11,000. Colima Lumber Co. let
520.250 Whitmer-Parsons Pull) & $550
notes of Carlisle Realty Co..
500 U. S. Daily Publishing Co.,
mtge. 6% bonds deposited subLumber Co.. 7% income bonds._ lot
dated Apr.20 1925 to June 8 1925
$100 lot
prof
cum
7%
agreement
reorganization
ledt to
135 Whitmer-Parsons Pulp dr Lumincl., aggregating $47,260, se$3 lot 500 U. S. Daily Publishing Corp.,
dated July 1 1913
ber Co. v. t
lot
$48
stock
above
the
by
lot
cured
$35
common, no par
321
1 Bank of Port Jefferson
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
DEC. 24 1927.]
$ per oh
$ per oh, I Shares. Stocks.
Shares. Stocks.
'
500 Perfect Window Regulator
$10,500 Whitmer-Parsons Pulp de
Corp.. common, no par
$495 lot
Lumber Co., let cons. 85
Calorizing
Co.,
cum.
cony.
Whitmer-Parsons
100
Pulp
$550
$15,750
&
panic.8% pref
$70 lot
Lumber Co.,7% income bonds., lot
300 Penn Seaboard Steel, no par--$5 lot
105 Whitmer-Parsons Pulp & Lum1,656 High Pines, Inc.. no par_ -$55 lot
ber Co. V. t. c
1,268 Sun Shipbuilding Co
80
$6,000 Whitmer-Parsons Pulp &
625 General Reduction Gas & ByLumber Co. 1st consol. 88
Products Co., common
$140
$9,000 Whitmer-Parsons Pulp & $325
Lumber Co. 7% Income bonds._ lot 625 General Reduction Gas & By- lot
Products Co., pref
60 Whitmer-Parsons Pulp & Lum150 Kenma Corp., pref
$5
ber Co. v t c
300 Kenma Corp., corn., no par.-- lot
10 Federated Engineers Bevel.
6 promissory notes of Fischer Motor
Corp. pref
Co., aggregating 29,700. dated
10 Federated Engineers Bevel. $25
June 28 1924 to Nov. 16 1925...85 lot
lot
Corp., common, no par
400 Second Ave. RR
$1 lot
200 Hydro Refrig. Co., Inc., no par
800 Foreign Trade Banking Corp.
75 Lincoln Mot. Co.. el A par $50_,
receipts in liquidation
$400 lot
62H Deppe Motors Corp.,7% cum.
preferred
$35 140 Mos Bay Iron Co., no par----212 lot
625 Deppe Motors Corp., Par $10.. lot 3,667 Ziegler 011 Corp., Inc.,
$5
v. t. c., par $10
$13 lot
20 Trading Co., pref
lot 30 Lee-Nash Displays, Inc., prior
4 Trading Co.. cone., no par
pref., Inc., N. Y., no par_$25 lot
2,000 Tr-Bullion Smelting & Dev.
$26 lot 170 R. E. Thompson Radio Corp.
Co.. par 100
23,900 promissory note of It. L.
temporary v. t. c., no par
$6 lot
Steiner, int. 10%, dated Wichita
Bonds.
Per Cent.
Falls, Tex., Dec. 31 1925, without recourse
$10 lot $100 Stamford Yacht Club 2d 55,
Dec. I 1934 with int. coupons
100 Casko Fabrics Corp., pref
SI lot
attached from Sept. 1 1921 to
200 Castle Kid Co., Inc., common,
date of maturity
$12 lot
35 lot
no par
$38,836.38 Pathe Phonograph &
900 Castle Kid Co.. Inc., partic.
Radio Corp. notes
pref., no par
4
$125 lot
$7 lot $115,000 The Consol. Iron & Steel
200 Hudson Oil Co., par $5
Mfg. Co. 1st mtge. 6% serial
50 United Body Corp., pref
gold bonds
$1,000 lot
100 Price Campbell Cotton Picker $5
Corp
lot $22,592 note of The Consol. Iron &
Steel Mfg. Co., dated Mar. 1
95 General Dehydrator Co., corn.._
1926
$50 lot
25 Automatic Machinery Corp. of
$21,102.11 note of the Amer. Satan
America, pref
Corp., dated Dec. 13 1927..$95 lot
25 Duo-Press Co., pref
2H Duo-Press Co., common
$10 21,850 Inland Rubber Co. of
Chicago, Ill., 2d mtge. bonds_ $310 lot
55 Amer. Motors Equip. Corp., lot
$7,000 demand note of Freight
common, no par
Audit & Claim Adj. Bureau,
271 Amer. Motors Equip. Corp,
dated April 1 1927
$10 lot
preferred
22,500 Peavine Coal Co. let Se,
50 Napon Rayon Corp., pref
reg., July 1 1931
50 Wildman Petroleum Corp., class
$50 lot
$10,000 note of Ernest Pryce
A, no par
Mitchell dated Sept. 8 1917, se110 Wrigley Pharmaceutical Co.,
cured by 149 shares El Camino
common, par $I
$25
Real Motor Car Co
$20 lot
500 Golden West Oil & Bevel. lot
$34,734.73 notes of Earp-Thomas
Co.. par $1
Cultures Corp., dated Nov. 22
2 House in the Woods Incorp
1923 to Nov.30 1925
2100 lot
1 Woodruff Hold. Corp., pref
$48,200 Sultepee Elec. Lt. & Pow.
733 1-3 West Virginia Coal & Coke
Co., en. of dep. 1st cons. 68,
Co., common, no par
$15
May 11958. 9% of principal has
275 West Virginia Coal dc Coke lot
been paid, amounting to 24,338_375 lot
Co.. 6% B preferred
16 Central Park N. E. River RR__21 lot $12,500 Multiple Electric Products
Co., 8% debs., all past due_ _312 lot
$5,000 Lustron Synd. panic. etts.$15 lot
150 Frank & Dugan, Inc., pret_3100 lot 21,000 Ulster & Delaware RR, 48,
1952, fully registered
3,750 Banner Consol. Mines, Inc.,
32
par $1
$300 lot $1,000 United Clay Products Corp.,
deb. 78. 1936, carrying stock
750 Dozen Rug Co., pt., no par.5200lot
purchase warrant
2.417 Poole Engineering & Machine
5
Co.v t o
525,000 lot $72,500 Frank & Dugan, Inc., 10year 7% gold notes, Dec. 1
$70,000 note of J. W. Reynolds,
1932
with the following collateral at$300 lot
etched: 875 shs. Shur-on-Stand$80,000 Bozart Rug Co., 10-year
7% gold notes, Dec. 1 1932_ _ _L300 lot
ard Optical Co., Inc., Prof. and
$70,000 Milispaugh & Irish Corp..
3,188 shares Shur-on-Standard
Indianapolis, deb. 2d mtge. 6345,
Optical Co.. Inc., common__ _2350 lot
1930
500 Cuba Extension RR., pref_.$100 lot
$50 lot
$12,000 Millspaugh & Irish Corp.,
15,000 Natural Resources Corp. of
Indianapolis. deb. 2d mtge. 634s,
New Mexico, par $10
$150 lot
105. Rojas & Co., Prof
1930
$17 lot
28 lot
$10,000 Millspaugh & Irish Corp.,
100 Flint & Horner Co., Inc., 2d pf 20
2d Mtge. 1334s, 1930
CO. of dep. for $60,000 gen. M.
$10 lot
$66,600 Navajo Copper Co., 1st 75,
gold notes of Illinois Coal Corp.
Feb. 11928. Oct. 1918 and subs.
as ollows: $8,000 6% ser., due
coupons attached
July 1 1926; $15.000 6% ser., due
$333 lot
$50,000 Wabash Pinta,. Term. Co.,
July 1 1927; $17,000 6% ser ,due
1st mtge. 45, 1954, Central Union
July 1 1928; 220,000 2d 7% ser,
Trust Co. ens of deposit
due July 1 1930
8125 lot
$36 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per oh.
54 2American Exhibition Co
90 Cheater Beverage Co.. par $50._
$2 lot
25 Bell-Dickerson & Co
411 F. K. Worley Construction Co.,
52 lot
54 10 Commonwealth Real Estate Sr
preferred
Improvement Co
269th St.Term.Title& Tr.,par $50 125
$4 lot
325 5-10 Dunlop Hotel Co., par 210221
269th St.Term.Title & Tr.,par $50 123
427
300 Nat. Pub. Utilities Corp., corn.,
51 Broad St. Ntl, Bank
par $10
3 Jenkintown (Pa.) Bk &'tr. Co_ _426
$15 lot
2 Perth Amboy Chronicle Pub. Co. $5
29 Overbrook Nat. Bank
175
75 U.S. Kaloin & Develop. Co.. par
1 Penn National Bank
705
$1
$2 lot
36 Union National Bank, ctf. dep..356
20 John Wedderburn Co., pref., par
10 Oxford Bk. & Trust, par $50.....263
250
90
15 Bankers Trust Co., par $50
52 lot
5 Browns Mills-in-the-Pines
89
30 Bankers Trust Co., par $50
$30 lot
11 Bankers Trust Co., par 850
863 201 Greater Atlantic Develop. Co. $15 lot
88
34 5-10 Ventinor Syndicate
89 Bankers Trust Co., par $50
$11 lot
461
2 N. J. State Rifle Assn. of Trenton
10 Chelten Trust Co
par $10
288
$2 lot
2 Colonial Trust Co., par 350
10 Thunder Mtn. Invest. az Bevel.
12 Guarantee Tr. & Safe Deposit _.480
Co.. par $1
$2 lot
5 Honey Brook (Pa.) Trust, par $25 25
100 Mfrs. Casualty Ins. Co., par $10 29
27 Jenkintown (Pa.) Bk.& Tr. Co.,431
60 Fire Assn. of Phila., par $10____ 753i 100 Commonwealth Casualty Co..
par $10
17
22
10 Lester Piano Co
2 Southern Ohio Pub. Serv. Co.,
10
10 F. A. North Co
Inc
pref.. par 51
Miller,
450
•
George
80
2
360
5 Southern Ohio Pub. Serv. Co.,
2 George Miller Realty Co
common, no par
25
10 units Bankers Bond & Mtge. Co.
2 North Pennsylvania RR
(newstock)
115
8834
$1 lot
50 South PennCollieries Co., wet_127 , 50 Syndicate Corp. of Amer
2
100 South Penn Collieries Co.. corn.' lot 100 Sagamore Coal Co
, 125 Romney Coal Mining Co
5 Pennsylvania Mfre.Asen.casualty
5
250 Atlantic City Motor Speedway,
Insurance Co
150
preferred
16 Philadelphia Bourse,com.,par $50 40X
$50 lot
50 Van Dusen & Stokes Co., Pref...21 lot 905. G. Miller & Co., pref
34
1655. G. Miller & Co., common_ ...
10 M.& G. Royalties Assn., cony.,
panic. ctf
21 lot 175 Arcadia Trailer Corp., pref. par
$10
7
$1 lot
50 Thompson's Spa., pref
175 Arcadia Trailer Corp., corn.,
25
25 Thompson's Spa,common
no par
400 Warwick Iron & Steel Co., com,
$1 lot
par
1734 CornmercialAcceptance Corp.,
corn., no par
165
$1 lot
100 Ridge Ave. Pass. Ry
20 Seaboard Steel & Manganese
167
75 2d & 3d Sts. Pass. Ry
Corp., no par
167
El lot
100 13th.& 15th Sta. Pass. Ry
763i 50 Tampa Bay (FM.)Synd., Inc__ $20 lot
2 Germantown Pass. Ry
54 40 Hydro Refrigerator Co., Inc:L....21 lot
90 American Cities Co., common._
4 Federated Engineers Bevel. Corp.
355
25 Sylvania Ins. Co
common
$9 lot
$1 lot
25 Pottstown Iron Co
prof
4
Federated Engineers Dev. Corp. $1 lot
Bros.,
lot
Gehret
$9
25
$1 lot
150 Galen Mountain Co., pref-...-310 lot 10 Lanton Auto Equip. Co
20 SIdley Silica Land Co
21 lot
20 Atlantic Coty Transportation
$5 lot 16 Bessemer Amer. Motors, Pref.-1513
Co.. par $50
27 Bessemer Amer. Motors, corn... lot
10 Atlantic City Automobile Club,
$2 lot 47 Carteret Co., Inc., 1st pref_
Inc., par $10
Si
1 Atlantic City Horse Show Assn- - -31 lot 100 Cayuga Rock Salt, Inc., pref._ 1258
40 Amer. Wave Power Co.. par $1_22 lot 100 Cayuga Ftock Salt, Inc., corn__ j lot
,
Ground rent $85 a year,secured by a
20 Atlantic City Life Publishing Co
brick dwelling, 5148 Brown St $1380 lot
112 lot
par $25
3439
THE CHRONICLE
Bonds.
Per Cent.
$1,000 West Penn Rys. 1st 58, 1931.10034
$1,000 Plush. McKeesport & Connellsville Ry. 1st cons. Is, 1931..100
$10,000 Antilla Sugar Co.cony.deb.
8s, 1944. Coupons to July 1929
detached, together with 75 shares
common
$100 lot
$16,464.69 Note of James Hanna.
Secured by 164 shares F. K.
Worley Construction Co
$60 lot
$100 Pine Valley Country Club Is.
1939
98
$25,000 City Water Power Co..
Austin, Tex. 1st 58, 1939. Ctf.
$505 lot
deposit
$5,000 Sesqui-Centennial Exhibition
partic. ctf
$3 lot
$100 Sesqui-Centennial Exhibition
panic. ctf
$1 lot
Bonds.
Percent,
$2,000 Dakota Elevator Corp. 1st
$1.25 lot
634s, 1944
$82,000 Amer. Manganese Mtg.2nd
gen. Dunbar 6s. Paid assessment
of $500 per bond, endorsed thereon. Ctf. den
$75 lot
$2,500 Schuylkill Traction Co. let
Is. 1943 (April 1927 and all subse.
quent coupons attached)
934
$5,000 Wayne Coal Co. 1st 65, 1937
Ctf. dep
$40 lot
25,000 Illinois Coal Corp. 1st 7s,
ser. A. ctf. dep
250 lot
$1.000 Bankers Joint Stock Land
Bank, Milwaukee, Wis. 58. 1939_ 10
$5,000 Richland Coal Co. let 650,
1940, ctf. dep
10
$5,000 President Apt. Hotel 75,1945 10
By R. L. Day & Co., Boston
$ per oh
Shares. Stocks.
per oh. Shares. Stocks.
3 Federal Nat. Bank
100 Lockwood Greene dr Co.. Inc..
255
class A
40 Lincoln Joint Stock Land Bank_ 95
2100
20 Lockwood Greene & Co., Inc., lot
30 Dallas Joint Stock Land Bank_ _104
class B
5 Kansas City Joint Stock Land
Bank
$20 lot 2 Hood Rubber Products, pref._ 100
110 ex-div.
10 Fairhaven Mills. pfd. ctf. dep.__ 234 50 Boston Wharf Co
25 Great Falls Mfg. Co
714 200 Thomas Cl. Prant Co., 1st pref. 22
100 Heywood Wakefield Co.,com__ 33
10 Brighton Mills, pfd., cl. A
8
5 Sharp Mfg. Co., pfd
834 50 Heywood Wakefield Co., 1st pref 86
15 units First Peoples'tr. 2554-26 Hex-div
27 Taber Mills
76
200 Betty O'Neal Miner; Co.. par $5 134
10 Cherokee Spinning Co., pref
20
10 Converse Rubber Shoe Co.. pref. 2334
150 Connecticut Mills, corn. A, par
$10
1 10-100 100 Aetna Steel & Iron Co.. Inc.,
preferred
78 Aetna Mills, corn
s20 lot
10 International Braid Co., pref_ _106 X 310 Continental Asphalt & Petroleum Co.,8% pref., par 310
531 U.S. Worsted Corp., com_ _ _13-16c.
$25
1,500 Colorado Mining & Leasing lot
. 1
157 U.S. Worsted Corp., lat
Co., corn., par $1
10 Nashua Mfg. Co., pref
pref95& div.
800 Capital Mng.& Mill. Co.,par $1
200 Lancaster Mills, pref
21
1,000 Colorado Extension Mining
75 U.S. Worsted Corp., corn
Co.. cora., par $1
10 U. S. Worsted Corp., 1st pf_ _ 230
2
$30 U. S. Worsted Corp., 1st scrip. J lot 87 Avg • Oil Co., par $10
4034 155 Glen Investment, pref
1210
1,959 Glen Investment, corn
300 U.S. Worsted Corp., corn
I lot
IOU. S. Worsted Corp., 1st Pf.,Par 3120 450 Kinney Coastal Oil
8o
100
lot 200 Pollock Pen,8% pref
600 Pollock Pen, corn
$90 U.S. Worsted Corp., 1st scrip_
"
} lot
30 Lancaster Mills. pref
2234 8 units Union Discount Co
8
6o
500 U.S. Worsted Corp., corn
12c 500 E. T. Williams Co
800 New Engl. Southern Mills, corn 100 15 Penobscot Chemical Fibre Co.,
common
50 Lancaster Mills, corn
6
10034
40 Ipswich Mills. pref
25 Teziutlan Copper Mining &
18
35 Richmond Lace Works
Smelting Co
2054
25 Mexican Coal & Coke Co
24 Pepperell Mfg. Co
102
$21
50 U. S. Worsted Corp., corn
$9 lot 25Mexican Northern Ry. Co
lot
12 Naumkeag Steam Cotton Co_ -.17734 15 Towne Securities Corp., pref
10 Amer. Linen Co
75c. 30 Towne Securities Corp., cora._ _
10 Davol Mills
410 Columbus El.& Pr. Co., corn_ _ 54
10
10 Shaw Stocking Co
1254 20 Boston Belting Corp., pref., par
200 Ipswich Mills, corn
$50
1
310
6 Granite Mills
454 50 Jessup & Moore Paper Co., 7%
pref
6 Stafford Mills
4554
134
6 Wampamoang Mills
159 Tyer Rubber Co., corn
734
5
5 Weetamoc Mills
3 600 Arcade Smelting & Refining
Co., class B
5o
50 West Boylston Mfg. Co., pref.. 47
500 Arcade Malleable Iron Co., cl. A 1
2 West Boylston Mfg. Co., pref.- 47
20 Hamilton Mfg. Co
$8 lot 100 Wickwire Spencer Steel Co.,
corn. tr. ctfs
$6108
55 Ft. Dodge, Des M. & So. RR.,
1
150 Fall River Elec. Lt. Co., undep.
common
Par 525
56 ex-div
16 Ft. Dodge, Des M. & So. RR.,
4
528 Industrial Ownership, pref._ _250 lot
Preferred
50 New Engl. Fire Ins. Co., par $10 5934 448 Lockwood Greene & Co., Inc.,
Prof
8 N.Bost. Ltg. Prop., pref., V. t. C.
Par $50
6134 68 Lockwood Greene dr Co., Inc.,
corn, B
9 New Engl.Pow. Assn., pref_.99. ex-div
$700
100-100 Lockwood Greene az Co., lot
10 Boston Cold Storage & Terminal
Inc., corn, scrip
Co., pref., par $10
20 New Engl. Cold Storage, pref.
395 General Refrigerator
8 New England Cold Storage, corn _ $190 50 Joint Stock Securities of Mass..
534 Oneida Knitting Co., Inc.. pref. lot 22 New England Power Association.
400 Superior & Bost. Copper Co.,
preferred
9834-9834 ex-div.
5 Post Office Square Co., pref. ctf.
par $10
6 U.S. Worsted Corp., 1st pref.....
deposit
5
100 Thompson Radio Corp. corn
134 793 Suburban Elec. Securities Co.,
40 A. L. Bayles & Sons, pret...-$154 lot
common
1,000 Home Oil Co., par $1
$33.4 lot 500 Consolidated Manganese Co. $30
50 Wickwire Spencer Steel Co.,
Co. Inc., corn., par $1
com. V. t. c., warrants to purch. $21 4,700 Pacific Tungsten Co., par Si.
100 No Amer. Cement Corp., com4 lot
Bonds.
10 Nor. Bost. Ltg. Prop., pref.
Per Cent.
v. t. c., par 250
6134 2,000 Imperial Russian Govt.,654e,
10 Quincy Mkt. Cold Storage dr
1919
$300 lot
200,000 Francs Belgium 55, 1934
Warehouse Co.. pref
60
20 per 1,000
100 Lockwood Greene dz Co., Inc.,
$21 lot
preferred
$100 10,000 roubles Russian 534s
15 Lockwood Greene dr Co., Inc.. lot 520.000 Kansas City Rys. Co., 20
3 flat
6s, 1944, ser. A, ctf. deO
class B
1.900 Coldak Corp.. el. A
$30 lot $7,000 Potosi & Rio Verde Ry. 68,1
Oct. 1918, extended 1928, coupon
150 Saco Lowell Shops, 2d pref____ 454
$43
305 Saco Lowell Shops, cone
April 1926 and sub. on
2
47 R. Marston Co.. prof
13245 $1,260 Potosi & Rio Verde Ry. Co.,' lot
65, Oct. 1928, secured scrip coup.
98 Austen Coal & Coke Co., W. Vs ) lot
April 1926 dr sub on, $180 pieces
50 Perry Investment Co
12180
50 North Florida Realty Co
) lot $12,000 Chickasha St. Ry. Co., 1st
8 Saco Lowell Shops. corn
5s, Mar. 1931, coupon Sept. 1
2
20 Graton & Knight Mfg. Co., pref 6834
1917 and sub. on
$800108
50 Graton & ICnight Mfg.Co.. corn 1534 $4,000 Fort Dodge, Des Moines &
70
625 Allied Pack.Inc., prior pf__$1,020 lot
So. RR.75, June 1933
84 Planet S.S. Corp., v.t. c
$605 lot 21,000 Trustee Ritz-Arlington Trust
.50 Standard Supply & Equip. Co., A
13s, Sept. 1946
99
Del
$2,200 Wickwire Spencer Steel Co.
1
2330 lot
103 Standard Supply & Equip. Co.,
7s, Feb. 25 1930, class A
B Del. par 310
34 $10,000 Old Colony Invest, Trust
455s. Feb. 1947
20 Boston Shipowners Trust
9354
$1 lot
250 Pollock Pen Co.
$10 lot 51,000 Fiske & Co..6Hs, April 1946 93
44 Swinehart Tire & Rubber Co.,
3500 Saco Lowell Shops, cony. 7e,
common
April 15 1930
7534
$10 lot
357 Petroleum Heat & Power Co..) 100 $5.000 Trustees Ritz-Arlington Tr.,
pref. tr. ctfs
$
6.1. Sept. 1946
98
4,589 Petroleum Heat & Power Co., lot 3 promissory notes. totalling$335.77
corn. tr. ctfs
dated Oct. 5 1904, to the order of
17 20-40 Central Mother Lode, Dar
Grace K. Babson, signed by 0.
M. Bennett
$1
$5 lot
$1 lot
84 Better Service Co.,6%
_SI lot Promissory note dated Nov. 23
22 Amer. Glue Co., pref __.117H-11731
1918, payable to the order of
pref..225 Saco Lowell Shops, corn
Roger W.Babson, signed by Jos.
$425 lot
12 A.L. Bayles & Sons,com.,par 525151
B. Wilson. Washington, D. C.,
$2,446
25 lot
12 A.L. Bayles & Sons, pf., par $504 lot
Promissory note dated Dec.27 1919,
25 Boston Belting Corp., pref., par
to the order of Roger W.Babson.
250
30c
signed by Robert C. Starr, in
50 Babson Dow Mfg Co., 1st pref.
Si lot
amount of 2150
10 Babson Dow Mfg. Co., 2d pref. $50
40 Babson Dow Mfg. Co. own__
lot $10,000 note dated Boston. Mass.,
Nov. 1924, given by Priscilla
1.200 Carson Hill Mining Co., par $1
Sears. Inc., James 11. Stetson,
12 20-40 Central Mother Lode Co., $5
Treas., to the order of James H.
par $1
lot
Stedman and endorsed by him,
125 H. H. Brown Shoe Co., Inc.,
due 5 years from date with int.
$10 lot
pref
at 3%.
310 lot
4 Laconia Car Co., 1st pref
5051
1,000 Wickwire Spencer Steel Co..
Rights.
$p.r Right
corn. tr. Ws
$60 lot
1 Holyoke Water Power Co
11454
650 Northern Texas Elec. Co.. pref. 41
800 Dun Glen Mines
$6 lot
I
3440
THE CHRONICLE
[VoL. 125.
By Wise, Hobbs & Arnold, Boston:
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Shares. Stocks.
8 per oh.
$ per oh. Shares. Stocks.
58 Merchants Nat. Bank. New30 Boston Woven II. & R. Co._ _ _90-90%
Public Utilities (Continued).
uryport
61% 1000 Cochite Gold MM. Co. for lot. 20
Georgia Power Co.. pref. (guar.)
$1.50 Jan, 1 Holders of rec. Dee. 150
5 Nat. Shawmut Bank
5 W,den, Lord Tanning Co., pre.f_ _ 10
ex-div.342
Harrisburg
Light & Pow., pref. (guar.). 75c. Dec. 31 Holders of rec. Dec. 19
50 Newmarket Mfg. Co
pd.
Mer.
Gold
($12
150
Min.
Co.
In)85
lot
102
Hartford City Gas-Light, corn. (guar.). 50e. Dec. 31 Dec. 15 to Jan. 2
25 Nashawena Mills
12 Mass. Lt. Cos.6% pfd. V.T. C..106
61
Common (extra)
50c. Dec. 31 Dec. 15 to Jan. 2
53 American Woolen Co., pref
46.48 50 Johnson Ed. His. Co., pfd. cl. A 1
Preferred (guar.)
50c. Dec. 31 Dec. 15 to Jan. 2
150 Arlington Mills
40-40% 4 Malden & Melrose G. L. Co- - - 4834
Common (extra)
50c. Dec. 31 Dec. 15 to Jan. 2
20 Wm. Whitman, Inc., ptd.ex-div. 84
20 U. El. Lt. Co., Sprined.ex-div.147
Preferred (guar.)
50c. Dec. 31 Dec. 15 to Jan. 2
15Pacific Mills
39
37% 50 U.S.St., Inc., 7'7* pref
Houston Gas & Fuel, pref. (guar.)
I% Dec. 31 Holders of rec. Dec. 17
31 Naumkeag Steam Cot. Co.174%-175 250J. R. Whipple Corp.
134 Jan. 2 Holders of rec. Dec. 15
1090 Hamilton Mfg.Co
40c.-41c. lost. Paul F.&M. Ins. Co. of N.Y.23734 Illinois Power Co., 6% pref.(guar.)._
7%
preferred
(guar.)
134 Jan, 2 Holders of rec. Dee. 15
9
20 Sharp Mfg. Co
1-1% 450 Joint St. Sec.Co.of Mass
934
I% Jan. 3 Holders of rec. Dec. 20a
20 Conn. Mills Co., 1st pref
$1 lot Illinois Traction, pref. (guar.)
20 Keene Wash.Prod. Co
13
International Utilities, el. A (guar.)... _ 873-5c. Jan. 15 Holders of rec. Dec. 290
69
85 Ipswich Mills. pref
30 Graton & Knight Co., pre(
17
$7 preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 183
1422 Everett Mills
5034
5.14-6% 10 Merrimac Hat Corp., pref.
134 Jan. 3 Holders of rec. Dec. 150
30 Lancaster Mills, pref.
225' 25 Fall River Elec. Lt. Co_ _ex-div. 5534 Iowa Power & Light, 7% pref. (quar.)_
6%
preferred
(guar.)
135 Jan, 3 Holders of rec. Dec. 150
&
Co.,
Inc.,
55 Lancaster Mills
200
Lockwood,
Greene
3)4-4
Jersey Central Pow. & Lt., 6% pf. (qu.) 13.5 Jan. 1 Holders of rec. Dec. I73
13 Fairhaven Mfg. pref(ctf. of dep.) 2%
pfd.;40Lockwood, Greene & Co.,
7% preferred (guar.)
1% Jan, 1 H Biers of rec. Dec. 173
$300 lot
5 Nashua Mfg. Co
Inc
5634
Kansas Gas & Elec. Co., pref. (guar.)._ "1134 Jan. 3 "Holders of rec. Dec. 15
25 Worcester Cons.St. Ry. 1st. prd. 15% 25So. Fields Pet., pfd.; 50 So. Fields
Kings County Ltg., pref.(guar.)
I% Jan, 2 Holders of rec. Dec. 19
20 U.S. Envelope Co.
Pet.; 100 The Shasta May Blos251
Louisville G.& E.(Ky.) 7% pref. (qtr.). 134 Jan. 15 Holders of rec. Dec. 31
40 Tide Water Asso. 011Co.6% pfd. 86
som Cop. Co., cons.; 3 Bonbeur
6% preferred (guar.)
135 Jan, 15 Holders of rec. Dec. 31
50 Tide Water Oil. 5%,pref.
Develop. Co., 20 San Marcos Oil
85
Manila Electric Corp., (guar.)
5623ic Feb. 1 *Holders of rec. Dec. 30
10 Tyer Rubber Co., pref.
Corp.; 7 The Moston Maritime
36
Manufacturers
Light & Heat, torn. (qu.) 51
Jan. 14 II Mem of rec. Dec. 310
3 Talc. Development of Can
Corp. for lot
15
Si lot
5134 Massachusett Gas Cos., corn. (guar.)_ _ _ *S1.25 Feb. 1 *Ho'ders of rec. Jan. 14
33 Converse Rubber S. Co., pref._ _ 20
10 Western Mass. Cos.
Mass. Utilities Invest. Tr., pref. (guar.) *6235e Jan. 16 *Holders of rec. Dec. 27
20 Amer. Sugar Co., pref_ex-div.106
10 Stevens-Walden Worcester. Inc.I01
Mexican Utilities, preferred
$3.50 Jan. 16 finders of rec. Dec. 313
5 Boston Insurance Co
ex-div.901
25 City Central corp.. Pt:70 E. E.
Michigan Bell Telep., common (quar.)_ _
2
Dec. 31 Holders of rec. Dec. 8a
20 Armour & Co.of Del. pfd ex-div. 84
Smith. Inc.. pf.; 1-W. Boston
1275 Henrietta 011 Co
832 lot Milwaukee Elec. Ry.& Light, pf.(au). 134 Jan. 31 Holders of rec. Jan. 20a
$10 lot
Gas Co., V. T.C
Mississippi River Power, pref. (guar.)
134 Jan. 3 Holders of rec. Dec. 150
285 U. S. Worsted Corp.. 1st pfd.I-1.40 50 Asbestos Corp. of Am., 1st prof. I
Missouri G.& El. Ser., pr. lien stk.(qu.) $.175 Jan. 16 Holders of rec. Dec. 31
238 U. S. Worsted Corp
12c.-15e. 8 Lewis A. Crossett Co., pf.; 4
Missouri Power & Light, pref. (quar.)- - 134 Jan. 3 Holders of rec. Dec. 200
$207 U. S. Worsted Corp., 1st pref.
Magee Furnace Co., 1st Pf.; 10
Mohawk & Hudson Power. 2d pref.(qu.) $1.75 Jan. 3 Holders of rec. Dec. 21
dividend scrip
Bay State Storage Co., pf.;
$15 lot
50c. Jan. 3 Holders of rec. Dec. 200
330 Sacco-Lowell Shops 2d pref._ _ _ 4
George H. Adams Co.. pref._ _$116 lot Mohawk Valley Co., (guar.)
Montreal L., H. & P. Cons., (guar.)... 50c. Jan. 31 Holders of rec. Dec. 31
6 Ludlow Mfg.Association
1803( 200 Wickwire Spencer Steel Corp.,
80c, Jan, 16 Jan. 1 to Jan. 15
6Wamsutta Mills
25e. Montreal Telegraph. (guar.)
trust certificates
54
Montreal Tramways, corn. (guar.)
8 Home Bleach & Dye Works, pfd.50c.lot 15 A. L. Bayles & Sons, pf.; 150
234 Jan. 14 Holders of rec. Jan. 60
New Bedford Gas & Ed. Lt. (guar.).-- - - "Sl.
Jan. 15 Holders of rec. Dec. 22
10 Pepperell Mtg. Co
Walter M. Lowney Co.; 51 West
10234
New England Gas et Elec., $534 pf. ((lu.) 51.3735 Jan, 1 Holders of rec. Dec. 20
105 Sacco-Lowell Shops, let pref _854-8%
Boylston Mtg. Co.; 217 Con88 preferred (guar.)
81.50 Jan. 1 Holders of rec. Dec. 20
50 Potter Knitting Co., 7% pref.. $3 lot
necticut Mills, class A.; 83 Con135 Jan. 2 Holders of rec. Dec. 19
100 American Glue Co
necticut Mills. class B
$500 lot New Orleans Public Serv., pref. (qu.)
42
N. Y. Power dr Light Corp. common_
20c. Dec. 31 Holders of rec. Dec. 16
200 Quincy Mining Co
16% 2548 Technicolor, Inc., V.T. C._ _2500
56 preferred (guar.) (No. I)
51.50 Jan 3 Holders of rec. Dec. 12
1 10-40 Cent Mother Lode M
$3 lot 117 Connecticut Mills, class A.; 183
7% preferred (Soar.)
1% Jan, 3 Holders of rec. Dec. 16
10 Old Col.Invest Trust
do B.; 150 Lowney Co.; 51 West
31
8% pref. (guar.) (called Jan. 1 1928). 2
Jan. I Holders of rec. Dec. 31
10 Root dr Van Dervoort Eng. Co.,
Boylston Mfg. Co.; 15 A. L.
NorthernStates Pow. (Del.),
"2
Jan. 20 *Holders of rec. Dec. 31
pfd.; 100 do class A tr.: 16 Staten
Sayles & Sons.; 15 do. pf., and 50
6%
preferred
(guar.)
Jan.
20 Holders of rec. Dec. 31
Island Asso.; 10 Tezultlan Cop.
134
Wilcox Comb Co., class A__ _ ..5500 lot
Northwestern Bell Telep., corn.(quar.). 2
Dec. 30 Holders of rec. Dec. 280
M.& S
7
$11 lot 40 Equitable Corp., pref.
Preferred (guar.)
I
Jan. 16 Holders of rec. Dec. 200
10 Lewis dr Crosset Co., pref
7 Riordon Co., Ltd.; 123 Moody
10
Ohio Edison Co.,6% pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 15
55 Boston Belting Corp., prefOil & Ref. Co.; 102% do., pf.,
31c.
6.6% preferred (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
1000 Senator Gold M.& M.Co....515 lot
and 20 Fairhaven Mills
$5 lot
Seven
per
cent
preferred
(guar.)
1230 Chatham Asso. Trust
135 Mar. 1 Holders of rec. Feb. 15
1
30Equitable Corp
5
Six per cent preferred (monthly)
50c. Jan. 2 Holders of rec. Dec. 15
100 Submarine Sig. Co
3% 100 Pyrene Co. of New England;
Six per cent preferred (monthly)
50c. Feb. 1 Holders of rec. Jan. 16
645 Quincy Mark.CS&W.Co._2334-245(
$3,492.12 Second Lien Ctf.
. CosSix per cent preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
4 Charlestown G.& E.Co.
135
tills Trust;250 Pac. Devel.Corp.:
6.6% preferred (monthly)
55c. Jan, 2 Holders of rec. Dec. 15
50 Merced. G. Min.Co.($10 pd. in)S5 lot
200 Charles Cory & Son, Inc_ _ _$50 lot
6.6% preferred (monthly)
55c, Feb. I Holders of rec. Jan. 16
$10.000 Hutchison Lumber Co. 8%
Demand Note for $22,000. dated
6.6% preferred (monthly)
Notes (cpns. 3-4-5 attached), 333
55c. Mar, I Holders of rec. Feb. 15
Nov. 11 1925. drawn by Fed.
Ohio Public Serv. Co., 1st pf. A(mthly.) 581-Sc Jan. 3 Holders of rec. Dec. 15
H.L. Co., Ist pfd., 17 H. L. Co.,
Securities Corp
100
25e. Feb. 1 Holders of rec. Jan. 16
class A,133 H.L.Co
Bonds.
Per Cent. Penn-Ohio Edison Co.,corn.(guar.) _ _
$50 lot
Seven per cent prior pref.(guar.)
10 Eastern Mfg. Co., pref
2534 $1000 Imp. Russian Government
134 Mar, 1 Holders of rec. Feb. 15
$6 preferred (guar.)
$1.50 Jan. 16 Holders of rec. Dec. 31
10
10 Boston Ch.of Com.R.T., lot pfd 3534
5%1921
Penn-Ohio Securities, corn. (guar.)
18c. Feb. 2 Holders of rec. Jan. 15
100 Union Locksmith Co
$35 lot $1000 Trustees of Ritz-Arlington
Phila. Rapid Transit, corn.(guar.)
31
Jan. 21 Holders of rec. Jan. 18
Trust 68, Sept. 1946
800 Mont. Cons. C.&C. Co.for lot_ 15
99
Phila. & Western Ky., Prof. (guar.).
623-Sc Jan. 14 Holders of rec. Dec. 31
20 Pacific Develop. Corp. for lot
810,000 roubles, Russian 554% In2
ternal bonds, 1916
$30 loz Porto Rico Railways, pref. (guar.)
3000 Prov. Coal M.Co.for lot
25
135 Jan. 3 Holders of rec. Dec. 15
Quebec Power (guar)
"50c. Jan. 16 Holders of rec. Dec. 31
15 Nantasket B.St. Co.
30
QuInte & Trent Vail. Pr. Co., pf. (qu.) 135 Jan, 1 Holders of rec. Dec. 15a
Southern Canada Power Co., corn. (qu.) 51
Feb. 15 Holders of rec. Jan. 31
Southern Indiana Power. 7% pref. (qu.) 135 Jan, 3 Holders of rec. Dec. 16
DIVIDENDS.
Six per cent preferred (Sar.)
I% Jan, 3 Holders of rec. Dec. 16
Six per cent preferred (semi-annual)_. 3
Jan, 3 Holders of rec. Dec. 16
Dividends are grouped in two separate tables. In the
6.6% preferred (guar.)
1.65 Jan. 3 Holders of rec. Dee. 16
Southern N.E. Telephone (guar.)
2
Jan. 14 Holders of rec. Dec. 310
first we bring together all the dividends announced the Southern
Wisconsin Elec. pref.(guar.)
.- 135 Jan. 18 Holders of rec. Dec. 313
Pittsburgh Water Co..7% pt.(qu.) 135 Jan. 16 Holders of rec. Jan. 30
current week. Then we follow with a second table, in South
Five per cent preferred
$1.25 Feb. 20 Holders of rec. Feb. 60
which we show the dividends previously announced, but Standard Gas Light, N. Y., corn
Dec. 31 Holders of rec. Dec. 22
2
Preferred
Dec. 31 Holders of rec. Dec. 22
3
which have not yet been paid.
Tennessee East Elec., corn (guar.)
Jan, 3 Holders of rec. Dec. 200
$1
6% pref. (guar.)
135 Mar, 1 Holders of rec. Feb. 10
The dividends announced this week are:
$7 pref. (guar.)
51.75 Mar, I Holders of rec. Feb. la
13th & 1511, Streets Pass. Ry., Phila..., *86
Jan. 1 *Holders of rec. Dec. 20
United Elec. Lt., Springfield. Mass.(qu.) 81
Dec. 31 Holders of rec. Dec. 150
Virginia Public Service, pref. (guar.).- I% Jan, 1 Holders of rec. Dec. 170
Per
When
Books Closed.
Name of Company.
Washington Wat. Pow., Spokane (qu.)
Jan. 14 Holders of rec. Dec. 23
Cent. Payable.
Days Inclusive.
2
western Power Corp.. corn.(No. 1)_ _ _ _ 2
Dec. 31 Holders of rec. Dec. 240
Railroads (Steam).
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 3I0
Akron Canton & Youngstown Ry
4
Jan. I Holders of rec. Dec. 20a
Banks.
Jan, 7 Holders of rec. Dec. 200
Albany & Susquehanna (special)
2
Bryant Park
3
Jan, 3 Holders of rec. Dec. 19a
Jan, 2 Dec. 22 to Jan. 1
Belt RR.& Stk. Yd.Indianan. com.(qu) 2
3
Extra
Jan. 3 Holders of rec. Dee. 190
134 Jan. 2 Dec. 22 to Jan. I
Preferred (guar.)
Carolina Clinchfield & Ohio,cam.(au).
y. Jan. 10 Holders of rec. Dec. 310 First National (Brooklyn) (guar.)
235 Jan. 3 Holders of rec. Dec. 16
3
Jan. 3 Holders of rec. Dec. 31
Stamped certificates (guar.)
134 Jan. 10 Holders of rec. Dec. 310 Frank Sakser State
3
Dec. 31 Holders of rec. Dec. 24
2
Jan. 16 Holders of rec. Jan. 3a Garfield National (guar.)
Central RR. of N. J. (extra)
"234 Feb. 15 Holders of rec. Feb. I
4
Dec. 31 Holders of rec. Dec. 24
Extra
Hudson & Manhattan, pref. (guar.)_
6
Jan, 3 Dec. 21 to Jan. 2
I
Jan. 16 Holders of rec. Dec. 3I3 Hanover National (guar.)
Kansas City Southern, pref. (guar.).
6
Extra
2
Dec. 31 Holders of rec. Dec. 20
Jan. 3 Dec. 21 to Jan. 2
Lehigh & Hudson River
Harlem Bank of Commerce (guar.)
4
134 Dec. 24 Dec. 14 to Dec. 26
Dec. 31 Holders of rec. Dec. 20
Extra
4
Richmond Hill National
Jan, 14 Dec. 17 to Jan. 15
Dec. 31 Dec. 28 to Jan. 2
81
Little Schuylkill Nay. R.R. & Coal-5
Rockaway Beach National
Dec. 31 Dec. 27 to Jan. 2
334 Jan. 2 Dec. 16 to Jan. I
New London Northern (guar.)
2
South Shore Bank of Staten Island
ian. 1 Holders of rec. Dec. 200
134 Jan. 3 Holders of rec. Dec. 12
Northern H.R. of N. H.(guar.)
3
State Bank of Richmond
Jan, 1 Dec. 30 to Jan. 2
Norwich & Worcester1
Extra
2
Jan. 2 Holders of rec. Dec. 17
Jan. I Dec. 31 to Jan. 2
Preferred (guar.)
234 Dec. 31 Holders of rec. Dec. 14
Providence & Worcester (guar.)
Trust Companies.
4
Jan. 1 Dec. 16 to Jan. I
Rensselaer & Saratoga
I% Dec. 31 Holders of rec. Dec. 2Ia
American (guar.)
411
Feb. 9 *Holders of rec. Jan. 12
Reading Co., corn. (guar.)
8
Central Union (guar.)
2% Jan, 1 Dec. 22 to Jan. 2
Jan. 3 Holders of rec. Dec. 23a
Rome & Clinton
*5
4
Extra
Jan. 3 Holders of rec. Dec. 23a
Pacific,
pref.
(annual)
Texas dr
*134 Feb. 25 *Holders of rec. Jan. 25
3
Empire (guar.)
Dec. 31 Holders of rec. Dec. 240
Wabash, pref. class A (guar.)
3
Extra
Dec. 31 Holders of rec. Dec. 24a
2
Federation Bank & Trust (guar.)
Dec. 31 Holders of rec. Dec. 310
Public Utilities.
2
Extra
Dec. 31 Holders of rec. Dec. 31a
234 Dec. 31 Dec. 24 to Jan. 18
2
Jan. 13 Holders of rec. Dec. 31a Fidelity (guar.)
American Gas Co.(N. J.) (guar.)
134 Jan. 2 Holders of rec. Dec. 16a Lawyers (guar.)
Associated Public Utilities. pref.(guar.)_
13.5 Dec. 31 Holders of rec. Dee. 220
2
Extra
134 Dec. 31 Holders of rec. Dec. 21
Dec. 31 Holders of rec. Dec. 220
Barcelona Tr., Lt.& Pow., pref.(guar.)_
3
Dec. 31 Dee. 24 to Jan. 2
Brooklyn Borough Gas, corn.(quar.)_ _ $1.50 Jan. 10 Holders of rec. Dec. 310 Midwocal (Brooklyn)
5
81)4c. Jan, 3 Holders of rec. Dec. 190 New York (guar.)
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 240
4
Jan, 3 Holders of rec. Dec. 22
Jan. 16 Holders of rec. Dec. 31a Title Guarantee & Trust (guar.)
Brooklyn-Manhattan Tran.,corn.(qu.) $1
Extra
5
Buffalo Niagara & East.Pow..com.(qu.) "30c. Jan. 3 *Holders of rec. Dec. 15
Jan. 3 Holders of rec. Dec. 22
5
Extra
840c. Jan. 3 *Holders of rec. Dec. 15
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 22
4
U.S. Mortgage & Trust (guar.)
Calgary Power Co.(guar.).(No. 1)...Jan. 3 Holders of rec. Dec. 27
13-5 Dec. 31 Holders of rec. Dec. 23
4
Extra
35c. Jan. 1 Holders of rec. Dec. 200
Jan, 3 Holders of rec. Dec. 27
Cincinnati Car, corn. (guar.)
1)4 Jan. 3 Dec. 15 to Dec. 21
Cincinnati Gas & Electric (guar.)
Fire Insurance.
62)40. Jan. 1 Holders of rec. Dec. 23
Cincinnati Street Ry.(guar.)
Amer-Equltable Assurance, corn
40
Holders of roe. Dec. 10
City Ry., Dayton, 0., Common (au)... 135 Dec. 31 Dec. 21 to Jan. I
1150
Common (pay on corn, stock
134 Dec. 31 Dec. 21 to Jan. 1
Preferred (guar.)
Holders of roe, Dec. I
51
Jan. 10 Holders of rec. 1300. 31
Clev. Elec. Illuminating, corn. (qU.)--- 234 Jan. 16 Holders of rec. Dec. 3I3 Continental, 810 per stock
2% Jan. 10 Holders of rec. Dec. 31
$25 par stock
Commonwealth Power Corp.,corn.(qu.) 6254c, Feb. 1 Holders of rec. Jan. 11
Fidelity-Phenix
1% Feb. 1 Holders of rec. Jan. 11
52.50 Jan, 10 Holders of rec. Dec. 31
% preferred (guar.)
1734
50c. Dec. 24 Holders of rec. Dec. 100 Knickerbocker, common
Holders of rec. Dec. 22
Connecticut Elec. Service, corn. (qu.)
Corn.(payable in common stock)
1150
2
Dec. 31 Holders of rec. Dec. 150
Holders of rec. Dec. 22
Cuban Telephone common (guar.)
1% Jan. 30 Jan. 25 to Jan. 30
134 Dec. 31 Holders of rec. Dec. 150 Stuyvesant (guar.)
Preferred (guar.)
p°minion Power & Transm.. pf. (qu.)_ _ 135 Jan, 16 Holders of rec. Dec. 21
Miscellaneous.
135 Jan. 1 Holders of rec. Dec. 20a
Eastern N. Y. Utilities, pref. (guar.).
*135 Feb. 1 *Holders of rec. Jan. 15
Edison Illuminatiog of Brockton (extra) 75c. Dec. 31 Holders of rot. Dec. 23a Abraham & Strauss, pref. (guar.)
2
Acme
Road
Machinery, Prof. (guar.)_
Dec.
31
Dec.
16
Jan. 2 Dec. 16 to Jan. 2
of
rec.
Holders
Elmira Water, Light dc RR., 1st pf.(qu.) 134
Akron Rubber Reclaim, corn, (guar.).
50c. Jan, 15 Holders of rec. Jan. 50
1)4 Dec. 31 Holders of rec. Dec. 16
Second preferred (guar.)
Preferred (guar.)
2
Jan, 3 Holders of rec. Dec. 200
Foshay (W. B.) Co., corn. (monthly)... 662-3t Jan. 10 Holders of rec. Dec. 27a
2
Alabama Fuel & Iron (guar.)
Jan. 3 Dee. 22 to Jan. 2
58 1-3c Jan. 10 Holders of rec. Dec. 27
7% preferred (monthly)
Aluminum Co. of Amer., pref. (guar.) _ _
66 2-30 Jan. 10 Holders of rec. Dec. 27
1 34 Jan. 1 Holders of rec. Dec. 150
8% preferred (monthly)
DEC. 24 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inettaive.
Name of Company.
3441
Per
When
Cad. Payable.
Books Crowd.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
50c. Jan. 31 Holders of rec. Jan. 16a General Refractories(quar.)
"75c. Jan. 16 *Holders of rec. Jan. 7
Amerada Corporation (quar.)
General Tire & Rubber. pref. (guar.).- 134 Jan. 1 Holders of rec. Dec. 20e
134 Jan. 1 Holders of rec. Dec. 20
Amer.Bond & Mtge., pref.(quar.)
4,134 Jan. 3 *Holders of rec. Dec. 20
400. Dec. 31 Holders of rec. Dec. 16a Giobe-Wemicke, common (quar.)
Amer. Druggist Syndicate (quar.)
•134 Jan. 16 *Holders of rec. Dec. 31
134 Mar. 15 Holders of rec. Mar. 5a
Amer. Fork & Hoe, corn. (qua?.)
Preferred (quar.)
14
20e. Feb. 1 Holders of rec. Jan. 14a Gotham Silk Hosiery, common (extra)
Amer. Home Products (monthly)
Feb. 15 Holders of rec. Feb. le
Am. Indemnity Corp., Phila., corn. and
151 Feb. 1 Holders of rec. Jan 16a
Preferred (quar.)
preferred (guar.)
43340. Dec. 31 Holders of rec. Dec. 23a Great Lakes Steamship (quar.)
*$1.2 Jan. 3 *Holders of rec. Dec. 2
1
Jan. 3 Holders of rec. Dec. 210
American Screw (quar.)
Quarterly
*81.25 Apr. 2 *Holders of rec. Mar.20
American Surety (qua?.)
$2.50 Dec. 31 Holders of rec. Dec. 24a Gruen Watch (quar.)
*50c.
Dec. 31 Holders of rec. Dec. 24a Guenther Publishing Corp.,corn.
Extra
$1
820 Jan. 2 Holders of rec. Dec. 15
Amer. Thermos Bottle. Pref. (quar.)
8734e. Jan. 3 Holders of rec. Dec. 20a Haloes Corp.. pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 21
Amer. Window Glass Mach., pf. (4111.) *Jan. dividen d omitted.
*25c. Jan. 2 *Holden of rec. Dec. 23
Ha ilton-Brown Shoe. Prof (mthli.)
Jan. 3 *Holders of rec. Dec. 23
'84
Amordreag Co., corn
Harbaner Co.. corn. (quar.)
*25c. Jan. 3 *Holders of roe. Dec. 24
•$2.25 Jan. 3 *Holders of rec. Dec. 23
Preferred
Harris. Seybold.Potter Co.,corn,stk., di vidend omitte d.
Archer-Daniels-Midland Co., corn.(qu.) 4.750. Feb. 1 *Holders of rec. Jan. 21
Preferred (quar.)
•134 Feb. 1 *Holders of rec. Jan. 20
•154 Feb. 1'Holders of rec. Jan. 21
Preferred (guar.)
Heath (D. C.) & Co.. pref.(guar.)
154 Dec. 31 Holders of rec. Dec. 28
Arctic Dairy Products (guar.)
*50e. Jan. 1 *Holders of rec. Dec. 20
Hibernia Securities, prof.(quar.)
1,4 Jan. 1 Holders of rec. Dec. 8
e1,4 F
Art Metal Construction (quar.)
3730. Dec. 31 Holders of rec. Dec. 22a Higbee Co., 1st preferred (qua?.)
*Holders of rec. Jan. 21
b..
mear
*50e. Jan 2•Holders of rec. Dec. 22
Arundel Corporation, corn. (quar.)
*Holders of rec. Feb. 18
*2
Second preferred (quar.)
413
Jan. 2•Holders of rec. Dec. 22
Common (extra)
"El
Jan. 1 *Holders of rec. Dec. 31
Hill,Joiner & Co.,common
Atlas Portland Cement. pref. (quar.)6644c. Jan. 3 Holders of rec. Dec. 23a
Preferred
4134 Jan. 1 *Holders of rec. Dec. 31
Associated Industrials, 1st pf. (quar.)-- 2
Jan. 15 Holders of rec. Jan. 15a Holland. Land Co.,(guar.)
Jan. 1 *Holders of rec. Dec. 20
4431
Auburn Automobile (quar.)
s$1
$1
Jan. 2 Holders of rec. Dec. 23a
Jan. 1 *Holders of rec. Dec. 20
Extra
Jan. 2 Holders of rec. Dec. 23a Holly Oil (quar.)
Stock dividend (one-fifteenth share). 2
.Dec. 31 Holders of rec. Dec. 150
Augusta Knitting, pref.(quar.)
151 Jan. 1 Holders of rec. Jan. la Holmes(D.H.) Co.. New Oil(luar-)
334 Jan. 2 Holders of rec. Dec. 26
134 Jan. 2 Holders of rec. Dec. 24
Baer. Sternberg & Cohen, 1st pf.(qu.)
Hooven, Owens, Rentschler Co..Pf.(qU.) 134 Dec. 31 Dec. 21 to Dec. 31
2
Jan. 2 Holders of rec. Dec. 24
Second preferred (guar.)
Jan. 16 Holders of rec. Dec. 310
$1
Howe Soun Co.(guar.)
25c. Jan. 1 Holders of rec. Dec. 20a Hussmann (Harry L.) ref., corn (quar.) 6234c. Jan. 2 Holders of rec. Dec. 29
Baltimore Acceptance Corp., corn.(qu.)
134 Jan. 1 Holders of rec. Dec. 20a
Preferred (quar.)
Common (extra)
6235e. Jan. 2 Holders of rec. Dec. 20
Bankers Secur. Tr. of Amer., Pr.
- 134 Jan. 16 Holders of rec. Dec. 31
134 Jan. 2 Holders of rec. Dec. 20
Hydraulic Press Brick pref.(quar.)
150. Jan. 1 Holders of rec. Dec. 17
Bankstocks Corp. of Md., cl. A (No. 1)_
134 Jan. 3 Dec. 24 to Jan. 2
ndian Motocycle, pref.(quar.)
'
Bastian-Blessing Co., pref. (quar.)
1.75 Jan. 1 •Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dee. 30
2
Industrial Rediscount Corp., pref.(qu.)
Apr.
1
•
Preferred (quar.)
•$1.75
Holders of rec. Mar.20
250. Dec. 31 Holders of rec. Dec. 24a
Intercontinental Rubber(quar.)
"81.75 July 1*Holders of rec. June 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.176
Interlake Steamship,Prof.(guar.)
*$1.75 Oct. 1*Holders of rec. Sept.20
Preferred (guar.)
334 Jan. 3 Holders of rec. Dec. 23
Inter. Bond & Share Corp., pref. A
$1.25 Jan. 3 Dee. 21 to Jan. 2
Beatrice Creamery, corn.(quar.)
'134 Dec. 31 *Holders of rec. Dec. 23
Kalbfleisch Corp., prof.(guar-)
134 Jan. 3 Dec. 21 to Jan. 2
Preferred (Quar.)
234 Jan. 2 Holders of rec. Dec. 26
Kaufman(Chas. A)Co., New Oil(qu.)
20c. Dec. 23 Dec. 23 to Jan. 1
Black & Decker Mfg., corn.(quar.)
500. Jan. 1 Holders of rec. Dec. 206
Kaynee Company,corn.(quar.)
2
Dec. 23 Dec. 23 to Jan. 1
Preferred
1 Holders of rec. Jan. 7
Kellogg Switchboard & Supp.,corn(qu.)- 3234c Jan. 31
25c Jan. 3 Holders of rec. Dec. 20a
Bliss (E. W.) Co., corn. (quar.)
Holders of rec. Jan. 7
134
Preferred (quar.)
El
Jan. 3 Holders of rec. Dec. 20a Kelley Island Lime &'rransp.(guar.) _ 6234c. Jan. 1 Holders of rec. Dec. 22
First preferred (guar.)
8734c. Jan. 3 Holders of rec. Dec. 200 Kelsey-Hayes Wheel,prof.(quar.)
Second preferred class A (guar.)
Feb. 1 *Holders of rec. Jan. 20
"134
I5c Jan. 3 Holders of rec. Dec. 20
Second preferred class B (guar.)
Jan. 15 Holders of rec. Jan. 5
Keystone Steel & Mine, corn. (quar.)
3734c Jan. 2 Holders of rec. Dec. 15a
Bohn Aluminum & Brass (quan)
"134 Jan. 15 'Holders of rec. Jan. 5
Preferred (qua?.)
134 Jan. 2 Holders of rec. Dec. la Keystone Watch Case. pref.(quar.)
Brandram-Henderson, Ltd.. pref. (qu.)_
•134 Feb. 1 "Holders of rec. Jan. 19
British-American Tobacco,ordinary---- (u) Jan. 23 See note (u)
Landers, Frary & Clark (guar.)
(u) Jan. 23 See note (u)
Ordinary (interim)
ea... 31
J
pan
*$
*175c. j
Extra
Brockway Motor Truck, pref. (quar.)- - 134 Jan. 2 Dec. 22 to Jan. 1
Holders of rec. Dec. 276
2
Laclede Steel (quar.)
*4
Jan. 1 Holders of rec. Dec. 20
Bryan, Cryan & Colleran, part. pref
75c. Jan. 15 Holders of rec. Jan. 5
Lefcourt Realty, Prof. (qu.)(No.
*2
Jan. 1 Holders of rec. Dec. 20
part. pref. (extra)
Jan. 31
$1.25 Feb. 1 Jan. 15 to
Lehigh Valley Coal Co
Dee.
15
75c. Jan. 1 Holders of rec.
Burt (J. N.) Co., corn. (quar.)
25e. Feb. 1 Holders of rec. Jan. 10
Lemur Co., common
1,4 Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
Jan. 1 Holders of rec. Dec. 22
$2
Preferred (quay.)
•131 Jan. 10 Holders of rec. Dec. 31
Byers(A. M.) Co., pref. (guar.)
Jan. 14 Holders of rec. Dec. 30
3
Loew's London Theatres, corn
*90e Jan. 1 *Holders of rec. Dec. 22
Byers Machine. class A (quar.)
334 Jan. 14 Holders of rec. Dec. 30
Preference
131 Dec. 31 Dec. 21 to Jan. 2
Bulkley Bldg. (Cleve.). Pref. (quar-)
Loew's (Marcus) Theatres, Ltd.. pref.
334 Jan. 14 Holders of rec. Dec. 30
20a
rec.
Dec.
37340.
Dec.
31
(quar.)
Holders
of
Machine
Tool
Bullard
Feb. 1 Holders of rec. Jan. 17a
2
Lord & Taylor, 2d pref.(quar.)
Jan. 1 Holders of rec. Dec. 15a Madison Square Garden(quar.)
Cadet Knitting, pref. & 1st pref.(qu.)_ _ 2
*37340 Jan. 16 *Holders of rec. Jan. 6
Jan. 3 Holders of rec. Dec. 23a Matson Blanche, New Orleans. pref-$1
Campbell Baking, pref. (quar.)
334 Jan. 2 Holders of rec. Dec. 30
31a Manning, Maxwell & Moore,Inc.(qu.)_
75c. Jan. 16 Holders of rec. Dec. 23a
Canada Dry Ginger Ale (quar.)
Holders of roe. Dec. 31
134
Jan. 4 Holders of rec. Dec.
Canadian Cottons, Ltd., corn. (quar.)- - 2
Jan.
. 18
3'Holders of rec. Jan. 3
Maple Leaf Milling, Prof. (quar.)
*134 j
134 Jan. 4 Holders of rec. Dec. 23.a Marion Steam Shovel, com. (quar.)-Preferred (quar.)
75c. Jan. 1 Holders of rec. Dec. 21
38c. Jan. 16 Holders of rec. Dec. 31a
Canadian Industrial Alcohol, corn. (qu.)
. 1 Holders of rec. Dec. 21
5.5 a Jan.
Preferred (quar.)
.8
$7
1.75
Canadian Pa'b'd Co., Ltd., pref.(qu.).
134 Jan. 1 Holders of rec. Dec. 15
*Holders of rec. Dec. 27
Mary Lee Candy Shops, Inc., el.A(qu.)_
2
Jan. 2 Holders of rec. Dec. 20
CanadianWestinghouse (quar.)
*Holders of rec. Dec. 27
Class B (quar.)
2
Jan. 2 Holders of rec. Dec. 20
Extra
1an. 20 *Holders of rec. Dec. 15
2c...Dec..
*23e
Mascot Oil (monthly)
3
Dec. 31 Holders of rec. Dec. 27a Metropolitan Filling Stations, corn.& clx se 2
Canton Co. of Baltimore
A- No sett on taken on Jan. div.
1
Dec. 31 Holders of rec. Dec. 27a
Extra
Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
$10 Dec. 31 Holders of rec. Dec. 22
Central American Plantation
Metropolitan Ice, corn. $50 Par (No. 1).. *50c. Dec. 23 *Holders of rec. Dee. 15
134 Jan. 3 Holders of rec. Dec 20a
Channon (H.) Co., 1st pref (quar.)
*10c. Jan. 13 *Holders of rec. Dec. 15
Common (Participating dividend)
2
Jan. 3 Holders of rec. Dec. 20a
Second preferred (quar.)
:.July 2 *Holders of rec. June 15
Common (participating dividend)
Chic. Jt. Rys & Un.Stk. Yds., corn (qu) 234 Jan. 3 Holders of rec. Dec. 15a
Jan. 13 *Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. I5a Mexican Petroleum, corn. (guar.)
Preferred (quar.)
Jan. 20 Holders of rec. Dec. 314
8
32
3
134 Dec. 31 Holders of rec. Dec. 31
Chicago Morris Plan (quar.)
Jan. 20 Holders of rec. Dec. 31e
Preferred (quar.)
Jan. 25 "Holders of rec. Jan. 14
Chicago Pneumatic Tool (quar.)
Miller Rubber,common-Dividend omit ted
Chicago, Railway Equip., corn.-"Jan. div. pa ssed.
Mar. 1 *Holders of rec. Feb. 10
Preferred (guar.)
"Holders
of
rec.
Dec.
20
Dec.
31
Preferred (quar.)
Mitchell (J. S.) & Co., Ltd., prof. (41t1.) 134 Jan. 3 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 31a Monarch Mills
3
City Housing Corp
Jan. 1 "Holders of rec. Dec. 26
*4
Feb. 1 *Holders of rec. Jan. 14
Cities Service. corn.(monthly)
Monarch Mtge. & Investment. com---Sc. Jan. 15 Holders of rec. Dec. 31
Corn.(payable In corn, stock)
134 Feb. 1 *Holders of rec. Jan. 14
Jan. 15 Holders of rec. Dec. 31
4
Preferred
Pref. & pref. 13. B (monthly)
'34 Feb. 1 *Holders of rec. Jan. 14
Dec. 31 Holders of rec. Dec. 15
4
Montreal Finance Corp., Ltd.. pref..•5c Feb. 1 *Holders of rec. Jan. 14
Preferred B (monthly)
Dec. 31 Holders of rec. Dec. 27
2
Mortgage-Bond
Co.
(guar.)
2
Dec. 31 Dec. 21 to Jan. 2
Cleveland Union Stock Yards (quar.)_
Jan. 15 Holders of rec. Jan. 1
Motion Picture Capital, Prof.(quar.)--- 2
13( Jan. 2 Holders of rec. Dec. 20
Cohn-Hall-Max Co., pref. (quar.)
Jan. 2 Dec. 21 to Jan. 1
2
134 Jan. 3 Holders of rec. Dec. 19a Murphy (G. C.) Co., prof. (guar-)
Columbus Manufacturing (quar.)
Jan. 3 Holders of rec. Dec. 236
Nashua
Manufacturing,
pref.
(quar.)134
Dec. 31 Dee. 20 to Dec. 31
Commercial F nerve Corp.,corn.(guar.) 62
Feb. 1 *Holders of rec. Jan. 20
*2
National Carbon, pref. (quar.)
134 Dec. 31 Dec. 20 to Dec. 31
Preferred (quar.)
*50c. Feb. 1 "Holders of rec. Jan. 15
National American Co. (quar.)
Dec. 31 Holders of rec. Dec. 20
Commonwealth Casualty
.May 1 *Holders ()tree. Apr. 15
*50c
Quarterly
4
Jan. 3 Holders of rec. Dec. 24
Community Loan System, Brooklyn__
*50c.Aug. 1 *Holdere ofdec. July 15
Quarterly
Jan. 3 Holders of rec. Dec. 24
1
Extra
•50c. Nov. 1 *Holders of Tee. Oct. 15
Quarterly
50c Dec. 31 Dec. 21 to Dec. 31
Conley Tank Car, corn. (qua?.)
v15,‘ Dec. 31 *Holders of rec. Dec. 15
National Casket, prof. (guar.)
50c Dec. 31 Dec. 21 to Dec. 31
Common (extra)
e3
Jan. 1 *Holders of rec. Dec. 21
National Grocer. pref
2
Dec. 31 Dec. 21 to Dec. 31
Preferred (quar.)
•$1.50
154 Jan. 1 Holders of ref. Dec. 200 National Title Guaranty (quar.)
Conloocodx Mills, pref. (quar.)
*$1
Extra
134 Jan. 16 Holders of rec. Dec. 300
Consolidated Car-Heating (quar.)
310
Jan. 3 Holders of rec. Dec. 23
Naumkeag Steam Cotton Co.(quar.)...... 3
Consolidated Cigar Corp., corn.(quar.)_ $1.75 Jan. 6 Holders of rec. Dec.
v50C. Feb. 1 'Holders of rec. Jan. 16
1.6234 Feb. 1 Holders of rec. Jan. 16a Now England Equity Corp.,corn,(No.1)
Prior preferred (guar.)(No. 1)
Jan.
3 Holders of roe. Dec. 15
Preferred
2
(quay.)
*50c.
Jan.
20 *Holders of rec. Dec. 31
Corn Products Refining, corn. (quar.)-Newmont Mining Corn
Jan. 17 Holders of rec. Jan. 3
$1
•75c. Jan. 20 *Holders of rec. Dec. 31
Common (extra)
Jan. 17 Holders of roe.'Jan, 3
Stock dividend
e5
*154 Jan. 14 *Holders of rec. Dec. 31
Preferred (quar.)
Orleans Cold Storage & Mdse
Jan. 3 Holders of rec. Dec. 15
5
1
Dec. 24 Holders of rec. Dec. 31
Cornell Mills (quar.)
20a New
Jan. 3 Holders of rec. Dec. 22
New York Title & Mtge.((Var.)
5
3
Dec. 31 Dee. 16 to Dec.
Craddock Terry Co., lat & 2d pref
Extra
Jan. 3 Holders of rec. Dec. 22
2
Class C preferred
334 Dec. 31 Dec. 16 to Dec. 31
New York Air Brake (qua?.)
75c. Feb. 1 Holders of rec. Jan. 5
Creamery Package Mfg., corn. (guar.).- *50c Jan. 10 *Holders of rec. Jan. 1
New York Dock, pref.(quar.)
'
254 Jan. 16 *Holders of rec. Jan. 8
410c Jan. 10 *Holders of rec. Jan. 1
Common (extra)
e50c. Dec. 31 *Holders of rec. Dec. 20
Newton Steel, coin. (quar.)
*134 Jan. 10 "Holders of rec. Jan. 1
Preferred (guar.)
•15.‘ Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
134 Jan. 31 Holders of rec. Jan. 14
Crucible Steel, common (guar.)
Ogilvie
$1.25
Flour
Jan. 3 Holders of rec. Dec. 21
Mills,
corn.
(quar.)
4
11
corn.
Jan.
14
Packing,
"Holders of rec. Jan. 5
Cudahy
(quar.)
Ohio Brass. class A & B (quar.)
'1.25 Jan. 15 *Holders of rec. Dec. 31
Danish American Corp., 1st & 2d pt.(qu) $1.75 Jan. 3 Dec 21 to Jan. 3
Class A & 13 (pay. In class B stoek)_ •e20
*Holders of rec. Dec. 27
$2.50 Dec. 15 Holders of rec. Dec. 1
Delaware Lack & West. Coal
Preferred (quar.)
*134 Jan. 15 'Holders of rec. Dec. 31
50.23e Jan. 1
Diversified Trustees shares_
Otis Elevator. corn. (quar-)
$1.50 Jan. 16 Holders of rec. Dec. 31
2
Dec. 31 Dec. 21 to Jan. 2
Dixon (Joseph) Crucible (quar.)
Pacific Coast Co., 1st pref.(quar.)
*13( Feb. 1 *Holders of rec. Jan. 23
2
Dec. 31 Dec. 21 to Jan. 2
Extra (100th anniversary thy.)
Doehier Die-Casting, pref. stock (qu.). _ 31.75 Jan. 3 Holders of rec. Dec. 20a Pan Amer. Petrol.& Tr., corn.& corn. B -No action t aken on dividends.
'Sc. Jan. 3 "Holders of rec. Dec. 21
4
Dec. 31 Holders of rec Dec. 20a Peabody Coal, corn (monthly)
Donner Steel, prior preference
Preferred (monthly)
•58e. Jan. 3 *Holders of rec. Dec. 21
$1
Jan. 2 Holders of rec. Dee. 3
Draper Corp.(quar.)
Ponder (David) Grocery, cl. B
50c. Apr. 1 Holders of rec. Mar. 15
4.20c.
Detroit Motor Bus, corn. (qua?.)
25c. Apr. 1 Holders of rec. Mar. 15
Class B (extra)
134 Jan. 3 Dec. 28 to
Eagle Warehouse & Storage (quar.)-Jan. 2
134
Penick
&
Ford,
Jan. 1 Holders of rec. Dec. 16
Ltd,Pref.(guar.)
234 Jan. 3 Dec. 28 to Jan. 2
Extra
$1.25 Jan, 14 Holders of rec. Dec. 31
Pennsylvania Salt Mfg.(quar.)
*50c. Feb. 1 *Holders of rec. Jan. 15
Eaton Axle az Spring (qua?.)
•1%
Phillips-Jones
Corp.,
pref.
(quar.)
Feb. 1 *Holders of rec. Jan. 20
134
Jan. 1 Holders of rec. Dec. 20
Edwards(Wm.)Co.. pref.(guar.)
Pilgrim Mills (guar.)
Dec. 31 Holders of rec. Dec. 28
2
*6234 Feb. 1 *Holders of rec. Jan. 14
Elgln Nat. Watch (quar.)
Pittsburgh Screw & Bolt, corn.(guar.)... .750 Jan. 12 *Holders of rec. Jan. 3
*81
Jan. 20 *Holders of rec. Jan. 4
Extra
Holders of rec. Dec. 20
6
Elliott-Fisher Co., corn. & corn. B (qu.)_ 81.50 Jan. 3 Holders of rec. Dec. 210 Plymouth Plan common (annual)
Sc. Jan. 4 Holders of rec. Dec. 15
85.50 Jan. 3 Holders of rec. Dec. 2ta Premier Gold Mining
Common & common B (extra)
of rec. Jan. 5
*Holders
*25e
Richfield
Oil,
Feb.
1
common
(quar.)
Holders
of
154
Jan.
3
rec. Dec. 21a
Preferred (quar-)
•413Mc Feb. 1 *Holders of rec. Jan. 5
Preferred (qua?.)
European Bond & mortgage Co.(quar.) $1.50 Jan. 14 Holders of rec. Dec. 31a
2
Jan. 2 Holders of rec. Dec. 29
134 Jan. 14 Holders of roe. Dec. 3I0 Ross Stores. Inc., pref.(quar.)
Preferred ((Marl
Jan. 17 Holders of rec. Jan. 10
El
Royal Typewriter. common
'2
Dec. 31 Holders of rec. Dec. 21
Farr Alpaca (qua?.)
Common (extra)
El
Jan. 17 Holders of rec. Jan. 10
134 Jan. 1
Faultless Rubber, pref. (quar.)
December 16
17 Holders of rec. Jan. 16
Preferred
Jan.
334
2
Dec.
15
Co.,
Brooklyn (quar.)
Fear (Fred)
50c Mar.20 Holders of rec. Mar. 9
St. Joseph Lead (guar.)
Fidelity & Deposit Co.. Balt.(quar.)--- 4.$1.75 Dec. 31 *Holders of ref. Dec. 19
25c Mar.20 Holders of rec. Mar. 9
Extra
•$1
Dec. 31 'Holders of rec. Dec. 19
Extra
50c June 20 Holders of rec. June 9
Quarterly
134 Jan. 3 Holders of rec. Dec. 21
Filing Equipment Bureau, pref.(quar.)25e. June 20 Holders of rec. June 9
Extra
Firestone Tire & Rubb..7% pref.(quar.) 151 Feb. 15 Holders of rec. Feb. 1
50c. Sept.20 Holders of rec. Sept. 8
Quarterly
134
Holders
Jan
1
of
rec.
C.)
Co..
(quar.)
Dec. 21
pref.
Foster(W.
250. Sept.20 Holders of rec. Sept. 8
Extra
1,4 Jan. 1 Holders of rec. Dec. 12
Foster Wheeler Corp., pref. (quar.)___ _
50c. Dec. 20'Holders of rec. Dee. 8
Quarterly
134 Jan. 2 Holders of ref. Dec. 24
Fraser Companies, Ltd.(quar.)
25c. Dee. 20 Holders of rec. Dec. 8
Extra
Gemmer Manufacturing, class A (quar.) *75c. Jan. 3 *Holders of rec. Dec. 27
32.50 Dec. 30 Holders of rec. Dec. 23
Scott Paper. common (qua?.)
482-3c Jan. 3 *Holders of rec. Dec. 23
General Bronze, pref. (guar.)
75e. Jan. 15 Holders of rec. Dee. 31
Scullin Steel, pref.(guar-)
General Laundry Machinery (quar.)- - -- 410e. Jan. 5 *Holders of rec. Dee. 27
134 Jan. 20 Holders of rec. Dec. 31a
Seagrave Corp., pref.(guar.)
General Outdoor Advertising, corn.(nu.) '50c. Jan. 16 'Holders of rec. Jan. 5
3442
Nam of Company.
THE CHRONICLE
Per
When
Cent. Payabk.
Books Closed
Days Inclusive.
Miscellaneous (Conduled).
Seeman Brothers. Inc.. corn.(qua?.)___ 500 Feb. 1 Holders of rec. Jan. 16
Service Station Equip., class A (quar.).
40e. Jan. 3 Holders of rec. Dee. 22
Sharon Steel Hoop,common
50e. Jan. 10 Dec. 25 11 to Jan. 9
Preferred (guar.)
2
Jan. 3 Dec. 25 to Jan. 3
Sheffield Steel (guar.)
*50c. Jan. 1 "Holders of rec. Dec. 21
Extra
*50c. Jan. 1 'Holders of rec. Dec. 21
Sheriff St. Mkt.& Storage, Cleve.(qu.)_
134 Jan. 1 Holders of rec. Dec. 21
Shredded Wheat (guar.)
•75e. Dec. 31 'Holders of rec. Dec. 21
Sieloff Packing, common (quar.)---30c Jan. 2 Holders of rec. Dec. 20
Smallwood Stone (guar.)
624c Dec. 15 Holders of rec. Dec. 5
Smith (L. C.) & Corona TypewriterCommon (guar.)
The. Jan.
Holders of rec. Dec. 23a
Preferred (guar.)
Holders of rec. Dec. 23a
15 Jan.
Spanish River Pulp & P.,corn. dr pi.(qu.) 134 Jan. 16 Holders of rec. Dec. 31
Sperry Flour. pref. B (guar.)
14 Jan. 2 Holders of rec. Dec. 15
Standard Commercial Tobacco.corn.(qu) 25c Jan. 3 Holders of rec. Dec. 28
Preferred
34 Jan. 3 Holders of rec. Dec. 28
Standard Screw, common (guar.)
Jan. 3 Holders of rec. Dec. 20
2
Preferred
Jan. 3 Holders of rec. Dec. 20
3
Stanley Works, corn. (guar.)
•6214c Jan. 2 *Holders of rec. Dec. 10
Steel & Tubes Co. common (quar.)-•750. Jan. 31 *Holders of rec. Jan. 20
Stein-Bloch Co.,'
lot. pref. (guar.)
14 Jan. 1 Holders of rec. Dec. 15a
Stern Bros., class A (guar.)
Jan. 3 *Holders of rec. Dec. 21
"$1
Stetson (John B.) common
*$3.75 Jan. 14 Holders of rec. Jan. 1
Preferred
Jan. 14 Holders of rec. Jan. 1
•$1
Studebaker Mail Order Co., M. A (qu.)
50c. Jan. 3 Holders of rec. Dec. 20a
Superheater Co.(guar.)
$1.50 Jan. 16 Holders of rec. Dee. 24
Extra
Jan. 4 Holders of rec. Dec. 24
$4
Telautograph Corp., corn. (guar.)
"20e. Feb. 1 *Holders of rec. Jan. 14
Textile Banking (quar.)
2
Jan. 3 Holders of rec. Dec. 27a
Thayer-Foss Co., pref.(guar.)
14 Jan. 1 Holders of rec. Dec. 20a
Tobacco Products Corp., corn. (qua?.)... (V) Jan. 16 Holders of rec. Dec. 30a
Tooke Bros.. new pref. (guar.)
"14 Jan. 16 'Holders of rec. Jan. 2
Toronto Mortgage (guar.)
24 Jan.
Holders of rec. Dec. 15
Bonus
Jan.
Holders of rec. Dec. 15
Tuckett Tobacco, com. (guar.)
1
Jan. 14 Holders of rec. Dec. 31a
Preferred (guar.)
Jan. 14 Holders of rec. Dec. 31a
Trumbull-Cliffs Furnace. pref. (guar.)
14 Jan. 1 Holders of rec. Dec. 20
Union Steel Castings, common (guar.)... "50o Jan. 10 Holders of rec. Dec. 31
Preferred (guar.)
*14 Jan. 10 Holders of rec. Dec. 31
United Cape Cod Cranberry. pref
*31.50 Dec. 15
United Ice Service, pref. A (guar.)
$1.75 Jan 3 Holders of rec. Dec. 22a
United Invest. Secur. Corp.,com.(No.1) •10c. Jan. 16 'Holders of rec. Dec. 31
United Verde Extension Mining
50c. Feb. 1 Holders of rec. Jan. 40
U.S.Bond & Mtge., pref.(quar.)
14 Dee. 31 Holders of rec. Dee. 20a
U. S. Finishing, corn. (guar.)
•114 Jan. 16 *Holders of rec. Jan. 6
Common (extra)
*2
Jan. 16 *Holders of rec. Jan. 6
Preferred (guar.)
•1
Jan. 1 *Holders of rec. Dec. 15
.U. S. Industrial Alcohol, corn. (guar.)
14 Feb. 1 Holders of rec. Jan. 16
U.S.Ptg. & Lit),., corn. & pf. (quar.)
14 Jan.
Holders of rec. Dec. 21
U. S. Rayon, pref. (guar.)
•1zi Jan.
*Holders of rec. Dec. 29
Upson Company, pref. (guar.)
14 Jan. a Holders of rec. Dec. 15
Vasco Products, Inc., pref.(annual)_ _
Jan.
Holders of rec. Dec. 15
Vick Chemical (quar.)
4.81 Feb. "Holders of rec. Jan. 16
Victor Talking Mach., pr. pref. (qu.)... 4,15‘ Feb.
*Holders of rec. Jan. 3
6% cony. pref.(guar.)
'l34 Feb. 1 *Holders of rec. Jan. 3
Waltham Watch, prior pref. (guar.)._ _ - 14 Jan. 3 Holders of rec. Dec. 23
Warner (Chas.) Co., corn.(guar.)
50c. Jan. 12 Holders of rec. Dec. 31a
Common (extra)
5(k. Jan. 12 Holders of rec. Dec. 31a
First and second preferred (qua?.)__
14 Jan. 28 Holders of rec. Dec. 31a
Warner Gear, corn
25c. Jan. 1 Holders of rec. Dec.
Wellman-Seaver-Morgan Co., pf. (gu.)- 134 Jan. 1 Dee. 22 to Jan. 15a
2
Westinghouse Air Brake (guar.)
50e. Jan. 31 Holders of rec. Dec. 31
Westmoreland Coal(guar.)
$1
Jan. 3 Dec. 29 to Jan. 3
Western Grocer Co.. pref
334 Jan. 1 Dec. 22 to Jan. 2
Whitaker Paper, common (guar.)
$1
Jan. 1 Holders of roe. Dec. 206
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 20a
White Eagle Oil & Refining
.25c. Jan. 20 *Holders of rec. Dec. 30
Whitman (William) Co., Inc., pf.(qu.). 14 Jan. 2 Holders of rec. Dec. 206
Woods Manufacturing, pref.(guar.) _
14 Jan. 3 Holders of rec. Dec. 28a
Woolson Spice,common (guar.)
412
Holders of rec. Dee. 31
Common (extra)
*58
Holders of roe. Dec. 31
Preferred (guar.)
"14
Holders of rec. Dec. 31
Worthington Ball (guar.)
•50e. Jan. 14 *Holders of rec. Dec. 31
Yellow Cab Co.. Inc.(Newark)(quar.)..
25c. Jan. 1 Holders of rm. Dee. 206
[VoL. 125.
Per
When
Cent. Payable.
Name of Company.
Railroads (Steam) (Continued).
Great Northern, preferred
Gulf Mobile & Nor., pref.(guar.)
Pref.(acc't accumulated dive.)
Hocking Valley. common (guar.)
Illinois Central leased lines
Joliet & Chicago (guar.)
Lake Erie dr Eastern
Lehigh Valley, common (guar.)
Preferred (guar.)
Louisville & Nashville
Mahoning Coal RR., common (quar.)..
Preferred. (guar.)
Maine Central. common (quar.
Michigan Central
Extra
Mo.-Kansas-Texas RR., pref. (special).
Mobile & Birmingham, pref
Mobile & Ohio
Extra
Morris dr Essex
New York Central RR.(guar.)
N.Y. Chicago & St. L.. corn. & pf.(qu.)
New York & Harlem. corn. & pref
N.Y. Lackawanna & Western (quar.).N. Y. N. H.& Rant.. pref.(qu.)(1
,
10.1)
Northern Central
Northern Pacific (guar.)
Northern Securities
Old Colony (guar.)
Pere Marquette, common (guar.)
Prior preferred (quar.)
Five per cent preferred (guar.)
Philadelphia dr Trenton (guar.)
Pittsburgh & Lake Erie (in stock)
Pittsburgh & Lake Erie
Plttsb. Ft. W.& Chic., corn. & pf.(qu.)_
Pittsb. McKeesp.& Youghlougheny_.
Reading Co., 2d pref.(guar.)
St. Louis-San Francisco Ry.,Corn.(qu.)_
Common (extra)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern, pref. (guar.)_
Southern Pacific CO. (guar.)
Southern Ry.. common (guar.)
Preferred (quar.)
Toronto Hamilton & Buffalo
Extra
Troy Union (annual)
Union Pacific. common (guar.)
United N.J. RR.& Canal Cos.(guar.)-Virginian Ry. (annual)
Wabash, preferred B
Western Ry.of Alabama
Public Utilities.
Alabama Power, $7 pref.(guar.)
$6 preferred (guar.)
Amer.& Foreign Power, pref.(guar.) Pref. allot. ctD., 25% paid (guar.).
Pref.
. allot. efts., 35% pald (qua?.)._
Amer. Gas & Elec.. common (quar.)_ _
Common (one-fiftieth share corn. stk.)
Preferred (guar.)
Amer.Power & Light, pref.(guar.)
Amer. Public Service. pref.(guar.)
American Public UtilitiesPrior pref. and partic. pref. (quar.).- _
Amer.Superpower. corn. A & B
Corn. A & B (pay. In cl. Acorn. stook)
First preferred (guar.)
Amer. Telep. & Teleg. (guar.)
Amer Wat. Wks.& Elec. $6 1st pt.(qu.)
Arkansas Natural Gas (quar.)
Arkansas Power dr Light, pref. (guar.)
Associated Gas & EL,class A (quar.)
Books Closed
Days Inclusive.
234 Feb. 1 Holders of rec. Dec. 270
14 Jan. 3 Holders of rec. Dec. 15a
1
Jan. 3 Holders of rec. Dec. 150
24 Doe. 31 Holders of rec. Dec. 12a
2
Jan, 2 Dec. 13 to Jan. 4
14 Jan. 3 Holders of roe. Dec. 23a
2
Jan, 3 Holders of rec. Dee. 23a
873.4e Jan, 3 Holders of rec. Dec. 176
$1.25 Jan. 3 Holders of rec. Dee. 170
34 Feb. 10 Holders of rec. Jan. 160
$12.50 Feb. 1 Holders of rec. Jan. I6a
51.25 Jan. 3 Holders of rec. Dec. 233
1
Jan. 2 Holders of roe. Dee. 15
Jan, 28 Holders of rec. Dec. 300
20
50
Dec. 30 Holders of rec. Dec. 230
1
Dec. 31 Holders of rec. Dee. 220
2
Jan. 3 Dec. 2 to Jan. 2
314 Dec. 30 Holders of rec. Dec. 16a
Dee. 30 Holders of rec. Dee. 16a
5
2.1234 Jan. 3 Holders of rec. Dec. 90
2
Feb. 1 Dec. 31
to
Jan. 25
134 Jan. 3 Holders of roe. Nov. 15a
$2.50 Jan. 3 Holders of rec. Dec. 15a
14 Jan, 3 Holders of rec. Dec. 14a
14 Jan. 2 Holders of rec. Dee. 50
$2
Jan. 14 Holders of rec. Dec. 3Ia
14 Feb. 1 Holders of roe. Dec. 300
414 Jan. 10 Dec. 24 to Jan. 10
14 Jan. 2 Holders of rec. Dec. 100
14 Jan. 3 Holders of rec. Dec. 10a
14 Feb. 1 Holders of rec. Jan. 10a
134 Feb. 1 Holders of roe. Jan. 100
24 Jan, 3 Holders of rec. Dec. 20a
020 Dee. 10 Holders of rec. Dee
1
$2.50 Feb. 1 Holders of ree. Dec. 30a
114 Jan. 3 Holders of rec. Dec. 10a
$1.50 Jan. 3 Holders of rec. Dec. 15a
50e. Jan. 12 Holders of rec. Dec.d22a
14 Jan, 3 Holders of roe. Dee. 9a
25e. Jan. 3 Holders of rec. Dee. 91
114 Feb. 1 Holders of rec. Jan. 14a
134 May 1 Holders of rec. Apr. 70
14 Aug. 1 Holders of rec. July 14a
134 Nov. 1 Holders of rec. Oct. 15a
14 Dec. 31 Holders of rec. Doe. 140
14 Jan. 3 Holders of rec. Nov. 250
2
Feb. 1 Holders of rec. Jan. 3a
14 Jan. 18 Holders of rec. Dec. 27a
3
Dec. 31 Holders of rec. Dec. 270
Deo, 31 Holders of rec. Dec. 270
1
Jan, 16 Holders of rec. Dec. 30a
6
234 Jan. 3 Holders of rec Dec. la
24 Jan. 10 Dee. 21 to Jan. 2
Dee. 31 Holders of rec. Dec. 19a
7
Feb. 8 Holders of roe. Dec. 31a
5
4
Dec. 31 Holders of roe Dec. 19
$1.75 Jan,
$1.50 Jan,
$1.75 Jan.
434c. Jan.
611(e. Jan.
25e, Jan.
(/) Jan.
134 Feb.
1)4 Jan.
14 Jan.
2
2
3
3
3
3
3
1
3
3
Holders of roe. Dec. 16
Holders of roe. Dec. 16
Holders of rec. Dec. 15a
Holders of rec. Dee. 15a
Holders of rec. Dec. 15
Holders of rec. Dec. 12
Holders of rec. Dee. 12
Holders of rec. Jan. 10
Holders of rec. Doe. 12
Holders of rec. Dec. 15a
31.75 Jan. 3 Holders of rec. Dec. 15
300. Dee, 31 Holders of rec. Nov. 30
(a) Dec, 31 Holders of rec. Nov. 30
$1.50 Jan. 1 Holders of rec. De 15a
234 Jan, 18 Holders of rec. Dec. 200
$1.50 Jan. 2 Holders of rec. Dec. 120
120. Jan, 2 Holders of rec. Dee. I4a
Below we give the dividends announced in previous weeks
$1.75 Jan. 3 Holders of rec. Doe. 15
150e. Feb. 1 Holders of rm. Doe. 31
and not yet paid. This list does not include dividends an125e. Feb. 1 Holders of rm. Dee. 31
nounced this week, these being given in the preceding table. $crpreA
ss ferredt(qua?.)
($1.75 Jan. 1 Holders of roe. Nov.30
Original preferred (guar.)
(87340 Jan. 1 Holders of rec. Nov. 30
Bangor Hydro-Elec. Co., 7% pref.(qu) 114 Jan. 2 Holders of rec. Dee. 10
Per
When
6% preferred (quar.)
Books Closed.
14 Jan. 2 Holders of ree. Dec. 10
Name of Company.
Cent. Parable
Bell Telephone of Canada (guar.)
Days Inclusive.
Jan. 14 Holders of ree. Dec. 23
2
Bell Telep. of Pa..634% prof.(guar.) 114 Jan. 14 Dec 21 to Jan. 15
Railroads (Steam).
Binghamton L., H.dr Pow..$6 pf.(qu.) 51.50 Jan. 1 Holders of rec. Dec. 15
Alabama Great Southern, ordinary
$1.75 Dec. 30 Holders of rec. Nov. 25
Birmingham Elec. Co., $7 pref.(quar.) $1.75 Jan. 3 Holders of rec. Dec. 12
Ordinary (extra)
51.50 Dec. 30 Holders of rec. Nov. 25
56 preferred (guar.)
51.50 Jan. 3 Holders of rec. Dec. 12
Preferred
$1.75 Feb. 13 Holders of roe. Jan. 13
Boston Elevated Ry.. coin. (guar.)--- 14 Jan. 2 Holders of roe. Dee. 10a
Preferred (extra)
$1.50 Feb. 13 Holders of rec. Jan. 13
First preferred
4
Jan. 2 Holders of rec. Doe. 100
Albany dr Susquehanna
4% Jan. 1 Holders of rec. Dec. 15
Preferred
34 Jan. 2 Holders of rec. Dec. 10a
Allegheny & Western
Jan. 1 Holders of rec. Dec. 200 Brazilian Tr. Lt.& Pow., pref. (guar.).3
134 Jan, 2 Holders of ree. Dec. 15a
Atch. Topeka & Santa Fe, pref
24 Feb. 1 Holders of rec. Dec. 300 Bkly u.-Manbrittan TransitAtlanta & West Point
4
Dec. 31 Holders of rec. Dee 19
Preferred. series A (guar.)
$1.50 Jan. 16 Holders of rec. Dee. 310
Atlantic Coast Line RR..common
34 Jan. 10 Holders of rec. Dec 150
Prefer .nerim A (guar.).
$1.50 Aprl, 16 Holders of rec. Apr, la
Extra
Brooklyn :Jon Gas(quar.)
134 Jan, 10 Holders of rec. Dec. 15a
$1.25 Jan. 3 Holders of rec. Dec. 7a
Baltimore & Ohio, common (guar.)
14 Max', 1 Holders of rec. Jan. 14a Byllesby (H. M.) & Co., corn. cl. A &B
Preferred (quarterly)
1
Mar, 1 Holders of rec. Jan. 14a
50e. Dec. 24 Holders of rec. Dec. 20
(quarterly)
Bangor dr Aroostook. cow.(guar.)
870. Jan, 1 Holders of rec. Nov 30a
Com. el. A & B., 1-50 sh. com. A stk.) (f) Dec. 24 Holders of rec. Dee. 20
Preferred (guar.)
114 Jan. 1 Holders of rec. Nov 30a
50c. Dee. 24 Holders of rec. Dec. 30
Preferred (guar.)
Beech Creek (guar.)
Generating, pref. (qu.). 114 Jan, 3 Holders of rec. Dec. 5
50e. Jan. 3 Holders of rec. Dec. 150 Californio
Boston & Albany (guar.)
214 Dec. 31 Holders of rec. Nov 30. Capital Trac.(Washington. D.C.) (q11.) 14 Jan, 1 Holders of rec. Dec. 12
Boston dr Maine. prior pref. (guar.)._ _
14 Jan. 2 Holders of rec. Dec. 160 Carolina-Georgia Service Co.,$7 pf.(qu.) $1.75 Jan. 1 Holders of rec. Dec. 15
First preferred, class A (qua?.)
134 Jan, 2 Holders of roe. Dec. 16a Carolina Power & Light, 57 pref.(guar.) 111.75 Jan. 3 Holders of rec. Dec. 17
First preferred, class B (guar.)
2
Jan. 2 Holders of rec. Dec. 16a
$6 preferred (guar.)
51.50 an. 3 Holders of rec. Dee. 17
First preferred, class C (guar.)
14 Jan. 2 Holders of rec. Dec. 18a Central Ills. Light,6% prof.(guar.)-- - 14 Jan. 3 Holders of rec. Dec. 15
First preferred, class D (guar.)
234 Jan. 2 Holders of rec. Dec. 16a
Seven per cent. prof.(guar.)
14 Jan, 3 Holden of reg. Dec. 15
First preferred, class E (quar.)
14 Jan. 2 Holders of rec. Dee. 16a Central Illinois Public Sore., pref.(qu.). 81.50 Jan. 15 Holders of rec. Dec 810
Boston & Providence (quar.)
x12% Jan. 1 Holders of roe. Dec. 20
Central & South West VOL, corn.(qu.). The. Jan, 18 Holders of roe. Dec. 31a
Boston. Revere Beach & Lynn (quar.)_ _
14 Jan. 2 Holders of rec. Dec. 31a Central States Elec. Corp., corn.(qu.).... 25e. Dec. 3 Holders of ree. Dee. 10
Buffalo dr Susquehanna. pref
2
Dec. 80 Holders of rm. Dec. 150
14 Dee. 3 Holders of roe. Dee. 10
Preferred (quar.)
Canada Southern
14 Feb. 1 Holders of rec. Dec. 306 Chic. Nor. Shore & Mil.. pr. lien (qu.)... 14 Jan.
Holders of ree. Dec. 15a
Canadian Pacific. common (guar.)
234 Dec. 31 Holders of rec. Dec. Is
14 Jan.
Preferred (guar.)
Holders of rec. Dec. 156
Chesapeake Corporation (quar.)
750. Jan. I Holders of rec. Dec. 150 Chicago Rapid Tran., prior pref. A (au.) 65e. Jan.
Holders of rec. Dec. 20a
Chesapeake & Ohio. common (guar.).- 234 Jan. 1 Holders of rec. Dec. I20
Prior pref. A (guar.)
65e. Feb.
Holders of rec. Jan. 17a
Preferred
34 Jan. 1 Holders of rec. Dec. 80
Prior prof. A (guar.)
65c. Mar.
Holders of rec. Feb. 21a
Chicago Burlington & Quincy
5
Dec. 27 Holders of rec. Dec. 170
Prior pref. series B (guar.)
60e. Jan.
Holders of rec. Dee. 200
Chicago Indianapolis & Louisville. corn
Jan. 10 Holders of rec. Dec. 24
2
Prior pref. series B (guar.)
600. Feb.
Holders of rec. Jan. 17a
Common (extra)
1
Jan. .10 Holders of rm. Dec. 24
Prior pref. series B (quar.)
60c. Mar.
Holders of rec. Feb. 21a
Preferred
2
Jan. 10 Holders of rec. Deo. 246 Ctn.& Suburban Bell Telep.(guar.)$1.12 Jan, 3 Holders of rec. Dec. 20
Chicago dr North Western, common._ _
Dec. 31 Holders of roe. Dec. la Citizens Pass. Ry., Phila.(guar.)
2
$3.50 Jan. 1 Dee. 21 to Dec. 31
Preferred
334 Dec. 31 Holders of rec. Dec. la Cleveland Ry. (guar.)
114 Jan. 1 Holders of rec. Dec. 104
Chicago R. I. & Pacific, corn, (quar.
134 Dec. 31 Holders of rec. Dec 2o
Columbus Elec.& Pow.,corn.(quar.)
50c. Jan. 3 Holders of rec. Dec. 94
Seven per cent preferred
34 Dee. 31 Holders of rec. Dee. 2a
Common (stk. div. one-fortieth share) (m) Jan. 3 Holders of rec. Dec. ila
Six per cent preferred
Dec. 31 Holders of roe. Dec. 2a
3
Preferred, series B (guar.)
134 Jan. 3 Holders of rec. Dec. 90
Chic. St. P. Minn. dr Omaha. pf.(ann.). a
Dec. 31 Holders of rec. Doe. la
Preferred, series C (guar.)
134 Jan. 3 Holders of rec. Doe. 9a
Chic. New On.Texas & Pacific, corn_
4
Dec. 27 Holders of rec. Dee. 90
Second preferred (guar.)
14 Jan. 3 Holders of rec. Dec. 9
Extra
3
Dec. 27 Holders of rec. Dec. 90 Connecticut Elec. Sore., pref. (guar.).- $1
Jan. dl Holders of rec. Dec. 150
Cincinnati Northern
Jan. 20 Holders of rec. Jan. I3a Cons. Gas. El. L.& P.. Bait., corn.(gu.) 75o. Jan. 3 Holders of rec. Dee. 15.
5
Extra
Dec. 30 Holders of rec. Dec. 230
40
Preferred series A (guar.)
2
Jan. 3 Holders of roe. Dec. 150
Cleve. Cin. Chic.& St. L.. corn.(qua?.). 2
Jan, 20 Holders of rec. Dec. 30a
Preferred series B (guar.)
14 Jan. 3 Holders of rec. Dec. 150
14 Jan. 20 Holders of rec. Dec. 30a
Preferred (guar.)
Preferred series C (quar.)
114 Jan. 3 Holders of rec. Dec. lba
Colorado & Southern. common
3
Dec. 31 Dee. 18 to Jan. 2
Preferred series D (quar.)
14 Jan. 3 Holders of roe. Dec. 15a
First preferred
Dec. 31 Dec. 18 to Jan. 2
2
534% preferred (guar.)(No. 1)
194 Jan. 3 Holders of rec. Dec. 15a
Second preferred
Dec. 31 Dec. 18 to Jan. 2
4
Consolidated Gas of N.Y.. pref.(qua?,) 51.25 Feb. 1 Holders of roe. Dec. 30
Consolidated RID. of Cuba. pref.(guar.) 1)4 Jan. 3 Holders of rec. Dec. 10a Consum,ers Power,6% pref. (guar.).- 14 Jan. 3 Holders of roe. Dec. 15
Cuba RR.. common
51.20 Dec. 28 Holders of roe. Bee. 28a
6.6%'preferred (glum)
.1.85 Jan. 3 Holders of rec. Dee. 15
Preferred
3
1 Holders of rm. Jan. 16a
Feb
Seven per cent preferred (guar.).-- 14 Jan. 3 Holders of rec. Dec. 15
Detroit Hillsdale dr Southwestern
Jan. 5 Dee. 21 to Jan. 10
2
Six per cent preferred (monthly).
50c. Jan. 3 Holders of rec. Dee. 15
Detroit River Tunnel
Jan. 16 Holders of rec. Jan. ga
3
6.6% preferred (monthly)
Mo. Jan. 3 Holders of rec. Dec. 15
Elmira & Williamsport, prof
$1.81 Jan. 1 Holders of rec. Dec. 20a Continental Pass. Ry. (Phila.)
Dec. 30 Holders of rec. Nov. 306
rz$3
DEC. 24 1927.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Conttn..ed).
Continental Gas & El. Corp., corn.(qu.) $1.10 Jan. 3 Holders of rec. Dec. 12a
1% Jan. 3 Holders of rec. Dec. 12a
Prior preference (guar.)
Participating preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 12a
A Jan. 3 Holders of rec. Dec. 12a
Participating pref.(extra)
6% preferred (guar.)
13.4 Jan. 3 Holders of rec. Dec. 12a
75c. Jan. 1 Holders of rec. Dec. 15a
Denver Tramway Corp., pref.(guar.) _
2
Jan. 16 Holders of roe. Dec. 20a
Detroit Edison (guar.)
Diamond State Telep., 635% pr.(qu.)_. 1% Jan. 14 Dec. 20 to Jan. 15
*$1.75 Jan. 1 *Holders of rec. Dec. 24
Dixie Gas & Utilities, pref. (guar.)
1
Jan. 3 Holders of rec. Dec. 15
Duke Power Co., common
1
Jan. 2 Holders of rec. Dec. 12a
Duluth-Superior Tree., pref.(guar.)-East Bay Water, class A & B (quar.)__ _ _ 4$1.50 Jan. 16 *Holders of rec. Dec. 31
51.75 Feb. I Holders of rec. Jan. 15a
Eastern States Power, pref.(guar.)
I% Jan. 3 Holders of rec. Dec. ba
Eastern Texas Elec. Co.. pref. (quar.)_
Electric Bond & Share Secur. (guar.). _ _ 25c. Jan. 16 Holders of rec. Dec. 19
Electric Bond & Share Co., pref.(guar.). 154 Feb. I Holders of rec. Jan. 14
Electric Light dr Power Co.of
500. Jan. 3 Holders of rec. Dec. 15a
Abington & Rockland (guar.)
50c. Jan. 3 Holders of rec. Dec. I5a
Extra
$1.75 Jan. 3 Holders of rec. Dec. 12a
Elec. Power & Light, pref.(guar.)
$1.75 Jan. 3 Holders of rec. Dec. 12a
Pref. allot. ct(8. full paid (guar.)
70c. Jan. 3 Holders of rec. Dec. 12a
Pref. allot. 40% paid (quar.)
1% Jan. 1 Holders of rec. Dec. lba
Electric Public Serv.. pref. (guar.)
I% Jan. 1 Holders of rec. Dec. lba
Electric Public UM., pref.(guar.)
1% Jan. 16 Holders fo rec. Jan. 3a
El Paso Elec. Co.. pref. A (guar.)
Empire Gas & Fuel, 7% pref. (mthly.).. 58 1-3c Jan. d3 Holders of rec. Dec. 15
862-3c Jan. d3 Holders of rec. Dec. 15a
8% preferred (monthly)
Empire Power Corp., 86 pref. (guar.) _ _ 31.50 Jan. 1 Holders of rec. Dec. 16
Engineers Public Service 57 pref.(qu.). $1.75 Jan. 3 Holders of rec. Dec. ba
FallRiver Elec. Light (quar.)
50e. Jan. 3 Holders of rec. Dec. 200
20c. Jan. 3 Holders of rec. Dec. 13a
Federal Light & 'frac.. common (qu.)
Common (payable in common stock). /15e. Jan. 3 Holders of rec. Dee. 13a
Federal Water Service, $7 pref. (quar.)_ _ 31.75 Jan. 1 Holders of rec. Dec. 20a
5 1.6244 Jan. I Holders of rec. Dec. 20a
5634 preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 14
Florida Power & Light. pref. (guar.) _
Florida Public Service. Pref. (guar.)...- 1% Jan. I Holders of rec. Dec. 15
Frankford & Southwark Pass. By.(qu.) $4.50 Jan. I Dec. 2 to Dec. 31
Gas dr Elec. Securities, corn.(monthly)- 50c. Jan. 3 Holders of rec. Dec. 15a
Common (payable In common stock) _ f75c. Jan. 3 Holders of rec. Dec. 15a
Preferred (monthly)
58 1-3c Jan. 3 Holders of rec. Dec. 15a
General Gas & El. Corp.. corn. A (4111.)- 037 Ar Jan. I Holders of tee. Dec. 12.
Common class B (No. 1)
b$1.60 Jan. I Holders of rec. Dec. 12o
$8 preferred class A (quar.)
$2
Ian. 1 Holders of rec. Dec. 12a
$7 preferred class A (guar.)
$1.75 Jan. I Holders of rec. Dec. 12s
$1.75 Ian. 1 Holders of re* Dec. 12
,
$7 preferred class B (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 154
Georgia Power. $6 pref.(quar.)
General Public Service, cony. pref.((PO *$1.75 Jan. 2 *Holders of rec. Dec. 15
Germantown Pass. Ry.(guar.)
$1.31 Jan. 3 Dec. 15 to Jan. 2
1% Jan. d3 Holders of rec. Dec. 31a
Gold & Stock Telegraph (guar.)
1% Jan. 3 Holders of rec. Dec. 5
Gt. Western Pow. of Calif.. 7% pf.
1% Jan. 3 Holders of rec. Dec. 5
Six per cent preferred, series A (quar.)_
435%c. Dec. 31 Holders of rec. Dec. 16a
Hackensack Water, pref. A (guar.)
Haverhill Gas Light (guar.)
57e. Jan. 3 Holders of rec. Dec. 19a
Illinois Bell Telephone (guar.)
2
Dec. 31 Holders of rec. Dec. 30a
Illinois Power & Light, 7% pref. (qtr.)
I% Jan. 3 Holders of rec. Dec. 10
6% preferred (quar.)
134 Jan. 3 Holders of rec. Dec. 10
Indianapolis Water. pref. (quar.)
$1.50 Dec. 31 Holders of rec. Dec. 10,
International Power, Ltd., lot pf. (qu.) _
1% Jan. 3 Holders of rec. Dec. 15
International Telep. & Teleg. (quar.)_
1% Jan. 15 Holders of rec. Dec. 27a
Interstate Power Co., pref. (guar.)
$1.75 Jan. 3 Holders of rec. Dec. 5
Jamaica Pub. Serv., Ltd., pref. (guar.)
11.4 Jan. 3 Holders of rec. Dec. 20
Kansas City Pow. & Lt., 1st p1. A (qu $1.75 Jan. I Holders of rec. Dec. 14a
Kansas City Public Service, pref.(quar ) 31.75 Jan. 1 Holders of rec. Dec. 20
Kansas Electric Power, pref. (guar.) _ _ _ _
1% Jan. 2 Holders of rec. Dec. 15
Kansas Gas & Elec., pref. (guar.)
1% Jan. 3 Holders of rec. Dec. 15
Kentucky Securities, common (guar.) _ _
114 Jan. 3 Holders of rec. Dec. 22a
Preferred (guar.)
1% Jan. 16 Holders of rec. Dec. 22a
Laurentide Power (guar.)
151 Jan. 16 Holders of rec. Dec. 31
Long Island Lighting, common
75e. Jan. 1 Holders of rec. Dec. 17
Preferred. series A (guar.)
1% Jan. I Holders of rec. Dee. 16
Preferred, series B (guar.)
1% Jan. 1 Holders of rec. Dec. 16
Louisville Gas & Elec.(Del.) A & B (qu.) 4350 Dec. 24 Holders of rec. Nov. 30a
I% Jan. 3 Holders of rec. Dec. 3a
Mackay Companies, common (guar.)._
Preferred (guar.)
1
Jan. 3 Holders of rec. Dec. 3a
Manhattan Ky., 7% guar. (guar.)
1% Jan. 3 Holders of rec. Dec. 20
Manitoba Power (guar.)
52 Jan. 16 Holders of rec. Dec. 15
Massachusetts Ltg. Cos., common (qu.).. 71e. Dec. 31 Holders of rec. Dec. 20
Six per cent preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 27
Eight per cent preferred (guar.)
2
Jan. 16 Holders of rec. Dec. 27
Memphis Pow.& Lt., $7 pref. (guar.) _ _ _ $1.75 Jan. 3 Holders of rec. Dec. 17
$6 preferred ((luar.)
51.5)) Jan. 3 Holders of rec. Dec. 17
Metropolitan Edison, $7 pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 15
$6 preferred (guar.)
51.50 Jan. 1 Holders of rec. Dec. 15
Michigan Electric Power, pref.(guar.) _ _
154 Jan. 2 Holders of rec. Dec. 20
Middle West Utilities, pref. (guar.) _ _
1% Jan. 16 Holders of rec. Dec. 31
$6 preferred (guar.)
$1.50 Jan. 16 Holders of rec. Dec. 31
Midland Utilities, 7% pr lien stock (qu.) 15$ Jan. 6 Holders of rec. Dec. 22
Six per cent prior lien stock (guar.) _ _ _
1% Jan. 6 Holders of rec. Dec. 22
Seven per cent class A (guar.)
15$ Jan. 6 Holders of rec. Dec. 22
Six per cent pref., class A (guar.) _ _ _
1% Jan. 6 Holders of rec. Dec. 22
Minnesota Power & Light,7% pref.(go.) 15
4 Jan. 3 Holders of rec. Dec. 15
,
$6 preferred (guar.)
51.50 Jan. 3 Holders of rec. Dec. 15
Monongahela W.Penn. P. S., pf. (qu.). 4350 Jan. 2 Holders of rec. Dec. 15
Montana Power, eon). (guar.)
1% Jan. 3 Holders of rec. Dee. 120
Mountain States Power, pref. (guar.) _ _
1% Jan. 20 Holders of rec. Dec. 31
Municipal service Corp., pref. (quar.)_ _ 50c. Jan. 3 Holders of rec. Dec. 15
Nassau & Suffolk Lighting. pref. (go.)...
134 Jan. 1 Holders of rec. Dec. 16
National Elec. Power, pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 20a
National Elec. Pow. Co., 7% pt.(qu.) _
1% Jan. 2 holders of rec. Dec. 20
Nat. Power & Light. pref. (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
National Public ServiceSeries A pref. dr partic. pref. (guar.)._ 21.75 Jan. I Holders of rec. Dec. 17
Nevada-Calif. Elec., pref. (guar.)
15$ Feb. 1 Holders of rec. Dec. 30
New England Power Assn., corn. (guar.) 50c. Jan. 16 Holders of rec. Dec. 31
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
New England Pow. Co., pref. (guar.)._
15-$ Jan. 2 Holders of rec. Dec. 17
New England Pub.Serv., cum.(quar.)
45c. Dec. 31 Holders of rec. Dee. 15a
$7 preferred (guar.)
$1.75 Jan. 11 Holders of rec. Dec. 31a
Adjustment preferred (guar.)
31.63 Jan. 15 Holders of rec. Dec. 31a
New England Tel. & Tel. (quar.)
2
Dec. 31 Holders of rec. Dec. 10
46214c Dec. 31 °Holders of rec. Dec. 16
New Haven Gas Light (gnar.)
New Jersey Pow. & Lt., $0 pref.(quer.)- 51.50 Jan, 1 Holders of rec. Dec. 15
N.Y. Central Elec. Corp.. pref.(guar.). 1% Jan. 1 Holders of rec. Dec. 16
New York Steam Co., $7 pref. (quar.)._ 51.75 Jan. 2 Holders of tee. Dec. 15a
$6 preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 15a
1% Jan. 16 Holders of rec. Dec. 20
New York Telephone. pref. (guar.)
Niagara Falls Power, pref. (guar.) _
4354c. Jan. 16 Holders of rec. Dec. 31a
Niagara Lockport & Out. Pow., p1.
1% Jan. 3 Holders of rec. Dec. 15
corn.
Cu.,
(qu.)(In com.stk.) Li A Jan. 3 Holders of rec. Dec. ba
Nor. Amer.
Preferred (guar.)
75c. Jan. 3 Holders of rec. Dec. 5a
North Amer. Light & Pow.. pref. (qu.)
1% Jan. 3 Holders of rec. Dec. 20a
Northern Mexico Pow.& Dev., corn.(gu) 1
Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
15$ Jan. 3 Holders of rec. Dec. 15
Northern Ohio Pow.& Lt.6% pf.(qu.). 1% Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 15
Northern Ontario Light & Power
3
Jan. 25 Holders of rec. Dec. 31
Northern Penna. Power. $7 pref.(gu.). $1.75 Jan. 1 Holders of rec. Dec. 15
$0 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dee. 15
(guar.)
preferred
6%
3
Jan. 1 Holders of rec. Dec. 15
North. States Pow.(Del.) coin. A (qu.). 2
Feb. 1 Holders of rec. Dec. 31
7% preferred (quar.).
1% Jan. 20 Holders of rec. Dec. 31
Northeastern Power,common (quar.) _ _ 15e. Jan. 3 Holders of rec. Dec. 15a
51.50 Jan. 3 Holders of rec. Dec. 150
Class A stock (quar.)
Northwestern Telegraph
$1.50 Jan. 3 Dec. 17 to Jan. 2
North West Utilities, prior lien pf. (qu.)
1% Jan. 3 Holders of rec. Dec. 15
Nortoport Water Works, pref. (guar.)
13.4 Jan. I Holders of rec. Dec. 16
1% Jan. I Holders of rec. Dec. 20
Ohio Bell Telep., pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 20a
Ohio Electric Power Co., pref. (guar.) _ _
144 Jan. 1 Holders of rec. Dec. 15
Ohio River Edison, 7% pref. (guar.),
Ottawa Lt., lit. & Power, Corn. (guar.)
13.4 Dec. 31 Holders of rec. Dec. 11
Preferred (gnar.)
1% Jan, 1 Holders of rec. Dec. 31
3443
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
1
Jan. 3 Holders of rec. Dec. 15
Ottawa Traction (quar.)
1
Jan . 3 Holders of rec. Dec. 15
Bonus
50c. Jan. 16 Holders of rec. Dec. 3I0
Pacific Gas & Elec., corn.(goar.)
Pacific Telep. & Teleg., corn. (quar.)
154 Dec. 31 Holders of rec. Dec. 24a
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 310
Panama Power & Light, pref. (quar.)...._ *134 Jan. 3 *Holders of rec. Dec. 17
Penn Central Light & Power, pref. (qu.) $1.25 Jan. 2 Holders of rec. Dec. 15a
Penn-Ohio Power & Light. $6 pref.(qui 51.50 Feb. 1 Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (guar.)
Mc. Jan. 1 Holders of rec. Dec. 20
6.6% preferred (monthly)
6.6% preferred (monthly)
55c. Feb. I Holders of rec. Jan. 20
60e. Jan. 1 Holders of rec. Dec. 20
7.2% preferred (monthly)
60e. Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
Pennsylvania Gas & Elec. 7% pref.(qu.) 154 Jan. 1 Dec. 21 to Dec. 31
Pennsylvania Power & Light, pref. (gu.) $1.75 Jan. 3 Holders of rec. Dec. 15
$1.50 Jan. 3 Holders of rec. Dec. 15
$6 preferred (gnar.)
6234c. Jan. 3 Holders of rec. Dec. 18
Pennsylvania Water & Power (quar.)
3
Dec. 31 Holders of rec. Dee. 100
Peoples Gas Co., pref
2
Jan. 17 Holders of rec. Jan. 3a
Peoples Gas Light & Coke (guar.)
155 Jan. 2 Holders of rec. Dec. 15
Portland Electric Power, let pref.(g)
Prior preference (guar.)
154 Jan. 2 Holders of rec. Dec. 15
1
Dec. 31 Holders of rec. Dec. 15
Porto Rico Rys., Ltd. c,)m.(guar.)._
Power Corporation of Canada6% cum. 1st pf.&6% non-cum.Pf.(go.) 14 Jan. 16 Jan. 1 to Jan. 2
$1
Jan. 2 Holders of rec. Dec. 15
Providence Gas Co. (guar.)
Jan, 2 Holders of rec. Dec. 5
51
Extra
15$ Jan. 1 Holders of rec. Dee. 16
Pub.Serv. Corp. of Long IsId.. pf.(gu.).
2
Jan. 3 Dec. 25
to
Jan. 3
Public Service Co. of Okla.. corn.(gm)
to
Jan. 3
7% prior lien stock (gnar.)
13-4 Jan. 3 Dec. 25
to
Jan. 3
8% prior lien stock (guar.)
534 Jan. 3 Dec. 25
50c. Dec. 31 Holders of rec. Dec. 2a
Public Service Corp. of N. J.. corn.(gu.)
2
Dec. 31 Holders of rec. Dec. 20
Eight per cent preferred (gnar.)
15$ Dec. 31 Holders of rec. Dec. 20
Seven per cent preferred (guar.)
50c Dec. 31 Holders of,rec. Dec. 20
Six per cent preferred (monthly)
Public Service Elec & Gas 6% pf.
134 Dec. 31 Holders of rec. Dec. 20
15$ Dec. 31 Holders of rec. Dee. 20
7% preferred (quarterly)
Puget Sound Pow.& Lt., prior pf.(qu.). 154 Jan, 16 Holders of rec. Dec. 15a
15$ Jan, 16 Holders of rec. Dec. 15a
6% preferred (guar.)
15$ Jan. 1 Holders of rec. Dec. is
Radio Corp. of Amer.. pref. A (guar.) _ _
7
Jan, 1 Holders of rec. Dec. is
Original preferred
75c. Jan, 2 Dec. 17 to Jan. 2
Reading Traction
1
Jan. 16 Holders of rec. Dec. 31
St. Maurice Power (guar.)
Jan. 3 Holders of rec. Dee. 5a
Savannah El. de Pow., deb. set. A (qu.)- 2
Jan. 3 Holders of rec. Dec. 5a
Debenture stock series B (guar.)
$3
Jan. 1 Dee. 2 to Dec. 31
Second & Third Sts. Pass., Phila.(q11.)
50c. Jan. 10 Holders of rec. Dec. 23
Shawinigan Water & Power (quar.)_
Southeastern Power & Light. corn. (qu.) 25e. Jan. 20 Holders of rec. Dec. 31
Common vot. tr. ctfs. (guar.)
25c. Jan. 20 Holders of rec. Dec. 31
$1.75 Jan. 2 Holders of rec. Dec. 15
$7 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15
$6 preferred (gnat.)
$1
Jan. 2 Holders of rec. Dec. 15
Participating preferred (guar.)
Southern Calif.EdisonCo., orig.pf.(q11.) 50c. Jan. 15 Holders of rec. Des. 20
3454e. Jan. 15 Holders of rec. Dec. 20
Preferred series C (guar.)
Southern Canada Power, pref. (guar.).154 Jan. 16 Holders of rec. Dec. 24a
Southwest Power Co.. 7% Pr..
15$ Jan, 2 Holders of rec. Dec. 15a
-- Southwestern Bell Telep.. pref. (goar.)
134 Jan. 2 Holders of rec. Dec. 20
Southwestern Light & Power. pref.(qu.) '134 Jan. 3 *Holders of rec. Dec. 15
2
Jan. 2 Holders of rec. Dec. 15a
Southwest Gas & Elec., 8% pref.(qu.)
15$ Jan. 2 Holders of rec. Dec. 15a
7% preferred (gnar.)
Springfield (Mo.) Gas& El.. pr. A (qtr.). $1.75 Jan. 3 Holders of rec. Dec. 15
Standard Gas & Elec.(Del.), corn.(111.) 873'4c.Jan. 25 Holders of rec. Dec. 31a
7% prior preference ((mar.)
130. Jan. 25 Holders of rec. Dec. 310
Superior Water, Lt. & Pow., pref.(qu.)
154 Jan. 3 Holders of rec. Dec. 15
3 Holders of rec Dec 15
Tennessee Elec. Power.6% let pref.(qu ) 154 Jan
14 Jan
3 Holders of rec. Dee. 15
7% first preferred (guar.)
1.80 Jan. 3 Holders of rec Dec. 15
7.2% first preferred (guar.)
50e. Jan. 3 Holders of rec. Dec. 15
6% first preferred (monthly)
60e. Jan. 1 Holders .1 rec Dec. 15
7.2% first preferred (monthly)
ln Jan. 1 Holders of rec. Dec. 15
Texas-Louisiana Power, pref. (qu.)__
Twin City Rapid Tran., MinneapolisJan. 2 Holders of rec. Dec. 120
Common (gnar.)
$1
134 Jan. 2 Holders of rec. Dec. 120
Preferred (war.)
Union Pass. Ky.(Phila.)
w$4.7. Jan. 2 Holders of rec. Dec. 150
Union Traction, Philadelphia
3
Jan. 1 Holders of rec. Dec. 9a
United Gas & El. Co.(N.J.), common_ _ 51.25 Dec. 31 Holders of rec. Dec. 310
234 Jan. 15 Holders of rec. Dec. 310
Preferred
United Gas dr Elec. Corp., pref.(qu.)
13-4 Jan. 1 Holders of rec. Dec. 16
United Gas Improvement (quar.)
$1
Jan. 14 Holders of rec. Dec. 31
United Lt. & Pow, old corn. A&B (qu.)_
60c Feb. I Holders of rec. Jan. 16
New common A & B (gnar.)
I2c Feb. 1 Holders of rec. Jan. 18
Preferred A (gnar.)
51.62 Jan. 3 Holders of rec. Dee. 15
El
Preferred B (guar.)
Jan. 3 Holders of rec. Dec. 15
United Public Serv. Co.,57 pf.(guar.). _ 51.75 Jan. 1 Holders of rec. Dec. 15
United Utilities, pref. (guar.)
154 Jan, 3 Holders of rec. Dec. 21
Utah Gas & Coke, pref. dt panic. pf.(qu.) $1.75 Jan. 3 Holders of rec. Dec. 15
Utah Power & Light, $7 pref. (quar.)
51.75 Jan. 3 Holders of rec. Dec. 5
$1.50 Jan. 3 Holders of rec. Dee. 5
$6 preferred (guar.)
Utilities Power dr Light, class A (gust.). c50e. Jan. 3 Holders of rec. Dec. 5
025c. Jan. 3 Holders of rec. Dec. 5
Class B (guar.)
etic. Jan. 3 Holders of rec. Dec. 5
Class B (extra)
vl 5,4 Jan, 3 Holders of rec. Dec. 5
Preferred (guar.)
West Kootenay Power, pref.(guar.) _ _ _ _
154 Jan. 3 Holders of rec. Dec. 27a
West Penn Electric Co.. class A (au.) _ _ 21.75 Dec. 30 Holders of rec. Dec. 15a
West Penn Power Co..7% pref.(gust.). 154 Feb. 1 Holders of rec. Jan. 5a
154 Feb. 1 Holders of rec. Jan. 5a
Six per cent preferred (guar.)
Jan. 2 Holders of rec. Dee. MO
West Philadelphia Pass. Ry
w$5
Western Massachusetts Cos.(guar.)._ _ 50c. Dec. 31 Holders of rec. Dec. 21
2
Jan. 16 Holders of rec. Dec. 23a
Western Union Telegraph (guar.)
Jan. 16 Holders of rec. Nov. 3(1
Winnipeg Electric Co. (guar.)
1
15$ Jan. 1 Holders of rec. Dec. 6
Preferred (goar.)
134
134
Banks.
America, Bank of (guar.)
3
4
Bowery East River Nat. (guar.)
151
Capitol National Bk. & Tr (guar.) _ _
Chase National (guar.)
355
Chase Securities (guar.)
$1
Chatham dr Phenix National (guar.)...- 4
Chelsea Exchange (guar.)
2
4
Chemical National (hi-monthly)
Colonial (gnar.)
3
Extra
3
4
COmmerce, Nat. Bank of (guar.)
2
Extra
Commercial Exchange (quar.)
2 14
Coney Island (Bank of)
5
Eastern Exchange (gnar.)
134
fifth Avenue (guar.)
6
First National (guar.)
5
First Security Co.(guar.)
20
Lebanon National
3
Manhattan Co.(Bank of the) (goar.)
4
Old stock, par $50 (guar.).
$2
Mechanics (Brooklyn) (guar.)
3
Extra
2
Municipal (Brooklyn), (guar.)
2
Extra
3
National City (guar.)
4
National City Company (quer.)
3
New Netherland (guar.)
2
Special
1
Park, National (guar.)
6
Peoples National (Brooklyn)(guar.) _ 3
Extra
5
4
Public Nat. Bank & Trust (quar.).....
Public Nat. Bank & Trust (stock div.)- - e20
Queensboro National (No. I)
9
Seaboard National (guar.)
4
Seventh National (guar.)(No. 1)
13-4
4
Stare (guar.)
United States, Bank of (guar.)
3A
Jan. 3
Dec. 31
Jan. 3
Jan. 3
Jan. 3
Jan. 2
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Dec. .31
Jan. 3
Dec. 30
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Tan. 3
dDec 31
dDec 31
Jan. 3
Jan. 3
Jan, 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Jan. 3
Mar. 31
Dec. 31
Ian. 3
Jan. d3
Jan, 3
Jan. 3
Holders of rec. Dec. 214
to
Jan. 2
Dec. 25
Holders of rec. Dec 19a
Holders of rec. Dec. I3a
Holders of rec. Dec. 130
Dec. 16 to Jan. 2
Holders of rec. Dec. 18
Holders of rec. Dec. 22s
Jan. 2
Dec. 21
to
Dec. 21
to
Jan. 2
Holders of rec. Dec. 16a
Holders of rec. Dec. 16a
Holders of rec. Dec. 15
Holders of rec. Dec. 31a
Dec. 21
to Dec. 29
Holders of rec. Dec. 3Ia
Holders of rec. Dec. 31
Holders of rec. Dec. 300
Holders of rec. Dec. 20a
Holders of rec. Dee. 160
Holders of rec. Dec. 16a
liblders of rec. Dec. 17a
Holders of ree. Dec. 17a
Dec. 21 to Jan. 2
Dec. 21 to Jan. 2
Holders of rec. Dec. 16a
Holders of rec. Dec. 16a
Holders of rec. Dec. 20a
Holders of rec. Dee. 200
Holders of rec. Dec. 16a
Holders of rec. Dec. 13a
Holders of rec. Dec. 13a
Holders of rec. Dec. 20
Holders of rec. Mar. 1
Holders of rec. Dec. 21
Holders of rec. Dee. 23
Holders of rec. Dec. 24a
Holders of rec. Dec. I6a
Holders of rec. Dec. 20a
3444
Name of Company.
[VoL. 125.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Trust Companies.
Amer.Exchange Irving Trust (guar.)._ _ 334 Jan. 3 Holders of rec. Dee. 16a
Bence Commercial ItaIlene Trust Co.
On old capital of 51.000,000
734 Jan. 3 Holders of rec. Sept. 15a
On new capital of 92,000,000
2% Jan. 3 Holders of rec. Dec. 15a
Bank of Europe Trust(guar.)
2% Jan. I Holders of rec. Dec. 20
Extra
4
Jan. I Holders of rec. Dec. 20
Bankers (guar.)
5
Jan. 3 Holders of rec. Dec. 15a
Bank of N.Y. Sz Trust Co.,(qual.) - 434 Jan. 3 Holders of rec. Dec. 23a
Brooklyn (quer.)
6
Jan. 3 Holders of rec. Dec. 29a
Extra
3
Jan. 3 Holders of rec. Dec. 29a
Equitable (guar.)
Dec. 31 Holders of rec. Dee. 19a
3
Fulton (guar.)
234 Jan. 3 Holders of rec. Dec. 19a
Extra
Jan. 3 Holders of rec. Dec. 19a
2
Guaranty (qual.)
Dee. 31 Holders of rec. Dec. 16
4
Manufacturers (guar.)
5
Jan. 3 Holders of rec. Dec. 15
Extra
4
Feb. 15 Holders of rec. Feb. 6
Mutual of Westchester Co., (guar.).- 3
Jan. 3 Holders of rec. Dec. 31
Extra
2
Jan. 3 Holders of rec. Dec. 31
United States (quer.)
15
Jan. 3 Holders of rec. Dec. 210
o U.S. Mortgage ds Trust
*03311 Jan. 16 *Holders of rec. Dec. 31
Fire Insurance.
Continental (stock dividend)
e50 Dec. 30 Holders of rec. Dec. 12a
Hamilton (stock dividend)
e400 Dec. 30 Holders of rec. Dec. 29
Hanover Fire (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 15a
Rossia (quer.)
$1.50 Jan. 3 Holders of rec. Dec. 14a
Miscellaneous (Continued).
Berg° Canadian Paper, common (guar.). 134 Jan. 12 Holders of rec. Dee. 31
Preferred (quer.)
134 Jan. 3 Holders of rec. Dec. 2
Bendix Corp., class A (quar)
50c. Jan, 3 Holders of rec. Dec. 150
Berry Motor (qual.)
30c. Dec. 31 Holders of rec. Dec. 20
Bethlehem Steel Corp., pref.(quar.)
154 Jan. 3 Holders of rec. Dec. 20
Big Lake 011
•10
Dec. 29 *Holders of tee. Dee. 22
Bingham Mines Co.(guar.)
91
Jan. 5 Holders of rec. Dec. 20a
Blew-Knox Co. (guar.)
75c. Feb. 1 Jan. 22 to Jan. 31
Christmas dividend
50c. Dec. 30 Dec. 20 to Jan. 9
Stock dividend
el0 Jan. 10 Dee. 31 to Jan. 9
Bloch Bros. Tobacco, pref. (guar.)
134 Dec. 31 Dec. 25 to Jan. 2
Borden Company,corn. (guar.)
91.50 Mar. 1 Holders of rec. Feb. 15
Borg & Beck (qual.)
Jan. 3 Holders of rec. Dec. 15a
$1
Stock dividend
e20
Jan. 2 Holders of rec. Jan. 1
Boeton Wharf
3
Dec. 31 Holders of rec. Dec. 10
Boyd-Welsh Co. (quer.)
750. Jan. 2 Holders of rec. Dee. 23
Bridgeport Machine, pref.(guar.)
151 Jan, 1 Holders of rec. Dec. 20
Brill° Mfg.,class A (guar.)
50c. Jan. 2 Holders of rec. Dec. 150
British American 011(guar.)
20c. Jan. 3 pDec. 15 to Dec. 31
Bonus
20c, Jan. 3 pDec. 15 to Dec. 31
Brit. Col. Fish & Pack., corn.(qual.)... $1.25 3-10-'28 Holders of rec. Feb.28'28
Preferred (quar.)
I% 3-10-28 Holders of rec. Feb.28'2S
Brompton Pulp & Paper corn. (guar.)._ 50c. Jan. 16 Holders of rec. Dec. 310
Bruce (E. L.) Co.(guar.)
'6234c Jan. 1 *Holders of rec. Dec. 21
Brunswick-Balke-Collender, pref.(qu.). 154 Jan. 3 Holders of rec. Dec. 20
Buckeye Incubator, corn. (guar.)
8734c Jan. d3 Holders of rec, Dec. 200
Miscellaneous.
Preferred (guar.)
2
Jan. 43 Holders of rec. Dec. 200
Abitibi Power dr Paper. Ltd., pref.(qu.) 154 Jan. 3 Holders of rec. Dec. 20
Bucyrus Company,common (quar.)...... 750. Jan. 3 Holders of rec. Dee. 12
Adams Express (quer.)
$1.50 Dec. 31 Holders of rec. Dec. 15.
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 12
Preferred (quer.)(No. 1)
$1.25 Dee. 31 Holders of rec. Dec. isn Budd Wheel. 1st pref.(guar.)
I% Dec. 31 Holders of rec. Dec. 100
Aetna Rubber, common (guar.)
50c. Dec. 31 Holders of rec. Dec. 15a Builders Exchange Bldg. Co.(Balt.)_ _ 3
Jan. 7 Dec. 25 to Jan. 6
Preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 150
Extra
9
Jan. 7 Dee. 25 to Jan.
Aeolian Company, pref.(guar.)
Burkert (F.) Mfg., corn.(guar.)
154 Dec. 31 Holders of rec. Dec. 20
3734c Jan. 42 Holders of rec. Dec. 20
Aeollan,Weber Piano&Planola,pret.(qu) 1% Dee. 31 Holders of rec. Dec. 20
Preferred (guar.)
55e. Jan. 42 Holders of rec. Dec. 20
Air Reduction Co., Inc.(guar.)
81.25 Jan. 15 Holders of rec. Dec. 3Ia Burns Bros., preferred (qual.)
134 Jan. 3 Holders of rec. Dee. 130
Albany Perforated Wrap.Pap..corn.(qu) 50c. Dec. 31 Dec. 25 to Jan. 2
Bush Terminal Co.. corn.(guar.)
50c. Feb. 1 Holders of rec. Dec. 270
Preferred (guar.)
154 Dec. 31 Dec. 25 to Jan. 2
Common (payable in com.stock)
fl% Feb. 1 Holders of rec. Dec. 270
Alberta Pacific Grain Co.. pref.(guar.). 1% Jan. 1 Holders of rec. Dec. 15
Preferred
3
Jan. 14 Holders of rec. Dec. 270
Alles dc Fisher (guar.)
50c. Jan. 2 Holders of rec. Dec. 21
Debenture stock (qual.)
154 Jan. 14 Holders of rec. Dec. 27a
Alliance Investment Corp.,cont.(qu.).. 3754c. Jan. 3 Holders of rea. Dec. 15
Bush Terminal Bldg's.. pref. (qual.).... 154 Jan. 2 Holders of rec. Dec. 16a
Allied Chemical dr Dye Corp.. Pf.(qu.)
15( Jan. 3 Holders of ree. Dec. 12a Butler (James) Grocery. pref
*6
Jan. 3 *Holders of rec. Nov. 7
Aloe (A. S.) Co., common (guar.)
63c. Jan. 2 Holders of rec. Dec. 19
Butte & Superior Mining (guar.)
50c. Dec. 31 Holders of reo. Dec. 16a
154 Jan. 2 Holders of rec. Dec. 19
Preferred (guar-)
Cambridge Rubber, pref.(guar.)
154 Jan. 1 Holders of rec. Dec. 200
Aluminum Manufacturers. corn.(guar.). •50c Dec. 31 *Holders of rec. Dec. lba Canada Bread. pref. A & B (guar.)._ _
134 Jan. 1 Dec. 16 to Jan. 1
Amalgamated Laundries. pref.(mthly.). 58Ire. Jan 2'28 Holders of rec. Dec 15a Canada Permanent Mtg.Corp.(guar.).- 3
Jan, 3 Holders of ree. Dec..15
Preferred (monthly)
5814c. Feb 1'28 Hold,of rec. Jan. 15'224 Canada Steamship Lines. pref. (guar.) . 134 Jan. 3 Holders of rec. Deo. 15
Preferred (monthly)
591re. M'rl'28 Hold, of ree. Feb. 15 280 Canadian Car & Fdy.. pref.(guar.)
134 Jan, 10 Holders of rec. Dec. 27
Preferred (monthly)
5813c. A pr 1'28 Hold.one° Mar. i5'280 Canadian General Electric, pref. (qu.)_
154 Jan. 2 Holders of rec. Dee. 15
Preferred (monthly)
5811c. Wy1'28 Hold,of rec. Apr. 15'780 Canadian Locomotive, pref. (qual.) _
134 Jan. 1 Holders of ree. Dec. 200
581,e. Jun 1'28 Hold,of rec. May 15280 Canfield Oil. corn (guar.)
Preferred (monthly)
154 Dec 31 Dec 21 to Jan. 4
American Art Works,corn.& Pref.(q11.)- 1% Jan. 15 Holders of rec. Dec. 31
Common (guar.)
*2
Mar.31 Holders of ree. Mar.20
American Bakeries, Pref.(guar.)
1% Jan. 1 Holders of rec. Dec. 15
Common (guar.)
*2
June 30 Holders of rec. June 20
Class A (guar.)
75c. Jan. I Holders of rec. Dec. 15
Common (guar.)
*2
Sept.30 Holders of rec. Sept.20
Amer. Bank Note, common (extra)
Dec. 30 Holders of rec. Dee. 120
Si
Common (guar.)
'2
Dec. 31 Hollers of rec. Dec. 20
Common (payable in corn. stock)..._ 120 Dec. 30 Holders of rec. Dec. 12a
Preferred (quay.)
154 Dec. 31 Dec 21 to Jan 4
Common (guar.)
50c. Jan 3 Holders of rec. Dec. 12a
Preferred (guar.)
•154 Mar.31 Holders of rec. Mar.20
Preferred (qual.)
Jan.
3 Holders of rec. Dec. 120
724.
Preferred (qual.)
'154 June 30 Holders of rec. June 20
Amer. Brake Shoe & Fdy., corn.(qua!,). 40c. Dec. 31 Holders of rec. Dec. 21a
Preferred (guar.)
5.154 Sept.30 Holders of rec. Sept. 20
Preferred (qual.)
154 Dec. 31 Holders of rec. Dec. 210
Preferred (qual.)
•154 Dec. 31 Holders of rec. Dee. 20
American Can, pref. (guar.)
15( Jan. 3 Holders of rec. Dec. 160 Canadian Salt (guar.)
2
Jan. I Holders of ree. Dec. 24
Amer. Car& Fdy.. common (qual.).. 51.50 Jan. 2 Holders of rec. Dec. I2a Carling Breweries. Ltd.(guar.)
50o. Jan. 1 Holders of rec. Dec. 10a
Preferred (qual.)
154 Jan. 2 Holders of nrc. Dec. 12a Case (J. I.) Thresh. Mach.,corn.(guar) $1.50 Jan. 2 Holders of reo. Dec. 12a
American Chain, pref. (guar.)
134 Jan. 1 Dec. 22 to Jan 2
Preferred (quar.)
194 Jan. 2 Holders of rec. Dec. 124
American Chicle, common (qual.)
75e. Jan. 1 Holders of rec. Dec. 15a Casey-Hedges Co., corn. (guar.)
234 Jan. I
Prior preferred (guar.)
154 Jan
1 Holders of Tee. Dec. 15a
Preferred (guar.)
154 Jan. 1
American Cigar. pref.(guar.)
134 Jan. 3 Holders of rec. Dec. 15
Celanese Corporation. 1st part. pref.__ _ 354 Dee. 31 Holders of roe. Dee. 16
Amer. Cyanamid, corn. A & B (guar.)
30c. Jan. 3 Holders of rec. Dec. 15
Celotex Co., common (guar.)
750. Jan. dl Holders of rec. Dec. 15a
Common A & B (extra)
10c. Jan 3 Holders of rec. Dec. 15
Preferred (qual.)
154 Jan. dl Holders of rec. Dec. 15a
Preferred (guar.)
154 Jan. 8 Holders of rec. Dec. 15
Central Aguirre Sugar (guar.)
$1.50 Jan. 3 Holden of rec. Deo. 20
American Druggists' Syndicate
40c. Dee. 31 Holders of rec. Dec. 16a Central Alloy Steel, corn. (qual.)
50c. Jan. 10 Holders of rec. Dee. 240
Amer. Encaustic Tiling, pref. (guar.)_ _ _
1% Dec. 31 Holders of rec. Dec. 15a
Preferred (qual.)
154 Jan, 1 Holders of rec. Dec.130
American Express (guar.)
51.50 Jan. 3 Holders of rec. Dec. 16a Central Dairy Products (guar.)
50c. Jan. 3 Holders of rec. Dec. 200
Amer. Furniture Mart Bldg.. pref. (au.) 134 Jan. 2 Dec. 21 to Jan. 1
Century Electric, common (guar.)
154 Jan. 1 Holders of rec. Dec 150.
American Home Products, corn. (nithly) 20c. Jan. 3 Holders of rec. Dec. 14a Certain-teed Products, corn. (guar.).Jan, 1 Holders of rec. Dec. 160
81
Preferred (guar.)
134 Dee. 31 Holders of rec. Dee. 16a
First and second pref.(guar.)
154 Jan, 1 Holders of ree. Dec. 16a
Amer. Locomotive, corn. (guar.)
$2
Dec. 31 Holders of rec. Dec. 13a Carlo Corporation (guar.)
750. Dec. 31 Holders of rec. Dec. la
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 13a
Extra
25e Dec. 31 Holders of roe. Dec. la
American Mfg Co.. eom. (guar.)
134 Dec. 31 Holders of rec Dec 160 Chandler-Cleveland Motors, pref
Janus, ry divid end passed.
American Meter (guar.)
*$1.25
*Holders of rec. Dec. 21
Chesebrough Mfg., Cons. (guar.)
81 Deo. 28 Holders of roe. Dec. 100
Extra
*Holders of rec. Dec. 21
•93
Extra
$1.50 Dec. 28 Holders of rec. Deo. 100
American Piano. pref. (guar.)
1% Jan. 3 Holders of rec. Dec. 100 Chicago Electric Mfg., class A (qual.).. 500. Jan. 1 Holders of ree. Dec. 2I0
Amer. Pneumatic Service. 1st Pf.(qu.)
8754 Dee. 31 Holders of rec. Dec. 16a Chicago Fuse Mfg.(qual.)
6234o Jan, 2 Holders of reo. Dec. 160
2d preferred (guar.)
50c. Dec. 31 Holders of rec. flee. 160 Chicago Mill & Lumber, pref. (guar.).- 154 Jan, 1 Holders of tee. Dec. 24a
American Radiator. common (guar.)
51.25 Dee. 31 Holders of rec. Dee. 150 Chicago Yellow Cab (monthly)
331-3 Jan. 8 Holders of roe. Dec. 20a
American Railway Express (guar.)
81.50 Dec. 31 Holders of rec. Dec. 15a
331-3 Feb. 1 Holders of coo. San. 206
Monthly
American Rolling Mill. corn.(guar.).- 50o. Jan. 15 Holders of rec. Dec. 310
Monthly
33 1-3 Mar, I Holders of no. Feb. 200
Preferred (quer.)
154 Dec. 31 Holders of roe. Dec. 15a Childs CompanyAmerican Safety Razor (guar.)
Jan. 3 Holders of rec. Dec. 100
81
Dec. 30 Holders of rec. Nov.250
Common (payable In no par corn. stk.) fl
Extra
250. Jan. 3 Holders of rec. Dec. 10a Chile Copper Co.(guar.)
62340 Dee. 80 Holders of rec. Dee. 20
American Sales Book (guar.)
Jan. 3 Holders of rec. Dec. 15a Christie, Brown & Co.,coin.(guar.)__
$1
30o. Feb. 1 Holders of rec. Jan. 15a
American Seating (guar.)
75e. Jan. 1 Holders of rec. Dec. 20a
I% Feb. 1 Holders of rec. Jan. 20
Preference (guar.)
Amer. Shipbuilding, corn. (guar.)
Feb. 1 Holders of rec. Jan. 140 Chrysler Corp.. common (guar.)
2
724 Jan. 3 Holders of rec. Dec. 156
Preferred (guar.)
15( Feb. 1 Holders of reo. Jan. 14a
Jan, 3 Holders of ree. Dec. 150
Preferred A (guar.)
82
American Snuff,common (guar.)
Jan. 3 Holders of rec. Dec. 15a Cities Service, common (monthly)
3
34 Jan. 2 Holders of ree. Dee. 15
Preferred (guar.)
114 Jan. 3 Holders of rec. flee. 15a
134 Jan. 2 Holders of ree. Dee. 15
Common (payable in corn,stock)
American Spinning
Dee. 31 Holders of rec. Dec. 246
5
34 Jan. 2 Holders of rec. Dee. 15
Preferred and pref. BB (monthly)_ _
Amer. Steel Foundries, corn.(qual.) --- 75e. Jan. 14 Holders of rec. Jan. 30
Preferred B (monthly)
50. Jan. 2 Holders of rec. Dec. 15
Preferred (quer.)
134 Dec. 31 Holders of rec. Dec. 150 City Financial Corp., Cl. A.(qu.)(No. 1) 625513. Jan. 3 Holders of rec. Dec. 200
American Stores Co.(guar)
50e. Jan. 2 Dec. 18 to Jan. 2
City Ice & Fuel (Cleveland) (quar.)---- *75o. May 1 *Holders of rec. Feb. 10
American Sugar, corn. (guar.)
134 Jan. 2 Holders of rec. Dec. la City Investing. common (guar.)
234 Jan. 3 Holders of rec. Dec. 220
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. in
Jan. 3 Holders of rec. Dee. 22
Preferred (guar.)
American Thread, preferred
1234c Jan, I Holders of rec. Nov.30a City Stores Co.. class A (quar.)
8754c Feb. I Holders of roe Jan. 150
Amer. Tobacco, pref. (guar.)
1% Jan. 3 Holders of rec. Dec. 100 Cleveland Stone (guar.)
5013. Mal. 1 Holders of ree. Feb. 150
Amer. Type Founders, corn.(quar.)_
Jan. 14 Holders of rec. Jan. 50
2
Quarterly
50c. June 1 Holders of rec. May 150
Preferred (guar.)
1% Jan. 14 Holders of rec. Jan. roa
Quarterly
50c. Sept. I Holders of rec. Aug. 150
Amer. Vitrified Products, corn.(guar.)._ 50e. Jan. 15 Holders of rec. Jan. 5
Club Aluminum Utensil (qual.)
50c. Jan. 3 Holders of rec. Dec. 200
American Wholesale,Pref.(guar.)
15( Jan. 1 Holders of rev. Dee. 200 Men. Peabody de Co., pref. (qual.)... 134 Jan. 3 Holders of roe. Dec. 210
Anglo-American Oil, Ltd. (interim)._ 363-Sc Dec. 29 Holders of coup. No.35
Coca-Cola Co.(guar.)
$1.25 Jan. 2 Holders of ree. Dec. 124
Armour & Co.(Illinois). pref.(guar.).-- 1% Jan. 2 Holders of rec. Doe. 10a Coca-Cola Internat. Corp.(guar.)
$2.50 Jan. 2 Holden of rec. Dec. 120
Armour & Co.(Del.). pref.(guar.)
15( Jan. 2 Holders of rec. flee. 10a Colonial Steel
1
Jan. 3 Holders of rec. Dec. 200
common
(guar.)
1% Jan. 3 Dec. 16 to Jan. 3
Armstrong Cork,
Colt's Patent Fire Arms Mfg.(quer.),_ _ 50c. Dec. 31 Holders of ree. Dee. 10a
Common (payable in common stock)._ 5
Jan. 16 Dec. 16 to Jan. 3
Commercial Credit Corp.. corn. (qual.)_ 25c. Dec. 31 Holders of roe. Dec. 100
Preferred (guar.)
134 Jan. 3 Dee. 16 to Jan. 3
7% first pref. (guar.)
435(c Dec. 81 Holders of rec. Dec. 100
Artloom Corp., corn. (guar.)
654% first pref. (guar.)
5( Jan. 1 Holders of rec. Dee. 19
1% Dec. 31 Holders of rec. Dec. 100
Asbestos Corp., Ltd., pref.(guar.)
Class B pref. (guar.)
154 Jan. 16 Holders of rec. Doe. 31
50c. Dec. 31 Holders of rec. Dec. 10a
Atlantic Macaroni. Inc.(qual.)
1
Jan. 1
Commercial Investment Trust, corn.(qu) 90e. Jan. 1 Holders of rec. Dec. 150
Atlas Plywood Corp. (qual.)
$1 Jan. 16 Holders of rec. Jan. 3
7% first pref.(guar.)
134 Jan. I Holders of rec. Dec. 150
Autosales Corp., pref
634% first. pref. (guar.)
*1.50 Dec. 30 Holders of rec. Dec. 150
1% Jan. 1 Holders of rec. Dec. 154
Auto Strop Safety Razor, Clan A (qu.).. 75e. Jan. 1 Holders of rec. Dec. 100 Commercial Solvents Corp.(guar.)
$2 Jan. 1 Holders of roe. Dee. 200
Babcock de Wilcox Co.(guar.)
134 Jan 1'28 Holders f rec. Dee 200 Commonwealth Casualty
6
Dec. 31 Holders of rec. Dec. 20
Quarterly
134 Apr l'28 Hold roe Mar 20250 Conde Nast Publications. Inc., com.(qu) 500. Jan. 1 Holders of rec. Dec. 170
Balaban & Eats. corn.(monthly)
25e. Jan. 2 Holders of rec. Dee. 20a Conduits Co., Ltd.. 7% pref.(qual.)... 134 Jan. 1 Dec. 18 to Dec. 31
Preferred (quarterly)
1% Jan. 2 Holders of rec. Dec. 20s Congress Cigar (guar.)
$1
Jan. 2 Holders of rec. Dec. 140
Baldwin Locomotive, corn. & pref
3% Jan. 1 Holders of rec. Dec. 3a
Extra
250. Jan. 2 Holders of ree. Dec. 14a
Bancitaly Corp. (guar.)
56c. Dec. 31 Dec. 16 to Jan. 2
Consol.Dalry Prod.new stk.(qu.)(No. 1) 50e. Jan. 1 Holders of rec. Dec. 150
Bancroft (Joseph) dc Sons Co.. com.(qu.) 6234c. Dec. 31 Holders of rec. Dec. 15
Consolidated Mining & Smelting
91.25 Jan. 16 Holders of rec. Dec. 31
Jan. 16 Holders of rec. Dee. 31
Bankers Capital Corp.. common
84
Bonus
95
Jan. 16 Holders of rec. Dee. 31
Common (extra)
$4
Jan. 16 Holders of rec. Dec. 31
Consumers Co.. prior pref. See note (k)
$2
Preferred (guar.)
Jan. 16 Holders of roe. Dec. 31
Continental Baking. common A (quer.). $1
Jan. 3 Holders of rec. Dee. 230
Preferred (extra)
54
Jan. 16 Holders of rec. Dec. 31
2
Preferred (qual.)
Jan. 3 Holders of roe. Doe. 230
Bankinstocks Holding Corp.(No. l).
250. Jan. 3 Holders of rec. Dec. 15
Continental Can Co.. Inc., pref. (guar.) 13.4 Jan. 3 Holders of rec. Dee. 200
154 Jan. 1 Holders of rec. Dec. 300 Continental Securities Corp.(guar.).- - El
Barnet Leather, pref. (guar.)
Jan. 16 Holders of rec. Jan. 3
Barnhart Bros. & SpindlerCoty. Inc. (guar.)
$1.25 Dec. 31 Holders of ree. Dec. 166
First and second pref.(qual.)
134 Feb. 1 Holders of rec. Jan. 23a
Extra
El
Dec. 31 Holders of rec. Dee. 160
Bayuk Cigars, Inc., 1st pref.(guar.)
_ 1% Jan. 15 Holders of rec. Dec. 310 Crown Finance,common
Jan. 3 Dec. 16 to Jan. 2
54
Convertible second pref. (guar.)
1% Jan. 15 Holders of rec. Dec. 31a
Preferred (quar.)
154 Jan. 3 Dec. 16 to Jan. 2
Jan. 15 Holders of rec. Dec. 31a Crown Willamette Paper. 1st pf. (qu.)-- 134 Jan, 1 Holders of ree. Dee. 13a
Eight per cent second pref. (guar.).- - 2
Beardsley Manufacturing (guar.)
3734c. Jan. 3 Holders of ree. Dec. 16
Crucible Steel, pref. (guar.)
13.4 Dec. 31 Holders of rec. Dee. 1541
Beech-Nut Packing, corn.(guar.)
60c. Jan. 10 Holders of roe. Deo. 24
Cuba Company, pref
334 Feb. 1 fielders of rec. Jan. 160
Beech-Nut Packing, pref. cl. B (final)
$2.05 Jan. 16 Stk.call.for red.Jan. 16
Cuban-American Sugar, corn.(guar.)... 25c. Jan. 3 Holders of rec. Dec. 30
Belding-Hemingway Co. (qual.)
50c. Jan. 3 Holders of rec. Dec. 20a
154 Jan. 3 Holders of rec. Dee. 30
Preferred (guar.)
a
DEC. 24 1927.1
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
3445
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive. -"
Miscellaneous (Continued).
Miscellaneous (Continued).
Cuban Tobacco, Inc., common
21.50 Dec. 31 Holders of rec. Dec. 15
Grasselli Chemical, cons. (guar.)
2
Dec. 31 Holders of rec. Dee. 15
Common (extra)
50c. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
1)$ Dec. 31 Holders of rec. Dee. 15
Preferred
234 Dec. 31 Holders of rec. Dec. 15
Grant (W. T.) Co.. corn. (guar.)
25c. Jan. 3 Holders of rec. Dec. 154
Cuneo Press (stock dividend)
Sub). to stockh'rs' meet. Dec. 16
*40
Great Lakes Dredge & Dock (extra)
Jan, 5 Holders of rec. Dec. 23
8
Davenport Hosiery Mills, pref. (qu.)
13$ Jan. 1 Holders of rec. Dec. 20
Great Lakes Towing, corn. (guar.)
1)4 Dec. 31 Holders of rec. Dec. 15a
Davis Mills(guar.)
1
Dec. 24 Holders of rec. Dec. 100
Preferred (guar.)
114 Jan. 1 Holders of rec. Dec. 15a
Decker (Alfred) &Cohn,pref.(guar.)... 1% Mar. 1 Holders of roe. Feb. 200 Gt.Nor.Bond&Share Corp., corn (extra) 50c. Jan. 1 Holders of rec. Dec.
18
Preferred (guar.)
15$ June 1 Holders of ree. May 19a Great Northern Iron Ore Properties_
756. Dec. 28 Holders of rec. Dec. flo
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 20a Great Western Sugar, corn.(guar.)
70c, Jan. 2 Holders of rec. Dec. 15a
Defiance Dairy Products, pref.(guar.)- 134 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
15$ Jan. 2 Holders of rec. Dec. 15a
Detroit ds Cleve. Navigation (quar.)
Jan. 2 Holders of rec. Dec. 150 Greenfield Tap & Die Corp.,6% pf.(qu.) 134 Jan, 2 Holders of rec. Dec. 15
2
Devoe & Raynolds,Inc.,com.A & B (qu.) 60c. Jan. 1 Dec. 22 to Jan. 2
8% Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
2
First and second preferred
154 Jan. 1 Dec. 22 to Jan. 2
Greif Bros. Cooperage, class A quar.)_ _ *80c. Dec. 31 *Holders of rec. Dec. 15
Dodge Bros., pref.(guar.)
114 Jan. 15 Holders of rec Dec. 270 Guantanamo Sugar. pref. (guar.)
2
Jan. 3 Holders of rec. Doe. 15s
Doehler Die-Casting, pref. (guar.)
8734c Jan. 3 Holders of rec. Dec. 20a Gulf MCorp.(guar.)
37)4c Jan. 2 Dec. 21 to Dec. 26
Dome Mines. Ltd. (guar.)
25c. Jan. 20 Holders of rec. Dec. 3Ia Gulf States Steel .1st prof. (guar.)
1;$ Jan, 3 Holders of rec. Dec. 13a
Dominion Engineering Works, Ltd.(qu.) 50c. Jan. 14 Holders of rec. Dec. 31
Gurd (Charles) & Co., Ltd.,common... 50e. Jan. 2 Holders of rec. Dec. 15
Dominion Glass. corn. & pref.(gnarl_
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
134
Dominion Rubber, pref.(guar.)
14$ Dec. 31 Holders of rec. Dec. 16
Hammermill Paper. pref.(guar.)
1;$ Jan. 3 Holders of rec. Dec. 20a
Dominion Stores (guar.)
60c. Jan. 2 Holders of rec. Dec. 15
Hanes (P. H.) Knitting, pref. (guar.).- 15$ Jan. 2 Holders of rec. Dec. 20
Dominion Textile, common (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 156 Harbison-Walker Refract. pref. (guar.). 134 Jan. 20 Holders of roe. Jan. 100
Preferred (guar.)
13$ Jan. 16 Holders of rec. Dec. 31a
Hathaway Baking,class A (guar.)
Jan. 17 Holders of rec. Jan. 3a
$2
Douglas(W. L.) Shoe. prof.(guar.).- 134 Jan. 1 Holders of rec. Dec. 15
Hazel-Atlas Glass (guar.)
50c. Jan. 3 Holders of rec. Dec. 17
Dow Drug (guar.)
*25c. Jan. 3 *Holders of rec. Dec. 21
Extra
12Hc. Jan. 3 Holders of rec. Dec. 17
Draper Corporation (quar.)
$1 Jan. 2 Holders of rec. Dec. 3
Heime (George W.) Co.,corn.(quar.)
SI Jan. 3 Holders of rec. Dec. 126
Dunham (Jas. H.)& Co.,corn.(guar.).- 134 Jan. 2 Holders of rec. Dec. 19a
.3 Jan. 3 Holders of rec. Dec. 126
Common (extra)
First preferred (guar.)
13$ Jan. 2 Holders of rec. Dee. 196
Preferred (guar.)
15$ Jan. 3 Holders of rec. Dec. 126
Second preferred (guar.)
16$ Jan. 2 Holders of rec. Dec 196 Hercules Powder, common (guar.)
2
Dec. 24 Dec. 16 to Dec. 24
Dunhill International. corn. (guar.)._ $1
Jan15'28 Holders of rec. Jan.1'28a
Common (extra)
8
Dec. 24 Dec. 16 to Dec. 24
Common (guar.)
Si
Apr16'28 Holders of roe. Apr.1'28a
Hibbard. Spencer. Bartlett Co.(mthly.) 30e. Dec. 30 Holders of rec. Dec. 23
Du Pont de Nemours & Co., com.(extra) 334 Jan. 4 Holders of reo. Dec. la Holland Furnace, common (guar.)
662He Jan. 1 Holders of rec. Dec. 15
Debenture stock (guar.)
134 Jan. 25 Holders of rec. Jan. 10a
Common (extra)
25c. Jan. 1 Holders of rec. Dec. 15
Eagle-Picher Lead, pref. (guar.)
134 Jan. 15 Holders of rec. Dee. 31
Preferred
$3.50 Jan. 1 Holders of rec. Dec. 204
Early & Daniels. common (guar.)
6234o. Jan 1'28 Holders of rec. Dec. 20. Hollinger Cons. Gold Min.& Mill
10c. Dec. 31 Holders of rec. Dec. 24
Common (extra)
2k. Jan 1'28 Holders of rec. Dec. 200
Holly Oil(guar.)
Dec. 31 *Holders of rec. Dec. 15
Preferred (quar.)
$1.75 Jan 1.28 Holders of rec. Dec. 204
Holt, Renfrew & Co..Ltd., pref.(qu.).. 134 Jan. 2 Holders of rec. Dec. 29
Eastern Bankers Corp.. prof. (guar.)._ $1.75 Feb. 1 Holders of rec. Deo. 31
Homestake Mining (monthly)
50c Dec. 27 Holders of rec. Dec. 20a
Eastern Rolling Mill(guar.)
3734e Jan. 1 Dec. 16 to Jan. 1
Hood Rubber, common (guar.)
$1
Dec. 31 Dec. 21 to Jan. 2
Extra
1234c Jan, 1 Dec. 16 to Jan. 1
Horn & Hardart Baking (guar.)
•51.25 Jan. 1 *Holders of rec. Dec. 21
Eastern Steamship Lines, pref.(guar.)
I% Jan. 3 Holders of rec. Dec. 220
Extra
*50c. Jan. 1 *Holders of rec. Dec. 21
Second preferred (guar.)
8734c. Jan. 16 Holders of reo. Jan. 50 Household Products, extra
50c. Jan. 3 Holders of rec. Dec. 15a
Eastman Kodak. common (guar.)
$1.25 Jan. 2 Holders of rec. Nov.30o Hudson Motor Car (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 124
Common (extra)
750. Jan. 2 Holders of rec. Nov.300 Humble 011 & Refining (guar.)
30c. Jan. 1 Dec. 13 to Dec. 31
Preferred (guar.)
134 Jan. 2 Holders of rec. Nov.300
Extra
20c. Jan. 1 Dec 13 to Dec. 31
Eastern Bankers Corp.. common
30c. Feb. 1 Holders of rec. Dec. 31a Huyler's of Delaware. pref.(guar.)._
15( Jan. 1 Holders of rec. Dec. 204
Common (extra)
30e. Feb. 1 Holders of rec. Dee. 310 Illinois Brick (guar.)
60o. Jan. 14 Jan. 4 to Jan. 15
Preferred (guar.)
154 Feb. I Holders of tee. Dec. 31a
Extra
40e.
Jan. 14 Jan. 4 to Jan. 15
Eastern Theatres, Ltd.. preference
3H Jan. 31 Holders of rec. Dec. 31
Quarterly
60e. Apr. 14 Apr. 4 to Apr. 18
Eisenlohr (Otto) dr Bros. Co.
Quarterly
60o. July 14 July 4 to July 15
Preferred (extra)
134 Jan. 2 Holders of rec. Dec. 20a
Quarterly
60c. Oct. 15 Oct. 4 to Oct. 15
Electric Auto Lite, common (guar.)_ _ _ _ $1.50 Jan. 1 Holders of rec. Dec. 22a Imperial Tobacco of Canada
Dec. 30 Dec. 9 to Jan. I
2
Electric Controller & Mfg.(guar.)
$1.25 Jan. 1 Holders of rec. Dec. 20a
Interim dividend
13-4 Dec. 30 Dec. 9 to Jan. 1
Elec. Slot. Battery, corn.& pf.
.(guar.)
$1.25 Jan. 3 Holders of rec. Dee. 10a
Incorporated Investors (guar-)
75e. Jan. 16 Holders of rec. Dec. 30
Electric Vacuum Cleaner (guar.)
Dec. 31 Dec. 24 to Jan. 2
$1
Stock dividend
e2
Jan. 16 Holders of rec. Doe. 30
Extra
Dec. 31 Dec. 24 to Jan. 2
$1
Stock dividend
e2
Julyd16 Holders of rec.dJune 29a
Emerson Elec. Mfg., pref.(guar.)
1;$ Jan. 1 Holders of rec. Dec. 20
Independent 011 & Gas (guar.)
25c. Jan. 30 Holders of rec. Jan. 16a
Empire Safe Deposit (guar.)
2
Dec. 30 Holders of rec. Dec. 23a Independent Pneumatic Tool (quiz.)
51
Jan.
3 Dec.d21 to Jan. 2
Emporium Corporation (quar.)
50c. Dec. 24 Holders of rec. Dec. la Indiana Pipe Line (guar.)
$1 Feb. 15 Holders of rec. Jan. 20
Endicott-Johnson Co.. corn.(guar.)_ __ _
231 Jan. 1 Holders of rec. Dec. 17a
Extra
$1 Feb. 15 Holders of rec. Jan. 20
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 17a Indian Motocycle. pref.(quar.)
34 Jan. 2 *Holders of rec. Dec. 21
Equitable 0Mce6131dg., corn.(guar.)._
$1.75 Jan. 2 Holders of rec. Dec. 15a
India Tire & Rubber, pref.(guar.)
Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
.
13$ Jan. 2 Holders of rec. Dec. 15p
Industrial Acceptance Corp.,com.(qua- 500. Jan. 3 Holders of rec. Dec. 16
Erie Steam ShovelFirst preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 16
Cora & corn etts. of deposit
2016e Jan, 1 Holders of rec. Dec. 156
Second preferred (guar.)
2
Jan, 3 Holders of rec. Dec. 16
5814 Jan. 1 Holders of rec.
Preferred Mts. of deposit
Dec. 150
Second preferred (guar.)
Jan. 3 Holders of rec. Dec. 16
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 150 Industries Development Corp., corn.... 2234 dDec.31
Dec. 28 to Jan. 2
Evans Autoloading, el. A & B (guar.)... $1
Jan. 3 Holders of rec. Dec. 20a
Preferred (guar.)
2
dDec.31 Dec. 28 to Jan. 2
Ewa Plantation (monthly)
Dec. 31 *Holders of rec. Dec. 24
Ingersoll-Rand Co., preferred
a
Jan. 3 Holders of rec. Dec. 124
Extra
*40c. Dec. 31 *Holders of rec. Dee. 24
Inland Steel
Fairbanks, Morse de Co.. corn.(guar.)._
750 Dee. 31 Holders of rec. Dec 12.
Preferred (guar.)
134 Jan, 2 Holders of rec. Doe. 150
Fair (The). own.(guar.)
200 Jan. 2 Holders of rec. Dec. 22a
Inland Wire & Cable(guar.)
*50c. Jan. 2 *Holders of rec. Dec. 15
Common (guar.)
200 Feb. 1 Holders of rec. Jan. 2Ia
Insurance Securities Co., Inc.(quar,)... 3)4 Jan. 2 Holders of rec. Nov. 23
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 21a
Insurance Scour. Co.(New OH.)(qu.) _ _
334 Jan. 2 Holders of rec Nov.23
Fanny Farmer Candy Shops, pt.(cu.)._ 60e. d Jan. 1
Dec. 16
Intercontinental Invest. Corp., pt.(qu.) 134 Jan. 1 Holders of rec. Dec. 156
Faultless Rubber corn. (quar.)
50e. Jan. 2
Dec. 16
Intercontinental Rubber (guar.)
25c. Dec. 31 Holders of rec. Dec. 24a
Federal Bake shops,Inc., tif.(qu.)(No.1) $1.75 Jan. 1 Dec. 8 to Jan. 2
Interlake Steamship (guar.)
81.50 Dec.d31 Dec. 16 to Jan. 2
Federal Motor Truck (guar.)
20e. Jan. 2 Holders of rec. Dec 17c
Extra
$2
Dec.d31 Dec. 18 to Jan. 2
Stock dividend
234 Jan. 6 Holders of rec. Dec 17.
Quarterly
*51.50 Apr. 1 'Holders of rec Mar. 17
Federal Terra Cotta. pref.(guar.)
2
Dec. 31 Dec. 22 to Jan. 2
Internat. Business Machines (guar.).
$1.25
Jan.
10 Holders of rec. Dec. 210
Fifth Ave. Bus Securities (guar.)
16o. Jan. 17 Holders of rec. Jan. 30 Int. Buttonhole Sew. Mach.(guar.)._ 20e.
Jan, 3 Holders of tee. Dec. lba
Finance Corp. of Amer.. COM.(quiz.)... 150. Jan. 16 Jan. 0 to Jan. 16
International Cement, corn. (guar.)._ $1
Dec. 31 Holders of reo. Dec. 120
Preferred (quiz.)
43He Jan. 16 Jan. 6 to Jan. 16
Preferred
15.‘ Dee. 31 Holders of rec. Dec. 120
Financial & Indust. Sec., cons.(quar.)_ *75c. Jan. 3 *Holders of rec. Dec. 20
Internat. Combustion Eng'ng, p1. (qu.). $1.75 Jan. 3 Holders of rec. Dec. 20a
Common (extra)
1.350. Jan. 3 *Holders of rec. Dec. 20
Internat. Equities Corp., class A (guar.) 8734c Jan, 1 Holders of rec. Dec. 20
riyi Jan. 3 *Holders of rec. Dec. 20
Preferred (guar.)
International Harvester, corn:(quiz.).. 1;$ Jan. 15 Holders of rec. Dec. 24a
Financial Investing Co.. corn.(guar.)_ _ _ 300. Jan. 1 Holders of roe. Dec. 7
Common (payable in corn. stock)
f2 Jan. 25 Holders of rec. Dec. 24a
Firestone Tire d-, Rubber, corn. (guar.) d$2
Jan. 20 Holders of rec. Jan. 10
International Match Corp., common__ 80c. Jan. 16 Holders of rec. Dec. 240
Common (extra)
Jan. d3 Holders of rec. Dec. 20
$2
Participating
preferred (guar.)
80c. Jan. 16 Holders of rec. Dec. 214
Six per cent preferred (guar.)
134 Jan.d16 Holders of ree.dJan. 1
International Nickel, corn. (guar.)
50c. Dec. 31 Holders of roe. Dec. lfia
First National Stores (guar.)
3734c Jan. 3 Holders of roe. Dec. 20a
Internat. Paper, 7% pref.(guar.)
1;$ Jan. 16 Holders of rec. Dec. 294
Flatbush Investing Corp., corn.(No. I)
1H Jan. 1 Holders of rec. Dec. 1
6% preferred (guar.)
1)4 Jan. 16 Holders of rec. Dec. 29a
Preferred
3 q Jan. 1 Holders of rec. Dec. 1
Internat. Projector Corp., corn. (quar.) 250. Jan. 1 Holders of rec. Dec. 21
Fleischmann Co., common (guar.)
75e. Jan. 3 Holders of rec. Dec. 13a
Allotment ctf. for common
25e. Jan. 1 Holders of rec. Dec. 21
Common (extra)
500. Jan. 3 Holders of rec. Dec. 13a
Preferred (guar.)
$1.75 Jan, 1 Holders of rec. Dec. 21
Flour 1)111I8 of Amer., $8 pref. A (guar.) $2
Jan. 1 Holders of rec. Dec. 15
Allotment
ctf.
for
preferred
81.75 Jan. 1 Holders of rec. Dec. 21
Foote Brea. Gear & Mach., com.((AO__ 30o. Jan. 1 Dec. 21 to Dec. 36
International Salt (guar.)
134 Jan. 2 Holders of rec. Dec. 15a
Preferred (quar.)
to Dec.
134 Jan, 1 Dec. 21
Internat. Shoe, new corn.(qu.)(No. 1) 50e. Jan. 2 Holders of rec. Dec. 15
Forban Co., common (quiz.)
25c. Jan. 3 Holders of rec. Dec. I5a
Preferred (monthly)
500. Jan. 2 Holders of rec. Dec. 15
Class A (guar.)
40c. Jan. 3 Holders of tee. Dec. 15a Internat. Silver, Prof.
1;$ Jan. 1 Holders of rec. Dee. 120
(guar.)
Formica Insulation (guar.)
25e. Jan. 1 Holders of rec. Dec it
Interstate Iron & Steel. common (guar I $1
Jan. 16 Holders of rec. Jan. 9
Extra
10e Jan. 1 Holders of tee. Dee. 11
Intertype Corporation, 1st prof.(quiz.). 2
Jan. 3 Holders of rec. Dec. 15
Fox Film Corp., class A & B(gum)___ _ "S1 Jan. 16 *Holders of rec. Dec. 30
Second preferred
3
Jan. 3 Holders of rec. Dec. 15
Freeport Texas Co.(guar.)
Si
Feb. I Holders of rec. Jan. 146 Iron Products Corp ,common
Jan. 2 Holders of rec. Dec. 15a
Extra
75c. Feb. 1 Holders of rec. Jan. 14a Island Creek Coal, common (quar.)... $1
Jan,
al
2 Holders of rec. Dec. 22a
Fulton Sylphon,common (guar.)
)4c
Jan. 1 Holders of rec. Dec. 170
87
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 224
Preferred (guar.)
51.50 Jan. 1 Holders of rec. Dec. 170
134 Jan. 3 *Holders of rec. Dec. 15a
Gabriel Snubber Mtg.. COM. A & 13(qu.) 8734 Jan. 1 Holders of rec. Dec. 13a Jewel Tea. pref.(guar.)
Johns-Manville Corp.. COM.(guar.)._ 750. Jan. 16 Holders of rec. Jan. 3a
Garfield Safe Deposit
Dee. 27 Dec. 15
4
to Dec. 27
Preferred (guar.)
15( Jan. 2 Holders of rec. Dec. 15a
Extra
2
Dec. 27 Dec. 15
to Dec. 27
Joint Investors, Inc.. prior pref
23 Jan. 3 Holders of rec. Dec. 17
General Amer. Tank Car. corn.(guar.)._ 41
Jan. 1 Holders of rec. Dec. 15a Jones& Laughlin Steel.
(quiz.)....
Jan. 2 Holders of rec. Dec. 15.6
134
pref.
Preferred (guar.)
1;$ Jan. 1 Holders of rec. Dec. 15a Kaufmann Dept. Stores
General Baking, class A (guar.)
$12.25 Jan. 2 Holders of rec. Dec. 17
Preferred (guar.)
154
Jan.
2 Holders of rec. Dec. 20
Preferred (guar.)
Dee. 31 Holders of roe. Dec. 170 Kaynee Co., common
12140. Jan. 1 Holders of rec. Dec. 200
(extra)
General Cable Co.. cl. A (qu.)(No. 1)._ 51
Jan. 1 Holders of rec. Dec.
Common (extra)
12340 Apr. 1 Holders of rec. Mar. 20a
Preferred (tor September quarter)._ _. 1)4 Jan. 1 Holders of rec. Dec. 24a
19
Common (extra)
1214c July 1 Holders of rec. June 290
Preferred (for December quarter)._ _ _
1% Jan. 1 Holders of rec. Dec. 27
Kaynee Co.. Prof.
154 Jan. 1 Holders of rec. Dec. 20a
General Else coin. (quar.)
1
Jan, 27 Holders of rec. Dec. 21a Kayser (Julius) & (quar.)
Co., corn.(guar.).Feb. 1 Holders of rec. Jan. 160
$1
Special stock (guar.)
15e. Jan. 27 Holders of rec. Dec. 21a Kelsey-Hayes Wheel,
COM.(quar.)
50c. Jan. 3 Holders of rec. Dec. 210
General Fireproofing. corn. (quar.)
$1.75 Jan.
Dec. 21 to Dee. 31
Kennecott Copper (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 2a
Preferred (guar.)
lg Jan. 1 Dee. 21 to Dec. 31
Kentucky Cash Credit Co., corn.(cu.)._ 150. Dec. 24 Holders of rec. Dec. 12
General Motors, common (extra)
$2.50 Jan. 3 Holders of rec. Nov. 19a
Common (1-10 share common stock)_ _ (I) Jan. 25 Holders of rec. Jan. 16
Six per cent preferred (guar.)
1H Feb. 1 Holders of roe. Jan. 9a
Common (guar.)
15e. Mar.24 Holders of rec. Mar. 12
Seven per cent preferred (guar.)
144 Feb. 1 Holders of roe. Jan. M
Preferred (guar.)
15c. Dec. 24 Holders of rec. Dec. 12
Six per cent debenture stock (guar.)._
134 Feb. 1 Holders of roe. Jan.
Preferred (extra)
150. Dec. 24 Holders of rec. Dec. 12
General Railway Signal. com.(quer.)_ _ _ $1.25 Jan. 1 Holders of rec. Dee. 9a
10a
Preferred (guar.)
15e. Mar.24 Holders of rec. Mar. 12
Preferred (quar.)
134 Jan. I Holders of rec. Dec. 10a
Preferred (extra)
15e, Mar.24 Holders of rec. Mar. 12
C. G.Spring & Bumper, pref.(guar.)... 2
Jan. 3 Holders of rec. Dec. 104 Kentucky Rock Asphalt
(No.I)
250. Jan. 1 Dec. 24 to Jan. 1
Glidden Company, prior pref.(gum)_ _. 13$ Jan. 2 Holders of rec.
Dec. 15a King Philip Mills(guar.)
114 Jan. 3 Holders of rec. Dec. 200
Gold Dust Corp.(guar.)
75e. Feb. 1 Holders of rec. Jan. 17a
Kirshbaum (A. B.) Co.. pref.(quiz.)
134 Jan. 3 Holders of rec. Dec. 20
Goodrich (B. F.) Co., pref. (quar.)... _
1N Jan. 2 Holders of rec. Dec. 9a Knott Corporation (guar.)
(No. 1)
60c. Jan. 15 Holders of rec. Jan. 5
Goodyear Tire & Rubber. 18t pref.(qu.). 14 Jan. 1 Holders of rec. Dee,
la Knox Hat, coin., class A
Jan. 3 Holders of rec. Nov.10
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. la
Knox Hat, Inc., pref.(guar.)
134 Jan, 1 Holders of rec. Dee. 15
Goodyear Tire dr Rubber of Canada.
Enrich
(guar.)
(S.)
Co.
Dec.
$1.50
31 Dec. 25 to Jan. 2
common (guar.)
•$1154.25 Jan. 2 *Holders of rec. Dec. 15
Kraft Cheese (guar.)
37)40 Jan. 1 Holders of rec. Dec. 104
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 15
Stock dividend
.1 34 Jan. I Holders of rec. Dec. 10a
Gorton-Pew Flsherlee cern.(au.)(No. 1) 575c. Jan. 3 *Holders of rec. Dec. 20
30o. Dec. 31 Holders of rec. Dec. 10o
Cloward(H. W.)Co..corn.(monthly)._ 831-80 Jan. 2 Holders of rec. Dec. 21a Kresge (S. S.) Co.. earn.(anon)
Preferred (guar.)
1,4 Dec. 31 Holders of rec. Dec. 100
Gotham Silk Hosiery,corn, voting (an.). 62)4c Dec. 31 Holders of rec. Dee. I5a
Kuppenheimer
(B.)
&
Co.,
$1
common....
Jan. 3 Holders of rec. Dec. 244
Common non-voting (guar.)
6234c Dec. 31 Holders of rec. Dee. 15a Laboratory Products. common
(guar.)... *300. Dec. 31 *Holders of rec. Dec. 19
Goulds Pumps, Inc.,common (guar.)_ __
Jan. 2 Holders of rec. Dec. 20
2
Laclede-Christy Clay Prod., pref. (qu.).
Jan.
2 Holders of rec. Dec. 21
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 20
Laconia Car, Ist pref.(guar.)
81.75 Jan. 3 Holders of rec. Dec. 256
Name of Cornyonli
Name of Company.
Per
TVhen
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continned).
25c. Dec. 31 Holders of rec. Dec. 21a
Lake Erie Bolt & Nut (guar.)
$1.25 Jan. 1 Holders of rec. Dec. 12a
Lambert Co., corn. (guar.)
La Salle Extension University, Pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 22
134 Jan. 3 Holders of rec. Dec. 15
Laurentide Co. (guar.)
Lawyers Mortgage Co. (guar.)
334 Dec. 31 Holders of rec. Dec. 22
Lawyers Title & Guaranty (guar.)
234 Jan. 3 Holders of rec. Dec. 20a
Jan. 3 Holders of rec. Dec. 17
Lawyers Westchester Mtge.& Title (qu.) 2
2
Jan. 3 Holders of rec. Dec. 17
Extra
$1
Jan. 3 Holders of rec. Dec. 10
Lehigh Valley Coal Sales (guar.)
Leonard, Fitzpatrick & Mueller Stores.
2
Jan. 1 Dec. 23 to Dec. 31
preferred (quar.)
1% Jan. 3 Holders of rec. Dec. 23
Liberty Baking Corp., pref. (guar.) _
$3.50 Jan. I Dec. 17 to Jan. 12
Libby, McNeill & Libby, pref
40c. Jan. 2 Holders of rec. Dec. 14a
Life Savers (guar.)
Liggett & Myers Tobacco. pref.(qu.)._. 1% Jan. 2 Holders of rec. Dec. 120
50c. Jan. 27 Holders of rec. Dec. 306
Lion 011 Refining, common (guar.)
90c. Feb. 1 Holders of rec. Jan. 20a
Liquid Carbonic Corp.(guar.)
50c. Dec. 31 Holders of rec. Dec. 20a
Loew's Incorporated (guar.)
Dec. 31 Holders of rec. Dec. 20a
$1
Extra
50e. Dec. 31 Holders of rec. Dec. 20a
Lone Star Gas Corp. (guar.)
4
Jan. 1 Holders of rec. Dec. 24
Long Island Safe Deposit
1% Jan. I Holders of rec. Dec. 170
Loose Wiles Biscuit, 1st pref. (quar.)
234 Jan. 3 Holders of rec. Dec. 17a
Lord & Taylor,common (guar.)
1% Jan. 2 Holders of rec. Dec. 15a
Lorillard (P.) Co., pref.(quar)
1% Dec. 30 Holders of rec. Dec.d30a
Lowenstein (M.) dr Sons, 1st pf. (qu.)
Sc. Dec. 20 Holders of rec. Dec. 10a
Lucky Tiger Combination Gold Mining
7e. Dec. 20 Holders of rec. Dec. 10a
Extra
60e, Jan. 3 Holders of ree. Dec. 20a
Ludlum Steel (guar.)
65c. Jan. 14 Holders of rec. Dec. 310
MacAndrews& Forbes Co.,corn.(qu.)
90c. Jan. 14 Holders of rec. Dec. 310
Common (extra)
134 Jan. 14 Holders of rec. Dec. 310
Preferred (guar.)
Mack Trucks, common (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 16a
1% Dec. 31 Called for redemption.
Mack Trucks, Inc., 1st & 2d pref. (qu.)_
$1.25 Feb. 15 Holders of rec. Jan. 28a
Macy (R. H.) & Co., corn. (guar.)
Common (payable in common stock).- 15
Feb. 15 Holders of rec. Jan. 28e
Magma Copper Co. (guar.)
75c. Jan. 17 Holders of rec. Dec. 30a
Mallinson (H. R.) Co., pref.(guar.)...134 Jan. 2 Holders of rec. Dec. 21a
Mandel Bros., Inc. (guar.)
823-4c. Jan. 16 Holders of rec. Dec. 31a
Manhattan Electrical Supply (quar.)_
$1.25 Jan. 3 Holders of rec. Dec. 21a
1% Jan. 3 Holders of rec. Dec. 16a
Manhattan Shirt. pref. (guar.)
50c. Jan. 10 Holders of rec. Dec. 20
Margay Oil Corp.(guar.)
Marlin-Rockwell Corp., com.(quar.)_. 50e. Dec. 31 Holders of rec. Dec. 22a
Common (extra)
25c. Dec. 31 Holders of rec. Dec. 22a
Marvel Carburetor (guar.)
800. Jan. 3 Holders of rec. Dec. 150
20c. Jan. 3 Holders of rec. Dee. 156
Extra
Maryland Cash Credit Corp.. corn.(qu.) 15c. Dec. 24 Holders of rec. Dec. 12
15c. Dec. 24 Holders of rec. Dec. 12
Preferred (guar.)
15e. Dec. 24 Holders of rec. Dec. 12
Preferred (extra)
$1
Mathieson Alkali Works, corn.(quar.)
Jan. 3 Holders of rec. Dec. 160
134 Jan, 3 Holders of reo. Dee. 16a
Preferred (quar.)
May Drug Stores (guar.)
37)4c. Jan. 2 Holders of rec. Dec. 100
75c. Jan. 1 Holders of rec. Dec. 15
Mead. Johnson & Co., corn. (guar.)
Common (payable in corn. stock)110
Jan. 1 Holders of rec. Dec. 15
McCallum Hosiery
25c. Dec. 30 Holders of rec. Dec. 22
McCord Manufacturing. pref. (quar.).... •$1.75 Jan. 2 *Holders of rec. Dec. 20
*50c. Jan. 2 *Holders of rec. Dec. 20
Debenture stock (guar.)
McCord Radiator Mfg., class A (guar.) _ 75c. Jan. d2 Dec. 25 to Jan. 1
McLellan Stores corn. A ant! B (quar.)- 25c. Jan, 2 Holders of reo Dec. 1,,
400. Jan. d3 Holders of rec. Dec. 23a
McQuay Norris Mfg.(guar.)
Extra
10c. Jan. d3 Holders of rec. Dec. 23a
2
Jan. 2 Holders of rec. Dec. 20
Medart (Fred) Co., pref.(guar.)
Merch.& Miners Transportation (qu.)- - 621.40. Dec. 31 Holders of rec. Dec. 150
Merchants & Mfrs. Scour., prior pf.(qu.) $1.75 Jan. 16 Holders of rec. Jan. 3s
Participating preferred (guar.)
37)4c Jan. 3 Holders of rec. Dec. 15n
$1 Jan. 3 Holders of rec. Dee. 17
Merck Corporation, pref. (guar.)
Menzenthaler Linotype (guar.)
$1.25 Dec. 3 Holders of rec. Dec. 3n
25c. Dec. 3 Holders of rec. Dec. 3n
Extra
Merrimac Chemical (guar.)
$1.25 Dec. 3 Holders of rec. Dec. 10a
Extra
$1
Dec. 3 Holders of rec. Dec. lOn
Metropolitan Paving Brick, pref.(guar.) 1% Jan.
Dec. 16 to Dec. 31
Jan.
Midland Steel Products. corn. (guar.) _ _ $1
Holders of rec. Dec. 22a
48c. Jan.
Common (extra participating)
Holders of rec. Dec. 22a
32
Jan.
Preferred (guar.)
Holders of rec. Dec. 22a
Preferred (extra participating)
Si
Jan.
*Holders of rec. Dee. 22a
Midvale Company (guar.)
500. Jan.
Holders of rec. Dec. 15a
Mining Corp. of Canada
to Jan. 24
12340 Jan. 2 Jan. 11
Missouri-Illinois Stores (guar.)
25c. Ian.
Holders of rec. Dec. 20
Montgomery Ward & Co., cl. A (quar.)_ $1.75 Jan.
Holders of rec. Dec. 12
Mortgage Corp. of Rhode Island, pref._
334 Jan.
Holders of rec. Dec. 20
Morgan Lithograph Co.. corn. (quar.) _
$1.25 Jan.
Holders of rec. Dec. 20s
Mother Lode Coalition Mines
25c. Dec. 3 Holders of rec. Dec. 16n
Moto Meter Co., Inc., class A (guar.).- - 90c. Jan.
Holders of rec. Dec. 14a
Motor Car Security Co., common
•35c. Jan. 1 *Holders of rec. Dec 9
Preferred
•70c. Jan. 10 *Holders of rec. Dec 0
Mountain & Gulf 011(guar.)
52c. .Jan. 16 *Holders of rec. Dec. 31
Extra
*lc. Jan. 16 *Holders of rec. Dec. 31
Ian. 3 Holders of rec. Dec. 150
Mountain Producers Corp. (guar.)
She
Mount Vernon-Woodberry Mills. inc., pf 234 Dec. 31 Holders of rec. Dec. 17a
Murray Ohio Mfg., corn. (q11.)(No. 1).. 25e. Jan. 2 Holders of rec. Dec. 211/1
2
Jan. 2 Holders of rec. Dec. 20a
Preferred (guar.)
10c. Jan. 2d Holders of rec. Dec. 20a
Participating pref. (guar.)
$1.50 Jan, 14 Holders of rec. Dec. 31
National Biscuit, common (guar.)
$1
Jan. 2 Holders of rec. Dec. 15
National Breweries, corn.(quar.)
134 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
43%c ran. 2 Dec. 13 to Dec. 19
National Candy, common (guar.) __
Dec. 19
First and second preferred (guar.) _
4 Jan. 2 Dec. 13 to
National Cash Credit Assn., sore. (qu.)_ 15c. Ian. 3 Holders of rec. Dec. 12
Common (1-20 share common stock)_ _ (1) Jan. 3 Holders of rec. Dec. 12
15e. Jan. 3 Holders of rec. Dec. 12
Preferred (guar.)
150. Jan. 3 Holders of rec. Dec. 12
Preferred (extra)
(1) Jan. 3 Holders of rec. Dec. 12
Pref. (1-20 share common stock)
National Cash Register, corn. A (quar.)_ 75e. fan. 15 Holders of rec. Dec. 30a
Jan. 3 Holders of rec. Dec. 15a
$3
Common class B (annual)
National Credit Corp.(Balt.),com.(qu.) 250. Tan. 1 Holders of rec. Dec. 15
25c. Jan. 1 Holders of rec Dec. 15
Common (guar.)
2% .Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
National Dairy Products, corn. (quar.)_ 75c. fan. 3 Holders of rec. Dec. 19a
134 Tan. 3 Holders of rec. Dec. 190
Preferred class A & B (guar.)
134 Dec. 31 Holders of rec. Dec. 150
National Enamel & StPg.. Pref. (qu.)
250. Jan. 16 Holders of rec. Dec. 31a
National Fuel Gas(guar.)
21.25 Dee. 31 Holders of rec. Dec. Ito
National Lead,common (guar.)
134 Feb. 1 Holders of rec. Jan. 130
Preferred B (guar.)
234 Jan. 10 Holders of rec. Dec. 15
National Licorice, common
134 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
Nat. Manufae. & Stores Corp.•1% Jan. 1 *Holders of rec. Dec. 15
Cony. 1st pref. & class A (guar.)
fan. 2 Holders of rec. Dee. 15
2
National Refining. pref. Mar.)
75c. Jan. 1 Holders of rec. Dee. 20a
National Standard Co.(guar.)
1% Jan. 2 Holders of ree. Dec. it
National Sugar Refining (guar.)
$2 Dec. 24 Holders of rec. Dee. 14a
National Simply, common (extra)
$1.75 Dec. 31 Holders of rec. Dec. 2la
Preferred (guar.)
National Surety (guar.)
234 Jan. 3 Holders of reo. Dec. 16n
Jan. 1 Holders of rec. Dec. 14n
$1
National Tea, common (guar.)
Nelson (Herman) Corp., corn. (guar.)._ 30e. Dec. 31 Holders of reo. Dec. 15
Jan. 16 *Holders of rec. Jan. 3
*e2
Stock dividend
Apr. d2 *Holders ol rec.dMar. 16
*el
Stock dividend
July d2 *Holders of rec.dJune 19
•el
Stock dividend
Oct. dl *Holders of ree.dSept.18
eel
Stock dividend
Nevada Cense!. Copper Co.(guar.) _ _ 3734c Dec. 31 Holders of rec. Dec. 16,1
*12 tic Jan. 16 *Holders of rec. Dee. 31
New Bradford 011 (quar.)
25c. Jan, 3 Holders of rec. Dec. 20
New England Fuel 011 (guar.)
Jan. 3 Holders of rec. Dec. 27a
6
:31, Y. State Realty & Term .(annual)
Jan. 16 Holders of rec. Jan. 3
50c
New York Transportation (quar.)
734c. Ian. 20 fielders of rec. Dec. 31a
Nip's:ring Mines Co., Ltd. (guar.)
134 Jan. 3 Raiders of rec. Dec. 20
Nichols Copper Co., pref. (guar.)
621.40. Jan. 1 Holders of rec. Dec. 23a
North American Car Corp. (guar.)
Jan. 1 Holders of rec. Dee. s
3
Northern Pipe Line
Jan. I Holders of rec. Dee. 9
2
Extra
134 Ian. 2 Holders of reo. Dec. 10
Northwestern Provision. pref. (guar.)._
*3
Dec. 31 *fielders of rec. Dec. 24
Northwestern Yeast Extra
250. Dec. 31 Holders of rec. Dec. 24a
Nunnally Co
[VOL. 125.
THE CHRONICLE
3446
Name of Company.
When
Per
Cent. Payable.
Boolcs Closed.
Days Inclusive.
Miscellaneous (Continued).
Jan. 2
Novadel Process Co., common (quar.)_ _ 25c. Jan. 3 Dec. 21 to
Jan. 2
50c. Jan. 3 Dec. 21 to
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 20
*2
Ohio Leather, pref.(guar.)
Jan. 1 *Holders of rec. Dec. 20
Pref. (acct. accumulated dividends)._ *53
Ohio Seamless Tube, pref. (guar.)
134 Jan. 2 Dec. 16 to Jan. 1
500. Jan. 2 Holders of roe. Doe. 124
011 Well Supply Corn.(quar.)
2
Jan, 1 Holders of roe. Deo. lfla
Omnibus Corp., pref.(guar.)
16 2-3e Jan, 2 Holders of rec. Dec. 200
Orpheum Circuit, corn.(monthly)
2
Jan, 2 Holders of rec. Dee. 170
Preferred Mu•)•
Jan. 3 Holders of rec. Dec. 15
Oswego Rayon Corp., pref. (guar.)... _
$1.50 Jan. 16 Holders of rec. Dec. 31a
Otis Elevator, corn. (guar.)
134 Jan. 16 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 15 Holders of roe. Dec. 310
Otis Elevator, pref.(guar.)
Jan. 1 Holders of rec. Dec. 150
Otis Steel, prior pref. (guar.)
Overman Cushion Tire. corn. A & B (qu ) 3734c. Jan. 1 Holders of tee. Dec. 23
1% Jan. 1 Holders of rec. Dec. 23
Preferred (quar.)
40e. Jan. 1 Holders of rec. Dec. 15
Ovington Bros. Co., panic. pref
750. Jan. 1 Holders of rec. Dec. 160
Owens Bottle. common (guar.)
$1
Jan. 1 Holders of rec. Dee. 160
Common (extra)
15
Jan. I Holders of rec. Dee. 160
Common (payable In corn. stock)
Jan. 1 Holders of rec. Dee. 16
Preferred (guar.)
250. Dec. 31 Holders of rec. Dee. 154
Packard Motor Car. monthly
the. Dee. 31 Holders of rec. Deo. 150
Extra
25e, Jan, 31 Holders of ree. Jan. 140
Monthly
25e. Feb. 29 Holders of roe. Feb. 154
Monthly
5
Dec. 31 Dec. 21 to Jan. 1
Pacolet Manufacturing, common
3% Dee. 31 Dec. 21 to Jan. 1
Preferred
Page-Hershey Tubes, Ltd., corn. (au.).. 750. Jan. 2 Holders of rec. Dec. 20
134 Jan. 2 Holders of tee. Dec. 20
Preferred (guar.)
Jan. 2 *Holders of rec. Deo. 15
Paige-Detroit Motor Car.. 1st pf.(qm.).
*Second pref.-Jan. dIv. deferred_ _
750. Dec. 27 Holders of roe. Dee. 170
Paraffine Companies, corn.(guar.)
50e, Dee. 27 Holders of rec. Dec. 170
Common (extra)
*Paragon Refining-dividend deferred_ _
Jan. 3 Holders of ree. Dec. 150
Foram. Famous Lasky Corp., corn.(qu.) $2
250. Jan. 3 Dec.d23 to Jan. 33
Park. Davis de Co. (guar.)
d20c. Jan. 3 Dee.d23 to Jan. 33
Extra
3734c Feb. 21 Holders of rec. Feb. 10
Parker Rust Proof Co.,corn.(quar.)
3.50. Feb. 21 H lders of rec. Feb. 10
Preferred (guar.)
20e. Jan. 3 Holders of rec. Dee. 1543
Park Utah Cense!. Mines Co. (guar.)
Pedigo-Weber Shoe(guar.)
6234e. Jan. 2 Holders of rec. Dee. 15
52.50 Jan. 1 Holders of rec. Dec. 30
Pelz-Greenstein Co., Inc., pref
I% Jan. 1 Holders of roe. Dec. 17a
Penick St Ford, Ltd., pref.(guar.)
$1.50 Dec. 31 Holders of rec. Dec. 20
Penney (J. C.) Co.. pref. (guar.)
Pennsylvania-Dixie Cement corn. (au.). 50c. Jan. 3 Holders of rec. Dee. 150
25e, Jan. 2 Holders of roe. Deo. 8a
Peoples Drug Store scorn. (quar.)
750. Jan. 1 Holders of rec. Dee. 12
Pet Milk, common (guar.)
1% Jan. 1 Holders of rec. Dec. 12
Preferred (guar.)
Pettibone Mulliken & Co.I% Jan. 3 Holders of rec. Dee. 230
First and second pref. (guar.)
$1.50 Tan. 3 Holders of reo. Dee. 17a
Phelps, Dodge Corp.(guar.)
Philadelphia Co. for Guar. Mtgs.(guar.) •234 Dec. 31 *Holders of rec. Dec. 20
Dec. 31 *Holders of rec. Dee. 20
*2
Extra
Phila. Dairy Products, prior pf (guar.). 51.62)4 Jan. 3 Holders of rec. Doe. 200
Feb. 1 *Holders of rec. Jan. 16
*932
Philadelphia Insulated Wire
*50c. Feb. 1 *Holders of rec. Jan. 16
Extra
75e, Jan. 3 Dec. 15 to Jan. 2
Phillips Petroleum (guar.)
1% Jan. 3 Holders of rec. Doe. 160
Pick (Albert) & Co.. pref. (quar.)
Pie Bakeries of Amer., Inc., pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 15
Dee. 31 Holders of rec. Dee. 150
2
Pittsburgh Plate Glass (quar.)
Pittsburgh Steel Foundry, pref.(guar.)
Jan. 2
134 Dec. 31 Dec. 16 to
Preferred (guar.)
4.135 Jan. 20 *Holders of rec. Dee. 31
Plymouth Cordage (guar.)
*25c. Dec. 30 *Holders of rec. Dec. 22
Plymouth Oil
Pratt & Lambert. Inc., corn. (guar.)._ _ 75e. Jan. 3 Holders of rec. Dee. 15a
Jan. 3 Holders of roe. Dec. 15n
$1
Common (extra)
Porto Rico Amer. Tobacco, class A (t111.) $1.75 Jan. 10 Holders of roe. Dee.200
234 Jan. 31 Holders of rec. Dec. 3Ia
Prairie Pipe Line (guar )
t
Dec. 12
1% Dee. r3 rN,v. 23 ,
Premed Steel Car, pref. (guar.)
50c. Jan. 3 Holders of rec. Dec. 15
Price Bros., common (guar.)
134 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
Jan.d14 Holders of rec. Dee.d24a
2
Procter & Gamble Co., 8% pf. (guar.) _ _
50c. Jan. 16 Holders of rec. Dec. 316
Pro-phy-lac-tic Brush (guar.)
Ian, 5 Holders of rec. Dec. 23a
$1
Extra
1% Jan. 1 Holders of rec. Dec. 10a
Pure 011, 5 Si% pref.(quar.)
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 100
Jan. 1 Holders of rec. Dec. 10a
2
8% preferred (altar)
Jan. 16 Holders of rec. Dec. 310
$1
Quaker Oats .common (guar.)
1% Feb. 29 Holders of rec. Feb. la
Preferred (guar.)
Q. R.S. Musk. Co , corn. (monthly)__ _ _ 15c. Jan.dI5 Holders of rec. Jan. 3a
Jan. 1 Holders of rec. Dec. 15a
Real Silk Hosiery, pref. (guar.)
Jan. 16 Holders of rec. Jan. 5
3
Realty Associates. 1st pref
35c. Jan. 3 Holders of rec. Dec. 15
Reece Buttonhole Mach.(guar.)
Sc. Jan. 3 Holders of rec. Dee. 15
Reece Folding Mach.(quar.)
Jan. 3 Dec. 21 to Jan. 2
Regal Shoe, pref. (guar.)
Holders of rec. Dec. 230
Reis(Robert) & Co.. lot pref.(quar.) _
134 Jan.
•Holders of rec. Dec. 21
Reliance Manufacturing. pref. (guar.). _ 011.75 Jan.
Holders of rec. Dec. 20
Remington Arms. Inc., let pref. (guar.) 134 Jan.
Holders of rec. Dec. 10a
1% Jan.
Remington Rand Co.. let pref.(guar.)._
Jan.
Holders of rec. Dec. 10a
2
Second preferred (guar.)
Holders of rec. Dec. 150
Remington Typewriter, 1st prof (quar.). 1% Jan.
Jan.
Holders of rec. Dec. 1543
2
Second preferred (guar.)
200. Jan. 3 Holders of rec. Dec. 96
Reo Motor Car (guar.)
20c. Jan. 3 Holders of rec. Dee. 90
Extra
Reynolds (It. J.) Tobacco$1.25 Jan. 2 Holders of rec. Doe. 170
Common and common B (guar.)
$1.50 Jan. 2 Holders of rec. Dee. 17a
Common & common B (extra)
Jan. 2 Holders of rec. Dee. 14a
Republic Iron & Steel, pref.(guar.)
75e. .lan. 3 Holders of rec. Dec. 15
Richardson & Boynton Co..part. pf.(qu
51.50 Jan. 2 Holders of rec. Dec. 19
Richman Bros., common (guar.)
Rice-Stix Dry Goods. common (guar.).. 3734c. Feb. 1 fielders of rec. Jan. 15
134 Jan. 2 Holders of rec. Dee. 15
First and second pref.(guar.)
2
Dec. 31 Holders of rec. Deo. 154
Royal Baking Powder, corn. (guar.) _ _ _ _
114 Dec. 31 Holders of tee. Dec. 15a
Preferred (guar.)
$2.50 Jan. 1 Holders of rec. Dec. 20
Safeway Stores. Inc., corn. (guar.)
134 fan. 1 Holders of rec. Dec. 20
Preferred (guar.)
1% Jan, 3 Holders of reo. Dee. 16
41. Maurice Valley Corp.. pref.(qM%)
Jan. 3 *Holders of rec. Dee. 24
St. Louis National Stock Yards(guar.)._ *2
50c. Jan. 2 Holders of rec. Dec. 15
St. Regis Paper, common (guar.)
Ian, 2 Holders of rec. Dec. 15
Preferred (guar.)
St. L. Rocky Mt. Jr Pee. Co.. corn.(qu.) 50c. Dec. 31 Holders of rec. Dec. 150
I% Dee, 31 Holders of rec. Dec. 150
Preferred (guar.)
20e. Jan. 2 Holders of rec. Dec. 15a
Salt Creek Cense' 011. corn.(guar.) _ _
50c. Jan. 3 Holders of rec. Dee. 100
Sangamo Electric Co., corn. (quar.)_
51.75 Jan, 3 Holders of rec. Deo. 10a
Preferred (quar.)
•1)4 Jan. 3 "Holders of rec. Doe. 15
savage Arms, 1st pref. (guar.)
'134 Feb. 15 *Holders of rec. Feb. 1
Second preferred (quar.)
Jan. 2 Holders of rec. Dec. 15
Schoeneman (J.), Inc., 1st pf, (quar.)..
2
Jan. 3 Holders of rec. Dec. 12a
sehulte Retail Stores. pref. (guar.)
Jan, 1 Dec. 16 to Jan, 2
Schulze Baking. pref.(guar.)
75c, Jan. 1 Dec. 16 to Jan. 2
Convertible preferred (guar.)
Schutter-Johnson Candy, corn. B (qu.)... 250. Jan. 3 Dec. 16 to Jan. 3
60c. Jan. 3 Dee. 16 to Jan. 3
Cony, preference A (guar.)
60c. Ian. 2 Holders of rec. Dee. 220
Scoville Manufacturing (guar.)
130e. Jan. 20 Holders of rec. Dec. 31a
Seagrove Corp., corn. (guar.)
Second Internat. Secur.Corp..1st pf.(qu) 75c. Jan. 1 Holders of rec. Dec. 15
75c. Jan. 1 Holders of rec. Dec. 15
Second preferred (guar.)
lq Jan. 1 Holders of rec. Dee. 220
Sefton Manufacturing. pref. (gnar.)
Jan. 15 Holders of rec. Dec. 310
Segal Lock & Hardware, pref. (guar.) _ _
2
Jan. WS Holders of rec. Dee. 20a
SelberlIng Rubber, pref.(glum.)
134 Jan. 25 Holders of rec. Dec. 31
Shaffer Oil & Ref., pref.(guar.)
50c. Jan. 1 Dec. 22 to Jan. 2
Shaler Co.. class A (guar.)
50e. Jan. 10 Holders of rec. Dee. 200
Shattuck (Frank G.) Co. rqu.)
35e, Dec. 31 Holders of rec. Doe. 120
Shell Union 011. corn .(quar.)
13i Dec. 31 Holders of rec. Dec. 15
Sherwin-1,17'ms Co., Canada, corn. (qu.)_
Dec. 31 Holders of reo. Dee. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 150
Sherwin-Williams Co.. COM.(0uar.)_
Shreveport Eldorado Pipe Line (guar.)- - 50c. Jan. 3 Holders of rec. Dec. 200
250. Jan, 2 Dec.d26 to Jan. 1
Silver King Coalition Mines Co. (qu.)..
be. Dec. 24 Dec.d20 to Jan. 1
Extra
50c. Jan. 4 Holders of rec. Dec. 15a
Simmons Co.,common (guar.)
134
134
134
*134
134
134
134
134
134
134
134
134
Dm. 24 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Singer Mfg. (guar.)
21.4 Dec. 31 Elec. 11 to Jan. 2
Extra
554 Dec. 31 Dec. 11 to Jan. 2
Sloss-Sheffield Steel & Iron, pref. (qu.). lid Jan. 3 Holders of rec. Dec. 20a
Smith (Howard) Paper Mills, pref. (qu.) 2
Jan. 10 Holders of rec. Dec. 31
South Penn 011 (guar.)
50c. Doe. 31 Dec. 15 to Jan. 2
Booth Porto Rico Sugar, corn. (guar.)._
50c. Jan. 3 Holders of rec. Dec. 10a
Preferred (guar.)
2
Jan
3 Holders of rec. Dec. 10a
South West Pa. Pipe Lines (guar.)
$1 Dee. 31 Holders of rec. Dec. 15
Extra
$2 Dec. 31 Holders of rec. Dec. 15
Spalding(A G.)& Bros., corn.(quar.)
$1.25 Jan. 16 Holders of rec. Jan. 7
Sparks-Withington Co.. corn. (quar.)
25c. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 15
Spicer Mfg., pref.(guar.)
2
Jan. 1 Holders of rec. Dec. 20a
Staban Securities Corp
$2 Dec. 31 Holders of rec. Dec. 16a
Standard Coupler, pref. (annual)
8
Jan. 3 Dee. 25 to Jan. 10
Standard Milling, com.(guar.)
134 Dec. 31 Holders of rec. Dec. 190
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 190
Standard 011 (Kentucky)(Quar.)
Dec.tI
31 Dec. 16 to Dec. 30
Standard Oil (Ohio), corn.(guar.)
623.4c fan. 2 Holders of rec. Nov.25
Stanley Co.of America (guar.)
$1
Jan. 2 Holders of rec. Dee. 17
State Theatre (Boston). pref. (quar.)_
*2
Jan. 8 *Holders of rec. Dec. 17
State Title & Mtge. Co.(guar.)
*$2.50 Dec. 81 Holders of roe. Dec. 15
Steel Co. of Canada, corn. & of. (qu.)....
134 Feb. 1 Holders of rec. Jan. 7
Steel Products Co.. class A & B (quar.)
40e. Jan. 2 Holders of rec. Dec. 30a
Stone(H.0.)& Co..common (quar.).... $1.25 Jan. 3 Holders of rec. Dec. 15
Common (payablein corn.stoth)_ _
15
Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 15
134
Stroamery uarburetor (quar.)
b0c. Jan. 2 Holders of rec. Dec. 12a
Sundstrand Co., common (No. 1)
$1 Jan. 16 Holders of rec. Dec. 310
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 310
Swedish-Amer. Inv. Corp., corn.(qu.)-5 1.6214 Jan. 3 Holders of rec. Dec. 15a
participating preferred (guar.)
1.6214 Jan. 3 Holders of rec. Dec. 154
Swift & Co. (guar.)
Jan. 1Dec.11 to Jan. 5
2
Teck Hughes Gold Mines, Ltd
10o. Feb. 1 Jan. 18 to Jan. 31
Extra
Sc. Feb. 1 Jan. 18 to Jan. 31
Telling-Belle Vernon Co.,corn.(quar.)._ $1
Jan. 1 Holders of rec. Dec. 190
Preferred (guar.)
lid Jan. 1 Holders of rec. Dec. 19a
Telautograph Corp.. pref. (guar.)
134 Jan. 10 Holders of rec. Dec. 31a
Texas Corporation (guar.)
750 Jan. 1 Holders of rec. Dec. 2a
Texas Pacific Coal & 011 (guar.)
15c. Jan, 3 Holders of rec. Dec. 100
Thompson (John It.) Co.(monthly)_._
30c. Jan. 3 Holders of rec. Dec. 23a
Extra
40c. Jan. 3 Holders of rec. Dec. 230
Monthly
30c. Feb. 1 Holders of rec. Jan. 23a
Monthly
30c. Mar. 1 Holders of rec. Feb. 23a
Thompson Products. cl. A & B (quar.)
40c Jan. 2 Holders of rec. Dec. 20a
Thompson-Starrett Co. (guar.)
3
Jan. 3 Holders of rec. Dec. 24a
Tide Water Associated 011, pref.(qu.)_. 134 Jan. 3 Holden of rec. Dec. 16a
Tide Water 011, common (quar.)
200. Dee. 31 Holden of roe. Dec. 16a
Timken Detroit Axle common (guar.)... 150. Jan. 1 Dec. 21 to Jan. 2
Common (extra)
50. Jan. 1 Dec. 21 to Jan. 2
Tintic Standard Mining (extra)
30c. Jan. 3 Dec. 6 to Dec. 7
Torrington Company (guar.)
75c. Jan. 3 Holders of rec. Dec. 15
Extra
81.25 Jan. 3 Holders of rec. Dec. 15
Traveler Shoe (guar.)
3734c Jan. 3 Holders of rec. Deo.d20a
Traymore. Ltd., pref.(guar.)
134 Jan. 1 Holders of reo. Dec. 15
TrIco Products Corp., corn.(No. I)
*62 Sic Jan. 2 *Holders of rec. Doe. 9
Truscon Steel, corn.(in corn. stock)
16
Feb. 1 Holders of rec. Jan. 17a
Tubize Artificial Silk, common (quar.)-- $2.50 Jan. 3 Holders of rec. Dec. 20a
Preferred (guar.)
1J.4 Jan. 3 Holders of rec. Dec. 20a
244 North Bay Shore Drive, Inc., pref._ 3
Dec. 31 Dec. 16 to Jan. 2
Ulen & Co.,8% pref
4
Jan. 2 Holden of rec. Dec. 20
734% preferred
334 Jan. 2 Holders of rec. Dec. 20
Underwood Com put. Mach., prof.(qu.)_
lid Jan. 1 Holders of rec. Dec. 15a
Underwood Typewriter, cont. (guar.)._ SI
Jan, 3 Holders of rec. Dec. la
Preferred (guar.)
134 Jan. 8 Holders of rec. Dec. la
Union Biscuit 1st prof.(guar.)
154 Jan. 15 Holders of rec. Jan. 5
Union Carbide & Carbon (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 5a
Union Metal (guar.)
500. Jan. 1 Holders of rec. Dec. 20a
Extra
200. Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
52
Jan. 1 Holders of rec. Dee. 20a
Union Mortgage (guar.)
*2
Jan. 3 *Holders of rec. Dec. 31
Extra
*2
Jan. 3 *Holders of rec. Dec. 31
Unian Twist Drill, pref. (guar.)
154 Dec. 31 Holders of rec. Dec. 20a
United Cigar Stores. common (guar.).- 20c. Dec. HO Holders of rec. Dec. 90
Common (payable in corn, stock)
f134 Dec. 30 Holders of rec. Dec. 9a
United Dyewood Corp., pref. (guar.)._
134 Jan. 3 Holders of rec. Dec. 13a
United Electric Coal(guar.)(No. 1) _
75e. Jan. 15 Holders of rec. Dec. 31
United Fruit (guar.)
51 Jan. 3 Holders of rec. Dec. 3
United Hotels of America, pref.(guar.). lid Jan. 1 Holders of rec. Deo. 20a
United Paper Board. pref.(guar.)
134 Jan. 16 Holders of rec. Jan. 2a
Preferred (guar.)
13.4 Apr. 16 Holders of rec. Apr. 2a
United Profit-Sharing, corn.
600. Jan. 16 Holders of rec. Dec. 15a
United Securities. Ltd.. prof.(guar.)--. 13.4 Jan. 2 Holders of roe. Nov.25
United Shoe Machinery, corn. (quar.)_. 62Sic. Jan. 5 Holders of rec. Dec. 20a
Preferred (guar.)
3754c. Jan. 5 Holders of rec. Dec. 20a
U.S. Bobbin & Shuttle, corn.(quar.)
50c. Dec. 31 Holders of rec. Dee. 14
Preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 14
U.S.Distributing Corp., old & new pref. 33.4 Jan. 1 Holders of rec.Dec. 12a
U.S.Gypsum,common (quar.)
400. Dee. 31 Dec. 16 to Jan. 1
Common (extra)
$1 Dee, 31 Dec. 16 to Jan. 1
Preferred (guar.)
134 Dec. 81 Dec. 16 to Jan. 1
U.S.Industrial Alcohol. pref. (quar.)
154 Jan. 16 Holders of rec. Dec. 31a
U. S. L. Battery, common (guar.)
50o. Jan. 3 Deo. 16 to Jan. 2
Preferred A (guar.)
250. Jan. 3 Dec. 16 to Jan. 2
Preferred B (guar.)
17340. Jan. 3 Dec. 16 to Jan. 2
U.S. Leather, prior pref. V.t.0.(quar.). 194 Jan. 3 Holders of rec. Dec. 10a
U. S. Lumber (guar.)
154 Jan. 2 Dec. 21
to
Jan 1
U. S. Playing Card, common (guar.)... $1 Jan. 1 Holders of rec. Dec. 21s
Common (extra)
$1 Jan. 1 Holders of rec. Dec. 21a
Steel
Corp..
U. S.
MM.(guar.)
154 Dee. 30 Holders of rec. Nov.30a
United States Tobacco,corn.(guar.)
75c. Jan, 3 Holders of rev. Dee. I9a
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 19a
Universal Leaf Tobacco, corn. (guar.)._ 75c. Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 23a
Universal Pictures Co., let prof. (qu.)._
2
Jan. 1 Holders of rec. Dec. 23a
Universal Pipe & Radiator. Common
50e. Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
1% Feb. 1 Holders of roe. Jan. Mae
Utah Copper Co.(guar.)
51.50 Dec. 31 Holders of rec. Dec. 16
Valvoline Oil, corn.(In common stock)
18
Jan. 17 Holders of rec. Jan. 14
Virginia Iron, Coal & Coke. pref
234 Jan. 3 Holders of rec. Dec. 16a
Vulcan DetInning. Prof.(quar.)
134 Jan. 20 Holders of rec. Jan. 9a
Preferred A (guar.)
154 Jan. 20 Holders of rec. Jan. 9a
V. Vivaudou, corn. (pay In corn. elk.)
f254 Mar.31 Hothers of rec. Mar. 5
V. Vivaudou, Inc., pref. (guar.)
13.4 Feb. 1 Holders of rec. Jan. 13a
Wabasso Cotton, Ltd.((Mar.)
Si
Jan. 3 Holders of rec. Dec. lb
Bonus
50e. Jan. 3 Holders of rec. Dec. 15
Wagner Electric Co.. pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 2Ia
Wahl Company, prof.(guar.)
13.4 Jan. 1 Holders of rec. Dec. 22a
Want & Bond, Ino.. class B (guar.)
27%c Jan. 3 Holders of roe. Dec. 15a
Waldorf System, Inc., corn.(guar.)
373.4e Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
200. Jan. 3 Holders of rec. Dec. 20a
Walworth Company, pref.(guar.)
700. Dec. 31 Holders of rec. Dec. 15
Ward Baking Corp., corn. el. A (quar.)_ $2 Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 15a
Warner Gear, class A cony. pref. (guar.)
50c. Jan. 1 Holders of rec. Dec. lta
Warner-Quinlan Co., corn. (guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
13.4 Jan. 3 Holders of rec. Dee. 15a
Warren Bros. Co.. corn. (guar.)
Jan. 3 Holders of rec. Dec. I7a
$I
Common (extra)
$1
Jan. 3 Holders of rec. Dec. 17a
75c. Jan. 3 Holders of rec. Dc. 17a
First preferred (guar.)
(guar.)
Second pref.
873.4c. Jan. 3 Holders of rec. Dec. 170
Waukesha Motor (guar.)
6234c Jan. 2 Holders of rem. Dec. 15a
Waverly Oil Works, cl. A (guar.)
Jan. 1 Dec. 23 to Jan. 2
37
Dec. 30 Holders of rec. Doe. 19a
Weber Helibroner, common (guar.)
$1
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 18a
Wesson Oil& Snowdrift Co.. com.(qu.)_ $1
Jan. 1 Holders of rec. Dec. 15
*31.50 Jan . 5 *Holders of reo. Dec. 23
West Coast Oil (guar.)
.33
Dec. 30 *Holders of rec. Dec. 23
Extra
Western Electric Co., corn. (guar.)._
50c. Dec. 31 Holders of rec. Dec. 29a
$13 Dec. 31 Holders of rec. Dec. 24a
Common (special)
3447
Name of Company.
Per
When
Cent. Payable.
Boots Closed
Days Inclusive.
Miscellaneous (Concluded).
Western Auto Supply, partly. pref.(qu.)
Western Maryland Dairy Corp., pf.(qu.)
Western Tablet & Stationary. pref.(qtr.)
Westinghouse El. & Mfg., corn.(qu.)___
Preferred (guar.)
Weston Elec. Instrument, Cl. A (quar.).
West Point Manufacturing (guar.)
Wheeling Steel Corp., pref. Cl. A (gu.)
Preferred clam B (guar.)
White Motor (guar.)
White Motor Securities, pref.(guar.)...
White Rock Mineral Springs, corn. (qu.)
Common (extra)
First preferred (guar.)
Second Preferred (guar.)
Second preferred (extra)
Will & Baumer Candle, pref. (guar.)...
Whys-Overland Co., pref. (guar.)
Wire Wheel Corp., pref. (guar.)
Woodley Petroleum (quar.)
Wrigley (Wm.)Jr. Co.(monthly)
Special (extra)
Monthly
Monthly
Monthly
Yale & Towne Mfg. (guar.)
Yellow Truck & Coach, pref. (quar.)_
Youngstown Sheet & Tube, corn.(qu.)
Preferred (quar.)
50c. Jan. 1
81.50 Jan. 2
lid Jan. 1
$1
Jan. 31
51
Jan. 16
50e. Jan. 2
2
Jan. 3
2
Jan. 2
2% Jan. 2
50c. Dec. 31
1% Dec. 31
50c. Jan. 2
$1 Jan. 2
134 Jan. 2
2% Jan. 2
Jan. 2
2
Jan. 3
Jan. d3
$1.75 Jan. 1
15c Dec. 31
250. Jan. 3
50c. Jan. 3
25c. Feb. 1
25c. Mar. 1
250. Apr, 2
Si
Jan, 3
154 Jan. 1
$1.25 Deo. 31
194 Dec. 31
Holders of rec. Dec. 20a
Holders of rec. Dec. 20
Holders of rec. Dec. 24
Holders of rec. Dec. 30
Holders of rec. Dec. 30a
Holders of rec. Dec. 17
Holders of rec. Dec. 16a
Holders of rec. Dec. 12a
Holders of rec. Dec. 12
Holders of rec. Dee, 15a
Holders of rec. Dec. 15o
Holders of rec. Dee. 15a
Holders of rec. Dec. 150
Holders of rec. Dec. 15
Holders of rec. Dec. 18
Holders of rec. Doe. 18
Holders of rec. Dec. 16
Holders of rec. Dec. 24a
Holders of rec. Dec. 2U
Holders of rec. Dec. 16
Holders of rec. Dec. 200
Holders of rec. Dec. 20a
Holders of rec. Jan. 200
Holders of rec. Feb. 200
Holders of rec. Mar. 20a
Holders of rec. Dec. 9a
Holders of rec. Dec. 11)a
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 1 The
New York Curb Market Association has ruled that stock will not be quoted ox.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. .1 Payable In preferred stook.
d Correction. e Payable in stock. f Payable in common stock. g Payable th
scrip. h On account of accumulated dividends.
S Holders of Class A and Class B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share
(North American Co. stock dividend 18 254%, oral rate of one-fortieth of a share
of corn,stock for each share held.
k Holland Furnace cora, dividend payable either In cash or in common stock.
1 Associated Gas & Electric dividends payable either in cash or class A stook
as follows: 2 47-100 of a share of class A stock on original preferred: 4 32-100 of a
share of class A stock on $7 preferred: on class A stock one fortieth share class A stock
m One-fortieth share common stock.
n Payment authorized by the Inter-State Commerce Commission Dec. 13
o U. S. Mtge. & Trust stock dividend subject to stockholders' meeting Dec. 30.
p British American 011 dividend payable to holders of coupon No. 4.
Knox Hat dividend is payable In class A participating stock of the Long's
Hat Stores Corp. at $100 per share.
r Payment date changed by company from Dec. 31 to Dec. 3 and holders of ree.
date from Dec. 1 to Nov. 22.
•American Superpower stock dividend Is one-fiftieth share of class A corn,stook.
Seagrove Corp. dividend payable either 30c. cash or 2Si% stock.
u British American Tobacco dividends are, final, Is. 8d., and interim, 106.
Transfers received in London up to Dec. 31 will be in time for payment of dividend
to transferees.
o Utilities Power& Light class A dividend optional, either in cash or class A stock
at rate of one-fortieth of class A stook, and class B stock 33-500ths of a share of
class B stock.
w The following amounts to be deducted on account of third and fourth quarterly
installments of 1926 Income tax: Continental Pass. By., 50c.: Union Pass. Ky..
75e.; West Phila. Pass Ky., 75e.
z Less U. S. corporate income tax, reducing quarterly rate to 82.1254 per share.
y Tobacco Products stock dividend is one-tenth of a share of United Cigar Stores
common stock of reach share of Tobacco Products Corp. common stock.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 17. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Mated in thousands of dollars-that is. three ciphers 10001 omitted.)
Net
Capital. Profits Loans,
Reserve
Week Ending
Discount, Cash
with
Net
Time Bank
Dec. 17 1927. Nat'l, Oct 101 InvestLegal Demand
in
DeState, Noy 15 melts, Vault. Deposi- Deposits. posits. 'Os.
(000 omitted.) Tr.Cos. Nov 16,
&c.
Wries.
Member of Fed. Res.
Bank of N
& $
Trust Co..,,. 6,000
Ilk of Manhat'n 12,500
Bank of America 6.500
National City_ 75.000
Chemical Nat'l_ 5.000
NatBk of Comm 25.000
ChatPh N B &T 13,500
Hanover Nat'l- 5,000
Corn Exchange_ 11.000
National Park_ 10,000
Bowery dz E Rlv 4.000
First National_ 10,000
Am Ex Irving'Tr 32.000
Continental Bk
1,000
Chase National_ 40,000
Fifth Avenue.500
Garfield Nat'l__ 1,000
Seaboard Nat'l_ 8,000
Bankers Trust__ 20,000
US Mtge & Tr_ 3.000
Guaranty Trust 30.000
Fidelity Trust__ 4.000
New York Trust 10,000
Farmers L & Tr 10,000
Equitable Trust 30,000
Bank.1
$
12,690
18,883
5.426
68,079
18.954
44,197
14,302
26,322
16,493
24,696
7,051
80,909
31,014
1,352
40,820
3.261
1.8981
12,0711
41,3731
5,4971
33,9801
3,4591
23,5381
21,384
25,154
Average. Average Average
$
713 7,530
81,214
180,084 4,778 19,518
88,086 1.270 11,878
929,809 5,301 95.102
146,479 1,742 17,502
403,559
707 44,826
235,856 3,363 26,634
141,437 1,616 17,227
205,204 6,248 25,398
182,088
937 18,250
76,884 2.522 7,169
698 31,907
343,673
443,427 4.519 52,925
8,573
156
984
639,084 7.002 76,550
931 3.464
27.040
17,098
5131 2,839
141,932 1,023, 17,227
380,035 1.023 40,368
69,270 1,094 8,021
481,852 1,632' 53,191
46,905
855 5,556
190,349
863 19,309
146,780
818 15,229
299,827 1,562 32,087
Average. Astray
$
56,603 8,888
139,618 30.386
91,027 4,109
*935.702 135,040
130.698 4,946
338.113 31,356
188,612 44,086
128,084 2,942
169,920 30,364
136,539 18,221
49,206 22,537
240,845 18,541
396,737 43,68
6,383
500
*595,577 46.16
24,698 1,154
16,793
799
131,483 3,194
.340.900 45.896
66,788 4,070
*456,229 64,740
40,673 4,116
138,636 36,759
•114,439 20,168
*341,319 29,439
Ao'pe
$
99
348
6.139
4.678
2,968
8,822
2.477
42
Total of averages 373,000 582.812 5.906,545 51,883651,591 c4,788,294 50,10323,563
Totals, actual condition Dec. 175.927.127 53,614 659,878 c4.790,879646,335 23,741
Totals, actual condition Dec. 105,907.975 47.394 659,800 c4,790.334650,805 23.643
Totals, actual Condition Dec 35,070,470 42,501 640,727c4,813,342680,905 23.595
State Ranks Not Members of Fedl Res've Bank.
State Bank...
Colonial Bank__
5.000
1.400
6.292 107,203
34,846
3,519
Total of averages
6,400
9,811
4,949' 2,496
3,6191 1,748
39,474 62,664
28,459 6,321
142,049
8,568
4,244
67,933 68,985
Totals, actual coi ndition Dec. 17 142,953
Totals, actual condition Dec. 10 141,819
Totals, actual condition Dec 3 141,022
8,195
8,428
8.506
4,165
4,214
3.324
67,640 60,00
67,661 68,90
66,063 68,707
Na
Reserve
Capital. Profits. Loans,
Time Bank
Net
with
Discount, Cash
Week Ending
De- CircuLegal Demand
Dec. 10 1927. Nat'l, Oct. 10 InvestState. Nov.lit Instils, Vault. Deposl Deposits. Posits. lotion.
tortes.
etc.
lo
Nov.
Tr.Cos.
(000 omitted.)
Average. Averag Averag Average. Average Mega
$
$
Trust Compan lea Not Memberiot Fed 'I Res'v a Bank.
41,388 1,809
Title Guar & Tr 10,000 21,171 68.691 1,7551 4,458
19,340 1,707
906 1,954
Lawyers Trust_ 3,000 3,602 24,994
Total of averages 13,000 24,773
93,685
2,661
6,412
60,708
3,518
Totals, actual condition Dec. 17
Totals, actual condition Dec. 10
Totals, actual co'ndttion Dec. 3
92,155
94,174
94,999
2.597
2,658
2.508
6,840
6,823
6,829
60,082
81,206
61.843
3,458
3,479
3.1341
(It'd aggr., siege392,400617,3976.142,279 63.112662.247 4,916,935722,804 23,583
-5,495-3,508 -35
Comparison wit hprev. week__ -26,639 +6,784 +4.78
Cled agar., avert cond'n Dec. 176,162.235 64,406070,883 4,918.610718,801 23,741
--591--4,388 +98
Comparison wit it prey. week._ +18.2671+5,926 -246
Cled aggr., ou'l/cond'n Dec. I06,143,968 58,480670,637 4.919,201723.189 23,843
Gr'd aggr., acticond'a Dec. 36.206,4911 53.515650.880 4.941,248753.25323.595
759,938 23.873
ant aggr., salotsnd'n Nov.266.100,556 58,459596.530 4.784.681
Gr'd aggr., act? cond'n Nov.196.095.269 53,856654,188 4.839,037751.364 23,522
23,584
751.373
4,718,560
Gr'd agar . act', ennd'n Nov 128,014,540 56.872632.848
Note.-U. a. deposits deducted from net demand deposits in the general total
17,
above were as follows: Average total Dec. 17, 315,989,000. Actual totals Dec.
350,052.000: Dec. 10, 31,162,000; Dec. 3, $1,162,000; Nov. 26, 311,943,000; Nov.
19. $47,193,000; Nov. 12, 537,851,000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Dec. 17, 3789.531,000; Dec. 10, $806,353,000
Dec. 3. $794.999,000; Nov. 28, 5760,228,000; Nov. 19, 3735,300,000; Nov. 12.
$747,361,000, Actual totals. Dec. 17. 3787.413,000; Dec. 10, $802,383.000; Dec. 3,
8791.375,000; Nov.28,6780,448,000; Nov. 19,8730,770,000: Nov. 12.5747.738.000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $248.358,000; Chase National Bank. $13,797,000; Bankers
Trust Co., $41,216,000; Guaranty Trust Co., $75,535,000; Farmers' Loan & Trust
Co., $2,448,000: Equitable Trust Co., $105,974,000. Balances carried in banks In
foreign countries as reserve for such deposits were National City Bank, $34,314.000;
Chase National Bank, 51,410,000; Bankers' Trust Co., $682,000; Guaranty Trust
Co., 64,025,000; Farmers' Loan & Trust Co., $2,448,000; Equitable Trust Co.,
$5,311,000.
C Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies'
Total Dec. 17
Total Dec. 10.......
Total Dec. 3
Total Nov. 26__
8,568,000
2,861.000
Total
Reserve.
Reserve
Required.
651,591,000 851.591,000 641,981.310
4,244.000 12.812.000 12,227.940
6,412,000 9,073.000 9,108,200
Surplus
Reserve.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedAug. 20
Aug. 27
Sept. 3
Sept.10
Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov.19
Nov. 213
Dec. 3
Dec. 10
Dec. 17
11,229,000 662.247.000 673.476,000 863,315,450 10.160,550
11,596.000 657,462,000 689,058.000 664,139.340 4.918.660
11,282.000 658.095,000 667,377,000 660,934,630 6,442.370
11,179,000 645,182.000 656,361,000 851,363.130 4.997.870
Total Dec. 17__
Total Dec.
Total Dec. 3____
Total Nov. 26_ - -
$
8,195.000
2,597,000
Total
Reserve
a
Reserve
Required.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
7,115,836,600
7,069,889,900
7,107,725.500
7,179,503.300
7,276,682,800
7,290,010,700
7.304,600.300
7,406.023.400
7,315.962.900
7,307.457.600
7,322,436,700
7.369,553,800
7,421,396,900
7,501,257.200
7,526.722.000
7.601,347.100
7,587,309,500
7.567.275.900
$
5,879,977,900
5,845,207,700
5,901.639,100
5,918.180.700
5,990.245,100
5.885.011.200
5.897.049.400
5.971,040,300
5,903.629.300
5,952,316,500
5,960,174,8)0
6.030.524,900
6,058,967,900
6,148,900,500
6,183,811,700
6,268,367,500
6,286,819,400
6.292.581.100
*
79.489,400
78,875,900
78,364.200
82,029,500
83,381,800
81,144,800
82,314,800
83,304.200
86,248,900
82.589,900
84.457.300
83.515,500
87.395.500
85,950,800
88,031,600
88,962,900
89.085.500
97.111.900
11
763,241,000
751,445,000
765,329.800
763,450,100
771,880.400
760,449.500
760.172.500
774.359,100
770,304,400
777,194,400
773,177.400
791,129.000
778,567.000
802.801.300
800,450.800
818,811,500
811,488.000
822.545.300
CLEARING
NON-MEMBERS Capital.
Week Ending
Dec. 17 1927.
Member of
Fed'! Res've Bank
Grace Nat Bank_ -Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Loans,
Discounts.
Net
Profits. Investments.
ste.
1.981
Surplus
Reserve.
659.878,000 659.878.000 642.204,320 17.673.680
183.180
4,165,000 12,360,000 12,178,820
424,700
6.840,000 9,437,000 9.012.300
10,792.000 670,883,000 681,675,000 683.393,440 18,281,580
11,086,000 670.637.000 881,723,000 863,827,450 18,095.550
11.014.000 850.880.000 661,894,000 667,329,400 5.435,400
11,469,000 596.530,000 807,999.000 847,407,980 39,408.980
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATES BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
Previous Week.
Dec. 17.
Ins. 36,605.400
$1,424,996,900
Loans and investments
322,800
5,892,600 Inc.
Gold
919,600
28,107,300 Inc.
Currency notes
2,380.300
115.704,400
Ino.
York_
Deposits with Federal Reserve Bank of New
1 466,409,200 Ina. 23,776,600
Time deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust companies in N.Y. City, exchanges & U.S. deposits 1,375,646,100 Inc. 11,256,700
194,293,200 Inc. 7,514,700
Reserve on deposits
Percentage of reserve, 21.2%.
RESERVE.
-Trust Companies-State Banks$40,375,900 17.78% 6109,328,400 15.89%
Cash In vault
32,324,800 4.70%
5.40%
12,289,100
cos
Deposits in banks and trust
20.59%
$141.653,200
23.18%
$52,645,000
Total
+(Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 17 was $115,704,400.
Reserve
Net
Cash
with
Net
in
Legal IDemand Time
Vault. Depositposits ONES.
•
tortes.
Average. Average Average. Average Average.
8
4,000
14,745
8,664
1
1,288
701
9.703
83
1,500
Or'd aggr., Dec. 17
Comparison with prey, week
2,682
25,448
+342
441
--4
1,500
1.500
1,500
1,500
2.682
2,682
2.682
2.682
25,106'
25.081
24.266
24,187
91
488
47
49
491
aggr.. Dec. 1
aggr., Dec. 3
aggr., Nov. 2
aggr., Nov. 1
4,536
5.690
1,515 a13,2
--BO --172
9,890
-9
13,372
9.899
9.844
9,910
9,881.
227
1,575
1,457
1,436
1,373
12.3411,71;1
11,625
a United States deposits deducted, $46,000.
Bills payable, rediscounts, acceptances and other liabilities. $3,224,000. Excess
In reserve, $97,630 decrease.
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.
Dec. 21
1927.
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Dec. 17. $19.390,050; Dec. 10, 519,610,430; Dec. 3, 520.523,180; Nov. 28, 520.515,050; Nov. 19. $20,209,020; Nov. 12, 520,003,550.
Demand
Deposits.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, the, is, three ciphers MOO] omitted.)
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Loans and
Investments.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
Gr'd
9,809.690 Gr'd
584,060 (It'd
-33.200 (led
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank, ineludes also the amount of reserve required on net time deposits, which was as follows:
Dec. 17,519,503,090; Dec. 10, $19,524,150: Dec. 3, 820,457.150; Nov.26,$20,628,600; Nov. 19, 520,367.900: Nov. 12, $20,372,520.
Members Federal
Reserve Bank_
State banks.
Trust companies*___
[Vol,. 125.
THE CHRONICLE
3448
Changes from
Previous Week.
Dec. 14
1927.
Dee. 7
1927.
$
77.150,000
77.150.000
77,150,000 Unchanged
Capital
97.638.000
97.638.000
97.638,000 Unchanged
Surplus and profits-Loans, Weals & Invest 1.118.993.000 Inc. 2,238.000 1,116.755.000 1,118,167.000
312,000 710.625.000 709,114.000
Individualdeposits--- 710,313,000 Dec.
184.127,000 Ino. 3,378,000 160.749,000 171.656.000
Due to banks
288.377.000 Dec. 1,793,000 280.170.000 289.908.000
Time deposits
1.169.000
1.169.000
18,525,000 Inc. 17,356.000
United States deposits_
39.898,000
32.994,000
35.805.000 Inc. 2,811,000
Exchanges for Crg use
95.114,000
88.839,000
97,108,000 Inc. 2.056,000
Due from other banks_ _
86,644,000
86.499,000
86,032,000 Dec. 487,000
Reeve In legal depos'les
9.824,000
10,232.000
12.288.000 Inc. 2,058,000
Cash in bank
463,000
1.068.000
344,000
807.0001Inc.
Reeve excess in F.R.Bk
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Dec. 17, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Dec. 17 1927.
Two Ciphers(00)
omitted.
That
Members of
A.R.System Companies.
1927
Total.
Dec. 10
1927.
Dec. 3
1927.
60.800,0
61.800.0
9,500,0
61,800,0
52,300,0
Capital
17,440.0 182,532.0 182.532,0 181.575,0
Surplus and profits.. 165,092,0
99,106,0 1,089,203,0 1,087.641,0 1,074,599.0
L'ns, Owls & invest- 990,097,0
44,383,0
880.0
40,099,0
41,735,0
39,219.0
Exch. for Clear. House
95,756,0 113,412,0
599,0 102,931.0
102,332.0
Due from banks
3,436,0 143,572,0 148,201.0 151,095.0
140,136,0
Bank deposits
54,534,0 691,319.0 690,473,0 692,067.0
Individual deposits- 636,785,0
24,616.0 209,241.0 211,143,0 214,579.0
184,625,0
Time deposits
82,586,0 1,044,132.0 1,049,817,0 1,057,741.0
961,546,0
Total deposits
5,500.0
8,738,0
9,931,0
9,931,0
Res. with legal depos75,678.0
72,052.0
70,614,0
70,614,0
Res. with F. R. Bank_
14,389.0
15,783,0
2,802.0
16,926,0
14,124,0
Cash in vault
95,567.0
96,573,0
12,733,0
97,471.0
84,738,0
Total res. & cash held_
80,072,0
81,818.0
10,319,0
81,132,0
70,813,0
Reserve required
In
cash
&
Excess res.
15,495.0
14,755.0
2.414.0
16.339.0
13,925,0
vault
* Cash in vault not counted as reserve for Federal Reserve members
3449
THE CHRONICLE
DEC. 24 1927.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 22 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3416, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC 21 1927.
•
Nov 30 1927. Nov. 23 1927. Nov 16 1927 Nov 9 1927 Nov. 2 1927. Dec. 22 1926.
Dec. 21 1927.IDec. 14 1927. Dec 7 1927
$
$
3
$
$
4
$
$
3
RESOURCES.
I
1,505,098,000 1,585,009.000 1.530.667,000 1,476,253.000 1,569.165,000 1,566.186.000 1.503.631.000 1.609,809,000 1,376,776,000
;old with Federal Reserve agents
40.072,000
65,407.000
49,238,000
53,925,000
46,190,000
41,594,000
47.006,000
47,952.000
41.168,000
Sold redemption fund with LT S. Tress_
Gold held exclusively agst. F. R. notes 1,559,023.000 1,632,961,000 1.576.857.000 1.525,491,000 1,610.759.000 1,607.354.000 1,550,637.000 1.649.881,000 1,442.183.000
554.358,0001 487,463.000 586.044.000 631,911.000 588.007.000 603,856.000 669.435.000 603,971.000 657,023,000
9014 settlement fund with F R. Board
;old and gold certificates held by banks_ 628,942.000 671,778,000 663,834.000 647,584,000 661,172,000 678,230,000 689,849.000 677,945,000 704,074,000
Total gold reserves
teserves other than gold
2,742,323.0002,792,202,000 2,826,735,000'2,504,956.000 2,859,938,000 2,889,440,000 2,909.921.000 2,931.797.000 2,803,280,000
115,219,000 125.764,0001 126,540.000 134,904,000 132.687,000 137,195.000 131.570,000 134,856.000 106,985.000
Total reserves
00n-reserve cash
Illis discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,857,542,000 2,917,966.000 2.953,275,0002,939,850.000 2.992.625,000 3,026,635.000 3,041,491,000 3,066,653,000 2,910,265,000
55,657,000
53,029,000
47,073,000
58,563,000
54,117,000
56,310.0001 53.728.0001 58.274.000
55,211,000
390.830.000
187,326.000
347,586,0001 294.613,0001 345,070.000
147,387,000 149,294,000 131,955,000
286.826.000
131,469,000
226.958.000
140,478.000
276.454.000
184.187.000
208,723,000
170.498.000
422.397.000
203,027,000
Total bills discounted
31115 bought In open market
J. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
578,156,000
365,772.000
494.973,000
381,125.000
443,907.000
379,998,000
477.025.000
354.740.000
418,295,000
326,710,000
367.436.000
333,807.000
480.641,000
336.413,000
379.221,000
334.576,000
715,424,000
387,593,000
276,390,000
53,907,000
257,655,000
270,980,000
59,245.000
267.670.000
266.243.000 264,732,000
56.105.0001 55.611,000
281.843.000 227.492.000
264,688.000
51,428,000
305.116.000
264,800,000
52,529.000
387,465,000
281,656,000
94.800.000
153,754,000
277,478,000
102,852.000
146,046.000
46,858,000
89,844,000
177,704,000
Total U. S. Government securities
3ther securities (see sole)
587,952,000
980,000
597,895.000
950.000
604.201,000
915.000
547,835,000
915.000
621.232,000
635.000
704,794,000
615.000
530,210,000
600.000
526,376.000
600.000
314.406,000
2,596,000
Total bills and securities (see note)
bold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
LB other resources
1,532,860,000 1,474,943,000 1,429,021,000 1,380,515,000 1,366,872.000 1,406,652.000 1,327.864,000 1,240.773,000 1,420,019,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
5,280,080,000 5,353.632,000 5,158,349.000 5,145,467,000 5.194.642,000 5,466.667,000 5,166,941.000 5,152.393,0005.236,603,005
Total deposits
Deferred availability items
Capital paid in
Surplus
1111 other liabilities
2,434,003.000 2,447.979.000 2,427.253,000 2,413,170.000 2,435,790,000 2,565,993.000 2,423,332.000 2,404.294,000 2,307,962,000
644,451.000 758.776.000 602,517,000 637,726.000 651,939,000 816.702.000 631,752.000 654,634.000 644,012,000
132,403,000 132,315.000 131.738.000 131,698.000 131,649,000 131,623.000 131,381.000 131,388,000 124,763,000
228,775,000 228,775.000 228.775,000 228,775.000 228,775,000 228,775,000 228,775.000 228.775.000 220,310,000
19,052.000
18.271,000
17,524,000
16.186.000
25,596,000
19,116,000
17,786,000
17,138,000
17,005.000
569,000
759,246.000
60.190.000
14,462,000
566,000
828.912.000
60,176.000
14.759,000
566.000
647.516,000
60.067.000
14.176.000
566.000
692.230.000
60.001.000
13.991,000
565,000
706,811,000
59,945.000
13,707.000
564.000
899.416.000
59,942.000
14.895.000
564,000
669,962.000
59,844.000
14.187.000
565.000
715,124.000
59.774.000
13,847,000
650,000
785,171,000
60,271,000
13,154,000
1,821,332,000 1,766,735,000 1,749,795.000 1.716,574,000 1,728,703.000 1,706.436,000 1.734,696.000 1.717,116.000 1,913.960,000
2,394.335,000 2,418,572,000 2,397.062.000 2,378.563,000 2,392,520,000 2,499.978,000 2,368.905.000 2,362,429,000 2,218,095,000
1,771.000
4,040,000
6.123.000
3,981,000
2,093,000
22.048.000
3.098,000
15,425.000
67,848.000
5,914.000
4,842,000
5.410.000
4,473,000
5,572.000
7,000.000
6,637,000
4.338.000
5,506,000
23,010,000
20.894.000
33,375.000
30.170,000
25,379,000
56,282.000
27,672.000
19,905,000
16,513,000
5,280,080,000 5,353,632,000 5,158.349,000 5.145.467.000 5,194,642.000 5.466,667,000 5,166,941,000 5,152.393,000 5,236,603,000
Total liabilities
Ratio of gold reserves to deposit and
71.1%
67.7%
68.7%
69.9%
66.2%
67.9%
67.6%
66,4%
64.4%
F. R. note liabilities combined
Ratio of total reserves to deposit and
74.4%
70.7%
71.9%
73.1%
69.2%
71.2%
70.8%
68,9%
67.2%
F. R. note liabilities combined
Contingent liability on bills purchased
52,437,000
223,870,000 201.112,000 187.587,000 186,186,000 186,781,000 184,253,000 182,795,000 186,595.000
for foreign correspondents
3
Distributitm by Maturities—
1-15 days bills bought In open market. 141,772.000
515,415,000
1-15 days bills discounted
22,470.000
1-15 days U. S. certif. of indebtedness.
100.000
1-15 days municipal warrants
113-30 days bills bought in open market. 99,627,000
20,455,000
18-30 days bills discounted
16-30 days U. S. certif. of indebtedness..
120.000
16-30 days municipal warrants
98,268.000
81-60 days bills bought in open market _
20,781.000
81-80 days bills discounted
81-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
24,786,000
61-90 days bills bought In open market _
13,368.000
01-90 days bills discounted
61-90 days U. S. certif. of indebtedness- 157,098.000
61-90 days municipal warrants
1,319,000
Over 90 days bills bought In open market
8,137.000
Over 90 days bills discounted
12,225,000
Over 90 days certif. of indebtedness..._ _
Over 90 days municipal warrants
5
153.976.000
438.526,000
46,165,000
$
155.324,000
386,039,000
59,932,000
8
137,746,000
412,153,000
5,064,000
5
111,725.000
354.146.000
83,122.000
$
117,708.000
301.989.000
165,540.000
1
120,217,000
374,863.000
$
139,458,000
301,645,000
$
157,087,000
583,639,000
100.000
88,522,000
16,835.000
77,774,000
17,465,000
71,372,000
19,893,000
64,913.000
18,668,000
65,940,000
19,447.000
65,543.000
31,230,000
64,157,000
20,295,000
80,459,000
37,193,000
100.000
107.092,000
19,288.000
155,000
115,489,000
21.386,000
100.000
108,980,000
27,224,000
97,576.000
26,525.000
76,603.000
27.885.000
69,864.000
32.612.000
62,167,000
34,175,000
96,000
86,642.000
52,688,000
90,000
29,673,000
11,844,000
29,346,000
11,440.000
55,000
34,501,000
10,912,000
35,000
50.366.000
11,394.000
115.000
70,578,000
11,273,000
100.000
77,645,000
15,404,000
100,000
66.033,000
17.054,000
1.862,000
8,480.000
221,505,000
2,065,000
7.577,000
221.921.000
2,141,000
6,843,000
222,428,000
2,130,000
7.562.000
221,994,000
2,978,000
221,925.000
6,842.000
3.144,000
6.532.000
153,754,000
2,761,000
6,052,000
146,046,000
-56,469-.000
33,150,000
20.000
6,936,000
8,754,000
177,584,000
F. R. notes received from Comptroller
F. R. notes hied by F. R. Agent
3,037,792,000 3,017,610.000 2.975,476,000 2,946,575,000 2,934.163.000 2,919,310.000 2,916.360,000 2,921,690,000 3,022.190.000
776,640,000 794,750,000 800.190,000 819,870,000 820,040,000 814.120,000 811,745,000 800,395,000 755,030,000
Issued to Federal Reserve Banks
—
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
2,261,152,000 2,222,860,000 2,175.286,000 2,126,705,000 2,114,123,000 2,105,190,000 2,104,615,000 2,121,295,000 2,267.160,000
Total
406,579,000 405.778.000 405,467,000
100,483,000
99,126,000 100,783,000
998.036.000 1,080,105,000 1.024.417.000
907,392,000 826,502,000 790,318,000
405,468,000 415.467,000 414.574,000 403.328,000 400,993.000 306,151.000
109,775.000 108,481,000 101.819,000
97,318.000 106,509,000 111,978,000
961,010,000 1,045.217.000 1,049,793.000 1,002.985.000 1.102,307,000 958.647,000
801.551,000 716.423,000 679.014.000 769,536,000 686.383,000 1,066,858,000
2,412,490,000 2.411.511.000 2.320.985.000 2_277_1414 000 2_2RA ARA 000 224F,200 non 2 222 1a7 ono 9 9041 109 ono -, AA2 1.2d no..
NOTE.—Beginning with the statement of Ost. 7 1925. two new toms 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 Foreign Intermediate Credit Bank debentures, was
changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities.' The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the Provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.21 1927.
Two cipher* (OM omitted,
Federal Reserve Bank of—
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneay. Kan. City Dallas. San /Pram,
$
RESOURCES.
13
Gold with Federal Reserve Agents 1,505,098,0 114,906,0
53,925,0 6,634,0
Gold red'n fund with U. B. Treas.
$
3
s
$
a
$
$
s
$
$
$
285,067,0 113,117,0 192,892,0 33.107,0 141,134,0 247,767,0 39.365,0 47,031,0 58,140,0 33,544,0 199,028.0
14,183,0 6,847,0 4,749,0 3,423,0 2,127,01 5,614,0 1,901,0 1,997,0 1,563,0 2,131,0 2,756,0
Gold held excl. agst. F.R. notes 1,559.023,0 121,540,0
Gold settle% fund with F.R.Board 554,358,0 27,712,0
628,942,0 31,873,0
Gold and gold certificates
299,250,0 119,964,0 197,641,0 36,530,0 143,261,0 253.381.0
238.205.0, 25.017,0 24,800,0 20,691,0 6,967.0 97,850,0
408.892,0 23,851,0, 37,548,0 7.967,0 6,995,0, 50.608,0
1
946,347,0 168,832,0 259,989,0 65,188,0 157,223,0 401,839,0
19,866,0 5,284,0 8,927.0 5,140,0 13,128,0 13,773,0
I
966,213.0 174.118,0 268,916,0 70,328,0 170,351,0415,612,0
16,609,0
952,0 3,499,0 4,415,0 3,525,0 5,833,0
Total gold reserves
Reserves other than gold
2,742,323,0 181,125,0
115,219,0 12,568.0
2,857,542,0 193,693,0
Total reserves
55,211,0 7,949,0
Non-reserve cash
Bills discounted:
Bee. by U.S. Govt. obligations 390.830,0 19,948,0
187,326,0 21.083,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds_
Treasury notes
Certificates of indebtedness_
Total 13.5, Gov't securities
578.156.0 41,031,0
385,772,0 45,022,0
276,390,0 15,516,0
53,907,0 2,464.0
257.655.0 18,197,0
41,266,0 49,028.0 59,703,0 35,675,0 201,784.0
19,354.0 14,416,0 25,819.0 14,831,0 38,696,0
10.780,0 6,104,0 6,422,0 7,319,0 30.583,0
71,400,0 69,548,0 91,944,0 57,825,0 271.063,0
11,538,0 3,803,0 5,750,0 8,809,0 6,633,0
82,938,0 73,351,0 97,694,0 66,634,0 277,696.0
3,433,0 1,103,0 2,040,0 2,007,0 3,846.0
141,827,0 35,441,0 57,397,0 8,879.0 13.317,0 49,694,0 17.537.0
50,967,0 13,688,0 18,242.0 19,872,0 22,422,0 18,750,0 5,294,0
1,586,0
1,985,0
8,558,0
8.041,0
3,081.0 33.565,0
1,797,0 5.185,0
192.794,0 49,129.0 75,639,0 28,751,0 35,739,01 68,444.0 22,831.0 3,571,0 16,599,0 4,878,0 38.750,0
78,896,0 41.661,0 19,745.0 50,976,0 2,302,01 66,203,0 4,569,0 19,034.0 7,975,0 21,750,0 9,639,0
51,471,0 17,433,0 35,028,0
9,315,0 6,398,0 8,974,0
93,242,0 21,833,0 17,509.0
,
6,225.0
713,0
5,514,0
5.946.01 48.894,0 18,869,0 11,678,0 21,223,0 18,101,0 26,006,0
1,145,0 5,575,0 7,433,0 4,411,0 2,723.0 2,444,0 2,312,0
6,692,01 31,744,0 11,861,0 7,811,0 14,396,0 11,099.0 17,757,0
,
3450
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Total.
Boston.
New York.
Cleveland. Richmond
Phila.
$
other securities
Atlanta.
Chicago. St. Louis. hlinneap. Ran. Cap
San Fran
Dallas.
3
100.0
980,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources..
IVOL. 12k'
260,0
620,0
1,532,860,0 122,230,0 423,718,0 136,554,0 156,895.0 92,179,0 52,084,0 220,860,0 65,563.0 47,125,0 02,916,0 58,272,0 94,464,0
569,0
216,0
52,0
37,0
47.0
25,0
21,0
20,0
15,0
67,0
18,0
17,0
34,0
759,246,0 68,471,0 197,059,0 66,128.0 71,848,0 57,403.0 30.585,0 94,354.0 35,683,0 16,904,0 45,187,0 30,247,0 45,377,0
60,190,0 3,946,0, 16,297,0 1,749.0 7,119,0 2,843,0 2,908,0 8,774.0 3,957,0 2,774,0 4,476,0 1,827.0 3.520.0
190,0
14,462,0
1,286,0
5,515,0
390,0 1,528,0 1,411,0
91,0;
740,0 1,435,0
425,0
579.0;
872,0
Total resources
5 280,080,0396,417,0 1,625,627,0 379,736,0 509,515,0 227,583,0 261,001,0 746,911,0 192,335.0 142,707,0212,756.0 159,583,0,425,809,0
LIABILITIES.
1 R. noted In actual circulation_ 1.821,332,0,150,681,0
Deposita:
Member bank-reserve &col_ 2,394,335,01153,060,0
Government
15,425,0 1,249,0
Foreign bank
4,338,0
363,0
Other deposits
19,905,0
304.0
955,770,0 133,865,0 180,852.0 72,208,0 68,207,0 354,294,0 83,356,0 54,822,0 92,860,0 66,807,0 178,234,0
692.0
808.01 1,310,0,
404,0
5,763,0
250.0
891,0 1,040,0 1,027.0
751,0 1,240,0
513,0
252,0
465,0
198,01
839,0
668.0
208.0
145.0
179,0
169.0
339.0
353,0,
384,0 1.029,0
9,688,0
227,0, 1,151,0
638,0
390,0
923,0
158,0, 4,660.0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
972,060,0 135,118,0 183.086,0 73,621,0 69.942,0 356,363,0 85,093.0 56,397,0 94,989,0 67,885,0 184,473,0
163,400,0 58,838,0 59,579,0 53,206,0 26,051,0 72,180.0 33,224,0 12,560,0 35,180,0 28.806,0 38,583,0
40,258,0 13,237,0 13,979.0 6,253,0 5,136,0 17,969,0 5,340.0 3.011,0 4,233.0 4,273,0 9.302,0
61,614,0 21,267,0 23.746,0 12,198,0 9,632,0 31,881.0 9,939,0 7,527,0 9,029,0 8,215,0 16,121,0
4,611,0
861.0 3,408,0 1,439.0 1,140,0
922,0 1.941.0 1,183,0
878,0
754,0 1,081,0
383,634,0 160,354,0 227.284,0 81,122,0,149,379.0 265,110.0 57,300,0 82,072,0 68,447.0 49.650,0 176,249.0
2,434,003,0 154,976,0
644,451,0 62,844,0
132.403.0 9,412,0
228.775,0 17,606.0
19,116,0
898.0
Total liabilities
5.280,080.0 396,417,0 1,625,627,0 379,736,0 .509,615,0227.583.0 281,001,0 746,911,0,192,335,0 142,707,0212,756,0 159,583.0 425.809,0
emorands!.
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign corresPond'ts
V. R. notes on hand (notes rec'd
from F. R. Agent less notes in
oiroulation)
67.2
63.4
65.5
45.4
66.9
58.2
61.9
59.8
9,541,0
6,656,0
8,209,0
7,766,0 15,531,0
140,828,0 32,763,0 29,870,0 15,014,0 29.647,0 57.264,0
6,670,0
5,846,0 10,270,0
9,013,0 59,123,0
63,454,0 21,300.0 23,519.0 11,537,0
439,820,0 43,512.0
77.7
9.097,0 30,619.0
61.0
71.3
223,870,0 16,641,0
56.7
77.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DECEMBER 21 1927.
Federal
Reserve
Agent
at-
Total.
Boston.
New York.
-
nazi.
$
Cleveland. Richmond
Atlanta.
Chicago. St. Louis. Minneap. Kan. Citg
Dallas.
Son Ara*
(00) omitted.
s
$
F.R.notes rec'd from Comptroller 3,037,792,0 251,193,0
V.R.notes held by F. R. Agent_ 776,640,0 57,000,0
3
i
$
$
$
$
$
5
800.092,0 216,117,0 296,484,0 122,435,0 231,026,0 473,074.0 80,460,0 85,237,0 114.337,0 73,765,0 292,672,0
276,480,0 33,000,0 39,330,0 26,299,0 52,000,0 150,700,0 16,490,0 17,319,0 35,620,0 15,102,0 57,300,0
1. R.notes issued to F. R. Bank_ 2,261,152,0 194,193,0
524,512,0 183,117,0 257,154,0 96,136,0 179,026,0 322,374,0 63,970,0 67,918,0 78,717,0 58,663,0 235,372,0
$
Two ciphers
Collateral held as security for
F.R.notes Issued to F. R. Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R. Board..
Eligible paper
Total collateral
408,579,0
100,483,0
998,036,0
907,392,0
$
I
205,150,0
40,000,0 29,831,0 18,978,0
7,350,0 12.667,0
17.303,0 40,000.0
19,917,0 13.240,0 12.892,0 3,276,0 8,656.0 2.767,0 1,515,0 2,364,0 4,280,0 3,241,0 17,729,0
60,000,0 99.877,0 140,000,0
113,500,0 245,000,0 30,500,0 32,000,0 53,860,0 13,000,0 141,299,0
257,048,0 76,646,01 93,734,0 73,539,0 37,959,0 134,478,0 27,351,0 22,100,0 24,473,0 26,579,0 47,432,0
35,300,0
10.606.0
69,000,0
86.053,0
2.412.460.0 2nn ono fl
n49 11n
n 1320
7fll
019130 ono n Ina Aso n
170
non n 2it2 94n
n
n1 an 121 n
AA 718
59 812 n
nn 122
n 248 son n
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 658 member banks from which weekly returns are obtained. These figures are 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 Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 3416, immediately following which
we also give the figures of New York reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS DECEMBER 14 1917. (In thousands of dollars.)
Federal
Reserve
District-
Total,
Boston,
New York
Phila.
Cleveland. Richmond
Atlanta.
Chicago. St. Louis. Minneap,
Kan. City
Dallas.
San Eras
Loans and Investments-total
$
$
5
$
8
21.658,177 1,536,159 8,214.120 1,205,491 2,098,668
$
699,195
5
$
629,704 3,175,221
$
731,227
$
392.660
$
644,227
$
8
442,804 1,888,701
Leona and discounts-total
15,292,803 1,054,396 5,861.302
787,737 1.394,271
527,482
506,055 2,289,608
537,102
283,167
425,560
343,389 1,302,734
124,846
6,414,554
8,753,403
11,502
43,011
374,280 2,844,324
668,614 2,973,967
7,904
414,193
365,640
15.317
608,360
770,594
3,163
163,921
360,398
5,238
19,814
118,416 1,026.596
382,401 1,243,198
5.095
213,038
318,969
2,344
92,810
168,013
3.612
124,885
297,063
2,759
88,979
253,651
6,365,374
481,76312,352,818
417,754
704,397
171,713
123,649
885,613
194,125
129,493
218,667
99,415
585,967
U. S. Government securities__
2,814,111
Other bonds. Stocks and securities 3,551,263
183,327 1,089,726
298,436 1,263,092
108.197
309,557
305,774
398,623
73,847
97,866
59,333
64,316
365,337
520,276
78,152
115,973
67,366
62,127
102,308
116,359
67,862
31,553
312,882
273.085
80,837
21,496
134,442
37;406
44,548
15,563
40,373
12,688
265,546
51,090
50,898
9.417
30,079
6,692
55,952
13.719
33,818
9,917
121,902
24,924
Secured by U. B. Gov't oblIga's
Secured by stocks and bonds_
All other loans and discounts
Investments-total
5,087
346,752
950,895
iteserve balances with F. R.Bank_. 1,786,214
:ash In vault
314,801
107.086
20,646
Set demand deposits
Dm. deposits
Joverarnent deposits
14,031,075
6,471.291
6,700
972,112 6,189,207
492.296 1,537,357
853
1,460
781.922 1,079.204
282,803 887,839
445
487
403,442
243,763
962
352,050 1,889,285
243,861 1,199,222
749
346
448,994
234,414
374
247,743
133,679
49
501,884
161.123
90
316,025
113,526
243
849,407
941,808
842
1,237,232
3,584,255
55,2911 138,329
159,983 1.359,877
57,545
175,093
103,426
262,497
57,967
133,373
89,301
132,489
252.526
485,570
60,701
158,174
52,190
102,833
125,856
225,838
72,980
131,734
173,120
258,794
lorrowings from F. R. Bank-total
353,308
30,3751 101,398
20,129
45,356
13,375
20,347
81,128
6,858
1,250
8,803
5.235
39,254
Secured by U.S. Gov't obliga•ns_
Al/ other
270,354
82,954
16,905
13,470
81,294
20,104
13,303
6,826
35,805
9,551
3,973
9,402
9,199
11.148
55,739
5,389
5,895
963
1,250
5,571
3,032
2.820
2,416
38,800
654
A cli
9(1
AA
45
AA
99
OR
51
24
AA
SR
Al
Due from banks
Gus to banks
gioorar nf tont...tint, hank.
1
819,835
91,243
71
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Dec 21, 1927
In comparison with the previous week and the corresponding date last year:
Gold with Federal Reserve Agent
Geld redemp.fund with U. S. Treasury
211927. Dec. 14 1927. Dec.11 1926.
$
$
$
285,067,000 340,067,000 163,059,000
14,183,000
16,618,000
15.502,000
Gold held exclusively eget. F.R.notes
Gold settlement fund with F. R. Board.
Gold and gold certificates held by bank.
299,250,000
238,205,000
408,892,000
355,569,000
155.545.000
436.433,000
279,677,000
254,594,000
456,775,000
Total gold reserves
Reserves other than gold
948.347.000
19,868,000
947,547,000
23.220,000
991.046,000
19,210,000
rota] reserves
lion-reserve cash
Sills discountedSecured by U. B. Govt. obligations__
Other bills discounted
966.213,000
18,609,000
970,767.000 1,010,266,000
12,811,000
16,509,000
141,827,000
50,967,000
100,048,000
28,387.000
146,971,000
27,273,000
Total bills discounted
-sills bought In open market
S. Government securitiesBonds
Treasury noted
Certificates of indebtedness
192,794,000
76,896,000
128.433.000
104,433,000
174,244,000
113,618,000
51,471.000
9,315,000
93,242,000
50,005,000
9.205,000
101,113.000
1,751.000
16,832,000
44,875.000
Total U.S. Government securities_
154,028,000
160,327.000
63,459,000
Total bills and securities (Si. Noten__.
423,718,000
393,193,000
351,321,000
Dec.
&SOW C48
-
Resources (Concluded)-
Gold held abroad
Due from foreign banks (Be. Noie)
Uncollected Items
Bank premises
All other resources
Total resources
Dec. 21
$
1027. Dec. 14 1927. Dec. 23 1916
$
$
216.000
197,059,000
16,297.000
5,515,000
213,000
225,041,000
16,287,000
5,897,000
650,000
185,558,000
16,740,000
919,000
1,625,627,000 1.627,907,000 1,578,265,000
Fedi Reserve notes in actual circulation.
Deposits-Member bank, swerve scot_
Government
Foreign bank (See Note)
Other deposits
383,684,000
955,770.000
5,763,000
839,000
9,688,000
368,618,000
953,246,000
72,000
974,000
9,920.000
421,548,000
867,061,000
28,762.000
1,002,000
7,888,000
Total deposits
Deterred availability items
Capital paid In
Surplus
All other liabilities
972,060,000
163,400,000
40,258,000
61,814,000
4,811,000
964,212,000
188.542,000
40.199,000
61,614,000
4,722,000
904,713,000
150,662,000
36,434,000
59,964,000
4,944,000
Total liabilities
Ratio of total reservers to deposit and
Fedl Ree've note liabilities combined_
Contingent liability on hills purchased
for foreign correspondence
1,625,627,000 1.627,907.000 1,578,265,000
71.3%
72.8%
76.2%
83,454,000
55,795,000
13,639,000
NOTE.-BeginnIng with the statement of Oct. 7 1925, two new ttetus 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 of Federal Intermediate Credit bank debentures. WM changed to "Other
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 diesounts, acceptances and securities aceiuired under the provisions of Sections ls and 14 of the Federal Reserve Act. which.It was stated are the only items included thereto
DEC. 24
1927.]
THE CHRONICLE
3451
Foreign Exchange.-
ia3;n tt
(17):1 e caL
To-day's (Friday's) actual rates for sterling exchange were 4.8734(gi4.8S
for checks and 4.88 5-16@4.8834 for cables. Commercial on banks,sight,
4.8734 ®4.87 X,sixty days, 4.833.4@4.84, ninety days, 4.82 3-16ig 4.82 H,
and documents for payment, 4.8334©4.84. Cotton for payment, 4.8734.
Wall Street, Friday Night, Dec. 23 1927.
and grain for payment. 4.87H.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93 X (4i
Railroad and Miscellaneous Stocks.-The review of the 3.9334
for short. Amsterdam bankers'guilders were 40.40©40.44 for short.
3434.
p2ge
on
week
this
given
is
Market
Stock
Exchange at Paris on London. 124.02 francs, week's range. 124.02 francs
124.02 francs low.
and
high
this
Exchange
sales
Stock
are
the
at
following
made
The
The range for foreign exchange for the week week follows:
week of shares not represented in our detailed list on the
Cables.
Checks.
Sterling, Actualpages which follow:
4.8894
4.88
High for the week
4.8834
4.877,4
Low for the week
Paris Bankers' FrancsRange Since Jan. 1.
Sales
Range for Week.
STOCKS.
3.9374
week
the
for
3,9334
High
for
IVeek Ended Dec. 23.
3.93 X
Low for the week
3.93 3-16
Lowest.
Highest.
Highest.
Lowest.
Week
Germann Bankers' Marks23.91
23.91
High for the week
Par. Share. $ per share. S per share. $ Per share.S per share. Low
Railroads23.8934
for the week
23.8731
50 98 Dec 17 98 Dec 17 98
Mar
Nov 110
Buff Roth & Pitts pf.100
Guilders
Bankers'
Amsterdam
19
Dec
21
Dec
7059 Jan 82
120 7734
Dec High for the week
82
Chic Ind et Lou preL100
40.45
40.44
10107 Dec 21 07 Dec 21 100
July Low for the week
Apr 108
C C C & St L pref._ _100
40.42 H
40.38
Clev & Pitts special...50 100 4859 Dec 20 4834 Dec 20 45 June 4894 Dec
Duluth 83& AU_ _ _100 15,500 4 Dec 21 7% Dec 22 259 Apr 774 Dec
Mar 1151 Dec
100 19,600 691 Dec 21 1151 Dec 22 4
Preferred
New York City Banks and Trust Companies.
81 Dec 21 8259 Dec 21 7691 Mar 84
Nov
DI Cent leased line_ _100 60
50 8634 Dec 20 87 Dec 17 80
Dec
50
Feb 89
Morris & Essex
Trust Cos. Bkl 4.8
Ind Ask
Banks.
50110834 Dec 2210834 Dec 22 10359 Jan 10854 Oct Banks-N.Y Bid
NY Lack & West-100
New York.
Dec 5034 Mar America* _ 385 392 Harriman.... 840
NY State Rya pref100 200j 25 Dec 21 25 Dec 21 , 25
Nov Amer thelon*. 225 230 'Manhattan' 589 696 Am Ex Iry Tr 407 412
Apr 70
Pacific Coast 1st (4..100 3501 63 Dec 22 70 Dec 23 1 34
of N Y
Bank
Dec
gut
643
_100
775
636
R
East
y
ad*
147
16351
Bowe.
20
30
Dec
Nov
pfd
168
Ch
Mar
&
2016334
Pitts Ft W
& Trust Co 705 715
Dec Bronx Born*. 625 650 ,Nat, nal City 735 740
July 115
So Ry M & 0 ctts_ _ _100 27 105 Dec 23 115 Dec 17 80
1 1e% Netti'de. t60 680 Bankers Trust 980 990
50 Dec 21 52 Dec 17 45
Nov 6534 Feb Bronx Nat_ _ _ 650 675 ,
Twin City Rap Tran_100
644 649 Bronx Co Tr_ 340
Bryant Park' 220 250
Penn Each... 230 237 Central Bob 1370 1385
Capitol Nat
Indus. & Miscall.405 415
600
rights.
23
Power
Dec
559
County
23
Dec
Dec
691
&
For
559
Bank
Port
325
651
310
Tr_
Dec
Morris
14,0001
Am &
Empire
445 450
705
Public
Austrian Cred Anstalt._ 1.2001 7254 Dec 22 7559 Dec 19 7259 Dec 8034 Nov Cent Mere Bk
* 4.4001 899 Dec 22 959 Dec 17 434 Mar 11
Dec
820 835 Equitable Tr. 408 413
& Trust Co. 295 300 Seaboard
Autosales
50
1001 39 Dec 20 39 Dec 20 28 May 4234 Dec Central.
235 245 Farm L & Tr. 690 697
214 220 Seventh
Preferred
1 389 Dec 21 389 Dec 21 389
Nov Chase__ 615 630 Fidelity Trust 355 365
Dec392
9537 544 State*
Bank of America_ _100
530 550
Fulton
270
59 Apr, 2
Dec
Rights__ __ 421x 4312 Trade*
Brit Empire Steel__ _100 1001 159 Dec 23 159 Dec 23
1
Apr; 759 Dec Chath Phenix,
3 Dec22
Guaranty Tr. 687 593
300
United
British 2d pref _ _100 90
Dec
280 289
Nat Bk & Tr 565 570 UnItedStates• 520 530 Interstate_
Bush Terminal rights_ 5,2001 391 Dec 23 434 Dec 17 351 Dec 5
100 109 Dec 23 109 Dec 23 10659 Jan 10934 June Chelsea Each' 323 328 Yorktown'.. 200 220 Lawyers Trust'
Cent Alloy Steel pfd_100
Dec Chemical.... 045 955
Dec 46
Mannfacturer 275 I 786
Brooklyn.
Chase Nat Bank rights._ 2,070 41 Dec 22 4559 Dec 191 40
Murray Hill._ 312 820
20 135 Dec 19 135 Dec 19 116
Dec Colonial'....1100
Jan 135
Coney island' 425
Colo Fuel & Ir pref__100
300 Mutual(WestCont Insurance new...1070,300 80 Dec 171 9391 Dec 211 7454 Dec 9391 Dee Commerce... 570 674 Dewey •
100 9334 Dec 17 9351 Dec 171 87
_ 250 300
July 9451 Nov Continental.* 350
chester)
Crown-W mette let pf..•
425 440
First
30 113 Dec 21 115 Dec 23 103
Feb12059 Aug Corn Each... 600 610 Mechanics'* _ 340 348 N Y Trust_ _ _ 895 702
Cwshmans Sons pf 8%-•
200 24 Dec 22 24 Dec 22 24
Dec 3034 June Coamsp'tan•. 400 450 Municipal'
420 430 Terminal Tr. 140 265
De Beers Mines
, 100 5 Dec 19, 5 Dec 19 134 Sept 5
Apr Fifth Avenue_ 2225
Emerson-Brant cl B....
410 420 Times Square 184 190
Nassau
Mar First
25 200 354 Dec 20, 354 Dec 20 351 Feb 8
Title Go & Tr 790 798
Fairbanks Co
800
3730 3780 People's
70 1059 Dec 21 11 Dec 17 1059 Dec 15 May Garfield. _ _ 500 520
10
(78 Mtg&TT 720 730
Preferred
"lilted States _ 2925
General Cable class A...0 7,800 60 Dec 17 6254 Dec 20 5559 Dec 6254 Dec Globe Each'. 270 295
Aug Grace
Geneml Gas & El cl B.•• 700 38 Dec 19 40 Dec 20 3559 Apr 48
325
Westchest'r Tr 1000 1166
*State banks.
Brooklyn.
Gulf States St'l let pf 100 120 104 Dec 1910534 Dec 21 9974 Jan 10834 Mar Hamilton.... 295 250 8 New stock.
10 27 Dec 19 27 Dec 19 2551 Mar 2934 May Hanover
Hackensack Wat pf A_25
Brooklyn.... 13 ,0 1400
1290 1310
Ex-dividend.
Hershey Chocolate....' 3,900 36 Dec 23 3834 Dec 17 3499 Dec 4051 Dec
icings Co__ 2500 .
V Ex-stock div dend.
'10,900 73 Dec 23 7559 Dec 19 7034 Dec 7499 Dec AU prices dolla /1 per share. y Ex-rights.
Preferred
'Midwood_. 280 290
100 400 10034 Dec 2310034 Dec 19 9959 Dee 101
Dec
Prior pref
100110 Dec 20 110 Dec 20 10334 Mar 110
Dec
100
lit Nickel pref
5
50 4351 Dec 20 4351 Dec 20 34
New York City Realty and Surety Companies.
Kuppenhelmer
Aug
Jan 53
20225 Dec 17 250 Dee 20 00
Mexican Petroleum...100
Apr 250 June
All prices dollars per share.
National Radiator
• 2.000 3834 Dec 20 3859 Dec 17 3691 Nov 3934 Nov
* 300 9751 Dec 23 9759 Dec 17 96
Ast
A sk1
Bid
Bet
Bid
Preferred
Ask ,
Dec 98
Dec
10117 Dec 23117 Dec 23 11454 Jan 120 May Alliance R'Ity 52
National Supply pref 100
60 I Mtge Bond._ .75
185 Realty AMOR.
1
(13klyi)wall 280 290
Niag L& Ont Pr pf._100
Amer Surety. 350 380 'Nat Surety.. 335 345
Apr
10011534 Dec 2311534 Dec 2111234 June 116
Norwalk Tire & R pf 100, 1201 45 Dec 191 45 Dec 19 3051 July 75
1st pref.... 99
98
Jan Bond & M G. 420 430 IN Y Title &
Paramount Fans Player-,
92
Mortgage_ 560 570
281 pref.... 59
Lawyers Mtge 332 338
66,700/ 191 Dec 171 251 Dec 22 I
Lasky rights
Dec/ 251 Dec Lawyers Title
Westchester
(US Casualty_ 400
6010234 Dec 17103 Dec 23 10034 Apr 106
Penick St Ford pref-100
Title & Tr. 600 650
May
& Guarantee 325 332
Phillips Jones Corp_ _*; 100 50 Dec 23 50 Dec 23 47
Jan 5734 Oct
Prophyl ctic Brush Co.*, 140 66 Dec 19 71 Dec 21 55
Sept
Feb 71
1016,500, 2559 Dec 21 2691 Dec 17 2554 Deo 2659 Dec Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Reo Motor Car
Richfield 011
25 12,000: 2514 Dec 21 28 Dec 17 2599 Dec 2834 Dec
DU.
Int.
Dec 17 1 Dec 19
1
99 Dec
Stand Gas & El rts____ 48,400
Dec
Raw.
Atha
Rid
Rate,
Maturity.
Rid. Asked.'
Maturity.
Universal Leaf Tob__*, 3,800 65 Dec 22 68 Deo 19 6059 Nov 6959 Dec
100 2001 391 Dec 19 391 Dec 19 234 Feb
U S Express
Sept June 15 1928... 359% 99"ss 99"ss, 'Bar. 15. 1928..
99"so
3% 99,,a
Aug 71
Warren Bros 1st pref..50 300, 5159 Dec 23 69 Dec 17 43
Dec Mar. 15 1925... 334% 99"n Mos. ; Sept. 15. 1930-2
100283
312% 100
4,5011 16 Dec 23 18 Dec 17 16
Dec 1854 Dec Dec. 15 i928.. 334% 99,oss 100 1 Mar IS 1930-32 3.4%
Rights
100%
10043
West Dairy Prod el A- 1.100 5491 Dec 21 5534 Dec 19 mg Dec, 57
Nov
1,1001 2599 Dec 20 28 Dec 17 25
Class B
Dec 2834 Nov
West Penn El pf (81.100
28010134 Dec 1910134 Dec 21110134 Dec101 91 Dec
CURRENT NOTICES.
*No par value.
-Canadian Celanese, Ltd., is analyzed in the December "Over-theUnited States Liberty Loan Bonds and Treasury
Bulletin" Just issued by J. Roy Prosser & Co., 52 William Street,
Certificates on the New York Stock Exchange.- Counter
New York.
Below we furnish a daily record of the transactions in Lib-Bank of Italy National Trust & Savings Association announce the
erty Loan bonds and Treasury certificates on the New York removal
of the bond department to the new California-Montgomery Bldg.,
Stock Exchange. The transactions in registered bonds are 48,5 California
Street, San Francisco.
given in a footnote at the end of the tabulation.
-J. E. Hale, formerly with Clinton Gilbert, is now associated with
J. K. Rice Jr. & Co., 120 Broadway, New York, in their bank and insurDaily Record of U. S. Bond Prices. Dec. 17 Dec. 19 Dec. 20 Dec. 21 Dec. 22 Dec. 23
ance stock department.
High 101"31 102
First Liberty Loan
101,631 101"ss 102
-Stevenson. Perry, Stacy & Co.. Chicago, announce that Irwin C.
101"ss
/
0
394 bonds of 1923-47._ Low_ 101"ss 101"s3 101"ss 101"s3 101"ss 101"ss Ernst has become associated with them as Manager of their Trading
Close 101"ss 1012In 101"n 101,on 1011,n 10114,3
(First 35910
368
41
597
54
Total sales its 21,000 units._
129
129 Department.
of(High
____
-Converted 4% bonds ofHigi
...... 10114n
---- -C. Cleveland Wheaton has become associated with J. A. Ritchie &
i932-47 (First 4s)
Low.
_.__
....-..... 1011,32
Co., Inc., as resident manager In Amsterdam, N. Y., under the Albany
_
__
office.
sales in $1,000 so Ia.__
Converted 434% bondsilligh 1031on 103",, 101a/ss 103,131 101ass 10-3-an
-Manfred S. Uhltelder announces the formation of Manfred S. Uhlfelder,
of 1932-47 (First 4 Ha) Loss. 103",, 10311 103,13 103,33 103oss 103012
Close 10310ss 103113s 103933 103"ss 10310, 103"31 Inc., with offices at 76 William Street, Now York, to conduct a general inunits_
$1,000
vestment business.
19
10
60
Total sake in
7
42
4
Second Converted 451% High
-American Exchange Irving Trust Company has been appointed transfer
bonds of 1932-47 (First Low.
agent
for 100,000 shares of no par value oommon stock of Pan American
Second 4348
_
_
.
_ -__
____
__ __
Total sales in $1,000 units_
Industrial Corp.
illigh
Loan
100,1n 100"ss 1005,31 10-thiss 10third Liberty
0-1iss 100",,
-William Tredick McIntire will be admitted to general partnership
,, 100'°,,100"ss
"
451% bonds of 1928.... Low. 100",,100",,100,1,2 100
Close 1002on 1001081 10025n 100"ss 100"ss 100"ss in the firm of Dominick & Dominick on the first of next year.
(Third 4341>
119
5
35
135
509
Total sales In 21,000 units...
59
-William C. Simons, Incorporated, Springfield, Mass., announce a
Itligh 103"31 103"ss 104
104,33 104
Fourth Liberty Loan
104
434% bonds of 1933-38_ Low. 103,,ss 103,033 103"ss 103"ss 103"11 103oss change of their corporate name to Pirnie, Simons & Co.
,Close 103"ss 103"ss 104
(Fourth 4 51 s)
103"s3 104
104
-Prince & Whitely, 25 Broad St., N. Y., are distributing an analysis
625
105
62
Total sales in $1,000 units... 1,140
6
141
High 115,731 115,111 115,1ss 1161,3 1151,31 1152231 of Anaconda Copper.
ry
I.ow_ 115"ss 1151,41 1151,ss 115", 115,,ss 11521,1
459s, 1947-52
-Otto Weisenseel has been elected an Assistant Secretary of James
Close 1151,8, 115"ss 115". ups. 115"ss 115"s1 Talcott, Inc., 225 Fourth Ave., N. Y. City.
115
173
60
26
Total sales In 51,000 units__
14
10
II 1g h
_ _ 110uss 110"ss 110"3 110"ss 110"si
-Morton Lachenbruch & Co., 42 Broadway, New York, have prepared
......_ Low.
____ 110"ss 110"ss 110": 1102,23 110"1, a circular on Nedick's, Inc, common stock.
414 1944-1954
Close
____ 110"ss 110"13 110"s 1102,132 110"si
-Clinton Gilbert, 2 Wall St., New York, has prepared an analytical
175
____
150
201
1
Total sales in 31,000 units__
31
{High 107,11,3 107"ss 107,18: 107"s 108
107"s, survey of Alliance Insurance Co. of Philadelphia.
Low. 107"ss 107181, 107"s3 107,83 107"ss 107,4s,
a m% 1940-1966
-The National City Bank of New York has been appointed registrar
Close 107uss 107"ss 10710n 107,,s 107"ss 107tie
175
1
362
11
549
Total safes 1/1 $1,000 unite__
2 for the common stock of the Mid Continental Coal Co.
{High
____ 1022.33 101,0ss 103
1028,11 102,1s,
-Dawes, Maynard & Co., Chicago, announce the removal of their
Low_
___ 102uss 1011,31 102", 102"ss 102"s,
5998, 1943-47
Close
____ 102"ss 1013•11 103
102"ss 102115 offices to 39 South LaSalle Street, Suite 1420.
1R
en
17
•.
21
frnew2 anlits in 11.000 unitt
-Ernest A. Waters has retired from partnership in the firm of Hale
Waters & Co., Boston, Mass., as of Dec. 19 1927.
Note.-The above table includes only sales of coupon
-Arnold & Co..60 Broad Street, New York, have prepared for distribubonds. Transactions in registered bonds were:
tion to investors a circular on Canadian Bankstocks, Inc.
10110,9 to 1011082162 4th 4518
103"ss to 103"ss
50 lot 334s
-Throckmorton & Company. 165 Broadway, New York, are distributing
103,11 to 1034n 1 Treasury 4515
115,83 to 115,ss
2 Ist4Ms
100"st to 100"ss
a new 44-page pamphlet on the Americanized investment trust.
19 3d 434s
3452
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 17.
Monday.
Dec. 19.
Tuesday,
Dec. 20.
Wednesday, Thursday,
Dec. 22.
Dec. 21.
Friday.
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH A RE
Range Since Jan. I 1927
On basis of 100-share lots
Lowest
Highest
$ per share $ per share $ per share 5 per share 5 per share $ per share Shares
Railroads.
Par 5 per share 5 per share
19412 19538 19312 19538 19338 19512 19214 19478 193 19412 193 1947 18,900 Atch Topeka & Santa Fe 100 16134 Jan 6 200 Aug 25
10612 10624 106 106
10534 10534 *10534 106 *10534 106
900 Preferred
10534 106
100 9933 Jan 5 10634 Dec 16
189 189
18812 18812 18812 18912 18838 190
189 189
18834 189
2.500 Atlantic Coast Line RE-100 17478 Apr 6 20513 Aug 1
118 11834 11734 11838 11712 1181 1173 1183 11712 118
11778 11878 33,700 Baltimore & Ohio
100 10613 Jan 4 125 Oct 4
8114 8112 8158 8134 8112 8112 8112 8112 8112 8112 81
8112 2,000 Preferred
100 7314 Jan 3 83 June 7
70
6912 7014 72
*69
7014 *69
*69
7012 70% 1,500 Bangor & Aroostook
70% 71
50 44 Jan 6 10312May 27
*11034 112 *11034 112 *11014 112
11013 11012 *11012 11131 *11012 11134
10 Preferred
100 10112 Jan 10 122 June 22
5712 5712 5712 11,100 Bkin-Manh Trac v t c_No par 53 Aug 3 7078 Jan 20
5714 5712 5714 5734 57
58
57
578 58
8412 *84
8412
8412 8412 8412 8412 8412 *84
200 Preferred v t c
*84
8412 *84
No par 78% Oct 29 88 Jan 4
18
1878 18
1878 1818 1938 1818 1858 1778 1838 1713 177 17,200 Brunswick Term & Ry Sec_100
713 Oct 24 1938 Dec 20
100 Buffalo & Susq pref
51
*5212 53
52
51
52
*51
53
53
*5214 521: 52
100 40 Apr 5 68 June 2
80 .77
80 .76
190 Buffalo Rochester & Pitts.100 7212Nov 7 115 Mar 10
80 •76
*77
77
76
76
7612 78
65
*64
65
*64
Canada Southern
*64
65
*64
85
65
*64
65
*64
100 59 Jan 18 65 Dec 8
212 21438 50,700 Car adieu Pacific
21212 214
21518 217
21334 21633 21314 21534 212 215
100 165 Jan 6 219 Dec 2
1,200 2nd inst. paid
212 212% +210 212
*210 21514 *210 212 nlo 214 .209 213
20318 Dec 7 21512 Dec 14
*9412 ____ *9412 ____ 0412 9412
___ *95
____ *95
20 Caro Clinch( & Ohlo
100 8358 Jan 4 9514 Dec 8
____
*105 _ _. *9412.•105
105 105 *104
10 C,Atlfs stamped
_ •104
•105
100 9812 Feb 4 106 Oct 27,
*301 31Central RR of New Jersey_100 285 Jan 4 348 June 11
2 *301 312 .301 31-5 *301 314 *301 iii *301 314
205 20612 205 20714 205 20678 205 205
20612 207
205 20612 11,900 Chesapeake & Ohio
100 15134 Jan 25 21812 Oct 3
*738 712
712 73
738 738
100
4% Jan 8 1038June 21
714 714 *710 714
714
714 1.000 Chicago & Alton
1178 11% 1218 1218 12
1114 1112 11 18 1118 2,400 Preferred
1218 *1112 12
100
713 Jan 5 1833July 2
43
600 Chic & East Illinois RR
42
*42
4214 4214 42
4212 4213 4212 4212 *42
43
100 3012 Jan 10 51 July 11
1.200 Preferred
72
73
+73
.72
72
7312 *72
73
72
72
100 43 Jan 6 8478 Oct 10
7258 73
*1234 13
1314 13
1234 128
13 --------1,600 Chicago Great Western
13
100
1314 13
812 Jan 8 2212May 2
Preferred
287 2938 28% 2912 2834 2938 2834 29
100 2314 Jan 7 4478June 2
29% 2912 2834 29
,
9 Jan 4 1938Sept 15
1758 18
1812 7.700 Chicago Milw & St Paul...100
1712 18
18
1714 1758 1732 18
18
18
1712 1712 1714 1734 1753 1738 1758 1734 1753 1731
17% 1818 .5,700 Certificates
100
9 Jan 4 1858Sept 18
100 188 Jan 3 343 Sept 13
3314 3338 3378 3312 34% 3334 3458 9,400 Preferred
3334 3414 3314 3313 33
3312 3312 3238 3238 3314 3314 33
3312 337
3312 3378 3434 7,094 Preferred certificates
100 18% Jan 3 3434 Dec 2
8712 86
87
8658 867
87
8534 8814 8658 8778 16,700 Chicago & North Western.100 78% Jan 27 97123ept 14
8512 87
200 Preferred
100 12414 Jan 3 150 Oct 6
14878 149 .145 146 *145 149 +145 149 *142 149 *142 149
10718 10734 10634 10734 107 108
107 108
10634 107% 107 10834 10,800 Chicago Rock 1s1 & PacItic..100 6812 Jan 4 116 July 14
3,000 7% preferred
109 109
100 10234 Jan 4 11134 Dec 1
10812 10812 *10812 10912 *109 10912 *109 10934 109 109
1,100 6% preferred
100 9514 Jan 28 104 Nov 11
10214 10214 10238 10238 102 10212 103 10314 10318 10318 10278 103
600 Colorado & Southern
1001 84 Jan 3 137%Ju1y 21
•115 121 *11412 121 l 119 119 *115 122 .118 120 *116 122
First preferred
1001 70 Jan 4 7712June 1
70 .75
78
79 , *74
*75
*7414 78
78
79 1 .75
*75
•72
Second preferred
100 68 Jan 14 75 Oct 21
84
*72
84 .72
*7112 84 I *72
84
*7112 84
84
1,500 Consul RR of Cuba pref...100 65 Aug 13 77 May 6
72
71
72
7138 *70
*718 72
73
7314 7214 721
71
100 7914 Apr 11 93 Dec 22
150 Cuba RR prof
93
93
93
.87
8812 .8713 8812 *8712 8812 8812 90
91
7,000 Delaware & Hudson
18434 186
100 171 18 Jan 28 230 June 6
18312 18512 18334 185
18634 18714 18313 18612 18414 186
136 138
8,800 Delaware Lack & Western_ 50 13018 Oct 22 173 Mar 23
136 13818 137 13953 13914 141
*13712 13814 138 138
900 Deny & Rio Or West pref..100 4118 Jan 5 6734June 9
*5512 56
5634 *551 56
55
55
*56
54
5312 5312 54
6214 6114 63% 63% 6512 6338 65% 8412 6514 115,100 Erie
6238 61
100 3912 Jan 3 69348cot 30
61
6212 6218 63
100 5238 Jan 4 6614 Aug 4
62
62
6218 6312 6214 6358 6258 633 17,500 First preferred
62
100 49 Jan 4 6412 Aug 4
1,000 Second preferred
61
6112 6112 6118 6112 6158 6134 *6114 62
61
*61
62
99% 9938 99
993
99
9912 10012 100 10038 11,400 Great Northern preferred...100 7958 Jan 4 10378Sept 7
9934 9988 100
100 8518 Mar 28 101 Sept 15
9838 9838 9878 988 9814 9814 9814 988
98
9812 9858 988 1.600 Prof certificates
2358 2414 237 2418 238 2418 12,500 Iron Ore Propertles..Na par
2338 24
18 July 11 283 Sept 20
2418 2414 233 24
58
58
5912 5912 58
5712 59
58
3,000 Gulf Mobile & Northern 100 3558 Jan 6 7638July 21
5812 57
5814 583
•107 10812 *107 10812 *10812 10812 107 107
107 107
300 Preferred
10712 10712
100 105 Jan 14 11214 Apr 27
15 Dec 14 307 Jan 3
•1234 16
*1214 15
*1234 15 .1234 1512 *1234 1512
Havana Electric Ry.... _No par
.1234 16
73*____ 7112 6912 6912 6912 6912 *_ _ _ _ 70
6912 Dec 21 8312July 21
__
300 Preferred
•____ 7
373% 37314 375 375
100 200 Jan 5 425 Oct 31
375 375 .350 375
280 Hocking Valley
.373 385 *373% 385
5114 501s 5013 5018 5014 5018 51% 4,100 Hudson & Manhattan
50
52
100 4012 Jan 3 8578May 10
523* 5058 517
200 Preferred
*8713 8812 *8713 88% 8812 8812
88
100 78 Jan 6 9012May 10
88
*86
88
*86
88
134 134
13478 135
1345 13434 13412 13512 135 135% 2.800 Illinois Central
*134 136
100 1211s Jan 10 13938 Oct 3
•13212 137 *132 137 .133 135 *132 135 *134 135 *13412 135
Preferred
100 12078 Jan 12 140 Oct 3
*8134 8234 *8134 823 *8112 8234
8214 8214 8178 82
450 Railroad Sec Series A__1000 74 Jan 4 83 Oct 20
*8214 83
400 Int Rye of Cent AmerIca 100 23 Apr 20 4212 Oct 7
3978 *33
*33
*36
40
40
39
*35
40
39
3978 *37
72
+6934 72
Preferred
*Oh 72
100 62 Apr 29 7414 Oct 7
*67
•6934 7112 *7012 7112 *7013 7112
3212 3278 3234 3234 32
3312 3278 33
32
33
5,400 Interbore Rapid Tran v t c_100 3012 Aug 31 521 Feb 20
3212 32
.3
312 *3
312 *3
312 *3
Iowa Central
314 *3
100
1 Jan 17
812 Feb 3
3% *3
314
60
6118 6012 61
6134 6012 61% *6014 61
61
60
100 4114 Jan 4 7012July 18
6034 9,900 Kansas City Southern
*7258 73
*7212 73
73
73
400 Preferred
*73
7318 731s 7318 7312 73,2
100 647 Jan 7 7312 Dec 23
96
95
96
94
968 947 06
9512 9312 9538 04
9514 8,800 Lehigh Valley
50 8812 Oct 29 13712June 9
154 154
•15214 154 *15212 154
900 Louisville & Nashville
1543 15512.15313 155
154 154
100 1283 Jan 14 159,, Oct 4
8014 8014 *7612 7812 7834 783
80
80
7814 7914 *78
280 Manhattan Elevated guar.100 7814 Dec 22 90 Feb 11
80
43
4234 4314 4212 4258 4213 4212 .4212 4314 2,200
100 4212 Dec 15 547 Feb 28
4314 4234 43
Modified guaranty
*5
6
*5
•5
8
6
5
*5
5
100 Market Street Rallway
6
*5
6
100
678June 23
438 Nov 3
*20
27
*20
27
*20
27
.20
27
*20
27
*20
27
Preferred
100 18 Feb 10 2518June 22
*49
53
*49
53
*49
53
*49
53
4812
*49
53
200 Prior preferred
48
100 4158 Feb 7 593 Aug 5
•12
16
*12
16
*12
16
*12
16
*12
16
*12
Second preferred
100 1112 Oct 27
16
1712June 22
*3
314
218 214 *3
600 Minneapolis & St Loul8_100
312 314 3,4
158 Jan 13
458 Feb 3
314 314
3,4
3,4
5112 52
50
53
51
.48
*52
5012 497 5114 5178 517
3,500 Minn St Paul & 88 Marle_100 27 Jan 6 5612 Dec 2
8418 8414 *84
*8512 87
200 Preferred
87
*85
88
*8412 88
100 50 Apr 28 8812 Dec 3
88
*84
100 Leased lines
68
*68 6812 68
68
*68
100 2314 Mar 25 71 Nov 25
68
.87
6834 68
68
*87
417 4214 4158 42111 4112 4238 4112 4233 4112 4213 41
4134 11,500 Mo-Kan-Texas RR_ _._No par 3112 Jan 6 &Panne 17
4,400 Preferred
110838 109
100 9534 Jan 4 10912 Dec 14
10858 10914 10812 10838 10812 1083 Z10738 10738 107 107
51 18 517 14,000 Missouri Pacific
100 377 Jan 4 62 Apr 23
511 5218 503 52
5158 5214 5112 515
5114 517
1133 11418 113 11334 11234 11312 11218 11312 113 11338 113 11334 14,000 Preferred
100 9018 Jan 4 11838 Nov 17
27
234
3
234
278
3
3
2% 3
5,2001 Nat Rys of Mexico 2d pref_100
278 2%
27
118 Aug 25
314 Oct 21
138 136 1+13614 141
301New Ori Texas & Mexico 100 121 Jan.1597,June 3
136 136
03512 138 *13512 138 *13512 136
100 1371 Jan 27 17112 Oct 4
16313 164341 16312 18434 164 16514 16358 16538 16312 16478 16334 1657s 87,000 New York Central
12512 126
2,300 N Y Chic dr St Louis Co_ _100,5110 June 14 24012May 20
126 12634 128 12612 12578 126
125 126 *125 126
110814 109
100' 102 Mar 8 10978June 15
GOO Preferred
10812 10912.109 10914 10914 109%
10878 10812 109 109
50 16712Nov 3 185 Apr 8
N Y & Harlem
.170 175 *170 174 *168 173 .168 173 *168 173 •168 173
100 413k Jan 4 6234 1)ec 23
6038 593 8158 6012 6134 6038 6134 6014 6234 139,000 NY Nil & Hartford
5988 6018 60
4,300 Preferred
11038 Oct 31 11458Nov 29
11312 11312 11314 11338 11338 11312 11334 11314 11314 1135 11312 1135
3212 3312 3012 3218 3038 3112 15.800 N Y Ontario & Western_ __100 2314 Jan 15 4134Sept 18
34
3312 34
33
3312 33
45 Dec 19 155 Jan 14
512 02 1,500 NY Railways pref ctfs_No par
534 534
*5
512
41
6
5
453 514
518
100 3718 Jan 14 0412June 10
49
600 Norfolk Southern
48
50 .46
48
*46
49
4912 4912 4712 48
*47
100 158 Jan 4 202 Nov 23
19114 1913* 19114 19134 3,500 Norfolk & Western
193 19314 19114 19114 19114 19234 191% 193
100 83 June 23 90 July 25
Preferred
89
*87
89
.87
*87
89
89
*87
89
*87
*8714 89
9938 9912 9814 991
9814 9914 9814 99
100 73 Jan 3 10218 Dec 3
9814 997
985* 993* 9,800 Northern Pacific
100 84 July 1 9978 Dec 5
9638 9678 3,600 Certificates
97
9712 9614 9758 0612 9612 9614 963 *9614 97
100 1514 Feb 3 3134 Dec 23
313
3,000 Pacific Coast
3112 3034 3112 303* 30% 30
29
29
29
31
31
6413 6478 10.000 Pennsylvania
50 5634 Jan 3 88 Oct 4
6434 6518 64% 65
6438 65
643 643
64% 647
100 20 Jan 25 48%July 20
38
5,000 Peoria & Eastern
.35
3638 3814 373 535
38
35
35
*31
36
*32
100 11412 Jan 6 1401 2May 28
900 Pere Ma•quette
126 12612 12514 12618 126 126 •125 128 *125 128 .125 123
200 Prior preferred
100 93 Jan 22 0914 Dec 23
99% .98 9912 *98% 9914 9814 99%
9912 *98
9812 *98
*98
100 8914 Jan 4 9712 Dec 9
400 Preferred
*9713 9314 97% 9714 *9714 98,2 *97% 9812 9712 9712
*9714 99
:Jan 18 174 May 24
100 1221
141 143 *142 143% .141 14512 1,000 Pittsburgh & West Va
14412 14412.14218 14412 142 142
50 94 Jan 4 12334June 9
104% 1065* 104% 10612 23.300 Reading
10334 105
10412 10534 10314 104% 10318 105
700 First preferred
42% 43
43
4312 4312 43
50 4013 Jan 13 4312 Dec 12
43
*4258 4312 *4258 4312 43
300 Second preferred
50 4334 Jan 12 50 Feb 18
46
*4412 4512 2443 443 *4414 48
*4434 4538 443 4434 *44
*56 18 58
57
100 43 Jan 7 69 May 27
*56
60
58
100 Rutland RR pref
57
*57
60
*58
61
*58
10718 110
100 10014 Jan 6 11714June 2
15,500 St 1.0111s-San Franclaco
109 1095* 10814 109
1073 110
10634 1073* 10612 107
400 Preferred A
100 96 Jan 27 104 July 11
10012 10012 100 10018 *99 100
.100 101 *100 101 •100 101
7733 4,400 St Louis Southwestern_ _100 61 Jan 6 93 June 17
7814
77
*777 78
7858 7812 7918 78
7718 78,4 77
915 +90
400 Preferred
915
100 76% Jan 8 02 Dec 13
9112
9012 9112 .88
*91
91
915
91
.90
3038 8,5011 Seaboard Air Line
31
3058 31
100 28% liar 31 4114 Feb 17
307 307
30
2914 2912 29% 2934 29
100 3212 Apr 28 4538July 25
393* 40
394 391: 4,700 Preferred
3938 3812 4014 3978 40
39
3714 377
12378 12458 12334 1253* 29,100 Southern Pacific Co
12312 12412 12331 125
100 10614 Jan 28 1287 Dec 10
12338 12438 12318 124
100 119 Jan 23 149 1)ec 8
1453 14814 10,800 Southern Railway
148 14618 14513 1468* 14578 14638 14538 14614 14538 148
1.000 Preferred
100 94 Mar 10 101% Dec 19
1007 10078 1008 10118 10012 10012 *10034 10114 *101 10114 101 101
100 101
99 101
100 5378 Jan 7 10378Nov 17
997 10033 4,800 Texas & Pacific
9.1
9958 101
"99 10014 99
31
1,500 Third Avenue
31
3058 31
31
100 2834 Aug 31 41 Feb 8
31
31
3114
31
31% 31
*31
104
1921
10,400
19312
193
19218
Union
19218
MO 15912 Jan 27 1975 Dec 3
Pacific
19414
192%
1933
3
19414
194
19388
800 Preferred
8434 844 8458 8.5
8418 84%
100 77 Mar 5 8534 Dec 15
85
85
85
85 .84
85
14,200 Wabash
100 4013 Jan 4 81 June
8578 6678 6514 8578 6512 66
6434 66
65
66
6514 66
300 Preferred A
93
93 .02
100 78 Jan 3 101 June
.92% 9312 .92
93
933* "9214 9312 *9212 94
100 Preferred B
93 .90
100 85 Jan 15 98 June
90
93
90
*30
93
*90
03
590
93
*90
5k 501
133 Jan 0 grow,.
23.100
Western
51
100
51
Maryland
49
4911
50
51
495
8
51
18
4912
5114
5118
100 23 Jan 7 °Vaunt)
50
5018 *50
900 Second preferred
51
507s
503 5034 *49
51
*50
52
*51
100 We Ayr 26 4712June 2'
3612 3,100 Western Pacific new
3618 3618 *36
371) 3678 37
38
36
361
: 3813 36
100 55 Apr 26 7838 Feb
6112 80'2 6134 6012 6134 6013 6012 6914 60% 2,200 Preferred new
618 8158 61
Wheeling & Lake Erie Ry..l00 2713 Jan 3 130 Feb
76
76
*70
76
*70
.70
76
.70
70
.70
76
*70
.77
kl
.77
32 .80
81
100 Preferred
AO
100 471t Jan 7' 97 May I.
50
• Bid and asked Nicer).
e Ex-dIvidend
,Ex-rights
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
$ per share $ per share
122 Mar 172 Dee
9418 Mar 102 Dee
18112 mar 26212 Jan
8312 Mar 10934 Sept
67% Jan
7378 Aug
Feb
33 Mar 46
977 Feb 103 Des
5418 Mar 777 Dec
78 Mar 8934 Dee
813 Mar
1858 NOT
40 Dec 50 Mar
6934 Mar 8734 July
68
Jan 81 June
14612 Jan 1701.4 Dee
_
-_-- ---- ---- ----__-_- -_-_-__- -_-_--- -----:
240- Mar 305- -Jan
112 Mar 17833 Sept
414 Sept 1158 Feb
618 may
1814 Feb
30 Dec 37 Feb
3612 Mar 5134 Feb
78 Mar 1218 Sept
1614 Mar 3138 Sept
814 Dec 1413 Jan
78 Dec
14
Jan
14% Mar 24 Aug
14
Apr 2358 Aug
6514 Mar 834 Sept
11812 Jan 12612 Apr
4012 Mar 7114 Dee
96 Mar 108 Dee
8314 Mar 98 Nov
62 Mar 9614 Oct
62 Mar 74
Oct
59
72 Sept
Jan
7212 Dee
6834 Nov
82 Sept 85 July
15014 Mar 18312 Sept
129 Mar 15313 Jan
3712May 47
Jan
2212 Mar 42 Dee
338 Mar 5514 Dee
30 Mar 5014 Dee
6812 Mar 8418 Dm
-18- Dec 2714 Feb
2518 Apr 4114 Sept
05 Mar 10912 Sent
30 Dec 31% Dee
9512 Dec 9718 Dec
147 Mar 214 Sept
3458 Jan
4112 Dec
8734 Mar 80 Doc
11312 Mar 131 Sept
11513 Mar 12913 Sept
711 Jan 77 June
24 Dec 31
Feb
62 Mar 60 June
2412 Jan 531 Dec
1
Aug
312 Jan
34% Mar 513* Sept
6058 Mar 8838 Sept
7512 Mar 108 Doc
118 Mar 144 Sept
84 Mar 923 Apr
3818 Jan 617* May
4% July
10 Feb
1913 Oct 40 Feb
3918 June 515 Feb
11% Oct2212 Feb
37 Jan
118 Dec
257 Dec 5212 Feb
Feb
50 Dec 79
60
Oct 6678 Feb
29% Oct 4718 Feb
82 Mar 9638 Dec
27 Mar 45 Sent
71% Mar 95 Sept
412 Jan
13 Oct
120 Mar 13212 Jail
117 Mar 14712 Sept
130 Mar 20412 Sept
93 Mar 106 July
Jan
17012 Nov 205
3058 Mar 48% July
1934 -Mar 2878 Feb
6
Jan 2014 Feb
277 Apr 443 Sept
13914 Mar 17078 Oct
8312 Nov 8538 Aug
651 Mar 8212 Aug
Jan
Oct 48
Mar 5718 Oct
Oct 2634 Jan
Mar 122 Dec
Mar 96 July
Mar 9174 July
Mar 13514 Dee
Mar 10114 Dec
Dec 42 Apr
Mar 45s4 Dec
42 Apr 81% Aug
85 Mar 10312 Dee
83:2 Apr 9712 Dee
5712 Mar 74 Feb
72 Mar 8014 July
2712 Mar 51 Dee
3112 Mar 4838 Feb
9618 Mar 11214 Dec
10358 Mar 13158 Sept
8712 Apr 9512 Aug
4218 Mar 6158 Jan
1313 Jan 43 Apr
14112 liar 16838 Oct
748 Jan 8114 Aug
Jan
337 Mar 52
68 Mar 7854 Jan
Jan
57 Mar 72
11 Mar 1858 Jan
,Sept
1632 Mar 243
2718 Dec 39% Jan
72 Dec 8634 Sept
Jan
18 Mar 32
37 Mar 5019 Jan
-15
4858
1578
67
70
70%
85
70
3934
40
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually Inactive. see second
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 17.
Monday,
Dec. 19. I
$ per share
per share l
Tuesday,
Dec. 20.
1Vednesday, Thursday,
Dec. 22.
Dec. 21.
per share $ per share
per share
Friday.
Dec. 23.
Sales
for
the
Week.
$ per share
Shares
fIllgt
STOCKS
NEW YORK STOCK
EXCHANGE
3453
preceding
PElt SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
$ per share
PER SHARE
Range for Prertota
Year 1926
Highest
per share
Lowest
Industrial & Miscellaneous.
139 141
4.900 Abitibi Power & Paper_No stir 83 Jan 27 143 Nov 30
112 113
2.103 Abraham A: Straus
No par 6214 Mar 26 11834 Nov 23
_100 109 Aug 11 11312 Feb 20
111/
1
4 1111
390 Preferred
/
4
1,200 Adams Express
100 124 Jan 5 210 Nov 17
190 190
*1212 1314
15/
1
4 Feb 9
100
758 Oct 24
1,800 Advance Rumely
100 2218 Oct 22 4534 Nov 9
3734 3734 1,100 Advance Rumely pref
1
618Sept 6
234June 2
3,2 334 9,200 Ahurnada Lead
par 13412 Jan 26 19918Ju1y 18
183 183
3.100 Air Reduction,
712June 15
1334 Mar 25
111
/
4 1134 131,300 Ajax Rubber, Inc
No par
1 June 18
1
214 Feb 18
1
1,130 Alaska Juneau Gold Min._ 10
18 Apr 21 32 Sept 6
*25
27
500 Albany Pert Wrap Pap_No par
101 101
140 Preferred
100 96 June 2 102 Sept 21
1
4 32,300 Allied Chemical & Dye_No par 131 Jan 25 1894 Sept 6
153 154/
123 123
500 Allied Chemical At Dye pref.
_100 120 Mar 11 124 Aug 4
114 11412 1.900 Allis-Chalmers Mfg
1
4Sent 15
100 88 Jan 25 118/
100 109 Feb 9 11212 Apr 21
Preferred
;1212 12-71138Nov 11
8 123, 1-2-3i 1218 1218
/
4 1212 3,400 Amalgamated Leather_No pa
2418 Feb 11
1112 1112 1178 1278 111
78
73
75
68 Dec 21 108 Feb 1
68
75
7012 6914 73 .72
1,100 Preferred
7938 791
/
4 .76
30
3012 3018 3118 3034 3118 23.800 Amerada Corp
2978 3012 3014 3114 3014 31
No par 2758 Apr 28 3758 Feb 7
1812 191
1718 1712 1718 1738 1738 1838 1778 1914
818 Apr 6 li,38 Dec 22
1
4 12.000 Amer Agricultural Chem..100
/
4 1818 18/
6118 6.512 6312 65/
1
4 63/
1
4 651
100 2814 Apr 6 66 Dec 13
6214 6358 8112 63
/
4 6312 6434 17,800 Preferred
97
*93
96
500 Amer Bank Note
9712 9712 9738 9712 9714 9714 0634 9634 .96
10 41 Jan 6 98 Nov 29
6014 60
320 Preferred
60
6112 60
60
(10
•6018 6112 .6014 6112
•60
50 5612 Jan 4 65 Sept 14
18
18
19
23/
1
4 Mar 14
1934 1634 18
18
.1634 17
2,400 American Beet Sugar__No par
.1634 18
.18
1518 Oct 2
4212 44
44
43/
1
4 4334 .40
42
40
600 Preferred
.38
100 35 Dec 8 6018 Jan 3
4212 41
40
/
4 2112 2114 2114 2118 2118 1.100 Amer I3usch Magneto_.No par
2138 211
13 Jan 20 2634 Oct 4
/
4 2114 2112 2118 2114 211
1
4 4312 x4234 46
4312 4234 4338 43/
1
4 4434 31,600 Am Brake Shoe & F newNo par 3512May 2 46 July 25
44/
1
4 4578 43/
43
123 123 .123 125
•124 125 .124 12578 •124 125 *12214 125
500 Preferred
100 11714 Feb 7 128 Mar 12
1558 1412 15
1618 16/
514 Aug 26 3912 Jan 5
1334 1412 1334 14,2 12.800 Amer Brown Roved El_No par
1
4 1512 1634 15
61
6078 61
59
60
59
62
59
6212 61
5718 5714
540 Preferred
100 40 Aug 19 98 Feb 1
/
4 Dec 20
1
4 7414 7514 354,200 American Can
/
4 761
/
4 7438 75/
/
4 7512 7758 751
7338 7438 7414 761
25 4358 Mar 31 771
-- 13812 13812 140 140 .140 142
137 137 .13514
140 Dec 22
•137
300 Preferred
100 128 Jan 1
103 10312 102 10378 10212 103
1041
10234 103
/
4 10614
103 106
980 American Car & Fdy_ __No par 95 July 13 10914May 27
•12712 ____ 128 128
12914 12914 *12914 ____ *1291
13434June 8
•12712
5.000 Preferred
100 124114 Oct
--103 103 .10014 10214 •9514 10212 *9834 10014 *9814
•10012 103
410014
100 American Chain pref
100 100 Nov 12 103 Sept 19
74
73
7218 7438 74
7138 7234 7158 7158 7158 72
6,200 American Chicle
72
No par 36 Jan 26 7434Nov 15
10434 10434 106 106
106 106
110 Prior preferred
•I0438 106 .10434 106
No par 90 Jan 13 108 Dec 6
1313 1334 9.700 Amer Druggists Syndicate_ 10
9/
1
4 Apr 20 1512 Nov 22
1334 1438 1334 14
13/
1
4 1334 1312 1334
13/
1
4 14
53
.52
*5212 5312 52
53 .52
5458 531
/
4 5318 .52
600 Amer Encaustic Tiling_No par 3838 Aug 1 5712Nov 30
5314
16612 16612 16412 16712 169 17334 3,500 American Express
167 187
16712 16712 187 167
100 127 Jan 17 183 Nov 17
/
4 30
2912 3018 2912 3014 301
2912 30,2 291
1874 Feb 17 31 Dec 16
/
4 3014 a2212 2334 41,500 Amer & Forn Power__No par
/
4 10738 107 10758 1071
10712 10758 1071
/
4 10714 10714 10714 107 108
2.500 Preferred
No pa
8812 Feb 15 10934 Dec 14
*1134 12
12
1218 •1134 12
.1134 12
1
4 Oct 6
400 American Hide & Leather.100
1134 1134 .1134 12
7/
1
4 Apr 26 12/
58
*5812 59
5812 5812 5818 5818 *5818 59
58
500 Preferred
100 48 Mar 1 66/
59
59
1
4July 20
6612 6678 8618 66/
1
4 6614 6578 6658 4,100 Amer Home Products__No pa
3038 Jan 3 71 Nov 14
6634 67
1
4 6618 6638 65/
3158 3012 3112 3018 3114 3014 3033 14.200 American Ice New
/
4 32
32 Aug 22
31
2534 Oct 21
No pa
3112 3178 311
.9014 91
*9014 91
.9014 91
700 Preferred
100 84 Jan 7 9612klay 7
00
9012 9012 9012 •904 91
58
58
587
5812 5814 59
8.300 Amer intermit Corp_..No pa
5734 59
5712 5734 5738 58
37 Mar 23 6078 Oct 28
612 6/
6/
1
4 6/
7
1
4 5,900 Amer La France & FormIte 1
1
4
714
612 61
614 678
718 714
4 June 4 10 Jan 3
65
65
•60
6434 64/
65
65 .60
200 Preferred
10
65
.60
85
13212June 7 9018 Jan 6
1
4 .60
6512 63/
1
4 6412 18.100 American Linseed
1
4 6412 62,
4 6612 8512 6712 65
2018 Apr 5 7212 Nov 17
1
4 62/
10
6412 65/
8478 85
8512 2,300 Preferred
8514 8414 8412 *84
.86
10
4658 Mar 19 9212 Nov 4
8814 8534 8612 84
10818 10878 108 10812 108 108
10712 10978 10834 10978 8,400 American Locomotive_No pa
10858 109
9914 Oct 22 118 May 18
12512 12512 1251
1
4 125 125
300 Preferred
.125 1253'125 125/
/
4 12514 *12514 12534
100 11912 Feb 23 127 July 23
175 17912 2.200 Amer Machine & Fdy__No pa
180 181 *177 180
187 18812 18014 18312 *181 184
7314 Jan 3 18812 Dec 17
241 241 .240 247
246 247 .241 247 *240 247
240 240
130 Preferred
100 1251
/
4 Jan 6 247 Dee 17
491
/
4 49,100 Amer Metal Co Ltd__ _No par 3618 Nov 3 4938 Dec 22
/
4 4778 49/
47
1
4 48
4734 4614 4714 4534 4678 4558 471
113 11312
320 Preferred
•11214 11738 112 11214 *11014 117/
100 108 Jan 6 11312 Dec 23
1
4 11014 11014 11114 112
'2113 2158 2112 2112 3,400 American Piano
2212 22
2212 2212 22
2214 2112 22
No par 2112 Dec 21 4314June 9
89
89
8911 .88
89/
1
4 .89
89
8912 .88
90
89
100 Preferred
8914
100 84 Nov 2 11014 Mar 24
1
4 6472 8572 6612 67
6618 661
/
4 66
6512 65/
66/
1
4 6534 661
/
4 12,400 Am Power & Light ____No par 54 Jan 27 7332 Oct 10
13234 134
133 13444 134 134
133 134
1331
/
4 13434 1341
/
4 135
4.600 American Radiator
25 11012 Jan 21 1477k Sept 16
105 106 .10318 104 .104 106
•108 109 .103 107
106 11112 1.700 Amer Railway Express__ ..i00 8712 Apr 4 11614 Nov 17
7212 7811 77
7118 72
7112 75
8112 78
80/
1
4 78
1
4 Jan 4 8212 Dec 23
8212 141,500 American Republics_ __No par 35/
57
57
57
57
5634 5634 5612 5612 561
/
4 5814 5734 5884 5,000 American Safty Razor._100 42 July 23 6478 Nov 21
1
4 540
4012 40/
40
4014 .40
1
4 4034 40/
40
40
1.400 Am Seating v to
No pa
381
/
4 Oct 22 51 July 20
401
/
4 40
212 Oct 22
6/
1
4 Jan 7
3
34
1
4
314
3
3
3,4 4,900 Amer Ship & Comm_..No pa
318
3,4
3
314 314
3/
11712 11712 .11512 118 .11512 119
11512 11512 *112 115
114 114
40 American Shipbuilding_...100 80 Jan 21 12334 Nov 28
176 1761
/
4 17512 17612 176 18414 181 18834 18412 18714 1841
/
4 18614 141.300'Amer Smelling & Refining _ 100 1321
/
4 Jan 25 1881 Dec 21
129 129
130 130 •130 132
12912 129/
1
4 130 130
1.000 Preferred
•12878 129
100 11914 klar 16 132188ePl 30
14114 14114 .141 144 •140 143 .140 144
•138 141 .139 144
100 American Snuff
1
4 Nov 23
100 11938 Jan 17 146/
102 102 *102 10612 .10214 10612 10214 106:
*102 106 .102 103
20 Preferred
100 9412 Jan 4 10812 Oct 13
6618 6734 65
6478 6534 6312 6618 6313 6434 (1312 68
6738 112.500 Amer Steel Foundries _ _No pa
4112 Apr 29 7234 Dec 13
*112 11418 .112 11418 .112 11312 114 1144 .112 11312.112 113i
300 Preferred
115 Jan 13
100 11014July
7512 75
761
/
4 7534 7812 7712 7934 7734 781 28,100 Amer Sugar Refining
72/
1
4 7378 74
100 6514 Nov 1
9534May 26
107 107/
107 108
•10612 108 *107 108
1.500 Preferred
1
4 107 107 *10634 107
100 104 Nov 2 11612May 26
1
4 6434 65/
6412 *6414 6412 6334 6438 6,300 Am Sum Tob v t c
1
4 6412 6514 64
6534 66/
4112 Jan 3 6834 Oct 13
No pa
31
30
30
30
30
30 .30
*20
30
30
*29
31
300 Amer Telegraph & Cable..100 26 Apr 1 36/
1
4 Aug 24
17814 17912 17834 179
18114 18234 x179 180
18112 182
17812 179
15.200 Amer Telep & Teleg
10 14014 Jan 3 18512 Oct 11
173 17412 .17212 17412 17112 17212 17018 172
•174 176
1711
/
4 175
4,60U American Tobacco coin.__.50 120 Jan 7 189 Nov 10
1
4 17238 174
170/
1
4 17212 17112 172
175/
1
4 17534 17212 175/
172 17512 10.700 Common Class B
5 1194 Jan 5 186 Nov 10
11734 11734
•11.7 11912 11812 11812
.118 119,2 .117 118
200 Preferred
10
11018 Jan 4 11912 Dee 12
.126 128 .12512 12812.126 12838 .125 129 *125 12812 12838 12834
200 American Type Founders_ _100 119/
1
4 Nov 7 146 Feb 18
.11018 111 *11014 111 .11018 111
11018 1101
/
4 .1101
/
4 111
110 110
60 Preferred
100 10714 Feb 6 118 Sept 29
60
583
4
60
5934 6034 59
5918
6012 58/
1
4 59'z 5934 60
7,000 Am Wtr Wks & Elc newNo pa
48 Aug 8 7218 Sept 28
10112 102
*10112 102 *10112 102
102 102
10118 10118 10138 10138
500 1st preferred
99/
1
4 Oct 28 10312 Dec 7
2114 2114 2034 2118 2012 2034 204 2012 1952 2014
1934 1978 10.800 American Woolen
1
4 Jan 5
100 1612June 7 33/
4912 4912 4914 49/
49/
1
4 50
491
4918
4918
47
4734 4812 5,900 Preferred
1
4
8612 Jan 7
100 4678June
1818 1878 184 1814
19
19
1784 1812 *18
181 .18
1812 2.400 Am Writing Paper ctfe_No par
24i4 Oct 19
972May 2
45
44
45
42
44
43/
1
4 411
/
4 42/
1
4 43
43
*43
44
2,200 Preferred certificates___ _100 2534 Apr
5714 Aug 23
7
7
7
7
7
7
.612 7
7,4 712
800 Amer Zinc, Lead & Smelt
.
74 71
/
4
104 Feb 17
25
534Sept
42
4312 .4114 4214 4112 43
4112 4112 .4134 423
4112 4112 1.600 Preferred
514 Feb 18
25 35 Oct 1
5738 58
58
55/
1
4 57
59
59/
1
4 5838 591
59
58
6012 250,700 Anaconda Copper Mining._50 4114June 2
6012Dee 23
6012 61
60
6014 61
591
5958 61
59
6012 594 60
10.100 Archer, Dan'Is, MidI'd_No par 38 Mar 1
6238 Nov 21
.113
.113
•113
*113
*113
*113
11312 Dec 14
Preferred
100 106 Jan
8512 85
851
/
4 8518 .85
8514 841
/
4 8434 8414 8478 841
/
4 84/
1
4 1.300 Armour & Co (Del) pref...l00 70 Oct 22 9614 Feb 16
1012 10/
11
111
/
4 1058 11
1
4 1018 104 10,600 Armour of Illinois Class A._25
1
4 1014 1012 1014 10/
814May
15/
1
4 Jan 7
57 49.400 Cies= B
51
/
4 612
5
6
6,1
518 6
5/
1
4 6
.572, 5
9/
1
4 Jan 6
25
5 Dec 22
6734 86,4 6712 66
67
6712 68
66 1 65
66
66/
1
4 65
1.300 Preferred
100 60 Apr 13 8614 Jan 27
511
54/
1
4 5212 54
/
4 5334 534 53/
1
4 53/
54
1
4 5334 5212 .5312 6.200 Arnold Constable Corp_No par 21 Apr 1 551 Nov 19
.25
/
1
4
26
.2512
26
•2512 26
*2512 26
.2512 26
.2512 26
Art Metal Construction....l0 22 Jan 11 32 June 24
543 11 4412 43
44
4312 421
/
4 43
41
44
4212 41
41
2,700 Artioom Corp
• No par 41 Dec 22 5434 Jan 6
•110 11112 •110 11112.110 11112 •110 1111 •110 11112 *110 11112
Preferred
100 10912 Nov 23 11412 Nov 22
51 18 49/
1
4 5034 49
50
4858 491
50
/
4 4818 48/
50,4 50
1
4 9,700 Assoc Dry Goods
/
4Nov 18
No par 3912 Feb 9 531
112 112 .111 114 .111 114
*I 1 1 118 .111 118 .111 118
100
1st preferred
100 9712 Mar 3 112 1)ec 21
120
.112
120
.114
120
.112 120 .112 120
.114 120
.112
2d preferred
100 105 Mar 23 114 Dec 2
39
3912 39
42
41
391s 3914 3914 3958 3958 *3912 40
260 Associated 011
25 35 Oct 20 5014 Feb 19
1
4 394 42/
*3912 3934 .3878 3934 3912 40
3814 3912 3838 39/
1
4 8,200 At' G & W 1 El El line__No per 3038 Mar 25 4312Nov 30
1
4 39
*3812 3934 4,35t2 40 .3812 3912 .38
39/
39
39/
1
4 401
/
4 1.100 Preferred
100 2934 Mar 25 4158 Nov 21
1
4 10812 110/
108 108/
10878 1091
1
4 10832 10834 8.500 Atlantic Refining
/
4 10834 110/
1
4 108 110
/
4 Aug 5
100 104 Dec 9 1311
•117 11814 117 117 •115 11814 *11512 11812 •I1612 11814 •11612 11814
300 Preferred
100 11512 Feb 1 119 Aug 20
83
83
64
.63
.63
64
64
634 64
.63
64
64
up/ Mar 17 70 June 9
600 Atlas Powder
No par
•10234 10312 10234 10234 10212 10212 102/
1
4 10234 •10234 105 •102/
1
4 105
40 Preferred
100 98 Jan 6 107 July 2
81
.8
812 *8
812 .8
.8
812 .8
812 .8
8/
1
4
Atlas Tack
No pa
714June 25 1218 Apr 7
/
4
1
4
412 41
.412 4/
/
4
438 412
41
/
4 41
412 412
1
4 2.300 Austin. Nichols&Co vtallo Par
4/
1
4 4/
44 Mar 22 104 Jan 3
.24
28
2412 2412 .24
26
24
*24
26
24
*22
25
300 Preferred
100 24 Dec 16 61 Jan 5
441
45
4434 45
9412 45
/
4 4434 4412 45
45
441
/
4 441
/
4 1.600 Autostr Sal Razor A__ _No par 43 Nov 12 4678 Nov 25
253 253
253 253
253 253
.252 253
254 25412 2,500 Baldwin Locomotive Wks_100 1431
25312 254
/
4 Jan 18 26534Sept 6
•12I 1211 •121 1211 12112 12112 12114 12112 121 121
12012 120/
1
4
600 Preferred
100 118 .1.1114 12514July 7
1
4 112
*110/
1
4 11114 •11034 112 *110/
•11012
11034 11034 •11012
10 Bamberger(L) & Co pref. _100 10634 Mar 30 11078 Dec 16
.5012 51
•50
51
.50
51
Si
51
50
50
•50
50
300 Barnett Leather
No
40 Jan 6 5972 Feb 9
.104
.104
*104
•104
_
.104 -- •104
Preferred
par100 9514 Mar 31 103 Nov 25
2514 25/
2518 2514 2514 2578 2514 26
1
4 2518 2512 254
-35.500
- Ramadan Corp class A
2
20/
1
4 Oct 8 3512 Feb 26
26
25
.25
.25
•2412 26
.2434 253 .25
26
25
26
100 Class B
2
2012 Oct 7 3212 Feb 28
106 10612 10512 10734 108 10612 105 105
105 105
10512 106
2.900 Bayuk Cigars. Inc
No par 4912 Jan 25 109 Dec 6
•108 1084 1084 10814 10814 10814 .108 10814 •108 10812 •108 10812
40 First preferred
101 Jan 10 110 Aug 19
10
15
1412 1514
1512 1514 15,2 1518 1558 15
15/
1
4 4.200 Beacon 011
•1412 15
No pa
14 Oct 14 1814June 7
7078 7012 71
/
7014 7138 6918 70 5681
4 69
70/
1
4 70
70
3,400 Beech Nut Packing
504 Apr 29 7414Nov 21
2
11618 11618
/
4 11618 11712 •11618 117 .11618 117 .11618 117
•1164 1171
80 Preferred
100 1141/ Jan 17 119 Mar 12
18/
19
19
1
4 19
2014 204 2012 51914 2012 19
1914 6.500 Belding Ilem'way Co__No
20
1512July 7 2714 Jan 7
5818 57
57
56
5712 •56
5712 57
561
/
4 56
58
58
10.200 Best & Co
No par 49/
1
4 Aug 25 5958Nov 15
5612 58
5614 5712 5712 5834 56/
5814 59
591
1
4 5838 31,300 Bethlehem Steel Corp
59
100 4514 Jan 27 6612Sept 8
13958
*112
11212
192
1314
•38
378
18678
1012
1,4
24
0978
15234
12112
11412
140
114
11212
102
1314
3912
418
187
1034
114
24
100
15478
12112
11434
13914
11312
111
189
1314
39
378
18678
1078
*118
.25
100
1515s
12214
11312
140381
11312
11212
189
1314
39
41
/
4
18778
1214
14
26
102
15438
12214
11438
13834
11238
11118
18334
1314
39
334
18314
1134
*118
.25
100
15238
12212
11312
13934 140
11614 11512
11114 111
18312
188
1318
1314
39
39
4
358
183
186
121
/
4 1112
114 *118
2612 2514
100
*9914
15378 15134
12212 *12212
11312 11312
14014 13834 140
11612 113 113
111
111 11114
185 .184 186
1338 13
13
39
39/
1
4 39
312 312
334
187
184 184
12
1114 1158
114
118
118
2612
2514 25
10112 9914 9914
153
15134 15534
12312 12314 12314
114
113/
1
4 113/
1
4
• Bid and asked prices; no sales on this day. x Ex-dlvidend. a Ex-rights,
Mahal
$ per share $ per share
70/
1
4 May
43 May
10418 Mar
9978 Mar
8 Dec
2878 Dec
4/
1
4 Nov
10714 May
718 Oct
/
1
4 Oct
2612 Oct
9614 Oct
106 Mar
11838 Mar
7814 Mar
105 Apr
1434 Oct
102 July
2414 May
Oct
9
3538 Oct
34/
1
4 Mar
55 Jan
2012 Sept
55 Nov
16 may
98 Sept
72 Dee
112 Dec
136 Sept
22 Sept
6534 Sept
/
4 Jan
91
14634 I)ec
16
Feb
278 Dee
2734 June
102 Dec
144
Jae
12234 Dec
94/
1
4 Jan
11112 Dec
21 Sept
115 Aug
3278 Aug
341
/
4 Jan
9612 Jan
48
Oct
5812 July
3834 Feb
83 Feb
34/
1
4 Jan
1101* Star
3014 Mar
8812 Mar
38/
1
4 Mar
121
Jan
9112 Mar
12012 Oct
_
31
Oct
88 Dec
44 Jan
1281,
50
9718
6318
13018
11474
13014
lOS7s Mar
144 Nov
Feb
Aug
Jan
Aug
Dec
Jan
Dec
-51
Jan
97 May
10/
1
4 Aug
140"
Or
79
7 Ma
3312 Ma
2358 Or
Jan
42/
1
4 Jan
98 Feb
1712 Feb
6714 Feb
3058 Dec
811, Oct
/
4 Jill
311
9/
1
4 De
9418 Dec
2558 Oct
67/
1
4 Oct
9014 Mar
116 Aug
6514 Oct
114 July
4314 Dec
11312 Apr
8658 June
4834 Feb
15/
1
4 Jan
103 May
52/
1
4 Jan
87
Jan
11978 Jan
12414 Dec
801/4 Aug
125 Dec
57g8 Feb
120 Feb
-9314 Mar 1041, Dec
50/
1
4 May nil Sept
10114 May 12232 Aug
77/
1
4 Mar 90 Des
Jan
39/
1
4 Nov 74
42 Apr 7034 Aug
--E;si Dec 11-7; Kfai
155E2 Apr
11278 Mar
1211
/
4 Oct
95/
1
4 Nov
40 May
11014 Sept
6514 Apr
100 June
294 Aug
2512 July
13958 June
11138 Mar
11018 Mar
10618 Jan
114
Jan
10212 Aug
IT52- Aug
12238 Dec
Feb
165
105 June
47 Aug
115 Feb
8714 Nov
11012 Nov
44 Dec
4118 Feb
141
Dec
124/
1
4 Sept
124 Sept
113 May
135 Feb
10814 Dec
19 June
66 Apr
9)4 Dec
12 Aug
5/
1
4 May
20 May
4112 Mar
34/
1
4 June
100 Mar
9014 May
1318 May
5/
1
4 May
Apr
80
18 Apr
1918 Jan
4634 Sept
108 Mar
3714 Mar
96 Mar
102 May
4434 Jan
Oct
29
3314 Oct
97 Mar
427k Jan
-12;
Jan
1218 Feb
54 Dee
511
/
4 Aug
44/
1
4 Jan
108
Oct
9778 Jan
2512 Feb
17
Jan
93 Feb
311
/
4 Jan
2334 Oct
6312 Jan
113 Dec
54/
1
4 Jan
10212 Jan
110 Dee
60 Mar
8838 Jan
5614 Jan
12838 May
120 June
64 Nov
97/
1
4 Dee
1712 Jan
28
Jan
93 Jan
11518
54
94
8
7/
1
4
54
Oct
Mar
Jan
Oct
Oct
Nov
105
Mar 16758 Dec
Mar 11014 Nov
_
102
Apr 104 July
231 May 3312 Jan
2212 Oct 3912 Jan
39 Mar 5538 Nov
98 May 102/
1
4 Dec
5214 Oct /1-78 Feb
11412 Apr 11458 Apr
26 Dec 39/
1
4 Jan
_
3714 May
'ise-pi
New York Stock Record-Continued-Page 3
3454
For sales during the week of stocks usually inactive. see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 17.
Monday,
Dec. 19.
Tuesday,
Dec. 20.
Wednesday, Thursday,
Dec. 22.
Dec. 21.
Friday.
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscel. (Con.) Par
$ per share $ per share S per share
900 Beth Steel Corp pf (7%) .100
11734 11812 11734 118 *11712 11838
10,300 Bloomingdale Bros_ _ _ No par
4012 5112 4778 4912 4578 47
160 Preferred
100
110 110
11014 11014 *10978 110
100 Blumenthal & Co pref.. 100
94
94
93
93
*9014 93
5,200 Bon Aml, class A
No par
66
6678
6512 657
6512 68
1,100 Booth Fisheries
No par
55
512 *5
514 55
514
400 1st preferred
100
*41
48
*41
48
4114 45
600 Botany Cons Mills class A_ _50
21
21
2212
*20
2234 *20
23,900 Briggs Manufacturing_No par
24
243
2314 24
22% 24
2,200 Brooklyn Edison. Inc
100
19434 196
19512 19612 194 195
3,400 Bkiyn Union Gas
No par
14614 14614 145 14734 145 145
16,700 Brown Shoe Inc
No par
4038
4958 48
4612 4914 49
10,200 Brunsw-Balke-Collan'r_No par
3234 3438
3412 35
3412 347
2,500 Burns Bros new clAcomNo par
100 10212
*9912 10012. 9912 103
1,000 New class B com ___ ,No par
1714
1714 1712
1714 1712 *17
100
20 Preferred
99
*9834 9934 *9834 9934 99
2,300 Burroughs Add Mach_ No par
14014 14012 141 14312
13914 140
new_
_No
par
8,300
Bush
Terminat
6212
6218
6312
613
4
6258 63
100
710 Debenture
11012 111
11014 11178
109 111
120 Bush Term tildes. pref __MO
11312 11312 11634 1167* 11634 11634 11634 117
115 117
5
4%
5
9,900 Butte Copper & Zinc
438 5
412 412
412 412
48 412
100
4612
200 ButterIck Co
4612 *4514 4614 4614 4614 *45
46
*45
*45
10
1018 1034 1014 1012 6,800 Butte & Superior Mining
934 1014 1018 1034 1034 1114
No par
500 By-Products Coke
*70
7212 7234 7234
1170
73
75
*70
73
*70
No par
98% 157,300 Byers & Co (A M)
8614 9078 90% 11018 9712 10234 9634 10114 97
*11118
51, Preferred
100
*11112
11138 11112 *11118 ____;*11118
7618 777 36,600 California Packing_ _No par
79
76 -7-858 77
73
7434 7334 75
25
2318 237 26,200 California Petroleum
2412 2314 24
24
2458 24
10
134
178 1,200 Callahan Zinc-Lead
134
178
134
134
134
134
134
134
10
10834 11058 110 11914 11678 12312 118 1203* 11714 11912 149,500 Calumet Arizona Mining
25
2314 237 125,700 Calumet & Hecla
2334 2412 2318 24
2114 2218 2118 24
33,800 Canada Dry Ginger Ale.No par
5338 543* 537855
5338 5414 5314 5412 5338 5378
100
7,100 Case Thresh Machine
270 27278 272 273
270 27112 268 271
270 274
____
600 Case Thresh Mach pref _ _ _ _100
126 126
126 127 *123 129 *123 128 *122
20,800 Central Alloy Steel--No Par
30
318o 2297s 31
2818 2878 28% 288 28% 30
2412
100
Central Leather
*2212 24
24
*22
*22
2412 *23
2412 *22
100
Certificates
100
Preferred
*11515- :::: ______
'100
*inoPreferred certificates_._. 100
600 Century Ribbon Mills_ _No par
*1222
-1222 1212 1214 1214 -12- Ii100
85
10 Preferred
87
*85
8634 85
87
*85
87
*85
*85
87
1185
66% 6712 67
7112 7034 7212 85,100 Cerro de Paso Copper_No par
6738 66% 6712 6718 7053 69
543* 5434 54
5314 53
5412 53
5414 53
533* 5212 534 10,000 Certain-Teed Products_No par
100
100 1st
•11314 11834 *11314 11834 *11314 11834 *11314 11834 *11314 11834 11834 11834
200 Carlo prefd*70 Corp
No par
71
*7014 71
*70
71
*70
71
7014 7012 *70
71
*612 6
6
6
6
6
6
6
6
6
534 534 1,200 Chandler Cleveland MotNo par
No par
167* 1658 1718 1612 1612 8,000 Preferred
15
15
1478 1512 1514 1634 16
No par
8134 8212 81
82
8034 82181 80% 82
8034 81,2 8034 8178 18.200 Chesapeake Corp
2,900 Chicago Pneumatic Tool_ _100
133 135
132 133
•132 134
133 133
132 132 11131 133
230 Chicago Yellow Cab_ No par
*4212 4314 4212 4212 24212 4212 4214 4212 *4158 424 4134 4134
No par
52
5214
1,800 Childs Co
52
53
5312 *53
5312 53
53
5212 5212 52
25
4012 4078 4058 4112 4034 413* 4058 4218 4138 4234 4258 4438 189,100 Chile Copper
5
Chino Copper
69121,500 Christie-Brown tern ctfeNo par
67
6712 66
67
716
7- -69
*67
6778 *67
67% 67
No par
6012 6114 6018 6034 6018 62% 6138 6212 6112 6214 6112 6314 247,500 Chrysler Corp
Na par
1,400 Preferrea
*114 115 *114 11412 11414 11412 11412 114% 11412 11412 *11412 115
400 Clry Stores class A___ _No par
*5114 533 .5114, 5334 *5212 5334
54
*52
*5112 55
53
54
No par
6114 6114 6134 6112 6134 6,100 Class B
6078 6118 81
59
5012 61
1158
7712 7712 7712 7714 7814 7812 7812 1,600 Cluett Peabody & Co No par
7718 7712 7712 7712 77
100
Preferred
*121 12434 11121 12434 *121 12434 *120 12434 *120 12434 *120 12434
No par
27,500 Coca Cola CO
128 12912 12834 130% 12812 129
129 131
129 131
12012 129
11018 101
11014 10278 102 10438 10112 10438 10138 10272 10112 10334 53,100 Conine & Aikman new _No par
100
900 Preferred
109 109
109 109
*108 109 *108 10812 10812 108% 108 109
100
8314 8558 8234 8478 51,500 Colorado Fuel & Iron
8278 8234 8614 8258 855
8214 8312 82
92
9212 914 9212 4,300 Columbian Carbon v t cNo par
92
93
9212 94
9212 94
94
94
$ per share $ per share
118 1183* 118 118
4512 4618 4534 46
110 11014 *110 11134
9234
91
91 14 *91
66
6604 6618 67
5
5
*5
514
*45
50
*45
50
21
2114 218* *20
2312
23
2334 23
195 19734
195 195
144 14614
144 144
48
4812 48% 4834
3318 3334
333 34
99
99,8 0914 9912
1712 1712 1712 17%
*9834 9912 *9834 9912
142 14312 14312 144
6112 6134 6112 61%
111 11178 011014 111
$ per share
*11712 11818
*4912 51
*11012 11134
*9314 94
66
66
5
5
*41
49
*20
22
2338 2378
19712 19812
147 14714
1146
4612
3412 347
*9912 102
17
17
9834 9934
*13912 14012
62
6258
110 11014
*115 11634
412 412
4512 4512
934 10
74
7518
8512 8712
*111 11138
7312 7312
237 2438
134
134
109 11078
2218 2278
5312 5414
27234 27314
*124 127
28% 2834
*22
2412
911, 9178 91
10712 10712 *108
67
6814 64%
23
2278
23
2318 2312 *2312
24%
25
25
88
884 89
5814
*5818 60
101 101 •10014
*935
*9558 96
172 17414 17012
50
50
53
27% 2814 2712
8318 8512 8314
*14
%
*14
8238 8234 8314
*99 10012 10014
18
58
12
118 11914 11714
1024
*10214 103
312
312 322
5134 5214 51%
058
5% 5%
9134 9134
10814 10818
6734 Ms
2'2% 22
24
52318
24% *24
8812 8834
6012 58
____ *10014
96
*9358
17434 x16814
51
51
28% 2712
8312 8318
38
*14
83% 8312
10014 10014
12
38
11814 11712
10278 10234
312
338
5212 5134
54
6
925* 9112
10814 10812
67% 651
2214 2112
• 2312 * 2318
2478 25
8834 8812
581s *5618
101 *10014
*9338
95
167
170
5138 5114
2834 2712
84
8214
*14
38
8414 83
10014 1199
58
1187* 117
10278 10278
338
3,2
5214 5012
612
6
9218 91
9138 90% 9112
10812 10838 108% 10834 10834
6534
66
65
67
65
22
2088 2114 2114 2114
2314 *231 2314 2318 2318
23
2334 2354
*24
25
8834 8834 884 8834
89
5614 57
58
5612 57
*10212 ____ *10212
*9434 96
94
94
95
17038 166 18712 16634 16712
51
5114 *5018 503* 51
2738 29
2812 2714 277
8122
83
81% 8212 80
38
*14
38
*14
38
8378 84%
9912
*99
34
%
11612 118
10214 10214
33
3,2
24812 49%
53* 534
9614 96% 961 4 96% 9634 964 9614 9634 9534 9614 x9312 9414
8678 845* 8834 84% 85
84
8412 841 4 8478 8412 8618 85
124 12412 *12112 12412 *122 12412 *122 124 *122 124
*12314 124
341
324 33914 305 320
335
310
300
301
300
297 300
1034 11
1034 11
1078 11
1114
1034 1114 108 11,4
11
6514 6612
6514 67
643a 66
66
6438 6514 63% 6438 64
14214
13712
140
*140
141
*13712
138
13712
•13712 141 *13712 143
11512 11578
117 11734 11116 11812 11534 116
11714 11738 11634 119
93
92
9312
877
8
903
4
9014
88
8714
8712
8814 8812 8712
11108 11212 *108 11212 41111 11212 11212 11212 *111 114 *111 114
2718 2838 2712 2734
2878 2712 28
29
2918 2834 2938 28
73
73
7%
634 7
714
71 1 712
6% 75
6% 634
2078 3014
3014 31
3014 31
32
3014 3014 3012 3238 31
21
2112
2014
21
2112
21
2238
2114
217
8
2012
2018 20%
1199 103
*99 103
*9834 103 *100 103
99
99
•100 103
1112 1134 1112 13
1112 117s
*1112 1212 1212 12% 1214 1214
52
5118 5234
508 5218 514 5238 51
5534 57,4 52% 55
614 6278 61% 62%
6114 65% 6014 6334 6114 6234 6138 63
116 116
118 118
115 118 *115 119 *115 120
116 116
135 135 *136 145 *136 145
*134 139 *134 139 11135 142
*11612 120 *11612 120 *11612 120 *11812 120 *11612 120 *11612 120
*4812 5012 *4812 5012
114812 50
50
*4812
50
50
51
.49
4012 4258 41% 43%
3934 41
3934 418
4114 395 402
40
11614 11634 117 117 0117 11734
11512 116
116 116
116 116
163
163 *16318 165
163
165
163
2165
16514 16512 *165 16512
4038 4112 404 4012
40
4034 24012 41
4012 4114 4034 403
13718 13718 138 13812
137 139
138 13834 138 13878 13714 140
1914 1978
1918 1938 1914 2038 2018 2078 194 203* 198 2018
7234 7438 7158 7312 7212 7314 7238 7318
71
713* 713* 73
3
3
1314
13
13
123
4 13
1318
1314
133
4
13
1312
1312
1318
84
8412
85
9912
*99
100
5,
5
5
11734 11612 11712
10212 10278
103
35*
312
33*
5012
5178 49
6
512 534
i1-2 -58i-2 -"iii-s 6138 5888 6012
11514 11538 11538 11512 11512 11512 11512 11512
166 167
169 16934 18714 16714 166 167
*12814 130 1112814 130 *12814 130 *129 130
2612
27% 2612 2712 26
2714 2778 27
320 323
31834 32238 322 324
319 322
__
*117
11718
1111638 ____ 1111711718
1118 1118
11
11
1078 1078 11 -1-19012 9834 99
9912 90
99
903 100
1638
1512 1578 1514 1578 15
1538 16
32
3012 3138 3018 3114 3114 3238 31
12214
1
12214
_-__
____ *122 4
•12238 ____ *122
107 107
510712 10734 10734 107% *107 108
918 914
838
818
818 838
87s 838
7612 7788
7814 7818 78
7e9s 778 77
day
this
• Bid and asked prices; no sales on
7,000 Colum Gas & Elee new _No par
100
1,000 Preferred new
13,800 Commonwealth Power_No par
2,500 Commercial Credit... No pa
25
80 Preferred
25
40 Preferred B
510 let preferred (6 IS%)---100
3,300 Comm Invest Trust__.No par
100
10 7% preferred
200 Preferred (634)
100
10,900 Commercial Solvents__ No par
3,400 Conde Nast Publica_ _No par
76,800 Cougoleum-Nairn Inc, No par
No par
10,300 Congress Cigar
Conley Tin Foil Mod_ __No par
16,300 Consolidated Cigar. _..No par
100
200 Preferred
5,300 Consolidated DIstribersNo par
29,700 Consolidated Gas(NY) No par
No par
2,600 Preferred
8,000 Consolidated Textile_ _ No pa
12,200 Continental Baking el ANo pa
No pa
20,400 Class B
100
5,300 Preferred
35,200 Continental Can, Ino_No Pa
100
160 Preferred
2
5,400 Continental Insurance
10,600 Continental Motors_ _-No Pa
50,200 Corn Products Refining_ _ _2
100
800 Preferred
No pa
6,000 Coty, Inc
37,500 Crucible Steel of America-1(10
100
100 Preferred
No pa
14,600 Cuba Co
No pa
7,600 Cuba Cane Sugar
100
9,100 Preferred
1
35,300 Cuban-American Sugar
10
400 Preferred
3,700 CubanDom'canSug newNo pa
6
51,000 Cudahy Packing new
27,300 Curtis Aer & Mot Co.-NO Pa
10
500 Preferred
..No pa
100 Cushman'a Sons
Cushman's Sons pref (7)...10
No pa
100 Cuyarnel Fruit
60.600 Davison Chemical v t e_No pa
100
330 Deere & Co Pref
100
800 Detroit Edison
2,700 Devoe & Reynolds A__No par
100
580 Diamond Match
91,800 Dodge Bros Class A ___ _No par
38,300 Preferred certlf
No par
9,000 Dome Mines, Ltd
No par
No par
Douglas Pectin
12,300 Dunhill International_No par
3,400 Duquesne Light let pref....100
4,100 Eastman Kodak Co......No par
10 Preferred
100
16,800 Eaton Axle & Spring__ _No par
7,600 E1du Pont de Nem new_No par
200 6% non-vot deb
100
1,800 Eiseulohr & Bros
25
4,700 Electric Autolite
No par
17,500 Electric Boat
No par
76,600 Electric Pow dr yt
No par
200 Allot ctts for Piet 40% pd__
500 Preferred
No par
32,300 Eledtric Refrigeration. _No par
19,300 Elea Storage Battery. No par
60
60% 5912 603s
11512 11512 11538 11512
16434 16534 165 165
129 129 *129 130
26
2718 2634 2714
32012 32278 31912 321
11712 11712 *117
_
114 1114
1134 1134
298
99
97
9734
1514 1614 154 1534
3012 3112 301 1 3034
122 122 *12114 12258
10734 10734 *107 107%
918 938
918 914
7518 773
754 757
5 Ex-dividend
a Ex-rights
PER SHARE
Range Since Jan.1 1927
On basis of 100-share Iota
Lowest
$ per share
10454 Jan 3
34 June 15
10912 Jan 20
44 Jan 17
5318 Jan 5
412Sept 2
36 Sept 20
18 May 4
194Sept 27
14812 Feb 11
8958 Apr 4
3012 Feb 1
25%July 11
8512June 17
1614 Mar 18
90 June 20
290 Mar 2
2934 Jan 12
914 Jan 5
10358 Feb 14
3% Mar 19
44 Oct 13
738 Nov 2
66 Jan 29
42 Jan 3
10534May 3
6014 Apr 1
20 Oct 11
14Sept 26
6112June 27
1414July 7
36 Jan 5
132 Jan 27
111 Feb 28
24 Apr 1
8% Jan 3
74 Jan 3
54 Jan 14
54 Jan 3
1012 Jan 28
70 Jan 24
58 June 27
42 Jan 25
106 Feb 1
65 Dec 8
412 Nov 15
13 June 27
6434June 29
12012 Jan 3
38 July 15
48% Mar 31
3318June 27
2218 Jan 7
34% Jan 5
3818 Jan 28
10238 Apr 11
4614 Mar 10
4112 Apr 5
51 June 17
11114 Jan 6
e91312 Apr 27
88 Aug 28
10212Sept 1
4258 Jan 4
68% Jan 3
8278 Feb 11
994 Jan 24
4838May 25
14 June 29
17 June 10
1878June 15
69 July 8
4118May 4
9412Sept 20
863* July 5
145 Nov 17
39 Aug 12
1714 Jan 26
47 Mar 11
Is Feb
744 Oct 29
6978 Aug 11
12 Oct 24
94 Mar 9
93 Mar 18
318 Mar 14
3312 Apr 30
4 May 19
72 Apr 1
58% Apr 9
120 Jan 17
135 Jan 27
878 Nov 2
46% Jan 12
128 Jan 11
56 Jan 3
764 Oct 28
103 Jan 18
1812 Aug 19
4% Oct 21
28.18 Nov 4
18% Nov 4
9712Nov 1
1012 Nov 10
4312 Apr 8
454 Nov 15
111 Nov 12
103 Apr 4
107 Apr 12
30 Apr 28
2614 Apr 28
10512 Jan 3
13312 Jan 21
3612 Aug 13
115 Feb 28
1314 Oct 19
5612 Oct 19
7 June 30
48 Jan 3
49 Aug 3
11414 Mar 2
12614 Jan 28
11914 Jan 10
2114 Oct 28
168 Jan 25
1054 Feb
1034 Nov 21
6312 Jan 1
1312 Mar
164 Jan 27
103% Jan 28
96 Jan 1
534 Nov
6314May
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highes8
$ per share $ per share $ Per share
11812 Dec 19
99 June 10578 Dec.
5278 Nov 30
28 June 42 Dee
114 Nov 14 10414 June 110 Dec
Jab
95 Dec 12
40 Dec 60
6312 Dec 564 Dee
6918 Dec 14
418 Mar
838 Apr 14
934 Jan
5714May 27
34% Oct 5112 Jan
3012Sept 6
20 May 4118 Jan
36% Feb 23
24
Oct 374 Jan
20312 Nov 25 133 Mar 163 Sept'
98 Dee
Mar
15412 Aug 10
68
49% Dec 20
2912 June 48% Jan
2438 Mar 39% Sept
38% Jan 10
12534 Jan 20 121 Mar 144 July
3434 Jan 27
2612 Nov 44 Feb
100 Jan 3
97 Mar 1034 June
144 Dec 23
7712 Apr 124 Dee
1634 Mar 344 July
69 Nov 28
1117 Dec 21
86
Apr 93 Aug
120 Aug 8
9912 Jan 104 NOP
IN Feb
518May 2
4 Dec
6134 Feb 15
1734 Mar 71 Sept
1134 Jan 7
74 May 1614 Jan
9212June 2
53 June 90 Sept
10234 Dec 21
28 Mar 4478 Nov
11134Sept 19
9812 Mar 10212 Noy
79 Dec 22
6614 Oct 17912 Feb
3278 Jan 18
2934 Oct 384 Fel)
258 Jan
112 Mar
2% Jan 17
12312 Dec 21
5512 Mar 73% Aug
2434 Dec 15
13% Mar 184 Aug
6018 Aug 10
3211 Oct 49 Sepi
28314 Oct 7
6212 Jan 176 Ault
127 Dec 5
Jan 11811 Aug
96
33 Apr 28
2812 Oct 3314 Aug
2478 Nov 10
7 Nov 2012 Jan
834 Not
164May 28
7 Dec
434 Apr 6834 Jan
94 Oct 4
5412 Dec
784July 18
50 Nov
1634 Aug 30
1014 Oct 3272 Jar
Jan
8834 Dec 13
7814 Dec 90
7212 Dec 23
5712 Jan 7312 Aug
3618 May 4912 Jail.
5534May 11
11814 Dec 23 100 May 10614 Nov
7878 Aug 23
84 Nov 26 Feb
14 Mar 22
2034 Dec 4514 Feb
2614May 6
8678 Oct 4
9412 Apr 12824 Wee
13714 Mar 2
43 Dec 49 Feb
47 Oct 19
4518 May 6638 Jan
6538 Aug 25
30 Mar 363s Jan
44% Dec 23
16 Mar 26 Nov
24 Apr 11
2912 Oct 6334 Jan
7312 Nov 4
2812 Mar 5471 Jan
8314 Dec 23
Jan
93 Mar 108
118 Dec 5
54 Dec 19
6134 Dec 22
60 Dec 8812 Jan
8412 Oct 28
12514 Nov 15 10314 Jan 116 Sept
19912 Apr 22 128 Mar 17434 Dee
10438 Dee 20
983 May fis-2-2 Dee
109 Dec 21
27% Mar 4938 Oct
9638 July 12
55% Jan 7034 Dar
10114 Nov 11
8538 Nov 91 Dee
9834May 27
9878 Nov 10138 Nov
10834Nov 17
7814 Oct 7
"iii
3 Nov
2412 Dec 8 -1-612114 Nov 2614 Jac
2412Sept 26
2734 Jac
20 Nov
25 Dec 17
8512 Dec 994 Fell
8918 Dec 12
6412 Dec 72
Jan
62 Dec 14
Jan
97 June 104
102 Dec 13
100
Jan
May
89
Dec
12
984
_
203 Sept 16
53 Dec 17
WeOi
1212 May
204 Dm 1
4012 May 57 Dee
8812 Dec 7
1 Mar
38 Dec
38 Jan 5
4514 Apr 7814 Dec
8634July 7
91 Mar 10718 July
10634 Aug 23
112 Aug
612 Jur
24 Feb 4
87 Mar 1153s Aug
12134 Nov 28
103 Dec 21
41 tIo'
114 May
718June 18
5012 Oct On Aug
7478 Jan 6
75a Oct 151s Sept
1014 Jan 5
87
Oct 96% Aug
9734Nov 28
8678 Dec 21
70 Mar 924 Jan
Apt
126 June 10 117 Mar 126
341 Dec 21 122 Mar 14414 Jan
13% Dec
978 May
1334 Jan 6
3552 Mar 5133 Dee
68 Nov 30
1421.1 Dec 23 12212 Jan 13014 Dee
11018 Dec 12
4412 Mar 62 Dee
64 Apr 824 Dee
9634 Mar 4
115 Sept 14
96 Mar 104 Dee
2814 Oct 533s June
3414 Jan 8
1112 Jan
1034 Jan 5
8% May
3512 June 5038 Dee
504 Jan 4
2014 Aug 3030 Jan
2812 Jan 3
9734 Jan 105 Nov
107 Aug 11
1512 Sept 2014 June
18 Jan 21
585 Sent 26
5118 Nov 55 Dee
694 Dec 14
118 Dec 14
152 Oct 17
7712 Mar 108- Ws;
9972 Feb 1074 Aug
125 Dec 14
Jan
32 Nov
51
5512 Oct 11
234 Oct 464 Feb
43% Dec 23
12512Nov 14 10478 Mar 110 Nov
168 Nov 26 12312 Mar 1414 Dec
31
4278 Dec 14
Oct 1044 Feb
14734Sept 20
211* May 471 -i14)
2712 Jan 5
85 Feb 14
7913 May 90 July
Oct 20 Ma/
144 Dec 15
8
19 Mar 66 Nos
80 July 5
6212 Oct 10
11768 Noy 18 1111* Mar 116'* Aug
175l Sept20 10658 Mar 13634 Dec
13112 Oct 31 115 Apr 11712 Oct
23 Oct 324 Feb
2934Juue 20
34378 Oct 4 15414 Nov 18111 Dec
,
11712 Dec 22 10034 Apr 1104 O.
1034 Oct 2014 Feb
1612 Feb 15
Feb
6134 Mar 82
102 Dee 10
Der
16
4 Mar
2218 Aug 15
1514 Oct 3412 Feb
32% Dec 20
Let
994 Mar 115
1224 Dec 21
8912 mar 9814 Seta
109 Nov 25
333s Dec 7812 le'..
37% Jan 3
7118 Mar 94 0 Ang
7912 Jan 6
New York Stock Record -continued--Page 4
3455
see fourth page preceding
. For sales during the week of stocks usually Inactive,
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Since Jan. 1 1927
Sales
PER CENT.
Year 1926
HIGH AND LOW SALE PRICES-PER SHARE, NOT
On basis of 100-share lots
NEW YORK STOCK
, for
EXCHANGE
Highest
Lowest
Wednesday,' Thursday, I Friday.
Highest
Tuesday,
Lowest
Monday,
Saturday,
the
Dec. 22. 1 Dec. 23. ,I Week.
Dec. 21.
Dec. 20.
Dec. 19.
Dec. 17.
,
,
share $ per share 5 per share $ Per 'ha'
Per
Par
Misc.
$
&
Industrial
Snares
share
l
share $ per
4 June
1
8/
163* Oct
712 Dec 10 1558May 27
$ per share $ per share S per share $ per share $ per
500 Elk Horn Coal Corp_..No par
758
7%
21 Mar 304 Oct
*712 9
712 9
.
*712 9
50 1612 Dec 13 2734May 27
.712 9
*712 9
Preferred
17
.15
Dec
17
*15
814
17
4 Dec
/
61
.15
18
1912 *15
3 Oct 8 13 Apr 14
1912 *16
.16
900 Emerson-Brant Class A.No par
8
.7
8
_
4 .7
/
812 .78 81
834 84 .7
No par 30 July 15 3712 Mar 16
878 912
200 Emporium Corp
.3112 34
3112 3112 *3158 34
6512 Mar -7258 Pet
.3113 34
34
34 .32
*32
Corp._ 50 64% Jan 28 8114 Dec 13
-Jonn000
8,900'Endleott
7712
5
76%
Jan 120 Sept
7614 7678
76% 77
100 11638 Jan 5 125 Sept 15 114
7634 7738 764 7734 764 77
Preferred
1914 Oct 2412 July
12204 *12114 12234
par 2134 Jan 11 3953 Oct 8
*12114 12234 .12114 12234 .12112 12234 .12114 12234 .12114
3512 3514 3514 2,800 Engineers Public Serv__No par 93% Jan 8 10838 Dec 23
3512 35
9214 Nov 9813 Aug
3534 3534 *3514 3512 3518 3612 35
No
Preferred
400
1080* 108%
214 Oct 2558 Nov
107 10818 .107 10838 *10714 108
108 108
5 2434 Jan 3 3478Sept 28
*107 108
Shovel
3418 3412 3418 3418 343 3412 3412 3413 3,900 Erie Steam
9 35 Dec 17
3358 347
3414 347
5 3012Sept 6
3412 3418 3434 338 3458 21,400 Certificates
8July 22 ioo" Oct 102 isiO;
1135
344 348 3334 3414 34
Jan
10112
340 35
100
Preferred
.110 112 *110 112
99% June 13214 31118
9312 Dec 14
*111 11134 *10834 11134.10834 11134 .110 112
500 Equitable Office Bldg .No par 8438Sept 20
43 May 6S38 Des
.901s 9113 9134 9134 907s 9153
92
Nov 30
.9013 9112 9178 92 .90
7613 770* 19,400!Eureka Vacuum Clean_No par 50 Aug 12 7778
Apr
17
1434 July
19
Dec
23
7618 757 7578 7512 7678 7658 7712
25
Jan
1518
par
763* 76
76
Corp_No
2112 3,900 Exchange Buffet
*19
22
.20
213
37% Dec 5934 Feb
215
11
4
223
4312May
*2112
15
23
2112
1912 21
No par 3014 Nov
Morse
344 341. 3312 3414 3212 3312 3218 3234 3.100 Fairbanks
34
16 112 Mar 2 10612 Nov 115 Feb
34
Dec
107
337 337
100
Preferred
109 •____ 109
Jan 12712 June
... 109 .
• __109
109
Lasky.No par 92 July 28 11518 Dec 22 10318 Mar 12412 Der
4 11214 11314 87,400 Famous Players/
109E8 11114 11138 11312 11234 1151
100 114* July 28 12438 Jan 12 115
jail 11014 110 111
200 Preferred (8%)
12118 12118
28 Mar 471r Dec
3
May
47
17
Jan
3712
15
12118 12118 *12118 12112 .12118 12112 *12118 12114 .12114 12112 43
Trac
dt
4378 6,000 Federal Light
4
/
431
43
43
43% 443* 4312 4312 4318 4418 43
86 June 94 Dec
No par 9112 Feb 23 100 Aug 25
200 Preferred
41 May 11134 Jan
4 9914 •9713 9914
/
June 16
98
9914 991. 2914 2914 991
9812 9812 98
100 Federal kilning de SuielVg.100 60 Feb 9 187
156
.140
Jan
61 Mar 105
150 150 .140 156
Mar 12
97
28
Jan
7513
100
*135 156 .135 156 .148 151
600 Preferred
9412 9514
9512
.9312
23 Oct 342 Aus
95
10
Jan
.9312
4
3073
953
.9312
14
9514
Nov
.94
4
173
96
*94
800 Federal Motor Truck._No par
1812
19% .1812 1912 1834 1834 .1834 1912 1812 18% .18 199
25 9313 Feb 3 230 Dec 22 160 Apr 20014 Jan
Y_
N
.19
of
Ins
Fire
Phen
Fidel
10,600
195
210 230
Oct 2158 Feb
14
19413 19534 19512 215
10 Nov 30 1478May 31
No par
19412 19412 195 195
30 Fifth Ave Bus
•1112 12
Feb
11
11
12
96 May 107
*11
10512 Dec 14
41134 12
*1118 12 .1118 12
First Nat'l Plc. let pref....100 9712 Jan 13
112 •106 112
28 Nov 4938 Feb
11 30 Feb 7
1914May
par
*10514 112 .106 112 .106 112 .108 112 .106
No
Stores
Nat'l
28% 5,800 First
2812
Jac
2814
2818
May
4
2812
283
1414
283
20
Apr
2812
x28
13
8
20
285
2818
Oct
4
143
2858 28%
No par
9.200 Fisk Rubber
16
16
7678 Apr 8414 May
157 1612 1612 1658 1618 1612 1618 1614
5 100 Sept 19
16
16
500 1st preferred stamped__ _100 81 Jan 5 102 Sept 9
9034 9034
107 Ma,
June
94
2July
941
_100
.
*9013 9112 9058 9058 913s 91% 9034 9034 9034 9034 .9513 9734
_
lot preterred cony _
4 Mar 5612 Feb
/
321
9734 *9512 9734 .9512 9734 .9512 9734 .9512 9734 6812 6714 31,500 Fleischman Co new___.No par 4618 Feb 1 8934 Nov 23
*95
4
/
7314 Dec 17904 Jan
6634 6738 66% 671
6718 677
No par 35 Nov 9 8858 Apr 1
0612 6712 6718 68
4013 4013 4,000 Foundation Co
Jan
Mar • 85
4
4012
413
5518
4012
20
4012
Dec
42
4
3
42
40
28
4112
8512
June
4S12
50
Na par
4114
8412 49,100 Fox Ellin Class A
8:3
Jan 10934 Nol
80% 8018 8512 8412 85% 8314 847
100 109 Dec 3 115 Aug 5 106
8014 80
80
00 Franklin-Simon pref
111 III *11034 11212
1958 Jan 38 Dec
15
Dec
10612
11034 11034 111 111
4
Jan
3414
nor
bro
*11034 111 *11034 111
. 34,500 Freeport Texas Co
2558 Nov 42 Pet
103 10518 10314 10438 101 10334 10112 10234 10118 1021
22 Dec 20 59 Aug 5
10314 104
93 Jar
3313 2414 40,000 Gabriel Snubber A___.. No par
5% Nov
2334 2318 23% 2318 237
22
26
612 Jan 27 1512 Dec 20
No par
2512 2718 23
1438 , 1314 13% 180,100 Gardner Motor
3
1312
39 Mar 5538 Jan
4
1
/
15
12
Dec
1513
1312
1414
63
1434
3
1314
Jan
13
46
par
12
Amer Tank Car_ No
Gen
6,100
6113
.6114
Dec
62
4
/
109
June
611
9913
28
6112 623*
6012 62
100 10638 Mar 1 11212Sept
6012 6112 8114 62
300 Preferred
50 Mar 9414 Aus
1105s 11158 •110 112 .110 112 .110 112
1110 65 Aug 27 9634 Mar 2
•11014 112 *11012 112
37,206 General Asphalt
4
813
8012
140.
Mar
Aug
801*
8114
9473
8
833
4
2
3
14478
Mar
80
8114
83
8312
27
Aug
4
1
/
100 107
8112 8112
79
300 Preferred
.120 130
1 107 June 120 May
12312 12312 126 126 *120 130 .120 130 "120 130 .132 138
General Baking pref_ _ _No par 11812 Apr 6 140 Oct 18
•1220 136 *132 138 .132 138 .132 138 .132 138
7
46 Mar 5911 Fet
52 Jan 26 74 Dec 9
2,906 Genera! Cigar. Inc nevi _No par
Jan 118 Dee
72
7314 *7112 7212 7112 72
101.1 116 Jae 5 136 Scot 2.; 109
7312 7234 7313 7212 73
73
Preferred (7)
.124
•124
_
51 Mar 56% Aug
•124
April 598 Nov 101
_
54%
par
_No
A_
Adv
Outdoor
Gen
700
5812
5812 58
39% Dec
7 Nov 10
Mar
8
265
5834 58
58
5834 .58
5834 *58
Jan
18
37
par
.58 -59 .58
_No
_
8,900 Trii.t certificates._
528 535
5418 5358 54
54
79 June 9513 Aug
547 547
5358 5434 5334 54
New _ _No par 81 Jan 27 14658Sept 7
1134 Dee
13118 13218 13112 13278 31.000 General Electric special._._10
Jan
ii
1158 Jan 5
21
June
11
13338 134% 13212 13314 13212 134 x13218 133
Electric
General
11% 1138 2,500
Jan
50
34 Ma
1 4712 Feb 2
1114 1133 1138 1112 1112 1112 x11% 1112 11% 11% .36
5.068 General Gas & Elec A __No par 34 Apr 3
37
3614
95 May 100 Dec
383* 36
3534 3812 35
11018 Oct 7
Jan
.3512 36
30
100
par
36
No
(7)
A
of
Elec
&
Gas
Gen
106
•104
10512 AP 113 sem
22
v
1.2318No
22
Mar
11314
par
•10412 106 •105 108 *10412 106 *104 106 .104 106 *12212 126
No
Preferred A (8)
Jar
12212 126
4 Apr 96
/
921
•12212 126 *12218 126 ..12212 126 .1221s 126 .
No par 96 Jan 13 10518 1)ec 1
Preferred B (7)
•103 105
Aug 19 141 Oct 4
*105 106 .103 105 .103 105 .103 105 .103 105
13412 13314 13478 600,400 General Motors Corp new .25 11314 Mar 9 12558 Dec 13 11:31; -ii; 12-21-4 Dec
13312
13518
13312
13512
134
13414
1310*
.109 11812
13118 13312
125 12518 125 12518 2,100 77 preferred 8%deb 91100 104 Mar 7 10934 Dec 7
9814 Apr 105 June
12514 12514 1254 12518 125 12518 125 125
Gen Motors Corp
.
.108
6012 Mar 9373 Ain,
___ *108
.108
_ *108
*108
Gen Ry Signal new.. _No par 8218 Jan 14 15314 sept 6
18,500
8
1197
11814
Jac
118
11958
120
36 May 49
1
121
1190*
14 75 June
120 121114 12034 12178 120
8812 15,900 General Refractories__.No par 38 Jan 3 10913 Oct 1
88
6812 6958 6734 70
6834 70
704 7112 6958 70
10314 37,900 Gillette Safety Razor__No par 9534 Nov 24
10212
Jar
7
10312
78
10213
Nov
1024
'TIT,.
10514
17
Sept
10414
10312
8
59
1057
104
10314 10534
No par 3712 Mar
3958 14,200 Gimbel Bros
39% 4014 39
41
3934 4012 40
100 91 Nov 2 10812July 14 100 Nov 11138 Jar
390* 390* 3913 40
800: Preferred
97
97
97
Jan
97
25%
97
June
97
8
1511
10
Mar
22
21
1412May
par
.9713 9812 977 978 964 97
No
201 2114 20,501:1Glidden Co
2012 2034 2012 21
2034 213* 2058 204 2012 21
100 86 Aug 17 101 June 14
7601 Prior preferred
9434 9434 9434 9434
- a-r -W8 Feb
3 Dee 13 -4-113 -1.i
4 95
/
941
05
78
9
Mar
42
9512 9818 9534 9534 95
par
__No
a_
t
v
7578 747 747 25,100 Gold Dust Corp
70% Feb
4 75
/
751
3913 Nov
73
74
73
3 9612 Dec 7
7418 75
743* 747
47,80.1 Goodrich Co (B F)__.No par 4234 Jan 3
923 93
92% 93
9412 Dec 100 Feb
11112 Dec 8
9278 9412 931s 9512 9314 9534 9214 94
100 05 Jan
300 Preferred
•10912 11012
4
1093
11014
11012
11012
.109
.109
11013
*109
110
4
3
•11012
Aug 31 1 6538Sept 26 I
6378 56,00te Goodyear T & Rub..._No par 483*
6414 6212 63% 63
62
647
63
5918 5958 5918 63
No par 92122(ov 2 9734 Nov 30 .
4,0001 lot pref
97
0614 9614 961
97
NO;
311-4 WI&
3 Jan 12 8558 Dec 19
9.112 9614 96
0514 0513 9538 96
57
par
Hosiery_No
Silk
Gotham
20,500
8012
80
8018 803
4712 July 6873 He'
84% 8378 850* 8134 84% 8012 82
84
No par 58 Jan 12 8513 Dec 19
15,800 New
8012
80
81
7918
8212
80
84
29
8
830* 8512 813
847
84
100 104 Jan 28 122 Sept
2,500 Preferred New
8
Oct -;2113 Jan
11978 12014 1204 12018 118% 1187s 118 118
1114 Nov 19
4 Oct 27
11978 11978 119 121
No par
700 Gould Coupler A
714
678
8
.7
8
*7
8
164 Mar 3673 Dec
.7
8
.7
8
.7
Cons Ni Sm dr Pr.100 3118 Jan 27 45 May 26
Granby
23,400
43344
8
4318
425
8
425
4212
433*
4212 433*
4212 43
427
3518 Dec 10 4458Sept 21
42
par
SugarnewNo
Western
Great
11,000
37
3612
3758
3734 37
3618 360* 36
3618 3638 3612 37
100 11812 Feb 26 123 Sept 7 10812 Mar 1784
450 Preferred
98 Apr 341 Dec
11914 1191
4.11914 11.934 11912 120
/
Jan 27 14914 Dee 20
11834 11834 11834 11834 11934 120
137 141% 13818 145 303,500 Greene Cananea Copper_ _ _100 2914
57 Jan
1078 Feb
141 14014 134 145
128 13334 13312 142
7 Oct 18 1114May 31
par
__No
_
Sugar_
Guantanamo
1,700
9
9
9
9
4
/
91
9
Mar 9578 Dec
912
20
014 01.,
90
914 958 .9
Dec
10312
24
Jan
8
957
100
10 Preferred
513 Oct 93% Jan
10512 10512 .10512 106 •10513 106 .10512 106
40 Oct 11 84 Feb 28
*105 106 .1051. 106
100
Steel
States
5312
Gulf
5,800
5212
52
5113 52
5334 5278 5414
5434 5314 54
54
25 22 Aug 2 27 July 7
20 Hackensack Water
23
45 June 801k Dec
723* Dec 8
23 .2234 234 2234 2234 *2234 23 .2234 23 .2234
23
150 Hanna 1st pref class A__ _100 58 Jan 31
6612 6712 6712
Oct 2812 Nov
26
*8712 68% 6713 8712 *6612 6834 .6612 6712 6612
2212 Oct 14 2714 Mar 29
par
_No
A
class
Corp
Hartman
1.000
2334 2414 237* 237s
2458 Dec 30 ScPt
18
Apr
8
293
247 *2313 25 .2312 2412 2312 24
7
Dec
24
1812
par
No
205* 4,306 Claes I)
19% 19% 20
Jar
1718 Dec 48
2012 190* 1978 1958 20
20
1958 207
1513 Feb 15 2812 Mar 31
No par
_ Hayes Wheel
68 Mar 88 Dec
25 7612 Jan 14 125 Oct 5
100 Helme (G W)
.110 11418
11418
*110
11418
•110
Nov
111
May
119
111
115
116
6
.111
July
130
11
116
*111
100 11814 Jan
Preferred
•12612
•1284
•12612
1712 May 3513 Aug
.1261z
•12612 - - "
No par 22 Jan 31 4178July 6
27
500 Hoe(R) & Co
31
3012 3012 3012 .30
3
30
30 .30
31
13
2912 2912 31
Hollander & Son (A)._ No par 3114June 3 40 Oct 24
1,000
33
33
3312
33
34
.3312
Oct
3312
Jan 63
3312
471s
3312
3434 3312
*34
100 60 Jan 25 75 Oct
300 Homestake Mining
73
•70
7412 7212 7212
74
.71
7412 72
•74
4838 Jae
40 Ma
3 7038Nov 7
Jan
4
1
/
43
ettNopar
Prod.Inc.tem
Househ
1,400
64%
6414 64
Jan
71
6014 Ma
6612 6434 64% 64% 6434 6412 6412 64
.64
Jan 11 175 Oct 10
78.400 Houston 011 of Tex teen etfe100 6018
Jan 45 Sept
27
15434 15913 159% 16312 160 16412 160 16312 160 16234 158 16078 58,700 Howe Sound
No par 3434 July 11 4838 Dec 20
Oct 12314 Jan
4358 44
Aug 2
43'2 480* 4614 4734 4512 4714 46% 4714
%
9112
24
40
4358 44
Jan
4814
par
_No
_
_
Car_
Motor
17 Mar 28% Jet
8058 82% 7913 8114 7918 8214 8013 817 270,000 Hudson
7712 76% 80
75
10 16 Oct 20 3614 Dec 15
337 3434 3334 3412 83,100 Hupp Motor Car Corp
34
Jan
3412 353
36
1958 Ma
34% 3573 3412 3534 35
1758May 20 32% Feb 1
15,200 Independent 011 & Gae_No par
2638 2512 2614 2578 26
1412 Dec 2414 Feb
19
Dec
47
30
2014 2058 26% 213% 2618 2612 26
Mar
13
par
No
Indian Motocycle
4412
11,700
44
8
4.57
45
4
463
4
/
100
Feb
451
Dec
4312
45
47
95
4314
8
Dec
4
4438 4512
100 92 Jan 17 1023
20 Preferred
10013 101 .10012 102 .9834 102
7% Oct 13 Feb
•101 105 .101 105 •101 105
712May 12 12188ept 8
10
91
4 0,500 Indian Refining
/
9
912 10
1212 Feb
812 93*
712 Oct
858 858
812 812
.812 834
714Juue 20 12 Sept 8
10
Certificates
5,600
8
4
83
83
9
8
85
Jan
4
813
.814
814
83
90 May 104
84
8
*7% 8
100 99 Oct 18 112 Mar 11
Preferred
103 *103 105
Jan
104
Ma
4
/
801
2
Apr
9612
,Nov
15
•101 105 •101 105 •101 105 .101 105 *10212
87
par
_No
1,900 Ingersoll Rand new__ _
93
03 .91
9212
9212
9313
9213
106
9212
Sept
Feb
9312
9212
102
5
92
92
100 10634July 27 120 May
Preferred
3113 May 43% Dec
111 118 .111 118 *111 118 .111 118 .111 118
16
Dec
5713
15
•111 118'
Feb
41
par
No
Steel
5558 5612 5,400 Inland
5812 5578 .56
55
Feb
56
57
5634 56% 56% 57
100 111 Jan 3 118 Oct 17 10834 Ma 115 8 Nov
200 Preferred
____ 115 115
285
115 115 .115
2034 Ma
12
•115 117 .115 117
12 31,100 Inspiration Cons Copper...20 1213Juue 27 2512 Jan 26
2134 212278 2112 22 .11522
Dec 21% Feb
12
Nov
25
2
Nov
2114 2178 21% 22% 213 22
11
par
_No
2034 21,900 Intercont'l Rubber....
21
x20
918 Dec 2614 Jan
2114 225s 21% 2212 20% 2113 2012 2138 20
618 Apr 23 1512 Dec 13
No par
1412 1458 6.300 Internal Agricul
1434 147
Jai
95
5633 De
1412 1473 1412 1412 14% 15
15
13
100 33 Mar 20 6612May 28
1,600 Prior preferred
5934 .5812 60
6158 5934 6014 .59
5878 Dec
Ma
60
211
3818
8Dec
1103
6212 5814 01
13
.61
Jan
11.600 Int Business Machluen_No par 5318
10718 10912 10858 110
4438 Oct 71% Jan
10758 108% 10734 10918 10812 1108* x108 109
8538May 31
21
Jan
4
/
451
par
_No
Cement_
International
4
563
3.000
5714
8
573
Jan
5818 5714 5778 5718 5712 5714 5714 5714
58
1001 100 Oct 21 113 Dec 2 10173 Oct 106
300 Preferred
109 109 *109 10934 *10813 109 .10812 109
8412 Jan
3312 Ma
1
10812 10912 •10812 110
.
56% 281,200 Inter Comb Eng Corp_ _No part 4018 Oct 29 84 Mar
55% 53% 5514 a-12 &ply 5513 5634 5434 56% 5518
54
100 101 Oct 101 104% Dec 16
1.300 Preferred
103 10312 104 10414
•10312 10412 .10312 10412 210234 10234 10212 10212 253% 25558 x245 24712 24,200 International Harvester. _100 1353* Jan 18 25518 Dec 22 iiir. KW!. iiW8 Dee
8
•
24812 25512
Jan 129 Dec
24778 249
24878 250
.100 126% Jan 12 13614 Due 12 118
Preferred
4
135
1353
500
136
.134
138
.134
13412
6 Sept 1238 Feb
13412 13634 .13412 13634 13412
834May 27
312 Oct 28
413 412 2,500 lot Mercantile Marine_ _ _100
412 47
418
418
414
4
4638 Feb
414 414
Mar
27
31
438 438
8Nlay
3
55
28
Oct
3212
100
41
17,800 Preferred
4214 403 4112 40
4234 41
5313 Mar 663* Feb
4014 4034 4018 4076 41
4 57,900 International Match pref..35 62 Mar 2 9512 Dec 22
/
8918 8934 8918 9214 9034 9238 9178 9512 x9313 951
4614 Jet
323*
Mar
23
8918 893,
Dec
8912
3
Jan
3814
(The)
.23
Nickel
8914 85% 8912 460,400 Internationa
7912 7814 8112 82
4418 Apr 833 Aug
7418 7638 747 7734 77
8112 Nov 25
7334 7512 52,100 International Paper___No par a39127u1ay 18 106
76
7234 72
7234 7412 71
7418 76
7534 76
7
Dec
22
4July
851
100
(6%)
Preferred
110
110 .10312
•10312 110 .104 110 .104 110 .10312 10834 109 10912 108% 10918 8,500 Preferred (7%)
100 9612 Jan 3 11258 Dec 8 -g5- May ioo- Dec
108%
75 Aug 75 Aug
109 10914 109 10914 108% 109
100 63 Sept 29 75 Dec 5
69
69
40 International Salt
69
69
70
70
70
70
70
Jar
70 .69
*64
International Shoe_..No par 180 Jan 21 239 Oct 27 135 May 175
--- - - -.
16
Nov
21
198
ar
100 13512151
- International :Liver
-00
- 1R - 1-81 - .1i.6- 119-78 --7
1'81 - Iiii- 1-8-5- - •1§5- 119-78
128 Oct 17
21
Mar
•iii- iiiii- ii5109
100
Preferred
12473
30
12512
12312 .12334 12512 *
151. -ii;
*12434 -_-_ 1244 12434 .12434 12512 .12434 15034 14834 14934 14812 15114 18,100 Internet Telep & Teleg.._.100 12214 Jan 25 158738ept 14 1111484
.
an
.
181z July .29_ _.7
150 1500* 15012 15134 14934 151
1912 Jan 31 3912June 18
No par
900 Intertype Corp
32 .32
3213
32
32 .32 3212
3112 3212 32
6
Sept
67
11
32
4813151ar
*31
1
Coal
Creek
25612 5612 56% 563* 1,500 Island
D,
5612
5612
63
5612
5612
3
Jan
Ws
12
25
Dec
83
3
5)12,
Jan
564 58 4 5
No par 5312
8018 8012 3,300 Jewel Tea, Inc
81
80
81
81
82
8112 8134 81
813 82
100', 11112JuIY 25 1254 Mar 15 11511 Jan 12712 Nov
300 Preferred
4 11912 *11834 11912 11912 120
Aug
Jan 121/
Oct 11 114
.118% 11912 .11834 11912 *11834 11912 •1183
121 121
120 Jones & Laugh Steel pref. 1001 117 Feb 2 123
121
.120
120
120
12012
12013
4
1203
9 Dec 1412 Feb
12014
1055 Jan 3 32% Nov 22
121 121
18,400 Jones Bros Tea. Ine____No par
28% 294 2988 3012 2814 2612 2812 31
Nov r..7.
Feb
12
2212
.lan
5
6
1258July
par
No
Car
27% 29% 2812 3018
Motor
1478 1314 141a 7,000 Jordan
14
15
141
1414 143
115 No.
1553 15
. 8 143*
500 Kan City P&L 1st pf ANo par 109 Dec 15 11612 Dec 12 10714 Mar
11442 11412 .10912 _ _._ •11412 11434 *11412 11434 .11412 11414 11412 11412
Ex-dividend.and asked Drifts: co Wes on OW day.-:
• lild-
law,.
3456
New York Stock Record-Continued-Page 5
For sales during the week of stocks
usually inactive, see fifth page preced
ing. •
HIGH AND LOW SALE PRICE'S-PER
SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
PER SHARE
Range Since Jan. 1 1927
for
NEW YORK STOCK
Monday,
Tuesday,
Range for Previous
IVednesday, Thursday,
Friday,
On basis of 100-share tots
the
Dec. 19.
EXCHANGE
Dec. 20.
Year 1926
Dec. 21.
Dec. 22.
Dec. 23.
Week.
Lowest
Highest
8 per share $ per share $ per share
Lowest
Highest
$ Per share 8 per share
per
63
share
Shares Indus. & Miscel. (Con.) Par
6312 6338 6338 63
S Per share $ per share $ per share
2734 2812 2838 2914 2758 6312 6234 6318 6214 6234 6218 63
8,000 Kayser (J) Co v t c_ _ __No
per share
$
2938 2612 28
par 49 Apr 29 654 Dec 13
2634 2734 2612 27
82
334 May 5134 Dec
3,240 Kelly-Springfield Tire
8212 8312 87
*85
*85
88
25
012 Jan 27 3214 Nov 15
88
8112 8314 *82
*76
84
1,400 8% preferred
9
79
Oct 2112 Feb
79
83
*82
8312 *81
100
35
Feb 2 102 Sept 21
83
*8034 83
*78
82
2418 244 24
4312 Oct 7434 Feb
800 6% preferred
24
24
24
100 44 Jan 19 97138ept 26
24
2334 2378 2312 2312 1,400
8318 834 8318 8334 8338 8414 224
45 Dec 7314 Feb
19 Oct 19 27 July 11
834 8478 8458 8812 8812 9038 115,200 Kelsey Hayes Wheel.,.No par
Kennecott Copper
No par 60 Feb 9 9038 Dec 23
493 Mar -1-344 Nov
;54- 134Keystone Tire & Rubb.No pa?
IA *31
3912 ;al- 19-1-2 ;35- -301-2. *35
14June 30
393,
1 Mar 11
*8812 90
12 May 218 Jan
Kinney Co
88
90
89
No par .934June 28 45 Jan
8934 8812 90
884 8834 88
89
5
39
250
54
Nov 8218 Jan
5412 54
Preferr
ed
54
5378 54
loo! 58 June 29 93 Dee 12 85 Sept
54
55
5412 5518 55
7213 7112 7214 71
72
5,456 Kraft Cheese
6634
9914 Jan
7178 6972 7118 70
25
49
June
16
627
8 Feb 25
7078 7014 7078 16,700 Kresge (S S) Co
115 115 *11358 11514 *1134
5658 Dec 68 Nov
new
11514 11514 11514 *1134 11514 *11358 115
10
4578 Jan 28 7714 Sept '
4234 Mar 82
110 Preferred
14
•13
Jan
151 2 *13
15
*13
1412 •12
100 1104 Feb 9 118 July 1(3 11212
15
*13
1412
1
1514
*48
200 Kresge Dept Stores___ _No par
15 4
Nov 11434 Feb
53
*50
53
*50
53
10 June 28 18 Dec 1
53
53
*5014 55
*5014 55
1518
96
100 Preferred
Mar
96
Jan
133
8
*95
96
954 954 *94
100 45 Nov 7 80 Jan 4
96
*94
96
*94
96
*205 220
704 Mar 9314 Feb
200 Kress Co new
216 218 *218 219
No par
*100 102 .100 102 *100 102 *215 230 *200 220 *200 220
200 Laclede Gas L (St Louls)_ _100 59 Jan 28 10512Sept 8 485 Dec 545
Jan
17334 Jan 27 26712June 2 148
•100 102
102 102 *100 102
20 Preferred
3438 3434 344 3578 35
Mar 196 Dee
100 95 Jan 5 130 May 7
36
35
3538 3478 3534 3478 35
10,100 Lago Oil
8334 843s 8312 844 834 84
86 Sept 10112 Dec
83
8358 8234 834 8234 834 4,600 Lamber & Transport.No par 2012 Jan 13 3734 Nov 15
1918 May 2412 June
t Co
No par 66 Jan 28 8812 Oct 26
16
1638 1618 17
3015 May 72 Nov
1714 1812 17
18
1678 17
1634 174 29,600 Lee Rubber & Tire_ _
3834 39
3812 3938 3838 3914
No par
7 Jan 4 1812 Dec 20
2978 304 3038 3238 3158 3212 3814 3814 3814 385s 3814 3834 5,100 Lehn di Fink
614 Dec 14
Jan
No par 3258 Apr 27 43 Nov
9
12218 12218 122 1221 2 122 12212 3034 3134 3034 3112 31
3034 Mar 414 Jan
314 38,700 Life Savers
No par 2014 Sept 16 3212 Dec 20
122 122
12214 12238 12118 12134 5,500 Liggett &
12318 1244 12134 124
1714
May
26 Dee
Myers
Tobacco_25 *8712 Feb 10 128 Sept
122
724 Mar 103 Dee
30
•135 136 *135 136 *135 12234 121 12234 12134 1224 121 12178 16,000 Series B
25 •8658 Feb 10 128 Oct 4
136 •135 136 *135 13614 136 13618
71 Mar 723s Des
57
300 Preferred
5712 57
5734 .56
100 12434 Jan 27 13634 Dec
5718 .56
5712 5712 6212 61
63
8 11934 Jan 12914 May
20,600 Lima Loc Wks
68
6834 6712 6834 6858 6938 68
No
par
8
687
6814
6912
69
5312 Mar 6934 Jan
7034 28,700 Liquid Carbonic certifs_No par 49 Oct 29 7638 Apr 26
584 5938 6834 6014 z57
45
584
3
4 Sept 19 7014 Dec 23
57
5734 5718 5712 57
575s 25,400 Loew's Incorporated_ _.No par
1.5.
434 Oct 684 Nov
52
534
54 54 *512 54
4878 Jan 4 6378 Mar 17
558 534
512 534
27
512 54 1,200 Loft Incorporated
344 Mar 4338 Dec
2718 27
No par
2714 27
27
27
5 Oct 17
27
2678 2714 27
758 Jan 20
5518 5512 5478 554 5378 5478
6
2714 1,800 Long Bell Lumber A. .No par 2512
Oct
1114 Feb
Dec 6 43 Mar
53
5378 53
5312 5212 5134 11,600 Loose-Wiles Biscuit
•11814 ____ *11812 ---- *11812
4134 Dec 5012 Feb
new___ _25 23513July 1 5714 Dec 7
12212 *11812 12212 *11812 12212 *11812 122
12
12
1st preferred
100 118 Jan 4 123 Nov 21 112
39
2d preferred
394 3858 3978 3834 394 3814
100 157 Mar 11 171 May 7 1204 -.Kr; ilOIg Dec
387s 3818 3834 38
Mar 175 Dec
*11212 -- •11212 115 *11212 11412 *11212
384 16,900 Lorillard
25 2312May 2 474July 28
*11212 ____ *11212
2734 Oct 4214 Feb
1012 1012 1012 104 1058 107
Preferr
ed
100
8 1058 1078 1012 1058 1012
107 June 27 11812 Jan 13 1111g Apr 130
8814 884 *8814 90
16,700
104
Louisi
Aug
ana Oil temp etts_No par
10 Oct 2') 12 Aug 16
8814
8814 8812
88'2 881z *8812 90
12 Mar 1972 June
2614 2612 26,4 2612 8814
240 Preferred
2612
100 8514 Dec 5 97 Feb 5
2778 28
3012 29
93
Dec
2658 2714 2412 264 z253 2724 27
23,800
98
Dec
2913
Louisvi
lle
0
&
El
A___
_No par 2358 Jan 3 3012 Dec 22
8 2618 26
27
2612 27
2234 Mar 2618 Feb
26
2612 8,400 Ludlum Steel
53
5478 5212 53
5238 53
No par 20 Oct 28 3314 Mar 18
53
53
5214 5214 5234 5214 1,500 MacAndrews
•117 118
2258 Oct 6814 Feb
117 117
& Forbes _No par 43 Nov 14 5814 Dec 14
11712 11712 115 115
115 115 *112 116
*6812 69,2 *6812 694 *6812
400
Macka
y Companies
100 105 June 27 134 Aug 24 122
69
6712 6812 6812 6834 *68
Oct 138 Feb
900 Preferred
69
100 67 Aug 2 74 Aug 18
10714 10814 10512 1074 106
68 Mar 7312 Feb
10814 10634 1074 10618 107
*11138 11112 11138 11138'11138 11112
106 10634 47.000 Mack Trucks, Inc
No
*11138
par 8814 Jan 24 1184May 23
11112 *11138 11112'111138 11112
•10638 10634 *10638 10634 10638
8
895
159
Nov
Jan
100
1st
preferr
ed
10638 *10638 107 *10638 107
100 109 Jan 25 1131s July 19 10712 Nov 113
•235 24134 240 240
June
600 2d preferred
238 238 *235 240 *236 240 *10612 107
100 102 Jan 18 10712June 9 102
*235 210
2334 244 24
Oct
1084
Sept
300
Macy
Co
2414 2358 24
No
2312 2434 2334 2458 233 24
124 Jan 6 24312 Nov 28
8612 Mar 131
5214 03
Dee
6,200 Madison Sq Garden_.No Par
4
5178 5234 5218 5234 53
par 2012 Aug 3 2858 Oct 14
56
5434 5834 5612 574 82,800 Magma Copper
17
1758 17
18
17
18
No par 2912 Feb 9 6834 Dec 22
1714 1712 18
447 Feb
1814
34
18
Apr
93
18
3,700
Mallin
9338 9278 93
son
(II II) & Co_No par 114 Apr 7 2034 Dec
8912 92
290
91
894 894 -- -12
124 Nov
•32
2818 Jan
35
720 Preferred
*35
39
*33
39
100 6634July 15 95 Dec 13
35
35
37
37
71
3612 -Dec 7814 Mar
70
3612
75
300 Manati Sugar
75
77
7612 7612 7478 764 74
100 27 Nov 18 46 Feb 7
74
74
*41
27
Apr 5018 Jan
74
3,800 Preferred
4234 •4158 4234 4114 4114 4118
100 48 Oct 24 77 Feb 23
4112 41
4118 4034 4034 1,000 Mandel Bros
*54
55 June 82 Feb
5512 5312 54
5414 5512 25378 5418 *53
No par 4014 Dec 23 4934 Aug 17
54
*34
524 5378 2,300 Manh Elea Supply...No par
_
3412 •33
34
34
3414 3318 34
43 Oct 25 132 Aug 5
334
3314
33
44
Oct 87g July
33
*50
1,800
58
Manhat
•50
tan Shirt
58
50
50
25
*51
2414
58
Jan
*51
18
4
353
Dec
58
12
*51
1412 15
2178 Oct 3278 Jan
58
10 Manila Electric Corp__No par
15
1534 1512 1612 1518 1534 15
40 Jan 22 60 Oct 19
1512 15
2712 Mar 4538 Sept
1511 5,600
343* 3558 3534 3634 3512 354
ibo 011 Expl_ __No par
12 Oct 4 2234 Jan 18
3514 3612 3512 3638 3538 3578 93,200 Maraca
164 Oct 28
6014 5178 4952 5034 50
Feb
Marland 011
No par 31 June 27 6812 Jan 17
5034 50
5034 x4814 4914 4834 4918 5,200 Marlin-Rockw
4914 Mar 6338 June
1638 1638 *1614 1612 16
ell
No
1614
par
27 Jan 10 5578 Nov 30
2412
Oct 33 Mar
125 12678 *126 12634 12434 12638 1512 1614 164 1612 *1658 1634 2,200 Martin-Parry Corp
No par 1512 Dec 21 2434 Feb 24
125 128
126 12734 12512 1274 4,200 klathieson Alkali
17
May
•11534 11734 *11534 11734 *1153
23 June
Workallo par 82 Jan 6 13234 Dec
4 11734 *11534 11734 11534 11734 *115
6
1324 May 10618 Jan
34 11734
86
Preferred
8712 87
8873 86
8734 8512 8612 8514 8738 8512
100 103 Jan 7 120 Dec 10
8758 20,000 May Dept Stores new
3412 35
33
3434 33
25
3378 3318 34
4June
663
28
ems
903
8
334
Nov
14
347
8 3334 3414 21,300 Maytag Co
Dec 70 Dee
85
85
8512 86
No par
85
88
88
90
86
8834 87
19 Mar 2412 Sept
87
1,250 McCrory Stores class A.No par 2338 Jan 15 3514 Dec 16
55 Mar 3 90 Dec 21
92
9634 93
96
7014 Oct 117 Feb
9534 96
95
05
94
94
92
•112 114 *112 114
92
4,300
Class
B
115 115 •112 115 *112 11412 *112
No Par
54312 Mar 4 9634 Dec 17
72 Mar 121
11412
*2614 27
Jan
100 Preferred
26
27
26
26
100 97 Mar
26
26
11612Sept 4 105 Apr 110 Feb
28
2614 2614 2758 2,700 McIntyre Porcupine
*25
2514 2518 2518 25
Mines_ _5 2412 Mar 14 2834 Oct 6
25
*2434 2518 *25
254
2214
*24
Oct 30 Feb
5
800
25,
s
Metro-Goldwyn Picture4 p1_27 245 Jan
5
434 5
412 412
4
412
3
5
264
Feb
21
418 434
2214 Jan 2512 Nov
434 5
19
5,000 Mexican Seaboard OIL. No par
1914 1918 2034 194 2012 194
3 Aug 23
204 194 20
914 Feb 16
1914 194 44,300 Miami Copper
(3 Feb
2712 28
1334 July
28
2938 294 297
5 1318June 21 2034 Dec 1(3
11 Mar 1732 Oct
*104 107 *104 10518 104 104 8 2858 2934 2918 2934 2914 295s 73.000 Mid-Continent Petro. No
par
104
254
104
Oct 10 3938 Jan 21
10412 10412 *104 10518
274 July 37
Jan
214 214
600
Mid-Co
218 214
nt
Petrol
pref
2
24
100 97 Apr 28 105 Feb 3
2
214
2
218
2
90 Mar 10414 Dee
2
•14 112 *138
10,300 Middle States Oil Corp
112
114
14
10
158 Jan 3
114
114
34June 23
114
112
Nov
*229 231
212
Jan
3
114
4
1,800 Certificates
114
229 232
233 242
10
237 24412 2236 24112 237 240, 10.600
14 Jan 25
234June 23
4 Oct
138 Dee
2112 22
Midland Steel Prod
4
19
2014 1914 20
2018 2112 21
2112 2018 208 6,000 Miller Rubber Mrs pref_ _ ..100 106 Apr 11 24412 Dec 21 107 Mar 1334 Feb
10334 10334 103 105
103
No par 1712Nov 9 3634 Apr 12
103 103
103 103
30 May 4434 Feb
117 11914 11718 11912 11812 10434 104 104
4.200 Montana Power
100 8112
11912 11714 11872 11734 12112 12034 12234 186,100
6938 Mar 8612 Nov
678 7
Monte Ward & Co III corp. _10 6038 Jan 28 1094 Oct 18
638
7
64 758
Feb 8 12234 Dec 2:3
678 732
7
74
66 May 82 _Jan
672 7
24,100 Moon Motors
314 312
312
314
314 338
No par
6 June 23 1212 Jan 5
314 312
314
934 Nov
3738 Feb
33
2
10,700
812 812
Mother
3
812 812 *8
31
Lode CoalitIon_No par
3
812 *8
112 Oct 29
9
*8
74 Feb
44 Jan 3
9
4 Nov
*8
9
300 Motion Picture
20
2038 20
21
No par
21
21
612Sept 19
2052 2112 2012 2072 2012 21
1658 Mar 18
1034 Dec 2312 June
6,200 Motor Meter A
2614 2614 2614 2614 26
N. par
17 Nov 16 384 Apr 18
26
2534 26
2534
253
4
333
253
4
May
1,800
4
8 Feb
533
2534
Motor
72
72
Wheel
717g 7212 7112 717
No par 2034 Jan
2778 Mar 29
7134 7058 71
1918 Nov 334 Feb
3,900 Mullins Body Corp__ No
•10514 107 *105 107 *105 107 3 7012 707g 71
10 Jan 5 78 Dec 6
Par
106 106 *106 108 *106 108
8
Nov
193
20
Feb
4
Preferr
50
ed
50
504 51
100 80 Jan 1
*51332 5034 4912 50
109 Dec 6
*4914 50
49
83 Aug 9418 July
4912 2,000 Munsingwear
24
2412 2378 244 2412 2512 2414 253
No par 3534MaY 1
53 Nov 21
s 2412 2514 2412 2512 16,100 Murray Body Inc
344 Apr 3834 July
new
No
pr
1614 Oct 11
974 984 9718 9778 974 9912 9714
43 Feb 23
99
9772 9812 9712 9812 59.4o1Nase Motors Co
7
7
718 718
No par
718 712
712 712
7
718
52 Mar 704 Dec
714
712 3,500 National Acme slam ped___ _ 10 60,4 Apr 25 9912 Dec 20
*43
44
43
43
4234 43
5
Feb
42
15
4218
712 Oct 31
42
4272 *4212 4214
5 Nov
1,000 Nat Bella* Hess
1272 Jan
.9312 9412 91
94
No par 31' Sept 22 4612 Dec 1
94
94
94
94
*9312 9412 *9312 9334
400
Preferr
175 176
ed
176 1764 174 176
100 8514Sept 16 97 Apr 19
174 175
1734 17312 17312 175
4,000 National Biscuit
*13812 142 •13814 142 *13814 14134 •13814 142
25
944
Jan
27 187 Dec 7
*13814 142 *13814 142
Jan 15Z- DeC
74
Preferred
4614 4634 46
100 130 Jan 10 142 Dec 8 126
464 4614 4672 4678 504 50
5158 4834 5034 138,200 Nat Cash Registe
Jan 1314 Apr
6158 62
261
6112 6114 623s 6138 617
, 6118 6238 624 6438 50,500 Nat Dairy Prod r A w IN° par 31'78 Jan 3 5158 Dec 22
374 Oct 54
Jan
23
23
*2212 23
No
par
*2212 23
5914Ma
*2212 2234 *2212 23
y 2. 6878 Aug 4
2212 23
800 Nat Department Stores No par 2014
•90
9118 .90
91
.90
91
June 27 2738Mar 1
*90
9034 *90
24
Oct 4238 Jan
9034
1s0 preferred
524 534 5234 5378 5218 5312 5218 9034 *90
8913
100
July
26
9414
5334 5158 5414 5414 564 32,900 Nat Distill Prod
Jan 10
8934 Oct 97
Jan
6212 6278 6278 63,8 *6238 63
ctfs__.No par
17 Feb 8 60 Oct 14
6258 6338 6218 63
634 6412 3,200 Preferred temp Ms_.No par
Jan
12'l May 34
.2612 28
*2612 28
2612 28
Mar 22 6934June 6
281g 284 *2712 2812 2734 2834
Aug 733s Jan
900 Nat Enam & Stamping _ _ 100 43
3712
91
91
*90
93
1918
*91
Apr
93
29 3538june 6
*91
93
9178 9178 *91
2118
4012
July
Jan
200
93
Preferr
ed
130 130 *129 131
100 6918 Apr 29 9178July 5
128 129 •129 13012 120 13334 *130 132
2,100 National Lead
713 July 8934 Jan
*13612 140 *13612 140
100 195 May 31 20234May 16 138
139 139
13812 139
139 139 •138 140
Apr 181
Dec
600 Preferred A
*11414 116 *11512 116 *11512
100 11312June 2 13912Nov 11
*11512 ____ *11512 --__ 11514 11514
100
Preferr
ed B
2312 2378 23
100
2358 2312 24
2312 2378 2318 2338 23
2338 23,800 National Pr & Lt Ws_.No par 10478June 7 1154 Dec 23
933g 9332 9212 92,2 *9234 93
1914June
23 2634 Sept 27
93
94
94
95
165i Mar "iiis -.Wu;
95
9538 2,000 National Supply
337 344
340 34812 349 360
50 76 May 11 9634 Nov 20
361 373
351 372
5512 Jan
346 357
7,740 National Surety
88 Dee
*173 177
177 179
100 a218 July 21 373 Dec 21
177 177
17514 17514 *17538 17634 *1754 17634
208 Mar 237 Dee
Nation
700
al
Tea
1934 2058 20
Co
No
par
108 Apr 18 180 Dec 5 11612 Nov
204 1934 204 20
205
8
193
4
2014
101,90
193
4
Nevada
0
20,
238
Jan
Consol
4
Copper_No par
4278 4318 424 433g 4212 4212 4238 4312
1234June 29 2058 Dee 17
4334 4512 444 4538 15,000 N Y Air Brake
1158 June
1614 Nov
No par 3914 Oct 25 50 June
9
3612 Jan
1612
Sept
N Y Canners
No par
1318 Apr 21 2178 Jan 3
2018 Nov 8454 Jan
Preferred
-60C4 -604
- -il5T4 -60;
No
1 -66/8 6112 ;66T., If - -6614 6014 60
43 NIar 30 72 Jan 13
704 Dec 85 Apr
900 New York Dock
60
*91
94
*92
94
*92
34
94
Jan 14 653s Nov 29
93
93
*92
95
*92
32
Oct 4578 Feb
100
Preferr
95
ed
100 10034 9912 100
9912 10012 9812
100
9834 9834 9834 994
69 May 77 Dec
420 NY Steam pref (6)____No par 7218 Feb 9 9312 Nov 16
11018 11012 11012 11012 11014 11014 10712 100
11014 *1094 110 *10918 110
0212 Dec 921z Des
280 First preferred (7)..No par 9312 Feb 9 10212 Oct 6
*2812 29
2812 2858 2812 2812 *2812 29
9914 Apr 10534 Oct
1.000 Niagara Falls Power pf new_25 105 Jan 12 11412 Oct 1
5914 5978 5918 5978 594 6038 5958 6018 2834 2834 *2812 29
2734 Jan 31 2958May 2
594 6018 5912 60
36.000 North American Co
2758 Mar 2912 Dee
*5314 54
5358 534 5312 5312 5378 5378 54
10 4558 Jan 14 6412 Oct 4
54 '5338 54
42 Mar 67
900 Preferred
Jan
*10378 105 *10378 105 *10378 104
50 50 Jan 10 55 Aug 9
10438 10438 *104 105 *104 105
49
100
No
Jan 5214 Aug
Amer
Edison pref __ No par 9658 Jan 6 105
*51
5312 *50
5212 •____ 52 *____ 53 *____ 5212 •____
Oct 4
91 18 Mar 97 Dec
49
Northwestern Telegraph...50
34 34
312 312
358 358 *312 338
312 312
312 312 3,200 Norwalk Tire & Rubber_ _ _10 474 Jan 15 56 Sept 13
*9
oat *9
934 *9
914 *9
178June 18
938 *9
538 Feb 10
94 *9
418 Oct -1W8
Nunnally Co (The)_ _No par
33
914
3312 3312 34
3414 35
9 Nov 29 13 Jan 19
3514 3834 354 3878 3612 3734 34,600 011 Well Supply
1712 Jan
1234 Dec
*10612 10712 10612 108 .105 108 *105 107
25 314 Jan 28 3878 1)ec 22
*10534 107 *105 107
July 3638 Oct
30
70
Preferr
ed
1314 1314
1312 1314 *13
1314 124 1318
100 10234 Mar 1 110 June 3 10414 Apr 109
1212 1258 1212 13
4,700 Omnibus Corp
Oct
90
90
*90
No
par
9512 *90
91
11
*90
Mar 25 171sJone 11
9512 *90
9512 *90
12
Oct 2214 Feb
100 Preferred A
93
7558 7558 76
77
764 78
100
7758 7812 7712 7778 7738 78
88 July 954 Feb
7,200 Oppenheim Collins& CoNo par 81 Jan 19 9912May 23
2518 2518 25
2518 225
25
5812
Feb
8
2434 25
79
Nov 15
Jan 634 Sept
47
•100 1031. *100 10312 *100 10312 *100 10312' 2438 2452 2438 2412 4,600 Orpheum Circuit, Inc
1 2414Sepl 2 35 Apr 7
2712 Mar 3318 Nov
Preferred
148 14812 147 14734 148 14978 14812 14812 5100 10312 *100 103,2
100 10234 Nov 9 10812June 2 101
14834 14834 *147 149
Jan 105
2,700 Otis Elevator
Apr
11914 11914 *11914 12012 *11914 120
50 s103 Feb 2 15534 Oct 3 106 May 136
11914 1194 *11914 120 *1194 120
Des
60 Preferred
1014 1012 1018 1038 10
100 108 Feb 16 1244 Aug 2 10234 Jan
108 10
1018
10
1014
1018 1038 5.800.0tis Steel
10912 Aug
No
par
74
Feb
10
1212
June 6
•Bid and asked prices; no sales on this day.
8
Oct 1412 Jan
4 Ex-dividend. a Ex-rights.
Saturday,
Dec. 17.
3457
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
Tuesday, Wednesday, Thursday,
Monday.
Saturday,
Dec. 23.
Dec. 22.
Dec. 21.
Dec. 20.
Dec. 19.
Dec. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927 1
On basis of 100-share lots
Highest
Lowest
PER SHARE
Range for Preriots.
Year 1926
Lowest
Mahon
Per share $ per share $ Per Mare
per share
Per share $ per share $ per share $ Per share Shares Indus. & Misc.'. (Con.) Par $8111
$ per share $ per share
Feb 8 91 Nov 23 83 Nov 74 Sept
100
82
600 Otis Steel prior pre
82
*831
: 85
8334 83% 8334 84
*84 86 .8334 86
44 May 5614 Dee
No par 5234 Jan 24 8434 Nov 23
100 Outlet Co
8412 *8312 8412
8412 *82 8412 *83
*8312 8412 83% 83% *82
5334 Mar 90% Die
25 7518 Jan 18 85% Dec 1
7658 75% 7634 7618 7614 7614 76% 3,100 Owens Bottle
7658 76% 76% 7678 76
100 107 Jan 27 120 Nov 28 112 Mar 117 June
10 Preferred
•115 116% *115 116 *114 115 *115 11614 115 115
_
31 Feb 18 50 Dec 17
2
161-2 3.800 Pacific Gas- Elea new
49
4812 4914 4834 4912 48% 48% 49
4834 50
n1 May 83l Feb
1% Jan 7
1 May 25
No Par
118
112 1.600 Pacific 011
118
118
1111 114 *118 114 •118 114
118
118
100 124 Mar 7 162 Dec 19 117 Jan 135 Sept
15334 15434 2,780 Pacific Telep & Teleg
158 15934 155 15714 153 153
150 150 150 162
100 10312 Mar 11 116 Oct 27 10112 June 107 Dee
40 Preferred
114 114 *114 115
115 115 •114 115 *114 115
*114 115
31% Mar 45/
1
4 July
10 33% Apr 28 5938 Dec 20
58
58s
5734 5878 96,100 Packard Motor Car
57% 56% 5734 57% 59% 5758 59
57
9 Nov 2812 Jan
778 Mar 22 1814 Dec 9
165* 1678 1858 1678 33,700 Paige Dot Motor Car_ _No par
16% 17
16% 17
1638 16% 1658 17
Jan
56%
Mar
76%
Jan
19
21
65%
Dec
4018
Trans___
_50
&
23,100
Petr
41
Pan-Amer
4038
404
4034
407
4018
4414 44% 4214 4434 4014 43
5678 Mar 78% Jan
50 4(114 Dec 20 66% Jan 20
4038 4138 4012 4114 180,700 Class B
4014 4318 4014 41
4212 441
447
44
30 Oct 46 Jan
2012 2032 2012 20,2 4,700 Pan-Am West Petrol B _No par 1634 Oct 8 3772 Jan 24
2034 2078 2012 207
2012 20% 2058 21
4% Jan 32 June
8 Apr 29 18% Jan 17
17
1818 1634 17% 1812 1634 1612 1714 17,600 Panhandle Prod dr ref_No par
1634 17
1612 167
51 Jan 99% June
100 54 Sept 8 83 Nov 16
1,100 Preferred
80
811
80
8114 82
*80
80 81
7934 80
375 80
1858
Oct 284 Jan
Oct
10
465
8
Jan
27
20
tern
ette_No
par
TlIford
20,300
Park
&
35
3412
3334
3372
35
3412
3514
35%
3512 36
3534 353
812 Feb
5% Sent
6 Jan 3 1012 Dec 15
1
934 10 102,300 Park Utah C M
938 10
958 10
912 10
1014
9% 101
10
June 17
12
41
4
Sept
23
No
par
Exchange
44
700
Pathe
•412
434
434
43
47
43
4
43
4
434
5
3.41
/
4
17
4314June
20
Sept
22
new_No
par
Exchange
A
9,100
Pathe
21
2112
203
*
8
207
2138 22% 2112 22
2114 22
21
21
2314 3,500 Patin() Mines & Enterpr20 1812 Aug 1 2778 Feb 2
2234 23
22% 2314 23
2238 23
23
23
2212 227
141;v
238* Nov
50 20 Apr 29 32 Jan 8
5,600 Peerless Motor Car
2134 2214 *2238 227
2218 2158 22
22
2112 213
2134 221
1672 Jan 24 Dee
No par 1912Sept 29 2778Ma7 9
23
2234 2234 2212 2234 22% 22% 2,600 Penick & Ford
23
2212 221
2212 221
7 Aug 19 Oct
50 10% Jan 19 2512May 27
131
100 Penn Coal & Coke
/
4 13
•1012 141 *1312 141 *1312 1412 *1312 1412 131: 131
38 Dec 41 Dec
5,400 Penn-Dixie Cement__ __No par 2134 Dec 23 39% Jan 13
22
223
2214 21% 22
2212 22% 2214 2212 22
2212 223
99 Nov 1001: Nov
100 91 Sept 7 100 May 14
300 Preferred
: 941
95 *94
9412 94: 94
9612 *9312 9412 *931
*94% 95
214 Jan
58 Oct
118 Feb 14
14.1une 25
Penn-Seaboard SV1 vat No par
1.000 People's 0 L & C (Chic)_ _100 126 Jan 14 16834 Nov 30 117 Jan 131 Dec
160 161
1604 16114 15912 16012 160 160
•185- 162 *159 162
91
Dec
Mar
20
5918
15312
Dee
18
1,700 Philadelphia Co (Pittsb)_50 8514 Jan
152 15214 152 15312 *150 153 *148 150 •140 152
•150 155
36 Jan 3914 Dec
120 5% preferred
50 40 Jan 12 51 Dec 23
51
51
50
50
49
49
49
49
48
48
*4712 48
6312
July
45
Sept
5114
Oct
21
Jan
6
50
4,90
preferred
50
6%
52% 5234 5212 5258 5238 5212 52% 5211 "524 524 524 5218
4838 Feb
3814 AD
3838 3914 3838 39 30,300 PhDs& Read C & I----No Par 373sJulle 39 4758 Mar 4
40
4018 3912 3978 393g 4014 3914 40
3834 June
46% Jan
900 Certificates of int__ _No par 3714June 30 47 Mar 4
*3838 40 *3818 40
3912 3912 3912 3912 *381: 41
41
*39
41 Deo
16
Apr
10
4118
Jan
Sept
2
1934 1934 2012 19
193* 7,000 Phillip Morris & Co. Ltd--10 18
2018 20% 1978 20% 1934 2012 19
57% Dec
40 Ma
6014 Feb 16
No par 354 Oct
4178 40% 4112 414 415* 4114 411g 47,900 Phillips Petroleum
4034 41% 4138 4134 41
461
/
4 Nov
Ma
31
Aug
2
5278
Dec
2
37
5
800
Phoenix
Hosiery
3634
3714 *35
38
3814 3714 3714 37
3912 3814 39
*39
10734 July 9 94 Ma 103 Oct
100 103 Jan
Preferred
•103 105 *103 105 *103 105 *103 105 *103 105 *103 105
43% Jan
19
8
May
Mar
2358
Oct
1
918
10,200
14
Pierce-Arrow
Mot
Car_No
par
1384
1418
1478
135*
145
8
1514
1414
13%
1434
1358 13%
1
4 Aug
7612 AD 127/
3,200 Preferred
100 3734 Oct 1 10212 Jan 3
49
4914 ____
50
5214 49
50
4812 4812 4812 51
172 Jan
Oct
118June 22
58
58
58
14 Mar 2
412
58
12
1
25
12
1,300 Pierce Oil Corporation
38
58
34
*'2
Jan
2712
Nov
21
1115
June
24
Mar
2
131:
100
Preferred
*164
18
*1612
18
*16
18 '1612 17 "161: 19
18
*16
7 Jan
214 Aug
312.7une 20
212 Mar 22
314
318 318 10.900 Plerce Petram tern ettallo par
318
312 34
3
34
34 332
*314 312
25
371:
Aug
15
Nov
30%
8,000
Pillsbury
Flour
Mills.
N0
par
3234
33%
324
3338
34
33
32
,
2
3478
33
3378
34/
1
4 34%
300 Preferred
100 104 Aug 27 109 Oct 13
10814 10814 *10814 110's
109 109 *10814 110
108 108
*109 110
39 June 4213 Jan
100 3234 Mar 22 7412June 7
501: 4934 5214 5,300 Pittsburgh Coal of Pa
5114 49
51
5112 53
*5112 521 *5111 321
70 June 85 Jan
300
100 7058 Mar 10 98 Sept 13
88
88
Preferred
89
8812
8812
"874
88
90
88
*88
90
*88
Mar 10018 Dee
94
Jan
18
101
23
Nov
95
98
Pittsburgh Steel prof
100
*94
98 *94
*98 100 •98 100 *9414 96 *9414 96
Oct 637s Jan
39
55 June 7
*34
36
400 Pitts Terminal Coal
100 3012 Apr
34
3414 33
33% 337 .33
34
34
40
•33
8012 Oct 921 Feb
20
Dec
8412
Apr
2
74
170
100
7612
37712
80
Preferred
77
76
76
8412 841
80 *7712 78
*76
Jan
9334 Dee
Jan
5
60
91%
79
7638 7672 79
5,300 Porto Rican-Am Tob cl A_100 65 Aug 1
8218 821 x7512 8214 7638 77
82 82
5278 Dec 13
15 Aug 2
321 19,200 Class B
311
/
4 32
No pa
2814 3414 2912 3034 30
3134 348 3312 351
1247a
Feb
1
7
4e;
Dec
23
12
18
9258
Mar
1
par
144,700
12312
12338 12618
Poetum Co. Inc
No
12172 125
12172 12318 12032 123
12014
12018 121
3418 may 44 Nov
78.. Aug 28
733
733 *70
Pressed Steel Car new
100 3612 Feb
7338 •70
7312 370 7338 *70
*70
7334 *70
Dec
9534
Jan
92%May
12
773*
Feb
7612
100
800
Preferred
87
7
8
87
/
1
4
'
38612
881
873* 87% •87% 8712 *8738 8812 8738 872*
11 Mar 2034 Oct
3.378May 16
25
2512 7.500 Producers & Refiners Corp 50 1634 Jan
253 2534 2514 2614 2512 2618 2572 2632 254 257
50 Feb 9
303* May 418 Oct
50 3678 Jan
50 Preferred
415 4134 *4134 421 *4134 421
4134 43
43
*4112 43 *41
4678Sept 7
313* Oct 333* Nov
4134 4212 14,300 PubServCorp of NJ newNo par 32 Jan
421: 4278 4178 421
4212 4278 4214 431
4212 43
961 Apr 101
Oct
100 98% Feb 1 105 Nov 12
10312 10334 103 10358 10314 103% *10314 1037 *10358 10378 1,000 6% preferred
*10278 104
10318
Jan 110 Noe
Nov
23
12014
Jan
10812
100
Preferred
120
120
120
510
120
120
7%
•11934 11978 120 120 '117 120 '117
,
8
124
NO,
Nov
11
115
13514
100 125 Jan 1
8% preferred
*134 140 *134 136 *134 136 *134 140 *134 140 '3134 140
1101: Dec 1
97 Jan 10418 Sept
800 Pub Serv Elec & Gas pfd_100 102 Jan
10934 110 *10918 110
110 110
110 110
110 110
110 110
8434 Dec 1
821x 8178 821: 35,900 Pullman Company new No par 73% Aug 1
8114 8178 8114 838* 828 8378 8158 8314 82
46% Jan 3 IF 'lei IV, Des
50 27 Oct 2
30% 3034 3032 3078 3014 3032 3018 3038 8,400 Punta Alegre Sugar
2978 317
295* 30
31 Jan
3312 Mar 4
25%
25 25 Oct 1
26
263* 2534 2618 25,700 Pure Oil (The)
2658 2612 2612 2618 261
2558 2614 26
100 Ill% Jan 1 11512 Dec 7 106 AP 11234 Arne
11234 11234
100 8% preferred
*112 115 *112 114 •112 114 *112 114 *112 113
63 Nov 3
47 Oct 498 Nov
25 42% Mar 3
300 Purity Bakeries class A
5834 *58
5834
5834 5814 5814 *58
5834 *58
58
58
*58
5112 Nov 44 Dec
No par 41% Jan 31 98% Nov 21
3,100 Class B
9112 9112 914 921
893,1 9018 907g 914 9112 91121 9118 911
99 Oct 103 Dec
100 10114 Jan 8 110 Nov 12
30 Preferred
10734 10734 1.10714 10734 10734 10734 '10714 108
•107 10734 107 107
32 Mar 6158 Nov
4118 Apr 13 101 Dec 1
9012 9378 9112 9424 224,000'Radio Corp of Amer_..No pa
NIB 9538 9212 951
9312 951: 9038 933
44% Mar 53% Dec
50 49 May 3 57 Nov 29
200 Preferred
551
*55
58
*55
5578 *55
56
5578 557 *55
"55
56
32% Apr 4134 Oct
*393, 42
No par 39 Dec 16 46 Apr 25
10 Rand Mines, Ltd
42
39
39 '40 42 *4018 4012 *4018 42 *40
104 Mar 1634 Nov
Ray ConsolIdated Copper__10 1318July 1 1558Sept 26
3712 Nov 5014 Oct
2012
Nov
1
49
Apr
20
- 1,200 Real Silk Hosiery
2234
%la" 24 23 23 'His -214 228 88
9314 Dec 100 Nov
100 80 June 1 99 Mar 2
20 Preferred
*8512 87
*8512 87
*851:
86
89 *851: 88% 86
89
3934 Dec 58 Jan
No par 3812 Jan 24 8214 Dec 12
7,500 Reid Ice Cream
80
80
81
80
80
80
8134 8018 82
80
80 81
100 97 May 17 11012Nov 3 9512 Mar 100 Jan
100 Preferred_
11012 11012 *11012 11132 •11012 111%
•11038 112 011038 112 •11038 112
53 July 23
Jan
10
9
71s July 1834 Feb
No
par
Rets
&
Co
(Robt)
100
7
*612
7
*612
7
63
*63
4
*6's
7
63
4
*634 714
No par 201:Nov 4 4714June 9
2212 2272 2212 2278 35,500 Remington-Rand
2318 235* 2318 2338 2234 2338 2212 23
8712Nov 4 1021: Apr 25
600 First preferred
95
9414 94'4
9434 9334 94 94 *94
*9434 95
9434 95
Apr
25
Oct
29
110
90
100
preferred
Second
100
99
99
*96
99
*96
*964
*96
99
99
98 98 '97
Rem'g'tn Type 7% 1st p1 100 100 Oct 15 11712 Feb 10 jai" Apr 118 Oct
*10212 110 *10212 110 "10014 110 *10014 110 *10014 110 "10014 110
100 104 Dec 16 126 Apr 25 105 Apr 11514 Aug
8% 2d preferred
*98 104 *98 104
*9812 104 *9812 104 *98 104 *98 104
8 Oct 15% Jan
Nova?
913 Apr 80 1312 Jan 10
Replogle Steel
44 May 63% Jan
100 53 Oct 28 7578 Mar 11
16 - -6;566 Republie Iron & Steel
16- -89- 1678-Kora 61 "E93* Wthi 5914 593-4 -592 103
99 Sept
Ma
May
25
91%
106
9658
Jan
3
100
Preferred
104
1034
500
"10312
104
10312
103
104
*1024
*103
10334 10334
414 Oct 10% Jan
4 Feb 21 13 Dec 10
No par
812 101g
834 914
838
8'8 58,500 Reynolds Spring
1038 1134 1018 1034
113
11
12178 Nov
157 1574 15634 1574 157 15712 157 1577* 157 15778 15678 15714 12,300 Reynolds(RJ) Tob Class B 25 981s Feb 24 162 Dec 15 90 Ma
7618 Dec 100 Jan
25 74 Jan 13 194 Oct 28
178 1823 17418 17911 1793* 18114 17812 18712 187 1911: 18112 18738 28.900 Rotata Insurance Co
47% Oct 57% Jan
1
4 3,800 Royal Dutch Co(NY shares). 4414Ju1y 27 5412 Feb 9
4718 4714 4732 4732 4732 4732 4732 4732 473,2 471 48/
47
4818 Feb
3658 May
10 36 May 23 4378 Mar 4
415* 41
413* 8,300 St Joseph Lead
411: 42% 4111 4178 41
4134 42
4112 42
5512 Nov
4218 Mar
No par 5234 Jan 3 7414July 20
''
Safety Cable
8714 Nov 1021: Feb
5
- 4,100 Savage Arms Corporation_100 4312 Oct 25 7212Mar
-61
I3.3-4 -133- 63
-132E8
2% Dec 1014 Jan
334 Jan 10
1 June 30
No pa
2
218
218 34
278 318
278 318 51,000 Seneca Copper
218 214
214 2%
7058 July
52 Ma
55 Aug 13 74% Nov 23
6734 6812 6.400 Shubert Theatre Corp_ No pa
7012 6834 692* 6818 6914 6718 6812 "6738 68
70
4212 Ma 13812 Jan
321 26,100 Schulte Retall Stores__ _No pa
47 Jan 18 57 Sept 8
5234 52
52
52'z 52
52
53
5218 5334 5112 53
120
Sept
1121:
Jan
Aug
5
123
22
11614
Jan
100
Preferred
50
7
1213
12184
121
121
*120
120
•120
12134
*120%
120
/
1
4
120
7
3
12134
1212 Mar 1434 May
No pa
834 Sept 9 15% Dec 20
144 1538 1412 1514 1418 1478 1414 143 25.100 Seagrave Corp
1332 144 1414 143
5838 Sept
4414 Ma
51 Jan 17 9112 Dec 13
8814 9038 8834 9038 160,300 Sears,Roebuck &Co new Nopa
8634 8938 8912 91ls 894 9078 8812 90
47 Mar 69% Jan
No pa
5838 Jan 17 10112 Oct 17
931
1
4 923, 923* 4.800 Manua (F (1)
9212 93/
9432 924 93 M4218 9414 92
92
4012 July 4858 Jan
300 Shell Transport & Trading42 41% Oct 10 47% Feb 10
431
4234 4234 43
*4212 437 *4212 437 *4258 4373 *4238 84
24 Mar 31 Nov
Feb
7
31%
21
par
24%
Oct
011
253g
257
Shell
Union
No
12,200
26
2532
2572
2512
2572
2538
2512
25
7
8
2578 2584
1518 Aug 28% Jan
Dec
19
10 14%July 18 2638
244 2532 235* 2432 50,600 Simms Petroleum
2512 2632 2534 2614 2514 28
251
25
2838 Oct 54% Jan
No par 3312 Jan 6 63 Dec 14
58
5912 5718 58% 59
6032 5838 60 64,300 Simmons Co
5778 60
5934 601
Nov 109% .1011
10512
Oct
28
11138
Jan
4
10714
100
Preferred
2184 I2174 "His ilia 5-01,566 Sinclair Cons Oil Corp_No par 15 Oct 29 2238 Jan 20 1634 Oct 24% Feb
Wig -iois 22
11-11-4 -5./3* I21-8
1
4 June
Mar 99/
90
10412
Dec
19
Jan
6
100
:
103
103
97
Preferred
3,200
10212
103
1041
10332
10332
'10214
1024
10212
10378
10278
2858 Mar 3718 June
37% Feb 21
2718 2838 2738 11,200 Skelly Oil Co
25 2418June 2
2538 2638 2812 2712 2634 2738 2834 2714 27
800 Sloss-Sheffield Steel de Iron 100 11014 Nov 9 13414 Apr 6 103 Apr 14212 Aug
120 12412 125 126
*116 123
12314 12311 120
1634July 21
1234 13
1232 1234 3,000 Snider Packing
No par 1158June 2
1278 1278 1238 13
*1238 1234 1238 13
5284 July 23
48
*45
No par 44 Nov 2
48 •44
48 •44
48 .45
48
Preferred
45 *44
*44
4258May 18
*3712 377
373* 3834 375 3838 3712 3814 363g 3772 3834 374 20,500 So Porto Rico Sug new_No par 33% Aug 1
137 Nov 16 110 Oct Hi" Dee
100 11812 Mar
30 Preferred
136 138 *134 137 *13414 137 '134 137
136 136 *138 137
30 Dec 33 July
45 Dec 19
4312 44
4312 4334 4314 4332 14,000 Southern Calif Edison
25 31% Jan
433g 448
4414 4472 4412 45
41
Oct 5512 July
2812 28
292* 2814 2878 2738 2938 2812 2812 281: 2714 43,500 Southern Dairies cl A_Ne par 15 May 20 45% Jan 13
27
1712 Oct 358g Mar
20 Jan 7
10
634 Oct 1
101
10
17,900 Claw B
No par
1012 1118 103 1112 1034 114 104 1034 10
Jan 10534 JUDO
11212 Nov 19 101
Spalding Bros 1st prat -__ _100 103 Jan
*10814 11018 *10814 110% •1084 1104'10814 11012 *10814 11012 *108% 11012
10
Dec 1734 Feb
834May 1
15 July 29
Spear & Co
No par
*1078 1214 *1078 1214 "1072 1214 '1078 124 •1078 1214 *1072 1214
72 Apr 8212 Jan
378
80 .78
80
7934 *78
793
Preferred
100 73 Feb 24 8212 Oct 29
80
378
80 378
*78
1834 Apr 318, Feb
25 1 245* 253*
2012 Jan 27 2878May 25
No pa
900 Spicer Mfg Co
2512 *2412 2512 254 2514 25
254 25
*25
Jan 1074 Dee
Preferred
•111
•109
•110
- *109 -__- •109
100 104 Feb 21 11112Nov 29 101
•111
593 1-6;660 Standard Gas & El Co_No pa
51 Mar 69 Feb
59
5912 59
5934 6014 5914 597
54 Jan 25 6634June 16
60 605* 5944 60
5334
Mar
573* Feb
6612Nov
17
3
Jan
6412
85
65
65
57%
65
6512
*65
6514
Preferred
50
65
6512
900
65
65
67% Oct 9212 Feb
100 70% Jan 4 10438 Dec 9
/
4 100 1013 100 10112 99 10012 6,500 Standard MIIIIng
9878 9878 x9812 1005* 10034 1011
80 Mar 90 Feb
100 100
100 100
100 84 Jan 5 103 Dec 9
1
4 102 *100 10112 .99 100
130 Preferred
10112 10234 x101/
525* May 63% Sept
5038 Apr 28 6034 Jan 19
5518 56
55/
1
4 56
20,600 Standard Oil of Cal newNopa
5534 5632 5532 581
55'4 553* 56
55
375* Dec 4638 Jan
3934 3978 3934 40 37.400 Standard Oil of New Jersey_2
35% Apr 29 41% Feb 5
3934 40
3914 395*
3912 40
3934 397
3212 Dec 3314 Dee
Jan
18
27
34%
2934June
3134
3132
3172
32
011
of
New
32
315*
3134
27,100
Standard
York
_
_2
3112
3172
315*
3114 3138
3/
1
4 Nov 1078 Feb
438-Tune 9
21
/
4 23* *214 212 1,100 Stand Plate Glass Co-No par
2 Mar 29
2
*24 21
2
214 214
*214 212
45 Feb 45 Feb
121 '12
1212 •12
121:
100 10 Mar 16 1572.1une 10
127
12
12 "12
20 Preferred
1278 *12
*12
Mar 98% Nov
75
14312Nov
5
Jan
4
90%
13312 134
13314 13414 4,700 Sterling Products
No pa
133 13412 134 134
133 13412 133 133
61 Nov 927 Jan
: 824 15,600 Stewart-Warn Sp Corp-No pa
5414 Mar 15 8712 Nov 30
7958 8078 791
814 8272 8012 813
8314 8134 821
82
4734
Dec 771 Jan
Sept
9
1
60
2818June
4332
4332
431
Carburetor_No
par
433
8
4414
*43
Stromberg
431
431:
43
1,400
4312
*424 4312
47 May 62 Sept
49 June 23 6312Sept 12
5912 6018 49,900 Studeb'rCorp(The) newNo pa
593* 60
591 8038 504 6014 5934 6114 591: 607
11412 Feb 12212 June
12512Nov
26
Feb
10
100
118
12332
124
*12232
124
*12238
12312
124
200
Preferred
124
"1223/1
12314,*1223
8
8
*1225
35 Feb
112 July
818May 12
21: Feb 28
No pa
41g
13,000 Submarine Boat
4
414
4
414
4
414 414
•Bid and asked prices; no sales on this day. a Ex-rights
x Ex-dividend. b Ex dividend and ex rights.
3458
New York Stock Record-Continued-Page 7
For sales during the week of stocks usually inactive. see
seventh page preceding
111011 AND LOW SALE PRICES-PER SHARE,
NOT PER CENT.
Saturday,
Dec. 17.
Monday,
Dec. 19.
Tuesday,
Dec. 20.
Wednesday' Thursday,
Dec. 21.
Dec. 22.
Friday,
Dec. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER Si!ARE
Range Since Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ per share
per share $ Per share
per share
per share Shares Indus. &
32
32
32
S per share
3218 3218 3418 3218 32l
per share $ per share
323g 3213 *3214 3212 2,900 Sun 011 MIscell. (Con.) Par $ per share
*10058 102 •10012 102 *1004 102 *10058 102
par
No
30
Mar
21
3478 Jan 17
3018 Mar 41% Jan
10058 101 *100 103
400 Preferred
314 314
100 99 Aug 11 10158 Deo 9
34 328
318 314
338 . 338
314
314
318
314 3,200 Superior 011
*21
No par
2112 .21
34 Dec 16
64 Feb 18
2214 *21
2212 *21
2212 *2114 22
Dec
2178 4338 4.000 Superlor Steel
1212 1278 1212 1314 1434 13
100 18 Oct 27 28 May 18
Apr 8478 Sept
1278 1318 •1234 13
*1212 13
7,700 Sweets Co of America
50 7 Apr 27 1358 Feb 3 1912
412 5
*414 5
•414 5
858 Apr 1758 Sept
*414 5
*414 .5
*414 5
200
Symington
temp
ctfs__
*1212 13
.No
par
2188ept
13
17
Jan
14
13
1478 1278
4 Nov
1412 1212 1218 124 1212 1234 1,100 Class A
144 Jan
temp ctfa_ _No par
1673 1678 *1612 17
6 Oct 21
1514Nov 22
1678 1678 1678 1678
1058 Oct 2078 Feb
1678 1678 1678 164
700 Telautograph Corp__ _.No par
1114 1138 11
1112 Mar 9 1714 Nov 15
1138 1058 11
11
Apr
1034 1118 11
1478 Jan
1114 1058 1034 9,300 Tenn Copp & C
No
par
5234 5314 53
84June 10 134 Jan 13
1058 Dec
5334 5234 535s 5258 538
16 Feb
5212 53
5212 5434 25,500 Texas Corporation
25 45 Apr 19 58 Jan 17
7614 7678 7618 7812 77
534 Nov 5778 Dec
7814 7534 7712
1312 1438 1414 1434 1414 1412 1418 1458 7512 7612 7518 7638 143,800 Texas Gulf Sulphur new No par
49 Jan 3 8138Sept 20
39
Oct 5238 Nos
1418
14
143
8
1414
23,000
Texas
Pacific
Coal
&
011.....10 12 Apr 29
2618 2738 2712 2418 2818 2912 2738 2858
1878June 8
12
Oct 1912 Jan
27
2778 2618 2718 172,200 Texas Pao Laud Trust new..1
.20
154 Jan 25 40 June 7
21
21
21
*2012 22
_
*2012 2112 *2012 211s *2012 2114
100 Thatcher Mfg
No pa, 1612 Aug 12 2312Sept 18
47
4714 *464 4734 *47
4734 *47
4734 *47
47
473
4
473
4
200
Preferred
No par 43 Aug 8 5012 Nov 19
33
33
3314 3312 33
3312 3312 3414 53334 34
_
33
33
5,200 The Fair
No par 2414 Jan 11 36 Aug 5
.62
6312 *62
6312 62
64
34
*61
Jar
62
*61
*61
62
100 Thompson (J R) Co
25 47 Jan 26 6534 Dec 10
1612 1714 1714 1818 1714 174 1738 1734 1718 62
424
May
504
Sent
1778 17
1712
76,300
Tidewater Assoc OIL _No par
1538 Oct 13 1918June 9
8814 8814 88
8812 8734 8812 8712 88
_
8612 8612 *864 874 1.700 Preferred
100
85
Oct
5
4June
903
1
2212 23
2234 24
*2212 4334 2434 2312 4334
.8612 8712 8614 8612 *8614 8712 8614 8614 *8712 2324 234 2338 2,400 Tide Water 011
100 19 July 25 291s Jan 13' 27 Nov
3914 Jet
88
*8712 88
700 Preferred
13112 13312 13112 13314 13314 13538 13438 13714
100 85 Nov 19 9018 Sept 12
8714 Nov 103
Jan
13414
13614 1334 135
90.400 Timken Roller BearIng_No par 78 Jan 3 14212 Aug
11453 1164 11334 11538 11434 116
3
4478 Mar 8538 No,
11418 11514 114 11458 11414 11538 46.000 Tobacco Products
Corp.
100 924 Oct 4 11758 Dec 16
11732 118
116 117
117 118
954
Apr
11534 11578 11512 11818 118 121
1165
8
Sept
16,200 Class A
100 108 Apr 18 121 Dec 23 103 Mar 11838 Sept
938 958
94 913
914 958
418 912
9
914
9
918 41,400 Transc't'l 011tenictfnewNo par
4614 4612 46
334 Apr 30 1038Nov 17
4814 4612 4714 4534 4714 4612 4714
3 Mar
512 July
46
4678 10,000 Transue & Williams St1 No par
6512 66
10 b.ity 4 50 Dec 14
6514 6578 6434 6558 6412 65
15 Aug 27
Jat
637
8
645
8
637
8 6612 10,700 Underwood Typewriter._. _25 45 Jan 29
*14412 125 *12414 125
6878 Dec 14
434 Nov 6334 Jan
14412 12412 *12412 125 *12412 125 *12412 125
10
Preferred
*4612 4712 *46
100
120 Jan 5 125 Dec 8 11534 Sept 123
48
464 4812 4534 46
Jan
*4614 4714 46
4612
6,300
Union Bag & Paper Corp..100
148 14912 14712 1481 148 14934 14738 14938 1475
35 Mu 7114 Jan
8 1484 14612 14834 22,000 Union Carbide & Carb_No par 384 Jan 25 7314June 1
45
9918 Jan 26 15412Nov 18
454 4512 46
774 Mar 10034 Der
45
4558 4434 4518 4458 4434 4412 4412 5,400 Union 011
California
123 123
25 3958June 27 5612 Jan 6
123 12712 1464 12718 *124 12612 •121 126 *121
3714
Jan 5838 Sept
126
3,100 Union Tank Car new... _100 94 Jan 3 12712 Dec 19
3412 3518 3438 3433 3312 3438 3312 3358 334
93 Dec 9514 Dec
3312 3312 3312 4.700 United Cigar Stores new.._10 3258 Nov
108 108 .10712 10838 *107 1084 *10758 108
4 38',July26 --10734 108
108
108
500
Preferred
100 104 July 29 109 June 44
19314 194
19318 19412 19312 19414 19334 19378 19334 194
19312 194
5,000 United Drug
100 159 Jan 45 20012Nov 5 134 Mar Hi" Dec
*5912 6014 *5934 6014 *60
6038 6038 6038 .60
61
61
61
300 let Preferred
*43
54) 584 Jan 6 61 Dec 23
45
43
5512 Mar 59 July
43
45
46
46
46
46
46
*4214
4534
150 United Dyewood pref
142 144
100 36'4 July 12 49 Jan 19
144 145
494 Dec 68
14312 14434 14212 14334 .142 14414 14318
Jan
4 2,900 United Fruit
No par 11312 Jan 26 150 Sept 12
10014 101
10014 10014 10012 10112 1004 10012 10012 10114 9934 1433
98
Apr 126 Nov
493
4
470
Universal
Pictures 1st pfd.100 9714 Nov 18 10338 Apr 26
2514 2712 27
90 Mar 9813 Dee
2814 2738 2818 2738 28
27
2712 2634 27
12,600 Universal Plpe & Rad_ No par 241sSept 22 3714 Mar 29
9214 9334 9312 944 9478 98
1358
Mar 344 Dec
*94
974 *94
9612 9378 9378 5,100 Preferred
*215 219
100 8134 Jan 27 08 Dee 20
217 218
54 Mar 904 Dec
41778 2174 *217 218
215 215
214 214
1.000 US Cast Iron Pipe & Fdy 100 19012 Aug 30 246 May 20
150 May 2484 Aug
'122 123 *122 123 *120 122 *120 122 •118
122 *118 122
Preferred
100 112 Mar 14 125 Nov 24 10014 Mar 118 Dec
184 1938 1838 1914 *1812 19
1818 1834 18
1812 18
18
3,700 U S Diatrlb Corp new-.No par
*8812 9012 89
1414May 5 2234July 7
89
8938 8938 *8812 91
-•
*8812 91
*8812 91
300 Preferred
5178 5278 51
100
524 4914 5078 494 514 *507
, 5114 5018 504 8,300 U S Hoff Mach Corp vtoNo par1 81 May 5 96I Sept 2
10834 110
44 Oct 13 6338May 19 "VA Jan 5958 Feb
10812 1094 109 11058 107 10914 108 10878 1075
8
1083
33,300
4
U
S
Industrial
Alcohol...AO° 89 Mar 30 11112 Dec 16
*141 130 *121 130 *121 130
45. Mar 8412 Dec
121 121 *119 125 •117 125
400 Preferred
2318 2338 2314 2312 2314 2358 *23
100 10714 Apr 4 121 Dec 21
9914 Apr 1147s Noy
2312 23
2318 4.2212 23
3,200 U S Leather
No par
14 July 21 4.54 Nov 14
5414 5478 5458 55¼ 54
5434 56
5434 5312 5614 5378 5514 15.300 Class A
*104 105
No par 2734June 30 5812 Dec 16
10434 105 *10412 10514 *10412 478 •I0412 10514
10478 10478
600 Prlor preferred
6734 6814 674 6814 6714 6734 6638 10
100 89 July 15 1061:Nov 4
6734 6658 6738 8534 664 10,600 US Realty & Impt
new.No par 54 Apr 6 6978 Dec 12
5612 5732 5614 5734 56
4818 Mar "His Jab
5758 554 5612 544 551s 544 547s 32,800 United
States Rubber
10418 10478 10312 10458 10258 10318 10212 1024 10212
1041 3714June 16 674 Feb 28
5014 May 8814 Jan
5,200
Lit Preferred
4614 4734 4634 4718 4612 48 1 474 4818 47 10212 102 103
100 8534June 16 11138 Apr 8 1014 Mar 109
Jar
48
483
4
48
14,300
US
Smelting. Ref & Mln__50 3328 Jan 13 4878 Dec 6
514 5112 52
52
*51
30
Oct 4978 Jan
52
52
52
5178 54
5178 5212 4,300 Preferred
50 454 Jan 18 5212 Dec 23
42
Oct 50 Jan
United
States
Steel
Corp._100
fi8-72 liifs 14911 147E2 146-34- 148I4 1497 14824 111- 15018
15014Sein 22 176 May 31 117
Apr 1604 Dec
5-9-4-,200 New w I
13812 13812 13814
11128 Jan 28 1601213ept 16 11378 Dec 117 Dec
13858 1385, 139 I 13912 140
140 140
140 140
Preferred
*95
100 149 Jan 48 140 Dec 21 1244 Mar 130% Dec
9634 *9414 96
*9414 9634 *9414 9612 59414 9612 59414 964 3.700
800
U
8
Tobacco
*127 _
No par 87 Jan 4 474 Dec 10
*12.514 - - - - *12514 __ __,*12514 _
5612 Jan 67 Dee
•12514
*12514
-Preferred
*13312 137
100 123 Jan 14 127 Nov 48 112 Mar 123 Dec
137 140
147 147 ' 14712 14-71-2 149 155
153 161
430 Utah Copper
10 111 Feb 11 161 Dee 23
2958 30
2912 2934 4912 2951 294 2912 2914 2912 2918 4914
43
Apr 116 No•
3,000
Utilities
Pow
&
Lt A_No par 27 Jan 8 34 May 19
584 5932 5934 65
6334 674 624 6578 63
275s Dec 37 Feb
8618 6418 654 144.6201Vanadium Corp
No par 37 Jan 20 6718 Dec 20
9
*8
812
94 •812 912 .84 914
814 812
29 Mar 43 Aug
834 834
600 Van Raalte
No par
A Sept 2 143s Feb 8
1212 Apr 22 Feb
4412 4434 45
45
*45
46
45
45
45
45
43
43
280 let preferred
100 43 Dec 9 64 Feb 11
80
60
5918 6014 5934 60
58 Aug 75 Feb
5912 60
5918 5932 594 5934 2.700 Vick Chemical
No par 48 Jan 3 6358June 6
5234 53
5318 5414 53
July 52 Aug
4314
5378 5214 5338 52
534 5414 53
44,709 Victor Talk Machine...No par 32 July 13 5458 Dec 5
10914 10934 109 110
109 10912 10812 109
.....
107 10834 10812 10812 5,500 6% preferred
10112 10112 10158 10134 10012 10134 10012 102
No par 9
Oacytt 2
8714
76 moc
1347 11138 Dec 5
102 10218 10134 10134 2.800 7% prior preferred
14
100
14
1312 1378 1314 1314
10212 Dec 6
1338 14
133
4
137
8
1312
133
4
3,300
Virg-Caro
Chen)
No par
4678 4678 4618 4612 4612 4612 4618 4612 4618
15128ept 13
9 Oct
"iet,
4738 4618 4618 2,000 6% preferred
*89
100 2618 Apr 4 4812 Dec 13
90
*89
90
89
3112 Oct 69 Jan
89
89
89
*8812 90
*8912 90
400 7% preferred
*34
100 73 June 8 91 Nov 15
36 .34
40
*34
40
83 Oct 981s Jan
534
40
•34
40
534
40
Virginia
Iron Coal & Coke_100 36 Dec 15 51 Jan 4
*6212 69
*6212 69
*6212 69
40 May 804 NO1
*6412 69
6212 69
*6212 69
Preferred
2032 2112 2012 217s 2114 2134 21
100 6912 Aug 10 7612 Aug 22
70 July 85 Dec
2134 2012 2118 2034 21
13,400,Vivaininu(V).
*954 974 98
No par 1
11651
0:
14 DD
Jane
ec
e 14
136 3914June 20
98
*96
Mar 364 Dec
28
97
*46
*9518 9778 *9518 9778
974
100 Preferred
2814 2814 2818 2818 2718 28
100
11812June 20
944 Jan 1104 Dec
27
28
2618 2632 26
2618
36C Vulcan Detinning
*91 101
100
*91 101
80 Aug 28
*91 101
10 Sent 15 Dec
*91 101
*91
9212
9212
20
924
Preferred
23
100 90 Jan 4 126 Aug 47
23
*4318 4412 2318 231,4 4134 26
88 Apr 105 Dec
41318 26
*2318 26
30 Class A
20
100 16 Jan 27 594 Aug 26
20
1934 20
*1912 1978 1978 1978 *1914 194 •194 104
700 Waldorf System
No par 184 Dec 2 45 Feb 7
*1734 18
1711 1778 *17
17
174 174 1778 •1718 1734 1714 1714
Jan 23 Dee
500 Walwerth Co etre
No par
11434 11434 117 117 •11412 117
17 Dec 12 444 Apr 1
1414 June 234 Jan
11412 1144 *111 117 *111 11112
40 Ward Baking Class A..No par 8918 Apr 13 1183
2678 273s 27
4 Oct 3
99 June 195 Jan
2734 27
2734 2614 2738 2612 274 264 2812 10,600 Class B
No par
1712June 14 3358 Feb 18
*9512 98
*9534 9812 *9534 9812 *9612 98
2114 Oct 8538 Feb
*97
98
*97
98
Preferred (100)
No par 84 Apr 9
19
2178 1918 2114 1838 1912 184 1934 1858 19
8811 Oct 11011 Jan
183s 19
22,900 Warner Bros Pictures A _...10 1878 Dec 20 10014 Nov 21
3138 3434 3134 3258 3152 3278 3112 3214 31
4518 Jan 6
12 June 8914 Sept
317
8
304
3112
16.200
Warner Quinlan
No par 24 June 6 3412 Dec 10
*165 189 *16412 167 *165 167
1644 165 •145 152 •145 150
200 Warren Bros
No par 65 Jan 14 180 Nov 30
437 Apr 69 Dee
2012 21 I 20
2012 4018 2034 2018 2018 20
20
1978 1978 4,500 Warren Fndry & Pipe._No par
•70
18 Oct 20 27 June
7012 *89
69
7012 6078 70
•
70
69
7012 *69
6912 1,500 Weber & Helibr, new c.blo par 68 Oct 24 7512 Aug I
*10214 10312 *10214 104 *10214 10312 *10214 10312 *10214 10312
9
*10214 10311
Preferred
100 10134Nov 16 10314 Aug 9
17014 17014 17018 17134 17014 17134 171 17112 17114 17434 217112
17112
7,300
Western
Union
Telegraph.
100 1444 Jan 8 17534 Dec 22 13412 Mar 1577k Sept
4614 4672 464 464 4418 4612 46
4738 4618 4612 4618 4634 17,900 Wstnghse Air Brake NewNopor
40 Oct 28 504Sept 15
9018 004 8912 90
8912 904 8934 914 8934 9078 894 9114 29,200 Westinghous
e Elec & Mfg..50 6758 Jan 4 9434 Dec 2
707 101 '
797 101
65 May -7912 Feb
*98
99
964 98
*97
99
597
30
99
1st
preferred
50 82 Mar 25 10378 Dec 3
*13
1312 1212 13 .
1212 1314 1214 1214 *1212 1312 1212 1212
7818 Oct am Feb
900 Weston Elec Instrunft_No par
11 Sept
*3012 3412 *3012 324 *3012 3132 *3012 31
1838 Feb 15
1334 May
1913 July
*3012 31
31
31
100
Class
A
No
par
30 July 14 3434 Apr 20
108 108 *10614 108
108 108
108 108 •10612 108 *10612 108
2714
Jan 3211Oct
80 West Penn Elee cl A vti No par 9772 Jan 4 111
11138 11178 11138 11132 11112 112
Aug 42
8812 Jan 981s Oct
11118 112
11134 112
11112 11158
290 Preferred
•
100
102
Jan
4
116 118
112
115 116
11514 116
_. May 1044 Des
11614 11614 11612 11634 *11614 11614
230 West Penn Power pref..„100 111 Jan 16 .1114 Sept 13
10918 10918 109 10918 *109 110
May 27
9512 Mar 115 Sept
109 109
10912 10912 10934
220 8% preferred
4
100 10012 181,20
21
2138 4118 2114 2012 2114 4012 2034 2038 204 2012 1093
Dec
95 Mar 103
4012 4,300 White Eagle 011 dsRetg_No par 2018 Dec 22 1094 Dec 13
2712 Feb lb 108
3752 3878 3714 3812 3714 38
Apr 294 Feb
37
3712 374 3712 37
3714 11,800 White Motor
50 3014Nov 3 584 Feb 28
*3512 37
3032 3614 36
254 Apr 90 Feb
36
*35
36
3418 3418 344 355% 3,500 White Rock Mln Sp ctf_No par
26 Jan 26
4018 4214 4234 434 4438 4512 4538 4634 4538 4658 435
11
5118 Oct 3532 Eel
8 4578 36,100 White Sewing Machine.No par 2112 Mar 24 5:114 Sept 21
*54
55
Aug 10
5434 5434 *544 5434 5434 55
24 .
*5412 55
55
400 White Sewing Mach pt_No par 46 Feb 18
55
59 Jan 17
4612 Oct '6414'Um
Wickwire
Spencer
ctf.
_No
par
Is Oct 25
-171-818
14 Feb 14
17
17'2
33g Jan
14 1/4 1718 1712 174 1814
514 Dec
115,500
175
8
1814
Willys-Over
land (The).- .-..5 134 Oct 10 2424 Mar 3
*94
6472 6412 0412 *MI: 9478 0418 944 9412 9412 X93'2 9312
18 May 34
Jan
800 Preferred
100
87
June
11
96
1234 1272 1214 1212 1112 1158 Ills 1112
Aug 22
881 Oct 94 Feb
1114 1114
1114 1134 2,760 Wilson & Co Inn, new_No pa
10 May 5, 1758 Feb 21
2134 224 2118 2218 21
6 May
1438 Dec
22
2018 201s *20
2112 *2012 2134 1,000 Class A
No par
1614May 51 324 Feb 23
14 May 3058 Dec
*66
67
6514 67
6518 6518 65
65 •63
65
1,100 Preferred
*64
65
100 58 Apr 7 8484 Feb 23
19358 19554 193 19532 192 194
42 May 8138 Dec
19078 19234 192 19378 192 19332 27.400 Woolworth (F
W)
Co
25 11724 Jan 11 19812 Dec 5 12014 Dec 128 Dec
30
3218 3134 3134 •30
3134 3112 3112 .30
3112 *30
3014
1,600 Worthington P & M
100 2012 Jan 27 48 June 7
*49
51
*49
51
51
51
•48
19 Nov 444 Jar
5334 •48
5112 *48
54
100 Preferred A
100 44 Dec 9 814June 9
45
45
*44
4512 45
*44
44 Nov 80 Feb
45
4512 *44
45
•44
45
300
Preferred
B
100 37 Oct 24 5412June 7
7514 824 7512 8312 7912 81
7612 7912 7612 781
Nov 65 Feb
3714
7612 7778 29,300 Wright Aeronautical_ No par 2412 Apr 5 9424
70
70
704 71
Dee 13
6878 6938 70
4412 Mar 394 July
71
6418 6918 6934 6934 1,500 Wrigley (Wm Jr)
No par 507
,Jan 4 724 Dec 15
*7312 75
*734 75
*7312 75 .
47
7312 75
Apr 5934 Feb
7312 731 .7278 74
100
Yale & Towne
25 7014 Jan 8 8412 Aug 24
3412 3512 3414 3532 3458 3514 3414 344 34
601s Mar 724 Aug
341
3338 3414 88.800 Yellow Truck & Coach C113 10 25 Jan 14
40 Aug 10
89
89
89
8034 894 8934 89
20 May 3952 Seal
89
*8812 89
1.800 Preferred
*8812
89
100 8318 Aug 23 9958Zuly 20
94
944 944 954 95
914 Apr 10712 Sept
9578 944 9434 94
95
9418 9412 9,600 Youngstown Sheet & T_No Par 804 Oct 24
9714 Mar 24
69 May 954 Alla
Bank & Trust Co. Stocks.
*575 576 .573 576
580 580
575 575
575 575 *570 572
30 Bank of Commerce
582 Deo 6
*570 576 *568 574
576 576
585 595 *500 598 *590 600
30 Bank of Manhattan Co...100 559 °
Oc
649
12 613 Oct 5
548 551
550 555 .545 550
543 545
540 543
539 543
670 Chase National Bank
100
528
Dec
8
615
570 573
570 572
570 572
570 570 1 568 570
290 Chat Phen Nat Ilk & Tr I00 495 Oct 25 575 Sept 20
569 560
Dec 14
*609 613 *606 612 *608 612 *808 613 *608 613 *608 613
Corn Exchange Bank
100 593 Oct 17 615
411 411 x409 409
40812 40812 409 409 .409 410
410 410
70 Equitable Tr Co of N Y__ _100 390 Oct 24 428 Dec 2
*1475 1300 *1295 1310 *1285 1310 *1285 1310 *1285 1305 1310 1310
10 Hanover National Bank-100 1270 Oct 26 1310 Oct 4
Dec 23
726 72912 728 73.5
727 730
726 734 1 730 740
735 744
1,610 National City Bank
100 669 Oct 28 739 Oct 4
845 645 *645 650 5645 650 *645 650 *644 650 *640 650
30 NaUonal Park Bank
100 593 Nov 2 655 Oct 3
-iag, Dec
•
•BM and asked prices. no sales on Uils day. a Edenglat.
1 Ex-d vidend. • No par value.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. I 1909 the Exchange method of quoting bonds was changed and prices are note
BONDS
N . Y. STOCK EXCHANGE
Week Ended Dec. 23.
Price
Fridau.
Dec. 23.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
3459
and (nterest"-except for income and deraulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
a,
Price
Fridau.
Dec. 23.
1Week's
Range or
Last Sale.
Range
Si74Ce
Jan. 1.
If
Ask Low
High No. Low
814
High
High No, Low
Ask Low
814
U. S. Government.
20
9314 99
97
Greek Government 81 sec is 1964 50 N 97 Sale 96
First Liberty Loan62
99
10013t
34
10012
100
10014
10018
859 00.32102"23 Halt!(Republic) sOs
J D 101243, Sale 101318, 102
334% of 1932-1947
9 101 106
103
A 0 10212 105 10178
1 350.1
2 00"4, 102
Heidelberg (Germany) ext 7;i952
J I) 1011334 -- 101134,10114n
Cony 4% of 1932-47
49
9712
9812
2
1017
,
98
Sale
4
9812
73551945.3
Loan
Slunic
138
Hungarian
1023114103334,
J D 1031.32 Sale 10334: 1031341
Cony 4.15% of 1932-47
19
9312 99
94
8 94
9312
J 93,
Sept 1 1946
External 6 173
10214,103
102I3nDee'27
.1 1) 1021,12
2d cony 434% of 1932-47
98
9854
4
98,
98% 22
'61 M N 9814 99
NI
Land
Inst
Hungarian
7358
Third Liberty Loan10212 16 100 105
8
A 10318 Sale 102,
11)035a, Sale 100133,100"n 812 1001843101244, Hungary (Kingd of) 817558.1944 F D
M
4 ki % of 1928
9234 9S58.
4
9912 Sale 96,
99% 1845
Italy (Kingdom of) ext'l 7s_ _1051 3
Fourth Liberty Loan9238 9fS78
Sale
8
4 57
947
,
96
95
12
S
M
A1937
78
Consortium
Cred
1903
Italian
n
103134,104
Sale 103'n 10414,
A 0 104
4 yi % of 1933-1938
97
4 146
91
94,
Sale
91
9512
1947M
5
Extlsecsf7sscrl3
1947-1952 A 0 115w,, Sale 115154,115263! 382 11034,116
Treasury 41.5s
9058 101
9518 194
96 Sale 9312
J
76_1952
ext
Utility
Public
556
Italian
10634,111
110134,1102534
Sale
1102,3,
D
J
1944-1954
Treasury 45
58
9218
8814
92
Sale
4
,
91
92
J
..193l
4s..
_1931
Sloan
Japanese Govt
107on Sale 107154, 108 1098 10354,104
1946-1956 M
Treasury 35521
9878 102
1954 F A 10112 Sale 10118 10112 115
83 10034,103
30-year s f 65.38
1943-1947 J D 102,142 Sale 102on 103
Treasury 345
21
98 102,4i
100
99
05
8
,
A
95
F
.1947
is.
1
s
Leipzig
(Germany)
State and City Securities,
1
97 10012
97%
9818 97%
3 10034 10114 Lower Austria (Prov) 7'4s. 1050 J D 98
10114
N Y City-415s Corp stock _1960 M S 101 10114 10118
12
9312 1003,
99
4
9834 09,8 98,
10212 10512 Lyons (City of) 15-year 65_1034 50 N
10478 105% 10412 Nov'27
454s Corporate stock ___ _1964 M
25
9314 101
99
4
,
98
Sale
99
N
NI
_1934
6s_
15yr
of)
(Clty
10258 10258 Marseilles
8 Mar'27
102,
4158 Corporate stock...,_ _1966 A 0 105
41
30
8 40
36,
4
35,
Asstng 4(48 1943
Irrigat
Mexican
8
1025
10514
June'27
104%
8
1057
8
,
105
_
_
stock
_1972
A
Corporate
0
4;512
3234 50
35 Sept'27
__
Q
of
45
'45
9
E
58
1
ext)
1899
5)
10712
(U
10912
June'27
Mexico
10918
109%
3
6(1
110
4)4: Corporate stock _ ___1971 J D
4
39
8
315
3718
Sale
3718
5 10658 10912
Assenting 55 of 1899
8 11012 10912 10912
15
4)4a Corporate stock_July1967 J J 100,
441s
31
4 Sale 3838
38,
29
Assenting 53 large
8 Nov'27
1065g 10914
410 Corporate stock _ __I9(15 J D 10914 1103g 108,
104
21
8
345
4
2618
273
Sale
2618
1904
of
45
Assenting
1
109
8
1063
109
4)45 Corporate stock _ __ _1963 M S 109 110 109
2758 27,
5
2738 Jan'27
.1 J
Assenting 4s of 1910
99 101%
1959 M N 10118 10154 10114 Dec'27
4% Corporate stock
91
20
30
3113
28
Sale
23
_
_
_
___
large
1910
of
48
Assenting
Dec'27
101i.
99
10118
4
1013
10118
1958 M N
4% Corporate stock
20
283s
8
254 Sale 25,
2718 148
Assenting 4s of 1910 small_
9874 10112
1957 M N 10118 10134 10072 Nov'27
4% Corporate stock
3514 4818
41% 24
3984 Sale 3934
'1 rears 60 of '13 assent (large)'33
983 July'27
98,
4 98%
1936 M N 10014
45 registered
11
2512
4014
4812
4
,
39
Small
8
,
10812
105
Nov'27
a
108,
10878
4)4% Corporate stock _ _1957 MN 10812
94
9212 677
89
10812
1 10534 10834 Milan (City. Italy) ext'l 6545 '52 a 0 9214 Sale 894
10812 10812
4)4% Corporate stock...1957 M N
9978 10418
1952 3 D 10212 Sale 10218 10234 14
8978 9318 Montevideo (City of) 7s
314% Corporate st_ _May 1954 m N 9314 9334 9318 Dec'27
2
108
10874
108
10512
4
1063
108
S
M
.A972
Prim).
Netherlands 68(flat
8978 93
354% Corporate st __Nov 1954 MN 9314 9334 9314 Dec'27
22 10218 10458
103 Sale 1028, 103
30-year external 64
8 Nov'27
102,
10258 1022,
1960
New York State Canal 45
58
95
94
9534
A 9434 Sale 9453
A D
4F
57
95
10435 10438 New So Wales (State) ext 55 10
10438 Oct'27
1961
Canal Imp 48
52
945,
8
947
9512
94
Sale
8
,
94
0
A
kpr 1958
External s f 5s
10518 10538
10538 Oct'27
19453 .1
Canal Tern 4 155
9 101 18 104
103
102 Sale 102
6a
ext.'
20-year
11212
Norway
11212
June'27
11212
4
M
improv't
Highway
73
104
4
10114
1023
102
Sale
A
102%
F
4
3
4
9
1
65
20-year external
Foreign Gov't & Municipals
10278 28 100 10414
O 10214 Sale 10218
_I D
2A
955
196
30-year external Os
9258 9712
9512 24
4 Sale 9414
Antioquia (Dept) Col 78 A...1945 J .1 94,
9834 10212
4 10212 23
10078 Sale 100,
12
40-year s 1 5 Lis
9232 9712
9414 Sale 9414
9434
1945 J J
Externals(78 ser B
9
8
102
997s 10312
4
101
Sale
102
N
M
_1955
9412 16
9212 9014 Oslo (City) 30-year 5 f tie_
External sf 75 series C....1945 J .1 94 Sale 94
17
100
97 10038
A 9912 9934 9914
F
3
6
5
4
9
1
26
fund
04
9411
tie
5
Sinking
93
4
3
95
94
9414
1st
ser.
..I957
0
refs
A
tr
Ext 81 78
12 100 1041,
2
,
103
10318
D
Sale
103
J
lis
5
esti
9738 1CO
Panama (Rep)
9934 29
Argentine Govt Pub Wks 68_1960 A o 9914 Sale 9914
100 10334
102,2
10214 Sale 10218
Exit sec if 6)58
Argentine Nation (Govt of)9338 9614
9414 22
9312 Sale 9358
D
MS
41 j
'67
9734 10014 Pernambuco (State of) esti 7a19
10014 70
Sink fund Os of June 1925_1959 .1 I) 100 Sale 9914
10934 76 102 101,84
Peru (Repot)esti 88(of'241_1944 A 0 10934 Sale 1091e
9734 101
10014 54
Esti 51 Os of Oct 1925._ 1959 AO 9912 Sale 9914
8 1097s 26 103 10974
N 110 Sale 109,
k1 O
5
.
4
0
4
94
1
,
1926)
of
60
(ser
9738
10018
85
10078
Sale
Esti
10112
10018
1957
5
NI
A
series
Os
fund
Sink
99
9938 10718
10612 Sale 10612 107
Esti sink Id 7(4s
9738 10038
4 Sale 9938 10018 114
External 65 series B._Dec 105, JO 99,
189
9834 10718
107
S 107 Sale 10638
Nt s
5, ikf
956
,
9978 41
9734 100
Esti f sec 71.49 (of 11126)_ 1
4 Sale 9912
,
99
1900 MN
Esti e f 68 of May 1926
514
107
1
9812 107
1021
Sale
104
9834
9938
9974
7s
180
8
9914
997
Sale
Ity)_1960
M
External of Os (State
8012 18
7613 85
gold 65 _1940 A 0 8012 Sale 8014
Ex(lsfsecPoland
98 100
9914 Sale 9914
9912 100
Esti Os Sanitary Works._ _196) FA
744
89
9312
88
98 100
9934 57
Stabilization loan a f 75_1947 A 0 8818 Sale 88
9914 Sale 9918
Esti Os pith WKS (May '27)1961 M
101.,
54
9314
9914
Sale
8
9834
987
J
19503
8s
2
g
Id
9111
89
4
sink
9138
923
92
8
Eat)
91,
1945 NI
Argentine Treasury 58
6
106
10314
10514
106
10518
10512
4678 98% Porto Alegre (City of) 68_1961 J
8 Sale 9774
9812 133
Australia 30-yr Is. __July 15 1955 .1 .1 98,
9912 10212
10078 12
1980 3 J 100 10078 100
9734 173
Ext1 guar sink fd 7)48.
S 9712 Sale 9738
9684 9814
External 5e of 1927_ Sept 1957
12 111 116
43 10114 106
104
Queensland 'State) call of 7s 1941 A 0 114 11412 11438 115
1943 3D 104 Sale 10331
Austrian (Govt) 81 78
8 104 10812
10812
F A 108 Sale 107
92,
8 10014
25-year external 65
96,
11 33
A 9614 Sale 9534
Bavaria (Free State) 6 )4s_ _1945
9 103,
106
8 107%
7 A 0 1051 4 10512 10514
946
11412 43 111 11434 Rio Grande do Sul esti 8183_1194
D 11412 Sale 114
Belgium 25-yr ext sf 7355 6_1945
5 102% 10613
g 10514 Sale 10514 105%
47
14
9
13
10914 38 108 11054 Rio (le Janeiro 25-yr 81 8s
1941 FA 10912 Sale 10878
20-year s f 813
11 10214 106
10512
105
Sale
105
r
y
5
2
8s
122
4
8
963
esti
1033
10518
Sale
10318
103%
1949
6
MS
25-year external
9212 664
8918 94
9
9238 100
99
Rome (City) extl ,413A 0 92% Sale 90
1955 J J 98% Sale 983s
External 81 Os
8 10212 106
N 10412 10514 10412 105
4
52
96
10612 36 1.9212 107/4 Rotterdam (City) esti 6s_ _ _19
1) 10612 Sale 10618
External 30-year 5 f 73_1955
1
1141.
1074
11214
11214
N
113
NI
11212
1952
185._Mar
8
105:
133
Sao
(City)
101%
Paulo
1956 %I N 10378 Sale 10312 10414
Stabilization loan 78
9
9618 97,
4
8 97
9714
9658 97,
1957
Nti
110 11412
f 0 Sis of '27
Es
1945 SI N 11318 11334 11334 Dec'27
Bergen (Norway) a 1 88
9 104% 107
106
106
10654
106
J
88_1936
1
wale
2
102
San
(State)
9914
Paulo
Sale
10018
10112
10018
15-year sinking film1138....1949 AO
108
84
4
,
104
10718
1061g
Sale
10612
J
J
1950
External sec a f 85
4 100%
,
95
9714 38
1951) AO 97 Sale 9678
Berlin (Germany) 6 1,s
27
98 101%
101
8
External a 178 Water L'u_1956 51 S 101 Sale 100,
10434 15 10284 10512
Bogota (City) ext'l s I 88_ _1945 A 0 10412 Sale 10414
9318 965i,
9512 29
1037g 28 10238 10512 Santa Fe(Prov. Arg Rep)78.1942 M S 9515 9514 95
N 10312 Sale 10338
Bolivia (Republic of) 88....1947
96
975a 10478
Sale
8
8
,
,
103
103
103
Seine. Dept of(France) call 7s'42 .1
98
94
9438 29
1958 J J 94 Sale 94
Esti sec 7s tent
34
97 10234
98
Sale
9712
9778
M
8
933
N
88_1962
&
Croats
Slovenes
Serbs,
1003
30
4
99
Sale
4
983
8
987
N
68_1934
NI
Bordeaux (City of) I5-yr
,
993
10
97
9114
.1314
Sale
97
N
_.t936
NI
8 Sale 10658 10712 52 104 10812 Soissons (City of) esti 6s__
Brazil(U S of) external S. .194) 1 I) 106,
90 1031, 105
104
N 10334 Sale 103-4
51 O
9J
954
1193
96
251
Sweden 20-year 68
89
94
External at 614a of 1926..1957 A 0 94 Sale 9312
,
1051
23
2
1025
10412
104%
Sale
1045,
loan
9412
51,48
9912
32
External
97
Sale
4
,
9612
96
1)
1952 1
7e (Central RallwaY)
5 10234 10734 Swiss Confed'n 20-yr s f 88_ _1940 J .1 11228 Sale 11212 11278 39 11114 1141s
7158 (coffee actor) (fiat). 1952 AO 10612 10712 10612 10612
24 10238 106
1114
9934 105
Switzerland Govt ext 51.58_1946 A 0 10378 Sale 10384
101% 21
firemen (State of) esti 78_ J935 Si S 10078 Sale 10078
7612
7974
6
75
7614 Sale 76
92
Tokyo Clty 5s loan of 1912 1952 50
8 53
85
85,
Budapest (City) est)s f(is__ 1962 J 1) 8514 Sale 85
67
86
88
0012
8
87% Sale 87,
Exti s f 542s guar
9914 10214
s 100% 25
Buenos Aires (City) esti 6 i451955 J J 10088 10118 100,
34
84 Sale 9678
4
97
987
4
8
167
97
9078
(City)
tat
77
Troraiblern
4
95
963
A
Sale
M
548
1
57
9614
9611
11996
N
0
1957
I)
7s
J
e,t1
Buenos Aires (Prov)
99
12
94
97
9412 97 Upper Austria (Prov) is....1945 J D 97 Salo 97
9634 39
195,MN 9614 Sale 9614
Ezti 5 f is of 1926
10984 31 108 11213
2 9414 Uruguay (Republic) eat! 8s.1946 F A 11014 Sale 109
88,
8912 18
Bulgaria (Kingdom) a 1 75..1967 1 J 89 Sale 89
9412 9712
967 Sale 96%
9712 166
13
External at 68
96
98
9834
8 Sale 9712
Caldas Dept of(Colembia)755s'46 1 .1 97,
9713
92
9412 80
N 94 Sale 94
J D
i M
59
196
10238 28 10014 10278 Yokohama city) cal 68
Canada (Dornlnion of) 58_1931 AO 10214 Sale 10218
Railroad
8
1027
8
1013
10218
31
8
1017
Sale
8
1017
1929
FA
10-year 5558
Ju13'27
4
102%
1043
106
10484
108
10912
J
1943
5s_
Ala
A
Sou
cons
Gt
1st
10812 57 104
1952 MN 108 Sale 108
Be
10014 101
10012 Nov'27
10112 41
9818 10134 Ala Slid lot guar gold 5s.._1928 M e1 10044 -8 Sale 101
1936 FA 101,
Cis
1
87
9034
8 9114
,
1940 A 0 898., 9014 9034
3s
Alb air SUN let guar 3
,
2 10312 108
1954 J J 10614 10684 10612 10612
Carlsbad (City) s 1 88
8478 91,,
1998 k 0 9218 _ _ _ _ 911g Nov'27
96
9812 17
4 Alleg & West 1st gguI 48
99,
Cauca Val (Dept) Colom 7)4s'40 A0 9812 Sale 98
951, 9734
97ilft Dee'27 _ _ _ _
1942 M S 971s 98
Alleg Val gen guar g 4s
Cent Agile Bank (Germany)7912 8512
8458 8512 8512 Dec'27
July 1995 Q J
Ann Arbor 1st g 4s
0712 103
997s 14
1950 MS 9914 Sale 99
Farm loans r 7s
9234 9878
9834 119
902 9534 Atch Top & S Fe-Gen g 43_1995 A 0 9812 Sale 9778
9212 35
Farm Loan of Os Int elf. i96))ii 92 Sale 9134
1
92
9812
97
0
A
97
Registered
1
4
3
95
224
91
9212
11)14))
8
,
91
Ills
w
Sale
4
ctf
91
hit
A0
Farm I,oan
8714 9334
38
93
Adjustment gold 4s. _July 1995 Nov 9212 Sale 9212
10912 24 10614 110
Chile (Republic) call f 8s.._1941 FA 109 10984 109
6
87% 94',
9312
9314 Sale 9314
July 1995 M
39
Stamped
9912 10212
101
20-year external f 78.___1942 MN 10078 Sale 10014
92
85
1
92
M N 8812
92
Registered
10614 110
110
25-year external a f 8s_ _..1946 MN 110 Sale 109
85
9318
4
93,8
93 Sale 03
9312
8 117
89
91,
Cony gold 48 of 1909
External sinking fund 68_1960 *0 9112 Sale 9114
4
93,
4
8711
18
4
,
93
Sale
93
93
4
933
154
Cony
of
89
4s
1905
913
Sale
4
9114
9112
1961
FA
External sills
9378
86
5
8
937
9318
D
D
D
_
9318
33
55 .1
550
119°6
9714
Cony g 49 Issue of 1910._ _19
93
9534 47
D 9512 Sale 9512
Chile Mtge Ilk 6(is June 30 1957
9914 100,2
1
99%
9978
9978 100
9814
East Okla DIv 1st g 48_ __1928 M
96
30
98 Sale 97
98
_June 30 1961 J
8(634s of 1926..June
8812 9212
9212 Nov'27
95
3(114
24
30
Rocky Mtn Div 1st 43_1965 J J 94
26
13 2514 2578 2514
Chinese (Hukttang Hy) be__ _1961
9(512 94
3
94
_ _ 94
4
,
2
Trans-Con Short L 1st 46.1958 J J 93
9934 10258
10214
Christiania (Ckilo) 30-yr s f 681964 M S ____ 10278 10214
9718 10314
3
10314
10314
_
10314
S
M
8
41-5s
937
ref
A
A_I962
18
151
14
96
101
Cal-Ariz
9512
8
963
MS
8
957
Cologne (City) Gertnany654301950
5
4 10732
1043
June'27
8
- 107
9314 At! Knoxv 81z Nor lst g 58_1946 J 0 107%
31
9112 79
Colombia (Republic) 63. _1961 J J 913 Sale 91
98 100
_ 9812 Aug'27
9812
9914 10112 Atl & Chart AL 1st A 434a 1944 J J
10012 10114 10012 10138 32
Copenhagen 25-year,I 5345.1944 J
104)5
10314
2
100
106
J
J
103
B____1944
911181 30-year 5s series
9514
8
9512 Sale 95,
957e 68
1952 J
External 56
90
69
9012 _ _ _ _ 90 Aug'27 _
9512 97
Atlantic City 1st cons 45_.1951 J J
9018 16
Cordoba (City) esti 81 75...1957 F A 96 Sale 9512
934, 100
52
2
98'
99
9818
Sale
101,
S
D
51
j
48
2
4
All
Line
5
6
9612
'
10
eons
July
1st
Coast
19
9912
9912
1942
Argentina75
J
Sale
9912
J
(Prov)
Cordoba
10234
4
963
11
1024
10214
10214 Sale
General unified 404s
9434 13
9312 9712
Costa Bice (Repub1 esti 78.1951 50 N 9412 9434 9412
911, 96
9434 41
9458 95,
99 3, 104
8 9412
N roll gold 45_ _ _Oct 1952 NI N
1944 MS 10012 Sale 10012 101
40
Cuba 118 of 1904
7878 8414
1
83
83
83
82
_ 10014 10218 Atl & Day lat g 48
____ 10218 Oct'27
External 53( of 1914 err A.1949 F A 1111
77s,
70
76
5
8
75,
74% 75
1949
244,
8 53 .11j
97
5
4
93% 97,
External loan 4548 ser C 194)1 FA 9614 9712 964
821
, 8914
1
88
88
89
88
4
18
4s
1013
1(11
1053
Yad
guar
A
10438
g
21
Sale
4
1st
All
1013
is
5a
.
51
fund
10211
Sinking
1051,
10i4
Nov'27
8
,
102
.1
)
(
) JA
10214 -1 49
N W 1st gu g 5s_ _ 19
Austin
92% 90
9312 27
Cundinamarca (Dept-Col) 78 '41) JO 9312 Sale 9314
9312 0.89
4 Si
97,
4
Bait & Ohio 1st g
1948 A 0 was Sale 96,
10918 64 105 110
Czechoslovakia(Rep of) 88- -1951 A 0 10834 109 108
92
96
6
96
96
1118
10 104,
4 109
Jtily 1940 54
Registered
Sinking fund 85 ser Ii.._1952 A0 10812 Sale 108
97 10078
10012
197
1933 M S 10014 Sale 10018
10512 46 104 10814
20-year vow/ 4
External s f 7 11:series A 1945 30 10516 Sale 10518
10478 66 10038 11151,
8
10412 Sale 104,
11114
9 109% 112
Refund & gen 58 aeries A 1995 J
Danish Cons N1(1141(10 95 A_.1946 FA 110 Sale 110
109% 60 10484 ill
O 10928 Sale 10918
5 JA D
11078 25 10914 II i4
Ist g 5s
48
199
Series B 5 f ....... -1946 FA 11078 Sale II()
10212 76 101134 10 ts,
8
1929 J J 102% Sale 102,
10512 42 103% 10.578
10-year Os
1055 Sale 105
Denmark 20-year ext)65. _1942 .1
3
11112 53 10758 1121,
Ill
Sale
1111a
48
C
9714
97
gen
97
8
97%
A
,
series
99
68_1932
Sale
Ref
68
NI
Deutsche Bk Ant part ctf
8 9258 981,
9634
8 Sale 96%
9812 101 14
P LE& W Vt. Sys ref 4e_ 194I SIN 05,
10014 13
Dominican Rep Cust Ad S35'42 MS 10012 Sale 9914
10714 32 10138. 10734
10634
Sale
98
10714
be
98
J
1st
101
13
J
8
Div
98
977
1950
1940
19281
9812
0
01
Southw
A
5)55
sec
1st
95)
82
8918 Sale 89,4
10034 28 100 10412
To)A CM 1)1v 1st ref 4s A.1959 J
89 8 124
Dresden (City) external 78...1945 SI N 10034 Sale 100
42 10038 10512
105% 49 10214 10538
8 Sale 104% 105
Ref & gen 5x aeries D
104,
Dutch East Indies est) 68_ 1947 J J 105 Sale 105
105
98
J
Nov'27
S
J
M
3
9
105
4
7
1st
Aroostook
9
104
9
10214
19
A
10514
10578
56_2
10512
MS
Bangor
10518
10518
Os
1962
40-year external
8812
87
5
84
8 10534 15 100% 105%
Con ref 4s
s Sale 103,
87
1953 M S 103,
8712 87
30-year external 5)48
68
64
71
3
j 7(1
J D
____ 71
8 10412 Battle Crk & Slur 1st gu 3s_ _11989
51 .1
1953 SIN 10378 10412 10412 Dec'27
- 100,
30-year external 5).4e
964
95
9512 Aug'27 _ _ _ _
10814
1 10614 10912 Beech Creek 1st gu g 45..._ 1936.3 1
-1948 J J 108 10812 10314
El Salvador (Reptib)
9412 95%
9412 Mar'27
93
28
.3
Registered
9818
95 Sale 9412
9
Finland Oteptiblle) esti 68_ _1945 NI
10114
99
Nov'27
10114
_
_
_
_
47
Sale
g
1
9814
10018
1001
guar
102
5a
2d
10014
fund
8
M
7s____1950
External elak
85%
81
j
8512 Aug'27 _ _ _ _
51 A O
936j
9814 Sale 9814
19
1950 NI
9812 38
9534 10078 Beech Crk Ext. lst g 310_1
F.:sternal 16 .1 4a
93%
91
11
9312 ____ 9338 Nov'27
96
9912 Big Sandy 1st 45
9814
finnIsh Shin Loan 6455 A 1954 A 0 973s 9812 9712
8612
3
78
Nov'27
A
D
F
j
8618
4
5
4
8614
Alr
8
,
4
8414
Y
97
9
97
195
N
97
Line 1st 43_1
5
9574 9912 Brod &
2's Sale
External 6 tie series li _ _1954 A 0
95% 97
Oct'27
8 Sale 11012 110,
4 IDS 10814 11214 Burns & W 1st ;pi gold 4s_ _1938 J J 9734 981 1 97
French Renal 25-yr earl 88_1945 M S 110,
101 10414
Oct'27
104
10518
1115
11518
gen
P
141
&
gold
11112
It
S
1
1
,
Sale
7
Buffalo
3
5
9
11518
116's
5.4_19
D
J
7358_1941
loan
external
20-year
9418 100
9814 35
8
4 Sale 97,
97,
99 10712
Consol 4(45
10618 198
External is of 1924 ___1949 J D 106 Sale 10584
95
9712
M N
_
9712 Oct'27
Registercel
106% 158 105 10912
German Republic call 7s_ _1949 A 0 1065g Sale 100
4
,
102
101
Dec'27
102
____
84
5.9
10112
1st
4
Nor
&
1000
R
102
C
4
N
104
M
Burl
102 Sale 101
Graz(NI unielpalitY) be._ _ _1954
11014 10 105 11014
11014
4 A 23 11014
Canada Sou eons gu A 55.__1.1
191 2
10615 17 10312 107
Irel (UK of) 5)58 1937 F A 10612 Sale 106
95
101
63
100%
10014
10089
10012
,
4
4
M
Nat
8
1954
1173
S
15
11918
A
117
Canadian
117
116
18.33ept
19291F
4
1163
Sill
10iyear eonv 5
9912 101
10012 49
8 Sale 100%
10512
2 1035s 107
5-year gold 44s. _Feb 15 1930 F A 100,
8
Greater Prague(City)7 Sie--1952 M N 105% Sale 105,
10054 238 100 101
J 100% Sale 10014
1
1957
30-year gold 4 15s
3460
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
New York Bond Record
1.1E.
Canadian North deb a I 7s1940 J D
25-yearn deb (this
1946 J J
10-yrgold 439e__Feb 15 1935 F A
Canadian Sac Icy 4% deb stock _ _ .1 J
Col tr 41,1s
1946 M S
Carb & Shaw let gold 48____1932 Si S
Caro Cent 1st cons g 45
1949
J
Caro Clinch & 0 1st 30-yr Es 1938 .1 D
lit & con g es series A__ 1952 J 0
Cart & Ad 1st gu g 4s
1981 J D
Cent Branch U P 1st g 4s- —1948 J D
Central of Ga let g 58.Nov 1945 F A
Consol gold 58
1945 MN
Registered
F A
10-year secured Bs_ _June 1929
D
Ref & gen 55s series 11___1959 A 0
Ref & gen 58 series C
1959 A 0
Chatt Div pur money g 48_1951 .1 D
Mac dr Nor Div let g 5a 1946 J J
Mid Ga & All div 59
1947 J J
Mobile Division Se
1946 .1 .1
Cent New Eng let gu 4e
1961 J J
Central Ohio reorg 4 3.is
1930 SI S
Central RR of Ga coil g Eis_ _1937 M N
Central of NJ gen gold 58 A937 1 .1
Registered
1937 Q .1
Cent Pac 1st ref gu g 4s
1949 I, A
Registered
Mtge guar gold 3)0_ _Aug 1929 J
1' 11
Through St L let gu 48___1954 A 0
Guaranteed g 58
1960 F A
Charleston & Savn'h 1st 7s 1936
J
Ches & Ohio fund & Rapt 58_1929 J J
lit consol gold ba
1939 M N
Registered
1939 MN
General gold 4 his
1992 M S
Registered
M S
20-year cony 49s
1930 F A
Craig Valley let 55
1940 J 3
Potts Creek Branch lit 48_1946 J .1
RA A Div lst con g 4s_ _1989 J J
2d consol gold 48
1989
J
Warm Springs V lit g 55 1941 Si S
Chesap Corp cony be May 15 1947 MN
Chic & Alton RR ref g
A 0
CtI deo stpd Oct 1927 Int
Railway first lien 3 Ms-- - -1950
Ctfa den Jan '23 & sub coup
Chic Burl & O—III Div 390_1949
Registered
J J
Illinois Division 4e
1949 j
General 4s
1958M 8
lot & ref 4,43 ser B
1977 F A
lit & ref 58 series A
1971 F A
Chicago dr East III 1st 65...A934 A 0
C & E III Ry (new co) con 56_1951 Si N
Chic dr Erie 1st gold Se
1982 m N
Chicago Great West let 4s1959 M S
Chic Ind dr Loulsv—Ref 68_1947 J J
Refunding gold Si
1947 J J
Refunding 48 Series C
1947 J j
General be A
1966 M N
General 68 B
May 1966 J j
Chic Ind & Sou 50-year 48_1956 J J
Chic LS & East let 4 his_ ___1969 J D
C M & Puget Sd let gu 4s_1949
U S Tr certifs of deposit
_
Ch M St P gen g 4s Ser .4.51989 j j
Registered
Q
General gold 33.4s ser B__51989 J J
Gen 4 his series C___May 19893
Registered
Gen & ref ser A 4 hisJan 2014 411
/
4- -0
Guar Tr centre of deposly_ _
Fen ref cons so* B 68 Jan 2014 'par Tr certlfs of deposit_
Gu
1st ser 68
•
1954
j
Debenture 43-(s
19323 I)
Bankers Tr certlfs of deposit
Debenture 46
1925.3 E.
S Mtge dr Tr ctfs of deo__ _
25-year debenture 4s
1934
Farm L & Tr ale of dep----
Price
Friday,
Dec. 23.
Week's
Range or
Last Sale.
43
v Z_1
Ask Low
High No.
Sale 116
9
11658
Sale 12134
12178
11
2
10012
10059 10018
Sale 89
894 170
Sale 10034 101
17
9634 Dec'27 ____
8838 8912 8858 Dec'27 ____
10414 10412 10414 10414
2
109 10914 109
3
10914
9478 96
9438 Dec'27 ____
4
9812 ____ 89
89
107% Sale 10738 10733 --__
10712 Sale 10712 1074
10118
_ 10212 Sept'27
2
102
10214 10212 10178
10714 107% 108
4
108
104 10412 105 Dec'27
Oct'27
9612 92
93
106% ____ 10712 Oct'27
Oct'27 ____
10218 ____ 104
106
10518 Oct'27
22
87 Sale 8618
87
10018 101 100
100% 16
10134 10212 101 Nov'27
11838 11878 11838 11812
7
117% 119 11818 Dec'27
96 Sale 95
71
96
9214 Oct'27 ____
-55- -6A 99
10
99
954 9418 Dec'27 ____
94
10434 Sale 10418
10434 44
11018 ____ 11918 Aug'27 ____
101 Sale 101
10133 13
10712 10734 1074 10712 10
10558 __— 105% Dec'27 ____
10234 Sale 10233 103
30
_ 10034 Nov'27 _
994
10012 Sale 10014
10033 73
10112 10234 10112 Dec'27 _-__
9112 9312 9218 Nov'27
9318 94
9314 Dec'27
91 Dec'27
904
10112 -- -- 10018 Feb'27
Bid
11614
12178
10014
8914
10012
9952 Sale
73
7312
7212 7312
6078 6112
61 Sale
9112
91
Range
Since
Jan. 1,
High
Low
114 117
11759 12214
9714 101
834 90,2
9534 10112
955 9812
834 8914
102 10518
10738 10914
9012 94%
8912
83
10411 10733
102 10712
10054 10212
10132 10314
10411 108
102 105
985s 92
1014 1074
103 104
102 10518
7312 89
99 1005s
091/ 10234
112 11914
112% 120
9114 904
9038 92,4
9714 99
893 957
10112 105
11814 11938
09% 10212
10338 108
1021/ 10614
9718 10312
9458 10034
994 10158
98 10112
8938 0218
86% 9314
8534 91 ,
997 10012
—Continued—Page Z
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
Week's
Range or
Last Sale.
113
.11
Range
Since
Jan. 1
Cleve CM Chic & St Louis (Concl)
Bid
Ask Low
High
High No. Low
Cairo Div 1st gold 45
9614
1939
9614 Dec'27
9312 99
Cin W & M Div lit g hs_ _1991
9158
_ 91% Dec'27
91%
86
St L Div let coil trgg 45..1990 SIN 93
Vrf 934
5
04
94
87
Registered
MN
914 Dec'27
8714 91,8
Spr & Col Div let g 45___1940 51 S
97 Nov'27
91% 9714
W W Val Div 1st g 4s_ ___1940• J 9632 _
9612 Apr'27
91
9712
C C & 1 gen cons g es_ _1934
J 10812 -- 10834 Nov'27
10612 109,8
`ley Lor & W con 1st g 5a__1933 AO 10312
10312 Dec'27
102% 10312
Cleve & Mahon Val g 5a____1938 J J 10118
10012 Apr'27
10012 11904
CI dr Mar let gu g 434s_ _ _ 1935 MN 9934 ____ 100 Nov'27
983s 100
Cleve & P gnu gu 434s tier B_1942 A0
9818 Aug'26
Series A 43.4s
1942 33 101E2 16412 10214 Nov'27
106- 10-2fs
Series C 3 tie
1948 SIN 9018
9014 Oct'27
9014
89
Series D 334e
1951) FA 90
8918 Nov'27
8918 8914
Cleve Shor Line 1st gu 4340_1961 AO 10558 1-ge 16412 106
12 1014 106
Cleve Union Term 5345
1972 AO 10978 _
1 108 110%
10978
10978
1st s 1 55 ser B
1973 AO 106 Sale 108
10612 22 10312 10612.
Coal River Ry let gu 45_ _1945 3D 93 _ _ _ _ 924 Nov'27
88% 93
Colorado & South 1st g 4e
1929 FA 9934 Salo 9934 100
17
98 100,s
Refunding & exten 4.45 1935 MN 9934 Sale 9934
24
100
98% 10014
Col & II V 1st ext g 4s
1948 A0 9718 98
9718 Dec'27
91% 97,8
Col & Tol let ext 4e
1955 FA 94% 97% 9312
9612
1
904 9612
Conn dr Possum my 1st 4s_ _1943 AO
8818 Mar'27
8815 884
Consol Ry deb 48
1930 FA 93
_ _ _ 9614 Nov'27
95,, 984
Non-cons 45
1954 J
7814 Sale 7914
13
80
7012 80
Non-cony deb 4s_ __ _J&J 1955 .1 J -80 7814
1
7814
6918 79
Non.conv deb 45_ __ _A&O 1955 AO 78i4
_ 80
80
80
1
74
Non-cony debenture 48
19S6 J J 78480
79 Dec'27
6912 79
Cuba Nor Ry let 53.05
1942 3D 97 Sale 9658
110
97
95% 98
Cuba RR 1st 50-year be g
1952 J J 9734 Sale 9712
59
9814
9412 9514
1st ref 734s ser A
1936 J O 10812 109 109
1 107 11018
109
1st Ilen dr ref 6s ser B
1936 J O 101 102 101
8
10114
9938 1021,
Day & Mich 1st cons 4)0_1931
J 100 ____ 10014 Nov'27
Del dr Hudson 1st & ref 441_1943 MN 96 Salo 96
953
30-year cony 55
1935 A0
_
101 Dec'27
15-year 5598
1937 MN 108 Sale 106
106
10-year secured 78
1930 3D 10612 ____ 106
106%
D RR & Bdge 1st gu 45)8-1936 FA 9714 ____ 9614 Apr'27
Den & R G let cons g 48
1936 3; 9318 Salo 9234
9314
Consol gold 434e
1936• J 9(138 9612 9612
9612
Improvement gold 58
1928 3D 100 10014 100
100
Den & It G West gen Ss_ Aug 1955 MN 89 Sale 867
8911
Des M & Ft D Ist gu 48
1935 J J 2758 3078 33 Sept'27
Temporary We of deposit__ _ _
264 2812 2614
2614
Det & Mac_ lat Ilen g 4a_1996
8012 80 Dec'27
80
Gold 45
1995 3D
_ _ 70
Oct'27
Detroit River Tunnel 4345.. _1981 M
192
7010214
- 102
102
Dul Missabe dr Nor gen Es_ _1941
J 104
____ 10378 July'27
Dui & Iron Range 1st 5s
1937 A0 10314 ____ 10214
10214
Registered
104 Nov'27
A0
Dui Sou Shore dr At! g 5a_ __1937 J J 875 88
88
8812
East Ry Minn Nor Div 1st 45.48 AO 95 ____ 95
95
East T Va & Ga Div g 5a__193f)j
100% Sale 10034 100%
Cons let gold 58
1956 MN 10978 ____ 110 Dec'27
Elgin Joliet A East 1st g 5a_ _1941 MN 106 10614 10612 Dec'27
El Paso & S W 1st 58
1965 AO 109 109% 10878
10878
Erie let consol gold 78 ext 1930 51 S 10534 10612 10334 106%
1st cons g 4s prior
1996 .1 J 89% 8934 8912
9112
Registered
1997 J J 8578 ____ 8578 Dec'27
lit consol gen lien g 4s
1996 J J 85 Sale 8412
8514
Registered
1990 ii
82 Dec'27
Penn coil trust gold 4s
1951 FA
13•2:12, loos 10118
50-year cons 4s series A 1953 AO 8714 Sale 87
88
Series B
1953 AO 8714 8734 8718
8734
Gen cons 415 series D
1953 AO ____ 88 135 Sept'27
Ref It Impt Ss
1967 MN 9812 Salo 9818
03,
8
Erie & Jersey 1st s f Os-- _1955 J , 11434 Sale 1143
11434
Genesee River 1st s f 5a 1957 J J 11478 11518 11478 1141s
Erie & Pitts gu g 33-Os B
1940 J J
94
92
9172 Nov'27
Series C 33-45
1940 J J 90% __
9114 Oct'27
Est RR eat! e t 78
1954 NI N 10014 Sale 9938 10014
Fla Cent & Penn let eat g 58_1930'.3 1003i ____ 100% Dec'27
Consol gold .58...
ii 10212 ____ 10212 Dec'27
Florida East Coast 1st 4 his_1959 JD 9914 ____ 997
9933
let dr ref Si aeries A
1974 MS 8914 Salo 88
89,
8
Fonda Johns & Glov 4)58- --1952 MN 52
52
5233 52
Fort St U la Co 1st g 4 his
1941 J J 9312 ____ 9912
9912
Ft W & Den C let g 5 1is__ _1961 J
108,4— 1084 Dec'27
Ft Worth & Rio Gr 1st g 48 1928 J , 9914 -991 9914 Nov'27
Frem Elk & Mo Val lit 6a
1933 A0 10614 10912 1074 Oct'27
426
9932 100
95 100,2
71
5
73
7312
73
71
7212 10
7212
7312
614 15
61
61
6814
61 ____
60
67
61
86% 9112
6
91
91
9012 30
9012
8714 9012
9438 9918
9812 Sale 9812
9918 15
9775 ____ 9738
9312 99
71
98
102 Sale 10178 10214 41
9738 103
10814 10334 10838 108%
8 10518 110
10718 ____ 10712 Dec'27 ____ 106 107
9214 Sale 9214
9234 117
8033 9414
11012 111 111 Dec.27 ____ 105 11112
7158 Sale 7158
158
72
694 7412
116% ____ 117 Dec'27 ____ 11378 118
10558 ____ 106 Nov'27 ____ 10314 106
91
9114
9114 May'27 ____
10538 Sale 10538 10512
4
9978 10512
111 Sale 111
2 10633 11112
111
924
96,4 -- 9614 Dec'27 ____
965s 10112
10218 —__ 10112 Nov'27
5
70 Sale 6914
70
5533 701:
5534 7038
6
7018 Sale
7018
93
85
9
9158 Sale 915s
92
8314 8959
8958 Dec'27 ____
744 801,
-61is 3212 80% Dec'27 ____
9478 10278
10118 10218 101
10118 35
95
97
97 Nov'27 ____
57
72
2
71
71
72
71
5672 72
7112 43
71 Sale 7034
5512 70%
11
70 Sale 6834
70
36
6912 70
70
69
5534 70%
103% 10378 10334 10378 21 10314 10612
7018 Sale 694
5612 71
7014 33
704 Sale 6934
7012 85
66
7133
7018 ____ 7034 Dec'27 ____
564 703
7038 Sale 6958
70,
8 83
5612 7034
5612 7014 G
70 Sale 6914
48
70
ASAM&P 1st 5s__1931 M N
7014 Sale 6914
5633 70,4
7014 88
20 extens be guar
1931 J J
Only Hose & Head 1st 59_1933 A 0
Chic & N'west gen g 3345.._1087 Si 51 854 Sale 8512
781s 8712 Ga & Ala Ry let cons 5.9.0ct 1945.3 J
8712 14
RegisteredO
741
9012 ,
N 8
1987 m F
90
83
4,2
,14 Ga Caro & Nor 1st gu g 5s _ _1929 J J
12,
8
25
12 8
1_
93
6,2 Oct'27
7 __41
General 45
Georgia Midland 1st 35
1946 A 0
Registered
Q F 95112 ____ 96 Nov'27 ____
96
92
Gr It & I ext 1st gu g 4 Sig_ _1941 J
Stud 48 non-p Fed in tax '87 M N 9612 975 973 Dec'27 ____
9012 98,4 Grand Trunk of Can deb 75_1940 A 0
Gen 4518 stpd Fed Inc tax_1987 51 H 11114 112 113 Dec'27 ____ 1914 1, 14
I5-year s f 65
1936 M S
Gen 5s stpd Fed Inc tax_ __1987 M N 1154
11514 Dec'27 ____
0
Grays Point Term 1st 5s
1947 J 0
Sinking fund Gs
1870-1929 A 0 10278 ____ 10233 Dec'27 ____ 10114 106114 Great Nor gen 7a series A
1936
Registered
A 0 102
101
_ 10234 May'27
10234
Registered
J
1879-1939 A 0 10118 ____ 10112 10112 11 10014 10318
Sinking fund bs
lit A ref 4.4's series A..,._1961 J
Registered1879-1929 A 0 10018 . _ 10012 Oct'27
10018 10214
General 5 his series B
1952 J J
Sinking fund deb 58
1933 Si N 10212 - - 10258 Dec'27
10033 10278
General Is series C
1973 J .1
Registered
M N 10218 ____ 101 Sept'27 ____ 101 102
General 459s series D_ —1976 J .1
10-year secured 7e g
1930 .1 D 10512 Sale 10512 10578 23 105 10714
General 43-48 series E
1977
J J
15-year secured 6 his g__ _1936 M 8 112% Sale 11278 11338
2 11112 114
Green Bay dr West deb ctfa A___ Feb
May2037 j D 11214 Sale 11214
1st ref g 5s
11212 15 10212 114
Debentures Ws B
Feb
lit & ref 4 yin
Slay 2037 j D 10378 Sale 10378 10414 37
9718 105% Greenbrier Ry 1st gu 4s____1940 1st N
Chic R I & P Railway gen 48_1988 .1 J 9234 ---- 923
87% 96
8
9378
Gulf Mob & Nor 1st 53.0_1950 A 0
Registered
J J
8612 92
92 Nov'27 __
181 M 5s series C
1950 A 0
1934 A 0 9534 Sale 9512
Refunding gold 45
9214 97,2 Gulf & S I let ref A ter g 53_51952 J J
9534 190
Registered
A o --------9333 Oct'27 ____
9255 9378 Hocking Val let cons g 4338.1990 J
1952 51 S 97 Sale 963
Secured 4305 series A
9434 9734
9718 335
Registered
1990.3 .1
Ch St L & N 0 Niem Div 45_1951 1 D 9112 9218 9112
3
9112
8914 911z Housatonic Ry COW g Sa
1937 NI
Ch St L & P 1st cons g 55_1932 A 0 10214 ---- 102
Oct'27 ____ 10114 1021i H & T C let g Int guar
1937.3
Chic St P 51 Sr 0 cons 68.._1930 .1 1.) 10312 Sale 10038 10312 12 100 104
Waco & N W dlv 1st 6s_ 1930 M N
Cons 65 reduced to 33-02_1930 .1 D 10314 103,2 9614 May'27 ____
96
9614 Houston Belt & Term let 58_1937 J J
1930 M S 100 10018 1034 Dec'27 ____
Debenture 56
9912 10318 Houston E & W Tex lid g 58.1933 Si N
Stamped
100 101 100 Nov'27 ___
998 101
1st guar 58 red
1933 M N
Chic T II & So East lit 58_1960 J A) 102 10234 10234
9333 1044 Hod & Manhat Is series A 1957 F' A
10318
3
Inc gu 58
Dec 1 1960 M S 967 Sale 9634
97
35
Registered
87% 07
F A
Chic Un Sin's 1st fp)43.0 A_1963 J J 19158 Sale 101
9714 103
101%
9
Adjustment Income 55 Feb 1957 A 0
1963.3 1 105 Sale 105
lit 58 aerles is
0312 118%
06
10512 19 116
Illinois Central 1st gold 48_1951 3 J
1944
Guaranteed g Si
J D 10412 10518 10418 10478
4 105%
1 1011,2
Registered
1951 .11 J
lat 6 his aeries C
1903 1 J 118 11812 118
118
let gold 334s
1951 J J
Chic & West Ind gen g 88_ -271932 Q 51 10518 .._ __ 1054 Dec'27 ____ 105 106
Extended let gold 334s1951 A 0
1952 J j 9134 Sale 9114
Consol 50-year 45
lit gold 3s sterling
92
75
86% 931
1951 M 13
1962 51 S 10514 10512 10478 10512 61 10312 10558
let ref 534s ser A
Collateral trust gold 45_ —1952 A Q
Choc Okla & Gulf cons 5s
1952 Si N 10618 ____ 1064 10618
2 10318 1064
Registered
A I.
Cin II & la 2d gold 4345
1937 J J 9918 100 100 Dec'27 __
973 104
1st refunding 48
1955 51 N
0 1 St LAO 1st g 48___Aug 1936 Q F 9734 98% 977
954 100
11
100
Purchased lines 3340
1952
J
.1
Registered
Aug 1936 Q F 9718 _
9614 June'27
0518 9614
Registered
J J
an Leb & Nor gu 48 g
1942 NI N 9212 9312 9238 Nov'27 ____
9014 9334
Collateral trust gold 45___1953 hi N
CM El dc Cl cons 1st a 5s
19283 J 100 10014 100 Nov'27
100 10012
Registered
Si N
Clearfield & Mah 1st gu 56_1943 J J 100% ---- 9912 July'27 ____
994 9912
Refunding 5s
1955 51 N
Cleve Cln Ch & St L gen 413_1993 J D 974 9712 9718
89
15-year secured 634s g
9712 31
98,4
1936 J J
Registered
9312
92
9312 May'27 ____
40-year 4-4sAug 1 1966 F A
1931 .1 J 10012 Sale 10012 1014 23
20-year deb 414s
9833 101,8
Cairo Bridge gold 4s
1950 J D
1993 .1 D 11378 ____ 10578 Nov'27 ____ 10578 113
General Se Series B
Litchfield Div let gold 38_1951 .1 J
1929 J J 10318 Sale 1027s
Ref & Impt 65 series A
10318 49 10134 103,4
Louis» Div & Term g 334s.1953 J J
1941 .1 .7 10718 108 10718
66 series C
10718
Omaha Div lit gold 3s
1 105 10811
1951 F A
1963 .1 J 10435 10434 104%
55 series D
10478 23 10275 105,4
St Louis Div dr Term g 38_1951 J J
Gold 3 Sis
1951 .1 J
Springfield Div let g 3345.1951 J J
Western Linea let g 48-1951 F A
Due Feb. e Due May. p Due Dee.
--
Price
Friday.
Dec. 23.
41
15
3
186
2
11
297
7
7
2
10
1
16
77
392
20
15
396
10
5
95
_
5
180
11
1
_
985, 10014
9318 9778
101 154
103 1061 1
10512 108
90'e
96
89% 94
97
94
9834 1004
73% 89%
33
36
35
26
70,4 M'
62
70
9718 10218
103% 104%
10134 10414
103 10413
754 853,
95
94
10054 1024
106 11034
102 10774
1
104% 109 ,
10534 1093,
8118 91,2
861:
79
7311
82
72
98,4 103
78% 8.91:
8834
79
8418 135
9114 91)
11112 116
11158 1154
9014 911,
9114
89
9534 10314
9978 1015,
10138 103
9734 101
87 1011,
55
50
94
9912
105% 10834
97% 99'
,P
10614 1481 4
1013 Dec'27
10012 10134
100 Dec'27
100 1021/
95;4 1015,
10112 Dec'27
100% 10034 13
98 10034
10038 10018
2
98% 100%
7612
7712 11
7212 711
100 Dec'27
9718100
11514
11614 15 114% 11714
109
4 10672 109'3
10911
97 Sept'27
9712
97
115
11512 111 113 11612
11414 Oct'27
114 1141,
105A gale 10178
102% 12
97 10234
11214 Sale 11214
112% 19 108 114
10634 108 10634 106%
4 10014 10918
10052 Sale 9934
10012 81
9418 10112
10018 Sale 99% 10014 191
9914 101
8618
_ 8578 Nov'27
8318 86
25 Salo 25
1
2578
21
30
95
9412
9412 Nov'27
93
10714 Sale 10714
1 105 108
10733
10312 104 1034 Dec'27
10012 10412
10914 Sale 1094
8 106% 10914
10914
10634 107 10658 108% 10
9732 108
9514 Niar'27
9534 9514
9502 101
101 Sale 101
1
101
10312
_ 104 Dec'27
10038 104
10134 ---- 10314 Nov'27
10214 10312
101%
9912 10112
101 Dec'27
10012 fof 101 June'27
10012 10134
101 104 10212 Nov'27
10018 109%
10134 Sale 10112 101% 58
98 10284
9714 June'27
9714 9714
9212 Sale 9212
84
9278 83
9314
9818
97% Nov'27
9754
94
96 -gg 874 Sept'27
8712 9255
_ 9012 Nov'27
90,2
87
908958 9012
- 8838 Apr'27
88,4 8914
751
_ _ _ 7512 June'27
754
73
93384 95
904 1)5
9334
95
2
84%
_ _ 88 July'27
894
88
93%
9734 Sale 97%
6
9812
9112
89
9018 89
9112
SS
2
974 88,
93% Dec'27
8
93 Sale 93
93%
88
93
6
864 91
91 Nov'27
11034 iff 10112 10134
10534 112
11312
14 11153 11412
11312 11.314
10134 Sale 10114
9635 10244
101% 172
95% _ _
9212 9412
9418 Sept'27
_ _ 8034 Oct'27
7612 80%
8618 88
8058824 86,2
2
8612
8618
8012 _
80
76
80 Dec'27
8012 ___ 8058 Dec'27
754 8058
854 90
90 Dec'27 _4.
__
891
88
88
Oct'27
88
904 11294
88 2-90
9234 Oct'27
10114 - 10012 fof
100 10014
1034 Salo
10038 10034
7611 Sale
100
1154 Sale
109 Sale
9832
11512 Salo
3461
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
Price
Friday.
Dec. 23.
Week's
Range or
Last Sale.
1°
80 52
Range
Since
Jan, I.
BONDS
N. T, STOCK EXCHANGE
.
a.
Week Ended Dec. 23.
Price
Friday,
Dec. 23,
Week's
Range or
Last Sale.
Range
Since
Jan. I.
Mob
High No, Low
Ask Low
Bid
High
8658 874
1954 M N 86,2 -- 86313 Nov'27 _
Naugatuck RR 1st g 48
III Central & ChM St L & N 0
9912 10178
10134 10134
5
.1 10114
1945J
5s
cons
20
Englund
New
8
1083
4
1091
10714
SOS's
Sale
JO
1074
Joint 1st ref bs series A ___11163
8918 Aug'27
8712 8912
J 8912
1945
Canso] guar 45
9638 102
1963 JO 10018 Sale 9978 10018 18
let & ref 4145 ser C
8512 8512
_ 10482 10811 N J June RR guar let 48___ _1986 FA 8814 ___ 8512 Sept'27
1951 JD 10838 ____ 10838 Nov'27
Gold 5s
9612 102
10114
10114
5
Sale
10114
J
J
Imp434sA'52
&
ref
lot
NE
O&
N
10314
Nov'27
10312
10312
____
D 106
Registered
8718 92
274
9114
8
92
917
9114
J
J
_1953
_
413_
1st
_
New Orleans Term
85 Sept'27
1951 in 8014 84
Gold 4345
AO 10118 Sale 10118 1014 13 100 102,4
531_1935
Inc
n-c
Mex
&
Texas
0
Sept'27
93.
9318
8
933
AO
45_1940
Ind Bloom & West 1st ext
102'
13 100 10212
1954 40 10518 Sale 101
1
let 50 series B
934 971i.
9634
964
1950 J J 9634
Ind III & Iowa let g 4s
1054 28 103 10518
1956 FA 105 Sale 104
1st 58 series C
84
9074
Ind & Louisville lot go 413_1956 J J 8934 90 9078 Nov'27
10512 1054 19 10434 10614
10514
10512
40
1954
A
series
_
1st
10112
Dec'27
8
10313
1023
53.4o
J
A__1965
J
Ind Union Ry gen 5s ser
9978
97
1
9934
9934 _ _ _ _ 9934
C Bilge gen guar 430..1945 J
10178 1031,
____ 103 Dec'27
J 104
1965
Gen dr red 5s aeries B
10034 10418
10218 Dec'27
Y B & NI 151st con g 58_1935 AO 101
Let & Grt Nor lot (i8 ser A _ _1952 J J 10712 108 10714 10734 17 10338 105•
10538 1097,
109
12
108
fin
19712
MN
6s__1935
deb
43
cony
RR
3241.
Cent
834
Y
N
9712
Adjustment Os ser A July 1952 Aprl 97 Sale 9612
_ 11014 Nov'27 _ _ 11014 11014
M
Registered
8112 8834
8834 Oct'27
lilt CR Nor Mond) Adj 6s stpd _ A pia
98
90
9738 37
41
1998 FA 97 Sale 97
Consol 4s series A
9814 103
102
J la" gale- 10114
1956
let bs series B
9718 10514
45
10358 104
104
4
1033
AO
A..2013
series
8
434s
8414
8612
Ref & impt
75
N 8314 8378 8318
fat Rys Cent Amer 1st 5s___1972
11138
10514
1103
126
4
11018
0013 AO 11018 Sale
7
95
Ref & impt 5s series C
9112 974
1941 MN 9458 9514 9412
1st coil tr 6% notes
10512 1051s
10512 Jan'27
_
AO 100
9118 44
Registered
00
9258
1947 FA 9034 Sale 9012
1st lien A, ref 6 Sas
801s 8712
9
8678
40
4034 20
5812 N Y Cent & Ilud Rlv M 3148 '117 .1 .1 864 Sale 8658
Iowa Central 1st gold bs _ _ _1938 in 4058 Sale 40
7858 86
86
10
. 86
J
J
1997
8
Registered
40
41
55
4014
4212
4012
deposit......
of
Certificates
964 9918
80
9312
984
6;1;
MN
20
587s
1934
48
2112
gold
1212
1314
Debenture
1 -§ 1212 Sale 1212
1951 61
Refunding gold 45
96
96
Feb'27
96
MN 954--6
Registered
9614
9134 97
James Frank At Clear let 48_1959 JD 9614 Sale 9614
944 99
1
9712
1942 J J 9712 9812 9712
30-year debenture 40
_ 103 alay'27 -. 103 103
1938 J J 103
Ka A & G R 1st gu g 5a
7918
8634
14
85
4
863
Sale
85
FA
1
90
Lake Shore coll gold 3548_1998
90
8558 0058
93
1990 AO 90
1st gu g 413
Kan &
__
7884 83
8212 8412 83 Nov'27
1998 FA
6 10058 10212
Registered
1928 MN 10058 Sale 10058 10038
cons g 6s
K C Ft S &
4
3
79
7
8612
8612
8612
FA
35
199:3
334s
8
gold
96
Mich
con
96
9614
Cent
9a3
96
92
K C Ft S& M Roy ref g 45__1936 AO
_
7878 824
1998 FA 8212 ____ 814 July'27
5
Registered
10118
9912 10214
KC&M R & B 1st gu 58_ _1929 AO 10118 ____ 101
94% 98
6
9712
9712
---9714
AO
35
4
g
let
L
St
783
&
7934
Chic
7812
Y
N
4
7318
783
AO
7812
Kansas City Sou 1st gold 38_1950
9534
94
2
9534
9534
994 103
1937 AD
Registered
10234 17
Apr 1950 J J 102 Sale 102
lief & impt be
961a 994
9878
5
____ 9878
99
1931 MN
9458 53
25-year debenture 48
95
88
Kansas City Term 1st 4s_ __ _1960 J J 9358 Sale 9358
4
1033
4
103
10218
1033
14
Sale
10314
MN
1931
C
13
A
a
Dec'27
series
93
8
613
933
2d
____
8112
Kentucky Central gold 4s_ __1987 J J 9314
10714 25 10418 10738
Refunding 5348 series A..1974 A0 107 Sale 107
8518 9438
Kentucky & Ind Term 4345_1961 J J 9012 ____ 9014 Dec'27
10718 36 10418 10738
10612 107 107
28
13_1975'Li
9312
series
534s
9312
9314
Refunding
8812
J
J
1961
Stamped
944 10134
10112 10
964 9712 NY Connect 1st gu 4348 A __1953 FA 10114 10112 101 18
1961 J J 9718 ____ 9634 Dec'27 -Plain
5 10332 105
9 101 10334
____1953 F A 1034 104 10312 10312
let agar 58 series
1937 J J 1034 ____ 10358 10334
lake Erie & West 1st g 5s
OcC26
4
963
_
924
MN
48__1947
gold
ext
1st
Nov'27
Erie
10112
10312
&
Y
N
10015
1034
10118
1941 J J
2r1 gold 5a
-98i2 10014
1933 MS 10014 10012 10014 Nov'27
8712 28
3d ext gold 434s
8012 8712
D 8712 Sale 8738
Lake Stn. & Mich s e 3las-1997
9832 1017i
1930 AO 10034 102 10034 Oct'27
8612
4th ext gold 58
80
1997 J D 8614 8612 8612 Dec'27
Registered
9914 99,4
Dec'27
9914
_
9914
D
J
51
1928
100
421
5th ext gold
9814 101
192S MS 9978 Sale 9978
Debenture gold 48
Dec'27
101
9912 102
994 58
N Y & Greenw L gu g bs____1946 MN 100
9738 100
1931 MN 9912 Sale 9938
25-year gold 45
_
8535
8 June'27
845
814
8
85,
MN
Oct'27
334s__2000
gold
Harlem
&
9914
Y
9718
9914
__
9914
MN
Registered
Nov'27
8214
8212
824
N
Registered
1044 107%
Lob Val Harbor Term 58____1954 FA 10618 107 - 107 Dec'27
_
10314 -- 80 July'26
N
M
_1973
5s
ref
&
1st
W
&
Dec'27
Lack
101
NY
101%
9812
10112
4
3
100
'Li
Sis._1940
4
g
gu
let
Leh Val N Y
2 jai" 16 1-2
10734
10734
1973 MN 10718
35
93
First & ref 434s
8614 9312
Lehigh Vol (Pa) cons g 48__2003 MN 93 Sale 9214
_ 106 106
10714 106 Feb'27
1930 al S 104 .
9018 Nov'27
9018 N Y LE& W 1st 7s ext
84
MN
Registered
10014 101151
10118 102 1004 Dec'27
FA
10
1932
10218
4
NY
&
1013
10218
Jersey
58
10212
let
97
102
MN
2003
General cons 434s
91
91
Apr'27
91
40
48_
_1939
N 'VAN E Bost Term
98 Nov'27
98
97
MN
Registered
SG
74
874 85,4 8512 Nov'27
s 10312 11212 NYNH& II u-c deb 48____1947 MS 9211 114
Lehigh Val RR gen 5e serles_2003 MN 11114 fli 11114
814
8
21
81
8
723
813
MS
3340_1947
Nov'27
debenture
8
1055
Non-cony
107
10612
10211
8
Leh V Term Ry lot gu g 633_1941 AG 1053
7712
7712
6858 7713
1
Non-cony debenture 3340.1954 AO 7714 _ _
10218 10312
AO 103 10412 10312 Nov'27 -Registered
36
76
9212
9212 Nov'27
Non-cony debenture 48_ _1955 J J 8518 ____ 854 Nov'27
90
S 9318 94
Lab & N Y lot guar gold 45__1945
8614 21
767s 6688
11514 12 10934 116
Non-cony debenture 4s_ -.1956 MN 8614 Sale 854
Lax & East let 50-yr 58 gu_ _1965 AO 11514 116 11514
7712
6838 7712
1
Oct'27
1956 J J 7714 7912 7712
Cony debenture 334s
8658 9212
Little Miami gen 45 Ser A.._1962 M N
130 10512 115
1948 ii 11414 115 11412 115
2 Dec'27
9112
92
10
Cony debenture 68
1084 10912
2
2112
99
1935 AD 10
Long Dock consol g 68
10112 10
J J 115 Sale 11212 11218 10 103 111
9958 10112
Registered
Long Isld 1st con gold 5sJuly 1931 Q J 10112 ___ 10112
1054 39 10278 106
105
Sale
P.O
_
105
Oct'27
1940
63
Collateral
trust
9814
98
9814
__
1931
J
Q
1st consal gold 4s_ ___July
10912 10912
10912 Dec'27 1
9438
AO
Registered.
- 9438
924 9818
9412 9514
D 97781938
General gold 45
6912 8012
81
28
1957 M N 80 Sale 80
Debenture 4s
9614 Sept'27 - _
9318 9014
D 961
1932
Gold 48
9134
Dec'27
8
8814 9134
923
2
914
N
4
M
1954
4s
923
1st
Ches
Pt
&
It
4
93
923
Harlem
89
97
81949 MS 92
United gold 9s
8
7614 S138
803
28
99 10112 N Y 0& W ref ling 4s_June 1992 MS 8014 Sale 8014
D 100 10134 10014 Nov'27
1934
Debenture gold 58
79
10
81,8
7712
73
2
Sale
774
100
D
8
1955
48
10014
997
General
9818
100
4
993
MN
1937
20-year pm deb 58
4
8 90,
903
Sept'27
8
903
9113
40
7
94
N Y Providence & Boston 48 1942
8834 95
Guar refunding gold 4s___1949 MS 9334 9434 9334
8978 9612
-954 9612 Nov'27
23
94
P.O
1933
45
gu
10114
con
lot
Putnam
8
&
Y
1007
N
10114
100
____
8
1007
'32
J
533_0ct
Q
11
gu
con
lot
Sh
Nor
0411
874
10
4
903
8
9112
915
J
J
91
Dec'27
lot
68_1937
&
ref
Susq
93
Y
West
N
9438
8938 93
Lou & Jeff Bdge Co gu g 48__1945 MS 93
724 81%
8134 Dec'27
1937 FA 814 84
2d gold 434s
N 1064 10712 10612 10612 26 106 107
Louisville & Nashville 513..__1937
7118 80
80
7912
11
9878 24
1940 FA 7834 80
General gold 55
9534 9912
194(1 J J 9812 9834 9812
Unified gold 45
981s 101
Dec'27
10018
10214
4
993
MN
1943
Terminal 1st gold 58
95
9638
J
Registered
10
7
14
2
:
alt
M
%
2
96
10
4
1023
10218
101
MN
1931
So...
Collateral trust gold
7812 9158
90
9112
Sale
4
90
903
'Li
7
t
10314
aer
lot
13
4148'46
&
8
W'ches
Y
1043
N
10318 108
1930 MN 10434 105
10-year secured 7s
9314 1004
9912 71
10914 171 105 110
1950 P.O 9914 Sale 9834
Nord Ry ext'l 5 f 634s
lot refund 5348 series A 2003 AO 10914 Sale 10914
4 97
903
13
9612
8
965
Sale
3
9612
FA
108
5e_1961
A
ref
A
1st
108
Norfolk
South
4
1053
____
1087s
10814
AO
2003
1st & ref be series B
1024 10 1004 10238
5
10238
9934 10512 Norfolk & South 1st gold .58_1941 MN 10234
1st dr ref 4145 series C._2003 AO 1041810438 10438
2 10454 10654
8 10512 10512
-- 10234 Nov'27
10234 10458 Norfolk Ai West gen gold 68_1931 MN 10512 1-663
1930 ii 10234 1-6312
N 0 & M 1st gold Gs
10818 110
10912 Dec'27
227
v:
Doec
4N
96%
Improvement & ext 68_1934 FA 10878
10314 10334
1930 ii 10234 10358 103
2d gold 68
106 107
New River 1st gold 613____1932 AO 10512 107 10612 Nov'27
934 96%
Paducah & Mern Div 413_1946 FA 9514
9918
92
Salo
46
98
98
9812
AD
Dec'27
8
685
g
W
cons
&
N
1st
664
1
;
45_1996
Sty
16
69
4
MS
683
_1980
35_
gold
2d
Div
Louis
St
97
92
Dec'27
Nov'27
9612
97
9712
AD
10212
____
10014 103
1996
Registered
Mob& Montg lot g 43.0_1945 MS 10158
9338 9612
9614 Sale 9614
964 16
9312 Dec:,27
Div'l let lien & gen g 433_1944 J
874 94"
South Ity joint Motion 48_1952 J J 9314 94
15678 200
2
9834
Nov'27
200
MS
984
1929
as
9914
4
cony
983
10-yr
9312
9814
MN
At! Knoxv & CM Div 4s.1055
9278 9612
1
9612
1041 JO 964 Sale 9638
9934 1004
Pocah C Ar C joint 48
Louisa Cin At Lax Div g 4148'31 al N 10034 ____ 10034 Nov'27
10555 107
10234 10318 North Cent gen & ref 58 A..1974 MS 1074 ---- 10658 Sept'27
1934 J J 10212 10412 10234 Nov'27
Mahon Coal RR 1st 6s
2
10238
97 10238
1024
75
MS
1
____
75
434s
A..1975
7512
ref
&
series
Gen
66
7812
7412
Manila RR (South Lines) 40_1939 MN
9912
9912
1
9412 101
North Ohio lot guar g 5s____1945 AD 99 100
8312 8358 Dec'27 -82
734 84
1959 MN
1st 4s
4
9114 98
973
Sale
Dec'27
9714
4
88
973
101
48___1997
lien
prior
Q
10112
Pacific
10112
101
North
100
JD
be
1934
Coloniza'n
Manitoba SW
9912
1
9612
904 964
9612 98
____ 88 Sept'27
1997 Q
Registered
87
86
Man GB&NW let 3;10. _ _1941 J J 91
6558 7312
724 37
Gen'i lien gold 3s_ ___Jan 2047 Q F 7178 7212 72
10112 10134
M 10153 ____ 10112 July'27
Mich Cent Det& Bay City ba_'31
634 70
Jan 2047 Q F 7014 7212 70 Nov'27
9514 97
Registered
9534 ____ 9534 Sept'27
1940
Mich Air Line 4s
3
96 106
10414
964 Nov'27
Ref & impt 4348 series A__2047 J J 10358 10414 10378
9634 9634
-_
Registered
98
98
alay'27
_
Dec'27
994
98
J
J
90
91
Registered
90
4
853
MN
1952
gold
let
3345
III
1164
10
4
109
1153
11614
gre
J
J 11614
9934
9934
9838 100
Ref & Inapt 68 series B__2047
1929 AO 9934 100
20-year debenture 45
11514 11514
J J 111% --- 11514 Oct'27
95
9914
Registered '
1940 AO 9634 9034 9914 Dec'27
Mid of N J 1st ext 58
- 10312 11012
Ref & Impt 58 aeries C2047'Li 10758 1094 10858 Dec'27
alllw L S & West imp g 53..1929 FA 10014 101 1004 Nov'27 _ _ 10014 10158
5 10318 111
1084
10834 Sale 10814
9758 Dec'27 - -- _
9738 9738
974 99
Ref & !mot 58 series D___2047 J
Milk Nor 1st eat 446(1880) 1934 J
J 1094
10934 110
10978 Dec'27
9515 98
Nor Par Term Co lot g 60_1933
1934 J D 9814 ____ 9712 Oct'27 Cons eat 434s (1884)
110 10634 Dec'27
103 10684
_ 9712 Dec'27-9214 9712 Nor Ry of Calif guar g 5s___1938 AO
Mil Spar & N W let gu 43. _1947 MS 9718
10212 10318
.1 10212 10312 10212 Nov'27
43
1930
North Wisconsin let 65
57
Minn & St Louis lot cons 58.1934 MN 4312 -if 43 Dec'27 _
8158 88
_
_
Dec'27
_
Dec'27
8712
J
8612
43
8712
4812
LCham
gu
&
let
43
Og
4eg____1948
55
43
N
M
Temp ctte of deposit
9488 94%
1534 47
9558 Nov'27
1514 23
Ohio Connecting 13.y 1st 4s__1943 Si S 9314
1st & refunding gold 4s _ __1949 MS 1512 Sale 1514
4
2 102 10412
1214
1936 J D 10338 1-0512 10412 10412
12
1514 Ohio River ItR 1st g 5.8
Ref & eat 50-yr 5s ser A _ _ 1962 Q F 1114 1214 12
10114
10412
93
Dec'27
10412
8
915
AO
9118
10212 106
1937
8614 9238
General gold 5s
M St P&SSM con g 45 Int gu'38 J J 9112 Sale
8855 97
95533
9578 18
8812 Dec'27
86
S812 Oregon RR & Nov eon g 48.1946 J D 954 96
Registered
11011
4
1063
11012
6
11012
984
Sale
984
100
1104
58_1946'Li
1.16
g
994
cons
Short
let
Ore
Line
58
99
1938'Li
lot cons
106 11012
10014 12
J 11012 11034 11012 Dec'27
1946
9614 10012
9934 10014 9934
Guar cons 58
1st cons 55 go as to Int_......1938 J
9814 100
9978 104
10212 31
1929 JO 9978 Sale 9912
9712 10234
Guar refunding 4s
10-year coil trust 6 Sis___.1931 M S 10218 10212 10218
1
8678 04
103
9312 32
9312 Sale 9314
9814 10314 Oregon-Wash 1st & ref 48__1961
1946 J J 10278 103 103
1st & ref 66 series A
14
88
93
95
D
8214 06
897s 90 Dec'27
25-year 530
Pacific Coast Co lot g 58_ ___1946
1949 MS 944 Sale 9418
9334 9514
9514
Dec'27
FA
Oct'27
9514
8
983
973
____
4
Poe
N
alo
g
M
of
eat
8
of
RR
965
1st
1941
4E3..1938
4s
983
Term
s
1st Chicago
10318
12 102 10318
103
9512 100
1936 J J 10218
2d extended gold 5s
Mississippi Central 1st 58.__1949 J J 9878 ___ 9978 Dec'27 - - _ _
98 10034
9278 37
10034 Oct'27
8614 93
D 9278 Sale 9214
Paducah & Ills 1st 81 43413_1955 J J 10012
al° Kan & Tex 1st gold 433_ _1990
8712 97
944 149
A 9434 Sale 9412
Mo-K-T RR pr lien 58 eer A _1962 1 .1 10434 Sale 10438 10434 65 101 10314 Paris-Lyons-Med RR 6s _ _1958
7
9612 1031s
10114 45
8512 9314
1962
Sinking fund external 7s__1958 St S 10115 Sale 101
J 10258 10234 1024 10258
40-year 48 series Ii
9514 10234
10012 31
_1954 Ni S 10012 Sale 100
1932 J J 10258 Sale 10238 10234 71 10258 104
Parts-Orleans hills f 7s
10-year 6s series C
1094 258
10114 10312
96 10912 Paulista lty 1st & ref s 7s_ _1942 MS 102 10214 102 Dec'27
Corn adjust 54 ser A Jan_1967 AO 10818 Sale 10818
9
9512 10012
9734 104
Pennsylvania RR eons g 4s__194:3 MN 99_ _ 10018 Dec'27
Mo Pee 1st & ref be sec A_ _1965 FA 1034 ____ 10334 10334
9414 9414
8234 248
2
99,4
7412 83
1948 MN 9914 S-aTle 9914
1975 MS 82 Sale 82
Cons& gold 45
General 48
944 99
4
99
99
074 10258
1977 MS 102 Sale 1014 10214 176
4s eterl stint dollar_May 1 1948 MN 9812 99
let & ref 50 eer F
7
27
e:2
imec
8 10178 10714
14 jla
A 10614 Sale 10614
4,4
97
107
9278 95
1960
Consolidated 43.4s
Mo Pac 3d 7a eat at 4% July 1938 MN
994 106
10412 51
General 434s series A
974 99
1965 J D 10418 Sale 104
Mob & Bir prior lien g 58_1945'Li 9914
114
43- 92 Nov'27
29 10678 115
J J 9212 12
9812 9914
1968 JO 11312 114 11334
General 58 series 13
Small
9212 9234 8578 Oct'27
8618 95,4
1930 40 10512 Sale 10512 10534 75 10514 10758
10-year secured 7s
1945 J J
1st in gold 48
1
881
11338 36 11184 11338
82
Small
lb-year secured 634o
8812
1936 FA 113 Sate 113
1945 .1 1 8812 Sale 8812
11118 11134
FA 11118
Registered
92,
11118 Nov'27
8 9614
Mobile & Ohio gen gold 48 1938 M S 954 964 954 Nov'27
2 10038 10512
40-year secured gold 5s___1964 MN 10514 Sale 105
10538 65 102 106
Montgomery Div let g 58_1947 FA 10412 105 10412 1041
8934
9912 92
89
Pa Co gu 3348 coll tr A reg_1937 NI S 9078
95 100
1977 Ni S 994 Sale 99
_ 894 Dec'27
Ref & Impt 434s
9634
8974
4
86
9114 9812
894 Dec'27
Guar 3 Sas coll trust ser B_1941 FA 905s
aloh & Mar 1st gu gold its_ _1991 MS 9634 9734 964
85
8734
113 11412 11214 Oct'27
Guar 3345 trust ctfs C____1942 JO 8914
11014 11312
1937 J
_ _ 8734 Oct'27
Mont C 1st gu as
8484 90
11112 Mar'27
Registered
Guar 3348 trust etas D____1944 JD 884 _ _ _ 90 Dec'27
J
11112 11112
9715 9955
10534 Nov'27
10318 10614
Guar 15-25-year gold 48___1931 AO 9938 Sale 9938
995s 31
1937 J J 10512
1st guar gold ba
934
8
88
86
1
857a
934
934
Guar Cs series E
8012 86
1952 MN 9334
Morris & Essex 1st gu 3ais_ _2000 JO 854 -86
9534 102
10112
AO
Dec'27
107
10114
10014
Det
1004
&
1st
&
10114
1st
Ohio
Pa
&
10014
ref
AO
L
10014
_1928
4148 A'77
58_
10112
6143
Nosily Chatt St
8514 9278
8
9278
A 10338 10612 1034 Nov'27
10258 104
Peoria & Eastern 1st cone 48_1940 AO 9278 Sale 9158
1937
N Fla & 13 1st gu g bs
41% 53
6
30 Sept'24
4614
Income 4s
4512 4518
April 1990 Apr. 45
Nat Ry of Met pr lien 448.1957 J
8 10384 108
107
1314 58 - KIT, 16 Peoria & Pekin Un 1st 530_1974 FA 107 Sale 10634
13 Sale 1234
Assent cash war nit No 4 on
19 1038s 107
105
8712 Aug'25
10434 1044 105
Pere Marquette lot ser A 58-1956
1977 AG
Guar 70-year sf4s
9434
89
_ _ 9434 Dec'27
1956 J J 94
2134 20s
1st 48 series II
17 162l7s 40
20
Assent cash war rct No 5 on
9532 99
5
__
9838
3812 July'25
Phila Ilalt & Wash lot g 4s 1943 M N 9814 Sale 98
_
Nat RR Mel pr 1 43.45 Oct_1926
11012 11414
1974 F A 114
__ -- 11414 Dec'27
13
General 58 series 13
203g
2018 1934
17 -2-612
19
Assent cash war rd. No 4 on
41
_
4114 34
44%
Philippine Ry lot 30-yr t3 I 4s 1937 J J 41 Sale 41
28 Apr'26
1951
1st consol 4s
10612 106
16l Pine Creek registered 1st 68.1932 I
10634 ---- 10634 Nov'27
114 57
1112 Sale 1112
9
Assent cash war rct No 4 on
BM
Ask Low
High No, Low
3462
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
New York Bond Record-Continued-Page 4
Price
Faders.
Dec. 23.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
BONDS,
N. Y. STOCK EXCHANGE.
Week Ended Dec. 23.
Price
Friday,
Dec. 23.
Week's
Ruing, or
Less Sale.
Bid
A ak Low
Mon UnG
lo
on
Ptah
Bed
Ask Low
High No. Low
i,Pa4f1
.
4 (Concluded)9952 1023,
2
102 10212 102
PCC&StLgu430A
102
100 Sale 100
1510') 119
Series B 4)0 guar
1 10012 1021.
10212 Sale 10212 10212
25
let Ilen & ref 522
June 2
100
968
7j
M j
S 11434 Sale 114% 115
Series C 434s guar
1,5
10074 10114
1928 J J 100% 10018 10058
10-year secured Bs
101
1111
'
i
1F
1 102% 103 101 July'27
Series D 4s guar
2
96
98
9814 U NJ RR & Can gen 4s__ _ _1944 M
9814 Nov'27
9818
99
98%
1945 M N 97
Series E 3)0 guar gold.. _1949 F A
98% 98
19331 .1 9814 ---- 98% Nov'27
Utah & Nor lst ext 48
9734 Sept'27
Series F 4s guar gold
9714 1003, landalla cons g 425 series A.,1955 F A 91% -- 9754 Dee 27
97% Apr.27
19531 D
Series G 42 guar
13
96% 9774 Vera Crut A P assent 430_1934
20
19% 2014 19%
1957 M N 9714 ____ 9738 Nov'27
9778 1004
Series II con guar 421
965: Aug'27
101 Dec'27
10112
1960 F A
611c1 be aeries F._ _1931 M
Series I cons guar 4 Hs_ _ _ _1963 F A 104 ____ 10434 Nov'27
951
:10512
General 5s
10312
1938 M N 10312
Dec'27
-Series 3 Cons guar 4Hs_ _ _1964 MN 10414
100 10414 51a & Southw'n lstgu5s,20033 J 107 10812 10212 Nov'27
10414 Dec'27
34 10854 11412
10
General M 55 series A__ _ _1970 J D 114 1145
1st cons 50-year bs
114
:113%
1968 A 0 100 101 10012 101
Gen mtge guar be series B.1975 A 0 114 Sale 11334 114
27 10634 115
Virginian ity 1st 55 derles A_1962 M N 109 Sale 109
111% 108
112 112
10
Oct'27
A 0
_ 112
Wabash let gold bs
1939 M N 104% 10518 104% 105
Registered
Pitts & L Erie 2d g be_ Jan 1928 A 0
8
91, 101
997 Dec'27
26 gold 58
1939F A 103% 10414 10334 104
Pitta McK & Y let gu 6s____1932 3 J 1045
1057s 106
106 May'27
1975M
Ref s f 5 Hs series A
10512 Sale 10512 105% 22
2d guar.(33
_ 10134 Nov'27
1976 F A 10312 Sale 10312 10414 38
Ref & ten 64) series B
1934 3 J 10672
Fitts Sh & L E let g ba
10012 fa- Debenture B6s registered-1939 3 J 9612 --- 8314 Feb'26
104 Dec'27
1940 A 0 104
1st consol gold be
wns 10012 1st lien 60-yr g term 48_ _19554 J
1943 3 J 104 10412 10012 Apr'27
8912 -- 88% Nov'27
1
Atte Va & Cbar let 4a
95
96
Oct'27
1943 M N 957 ____ 95
1941 J J 10414 -- 104%
net & Chi ext 1st g 525
10414
Pipe Y & Ash 1st cons 5a.._._1927 M N 997
100 100
100 July'27
92 Nov'27
Des Moines Div 1st g 45_ _1939 .1 J 9114 95
1st gen 4s series A
9234 97
90
1948 J D 913% 9734 97 Dec'27
1941 A 0 87
Om Div 1st g 334e
87% Nov'27
let gen 5s series B
104% 10814
9514 Dec'27
1962 F A 1071 11012 10814 Dec'27
1941 M EI 9278
Tol & Chic Div g 4s
4
70
7912 Warren 1st ref gu g 3345
Providence Secur deb 45_ __ _1957 M N 7812 ____ 782
8212
-- 8212 Nov'27
7912
ra;
t
1
Providence Term 1st 45
84% 89
89
1956 M S 864 9412 89
Cent 1st gold 4s
90% 93
92 Nov'27
Wash
Reading Co Jersey Con roll 48.'51 A 0 9614 Sale 96
8
92 100
Wash Term 1st gis 3145
9611
90
90
1945 F A
lot 40-year guar 4s
A 0
9512 9512
95% Oct'27
Registered
1945 F A 9612 -- 96 Nov'27
7
Gen & ref 4)4s series A_ I997 J 1 1(1514 Sale 10318
10312
98 104
30
2 F A 9931 _ _ _ 100 Nov'27
W Mln W & NW let gu 58_ 195
Rich & Meek let g 0
7912 8212 West Maryland Iota
87
8212 Nov'27
1948 M N 83
A 0 8612 Sale 85%
8612 84
Richm Term Ry let gu be_ _19523 J
Oct'27
lst & ref 530 series A.__..1977 J
62
101% 103
103
10172 Sale 10134 102
Rio Grande June 1st gu 58_1939 J 0 10114 10278 102
1 100 1021s West N Y & Pa let g 5s
102
2
19373 J 10312 Sale 10318
103%
Rio Grande Sou let gold 4s._1940 J J
S
734 7%
734 734 Aug'27
Gen gold 433
1943 A 0 92% Sale 9212
9234 18
Rio Grande West let gold 45_1939 .1 .1 945 95
15
945
Western Pac lot ser A 54-1946 M 8 100% Sale 10018 100% 41
95
901
: 95
let con & coil trust 4s A,.,1942 A 0 83314 Sale 874
8918
84
let gold 65 wiles B
1027
:Aug'27
1946 M 8
8814 30
RI Ark kr Louis 1st 4 Hs_ _ _ _1934 M 13 9814 Sale 98%
42
99
West Shore let 4s guar
94% 99
9278 92
2
23
36
81 .31 1 91
9334 31
Rut-Canada 1st gu g 4s
1
8412
8412
913s 9134 91% Dec'27
821% 87
19491 J 8412 _
3
Rutland 1st con g 4)0
17
91% 9714 we
9834 95
95
1941 J J 95
Reats
eemag
tered
ar Lake ErieBC Jos & Grand lei let g _ _1947 .1 J
2
90
Wheeling Div let gold 52_1928 J J 10018 10014 10018 7ov'27
8874 90
90
St Lawr & Adir 1stg5s,.l996J 3 10034 ____ 10018 Sept'27
9814 10018
98 100 10012 Aug'27 --2d gold Se
10512 10714
12
Refunding 4)0 series A-1966 M
95% 9712 962
1996 A 0 10612 ____ 10714 Dec'27
97
St L &Cairo guar g 48
977 Nov'27
01% Nov'27
Refunding Sa series B
3 98
1931
1966 M S
9614 98%
St L Ir Mt& Seen con g 58_1931 A 0 10134 Sale 10112 10134 24
99 102
RR 1st cense'45
- - ---_ 93 Dee'27 -1949 M $
Stamped guar be
100% Bept'26 1931 A 0
Wilk & East 1st gu g be
7812
1
1942 J D 7612 Bale 761:
Unified A ref gold 0
1929 1 J 9912 994 9912
99% 19
10334 _-- 104 Aug'27
97% -9972 Will &8 F Ist gold be
19383
Registered
9812 9812 Winston-Salem B lst4s...19601 J 9134 ____ 915* Dec'27
9812 Aug'27
3 J
Rlv & G Div 1st g0
93% 97
Ma Cent 550-yr let gen 4a.__1949
1933 MN 961: Sale 96
9614 33
8812 47
.1 8774 Bale 8754
St L M Bridge Ter gu g 54_1930 A 0 101 10114 10114 Dec'27
b
100 1014
9314
Sup & Dul div & term let 0'38 M N 9212 9314 93%
St L & San Fran (reorg co) 45 19501 3 921s Sale 92
23413 93
9212 149
Wor & Con East 1st 4345_1943 J J 87s ---- 92 Oct'27
9152
Registered
87
J J
9134 Dec'27
INDUSTRIALS
Prior lien series B 55
10312 28
9934 10412 Adams Express coll Ira 4s-1948 M E3 9374 Sale 9354
19501 J 10514 gale- 103
9334
1
Prior lien series C 6s
5
1928 J J 10078 Sale 1007s 10072 13 100 102% Max Rubber 1st I5-yr sf88.1938 J D 107% Bale 1072 mai
Prior lien 5)4e series D_ _ _1942 J J 103 Sale 10212 103
47 Sept'27
39 10112 103% Alaska 0016 56 deb 65 A_ _ _1926 M El
5124 6
Cum adjust ser AIM...July 1955 A 0 101% Sale 10118 10134 198
99 102
3 Nov'27
Cony deb 64 series B
318 6
1926 M 8
Income series A 135„July 1960 Oct. 98% Sale 98%
9514 99% Allis-Chalmers Mfg deb 58_1937 M N 101 Sale 00% 10114 66
99% 211
et Louis & San Fr Ry gen 0_1931J J 104% ___. 10512 Nov'27
9414
11
104% 105% Alpine-Montan Steel let 70_1955 M 8 93 Sale 93
General gold 58
118
3 10012 101% Am Aerie Chem let ref s f 730'41 F A 10434 Sale 1041x
1931 J J 100% 101 10072 1007e
105
St L Poor & N W lst an 5e1948 .1 il 110 11112 11034 Dec'27
10412 11178 Amer Beet Sue cony deb 65_1935 F A 8112 8234 8234
83% 35
En Louts Sou 1st gu g 48_ _ 1931 M S 97/
14
96/
1
4 9811 American Chain deb 5 f 65_1933 A 0 106 Sale 10413 105
1
4 ____ 9734 Aug'27
Bt L S W 1st g 4s bond et1s_1989 M N 9012 91% 0211
881: 93
3
02's
Am Cot 011 debenture bs_--1931 MN 10014 10112 0012 10012 10
26 g 48 Inc bond ctts_Nov 1989 J J 84% 86
85
845g Dec'27
Si
Am Dock &!met gu 6s
10578 10434 10614
19363 J
3
Consol gold 4s
36
19323 D 97% Sale 9712
9418 9878 Am Mach & Fdy f 6a
9331
1939 A 0 1145 10534 10412 Dec'27
let terminal & unifying 0_1962 1 J 10112 Sale 10112 10212 21
95 10212 Am Republic Corp deb 65_1937 A 0 112 Sale 1015s
10214 112
St Paul & K C Sh L 1st 410_1941 F A (16% 9714 9714
5
38
92% 9812 Am Sm & R lst 30-yr be eer A '47 A 0 10134 Bale 01%
10252 43
97
St Paul & Duluth 1st bs
_ 10218 Nov'27
1931 F A 101%
10178 10212
let M &series B
958
12 B
10
ag
le12 0
98
914
2 10812 16
1047 A 0 10
97
1st cense! gold 4s
3
1968 J D 9414 Sale 94%
67
91
9414 Amer Sugar Ref 15-yr tte ..l9373 J 105% Sale 0612 106
9414
St Paul E Or Trunk 4Hs
1
98 10014 Am Telep & Teleg coil tr 45_1929 .1 J 9758 99 99
10014 Nov'27
1947 J J 99%
99
934 102
9
St Paul Minn & Man con 0_1933 J 1 9818 99 9712
28
9412 99
99
Convertible 0
1936 M 8
1st consol g 65
2 107% 10878
1933J J 108 109 10878 108753
20-year cony 414s
1933 M 23 10112 10114 102 Nov'27 -Registered
J J 108
108 Dec'27
: 47
10652 108
1051
30-year coil tr 58
19481 D 10514 Sale 105
621 reduced to gold 434s_ _1933 J J 1001
6
:1003-4 10034 10038
9912 10118
10534 141
35-yr t deb 5s
1960 3 J 10512 Sale 105
Registered
99 Nov'27
J J 99
9812 9914
: 131
20-years f 530
1091
1943 MN 109 Sale lOS7s
9814
9814 10
Mont eat 1st gold 453
9515, 98% Am Type Found deb 6s
1937 J D 913125 _
3
108
1940 A 0 10512 10514 106
Registered
J D 9414
9512 951
: Am Wet Wks & El col tr Se 1034 A 0 100% Sale 10012 101
34
952 June 27
Pacific ext guar 45 (sterling)'40 J 1 93% 96
59
91
9314 Oct'27
9314
103
DebgosserA
10718 Sale 107
St Paul Un Dep 1st & ref 512.1972 J 1 10812
10812 Dec'27
62
10514 10812 Am Writ Pap let g 65
94
197
45
73
M ti 93 Sale 92%
8 A & Ar Pass 1st gu g 0_1943 1 J 9412 Sale 937
94% 26
88% 95
Anaconda Cop Min let 653_1953 F A 10518 Sale 0512
10512 225
Banta Fe Pres & Phen 5s__ _ _1942 M S 102% ____ 102 July'27
102 10314
11514 1031
15-year cony deb 75
1938 F A 11414 Sale 1131
Sac Fla & West 1st g tle_ _ _1934 A 0 108% 110 10834 10834
10834 10912 Andes Cop Min cony deb 73.1943 J .1 12214 Sale 122
128 1906
1st gold 58
10212 Nov'27
1934 A 0 10212 _ _
10212 104
Anglo-Chilean 7s without war.'45 M N 968 Sale 96
9634 108
Scioto V & NE ist gu g 48_1969 MN 9712 9812 96% Nov'27
967
: Males(Comp Azuc)7 Hs._ _1939 J J 95
91
95% 96 Dec'27
Seaboard Air Line g 4s
1950 A 0 8312 85
85 Nov'27
81% 85
Ark & Mom Bridge & Ter 50.1964 M 8 1023 10312 103
2
103
Gold 48 stamped
8312 39
80% 84% Armour & Co 1st real eat 430'39 J D 9118 Sale 91
1950A 0 8312 Sale 8234
Adjustment 54
Oct 1949 F A 80% Bale 7834
7812 881z Armour & Co of Del
802s 334
19433 J 8718 Sale 87%
8
98
21
7 18188
Refunding 40
32
71
1959 A 0 7012 7034 7014
69% 7634 Associated 06H
11
gold noteS
10234 10314 10234 10314
1935
.
M
7
ist & cons (is series A
98
118
94% 9938 Atlanta Gas I. lot 521
1945 M S 9534 Sale 9514
19471 13 10314 ____ 10312 Sept'27 - -All & Blrm 30-yr 1st g 4e_d11933 M 8 9312 94 937
4
94
9034 95
Atlantic Fruit 7s Ws dep_1934 J D
____ 20 Nov'27 --11
Seaboard All Fla 1st gu 8s A_ 19
93
,5
55 F A 9414 Sale 9312
9312 98%
9434 65
Stamped We of deposit
Jan'17
J
11
20
18
Series B
945: 9414
95
2
94
9314 9712 AtlGulf& W ti3 L cot tr 62_1959 3 .1 74 Sale 73
7334 12
Seaboard & Roan be eats!. _ _1931 J J 10012 101 101 Nov'27 _- 100 101
2
Atlantic Reffr deb be
1937 J J 10214 10212 10212 10234
So Car Se Ga let ext 5He_ _ _ _1929 M N 102 1021
1 100% 10212
:10212 10212
BAN Alaconaguebs
10314 1053* Baldw Loco Works 1st 58_1940 M N 107 10734 108
1936 F A 10534 ____ 1053s Nov'27
2
16818
Gen cons guar 50-yr 5s_ _1963 A 0 11412 11434 11334 Nov'27
11014 114
Reruns(Comp Az) 7)0-1937 J 3 ___ 10872 106% Nov'27
No Fee eoll 48(Cent Pac coil) k'49 J D 941 94% 94
egt4 95% Barnsdall Corp 65 with warr-1940 J
9414 20
D 10032 Sale 1004 10114 313
J n 88 ____ 90
86
90
Registered
90
6
Deb 6s(without warrant).1940
D 89 Sale 89
901
: 41
0888 10012 Belding-Hemingway 65
20-Year cony 48
9934 187
24
June 1929 M 8 995* Sale 9912
1938 1 J 9812 Sale 98%
99
18t4 He (Oregon Lines) A.1977 M El 10414 Sale 10334 10414 42 1004 10478 1011 Telep of Pa be series B 1948 J J 10612 Sale 10814
10634 24
20-year cony fie
1934 J D 10214 103 10212 10234
5 100 103
lat & ref 5e series C
1980 A 0 109% Sale 10912 110% 98
20-year gold be
10078 10314 Berlin City Elec Co 610.- 1931 J D 94% Sale 9414
1944 M N 10212 10234 10212 Dec'27 _
42
95
901: 95
San Fran Terml let 4s.....1950 A 0 94
95
10
95 9434
Berlin Elec El & Undg 8345_1956 A 0 9414 Sale 94
9434 78
A 0 82318
93
01
91
1
Beth Steel let A ref 65 guar A '42 M N 1021 103 1018 1025* 39
Registered
87
do Pee of Cal Ist con gu g 54-1937 MN 10512 108 10614 Oct'27
_ 10412 107
30-yr p m & imp a f 5s......_1936 J J 101 Sale 101
10212 39
Bo Pac Coast let eta g 45.,.. _1937 J J 97%
_
9718 Nov'27
941s 98
Cons 30-year 6s series A 1948 F A 104% Sale 10414 105
92
Bo Pac RR Ist ref 451
-__- 9734
98
29
93% 9812
1956 J 1 977 Sale
Cons 30-year 5Heser B._ _1963 F A 10178 Sale 10112 10218 74
97
Bing & Bind deb 6345
Oct'27
Registered
J 3
9414 97
1950 M 8 953* Sale 95
95% 10
SOuthern Ry 1st cons g 69..1994 J J 11314 113% 1131
/
4 11312 26 10612 115
Booth Fisheries deb 51 68-.1926 A 0 10214 -- 10112 Feb'27
Registered
J 1 11034 ____ 11034 Dec'27
103% 11034 Botany Cons Mills 6 He._ _1934 A 0 83 Sale 821s
10
83
9314 Bowman-BIB Hotels 75_1934 M 8 10312 104 10234 104
Devel & gen 48 series A_ _ _1958 A 0 92 Sale 9178
9212 186
86
9
1936 A 0 11938 Sale 1193s 120% 31 113% 125
Develop & gen 6e
Brier Hill Steel let 530___1942 A 0 1047s 105 10472 105
4
Dove! & gen 6)0
11914 128
1956 A 0 12612 Sale 2812 12612
B'way & 71.1) Av 1st c g be_ _.1943 J D 69 Sale 69
20
70
Mem Div 1st g bs
19963 -1 11114 __ 1212 Nov'27 _
Ctfa of dep stmed Dee '26 Int
10614 11234
7434 Sept'27
St Louis Div let g 4s
195) J J 9312 9414 9414 Dec'27 _
Brooklyn City Mt let be__ _1941
89% 96
33
9334 Sale 9312
05
East Tenn reorg lien g 55_ 1938 M S 10112 ____ 9811
Bklyn Edison Inc gen 54 A_ _1949 J J 10514 Sale 10514
9838
3
10614 150
11634
Mob A Ohio coil tr 48
92
88
8812
4
1938 M S 384
General 6s series B
1930 J 1 103% 10334 103%
3
10314
Spokane Internal let g 58.-1955 J , 88
84
9114
11141392-Mau R T sec es
8814
1
90 8814
19681 J 9878 sale 9624
9714 165
Sunbury & Lewiston 1st 42-1936 J J 937
__
9212 9312 Bklyn Qu Co & Sub con gtd ISs'41 MN 834 8432 6314
_ _ 9312 July'27
8434 31
ee2
:10012
Superior Short Line 1st 10_41930 M 8 100 ____ 9972 Nov'27 _ _
let be stamped
1941 J J 73
85
1
85
85
Term Assn of St L 1st g 430_1939 A 0 100 10012 1007s Dec'27
9354 101
Brooklyn R Tr let cony g 45_2002 J J 88 ---- 8812 Nov'28
tat eons gold 5a
1944 F A 10514 107 10614 1067
11 10278 10878
950
3-yr 7% secured notes)._ _ _ 19
21 JJ
F A 105 --__ 1361
:Nov'26
Gen refund 8 f g 4e
94
9212
1953 J J 9278
Bklyn Un El 1st 1-68
94
14
8714
9312 94
94
19
93
Texarkana & Ft S let 510 A 1950 F A 10614 10612 10614 10612 23 10272 10714
1950 F A 9312 94% 93%
Stamped guar 4-623
93% 10
Tex & N 0 con gold 56
19431 J 10212 103 10212 Dec'27
9978 10212 Bklyn Un Gas lot cons g 652_ _1945 MN 106% --- 1065* Dec'27
Texas & Pao 1st gold o's
2000 3 D 112 11212 112
lit Ben & ref 60 series A..193
112
4 10E44 112
1946
7M
J N
J 117 __-- 1 1634 11664
2d Inc be(Mar'28 ep on)Dec2000 Mar 100 103 100 Aug'27
Cony deb 510
100 100
25512 Sale 237
257
91
1977 A 0 10234 Sale 1025s 103
Gen & ref be eerlea B
984 10374 Buff & Susq Iron e f be
30
19321 D 93
9412 9318 Dec'27 _
La 1)1v 13 L lat g 5s
99 10158 Bush Terminal let 4s
1931 3 J 10158
_ 10134 10134
1
1952 A 0 9218
9212 Dec'27 -Tex Pac-Mo Pac Ter 510_1964 M S 10634 10718 10634 107% 23 1044 10712
Consul be
19561 J 10034 Sale 10012 10034
3
100 10212 Bush Term Bides bs gu tax-ex 130 A 0 10512 Bale 105
Vol de Ohio Cent let gu 58_ _ _1935 3 J 10218 ____ 102
Oct'27
10534 26
1935 A 0 101 105 10012 June'27 _
Western 131v let g 58
100% 102
By-Prod Coke let 5345 A...1945 M N 102 102% 102
10214
6
General gold be
103
1935 J 13 10112 105 102 Dec'27
Cal
10012
G & E Corp unit & ref 68_1937 MN 10314 104 10314
1
10314
1212 14
16
15 Nov'27
Toledo Peoria & West let 48.19171 J
15
Cal Petroleum cony deb s f 591939 F A 96 Bale 9534
98
87
Vol St LA W 60-yr g O._ _ _1950 A 0 937 ___ 935*
Cony deb f 5 /48
9334
2
8934 93%
1938 M N 101 Bale 100
100% 79
9978 Nov'27 _ _
ToIWV&Ogu 410A
19311 J
99
99% Camaguey Bug lot etg 7e_ -1942 A 0 1001
:Bale 9934
10012 19
1st guar 410 series B
1933 3 .1 100 _-__ 100 Nov'27 _
Canada 8 L let 64
1941A 0 10114 10112 10114
9914 100
13
10114
95% Dec'27
94
95% Cent Dist Tel 1st 30-yr be_ _.19433 0 105
1942 Al II
1st guar 4a ser10 C
_ _ 10434 Dec'27 -90
95
Tor Ham & Buff 1st g 48
Cent Foundry lets f 6s_May1931 F A 993
-1946 3 D 9334 933 94 Dec'27
EA% 71
14
8314
Ulster & Del let cons g 58. _ _1928 1 D 6012 65
Cent Leather let liens f 832_ _1945 1 J 1047 105% 1051: Dec'27
65
35%
1
3412 43
3512
1952 A 0 33% 35
1st refunding g 453
Central Steel let es I ge
1941 MN 12034 122 12034 12112
7
Union Pacific lot RR & Id at 45'47 J J 98% Sale 98%
Cespedee Sugar Co 1st s f 7 HI'39 M S 100 10034 100
9834 54
94% 100
100% 19
1 J
9832
98% 10, 93% 9$% Chic City & Conn Rye 5aJan1927 A 0 68
Registered
7514 70 Dec'27 _Let lien & ref 453
977
211 91% 99
Ch
L & Coke 1st gu g be-1937 J J 10312 ---_ 10332 1035*
_ _June 2008 M 13 977 Sale 967
1
6 • v.., %tn.
a nle June, 8 Due Aux.
Range
Since
Jan, 1
is
Low
96/
1
4 10113
10874 1,614
10078 11.278
944 11 '11
97
98/
1
4
92% 97%
1834 2734
10034 101
10235 103%
101% 10252
94% 101
10212 111%
103 105
10078 104
10318 1074
99% 1041s
8610 88*,
103 106
8812 934
8334 8734
90
9534
80
8314
87% 92
85
901s
8714 96
9814 100
7614 87%
9912 103
10112 104
9278
88
981s 101
1021s 10411
86% 9334
86
91%
9934 101
9912 1001s
9012 97
10015 10174
874 9314
724 8074
104 10472
8878 MI
80
8914
13874 9315
89
9214
89
954
10578 10978
3
54
3
574
9974 10178
9772
91
9718 105
8012 98
101 106
96 10012t
10474 10614
1034 10674
99 103
mil 1034
10778 10972
104 106
98% 100
93/
1
4 102%
984 102
102 10534
101 107
10574 10934
10244 107
08 10114
10074 108
95
83
103% 1084
10612 11012
10314 12812
8812 97
93% 100
10014 111
934
88
86% 9534
100% 10412
102% 103%
1632 20
18
18
07
787s
10012 1034
106 10834
10612 109%
9614 10634
89
Ws
94
99
10234 107
10274 1107:
9212 98
9212 97%
100 10272
983: 10212
10154 1054
974 1024
92
9574
1014 1014
80
92
102 104
1034 10678
89
794
724 76
8878 954
10318 1064
10254 105%
:
9512 1017
88
56
85
70
9714
89
10278 107
11348 11672
156 257
92
94
90% 9742
9512 Ions
9914 1084
10074 103
10112 104
914 9874
95 10214
96 1014
99 102
10214 105
96
99%
101 10514
11872 128
9814 10312
72
53
102 1034
3463
New York Bond Record-Continued-Page 5
BONDS
14 V STOCK EXCHANGE
Week Ended Dec. 23.
Price
Friday,
Dec. 23.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 23.
a.
Price
Friday.
Dec. 23.
Week's
Range or
Last Sale.
Kx
Range
Since
Jan. 1.
1/OS
High No. Low
Ask Low
Rid
High
High No. Low
Ask Low
Bid
46
Kings County Lighting Ss.....1954 J J 10512 ____ 10514 Nov'27 -.-- 10112 10512
4 89
/
741
87
1927 FA 86 Sale 86
Chicago Rys lot 52
119
11214
Dec'27
-119
___
119
J
J
1954
&
First
118
ref
810
9233 5614
9614
96 Sale 9.534
1947 J J
Chile Copper Co deb 55
9778 1054
101 1034 Kinney(GM& Co 74% notes'36 J D 105 10578 105 Dec'27 --10234 Dec'27
Cinch] Gas & Elec 1st & ref 55'56 AO 10234
10,512 2C 102 1054
2 10414 10514 Kresge Found'n coil tr Os_ _ _1936 J D 10514 10512 10518
105
Jan 1 1981 AO 105 Sale 105
510 ser 11 due
9914 10312
10218
3
Sale
M
102
102
S
_1950
_
A
Is
1st
Steel
8512 854 Lackawanna
4 _ _ _ _ 1044 Oct'27
1
Clearfield lilt Coal let 411_1940 33 85/
10178 18 10014 103
8
Lac Gas L 01St L ret&ext 58_1934 A 0 10134 Sale 10114
98 102
4 101
1
Colo F & I Co gen s t bs_ __1943 FA 101 Sale 100/
23
4 106
1
/
103
106
10512
A
Sale
F
4
1053
1953
C
series
5148
ref
&
27
Coll
.
9441
9312
9714
1934 FA 9614 Sale 9534
Col Indus 151& roll bs gu
974 10114
Lehigh C & Nav s 410 A_ _1954 .1 J 101_ 10114 Dec'27 --- 9918 100
9934 145
4
1
Columbia G & E deb 5s_ ___1952 MN 9912 Sale 9938
1_011_ 1:0:2:32 102 Dec'27 - - - - 101 102/
J J 2
j
52..1933
ir
let
Coal
Valley
Lehigh
4
/
961
9811
Dec'27
98
8
973
9813
Columbus Gas 1st gold 5s __ _1932 .1 .1
10012 Nov'27 --- - 10012 1004
Registered
82
77
7914 20
7912 Sale 79
Commercial Cable let g 48_ _2397 @
9512 97
9512 Aug'27 ---lot red to 4%.1933
gu
40-yr
3
let
4
1
/
99
93
9914
99
9912
MN
9812
62___1934
1
g
Commercial Credit
:-. 10114 Dec'27 ---- 101 104
I 1N178
:
4:
1934 F I
9
It & ref 5158
9012 954
95
95 Sale 94
1935 J J
Col tr s f 54'7. notes
9934 10112
____ 102 Dec'27 ---1944 F A 101
6 10414 1065s
let & ref s 55
10614
Computing-Tab-Rec s f 65_ _1941 J J 10512 Sale 106
9012 105
1954 F A 10034 ____ 105 Nov'27 -- -55
ref
&
1st
964
984
Oct'27
984
J
8
•
987
10014
,oun Ity & L let & ref g 4 30 1951
99 1014
---Nov'27
10118
____
9912
A
F
1964
55
ref
,tc
2
1st
9434 10014
9914
1951 • J 9914 Sale 9914
Stamped guar 430
9978 101
Nov'27 ---fii_
1974 F A --------101
1024
s f 5s
ref
&
141
34
102
4
1
/
10178
Sale
AO
s
8
1017
9
_1936
_
68_
f
s
Cigar
ongolldated
37
37
37 May'27 --- Lex Ave & 1.1 F 1st gu g 52_1993 ki 8
consolidated Ilydro-Elec Works
12224
12234 19 120 1244
Liggett & Myers Tobacco 78_1944 A 0 iiii2
9514 101
5
9812
of Upper Wuertocuberg 72_1956 J J 957g Sale 954
___ 11718 Sept'27 ____ 1174 1174
A 0
Registered
32
4
1
/
86
76
83
4
813
O
Sale
J
82
4
Cons Coal of kld let & ref 52_1950
61
11: 104
1 10
02
1951 F A lo:Ii2 gale 10412 10412
10612 75 10511 107/
55
4
1
Consol Gas(N Y)deb 534s_ _1945 F A 10612 Sale 10614
F A ____ ___ 10412 Nov'27
Registered
8912
75
8734 95
8612 8612
Cont Pap & Bag Mills 6 Sis_ _1944 FA 86
120 Sale 11612 121 -ii6 10314 121
A
F
_1941
_
6s_
Corp
Carbonic
Liquid
4
1003
1024
Dec'27
102
____
3D
102
Consumers Gas of Chic gu bs 1936
_1941 A 0 10612 Sale 10538 10612 99 101 10712
5 102 10512 Loew's Inc deb (35 with warr.
Consumers Power 1st 5s..._ _1952 MN 10478 Sale 10434 10512
96 10113
9918 56
Without stock pur warrants..... 99 Sale 9812
99
97
9854 30
D 9812 Sale 9812
1946
Container Corp let 6s
11612 11712 11612 11638 12 115 120
1944 A
72
Co
(P)
Lorillard
10212
31
101
9912
Copenhagen Telco ext 65.. _ _1950 AO 10014 101 10014
9518 1004
17
12
984
9812
Sale
A
98
1961F
be
10414 75 101 18 104 .
10212 ____ 104
Corn Prod Refg lot 25-yr 51521'34 M
4
/
9614 971
97 Dec'27 ---F A
Registered
9334 10434
Crown Cork & Real ista f 65_1942 FA 10434 Sale 10412 10434 82
107
9612 99
974
9612
J
Sale
4
963
19373
Deb 5346
20
4 104
1
99/
Crown-Willamette Pap (Is_ 1951 J J 10212 Sale 10212 103
4 104/
1
99/
4
1
10412 20
Gas & Elec(Ky) 5s.'52 M N 10414 Sale 10414
Louisville
9934
70
12
91
94
93
J
9318
J
4
923
_1930
_
7s_
cony
Sugar
Cane
Cuba
99
94
5
Louisville By let cons 5e_ _ _ _1930 J .1 9634 9714 97 Dec'27 - - _ _
9518 102
97
Cony deben stamped 8%_1930 ii 9614 Sale 9614
PowElec
1 10712 10834 Lower Austrian Hydro
10712 10778 10712 10778
Cuban Am Sugar 1st coll 82_1931 M
8712 9511
4
8814
194-4 F A 8814 Sale 8714
4
latst642
10012
9878 102
Cuban Dom StIg 1st 714s__ _1944 MN 10012 Sale 9934
40
97 101
101 Sale 10012 101
4 NIcCrory Stores Corp deb 510'41 J
1
2 10012 103/
Cumb T & T 1st & gen as_1937 J J 10338 104 10338 10358
4
1
7
4 109/
1021
106
4
1063
10514
9512
4 9912 Manati Sugar lots f 710_ ...A942 A 0
1
93/
1
9812
9812
Cuyamel Fruit lets f 65 A _ 1940 AO 9812 99
69 693 5714 7374
68
0
A
45_1990
g
cone
Y)
(N
Ry
Matthat
10134
90
Dec'27
10112
Davison Chemical deb 642_1931 J J 10114 ____
65
43
5812
2
314
4
613
63
60
D
20133
2d 42
98 10212
Den Gas & EL 1st & ref s I g 5251 MN 10114 11211 10112 Dec'27 _ _
____
9334 9911
9814 10214 Manila Elec By & Lt 5 I 52_ _1953 M S 100 ---- 9912 Dec'27
MN 10114 10112 10112 10112
Stamped as to Pa tax
8
Mfrs Tr Co Ws of partic In
4378 81
51
Dary Corp(D G) 1st s 7s_ _1942 M S 51 Sale 4934
13 10412 10612
10612
4
1053
____
106
D
J
Al Namm & Son lat6e.._1043
_ 10138 10338
Detroit Edison let roll tr 68_1933 J 3 1023s 103 10214 Dec'27
9614 101
9912 16
9918 99
6 10214 10478 Market St Ry 7s ser A April 1940 J J 97
1044
let & ref ba series A_July 1940 M S 104 Sale 104
9 1054 110
110
4 10218 10578 kletr Ed lot & ref g Os ger 8_1952 F A 110 Sale 10912
1949 AO 10578 Sale 10512 10578
Gen & ref Ss series A
4 100 1044
C_ _ _ _1953 J J 10312 104 10312 10378
series
58
ref
/s
1st
109
10714
93
4
1
/
108
108
8
Sale
108
M
1940
1st & ref essence IL _July
1
76
8014
8014
8014
Metr West Side El(Chic) 48_1938 F A 794 80
10 1011
4 106
/
1955 3D 10514 10614 10578 106
Gen & ref be ser 11
9434 105
1
9612
D 9512 9612 9612
15
921 2 9714 klieg Mill Mach 78 with war_1956
97
Del United let cons g 410_ _1932 J J 9634 9714 97
warrants
Without
675
96
8214
90
89
Sale
8912
N
1940
Dodge Bros deb 6s
110
99
0
1 110809053'84
!
5
775:
1:3
2
1
18
:
1,8
06
2
1 19
;
8 42
83;
10
2 :
7
894 Mid-Cont Petrol let 8 48_ _ _1940
81
8114 81
8114 11
Dold (Jacob) Pack 1st 6s__ _1942 M N 81
9714 10114
16134 106
4 Sale 101
/
26
797/4 Midvale Steel &0 cony 2 f 53 1936 M 8 1011
48
78
Dominion Iron & Steel 5E3_1939 MS 7634 Sale 7634
4
93
5
80
0
0
1
1
.1
D8
3
M
1
021410'31
&
ref
Lt
&
Ry
El
14
Milw
79
4914
78
78
78
75
Certificates of deposit
104
10
General & ref 5s ______ _1951 J D 10312 105 104
4 98
/
941
95
1942 J J 9412 9512 9414
Donner Steel 1st ref 70
98 10334
10334 40
1961 I D 1024 Sale 10278
1st & ref Ss 13
Duke-Price Pow let fie ser A '66 MN 106 Sale 1054 10614 69 1034 10612
10412 22 10112 105
104
Sale
8
1043
A943
J
_
_
_
•
lot
SSA
Power
Montana
9878 10112
10034 133
Duquesne Light let 41,',2 A 1967 A0 10038 Sale 1001s
Min & Agric
Niontecatini
4
1023
108
10312
35
Sale
MS
10312
1034
7348'37
g
f
s
15-yr
Bug
Cuba
East
296
98 1112
101
1937 J J 101 Sale 98
3
Deb 70 with warrants
944 98
4
1
97/
4
1
9538 ____ 97/
Ed El III Ilkn 1st con g 414._ _1939
92
9434 10
9534
9412
95
Without warrants
5 10878 113
113
Ed Elec III let cons g Ss _.1995 J J 11334 ____ 113
9558 10634
4 ___ 1004 10034 34
1
56_1941 J J 100/
ref
&
1st
Tram
20
Montreal
94
9618
994
95
Sale
95
Chic Pow Corp (Germany)610'50
8
953
Dec'27
10012
4
1
/
100
____
9914
0
A
A...,5955
series
Is
f
s
ref
&
Gen
96 10014
9818 9814 Dec'27 - _
96
Elk Horn Coal 1st & ref 610.1931
4
1
89/
83
8934 9934 Morris & Co let s f 4 10.___1939 .1 J 8634 Sale 86
90 -.90 Sale 90
Deb 7% notes (with warr'ts'31
83
83
t72 7 _1_1
0c8
83
4
983
9818
0
A
2_1966
ser
4e
Co
-Bond
Mortgage
102
4
993
Dec'27
102
10114
Equip Gas Light 1st con bs_ _1932
4 94138
1
96/
2
4
1
98/
4 9834
1
9818 98/
1932 J J
2
10-25-year Is series 3
9812
9834
95
9812 9912 9812
Federal Light & Tr let 58_ 1942
9818
4
92
9412
94
95
1934 J D 93
99
37
Murray Body 1st 8 30
95
99
9812
99
1st lien sf55 stamped_ __ _1942
Oct'27
103
____
10112
10212
____
4
1023
N
M
g
52_14)47
gu
Fuel
let
15
Gas
Mutual
102 105
105 Sale 10412 105
1942
1st lien Os stamped_
101)8103
97 10414 Mut Un Tel gtd 5t ext 4% 1941 MN 1024 ____ 103 June'27
1
102
102 Sale 102
_1954
30-year deb (Is ser
9734 22
884 97.4 Nam=(A I) & Son-See Mfrs Tr
97 Sale 95
1939
Federated Metals s f 78
8212
49
20
56
1951 J J 56 Sale 544
217
9212 10812 Nassau Elm guar gold 48
1014 Sale 1004 102
1946
Flat deb 741 (with wan')
4 104
1
08/
10378 Nov•2v ____
D
National Acme 151 s I 730_1931
39
9112 99
94
9214
Sale
94
Without stock porch warrants.
04
,4
1
11„
0
0
0
1
1
48
s
1034
1033
N
M
-.1940
notes_
6%
gfile-100
9 115 120
Nat Dairy Prod
4 11914 11834 11914
1
1941 St S 118/
Fisk Rubber lets I 88
Dec'27
4
901
8512 9012 Nat Enam & Stampg 1st 52_1929 J D 102 10314
90 Sale 90
Ft Smith Lt & Tr 1st g Es_ _ _1936
9934 10012
10034 75
1,947 F A 10012 Sale 100
84
9812 10534 Nat Radiator deb 63411
Frameric Ind & Deb 20-yr 748'42 ii 10512 Sale 10478 1051
9934 loth
10014 June'27 ____
___
10034
J
Nat Staren 20-year deb 52-1930
- 106 110
Francisco Sugar 1st of 710-1942 MN 10734 10912 10912 Dec'27
105
5 10338 1054
M N 10434 105 10434
58-.1952
I
lots
Tube
National
67
4
943
4
1013
100
4
1
/
99
Sale
30
100
Ur inch Nat Mall SS Lines 7s1946
1 10238 108
168
Newark Comm! Gas cons 58.1948 J 0 10712 ____ 108
4 ____ 1034 Sept'27 /
Gas & El of Berg Co eons g 521949 3D 1041
10714 38 103 10738
4 New England Tel & Tells A 1952 J D 107 Sale 10634
1
3 10234 103/
1939 AO 10812 110 10834 109
Gen Asphalt cony 693
9538 10212
33
8
1017
1014
N
Sale
M
4
/
1011
1961
11212
106
Nov'27
4
/
941
latg4l.4sserlesB
96
1942 FA
Gen Electric deb g 3145
4 100
1
93/
4 43
1
99/
4
1
9434 New Orl Pub Serv 1st 55 A 1952 A 0 984 Sale 98/
91
10312 27
Gen Elec (Germany)78 Jan 1645 J J 10314 10312 10314
4 100
1
93/
9912 28
4
1
D 9914 Sale 98/
J
11._1955
series
42
55
106
14
ref
101
&
First
12014
118
O
____
J
121
f deb 6;45 with warr__ _ _1940
1
9914
10014
10012
10234
1004
N
10012
M
62...1928
cony
1st
22
Brake
113
Air
13814
Y
N
Without wants attach'd '40 J O 9978 1004 9978 100
841
4 10
1
88/
4 Ws
/
123
9914 10214 N Y Dock 50-year let g 48-1951 F A 8812 Sale 8812
10238 103
1937 FA 10278
Gen Mot Accept deb Os
14 115 117
Sale
117
117
4
1163
0
A
A.1941
645
63
ref
4
1
/
&
103
1st
NY
10214
Edison
9913
102
Sale
FA
10214
1940
Gent Petrol 1st 5 f bs
10538 11 10232 10534
1944 A 0 10514 Sale 1047g
3 10014 10212
First lien & ref 5511
Gen Refs 1st s f g 68 set A _ _ _1952 FA 10534 ____ 10612 107
4 27 106 110
1
4 Sale 10938 109/
1
N Y Gam El Lt & Pow g 52_1948 J 0 109/
Good Hope Steel & I sec 78_ _1945 AO 10033 Sale 10038 10012 24 10112 107
49
4
1
/
9214 98
98
Sale
9712
97
A
F
2
48..1949
gold
money
10312
Purchase
8
993
108
10712
Goodrich (11 F) Co 1st 648_1947 3' 10734 Sale
1021
.
4 1023
/
4 10812 N Y LE & WC& RR 5 42_1942 M N 102 105 10238 Oct'27
/
10978 Oct'27 _ _ 1041
Goodyear Tire & Rub 1st 88_1941 MN
1031/4 Dec'217
103)8
521943
Imp
&
Dock
W
8
1197
E&
L
Aug'27
12212
NY
FA
11014
1931
10
-years f deb g 8a_May
2
1
10112
l0
I
g
10113.1
IX%
5s...._1930
g
1st
P
362
9434
10978 11114 N Y & Q El L &
4 Sale 944
/
1st M coil tr 58
1975 MN 941
8712 Dec'26
1942 J
914 9712 N Y Rys 1st R E & ref 4s
Gotham Silk Hosiery deb 68_1936 J O 102 103 1014 1024 66
54
Oct'27
12
Certificates of deposit
9714 10244
78
7112 7512 73
Gould Coupler 1st sf Os__ _ _1940 FA
12
214 314 212 Oct'27 ____
373
1:: 30
30-year ad) Inc 5s____Jan 1942 A 0
6812 87
10014 Dec'27 - Granby Cons MS & Peon 65 A'28 MN 10014
Mar'27 ____
_
512 513
512
_
8
57
4
deposit
of
---10014
Certificates
102
10014
MN
10014
____
10014
1928
Stamped
1965
Apr
fp
6s___Jan
Inc
23
N Y Ry; Corp
10014 102
98
9712 9714
Gt Cons El Power(Japan)7s_1944 FA 97
Dec'27
2"
_
74
8514
St? gig
4 20
1
93/
Prior lien 66 series A_____1965 3 3
4 9912
/
941
9314 93
1950 3' 93
1st & gen a t 830
9
591,
214 10
07
10812
2 14
4 Sale 10812
1
9478 NY & Richm Gas 1st 62____1951 M N 107/
91
Great Falls Power lets 155..1940 MN 10534 10678 10612 Dec'27
5112 81
48 10234 10612 NY State Rys let eons 410_1962 M N 50 Sale 50
97
Gulf States Steel deb 53.4e..1942 3D 9633 Sale 96
3
8412
61 12 82
6712 64
1
9112
94
let cons 630 series II_ ____1962 MN 65
9712
9112 0112
Hackensack Water 1st 4.2
1952 J J
12 10514 10878
1084
NY Steam 1st 25-yr Baser A.1947 MN 10812 Sale 10818
8812 92
1930 M S 9,5.... 9018 Nov'27 ---Hartford St Icy 1st 42
▪
10138 48
4 102
1
98/
90s 95
N Y Telep 1st & gen s f 442_1939 M N 10132 1112 10138
96 Dec'27 - Havana Elec consol g 5s_ .._ _1052 F A ____ 96
4 41 109 112
1113
III
11118
11012
A
1949'F
__Feb
Els_
f
2
deben
95
-year
30
80
8114
9873
S
17
Sale
M
80
_
Deb 514s series of 1926 _ _1051
72
78 1104
8
107
1087
10812
Sale
4
1083
17
103
9038
80
20-year refunding gold 66_1941 A 0
J 10278 103 10278
Hershey Choc 1st & coil 530 1940
6
10114
9614 103
14 10112 10334 N Y Trap Rock 1st Os
1946 J D 101 Sale 101
98
floe(R)& Co 1st 630 ser A_I934 A 0 9714 Sale 9612
13
4
10014
1023
8
1023
10431
____
4
1023
J
J
1932
9612 10212 Niagara Falls Power 1st 58
Holland-Amer Line 68 (flat) _1947 M N 1004 Sale 1003s 10072 91
9434 130
Jan 1932 A 0 10558 ___ 10538 Dee'27 ____ 1034 1061,
9112 104
Ref & gen 62
Hudson Coal 1st f 52 ser A _1002 J D 9414 Sale 94
12
4
/
8
1041
10014
104
10312
104
2
1033
0
1
A
1st
_1955
A
0
Is
&
93
4
Lock
pr
983
4
klieg
52_
g
1053
4
10534
1st
_
_
10(33
4
Gas
1053
Co
Hudson
_1940 NI N
24
81
9514
80
80
81
65 102 106
Nor Amer Cern deb 6448 A._14140 ki S 80
Humble Oil & Refining 5148_1932 3 J 10238 Sale 10238 103
113
102
9614 10214
4 Sale 10138
/
10038 94 1011
4 103
/
No Am Edison deb 5e ser A_1957 M S 1011
Deb gold 5.3
1937 A 0 1004 Sale 10018
9512 103
10212 22
97 10014 Nor Ohio Tree & Light 6a_.1947 M S 10214 Sale 10214
10534 74
Illinois Bell Telephone 52_1956 J D 10514 Sale 10512
10278 40 100 103
32 10234 106
1940 A 0 101
101
____ 9934
Nor'n States Pow 2.5-yr 5s A.1941 A 0 10212 Sale 10238
Illinois Steel deb 445
10412
10614
10712
19
10518
Sale
10614
0
6
A
11_1041
101
4
series
963
Os
0
1st
5-yr
4
1)934
78
993
ref
I
101
s
&
Sale
A
Corp
1946
Ilseder Steel
98 101
99 10234 Nortb W T et fdg 4 4egtd_1934 J .1 9934 1001.100 Nov'27 __ _ _
9812 18
Indiana Limestone let 8 t 62_1941 M N 9812 Sale 98
11634 14 114 11714
98 100
-___ 9918 Dec'27
Ohio Public Service 74s A _ _1946 A 0 116 11634 11812
1936 MN
Ind Nat Gas & 01168
7 11334 11512
11514
98
1947 F A Ill Sale 115
9938
let & ref 7s Bence II
1952 M N 105 10512 105
10512
7
Indiana Steel 1st bs
6 10334 107,
10714
1.
Ingersoll-Rand let be Dec 31 1935 J J 9958 __ 10012 May'27 - - 16313 10512 Ohio River Edison let 6s_ _ 1948 J J 107 1071 10412
22
90
9314
9312
4
913
Sale
4
/
911
A
25
F
10334
10012
MN
10318
10012
1944
10314
Os
lot
Sale
Cos
1945
Ben
Old
Steel
deb 530
inland
9 101 104
____ 10312 10312
1943 F A 103
10138 34 10118 10414 Ontario Power N F 1st 5s
Inspiration Con Copper 6148.1931 M S 10114 10134 10114
18
104
1
4
___ 10318 Dec'27 ____
20
11
9814 10132 Ontario Transmission 5s
1945 M N 103
Apr'25
friterboro kletrop coil 445_ _1950 A 0
9512 28
7712 Sale 77
1953 M 8 9512 Sale 95
7712 35
Oriental Bevel guar Os
interboro Rap 'I'ran 1st 58 1966 3 J
9638 106
934 9611
7712 94
J J 7712 Sale 77
7512 7972 Otis Steel let It 88 ser A... _1941 M 8 9614 Sale 416
Stamped
10338 2:3
9934 1044
7734 .52
7532 7934 Pacific Gas& El gen & ref 52_1942 J J 10338 Sale 103
1932 A 0 7714 Sale 7612
10-year Os
10
9934 102
4 Sale 10112 1013
/
107
09
7512 8232 Pac Pow & Lt let & ref 20-yr 58'30 F A 1011
10-year cony 7% note& _ _1932 M S 99 Sale 9814
4 10114 105/
4
1
1
92
9032 9914 Pacific Tel & Tel 181 Is
tat Agri° Corp 1st 20-yr 52_ _1932 M N 92 Sale 9034
1937 J J 104 10414 10412 1041
10612
9
10414
10612
10112
4
1063
1064
N
M
A
82
1952
82
13
series
N
Sale
2
1942
53
M
82
813 9212
Ref mtge
Stamped extended to
55 10
1 110
92
3;
0,
06
10512 84
69
8414 Pan-Amer P & T cony s f 08_1934 M N 10258 1024 10212 103
inter klerean Marines t 6s...1941 A 0 10512 Sale 105
3 10413 107 5
1051
1930 F A 10 14 Sale 10514
let lien conv 10-yr 78
9538 168
1947 J J 10114 Sale 10114
10134 32
International Paper bs
27
94
10412 37
10412 Sale 104
97 10213 Pan-Am Pet Co(of Cal)cony 68'40 J D 9314 Sale 93
1955 M
Ref s f 68 ger A
21
8 102
80
9
23.
102
100
11612 Nov'27
9738 105
1941 A 0
Paramount-Bway 1st 510_1951 J J 10112 10214 102
Cony deb 65
27
85
881
9313
1161s Nov'27
974 11612 Park-Lox st leasehold 610_ _1953 J J 883s 8914 8714
Stamped
71
81
984 1164 Pathe Each deb 7s with war.1937 M N 80 Sale 80
9614 217
llit Telep & Teleg deb g 434s 1052 J J 96 Sale 9578
100 10312
92
9814 Pat & Passaic G & El cons 55.1949 M 8 1053s ___ 10512 Nov'27 ____
Jurgcns Works 6s (flat price) _1947 J J 10634 ____ 10614 Dec'27
96 101
07s 48
10.513 17 1014 11114 Penn-Dixie Cement 614 A...,_,1941 M 8 96 Sale 96
Kansas City Pow & It bs_ _1952 M S 1044 Sale 1044
10134 Dec'27
- 103 1054 Peop Gas & C let cons g 65_ _1943 A 0 ____ 11418 115 Nov'27 ____ 11312 115
1957 J J 10112
let gold 4 30 series 13
10
10512
2 10512
1013
105
Sale
22
10818
105
5
M
1054
1064
S
Sale
M
68_
&
1947
_1952
102
gold
Electric
9812
55
Refunding
.Katu3a8 Gas
9914 95 .
9914 Apr'27 _._
M S
10712 Oct'27
Registered
10334 10612
Kayser (Julius) & Co 1st of 78'42 F A
10412 87 10338 10614
1947 M 8 10512 Sale 10512 10634 96 10614 10812 Philadelphia Co coil tr Os A_1944 F A 104 Sale 104
Cony deb 530
373 10012 105
104
10012 19
15-year cony deb 543- --1938 M S 10312 Sale 10314
95 10734
Keith (B F) Corp lot (is_ ...194t3 M S 10014 Sale 10014
10014 88
4 101
1
98/
18
1967 M N 100 Sale 100
4 101
1
Phila Elec Co 1st 4(s
96/
Kelly-SprIngt Tiro 8% notes_ 1931 M N 10812 109 10833 109
4
0714
42
2 103
4
/
j
11,
991
9
1001
10112
102
j
Sale
9012
4
_
J
_
963
_
9812
1935
Nov'27
3
55...
I
he
1st
C
&
Co
ref
Plilla
99
Reading
Telep
52.1973
10914
Keysten
9814 33
_ 10412 Sept'27
93
9758 Pierce-Arrow Mot Car deb 88.43 M 8 9712 Sale 97
Kings County El & P g 52._1937 A 0 10118
3
9912 1041
1044
4
/
_ 10312 10418 Pierce 011 deb s f Ss._Dec 15 1931 J O 103/
4 10412 10414
1
13078 Dec'27
1997 A 0 13034
Purchase money 68
2 10214 1051,
10412
5 12414 13078 Pillsbury Fl Mills 20-yr 62._1943 A 0 104 1044 104
8312 82/
4
1
4
1
82/
Clogs County Elev 1st g 42_1949 F A 83
99 100
9912
2
9912
4
1
8314 8378 82/
8312 46
1949 F A
Pleasant Val Coal Ist g f 52.1928 J J 9912 100
814 86
Stamped guar 42
911 0512
Pocah Con Collieries 1st e I 58..'57 3 J 9212 9514 6512 Dec.271--8012 88
1
THE CIFIRONTCLE
New York Bond Record-Concluded-Page 6
[VoL. 125
•
BONDS
V
t..
N. Y. STOCK EXCHANGE •i•
t
Week Ended Dec. 23.
,..,a,
Price
Friday
Dec. 23.
Week's
Range or
Last Sale.
ty.
AI tol
Range
Since
Jon. 1.
Bid
Ask Low
High No. Low
High
Western Union coil IT cur 53_1938 J 3 105 Sale 105
105
4 1015, 1064
Fund dr real eel g 4398._ _1950 M N 1015*... 10114
10113
95
15
1
0111
I5-year 6345 a g
1936 F A 11218 1-13 11114
11211 12 11114 114
25-year gold 58
1951 J D 10414 Sale 104
Bid
10434 46 1003e 113612
Ask Low
High No. Low
High
wesliouse
E
& M 20-yr lif 58.1946 M S 104 Sale
Port Arthur Can & Dk 68 A.1953 FA 10258 107 105
88 101 10514
10514 14 103% NIA
Westphalia Un El Pow 6348.19563 D 98 Sale 10334 104
let M 6e aeries B
9712
1963 FA 10412 106 105 Nov'27
98
38 9334 9912
10434 1051, Wheeling Steel
1st 5398 1948 3 J 10178 Sale 10134 102
Portland Elea Pow 1st 13e B.1947 MN 10312 Sale 10312
20 9634 1021)
5 100 1044 White Eagle 011Corp
1043
3
& Ref deb 534537
Portland Gen Elec 1st 513_1935 J J 10014 102 10113 Nov'27 _
9978 102.,
With stock purch warrants_ _ _ M 5 9412 9434 9413
Portland Ry 1st & ref 5s__ _1930 MN 9712 9734 9778
9434 32 94 964
6
9413 987a
9814
White Sew Mach (3a (with war)'36 J J 128 140 118
Portland Ry L & P let ref 5e_1942 FA
128
2 9734 148
78
914 9858
Without warrants
--- - 10034 Sale 10058 101
Registered
FA 9734 98 96
9714
3 0c9
11 9984 10378
v8
217
96,4 981
Wickwire Spen St'l let 7s. _1935 J J 32
1st lien dr ref Os series B1947 MN 10314 f6i78 10314 104 4
3413 33
33
2 25
5 10018 10438 Wickwire
58
Sp St'l Co 75 Jan 1935 MN 2714 Sale 26
1st & refund 7345 aeries A.1948 MN 10714 10712 10714 10714
2712 66 20
52
1 10612 108,, Willye-Overland
5 f 6 45-1933
Porto Rican Am Tob cony 68 1942 J J 10312 Sale 103
S 102 1024 102
10212
4 10154 104
361
99 10738 Wilson & Co 18t 25-Yr a f 6s__1941 M
1054
A
0 10014 Sale 10014 10114 48 9734 102
Pressed Steel Car cony g 543_1933 J J 9711 Sale 9713
19
98
9311 99
711
WI/Wisner Arms 7345
1941 A 0 10612 Sale 106
Prod Sr Ref e f 88(with war)_1931 3D 1145
10614
1 110 11438
3 10412 10814
_ 11458 1144
vnana'n Sheet & T 20-vr 85.1943 J .1 105 Sale 1047, 105
Without warrants acttahed. _ 3D 11114
49 10334 1053e
811112 111
5 110 11314
11112
Pub serv Corp ot NJ sec 60_1944 PA 107 10712 107
10712 75 10334 108
Sec g 5%8
1956 33 10414 Sale 10414 105
49 10112 toss.
Pub ;dery Elec & Gas 1st 534a1959 AO 1054 10514 10518 1051
8 16 10452 10614
1st & ref 539s
1964 AC 105 10514 105
30
104 10834
1054
let & ref 58
All bond prices are "and inter.ar" except where marked"f".
1965 JD
ithf_ 105 105 25 10418 10514
Punta Alegre Sugar deb 7s 1937 J J iOSIz
11 105 11112
106
106
Standard On Stocks Par
Bid dat
Railroad Equipments
Pure 011 8 533% 13008
der
Hid
FA
106
9912 Sale 9914 10038
984 10078 Anglo-Amer Oil vot stock_ El 819
1937
1938 Atlantic Coast Line 63..__
Remington Arms 6e
4.90 4.75
1937 MN 97 Sale 94
22
98
94
98
Non-voting stock
El *1855 19
Equipment8kis
Rem Rand deb 5395 with warr '47 MN 9412 Sale 94
4.40
4.30
9514 66
94
98
Atlantic
Refining
100 10834 109
Baltimore & Ohio 65
Repub 1 & S 10-30-yr 5681_1940*0 10238 __ 10213 1025a 16 1001s 108
4 90 4.80
Preferred
100 11613 11814
Equipment 430 & 55___
E131 & gen 533s series A_ __1953 J J 103 1-033-4 10234 10314 19
4.35 4.25
9838 10314 Borne Scrymaer Co
25
857
60
Buff !loch & Pitta equip 68_ 4.70 4.50
Reinelbe Union 75 with war.1947 ii 110 11112 10334 1033
7 10034 12834 Buckeye Pipe Line Co_
4
50 *57
5712 Canadian Pacific 434s & fls
Without atk purch warls_ 1946 J J 9914 Sale 92
4.50 4.35
9
99
92 10413 Chesebrough Mfg Cons_25 *117 120 Central RR
of NJ 65
Rhine-Main-Danube 75 A._ _1950 M S 10114 10178 10114 1013
4.90 4.80
15 10034 IT413 Continental 011 v t c
4
10 *19
1915 Chesapeake & Ohio (Ss
Rhine-Westphalia Elec Pow 78'50 MN 101 Sale 10038 101
4.95
4.80
38
9873 105
Cumberland Pipe LIne...100 88
93
Equipment6345
Direct mtge 65
4.50 4.40
1952 MN 9213 Sale 92
92
925s 25
98
Eureka Pipe Line Co_ _ _100 6512 6612
Equipment 58
alma Steel 1st s f 7s
4.35
4.25
1955 PA 96
9
933
DOSS
4
98
Galena Signal 011 com___100
96
96
418 412 Chicago Burl & Quincy 68_. 4.90 4.80
Robbins & Myers 1st s 76 1952 3D 40
3
45
45
45
3414 65
Preferred old
100 37
39 Chicago & North West 6s_. 4.90 4.80
Rochester Gas & El 75 ser B_1946 MS 111 Sale III
111
1 11053 11533
Preferred new
100 27
29
Equipment839s
Gen mtge 5395 series C._ _ _1948 MS 10614 ____ 10612 10612
4.50 4.35
1 105 10714 Humble Oil& Refining___25 86658 6678 Chic
R I OC Pao 430 & Si.. 4.45 4.30
Roch & Pitts C&Ipm 59. _1946
N 90 ____ 9212 Sept'27
90
9213 Illinois Pipe Line
100 175 177
Equipment6s
Rogers-Brown Iron gen&ref 78'42 MN
5.05 4795
39 Sept'27 2473 497s Imperial 011
t *5814 59 Colorado & Southern 68---- 5.05 4.90
Stamped
MN
_
42 Sept'27
24
50
Indiana Pipe Line Co.- _ _50 877
79 Delaware &
St Jos Ry Lt & Pr let 5s. -1937 MN -95E8 -9834.95 4.85
1
4 984
953s 9814 international Petroleum_ t 837 374 Erie 4SO & Hudson 68
9818
St Joseph Stk Yds let 4 As__1930 J J
58
4.60 4.35
9812 Dec'27 -.9738 98,2 National Transit Co_12.50 •2013 2034
Equipment5s
St L Rock Mt dcP 58 stmpd.1955 J J 7812 7912 7912 Dec'27 -5.05 4.95
754 8113 New York Transit Co__ 100 37
40 Great Northern 65
St Paul City Cable cone 58_ _1937 J J 9612 -___ 9612
5.00 4.90
9638
6
9414 9654
Northern
rthern Pipe Line Co_ _100 91
92
Equipment Es
San Antonio Pub Fiery let 68_1952'3 10912 Sale 10012 110
4.45 4.30
16 10512 110
011
25 *6514 6513 Hocking Valley 53
Saxon Pub Wks(Germany)Is'45 FA 100 Sale 9934
4.45 4.35
10014, 44
99 104
Penn
Mex
Fuel
Co
25 *38
40
Equipment 65
Gen ref guar 634s
1951 M
4.90 4.80
9512 Sale 9514
9534. 21
9314 9913 Prairie Oil& Gaa
25 31584 59 Illinois Central 4345 & 55
tichuico Co guar 63411
4.30 4.20
1946 J J 103 104 lO3ts
10334 14
993s 10434 Prairie Pipe Line
100 186 18712
Equipment6a
Guar e f 63,9e series B
4.85 4.75
1946 AC 10312 Sale 10324
10313
8
99 10413 Solar Refining
100 175 179
Equipment 75 & 6345-- 4.40 4.30
Sharon Steel Hoop 151 85 ser A '41 MS 10818 10814 10814 10838
4 1074 10912 Southern Pipe Line Co.._50 82012 2113 Kanawha
& Michigan 138.... 5.00 4.90
Shell Union Oils f deb 58..._1947 MN 984 Sale 9814
954 9934 South Penn 011
9812 139
25 83734 38 Kansas City Southern 5345_ 4.90 4.70
Siemens & Habib,a f 75
1935 J J 10158 103
0158 102
7 10014 105
Southwest Pa Pipe LInes.100 .7218 76 Louisville & Nashville Cis...
Deb 5 f 6348
MS 10412 105 l03s Dec'27
4.85 4.75
100 105
Standard Oil (California)_.t *5578 56
Equipment 6248
S f 639s allot ctfa 50% pd_ 195
4.40 4.30
'
1 MS 10412 Sale 1034 105
177
9812 106
Standard 011 (Indiana) ___25 .7834 79
Michigan
Sierra & San Fran Power 58_1949 PA 10134 Sale 1013
Central
55
&
68...
4.50
4.30
10214
4
12
95 1025s Standard 011 (Kansas)._ _25 *1412 15
Minn SIP & 5854 434s & 58 4.70 4.50
Silesia Elec Corp s f 6%3-1946 FA
93
9313
2
9213 9314 Standard Oil (Kentucky)..25 0122 12212
Silesian-Am Exp col tr 78_ _ _1941 PA 98 di;ies 98
Equipment 6398 & 7s
4.75 4.60
9812 50
10113
9513
Standard 011(Neb)
25 *4134 42
Missouri Pacific fis & 634s_ 5.10 4.80
Simms Petrol 6% notes _ _ _ _1929 MN 10778 Sale 0812 109
318
974 109
Standard 011 of New Jer--25 *3934 3978 Mobile & Ohio 58
Sinclair Cons Oil 15-year 78_1937 MS 10014 Sale 99
4.45 4.35
10013 145
9755 10234 Standard 011of New York.25 *3178 32
New York Central 430& 5e 4.30 4.20
1st lien col GE1 ser 13
1930 1.1 S 9738 Sale 9612
98
116
9434 99
Standard 011 (Ohio)
26 7812 7912
Equipment fis
1st lien 6395 series B
4.90 4.70
1938 ID 9634 Sale 95
97 408
9214
1023
8
Preferred
100
120
12014
Equipment 713
Sinclair Crude 011 3-yr Os A_1928 FA 100 100)8 100
. 4.40 4.30
100
40
98 10118 Swank Finch
25 *1712 18 Norfolk & Western 434a____ 4.30 4.20
Sinclair Pipe Linen f be
1942 AO 9338 Sale 924
9414 225
914 9533 Union Tank Car Co
100 121 126 Northern Pacific is
Skelly 011 deb 5398
4.45 4.35
1939 MS 95 Sale 9434
9514 47
937
8
953
Vacuum
4
Oil
25 14112 142 Pacific Fruit Express 7s_ _. 4.45 4.40
Smith (A 0)Corp let 8148-1933 MN 102 10212 10134 102
5 10114 103
Washington 011
10 ____ ____ Pennsylvania RR eq be & 68 4.50 4.35
South Porto Rico Sugar is. _1941 JO 10934 110 1094
1094
2 107 11034
Pittab & Lake Erie 6345___. 4.40 4.30
South Bell Tel & Tel 1st sf 561941'3 10434 10478 1044
105
17 10213 10553
Public Utilities
Reading Co 439a & 5s
Southern Colo Power 65 A._1947 J
4.30 4.20
10514
Tweet Bell Tel 151k ref 58_ _1954 FA 10614 Sale 10434 10334 37 10018 10 34 American (Ian az Electric. t .121 12112 St Louis & San Francisco 5s_ 4.50 4.40
Sale 106
10612
43
10653
4
1023
6%
preferred
•10614 1074 Seaboard Air Line 534s dc Os 5.00 4.75
Spring Val Water 1st g 38 __ _1943 MN 10012 Sale
10012
10012
9912
10012
Deb 65 2014
M&N 10734 10814 Southern Pacific Co 430_ 4.30 4.20
Standard Milling 1st 58
1930 MN 10038 10114 10038 10038
3 100 103
Amer Light & True com_100 17212 174
Equipment 7a
let & ref 5345
40
05 4.30
04.04
- _ 4..
1945 M
10334 Sale 103
03134
1003
101 10334
37
34
Preferred
100 116 120 Southern Ry 4 45 & 5s
Stand 011 of N deb 5s Dec 1546 F A 10312
4.35
114 10138 10412 Amer Pow & Light pref 100 108 109
EquIpment6a
Stand 011ot N Y deb 4 30_1951 J D 973 Sale 974
4.85
8
Sale
973
8
171
94
973
8
Deb
(38
2016
M&S 10715 10812 Toledo & Ohio Centraf65_. 5.0 4.85
Stevens Hotel 1st Os aer A.. 1943 J
10018 101
00
101
3
8
16
99 102
Amer Public Util corn_ _100 0
58
95
312 6
212 Union Pacific 7s
Sugar Estates (Oriente) 75_1942 M S
4.40 4.30
10014 16012 00
9• 984 101
10012
7% prior preferred___ _100
Tobacco Stocks
Superior Oil ist a 1 7s
1929 F A 10118 10113 0118
10118
9934 103
Partic preferred
100 90.... American Cigar corn__ __100 132 138
Syracuse Lighting 1st g 55_1951 3 D
10612
064 Nov'27
10234 10612 Associated Else 5348'46A&O 103 10312
Preferred
100 102 105
Associated Gas & Elec com.t :
Tenn Coal Iron & RR gen 55_1951 J
54
204 5
25
-Amer
212 BrI
stia
eshre
mer Tobac ord_CI *2512 2013
05 Dec'27
103 1054
Original preferred
Tann Copp & Chem deb Os_ _1941 A 0 1054 _
10112 47
9814 10112
$6 preferred
.
9612 98 • Cons •I Cleat pref.
Tennessee Elea Pow 1st 68_1947 3 13 101 Sale 10018
21 18
1074 Sale 107
10718 30 1054 10713
$634 preferred
Third Ave 1st ref 43
102 Imperial Tob of GB & Irel'd 82412 26
1960 3 J
6818 49
03
71
37 preferred
Adj Inc 5a tax-ex N Y Jan 1960 A 0 6738 Sale 674
•104
1(13 Int Cigar Machinery new100 81
83
8814
58
Sale
574
37
5613
66
Blackstone
Val
G&E
Third Ave By let g .58
com_50 •110
ohnso
essoio
33
m
34
312 J
n Jin Foll & Met_ 100 65
1,1 10
75
1937 J J 9912 99
9913
9934
2
97 100
Com'w'ith Pr Corp pre_ 100
Taho Elec Pow let 75
100 57
59
1955 M
9712 Sale 9712
14
9814
945
Elec
5
994
Bond
&
Share
pref.
-100
10913
110
l'n1n
Tobacco
Co cm.. 28
6% gold notes_ _ ..July 15 1929 J J 9812 Sale 9778
29
11
957
9912
5
9914
Elec
Bond
& Share Secur •
Poky° Elec Light 6% notes_1928 F A
83 88
9912 Sale 9938
9958 68
974 100
Lehigh Power Securities.... :2
70
91
'; 59
21
Toledo Edison 1st 7s
Uni
CvlaserslALeat
I
Tob 91_100 122 130
1941 M S
Toledo Tr Lk P534% notes 1930 I .1 10838 Sale 10814 1085* 20 1074 1094 Missisaippi lIly Pow pref.100 10612 10813 Young (J 5) Co
110
115
100
101 10114 10078 101
411
11
10114
9834
First mtge Is 1951._ _J&J 1041142 19
Preferred s
2
09
Trenton & El let g 5s
414
101) 102 108
1949M 8 105 ____ 105 Nov'27
1024 105
Deb 58 1947
M&N
Trumbull Steel let a f 6a._ _1940 M N 10034 Sale
10014 10034
96
1017
8
National
&
Pow
Light
pret• •1094 1104 Caracas Sugar
Twenty-third St Ry ref 58_1962 J 3 52
50 *I
3
6558 53
53
60
1
0713 North States Pow com_100 134 13413 Cent Aguirre Sugar com 20 .134
Tyrol Hydro-Elec Pow 7398_1955 M N 98
135
78 Sale 9812
9714 10214
99
9
7% Preferred
_100 1084 11013 Fajardo Sugar
17jIgawa El Pow s f 78
100 •160 161
1945 M S 9813 Sale 9812
99
100
25
9513
3
4
Nor
Texas Elea Co corn. 100 10
20 Federal Sugar Ref com_100 30 35
Underged of London 430-19330 3 9538 9634 954 Nov'27
944 96
Preferred
100 45
50
Preferred
Income (is
19481-- 9934 ____ 9914 Nov'27
94
9914 Ohio Pub Sem,7% pref_100 110 111
Godchaux Sugars.Ino
Union
199
59
2 59
5
t •
Lt & Pr(Mo)513.1932!M S 10214 1024 10238 1024
1 10114 103
Pacific Gas & El let pref__25
Ret & ext 5a
00
1933 M N 10234 ____ 10238 10212 20 1014 103
Power Securities corn
t 2
12
1634
54 2
4 Hol
Pr
le
y kEiruNi
rgar Corp com_1_ t
Un E L&P(III) 1st g 5345 ser A'54
19
10212 103 103
10318
1013
105
38
4
Second
preferred
Preferred
*58 62
Union Elev Ry (Chlc)le
5
13
80
82
0 13
1945 A 0 9012 9014
91
81
91
8
Coll trust Os 1949_ __J&D 97
9812 National Sugar Refining-100M
Eaton Oil I st lien a f 56 _
19313 J 10134 102 102 Dec'27
1014 10213
Incomes June 1949__F&A 3
95
30
NeywanNna
2 9
512 sa
lqhue
sr,o
icS
au
30-yr
rg
e0
arm
seriee A___-May 1942 F A 10912 10934 10912 10912 51 107 110
1
7
0
III
Ii
i,
Puget Sound Pow & Lt__100
let lien e I 5a series C Feb 1935 A 0 9914 Sale 9914
100
41
96 100
8% preferred
100 91
93
Preferred
United Drug 20-yr tie_Oct 15 1944 A 0 10778 Sale 10733 108
51
10613
1084
Preferred
100 109 111 Sugar Estates Oriente
7%
United Rys St L lat g 48.-- _1934 J J
8524 Sale 854
76
let & ref 5548 11349--Jaen 10212 10312 Vertientes Sugar pf pf_100 48 63
854
8514 41
United SS Co 15-yr Os
100 40
70
1937 MN 944 9514 9458
90
5
9514
9712 South Cal Edison 8% pf....25 •41
44 Rubb Stk.(etwe'd voter»)
Un Steel Works Corp 6348.9_1951 J D 9338 9334 93
93
91 106
5
Stand
G& E 7% pr pf _100 10912 11
Falls Rubber corn
Without(deck our warranta___
t
*4
0
El 9411 Sale 94
9512 87
93
9812 Tenn Elec Power 1st peel7% 10812 10934
Preferred
Series C with warrants
26
3 D 9334 94
94
94
9134 1057s Western Pow Corp pret _100
20
05 Firestone Tire & Rub com 2
---Without stock put warrs J D 92
24
12
1
5
0
93 924
93
9212
10
9812
Water Bonds.
United Steel Wks of Burbach
100 10814 --Arkan Wet let 5856 A.A&O
Each-Dudeiange sf74. _ _1951 A 0 104 Bale 10312 104
100 10834
11
9914 1044 Birm WW lat 5 HaA'54.A&O "
104 ---____ Ge763erapreferreddRub com._25 .180 -1:13U El Rubber 1st & ref 55 tier A 1947 J J 9513 Sale
953s
9633 247
88
9678
1st M 58 1954 ser B._J&D 101
Preferred
Registered
pf.i
100 103
0713
3 J
9534 Dec'27
9312 9534 City W(Chatt)530'54AJ&Iii 103 -(li11 Goody'r T & R of Can
10-yr 734% secured notes_1930 F A ioLis Sale 10514
r10434 105
1064 52 102,8 10634
1st M 58 1954
3.1412 100 101
India
Tire & Rubber new-t •18
CI 8 Steel Corp(Coupon Apr 1903 M
20
10812 Sale 10838 109
121 1064 10913 City of New Castle Water
Mason Tire & Rubber com_t •50c. 750
et 1P-60-yr be(regist. _Apr 1963 MN
108
108
10534 10834
be Dec 2 1941
J&)1 96
98
Preferred
Universal Pipe & Rad deb 65 1936 3 D 8914 9018
100
10
14
9013
9914
5
87,4 M4 Clinton WW let 51119.11WA 964 974 Miller Rubber preferred_10
Utah Lt & Trac lst & ref 53( _ _1944 A 0 9718 Sale 97
0 94
97
98
56
933s 9812 Com'w'th Wat 1st 5349A'47 10
95
.
24 _0_3
:
11 Mohawk
Utah Power & Lt 1st 55
1994 F A 1014 Sale 0134 10214 52
100
17
30
974
10214 Connellsv W 5sOct3'39A&01
Preferred
Utica Elec L & P lst f g 58_1950 J J 10314 _ _
;3_8_1_2 6
39
0
04
103 105
E St L & lot Wat 58'42..14J 9611
SelberlIng Tire & Rubber_1911
Utica Gaa & Elec ref & ext ba 19573 3 10612 Sale 964 Aug'27
-t
1064 _
10218 10612
1st NI 6s 1942
J&J 10234 iiiili
Vertientea Sugar 1st ref 7s..1942 J
Preferred
100
102
03
9934 10014 9934 10013 31
9834 101,4 Huntington 1st Os '54.M&B 103
Indus.
_
&
Victor Fuel late t be
Miscall
1954 3 3 55 57
55 Dec'27
64
65
55
1954 98 -9E1 Americ
Eakw
n&)
H
wc
Vairon Coal & Coke 181 g 58_1949 M S 91
a0trideal
ware
25
92
91 Dec'27
91
9534 Mid States WW 68'36 M&N 10
(ferred
95
Ba
3 _____ 0
lip
l:m.coc
Vs By Pow lst&ref5s
19343 J 10138 Sale 0158 10134 25
104
54) ..11 4
2
984 10233 Mourn Con W 1st55'56AJ&D
walworth deb 639s (with war)'35 A 0 95 Sale 9412
95
11
89
9613
Monm
Val
Wt
5
'50- Jaa 101 16i
1st sink fund 68 series A _1945 A 0 9614 Sale 98
9614 31
9112 97
Muncie WW 5e Oct2'39 A01 93
Borden Company com.....50 •136 1-iliWarner Sugar Refin let 78..1941 J
10534 106
0614
10614 15
9173 10713 St Joseph Water 53 1941A&O 98
514 -.
fi.
ii - Childs Company pref _100
Warner Sugar Corp 1st 7s-1939 J J 87 Sale 87
8812 23
781a 9812 Shenango ValWat 68'56A&0 9
_ _ Hercules Powder
WaahWaterPowersfSn-.._l9SOJ J
034 Nov'27
10234 1033s So Pitts Wat lit 55 1960 Jdr.1 101
Preferred new
Westches Ltg g 3s stmpd gtd 19503 D 107
106s 107
12 10238 107
let at 59 1955
F&A 100 .7_2 Internal Silver 7% pref_ 170
West By Coal ist 7s
1944 M N 10434 10478 0434 105
4
114
21
9 12
98 1
2 10112 1054 'Tern W or6e '49 A J&D 103 ____ Phelps Dodge
West Penn Power ser A Es
Corp
1946 M
100 125 130
10278 - -- 10318 10318
2 10018 1061s
1st, M tis 1956 ser B F&13 98 ____ Royal Baking Pow com_100
1st 50 series E
1963 M S 10518 Sale 105
250 265
10512 25 10014 10514 Wichita Wat 1st 6s'49.Mdcd 103
Preferred
1st 5%8 Belles
1953 A 0 10614 Sale 106
.110000
107
4310
10614
5 10412 10634
1st M 58 1956 ser B._ F&A 98 ---____ Singer Manufacturing__
1st sec 58 seriesF
0
425
1956 3 D 1044 10413 10414 10414 27 100 105
,
1%
Rim,. ,,..• v .,.
West Va C dr C 1st 68
'
19503 J 60 Sale 5934
''
62
124
44
80 , •
Western Electric deb 58_ _1944 A 0 10313 Sale 10313 104
•Allot
48 Mlia 10424 0 Per share. t No par value. 1. Basle u.
o
autA.U.
Nominal. z Ex-dividend. y EX-rights. rCavadlan
quotation. a Sale price.
BONDS
N. Y. STO k rACHANGE
Week Ended Dec. 23.
t44
Price
Friday.
Dec. 23.
Week's
Range or
Last Sale.
Ranee
Mate
Jan. 1.
Quotations of Sundry Securities
1t7
8100
.12
BOSTON
STOCK EXCHANGE-Stock Record see
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 17.
Monday,
Dec. 19.
Tuesday,
Dec. 20.
Wednesd,ay, Thursday,
Dec. 22.
Dec,21.
Fray,
Dec. 23.
Saks
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
3465
BrUnage
PER SHARE
Range SOW Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Par.
Railroads.
per share 4 per share Shares
$ Per share $ per share
100 171 Jan 7 188 May 27 159 Jan 17518 Dec
209 Boston & Albany
184 184
182 183
182 183
183 183
77 May 8513 July
100 81 May 10 9812 Dec 9
9614 96/
1
4 1,620 Boston Elevated
9634 9712 97 9714 9612 97
100 9813 Apr 27 10312June 9 89 Feb 103 Dee
10 Preferred
10112 10112 *2101 -- -- *101
11212
Dec 122 Jan
19
Mar
30
120
Nov
109
100
1st
132
11312 1173-1-2
Preferred
11212 113 •11312 114
11212 113
9812 Jan 112 Jan
100 101 Jan 20 110 Sept 8
73 2d preferred
107 107
106 107 *2106 107 *106 107
Mar
58/
1
4 July
70
July
6
35
100
611
/
4
Mar
7
/
1
4
5512
Maine
corn
*5512
56
55
&
276
Boston
56
5614 55
5512
/
4 Dee
Preferred unstamped__ _100 56 Jan 22 6912Ju1y 13 32 Apr 611
59 Apr 88 Dee
4 Jan 15 87 June 1
25 Ser A 1st pref unstamped 100 76,
7834 78,
4
*81_
80 16- "281
Apr
130
Dee
May
3
84
Oct
24
139
unstamped
100
118
pref
Ser
B
1st
.
118 fio
15-2120
_ *2118
"2▪ 120
35 Ser C 1st pref unstamped 100 97 Sept 17 118 May 26 74 Apr 1.0 Sept
110 110
110 110 *110 114
*2110 114
*2110
Jan
165
Dec
21
105
Apr
15212
Dec
22
165
unstamped
100
1st
pref
17
Ser
D
..-152
/
1
4
15212
*215212
*2152
/
1
4
-*2155
- *2153
/
4 Nov 12 64 Nov 17 4512 Jan 4612 Jan
100 611
Common stamped
---*55 - *sole If *5614 11- .55512 57
34 Apr 60 Dec
1
4 Jan 26 73 May 27
Preferred stamped
100 55/
6112 •60 6112
6112 "60
*6012 61 '60
94 Apr 10712 Dee
6 113 May 21
10412May
preferred
stamped_100
223
Prior
*
110
11012 -- 110
109 109 *210914
1084 1084 109 109
50 Jan 78 Dec
120 Ser A 1st pref stamped_ _100 64 Feb 23 78 Jan 10
4 6912
70
71
,
7014 *26912 ---- 68
704 704 71
33 Ser B 1st pref stamped_ _100 90 Jan 3 116 May 27 69 Apr 114 Dec
106 106
107 107 •106 108
109 109
*106 110
25 Ser C 1st pref stamped _100 90 Jan 11 105 May 28 61 Apr 101 Dec
97
95/
1
4 9512 *96
961
/
4 -Iiiii2
*95 97 *95
•__ __ 98
103 Ser D let pref stamped _ _100 124 Jan 4 14412May 27 87 Jan 141 Dec
12912 130
13014 13014 133 133
134 134 •130 134
103 Sept 1 106 Oct 6
20
Neg receipts 40% paid
104
104
105
/
4 105 *1041
/
4
105 105 *1041
_
212 Boston & Providence
100 176 Dec 23 212 Oct 25 21751-2 Mar 2-Iii1-2 -lie;
fiC
180 180
181 181
181 fli 181 181
43/
1
4Sept 16
28 Oct 131 Jan
East Mast Street Ry Co_... 100 25 Feb
•____ 34 *____ 34 8____ 34 •____ 34 •____ 34
5912 Apr 71 Jan
81 Oct 7
100 64 Feb
20 1st preferred
77
77
*75
77
77 *274
77
77 *274
77 *275
*274
56 May 69 Jan
78 Oct 7
Preferred B
100 60 Mar 1
73
73 *72
73 .5272
73 *272
73 *2.72
*272
40 Apr 4914 Jan
5912Sept 17
100 12 Apr
205 Adjustment
1
4
53/
1
4 53/
53
5312 5312 5312 *5312 55
54
*5412 55 I 54
49 Sept60 Feb
100 47/
1
4 Jan 13 74 Mar 29
300 Maine Central
65
65
65 65 •63 65
64 65
6334 64
4838 July
31/
1
4 Ma
611
/
4 Dee 23
100 4118 Jan
6058 61,
60/
1
4 611
4 611
4 -f-Jois -1i1-3-4 18,642 NY N H & Hartford
59,
59/
1
4 601
5958 60
1
4 Dee
Apr98/
1
106
Nov
9
81
New
Jan
Northern
Hampahlre_100
9212
76
10414
103
/
1
4
10312
103
/
1
4
*210414105
105
105
*210512
10434 10434
14612Nov 5 120 Apr132 Dee
30 Norwich & Worcester pref_100 127 Jan
137 137
137 137
▪
147 *x____ 147 *2137
100 122 Jan
13612 Oct 4 111 Jan 125 Sept
43 Old Colony
iii- fii131 131
130 1301 130 130
128 130
*„.... 130
6818 Oct 4
64,
6 64
,
4 1,328 Pennsylvania RR_ __ ______50 63 July
6412 65
64/
1
4 651
6458 648 6412 651
8412 65
4 3,1"ai iiii" Dee
60 Vermont & Massachusetts_100 107 Jan 6 121 Nov 10 -1.313118 118
118 118 *118 121 *118 119 *118 119
Miscellaneous.
5 Jan
214 Jan 3
2 Nov
534July 30
240 Amer Pneumatic ServIce___25
312 31
1
4 4
1
4 *3/
1
4 *358 4
312 3/
3/
1
4 3/
1
4 Jan 12 2612Sept 14
18 Dec 2414 June
50 15/
24 Preferred
221
22
22 •221
21
21
*x____ 22
50
Jan
Mar
50
47
July
1
50
Apr
10
4714
5
1st
preferred
49
49 *24878 50 •24878 50
*24912 50
,
4 Feb
1
4 17813 179I iiiii 1-17I7g 3,241 Amer Telephone & Teleg-100 14912 Jan 3 13512 Oct 11 13912June 150
18138 18218 181 18214 A.7918 1801 178 179/
No pa
48 Jan 17 116 Nov 18
4812 July 71 Jan
100 Amoskeag M01
91
*91 100
91
*85 ____ *91 100
•80
_
No pa
7358 Jan 10 99 Nov 17
7212, Nov 78 Feb
90
90 2,8812 16- 1,080 Preferred
90
92
90
91
89
89
89
90
1912Nov
2712Nov
23
2.945 New stock
2114 21
20
201
/
4 20
2012 2012 2018 2112 2018 201
Assoc
Elec
cl
A_No
par
36
,
4
Dec
5
Gas
&
Jan
25
50
/
1
4
*49
50
*4912
•4912
50
*4912
50
154912 50
No par
*7
5012
Atlas Tack Corp
712 Oct 4 12 Apr 7 -114 Oct "ifli "Jilt
_
*712 ---- *712 ____ *712 ___
1
4 Jan
Beacon Oil corn tr ctfs_No par 1512 Aug 25 2012 Jan 3
1418 May 20/
_
1
4 Jan
"9534 94 "9534 9412 "ii- WIZ "ii" 9411 94 9414 94 Ii1-2 655 Bigelow-Hartf Carpet_ _No par 77 Feb 17 96 Nov 3 74 Nov 98/
.10 Dec 8
Coldak Corp.. class A T C___
5 Jan 3
.25
•.10 .20•
85 Dominion Stores, Ltd_ _No par 67 Jan 26 10712 Deo 13
105 105
104 104 *103 10012
104 108 *x103 106
j
12 -1-3;
yan
y- -f3
13fic
218 East Boston Land
10
114June 27
333 Feb 3 -1f
11214
3
*234 3
*234 3
224 234
*212 312 *234 3
5 11
/
4 Dec 3
734 Mar 17
3/
1
4 Mar
738 Oct
1
4 2,645 Eastern Manufacturing
2
112 11
112 2
2
/
4
*134 2
134
124 *184 1/
Jan
Eastern
SS
Linea,
Inc
5
45
Jan
4
9311Nov
29
91
93
3,425
44
Nov
8818
88
91
90
*8834
8912
89
90
90
,
8
90
90
345. Preferred
34 Nov 45 Jan
48
No par 35 Feb 15 4814 Dec 19
4734 4814 4712 4712 4712 4712 4712 4712 48
43 48
2001 1st preferred
100 8734 Feb 17 106 Dec 20
9014 Oct 9912 Jan
105 105
105 105 "210412106
*105 ____ *105 ____ 106 106
Economy
Storesarc
par
10
June
1
15
Sept
Groc'y
13
14 Nov 28 Feb
1212
*1112
12
*1112
/
4
1212
*1112 1212 *1112 1212 *111
2,262 Edison Electric Blum
100 217 Fel:CIS 267 May 23 2207 Jan 250 Feb
259 265 264 266
250 25714 257 25734 25712 260 253 260
Apr
28
Oct
29_50
Federal
Water
Serv
coin
27
3612
*3412
35
*34
3512
*3412
36
*34
3512
3412
3412
70 Galveston-Houston Elec._100 2212 Apr 20 38 Nov 4 -14 - June -27 - -Oct
3153 315
3158 3158 ____
*3158 32
*3158 33 I *315 32
II Dec 17 Jan
General Pub Serv com.No par 1134 Jan 11 1712 Oct 8
1612
1612 *16
1612 •16
1612 *16
5116
Na par 3414June 2
38 Mar 15
3414 Apr 4058 Jan
51
645
Gilchrist Co
"5."
3512
35
35
3512 *35
3514
35
35 I 3478 35
8812 Mar 11312 Feb
1,559 Gilette Safety Razor_ _.,5,0 par 8412Mar 2 10914 Oct 1
10212 10312 103 103
104 1051 104 1051 10334 104
10312 104
10 May 14 Sept
25
7 Oct 15 13/
1
4 Nov 28
320 Greenfield Tap & Die.
12
1212 1212 121 *12
1212 12
*12
1212 *12
45/
1
4 Dec 6834 Feb
1,435 Hood Rubber
4314 -ai4 iiNo par 3258July 6 47 Jan 3
43
1
4 44
4314 43
44 I 43/
1
4 44 242/
44
15 Kidder,Peab Accep A pref _100 94 Apr 26 9584 July 12 293 Apr 96 July
_
*95 ____ *95
*95 __ _I *95 -__ 95 95
*953
612
Aug 1034 Dec
93
Aug
25
1114Sept
8
MzNeill
&
Libby
_
_
_
_10
7
166
Libby,
8
938
"91/4
9/
1
4 938 --iis -I3*9/
1
4 953
914 91
6 July 1218 Jan
0 Jan 3 10 Jan 18
25
738 7/
1
4
60 Loew's Theatres
738 738
714 7 ,
7/
1
4 7/
1
4 *714 738
753 738
80 Apr 9412 Nov
115 115
1.570 Massachusetts Gas Cos___100 84 Mar 25 124 Nov 14
115 116
11514 116
11212 115 I 114 115
11514 116
65 Jan 7018 Feb
/
4 Nov 21
100 70 Jan 3 811
4801 Preferred
79
79
80
7912 80
79
79
8012 8012 8012 8012 80
285 Mergenthaler Linotype_No pa , 10312Nov 18 116 Oct 4 :104 June :110 May
105 105
105 105
105 105
106 10612 10818 10618 *2105 100
412 Jan
Jan
20
2 Aug
214
Mar
24
4
,
8
Leather
101
3/
1
4 312
902 National
3/
1
4 312
312 314
312 314
312 312
312 312
15/
1
4 Jan 2912 July
..5 2312 Feb 14 33 Dec 13
32.4 32/
3112 32
311
/
4 33
1
4 4,600 Nelson (Herman) Corp_
31
32 I 3114 32 I 3112 32
23 New Eng Pub Serv S7 pf No par 91 Ja.. 18 10218 i aec 21
/
4 "102
102 102 .•102 ____,.5102 __ 102 1021
---95 Sept icii" Sept
No par 9714 Jan 26 106 Dec 15
30 PriA• preferred
10414 10414 ---- ---*104 106 *104 106 1 102 102 *104 105
8 Feb
314 Feb 23 .50 Dec
300,New Eng South Mills_No par .10 Dec 14
.12 .12 •.10 .15 ---•.1.0 .15 .5.10 .15 •.10 .15
2 Dec 28 Jan
8/
1
4 Feb 28
100
2 Apr 1
I Preferred
412 *4
412 "4
412
*4
412
412 412 *4
100 11512 Jan 4 140 Aug 10 11078 Apr 11884 Feb
739 New Eng Telep & Teleg
/
4 i5514 iii138 13878. 13878 1381
138 139
/
4139
13812 139
*21381
3512 July 55 jai)
100 3512 Mar 28 44 Sept 9
3814 _ia_ _iii. 1,990 Pacific Mille
38
3814 38
39
39
39
38
39
39
1
4 Jan 3
40 Mar 8814 Jan
100 15 June 22 42/
.5 Plant(Thos GL 1st pret
23
23 *20
23 •20
23 •20
23 •20
*20
15 Feb 1714 Aug
10 31414 Sept 15 1612 Feb 10
40 Reece Button Hole
1512 16
16
16
*2151s 16 "21512 16 *21518 10
2 Nov
158 Jan 11
11
/
4 Dee
10
1 Mar 4
5 Reece Folding Machine
11
/
4
112 112 *211
/
4 112' *118 112
134 *2114
*2114
May 110 Aug
10512
Jan
5
132
Oct
27
98
itii50
Swed-Amer
by
part
pref_100
127
fii"
127
*125
12414 125 152125
•2125 127 *212454126
117 Swift & Co
100 115 Jan 3 13012Sep1 20 111 Apr 11814 Dec
12412 12412 12412 12412
124 124
124 124
•____ 12514 *12414 125
54 Mar 72 Sept
25 66 Jan 3 95 Nov 29
87
87
671 Torrington Co
87
87
8412 86
8412 85
8414 85
8412 86
95 Jan31-2/
1
4 Dec 21
5
5,035 Tower Nlanufacturing
278 4
312 372
312 4
3 131z
4
4
18 Aug 9 2112Nov 28
21
•200 Traveller Shoe Co T C
__
-_-_-_-_
•20
21
2012 0121 *20
*1954 21
20
20
1
4 Jan 24
7 Jan -11b13 Feb
912Sept 2 14/
5
360 Union Twist Drill
1214 13/
1
4
/
4 12 I 1212 13
1112 111
11
1012 11
'
47 Mar 5314 Aug
6.-1- Wi
--1-2 3• ,002 United Shoe Mach Corp_ __ _25 50 Jan 3 77 Nov 29
4 6414 6453 6414 641
1
4 64,
6414 6458 6412 6454 263/
28 Jan 30 June
3012 3112
25 28 Jan 3 3112Nov 28
293, Preferred
1
4 3012 *2958 31
31
2958 2958 '229/
31
31
•30
82 Nov 135 Feb
83 May 3 92 Oct 5
8912 8912
760 11 S & Foreign Sec 1st pref____
1
4 8912 861/4 8912 891
89/
1
4 8912 8912 8912 8912 89/
7/
1
4 014 1,555 Venezuela Holding Corp
11 Apr 30
9
8
9/
1
4 *7
9
8
8
9
9
*8
Feb
23
17 Jan ill; Oct
19
Oct27
/
1
4
350
WaldortSys,Inc.new
eh
No
par
20
20
*21914
20
20
21938
20
20
20
20
29 Jan 41 Dec
1
4 Jan 21 61 Nov 19
310 Waltb Watch cl B com-No par 40/
1
4 6012 6012 601 -ao- 1151-2
60
*60 61
60/
60
60 60
48/
1
4 Nov 61 Dee
100 61 Jan
85 Nov 19
*85
86
Preferred trust ctfs
86
86 *285
86 *285
15285
86 "285
10 Prlor preferred
100 10012.7une I 118 May 20 101 Sept112 Dee
105 105 *105
*105 -- 15105
12
/
1
4 May 23 Jan
1
4 Apr 1
290 Walworth Company
*17
18
20 1714 Aug 11 24/
*17
18
18
1714 1712 1714 1712 •17
44 Mar 69 Dec
1
4 Nov 30
340 Warren Bros
50 8518 Jan 13 179/
164 168 3147 147 yiii- fii168 168
165 168
169 169
Apr48 Dee
Dec
21
39
5
70
y49
51
169
let
preterred
BO
44
Jan
70
69
6814 68/
1
4 88 09
*8712 68
42 Apr47 Feb
2d preferred
50 45 Jan 17 72 Dec 6
350
10
,
4 Aug 1713 Jan
.18
Will & Baumer Candle corn__
14 Jan 12 1812Nov 12
$ per share $ per share
18312 18312 •183 184
9512 9614 9612 9712
*2101
*2100
.52110 - - 112 1-1-3
105 10612
*2105 107
5614 56%
iia-
214
61
/
4
60/
1
4
2218
2012
2/
1
4
*,50
*12
'.50
57
•107
1412
*11,
4
*114
*.75
112
.50
.70
49/
1
4
2818
•2614
14
"1.70
1154
13
1612
3012
*2
.45
•.30
478
134
*a114
'
.12
Mining.
3
314
318 3/
2/
1
4 314
1
4 22,898 Arcadian Consolidated
2% 3
25
3
612 658 4,915 Arizona Commercial
6%
612 534
4
5
Ms 684
612 6,
58
535 Bingham mines
10
5934 587s 5878 5818 5878 .557
6018 259
/
4 23/
1
4 23.816 Calumet & Beata
/
4 2314 2378 231
2358 241
25
2218 2114 24
1
4 2012 11.326 Copper Range Co
21
19/
1
4 2034 19/
25
2014 20
2034 19
211 2,
4 *312 258 1,320 East Butte Copper Mtn1ng_10
12
214
212 2122
212
.75 .85 1,693 Hancock Consolidated
.75 .75
25
.70 .75
.75 .75
.90
14
100 Hardy Coal Co
1
11
1012 "-- -912 •I2
111 *10
!Helvetia
2
.75 •.50 .75 .5.50 .75 •.50 .7 5 .50 .75
1.111 Island Creek Coal
1
4 *25512 5812 5512 56
1
5618 56/
68
561
57
401 Preferred
I
15107 ____ 210512 10512 *10512
- •107
4 4,051 Isle Royale Copper
1534 15/
1
4 1512 -ff316
25
141
15
-1-5 - 14
2
1
4 2,870 Keweenaw Copper
258
11
/
4 2/
218 218
_25
2/
1
4 21
21
214 234
2
2
6,591 Lake Copper Co
25
11
/
4 3
*114
ll
1
/
4
.90 .90 *.90 11
450 La Salle Copper
.75 .95
25
•.80 1
11
112 1/
/
4
112 Dad 2,370 Mason Valley Mines
1
4
114 11
5
11
1/
1
4 1/
1
4
.70 .701
2.5
980 Mass Consolidated
.55 .65 •.70 1
.60 .6
.7
.75 .90
.95 .951 3,050 Mayflower-Old Colony___. _35
.80 .80
.75 .7
.7
50
1
4 4958 511
5012 2.658 Mohawk
25
4958 50/
4914 497
50
2914 2978 1,335.New Cornelia Copper
5
/
4 291
2912 291
29
29
29
29
.25
I New Dominion Copper
.1
15
Company
__
15
15
River
25iNew
100
15 *1_ _ - 15 .5_ _ __ 15
*56
513
Preferred
100
57
_ 57
57
---- 57 *
*6
612 *618 6,
8
a
6
6
225 NIpissing Mines
6
6
058 •2554 61
112 158 5,000 North Butte Minbag
112 1/
1
4
11
/
4 112
10
1,
8 11
/
4
1
4
Pi
14 1/
114
114
.99 1
*11
/
4 114
579 Olilmay Mining
25
5.65 .99
.90 •70 .99 '
12
12
12
1312 2.645 Old Dominion Co
12
25
12
1214 12
1214 *1112 12
1212 1212
810 P'd Cr'k Pocahontas Co No par
1312 •13
1312 1312 1312 1212 13
1614 3.017 Quincy
17
- Rif* -1114 16
25
/
4 1658 16
16
16/
1
4 161
17
3112 31
31
311
/
4 2,01851 Mary's Mineral Land_
/
4 32
25
31
3184 311
31
32
31
3
*234 3/
1
4
No par
3
120 Seneca Mining
3
3
/
4 212 *178 212
2/
1
4 *11
.55 .60 4.065 Shannon
.45 .58
10
.45 .45
45
.40
.42 .42
.45
.50 .50
175 Superior dz Boston Copper-10
.40
.30 .30 •.30 .50 ".30 .50 '5.30 .50
534
.5
Mining
5
/
1
4
3
6
614
412
8,230
Utah-Apex
5
3
8
4
/
1
4
4
4
4/
1
4
44 44
112 158
1/
1
4 158 8,860 Utah Metal & Tunnel
112 134
I
11
/
4 11
/
4
154
11
/
4 134
134 *114
112
112 112
1
180 Victoria
25
/
4 *al
112
1114 *a114 11
.30 .30 1,1378 Winona
.30 .40
25
.10 .10
•.15 .25
I
2
,
4
3
634
612
6012
61
1
4 2112
22/
2114 1914
2/
1
4
212
5.65
.70 '
1212 11
.75 •.50
56
57
*107
-1-5 •14
1
4
2/
1
4 •1/
1
112
•.80
I
1
,
4
11
/
4
.50 •.50
.70
.75
60
4912
281, 29
.20 July 18
5 July 11
30 Jan 3
1418June 27
1178May 20
1/
1
4 Oct 14
.15 Apr 8
11 Dec 19
.32 Oct 17
47 Feb 28
10412Sent 23
9 July 13
I July 21
.80 Jan 7
.50 Mar 25
.70 Oct 11
.05 Sept 29
.25 May 3
3458June 22
1812June 24
.05 May 26
15 Nov 7
56 Nov 5
5 Aug 16
.50 June 28
.40 Oct 5
912 Oct 27
11 Jan 4
1314 July 13
1812June 28
1 July 2
.15 May 9
.15 Mar 23
418July 14
.76 Oct 31
.50 July 11
.03 Mar 9
3/
1
4 Dec 21
1014 Jan 8
6114 Dec 15
2438 Dec 21
2114 Dec 17
2/
1
4 Jan 4
1 July 1
18's Sept 9
.85 Jan 6
67 Sept 6
107 Apr 13
16 Dec 21
278 Feb 4
3 Dec 21
1 Nov 11
214 Dec 7
.85 Jan 3
11
/
4 Jan 11
52 Dec 15
30 Dec 13
.06 Feb 1
1978May 12
75 Feb
101
/
4 Feb 2
3/
1
4 Jan 5
114 Jan 26
15 Apr 1
1812 Aug 19
1918 Apr 22
32 Dec 19
312 Jan 14
.60 Dec 23
.50 Sept 6
778 Feb 24
2 Feb 2
2 Aug 24
.70 June 3
.25 Ma
9/
1
4 May
29 Jun
1314 Jun
13 May
2/
1
4 Oct
.27 Dec
14 M
.75 Oct
1/
1
4 Aug
1234 Jan
5534 Jan
1858 Aug
20 Jan
4 Feb
114 July
2114 Jar
2 Jan
iii1-2 -Jill iiii- iiiii
9/
1
4June 14 Aug
.50 Jar
278 Sept
11
/
4 July
.60 Oc
2/
1
4 Mar
.80 June
258 Sept
134 Jan
.15 Dee .75 July
1/
1
4 Jan
.40 Dec
30 Mar 46 Oct
1812 May 24 Aug
.05 Jan .20 June
18 Dec 25 Feb
45 July 72 Feb
5 July 1012 Dec
1
4 Sept
3/
2 Apr
.50 Jan .50 Nov
13 Dec 20 July
1012 Mar 15 Jan
1512 May 25 July
25 Dec 3812 Feb
234 Dec
9/
1
4 Jan
.15 Dec 80 Jan
11,44 Mat
.20 Nov
434 Oct1154 Feb
.25 Dec 2% Mar
.40 May .75 Feb
.10 Sept.40 July
•Bid and inikod igloos no sales on this day. a Astwonnient paid. b Et-stook dividend. f New stock. z Ex-dividend. p Ex-rights. i Kg-dividend and rights.
3466
(voL. 125.
TUE CHRONICLE
Friday
Sales
Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Dec. 17 to Dec. 23, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Amer Tel & Tel, 5%8_1943
10854 10834
4s
1929
9934 9954
Amoskeag 68
96
9254 96
AHEM ElecCo 4548 w 11953
9431 94%
AtIG&WISSL 58_1959
7754 73%
Chic Jot Ry US Y 58_1940
102% 102%
Cr Cork&SealCo.lis w I '47
9854 9854
East Mass Street RR45413 ser"A"
1948 73
7254 73
5s ser"B"
1948
79
77
K C,U & B 51)Inc. _ 1934
10054 100%
Ma88 Gas.4548
1939
10054 100%
1931
100 100
43.4s
New Engl Tel & Tel 58.1932 10254 101% 102%
P C Pocah Co 78 deb_ _1935
10854 10834
Searbeken Mtg Bk 68_1947
95
95
Sloe. Crude 011554s wI 38
9854 98%
Swift & Co,5s
10231 102%
1944
Western Tel & Tel, 50_1932 101% 10134 101%
Whitenights, 634s_ _ _1932
99 100
Range Since Jan. 1.
Low.
High.
31.000 10554 June 10854 Nov
3,000 98% Jan 9934 Oct
154,000 92
Dec
Nov 96
15,000 9451 Dec 9451 Dec
2,000 67
Jan
Oct 75
7,100 100% Jan 10251 Dec
5,000 98% Dec 98% Dec
7,000
5,150
1.000
8,000
1,000
13,000
5,000
3,000
5.000
5,000
4,000
15,000
843,4 Aug
Jan
69
98
Jan
99% June
98
Feb
100%. Jan
100 June
95
Oct
98% Dec
10054 May
100
May
Dec
99
75
82
101
100%
101%
103
120
95
9854
10354
102%
101
Oct
Oct
Jan
July
Aug
Dec
Aug
Oct
Dec
Apr
June
Nov
Philadelphla Stock Exchange.-Record of transactions
at Plailadelph% Stock Exchange, Dec. 17 to Dec 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Wee*,
Par. Price. Low. High. Shares.
High.
rattg 82
x
WissPOWWM
x x
xxx
M
M
.1W
,A57,;Wegatt.ltRglaggt2WaScItggtEgtgiEt`ft%n
x
MOOOMMONOMOM!..0*00,t,
.MONt..t..
0.010,..MN•.M
MW=N
MWN
xxxx
xxxxx
NerMQ ,
CM..•NepN
xxxx
1834 Oct
89
Dec
1154 Nov
7354 Jan
11734 Nov
1334 Dec
3134 Nov
4234 Dec
3134 Dec
6334 Dee
551 June
8034 Nov
234 Dec
7354 Dec
9554 Mar
93
Jan
261
Jan
5634 Dec
100
Dec
95
Dec
351 July
11954 Jan
35
Dec
3134 Nov
2834 Oct
45
Dec
2854 Dec
154 Apr
2434 Nov
2034 Dec
80
Oct
6834 Jan
10534 Nov
48
Dec
54
Sept
9454 Dec
5831 Sept
5654 Dec
2234 Dec
5554 June
5234 June
69
May
1534 May
39
May
35
Dec
2534 Jan
9031 Feb
234 Aug
234 Apr
3954 Mar
118 34 Sept
9754 Dec
38
Dec
Dec
16
5434 Dec
U)' 6 Dec
31
Dec
lae'r
2
4734 Mar
Nov
Dec
May
Oct
Dec
Dec
Jan
June
Oct
Oct
Dec
Sept
Mar
Dec
value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists:
•No par
Stocks-
Friday
Sales
Last Week's Range for
SVeek.
of Prices.
Sale
Par. Price. Low. High. Shares.
• 4654
Arundel Corp
Atlas Coast L(Conn)_ _50
Bait Commercial Bk...,100 150
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
Beseech (J)& Sons, pref_25
Black & Decker, corn.
Boston Sand & Grave1.100
*
Canton Co.corn
10 44
Central Fire Ins
Voting trust certifs. _ _10
50 230
Century Trust
Ches&Po Tel ot Bait pf 100
Citizens National Bank _10
46% 49%
205 21254
150 150
170 173
9
9
30
30
27
27
25
25
85
80
300 300
45
38
45
39
230 233
11755 118
5354 53%
5,637
124
8
62
52
33
36
6
75
13
2,381
389
31
9
100
Range Since Jan. 1.
Low.
3151
200
13754
129%
9
22
22
1134
72
275
26
33%
170
115
49
Jan
Nov
July
Feb
June
Sept
Sept
July
Nov
Aug
Jan
June
Jan
Jan
Jan
High.
4954
265
15354
175
1354
3634
3634
27
85
30734
45
45
245
118
5954
Dec
Nov
Nov
Nov
Nov
Jan
Jan
Oct
Dec
Dee
Dec
Dec
Nov
Sept
Sent
BondsBalt City 4s J F
1961
45EIL
1961
481311
1957
45FH
1957
45FL
1955
4s Am Imp 511
48PL
1951
48 2nd school see_.1947
Black & Decker Mtge,634s
Commer Credit
consoi. Gas, gen 554s.1935
45413_1954
Cense! G.EI&P 4546.1935
1st ref 6s ser A. _1949
1st ref 5545 ser E.1952
1st ref 55
Consol Coal ref 4348._1934
Elkhorn Coal Corp 654s '31
Hendier Creamery 68.1946
Island Export 6%s
Lake Roland El gu 58_1942
Lord Bait Hotel, gen 6548.
Md Electric Ry lin 5s _ 1931
Consol 6s series A..1963
Un Porto Rican SIX1937
6545 W W
United By dr E let 46_1949
Income 4s
1949
Funding 58
1936
hit 68
1949
Wash Balt & Annap 581941
Wash Con Title Col Tr 6s_ _
West Md Dairy as__ _ .1946
2354
21
2354 24
24
24
89
88
6754 68
127 128
115 115
112 11251
110% 110%
108 109
30
31
85
85
2354 25
10734 107%
270 274
1151 11%
1631 1631
954 9%
96
97
26
2634
20
20%
20
20
193 200
20
20
46
48
3254 33
2551 26
15
15
14
18
65
65
21%
21
97
98
79%
75
89
89
454 5
6954 69%
69% 75
19% 1914
78
78
50
50
340 340
1954
19
352 370
12
14%
1734 17%
55
55
85
85
5254 53
4054 4034
775
63
5
55
999
88
32
120
8
69
1,143
84
700
50
511
49
100
74
25
363
343
78
2,764
25
1,091
599
175
10
2,165
15
124
327
4,813
13
350
15
721
300
Low.
High.
14)4 June
1954 June
18% June
7134 Aug
51
June
127 June
112% May
110% May
110% Dec
102% Nov
2954 Nov
84
Apr
2054 Nov
Feb
71
13534 Jan
951 Jan
16% Dec
951 July
Jan
86
25
July
18
Sept
1634 Apr
98% Jan
20
Dec
37% Apr
26% Mar
2354 May
1354 July
14
Dec
Dec
65
1534 May
7854 Jan
52% Jan
81
June
4% Dec
69% Dec
4751 June
15
Jan
Fob
29
24% Dec
2454 Dec
Dee
89
Oct
71
130% Aug
117
Aug
114% Aug
11254 Dec
109
Dec
36% June
90
May
26% Dec
Fe!,
115
278
Sept
12
Sept
18
Jan
10
Jan
99% June
44
Jan
22% Sept
Jan
22
200 Dec
Dec
20
48
Aug
34% Nov
Nov
27
1554 Dec
18
Oct
80
Oct
25
Nov
102
Nov
7954 Dec
Dec
89
1234 Jan
70
Sept
75
Dec
20% Sept
10 75
455 49
4 240
1,680 16
547 205
20
8%
20 17
25 45
10 76
44 50
10 33%
Oct 90
Jan 51
Feb 340
Oct 24
Feb 376
Jan 29
Bent 24%
Nov 55
July 86
Feb 533.4
Jan 44
Mar
Sept
Dec
June
Nov
Nov
Feb
Dec
Apr
Dec
Sept
102 102
Dec
1,000 93% Apr 102
10134 10134
200 99 June 101% Sept
2,500 101
102 102
Dec
Nov 102
102 102
Dec
1,000 101
Oct 102
102 102
Dee
1,000 10134 Dec 102
102 102
Dec
4,000 101
Nov 102
102 10254 1,500 101
Oct 10234 Dec
10134 10154
300 101% Dec 10134 Dec
10454 10454 12,600 99 May 115
Oct
9454 9534 5,500 92
Aug 9551 Dec
10154 101% 1,000 9834 Jan 10154 Dec
10034 10051 4,000 9854 Jan 100% Dec
108 108
2,000 107% Aug 108
Dee
Jan 107 June
10634 10634 2.000 106
105 105
Dec
2,000 105
Dec 105
9454 9434 3,000 925( Apr 9434 Dec
1,000 97% Nov 10054 June
9734 9751
17,000 98
99 100
Jan
Aug 101
3,000 98
Dec
99 102
Dec 102
101 101
1,000 100
Apr 101
Dec
100 100
7,000 100
Dec
Dec 100
98
98
5,000 98
Dec 9951 Dec
Dec
1,000 90
90
Dec 90
90
54
81
90
100
73
54
81
97
8834
100
10434
100
5,000 100
74
21,000 7054
5454 12,000 50%
8,000 75%
82
9754 5,000 98
9054 31,000 65
1.000 100
100
104% 2.000 100%
Nov
Jan
Nov
Jan
Oct
June
Dec
Jan
100%
78%
60
85
101;4
9354
101
105
Nov
May
Apr
Dec
June
Nov
Oct
Oct
•No par value.
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange,
Dec. 17 to Dec. 23, both inclusive, compiled from official
sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
American Trust Co
544
Anglo & Lond P Nat'l Bk. 22954
Associated Oil
Bancitaly Corp
137
Bank of Calif N A
290
Bank of Italy
2424
9534
Booth FE pref
97
Calamba Sugar Corn
Preferred
California copper
3
Calif Cotton Mills
6434
Calif Oregon Power pref... __ ._ _
7834
Calif Packing Corp
Calif Petroleum com
2354
Caterpillar Tractor
5734
Coast Co Gas & El let pref 9754
Crocker First Nat'l Bank- 415
East Bay Water "A" pref. 9754
"B" preferred
Emporium Corp. The
32)4
Ewa Plantation Co
46
Federal Brandeis
2834
Fireman's Fund Insurance_ 124
Foster & Kleiser com
14
Great Western Power pref. 10434
Haiku Fruit dr Pack (Free)
854
(Pool)
754
Hale Bros Stores
Hawaiian Com'l & Sugar... 5134
Hawaiian Pineapple
Hawaiian Sugar
43
Home Fire & Marine Ins_ _
4354
Honolulu Cons Oil
37
Hunt Bros Pack "A" corn_
Illinois Pacific Glass"A"._ 4654
Key System Transit pref __
Prior preferred
Langendorf Baking
1234
LA Gas & Electric pref
104
Magnavox Co
Magnin Icon
2154
Nor Am Investment corn __ ____
Tharav,.el
Oil
485 544
22934 237
3854 3854
136 138
280 290
24131 2463-4
9534 9534
9354 97
90
90
3
3
6454 6454
11054 11054
7354 7934
2351 2454
5554 5854
9754 9954
40234450
9654 9731
107 107
3234 3374
4454 46
2554 2734
11534 12434
14
1434
10351 10434
854 854
73.4 754
51
52
4434 45
42
43
3934 4334
37
3854
2354 2454
46
4854
4
4
97-4 11
1254 1254
10354 10454
45c
50c
21
2234
105 105
ea inn
2.808
340
8
17.787
60
11.135
60
1,001
10
110
36
10
15,561
2,955
22,990
20
45
200
5
885
285
10,355
3,965
1,880
280
100
75
485
435
685
45
6,044
465
400
9,080
420
330
81
75
4,500
745
10
inn
Range Since Jan. 1.
Low.
-'Jan
300
195
Jan
3834 Dec
8934 Aug
245
May
171
Apr
9554 Dec
Apr
68
80
Apr
2 June
20
June
10254 Jan
Apr
61
1954 Oct
2654 Feb
Jan
94
305
Aug
9554 Nov
10434 July
30
Oct
4034 Sept
97-4 Feb
88
Mar
12
Apr
101
June
7
Dec
7
Dec
30 June
48
Apr
4234 Nov
4054 Jan
2834 Mar
3354 Apr
22
Oct
3154 Apr
4
Dec
974 Dec
12
Dec
9834 Jan
20c Aug
1634 Apr
101
Mar
09 Li Inn
High.
t,titttgtgtttg-ttwo.;tttgLitgtttltigtgg;Itt
mmm mm mmm
m mmm mmmmx mm.m
105
90
69
98
10134
10534
71
10231
109
109
10034
106
79
10034
Commercial Credit
• 21%
Preferred
25
Preferred B
25
634% 1st preferred _100
Consol Gas, El & Pow._ _• 68
8% preferred ger A..100
7% preferred ser B...100 115
100
655% pref ser C
6% preferred ser D..100
554% pfd ser E
100 108%
Consolidation Coal_ _ -.100 30
100
Preferred
Eastern Rolling Mill
• 24
Equitable Trust Co_ _ _25
Fidelity & Deposit
50 270
Finance Co of Amer A._ *
Finance Sery com el. B._10
10
Preferred
934
Houston Oil pref v t c _ _100
Mfrs Finance corn v t _25 26
1st preferred
25
2nd preferred
25
Maryland Casualty Co_ _25 19754
Md & Penne RR com _ _100
Merch & Miners Transp_ _• 47%
Merchants Nat Bank_ _ _10 33
Monon W Penn PS pf_25 28
Morris Plan Bank
10
Mortgage Security corn _ _• 16
Second preferred ..100
Mt V-Woodb Mills v t_100 215(
Preferred
100 98
New Amsterd'm Cas C,0_10 79%
Northern Central Ry _ _ 50 89
Old Town Nat Bank_ _ .10
5
Park Mtge dr Rrd Rent_ _
Penna Water & Power_ _ _• 73
Silica Gel Corp com v t_ _ • 19%
Standard Gas EquipPreferred with warr_ _100
Un Porto Rican Sug pf__•
Union Trust Co
50
United Rys & Electric_ _ _50 19
US Fidelity & Guar_ _ _ _50 389%
Wash Bait & Annap_ _50
Preferred
50
West Md Dairy Inc corn.'
Preferred
•
Prior preferred
50
Western National Bank _20
)
N1
40C4CMCWMNOW,..1
0400tst'0.0.
l'010.
$.047.MOOON,-.C.CMVM.
g,..,a,000m.r.m.00qco.m.rmN.c,
.
m.2,ovvercvam.-.2nci
tggttitVgg511 5g!
:g
.4,PMMMNCOMMOOMMM
0WWWWOWt,
.00NO00
3,200
7.000
13.000
5.000
11,000
10.000
6,000
2,000
3.700
3,000
7,000
18,000
3,000
2,000
W
10434
89
6234
9634
10134
10534
65
1023-4
10854
10754
10034
106
64
1003.4
Low.
x xxx
10434
89
6051
9634
101
10554
6454
10254
10834
10754
100
10534
64
100
1,025
2,753
50
993
180
1.345
50
6
866
910
350
825
954
9,530
100
310
16
2,768
10,193
52
2,460
903
8
21,001
960
12
1,700
600
100
24.150
355
10,700
851
42
185
610
6,100
10,700
378
816
237
360
85
20
6.975
875
28.712
1,810
2,910
670
10,950
7
300
100
2,550
350
2.210
1,384
60
xxx
BondsAmer Gas 8, Eleo 55.2907
Consol Trac N J 1st 581932
Elec & Peoples tr etfs 48'45 81
Keystone Tele p 1st 58.1935 9854
Lehigh Coal & N r 4%81954
Lehigh & New Eng 58_1954
Peoples Pass tr ctf848_1943 6434
Phila Co stpd s f&red5s1951
Phila Elec (Pa) 1st 58_1966
1st lien Sr ref 534s...1947
454s series "D" w L1967 100
Phila Elec Pow Co 5548'72
United RystirEl(Balt)48'49
York Railways 1st 58_1937
1531
15
7934 89
1034 1034
6554
64
11434 117
10
1334
3034 3034
42
42
31
3134
6134 6334
1
134
7634 78
2
2
74
7934
83
83
40
4134
220 225
55
5634
8534 100
95
95
234 234
10534 10831
5
35
2034 2134
2434 25
45
45
28
2834
151
1
2134 2134
1754 2034
7954
78
6434 6534
9834 10034
48
48
5234 53
93
9454
56
5734
5554 5634
22
2234
5334 5434
5051
50
5751 5854
1154 1134
36
36
2754 35
2134 2234
5154 56
1
151
154 2
37
3774
113 11574
9751 9754
35
38
16
16
5254 54
109 1093.4
2734 31
"is
54
3834 40
Range Since ,Ian. 1.
OWONNOW0..M
Almar stores
• 15
Alliance Insurance
10 8734
Amer Milling
American stores
* 64
Bell Tel Co of Pa pref _ _100 115
Barnet Inc "A"
1354
Budd (E G)
Cambria Iron
50
Camden Fire Ins
3134
Consol Traction of N J_100
Cramp Ship & Eng
Electric Storage Batt'y_100
Estey Welte "A"
Fire Association
10 79
General Asphalt
100
Giant Portl Cement pref_50
Horn & Hard't(Phila)com*
Horn & Hard't(NY)corn •
Insurance Co of N A__ _ _10 9654
Kirshbaum (A P) 7% pt.._ ......
Lake Superior Corp__ _100
254
Lehigh Coal & Nay
50 106
Lehigh Valley Coal ctf
Lehigh Pow See Corp corn * 2034
Lit Brothers
10 25
Lit SchuyikiliNavRR&C 50
Mfrs Cas Ins
Manufactured Rubber _ _10
Mark (Louis) Shoes Inc_ •
North Ohio Power Co_ _• 2034
Penn Cent L & P cum pf _ •
Pennsylvania RR
59
Pennsylvania Salt Mfg _ _50 9854
Phila Co (Pitts) 5% pf _50
6% preferred
50
Phila Dairy Prod pref
Phil& Electric of Pa
25
Ctf of dep with Dryi&Co 5634
Phila Elec Pow recta_._.25 22
Phila Rapid Transit__ _50 54
7% preferred
50 50
Philadelphia Traction_ _ _50 58
Phila & Western Ry__ _50
Preferred
Iso
Reliance Insurance Co.... 3434
Shreve El Dorado Pipe L 25 2154
Stanley Co of America_' 5334
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Gas Irnpt
50 11454
United Pass By
U 15 Dairy Prod class A. *
*
Common class B
16
Victor Talking Mach com..•
6% cumul pref
•
Victory Insurance Co
Warwick Iron & Steel _ 10
WestJersey & Sea Sh RR50
Range Since Jan. 1.
Lan
DEC. 24 1927.1
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Conc:uded) Par Price. Low. High, Shares,
Range Since Jan. 1.
Low.
High.
Feb
895 28% Apr 48
36% 38
210 3314 Dec 39 June
33% 34
Jan
1314 May
5
8
934 914
Oct 12% Sept
11
12%
60 10
fof w, 102
255 97
Feb 10334 July
Oct
77
7934 11,663 7134 Nov 79
Jan
1.25 1.25
100 1.05 June 1.75
Mar 160
152% 160
Oct
625 123
Mar 116
July
35 102
11334 114%
6,000 53% July 13934 Max
8134 85
41
41
15 3634 Oct 5934 Feb
70 1914 Jan 2434 Oct
2334 2334
16
16
112 15% Jan 1634 July
2534 2734 28,085 14% Mar 2834 Dec
112 113%
135 10614 Jan 11334 Nov
Jan 103
100 101
90 97
Sept
July
106 106
5 103
Jan 107
1,280 20
Apr 2311 June
2254 23
923,4 9214
50 89
May 94
Aug
3,480 2434 Oct 3134 Fel
2534 26
25 9034 Aug 9734 Api
97
97
No
94
94
10 87
Jan 94
123% 12314
50 10634 Jan 12534 Dec
68
1.165 44
Jan 68
Dec
65
99
99
155 9214 Jan 101
Dec
50 10134 Jan 110
Dei
10834 10815
6,654 5034 Apr 60% Jaz
5514 56
45e 50c
500 40c May 95e Fel
24
24
75 20
May 24
Del
2,795 37% Apr 5634 Jai
4354 44
5,645 3914 Apr 5634 Jat
4434 46
13
14
835
Oct 19
Jai
9
24
2414
232 2334 Nov 27
Ma
1.35 1.35
200 1.2714 July
2.00 Ma
10 3714 Jan 47
47
47
Oc
100
9% J111
611 634
5
July
375
8% 8%
734 Oct934 Jac
462 95% Feb 117
11334 117
De,
4311 4434 16.020 28
Jan 4414 De,
*No par value.
Chicago Stock Exchange.-Record of trnsactions at
Chicago Stock Exchange, Dec. 17 to Dec. 23, both inclusive,
compiled from official sales lists:
134
Low.
11
13.4ggF,E1g74gg-g2AggqgTig.gqgg$'gr3 gggqggn'ag.W4VPA'ggAgYvP,a4V414;4zEg”Ag
High.
3211 Feb
1034 Mar
10034 Dee
19
Nov
104
May
90
Oct
9611 Nov
Nov ,
124
534 Oct
5% Nov
1
Jan
97% Feb
8634 Jan
3834 Feb
12214 Sept
63
Jan
26
July
5 June
46 June
56
Sept
82
Dee
353,4 Jan
2434 Oct
3634 Dec
2934 May
8634 June
92
June
96
Nov
98
Dec
9531 Dec
9534 Nov
18
May
71
Nov
9954 Dec
10414 July
23% Dec
19
Dec
Mar
28
3514 Aug
3634 Jan
101% May
72
Feb
10434 Feb
June
6
114 May
14 June
41% Nov
173
Nov
774 Dec
8% Dec
90
Dec
53
Sept
121
May
148
Sept
35
Oct
15% May
10034 Nov
113% Sept
59
Dec
59
Dec
3531 Aug
11031 July
5114
19
50
514
4
56
27334
46%
2034
135
44
2914
58
1934
98
104
5354
95
63
L 50
9
1134
2%
41
2534
6234
v4g2g ,
A.E12gp,lagg5n'an4g22
2034 21
Adams Royalty Co corn *
4
4
All America Radio el A_ _5
434
Am Fur Mart Bldg pf _ _100 99% 9834 10034
18% 19
.°
American Natural Gas.
American Pub Serv pref 100 99
99
9911
8734 88
Am Pub Util Co par pfd 100
100
95
95
Prior preferred
American Shipbuilding_100
11534 11734
434
Amer States Secur Corp A*
411 4%
Class B
•
414 5
4%
Warrants
94
%
84
86
Armour & Co (Del) pref100 84
Armour & Co pref
100 6534 6514 673.4
Associated Investment Co* 38
37
38
Auburn Auto Co corn_ _25 11714 117 122
61
Balaban & Katz v t c_._25
61
23
Bastian-Blessing Co(com)• 25
2534
Beav. lid, vot. tr. ctf "B"
134 214
38
38
Pref.
. vot tr. ctfs
1015
51% 55%
13endix Corp el A
10 52
Borg &Beck corn
10 8034 7911 82
1814 20
Brach & Sons(E J) com_ *
21% 22
Butler Brothers
20
3314 3634
Camp, Wyant & Can.Fdy• 36
2431 24%
Cent D Pa Corp "A" pf*
58
6311
Ceiotex Co corn
• 59
87
87
Preferred
100
9414 9414
Central Gas St El Co prer_*
Central Ill Pub Serv pref_* 98
9531 98
95
95
Central Ind Power pref _100
94% 94%
Certifs of deposit_ _ _ A00
17
17
Central Pub Serv (Del)_ *
69% 71
.* 71
Central SW UtiI corn _ _.
9934
Preferred
* 9914 99
• 104% 103% 104%
Prior lien pref
Chic City & Con Ry• 2214
Participation pref
1934 23
16
1734
Certificates of deposit _ _* 1794
1614 17
Chicago Elec Mfg "A"...0 17
31
31
Chic Fuse Mfg Co corn_ _ _• 31
2614 2614
Chic N S & Milw corn_ _100
99
100 9834 98
Prior lien pref
66
100 6534 65
Preferred
102 102
Chic Rap Tran pr pref A100
291 3
Chic Rys part ctfs ser 2_100
100
15
Part etf series 3
14
11
11
100
Part et( series 4
Club Aluminum Uten Co _• 383,4 3834 40
168% 172
Commonwealth Edison_100 171
714 7%
714
Rights w I
*
5
8
8%
Consumers Co corn
89
89
100
Preferred
46% 47
25
Crane Co corn
100
Preferred
11934 11934
140 140
Diamond Match corn.. _100
32
32
Eddy Paper Corp (The)_ *
1234 1334
El Household Util Corp_10 13
0934 99%
Empire0& F Co 7% pf 100
100 107% 107% 1084
8% preferred
5234 5831
Evans & Co, Inc, el A...._5 56
5 56
5234 5834
Class "B"
* 3311 33% 3411
Fair Co (The) corn
107 107
100
Preferred
Fitz Simons & Conn ell
45
45
Dk & Dredge Co corn 2O
1834 19
Foote Bros(G & M) Co_ _5 18%
35
35
Gen Box Corp pref "A" 100
2%
2
10
Gill Mfg Co
3% 3%
Godchaux Sug,Inc cl"B" *
Gossard Co (II W) corn...* 42% 42% 4311
25434 260
Great Lakes D & D..-_ _100
4394 44
Greif Bros Coop'ge Acorn *
2034 2034
Hartman Corp Class "B"_*
133 135
Hart,Schaffner & Marx 100
4114 44
25
Illinois Brick Co
26
2634
Inl. Wire&CableCo.com _10
47
47
Indep Pneu Tool v t c__ •
1211 1334
Kellogg Switchb'd corn._ 10 13
100 9234 9234 9234
Preferred
10334 104
Hy Hydro-Elec pfd___ _100
Kentucky UtlI Jr cum pt.50 5234 513,4 5234
95
95
Keystone St & Wire com100
5634
Kraft Cheese Co com_ _.25 5634 54
Kup'heimer & Co(B) Inc.5
4
3%
AO
LIMN
,
corn
Ext
La Salle
934 9%
93,4
Libby McNeil & Libby _10
1%
10
Lindsay Light corn
4034 41
McCord Radiator Mfg A..*
• 2334 223.4 24
MeQUay-NOITIS Mfg
5834 6294
Marvel Carburetor (Ind)10 61
Range Since Jan. 1.
.
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A
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M.4e"0,
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares,
Meadows Mfg Co corn__* 1234
10
13%
Preferred
50 45
45
46
122 12374
Middle West Utilities_ ___* 122
100 11834 118 11814
Preferred
* 94% 94
95
6% preferred
Prior lien preferred_ _100 12511 12534 125%
Midland Steel Prod corn__ 0100
98 102
Midland Utti6% or lien100 94% 9334 96%
100
106 106
7% prior lien
100 9134 9034 9174
Preferred 6% A
Pref 7% "A'
100 10034 99 101
Mples Honeywell Reg _ _* 32% 32
3234
100 100
100 10034
Preferred
Miss. Vali Util pr lien pf__*
9634 9611
Chemical
Wks.*
38% 3834 38%
Monsanto
74
77
Morgan Lithograph corn_* 75
24
25
Mosser Leather Corp corn.* 25
100
13694 13634
Nat Carbon pref
Nat Elec Power"A" part _* 2794 27
2874
100
10334 104
7% preferred
314 314
Natioal Leather corn.....10
334
National Radiator
* 3834 38% 38%
4014
National Standard com • 3714 37
North American Car corn* z32
32
33
100 101
Nor West Util pr in pref 100
7% preferred
100
99 100
9
12
Novadel Process Co corn..* 11%
Preferred
* 2714 2734 28
1234 13%
Omnibus vot.trust ctfs
* 1334
Okla Gas & Elec pref _ _ _100
10834 109
20
Penn Gas& Elec"A"corn *
2034
Pick. Barth & Co part pf_* 22
2034 2234
4834 55%
Pines Winterfront A com _ 5 55
Pub Serv of Nor Ill com__*
159 160
Pub Serv of Nor III com 100
15854 158%
11331 11334
100
6% preferred
100
120 12034
7% Preferred
Q-R-S Music Co corn..° 39% 39% 40
250 300
Quaker Oats Co corn
• 300
112 112
Preferred
100
10 25% 2534 26%
Reo Motor Car Co
15
16
Ryan Car Co (The) com_25
* 32
Sangamo Electric Co
3134 32
9134
Sears, Roebuck,corn
• 8915 87
33
33
So Cities Util class A com •
So Colo Pr Elec A Com _25 2474 2474 2594
101 101%
So'w G & El Co 7% pf _ _100 101
Southwe St Pr & Lt pref._ _*
88% 90
Rights
%
Stewart-Warner Speedom* 81% 7911 8334
25
5014 51
Steel & Tubes,Inc
93.4 934
Studebaker Mail Ord.com5
93,4
100 124
124 125%
Swift & Company
15 2514 25
25%
Swift International
15
17
Tenn Prod Corp, com____* 17
Thompson (J R) corn,.25
61
6214
1483,4 14814
Union Carbide & Carbon.*
United Biscuit class A__..* 65
65
67
United Light & Power9314 95
Class "A" preferred_ *
53
Class "B" preferred ...•
53
1311 14
Common class A new_ _*
64
64
Unit Pap Bd,preferred_ 100
20 85
84
86%
U S Gypsum
5
5
Univ Theatres Cone el A_5
25
25
Vesta Battery Corp com _10
5
1134 12
Wahl Co com
Ward(Montgomery)&Co 10 12211 11711 123
*
121 121%
Class A
Warner Gear cony pfd_ _25 3134 3134 33
734 8
Williams 011 0 Mat corn.*
734
134 114
*
Wolff Mfg Corp com
14
%
11
Voting trust certificates*
71
Wrigley (Wm Jr) Co,com* 69% 69
1614 17
Yates-Am Mach part pfd_* 16%
3534 3574
Yellow Tr &CoachMfg BIO
41% 43
Yellow Cab Co Inc (Chic)* 42
Nov
Dec
Jan
Feb
Mar
Jan
Dec
Nov
Dec
Dec
Dec
Oct
June
Mar
Jan
Nov
Nov
Dec
Feb
Aug
Jan
May
Apr
Dec
Dec
Dec
11
14,750
1,070
2,460
700
555
125
1,085
480
40
330
835
910
435
10
3,960
8,355
417
30
1,525
180
1,178
750
12,050
419
35
100
3,260
350
575
110
60
595
6,050
84
40
10
27
290
412
127
1,410
270
150
39,850
50
375
190
240
281
10,30
380
100
1,550
2.921
415
350
25
310
Bonds98
98
Cent West PS eon deb 65.36 98
8714
Chic City etre of den_ _1927 8714 87
6934 69%
Chic City & Con Rys 5s'27
45
4631
Chicago Rye 5s, sec B _1927 46
4614 4634
Purchase money 58_1927
Great Lakes Util Corp1942
9534 95%
1st 514s
HousG G Cos 1 g 6%131931 10734 107 10734
Metr W Side El 1st 4s.1938
7954 79%
Northwestern Elev 5s.1941
9031 9094
9834 9814
Pat Coast Cem 6s A_ _ 1942
98
98
Sou United Gas 1st 6s A '37
102% 10214
Swift dr Co 1st s f g 5s.1944
United Pub Serv Co1929
9934 100
2 year 65
United Pub UM Co1947
1st 65"A"
9934 100
99
1929
9994
2 year 5345
97% 99%
Union Gas Ut1I 6%s_ _1937
Range Since Jan. 1.
Low.
High.
73,4 Dec 1334 Dec
Dec
45
Dec 46
108
Apr 125
Dec
110% Jan 119
Dec
90% Oct 95
Nov
Nov
11734 Jan 127
38
Apr 102
Nov
9114 Nov 9654 Dee
97% Jan 10714 Sept
90
Oct 9234 May
96% Mar 10334 Sept
32
Dec 3334 Nov
9934 Nov 101
Nov
96
Sept 9714 Oct
37
Nov 39
Nov
Dec
58
Jan 77
11
Jan 25
Dec
13034 Feb 13934 Aug
22
Sept 28% Oct
Dee
9354 Jan 104
414 Jan
294 Apr
36
Oct 393.4 Sept
3034 Jan 4034 Dec
Aug
2234 Jan 34
9514 Sept 105
Oct
Oct
9434 Mar 101
Dec
8
June 12
2114 July 29
Nov
1114 Mar 17 June
104
Nov 109
Dec
19
Jan 21
Feb
1934 Jan 28 June
40
May 55% Dec
1403,4 Jan 161% Nov
132
Jan 16134 Oct
10134 June 11334 Dec
11234 Apr 12034 Dec
3234 Jan 43
Aug
175 June 300
Dec
107
Jan 113 May
1974 Mar 2734 Oct
8
Nov
16
Dec
29
July 3911 Sept
52
Jan 9134 Dec
2554 Jan 33 June
2434 Nov 28
Mar
9414 Jan 10234 Dee
87
Sept 91
Dec
A Dec
% Dec
54% Mar 8731 Dec
4934 Dec 52
Oct
516 June 1014 July
11554 May 130
Sept
1894 May 2714 Oct
8
Oct17
Dec
Apr 65
40
Dec
99
Jan 15234 Dec
3914 Jan 67
Dec
50 87
Jan 9711 June
70 50
Jan 57
Sept
800 1211 Mar 17 June
10 60
Dec
Jan 64
Nov 110% Sept
3,555 82
200
214 Sept
14 Dec
Oct 37
50 24
Feb
925
8% Jan 1734 Jan
17,250 67
May 123
Dec
100 112% Mar 12134 Dec
4,955 2731 Nov 33
Dee
650
7
July
1694 Feb
726
1
Oct
614 Feb
3.555
A Dec
63.4 Feb
790 51
Jan 73
Dec
870 1434 Nov 29% May
550 2514 Mar 40
Aug
1,700 3714 Aug 4674 Oct
$5.000
4,000
10,000
43,000
5,000
97
Mar
8194 Aug
5214 Jan
35
Jan
29
Jan
98
88
73%
5111
5174
Oct
June
June
June
June
15,000 9534
12,000 96
6,000 79
1,000 8414
1,000 9834
1,000 98
2.000 10114
1 June
Dec 95%
Jan 11034 May
Oct 80
Apr
Jan 9094 Dec
Nov 9834 Nov
Dec 99
Oct
Jan 10294 Sept
13,000
Aug 100
8,000
7,000
5,000
99
Dec
May
9834 June 101
98% July 9991 May
9714 Nov 99% Dec
* No par value. z Ex-dividend.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Aetna Rubber corn
Amer Multigraph corn__ _•
*
Allen Industries
Preferred
*
Defer Limest.& Cem,corn•
Bond Stores "A"
20
Bond Stores "B"
•
Buckeye Incubator corn_ _•
Bulkley Building pref__100
Buyers Machine "A".- _..•
Central Alloy Steel corn....'
Preferred
100
«
City Ice & Fuel corn
Cleve Elec. Ilium pref__100
Cleveland Rwy com_ _ _100
Cleve &cur P L pref_ -_10
Cleveland Stone com_ _ _•
Cleveland Trust
100
Cleve Un Stk Yds corn _100
Elec Cont & Mfg com____•
•
Falls Rubber corn
Faultless Rubber com _ __ _•
Fed Knitting Mills corn...
Firestone T & R corn--10
6% Preferred
100
7% Preferred
100
General Tire dt Rub com -25
Glidden pr pref
100
Grassell1 Chem com-100
100
Preferred
26
1434
3234
3794
40
10914
107
68
3411
220
107%
27
27
2514 26
14
1434
3234 33
3734 33
1
1
1/1
%
483-4 4874
6934 71
40
40
30
31
109 10934
3614 3734
112 11234
107 10711
154 234
68
68
353 353
108 108
5411 56
434 434
39
39
34
3414
205 234
10834 10811
108 10815
185 190
9534
133 133
10734 10734
0
.MNW
WW "ONW0.
N
.NW WaW
o4.00.NWo4Q WNON00000W.0..4000W 00W 00
W00.00100 O000000000W..4000000000W0'
36%
North American 011
34
Oahu Sugar
Olaa Sugar
panuhau Sugar Plantation_
Pac Light Corp 6% pref _ _
Pacific Lighting Corp, corn 7714
1.25
Pacific 011
Pacific Tel & Tel com
Preferred
11334
Paraffine Co's Inc, corn_ _ _
8334
41
Phillips Petroleum, com
Piggly Wiggly W States A
pig'n Whistle, preffered_ _ _
Richfield 011
2634
SJ Lt & Pwr, prior pref__ _ 113%
"B"6% preferred
"A"7% preferred
Schlesinger, B F "A" corn_
2234
Preferred
25%
Shell Union Oil, com
Sherman & Clay 7%, pref _
Sierra Pacific Electric, pref.
123%
Southern Pacific
Sperry Flour Co,corn
68
Preferred
Spring Valley Water
Standard Oil of Cal
5594
______
Texas Consolidated Oil_
______
Traung Label /k Litho Co
Union Olo A(sociates
4494
Union °Hof California_ _ _ _
Union Sugar,corn
Preferred
1.1 S Petroleum
wahdua Agricult't Co,Ltd. 47
West Amer Finance, pref _ _
Yellow & Checker Cab_ _ _ _
Zellerbach Paper6% pref,,... 116
zellerbach Corporation _ ___ 4414
3467
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
17
1911
10
3011
3114
14
14
43
68
35
2594
10634
2334
108
9631
13,4
47
300
106
53
4
3534
28
117
10114
99
120
84
127
1023.4
June
Apr
Aug
Sept
Aug
Dec
Dec
Jan
Mar
Apr
Oct
Feb
Jan
Feb
Jan
Sept
May
June
May
Oct
May
Mar
Sept
Jan
Jan
Feb
Dec
Jan
Aug
Apr
High.
27
2891
1634
34
3914
211
174
53
77
42
31
109%
3734
113
10731
211
68
355
111
6734
634
45
3434
234
10834
10874
190
100
125
1093.4
Dec
Oct
Oct
Oct
Nov
Feb
Jan
Apr
June
Sept
Dec
June
Dec
Nov
Dec
Dec
Nov
Oct
Nov
June
June
June
Dec
Dec
Jan
Dee
Dee
June
Dec
Nov
THE CHRONICLE
Stocks (Concluded)
Great Lakes Tow pref _ _100
Greif Bros Cooperage corn a
Halle Bros pref
100
Harbauer corn
a
Harria-Seyb-Potter corn_*
Industrial Rayon "A"- - -a
Interlake Steamship corn-•
Jaeger Machine corn
•
Kaynee corn
•
Kelley Is L & T corn__ .100
Miller Rubber, prat_ _ _ _100
Mohawk Rubber. corn_ •
Preferred
100
Myers Pump
•
Preferred
100
National Acme,corn_ _._10
National Refining, corn _25
National Tile, corn
*
*
"1900" Washer,corn
N.Ohio P.&L.,6% pfd.100
National Pump
*
Ohio Confection
*
Ohio Bell Tel., prel_ _._100
Ohio Brass"B"
•
Otls Steel, corn
•
Packard Elec
•
Packer Corp.
*
Paragon Refining, coin_ _25
Richman Bros., corn
*
River Raisin Paper, corn.*
Selberling Rubber. corn_ •
Preferred
100
Sherwin-Williams,coin_ _25
Preferred
100
Smallwood Stone, corn_ •
St. Tex. Prod."A" pfd.100
Stearns Motor, corn
*
Star Rubber
*
Steel & Tubes. Inc
25
Telling-Belle Vernon, com•
Thompson Prod., corn _ISO
Trumbull Steel, corn
•
100
Preferred
Union Mortgage, corn_ 100
lst preferred
100
Union Trust
100
Youngst'n Sh Zs T pfd 100
107
2334
5431
92
3334
734
3734
111 '
11434
50
291
6134
45
2451
1031
9131
Bonds—
Cleveland Railway 55.1931
107 107
44
44
10334 10334
15
15
25
25
2434
19
12934 130
2934 2934
3234 33
5434 55
91
93
24
24
58
57
3334 3434
105 105
7
734
35
3734
3334 3334
2834 2834
9034 9031
41
40
2734
27
11234
111
10634 11631
1034 1031
49
51
20
10
20
100
50
6,620
30
240
160
106
519
50
30
2.255
45
509
1,088
320
150
51
170
150
129
4,600
100
175
834 934
282 291
sg 834
38
3934
104 104
70
68
10831 10834
3031 3034
62
61
434 431
1
1
50
50
45
46
2431 2431
1034 11
9134 94
834 834
29
29
298 290
10831 109
466
1,529
175
475
60
179
85
200
139
50
973
208
475
620
1,403
819
50
10
95
129
10031 10031 $2,000
Range Since Jan. 1.
Low.
10031
3634
9934
1231
25
431
10931
2734
23
51
85
15
35
3334
103
431
3331
33
25
7934
40
2534
10534
76
731
35
3734
6
14234
634
21
96
44
104
30
25
33.4
1
4934
36
2031
934
70
6
29
218
10631
Jan
Sept
Apr
Jan
Dec
Jan
Feu
Feb
Jan
Nov
Nov
Mar
May
Dec
Dec
Mar
Nov
June
Apr
Apr
Nov
Sept
June
Jan
Feb
Aug
Nov
Apr
Mar
Apr
Jan
Jan
Feb
Sept
Apr
Feb
Aug
Dec
Apr
Mar
July
Nov
Nov
Nov
Dec
Jan
July
High.
[Vol,. 125.
lerlany
45(4401
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Pas Price. Low. High. Shares.
Oct Eagle-Picher Lead com20
107
4534 Nov Early & Daniel corn
*
Nov Excelsior Shoe common_ •
104
100
1534 Nov First National
3034 Feb Fleischman pref
100
*
2434 Dec Formica Insulation
133
Oct French-Bauer (tuideP)-- *
3234 May French Bros-Bauer pref 100
•
3334 Nov Gibson Art common
Dec Globe Wernicke corn_ _ _ 100
55
Feb
Preferred
106
100
2634 Dec Gruen Watch common._.•
Sept
Rights
65
36
Dec
Preferred
100
Dec Hatfield-Reliance coni__.*
105
•
734 Dec Hobart Mfg
4134 Jan Jaeger Machine
•
Aug Johnston Paint pref_ _ _100
38
29
Oct Kahn 1st pref
100
Participating
Dec
40
92
42
Nov Kodel Radio "A"
•
Preferred
20
28
Sept
Mar Kroger common
10
114
New
11631 Dec
50
1231 June Little Miami guar
Special
50
51
Dec
*
3834 Dec Lukenhelmer
100
1034 Dec Nash (A)
Dec McLaren Cons "A"
*
291
834 July Mead Pulp common
Special preferred_
100
4034 Nov
Dec National Pump
105
100
70
Dec Ohio Bell Tel pref
109
Dec Paragon Refining com..25
3534 June Procter & Gamble corn_ _20
6% Preferred
100
74
Oct
835 Jan Rapid Electric
234 Dec Rollman preferred
*
Feb U S Can common
55
Preferred
100
Sept
49
10
2731 Sept U S Playing Card
14
Aug U S Ptg & Llth corn...100
Preferred
100
100
Nov
•
6134 Mar US Shoe common
Jan Vulcan Last common_ _100
85
Preferred
100
299
Dec
Ill
May Whitaker Paper common.•
Preferred
100
9934 May 10034 Dec
51
18
4334
553.4
14034
71
1734
6434
41
111
931
241
99
62
137
79
60
573-4
101
2334 2431
57
57
434 434
372 372
125 125
24
2434
16
1631
9034 9034
4334 4534
9534 9534
9934 9934
5134
51
5
534
1123-4 114
18
1834
4134 4334
2931 2931
9934 9934
100 100
42
42
45
5634
49
50
14034 14534
7034 7234
10434 10434
4934 4934
2734 28
11334 11534
17
1734
40
6434
106 10634
3934 41
111 11131
834 931
23834 243
9834 9934
3534 3634
99
99
52
62
10234 10234
138 14634
7134 80
9934 10034
634 634
56
6034
105 105
5734 60
101
101
2,835
50
95
1
3
15
50
10
413
8
35
102
1,186
23
283
551
150
10
5
1
2,489
55
2,874
4.718
4
50
123
48
410
378
35
724
14
1,871
766
342
333
5
1,167
24
466
218
69
50
1,351
10
40
52
Range SOW Jan. 1.
Low.
2331 Dec
47
Jan
434 Dec
325
Jan
11334 Jan
19 June
1434 Jan
90
Jan
3934 July
85
Jan
85
Jan
4434 Feb
5
Dec
9934 Jan
1334 Jan
2631 July
28
Apr
9934 Dec
99
Jan
39
Jan
934 Jan
2034 Jan
118 June
71
Dec
9434 Jan
4134 Jan
2634 Apr
100
Jan
15
Nov
40
Dec
9834 Jan
38
Nov
10631 June
6
Apr
177
Feb
9831 Nov
3334 Dec
98
Dec
38 June
97
Jan
85
Jan
55
Jan
8734 Jan
5
Jan
Aug
31
9934 Jan
51
Jan
0531 Jan
Iligi.
t.Xtuqs.uuct4.=4T>U 1:11CtIXttlttPotft,Ttitit:14
qggRA.gg%RqlgR8glIVA2g4liMag-”q4;.ggiV4R011.28IIRR8V484
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High. Shares.
.w
=moo,
cAom.40.t.Dbov.ww
.p...00m.no.a.-ow,...woa.a.i.000m&wo.coocnow4.v.o00.00000o.com
ov.
gg g
gg
ggggg
gg
gg g gg g
ggg
3468
•No par value.
St. Louis Stock Exchange.—Record of transactions
Pittsburgh Stock Exchange.—Record of transactions at St. Louis Stock Exchange, Dec. 17 to Dec. 23, both
at Pittsburgh Stock Exchange, Dec. 17 to Dec. 23, both inclusive, compiled from official sales lists:
inclusive, compiled from official sales lists:
•No par value.
"mu'.
21
21
100 18
15 14
18
18
35 37
37
37
85
50 85
85
634
831 934 1,020
20 70
100 100
46 43
10031 10031
20,121
11
1531 18
3434 3434
20 3434
260 260
5 245
269 14
30
29
100
734 8
73.4
150 81
81
8131
1 290
355 355
200 131
182 182
430
6
1131 12
434 431
28
2
45 118
121 121
6334 5434 3,295 3734
1.050 1731
2031 21
1,600
634 7
6
985 1931
2031 2131
170
7
5
73.4
99
50 9231
99
270
334 4
3
115
831 9
834
334
334
148
3
142 200
223 224
225 33
5031 52
245 246
20 230
675
634 654
534
107 10931 1,350 7834
25 116
125 125
20
100 17
20
34
11
34
32
10 10231
106 106
1,ltO 5131
513-4 52
218 4031
4631 47
14 9734
10131 10134
190 27
3434
34
97
99
10 96
Nov
Nov
Dec
Dec
Apr
June
Jan
Sept
Dec
Nov
Jan
Dec
Dec
June
Mar
Feb
Apr
Jan
Jan
July
June
Oct
June
June
July
Dec
July
Oct
June
Feb
Oct
June
Mar
Apr
Nov
Jan
Dec
Octl
Mar
Dec
Dee
High.
tItXTU9r,=ms.TM,
v1rXT4mUXC'CI9CtT..tttitt. "1
Rgl:gglinZan'R0000g!V00 <'00 g00g0 000000q0000l
Low.
80,014
00000 %,000
Amer Vitrified Prod.com 50
Amer Win GI Mach,com100 18
Preferred
100 37
Amer Win GI Co. pref _100
Arkansas Nat Gas. com.10
25
maw-Knox Co
*
Byers(A M)Co, corn
Carnegie Metals Co
10 1534
Citizens Traction Co__ _50
100
Colonial Trust Co
50
Congo' Ice, pref
Devonian Oil
10
Dixie Gas & UM pref...100 81
First National Bank_._100
Barb-Walk Ref, com_ _100
•
Houston Gulf Gas
Independent Brew, prel_50
Jones & Laugh'Steel, pf100
25 5334
Lone Star Gas •
May Drug Stores Corp.. • 21
7
Nat Fireproofing, com_100
Preferred
100 21
Penn Federal, corn
•
734
100
Preferred
Pittsb Brewing, com50
50
Preferred
Pittsburgh 011 & Gas__5
Pittsburgh Plate Glass_100 223
Plttsb Screw & Bolt Corp * 51
Pittsburgh Trust Co_ _ _100
634
Salt Creek Consul 011_ _ _10
Stan Sanitary Mfg,com _25 10731
100 125
Preferred
100 20
Tidal Osage Oil
Union Steel Casting, corn.34
lo
Preferred
United Engine & Foundry•
West'house Air Brake,new• 4634
100
West Pa Rys. pref
• 34
Zoller (William)
*
Range Since Jan. 1.
0 0
'-'
ow-cw0000,400mow.,4
00'
'-' 8 8028.,,Nww c.
XXX .sZ 'AXX4
X
XXX
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
•No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Dec. 17 to Dec. 23, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price,! Low. High. Shares.
Am Laund Mach Corn...25 11434
• 25
Amer Products pref
Amer Rolling Mill corn. _25 97%
100 115
Preferred
_100
Amer Seeding Mach pf.
Amer Thermos Dot "A"—•
50
Preferred
Baldwin common rights_ _ _ -----New
• 47
Buckeye Incubator
Carey (Philip) common 100
100
Central Trust
Champ Coated Pap pf_100 110
100 108%
Champ Fibre pref
• 4434
Churngold Corp
50 31%
Cincinnati Car Co
100
CNO&TP
100 100
Chic Gas & Elec
C N & C Lt dr Tr com._100
100 75%
Preferred
Cincinnati Street Ry_ .50 5034
50 117%
Chic & Sub Tel
* 37
City Ice dr Fuel
•
Coca Cola "A"
Cooper Corp new pref_ _100
Dow Drug common_ _ _ _100
11134 114%
2434 25
96% 973(
114 11534
50
50
13% 14
43% 4334
1%
1
4034 41
49%
47
248 248
260% 262
110 110
10834 10831
44% 44%
31% 32%
450 450
9934 100
98% 99
7531 7634
50% 51
11234 11734
3634 3734
31% 32
0831 9831
3934 3934
4,396
105
359
696
5
540
15
546
322
679
25
36
31
10
125
1,903
10
212
273
164
920
975
912
300
20
366
Range Since Jan. 1.
Low.
High.
0934 Jan
21% Jan
44
Jan
108% May
16
Apr
7 w Jan
34
May
1
Dec
40% Dec
44 gi Jan
190
Jan
255 1 Jan
109
Jan
103 1 Jan
34% Jan
21% Feb
255
Aug
96% Jan
91
Mar
70
Mar
40% Jan
9031 Jan
22% Jan
27% Jan
97% Dec
3334 Sept
Dec
Aug
Dec
Nov
Dec
Deo
Dec
iy, Dec
Dec
47
Apr
53
252 1
1 Oct
Nov
265
Feb
115
110
Nov
47
Nov
3234 Dec
450
Dec
101% Apr
99% July
May
78
50% Dec
11735 Dee
39% Dec
36
Dec
103
May
4234 Dee
11434
27%
9934
115%
50
1434
43%
Stocks—
Last Week's Range for
Sale
of Prices.
Week.
par. price. Low. High Shares.
Bank-Boatmen's Bank
100
168
Nat'l Bank of Com _ ....100 16734 167
Trust Company—
American Trust
100
Mercantile Trust
100
Mississippi Valley Tr. 100
St Louis Union Trust_ _100
Street Railway—
St Louis Public Service_.'
19234 193
565 575
350 355
455 455
27
Miscellaneous—
Amer Credit Indemnity_25 77
Aloe common
20
Preferred
100
Baer, Sternberg & Cohen
1st preferred
100
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe com
100
Preferred
100
Burkart pref
*
Certain-teed Prod let pf100
Century Electric Co_ ..100
Chicago Ry Equip pf___25
Eisenstadt Mfg prof. _ _ 100
•
E L Bruce corn
Preferred
100
Ely & Walker D Gd COM 25 31
2nd preferred
100
Elder corn
•
A
100
Fulton Iron Works corn..
Hamilton-Brown Shoe...25
Huttig S dr D corn
*
Hydr Press Brick pref. _100 75
Independent Pack corn... 1534
100
Preferred
International Shoe com__• 63
Preferred
100
Johnson-S & S Shoe
*
J Schoeneman pref_.,100
Laclede Gas Light pref_100
MeQuay-Norris
*
Mo-Ills Stores corn
*
Nio Portland Cement_ _25
Moloney Elec pref
100
Nat Candy corn
•
I'edigo-Weber Shoe
* 39
Polar Wave 1 dr F Co_ .._ ..• 323-4
Rice-Stix Dry Goods corn _•
Scruggs-V-B D G com__25 20
Scullin Steel pref
•
Sheffield Steel corn
•
Skouras Bros"A"
• 41
South Acid dr Sulph corn_ •
Southw Bell Tel pref _ _ _100 11734
St Louis Car prof
100
Stix, Baer & Fuller
* 2834
Wagner Electric corn _
• 37
Wagner Elec Corp prof _100 9334
Waltke corn
•
Mining—
Consul Leaddainc Co A_.•
Street Railway Bonds.
East St L & Sub Co 58 1932
St L & Sub Ry g m 5s-1923
c-n
1923
United Railways 4s...i934
C-D
1934
Miscellaneous—
Nat Bear Metals Co 65 1047
Scullin Steel 6s
1941
St Louis Car 6s
1935
•NO Dar value.
170
176
1434
9234
8534
ssy,
27
28
77
36
103
77
36
104
nigh.
Mar 170
July 177
Oct
Dec
6
349
16
15
Mar
July
June
July
Dec
Dec
Dee
Dec
438
1633.4
427
285
370
1834 Mar
193
594
260
455
303-4
17 50
May 77
200 32
Feb 37
62 10034 Mar 104
20
86
151)
150
80
50
40
13
4
15
22
45
5
60
150
105
50
65
235
17
100
5
3,642
I()
230
30
5
250
79
10
25
215
135
110
336
1.315
55
66
225
20
272
10
40
3,656
39
50
1434 1634
1,290
9434 2,000
9134 6,000
9234 1.000
8536 81,000
8534 2,000
100 100
99
99
10034 10034
Law.
58 160
108 150
100 10034
22
2334
38
3834
4634 4934
119 120
24
24
1143-4 11434
135 141
19
19
100 100
45
46
97
9835
31
31
9034 9034
20
20
71
71
11
11
30
30
2134 22
75
77
1534 1534
103 103
63
59
1103-4 11034
54
58 A
98
9834
100 100
22
23
17
17
3734 3834
10034 10034
2134 2234
3834 39
3234 3231
2234 2334
20
18
32
33
3234 35
41
37
47
48
1173-4 120
98
98
2834 2834
33
39
9334
92
71
71
9434
01%
923.4
8531
8534
Range Since Jan. I.
8,000
5,000
500
Oct
Dec
May
Dec
Aug
May
May
Mar
Feb
Nov
Feb
May
Dec
July
Aug
Nov
July
July
Oct
Aug
June
Dec
Sept
May
Dec
Dec
Dec
Feb
Mar
Dec
Jan
Jan
Aug
Nov
Oct
Nov
Sept
Aug
June
Oct
Dec
Feb
Aug
July
Mar
Jan
Aug
Jan
Feb
Jan
100 34
41
42
47%
121
26
116
162
2634
101
45
9834
3834
92
2034
72
1331
40
30
82
25
110
63
111
65
100
140
2434
18
54
10234
23
4234
34
2434
223-4
30
35
48
47
120
102
3131
3934
9334
8634
Dec
Jan
Feb
Nov
Aug
Sept
Nov
Oct
Apr
July
Dec
Dee
Apr
May
Nov
Nov
June
Mar
Jan
Sent
Feb
Oct
Dee
Aug
Mar
Dec
May
Dec
Nov
Apr
Mar
Dec
Dec
Apr
Sept
Feb
Mar
Dec
Jan
Dec
Dec
Apr
Jan
May
Dec
Mar
11
Nov
17
Jan
8634
81
80
7534
7534
Jan
Apr
Feb
Mar
Mar
9434
91%
9234
8534
8534
Dec
Dec
Dec
Dec
Dec
0434
20
37
3134
10834
23
105
114
19
087-4
34
97
303.4
87
18
6234
8
30
19
69
15
103
56
108
50
98
96
1834
13
37
98%
21
35
2934
1934
15
30
2534
32
36
11434
96
26
1834
08
5134
Dec
9934 Nov 100
Apr
9834 Sept 101
99
Sent 10034 Dec
DEC. 24 1927.]
THE CHRONICLE
3469
New York Curb Market-Weekly and Yearly Record
In the followii.g extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last(De 17) and ending the present Friday (Dec. 23). 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
Sale
Week.
of Rites.
Par. Price. Low. High. Shares.
Week Ended Dec. 23.
Stocks-
Indus. & Miscellaneous
Acetol Products Inc A_.5 30% 3051 31%
Aero Supply Mfg el B. *
9
9%
Ala Great South. pret __50
159% 159%
Alles & Fischer Corp com •
30% 30%
Alliance Insurance Co _ _10 87
82
8935
Allied Pack prior pref _ _100
531 5%
Allison Drug Store class A*
2034 2135
Class B
• 15% 15
16
Alpha Port Cement com-• _ ___
38
40%
Aluminum Co coin
• 12355 120 128%
Preferred
100 10551 104% 105%
Aluminum Mfrs corn
"
35
35
American Arch Co
100 58
5535 58
Am Brown Boyer' El Corp
•
9
Founders' shares
9
955
Founders shares v t c_ •
9
93.4
4535 44
•
4555
Amer Chain Co COM
American Cigar com_ _ _100 13855 138 13931
Amer Cyanamid corn A.20
40
4054
20 3831 37
Class B
4054
100
Preferred
96
98%
Amer Dept Stores Corp_ _• 1234
12
1334
American Hawaiian SS--10 1655 1555 1694
100
Amer Mfg Co com
80
80%
Amer Rayon products_• 13% 1355 1455
Amer Rolling Mill com _ _25 9734 9634 97%
1255 1355
Am Solvents& Chem v t c• 13
Cony panic preferred _ _. 28
27% 29
American Thread pref_ _5
31i, 31 s
Amsterdam Trading Co
American shares
43
43
43
Anglo-Chile Nitrate Corp_• 28
25% 28
Atlantic Fruit & Sager_ _ _• 850
85c 99c
• 65
Atlas Plywood
6334 66
Atlas Portland Cement_ _ _* 3835 3831 39
Auburn Automobile corn..'
11714 120%
100
Babcock & Wilcox
x12314 124
*
Bahia Corp. corn
035 1035
Preferred
25
14% 1535
Balaban & Katz com v t c25
61% 6155
Bancitalv Corporation. 25 136% 136 13834
Bold Hall Electric° com_ •
234 2%
63
Bendix Corp class A corn 10
53
Bliss(E. W.)& Co., corn..' 2034 2034 2234
Blumenthal (S) & Co com •
34
33
10
Blyn Shoes Inc com
5
5
551
Bohack (II C)Co corn_ _100
235 249
100
1st Preferred
105 105
Bohn Aluminum & Brass..' 33% 33
3634
Borden Co common
50 161% 160 164%
Borg & Beck
• 8054 8014 8031
Bridgeport Machine com •
255 255
Brill Corp class A
•
34% 3451
•
Class B
1634 1634
Brillo Mfg com
14
* 14
1455
Class A
27
2734
Broadway Dept Store let
pre( with warrant... _ A00
102 102
Brockway Mot Trk. corn _• 49% 4355 59
Bucyrus Co,com ctfsdep25
8834 8934
Bucyrus-Erie Co
10 2955 28% 31
Cony preferred
5 3434 32
3555
Budd (Ed G) Mfg corn_ •
3151 33%
Campbell Wyant& Cannon
• 3654 31% 3655
Foundry
36
3835
Canadian InClue Alcohol...5 36
Carnation Milk Prod _25
29
2934
Case Plow Wks ci B v t e.•
6
735
735
Caterpillar Tractor
• 58
57
6134
Celanese Corp of Am com_• 103% 9551 106%
First preferred
100 17355 16555 17455
Celluloid Co com
•
108 115
Celotex Co common
• 5951 54
64
7% preferred
100
84
8734
Central Aguirre sugar_ _50 133
12751 135
Cent Fire Ins. halt v t c_10
3935 40
Centrifugal Pipe Corp___• 1155 11% 1235
CM & St P(new 00)New common WI
2634 2455 2634
New preferred w I
4355 4151 4354
Chicago Nipple Mfg °I A 50
6
6
651
l'JJ 120
120 121%
Childs Co. pret
Cities Service. common_20 5455 5234 54%
Preferred
100 9454 9454 9494
Preferred B
10
8% 8%
834
Preferred BB
100 8855 8855 8851
36
City Ice & Fuel (Cleve)_•
3734
40
Club Aluminum Utensil..• 38% 338
Colombian Syndicate_ _ __1
1%
111, 134
37
Columbia Graph • Ltd rots353.4 3855
ConsolDalrYProduct anew. 2355 2735 2554
• 153.4
1555 16
Consol laundries
Consolidation Ccal.com100 30
2934 30
Copeland Products Inc-8
Class A with warrants.'
734 83.4
Li 37% 3755 3834
Courtaulds Ltd
Crowley. Slilner & Co corn• 3655 35% 3655
Crown-Willamette Pap v tc 15
1434 15
4555 51
Cuban Tobacco coin v t c _• 4534
10
Cuneo Press com
66
69
655% prof with warrants 102
101% 10254
•
Davega Inc
47
47
•
Davenport Hosiery
1655 17
Deere & Co common_ __100 237% 237 241%
1%
De Forest Radio v t a_ _ _ ..•
234
134
Vot trust ctfs-ctt dep _o 99e
70c
1
l
Detroit Creamery
50 x5155
Dixon (Jos) Crucible Co 100
•167 179
Doehler Dle-Casting
* 15% 1555 16
Dominion Stores Ltd.._ ._•
10254 10415
Dubllier Condenser Corp.•
3
4
•
9
9%
Durant Motors Inc
994
Durham Dup Razor pr Prof
war*
5154 4934 51%
with cl B corn etk pur
5% 555
._*
Dun Cool A Vol tr ars.
*
Eastern Dairies com
46% 48%
• 2355 2355 24
Eastern Rolling Mill
Estey-Welte Corp class A _•
1.14
155 2
x53
5734
Evans Auto Loading cl A 5
5 5534 x53
59
Class B common
2
Fageol Motors Co com__10
134 2
100
160 163
Fajardo Sugar
38
Paneled! Products. InC---• 3531 32
*
40
40
Fashion Park Inc com_
Fedders Mfg Inc claw A....'
30
31
2095
Federated Met etk tr ctfe_• 1954 18
435 434
Film Inspection Mach_ •
Range Since Jan. 1.
Lem
High.
4,800 30% Dec 3534 Dec
351 Apr 12% Oct
200
10 124% Feb 163
Nov
July 30% Dec
500 22
Jan 89% Dec
1,800 61
Mar 16% Dec
100
2
1,400 1934 Nov 22
Nov
2,100 15
Oct16% Nov
300 33
Dec 4234 Jan
2,800 67% May 145% Nov
2,400 10155 Mar 10654 Dec
100 34
May 35% May
3,850 5535 Dec11154 Apr
500
5
1,700
5
450 4051
350 115
200 26
4,700 25
500 84
2,000 1155
2,700
9
75 79
3,200
334
9,300 4454
4,500
6
4,000 11
354
100
1,200
1,500
3.200
11,100
400
1,500
100
1,300
600
100
27.600
400
100
1,300
700
2,000
90
25
8,900
4,300
200
200
200
600
200
200
Aug 21
Jan
Aug 21
Jan
July 4855 Sept
Apr 13914 Dec
Jan 4054 Dec
Oct433.5 Dec
Jun
9851 Dec
Nov
1454 Sept
Jan
2055 May
July 9255 Sept
Mar
18% Jan
Feb 9934 Dec
Oct13% Dec
May
29
Dec
Oct3111, Oct
43
Dec
14
Feb
62e Sept
50
Sept
38
Dec
100
July
113
July
10
Dec
1434 Dec
Dec
60
8554 Jan
50c Sept
Jan
40
1555 Oct
Mar
8
355 Nov
210
Nov
94
Aug
Feb
13
101
Jan
May
59
2
Oct
33 June
1555 Apr
755 Feb
20
Jan
43%
3135
1%
66
4534
120%
132
1034
1534
6134
145
2%
55
24%
3855
9%
249
105
3654
164%
7834
534
4734
2255
1651
2734
Dec
May
100 10054 Dec 113
Sept 50
10,400 36
400 67
Sept 8955
20.000 2154 Aug 31
3.800 3134 July 36
Apr34
1,800 20
Sept
Dec
Dec
Dec
Oct
Nov
Jan
Dec
Jan
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Apr
Dec
Apr
Dec
Dec
Dec
Dec
Dec
Mar
Jan
Feb
Dec
Dec
10,900 3055
800 22
200 2655
4.300
334
2,400 2755
15,000 44
2,700 131
700 60
1,700 51
400 84
2,800 9751
200 39%
4,200 1034
Dec 3654 Dec
Jan 4335 Nov
Nov 3155 Dec
Feb
13
Mar
Feb 6151 Dec
May 12014 Oct
May 17455 Dee
Sept 129% Nov
Dec 85
Jan
Dec 91
Star
Jan 135
Dec
Dee 40
Dec
May
1894 Jan
2.700 20
11,600 2734
500
4
310 117
25,900 4054
1,800 8755
755
300
200 81
800 2354
2,100 34%
6,000
134
1,500 323.4
4,100 1835
2,800 1435
125 2455
Mar 2734 Nov
Mar 433. Dec
Oct 49
Apr
Apr 124
Nov
Mar .58% Feb
July
95% Dec
May
8% Oct
Apr 8854 Nov
Jan 3735 Dec
Nov 4134 Nov
Dec
334 Jan
Nov 4154 Nov
Nov 2554 Dec
Nov 2254 Apr
Nov 36
Jan
1,100
6
Oct 22
May
1,600 2434 Jan 3834 Dee
2,700 3555 Dec 38
Nov
600
9
Nov
15
Dec
200 40
Apr 66
Feb
300 30
Jan
70
Dec
1,000 10114 Dee 10255 Dec
100 4455 July 6854 Aug
400 16
Nov 3055 Apr
950 70
Jan 24935 Nov
3,400
1
Dec 2055 Jan
3,300
50c Dec 1054 Jan
300 50
Dec x51% Dec
250 151 Mar 179
Dec
800 1535 Nov 2254 Nov
300 66
Jan 10755 Dec
2
9.900
Nov
554 Mar
4,000
554 Jan
1434 Mar
400 47
Sept 53
Nov
100
4 June
11
Jan
225 3734 Nov 6094 Apr
300 2055 Mar 31
June
1.400
154 Nov
1834 Apr
1,200 32
Mar 59% Dec
1,100 2955 Feb 5955 Dec
500
131 May
434 Jan
300 1503.4 Mar 16755 Sept
31,900 20
Apr 3955 Dec
100 3755 Dec 43
Sept
700 27 June 3235 Aug
3,500
9 June 2055 Dec
3
July
100
852 Feb
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
Fire Assn of Phila
10 79%
Firemen's Fund Ins_ _100 125
Firestone T & R com_ _ _10 221
7% preferred
100 10855
Ford Motor Co of Can_100 597
Forhan Co class A
•
Foundation CoForeign shares class A_'
855
Fox Theatres el A com
• 22
Franklin (11 II) 131t2 Corns
Preferred
100
Freed-Eiseman Radio_ _ _.•
255
Freshman (Chas) Co
• 1035
Fulton Sylphon Co
• 44
Gamewell Co corn
Oared Corporation
• 80c
General Alloys Co
tieneral Baking class A • 7654
Class B
•
854
Gen1 Bronze Corp com • 3655
Genl Elec(Germany) com_
Common trust rcts
Gen1 Fireproofing. com__• 102
General Ice Cream Corp_ _• 63%
Gen1 Laundry Mach com_•
General Silk Corp corn_ •
C G Spring & Bumper corn.
__
()len Alden Coal
• 171
Gobel (Adolf) Inc corn
•
Gold Seal Electrical Co • 15%
Gorham Mfg
•
(Rana(F& W)
common_5-10-25c St•
Lit Atl & Pan Tea let pt 100
Greenfield Tao & Die_ ___• 12%
Greif(L)& Bros common _•
Preferred class X
• x9734
Hablrshaw Cable & Wire..
2334
Hall (tv F) Printing_ _10
Happiness Candy St el A.
6%
Hart Scher & Marx com 100
Hazeltine Corp
• 1036
Hellman (Richard) InaWarrants
1334
Hercules Powder corn_ _103
Preferred
100
Ileyden Chemical cm new*
Hires(Chas El cl A com..* 22%
Hobart Manufacturing •
Holland Furnace
• 43
Horn & Harden com__ •
Preferred
100 110
Fluylers of Del. com -.
• 1634
7% preferred
11111 10155
Flygrade Food Prod com_• 25
Imp Chemical Ind
Imperial Tobacco of Can_5
Industrial Rayon clam A..• 2336
lusur Co of North A mer_10 973
Internet Cigar Mach•g_--• 8855
Johns-Many Corp com_....• 120
Joeke Bros Co com v t c....•
Kawneer Co
•
Keiner-Williame Stmpg_ _•
Kellog Co (Del)
175
Kemaley.Millbourn&Co_...
Kinnear Stores Co corn •
Kroger Grocery & Bak*g10 141%
Kruskal & Kruskal. Inc__• 1655
Lackawanna Secur, new.' 54
Land Co of Florida
•
Landay Bros Inc class A..•
Landover Holding CorpClass A stamped
1 1755
LanstonMonotypeMach100 10954
Letcourt Realty prof
3854
Lehigh Coal & Nay
50
Lehigh Val Coal etre new... 3535
Lehigh Val Coal Sales_50
LeStur Co. corn
• 1334
Leonard Fitzpatrick &
Mueller Stores. corn......5 43
Libby McNeil & Libby _ _10
Libby Owens Sheet Glass25 13235
Manning Bowman & CoClass A
•
Marmon Motor Car. corn • 46
Massey, Harms Co. com_" 40
Marvel Carburetor
10
Maryland Casualty
25 197%
Mavis Corporation
• 23
Mavis Bottling Co ot Ain..• 1636
May Drug Stores Corp.._ -• 2055
May Hosiery Mills $4 pref.*
McCall Corporation
•
McKeesport Tin Plate_ .. _ _ 62
Mead Johnson & Co com.' 5755
;‘,/ereine shoe Co cern_
•
Pt without warrants_100 11055
Mengel Company
100 59
Mercurbk (Vienna) Am sh•
Mergenthaler Linotype_ _•
•
3
Mesabi Iron
Metropol Chain Stores.. _ _• 54
Met 5 & 50 Ct Stores cl B •
Midland Steel
Miller RubberProd.
pref._ _100
Monsanto Chem Wks com•
Moore Drop Forge cl A_ _*
Slot Pict Cap Corp, pref 25 20
Mu-Rad Radio
•
National Baking com_
•
preferred
100
Nat Food Products c/ B. •
535
National Leather
10
National Sugar Refg__ 100
National Tea prof
100
National Tile
•
Neisner Bros Inc com_
•
Nelson (Herman) Corp__ _5 32%
Neptune Meter class A
•
New Amsterdam Cita_ _ _10 79
Newberry (J J) Co com
•
Preferred
100
New Mez & Ariz Land __ A
9%
New On Grt North RR 100
Newport Co prior com_100
N Y Auction core cl A......* 1635
Nichols & Shepard Co __* 32
75
79%
11655 126
201 235
10735 10834
591 610
22% 22%
Range Since Jan. 1.
Low.
1.100 6155
3.200 9555
8,725 115
200 99
305 339
100 1734
855 9% 3,000
755
86,500 1235
21% 24
200 12
1534 16%
87
125 72
87
2% 354 2.300
2%
11
6,900
10
93.4
4355 4634 2,300 3954
65
400 53
63
75c 950
2.200 40e
1355 1434 1,701
14
4.201
76
5255
77
8
8% 20.001
414
3655 37
2,700 2735
10(
38% 38%
38%
201
3835
3855 39
101% 102
601
51
40%
62
6455 4,401
20
20% 21% 3,701
154
1.301
154 3
11
1255
6%
1,901
166 17255 4.101 15934
2,501
65
25%
67
15
16% 11,800 11%
46
48%
600 37
95
9731 1,800 60
11835 1183.4
20 116
700 10%
1234 12%
100 1634
1634 1655
x9755 09%
300 97
2355 2334
100 15
30
30% 1,100 23%
4,100
635 7
434
133 133
10 133
200
1055 11
434
13
14
195 195
102 120
7% 855
22% 23)4
4255 4234
43
4355
5534 5651
110 110
16% 1734
101 101%
24% 2554
735 735
9% 9%
19
24%
8655 101
8834 90%
11934 12555
42
42
30
30
1614 1634
175 175
16
1655
32
32
141 145
1855 17
54
5434
2434 29
30
30
17% 1735
10955 10955
33
3354
106 106
3535 37%
64
66
1334 15
43
43
9% 955
130 135
1,700
10
10
1,000
1,800
100
7,100
900
100
800
200
10,500
100
1.600
229,600
23.500
200
27,600
200
100
100
10
1,800
200
2,470
800
600
2.30
100
11
176
114
7%
1835
2755
3434
5034
107
1434
9834
22%
7%
7
455
51
46
5555
41
2834
16%
175
12
2754
119
1554
54
18
29
100 14
100 102
1,900 38
200 10594
5,700 35
3,691 58
500 1234
Sept
Nov
Feb
Jan
Apr
Jan
High.
7935
126
235
108%
725
2634
Dee
Dec
Dec
Dec
Nov
Nov
2034
Nov
June 24
Apr 20
Apr 89%
June
7%
May 2334
Jan 5834
July 6754
May
354
Dec 15
Apr 8051
Mar
9%
Nov 3851
Feb 4934
Dec 41
Jan 104%
Feb 64%
Jun8 2434
Dec 10%
Oct1351
Apr18734
Jan 70
Nov
25%
Jun
48%
Feb9934
Feb120
1334
May
Dec 19
Apr 101
Jan 2634
Aug 31%
May
751
Dec 133
May 1455
Mar
Dec
Oct
Oct
Jan
Jan
Aug
Dec
Jan
Dec
Nov
Nov
Dec
Apr
Apr
Dec
Nov
Sept
Jan
Nov
Oct
Aug
Nov
Dec
Oct
Dec
Nov
May
May
Aug
Oct
Dec
Dec
Sept
Nov
Mar
Mar
Oct
Nov
Mar
Aug
Apr
Jan
Aug
Oct
Nov
Dec
Jan
Jan
Feb
Apr
Jan
Aug
Aug
Dec
Dec
Sept
Aug
June
Dec
Dec
June
Oct
Dec
Mar
Nol
Aug
Dec
Dec
De(
Dec
Jun,
Sept
Del
Dec
De
Nov
Dec
Del
Nov
Nov
Nov
Nov
Apr
De(
Nov
Aug
Nov
Jull
Ate
Jai
Juni
14
200
121
10
2334
4234
4755
5654
115
1834
10355
2555
8%
103.4
2434
101
92
12655
46
30
2234
175
17%
38
145
2434
74
36
3534
Jan 1714 Sep
June 109% De
Dec
39
Do
July 121
Jai
Dec 46
MI
Dec 100
Ma
Nov
15
Dec
Aug 48
O9 33
Am
8% July 1134 Sep
20
900 10855 Nov 15951 Jar
17
18
800 16%
900 3955
46
4835
200 29
3851 40
60
550 4654
59
193 19934
975 151
23
25
3.200 19
16
17
854
13.000
2055 21
600 18
48% 49
200 48
53
500 48
5554
6,200 6051
6034 62
5755 5854 1,100 3934
200 59
1143.4 116%
110 11255
70 108
56
60
600 27
3
3
200
334
125 103
103 10814
2% 3% 13,900 550
54
54
600 30
655 755
5
300
x9731 102
2,200 3955
25 86
9154 9154
3835 3851
300 3755
44
45
200 2554
20
20
100 18
10c
100
1,000 10e
9
9
755
100
9274
90
75 77
5
2
534 3,500
356
355
800
235
12954 131
600 115
103% 104%
25 10194
200 34
34
3455
300 3655
6234 6334
33
1,200 2355
32
400 2035
2431 2455
80
1,075 75
76
1335413914
25 85
10551 10555
75 9734
955 1055 1,600
931
3735 3734
100 1955
119 119
50 115
1634 16%
700 1635
31
3251 1,900 21
Dec 20% Mai
Oct6254 Mai
Mar 40
Sep
Oct60
Dec
Oct199% De
Sept2855 Jun,
July
17
Do
Scut 22
De
Nov
50
Sep
June 6454 Nu
Dcc 62
De
Jan 6534 De
Feb1245.1 Sep
Sept11235 De
July 6455 De
Dec455 Ma;
Dec 11634 Or
June
a% De
Feb 58
No'
July 24
Sep
Apr 104
No,
Nov 1054 Fe
Nov
38% De
Apr 60
Ja
May 2194 Au
Dec
1
Ma
June 1055 Ma
Feb 93
De
July
9
Ap
Apr
4% Ja
Nov 155
Ma
June 105
De
Dec 38
Sep
Feb 71
Sep
Feb 33
De
Sept 2455 De
Dec 80
De
Jan 155
Sep
Mar 105% Sep
Apr 16
J1.10
Jan 4134 Ap
Nov 122
Au
Dec 20
Au
Oct 35
No
3470
Friday
Salsa
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. I.
High.
Low.
Niles Bement-Pond corn_ • 32% 29% 3535 6,600 1555 Nov 36%
Dec
Ohio Brass class B
116
107 116% 1,775 76
Jan 11655 Dec
Pacific Coast Biscuit pref.*
Nov
4854 48%
Nov
100 48
50
Pacific Steel Boiler
• 1231 12
1235
954 May 1451 Nov
800
Palmolive Peet Co corn_ *
Apr 112
Sent
95
92
800 69
Parke Davis & Co
• 3714 z3855 39
Nov
400 2755 Mar 40
Pender (David) Gros Cl A 5
Nov
49
200 41
4935
July 52
Class B
Nov
• 34
Apr 36
34
3551 2,400 19
Penney (J C)Co cl A pf 100
104 104
490 99 June 13011 June
Penna Salt Mfg
50
Feb 105% Nov
225 74
98 101
Peoples Drug Stores
Dec
* 49% 45
50
4,000 28% Apr 50
Pepperell Mfg
Dec
100
Dec 106
20 98
99
99
Phelps Dodge Corp_ _100 132
July 132% Mar
125 132
800 110
Phila. Dairy Prod pr pref _
Dec
Dec 93
300 93
93
93
Phillip Morr Cons Inc com• 10
8% 10% 23,700
811 Dec 2035 Jan
Jan
Class A
25 13
Dec 22
13
13
500 13
Pick (Albert) Barth & CoCommon vot tr ctt
Oct 14% June
1,000 10
•
1015 13
Pref class A (partic Pref)• 21% 20% 2231 10,100 1934 Oct 28% June
Piggly Wiggly Corp corn _
25% 25% 26% 1,500 25% Oct 2934 Oct
Plggly Wiggly Western
States Co class A
22% 2255
100 2255 Dec 2555 Sept
•
Pitney Bowes Postage
835 Nov
Oct
Meter Co.•
300
5
7
7
Nov
Dec 187
Pitts & L E RR com50 1150 z150 18355 1,650 :150
1451 Nov
Potero Sugar columoa__ •
14
800 1334 Nov
14
Mar 58% Sept
Pratt & Lambert
54
54
100 48
•
Feb 240% Dec
Procter & Gamble com__20 24034 23934 24055
150 178
Prudence Co 7% pref_ _100
25 102% Jan 106% Oct
10335 10355
Dec
Quaker Oats, corn
100
Feb 307
150 185
260 307
Sept
Realty Associates corn_• 282
Jan 320
290 235
276 285
Apr
Remington Arms corn_
*
7
Mar 17
1255 1255
100
Renublic Mot Trk v t
sg Jan
2
May
3
331 1,600
Dec
Richman Bros Co
282 294
110 153
Apr 294
Richmond Radiator com_•
May 35% Aug
28
2851 1,300 20
• 41
4155
7% convertible pref
41
400 37% May 45 June
Rolls-Royce of Am pref 100 63
42
Dec 7911 Apr
63
1,650 42
Sept
Royal Bak Powd com _ _100
Feb 339
250 255
125 161
Ruberoid Co
Sept 8535 Nov
100 80
80
300 68
80
Dec
Safeway Stores corn
Feb 328
• 315
31755 326
290 232
Mar
July 140
Safety Car Heat & Ltg_100 136
136 136
125 124
Dec
Apr 63
• 5355 5355 59
St Regis Paper Co
3,300 37
Sanitary Grocery Co corn_ 215
Aug
214 220
July 244
270 210
Dec
Schiff Company common.*
Dec 28
27
100 27
27
7% cum cony pref_ _ _100
Dec
113 113
Dec 114
25 113
Seeman Bros common_
•
500 2534 May 3831 Dec
35%
35
SelberlIng Rubber Co corn •
Nov
Apr 41
37
3851 2,300 23
Selfridge Prov Stores LtdOrdinary
4%
4
Dec
451 455
£1
555 June
1,700
Servel Corp (Del) corn
80c 30c.
90c 51,000 10c Nov 1051 Feb
Servel Inc (new co) v t c__*
431 Dec
Nov
3
3% 4% 33,000
Preferred v t c
Dec
Nov 25
25
20
1,400 18
Participation ctfs 1st pref
1% Dec
155 1,300 75c Dec
131
Sharon Steel Hoop
July
50
21
Dec 23
22
300 21
Scheaffer(W A)Pen corn 100 770
Dec
Dee 852
1,155 665
760 852
Sherwin-Wms Co corn .25
Dec
Feb 68
68
68
100 44
Silica Gel Corp corn v t 5.• 1935
1,200
19% 20
133-4 Mar 2135 Sept
Silver (Isaac) & Bros corn.*
Apr 5255 Sept
3955 39%
100 26
Singer Manufacturing100 430
428 430
Dec
410 360 June 445
Smith (A 0) Corp, corn...* 101
Jan
101 101
100 9851 Dec 125
Snia Viscose. Ltd__ _200 lire
10
Deposit rcts Chase N Bk
Jan
9
10
1155 Oct
5
200
Sparks-With1ngton Co_ __• 3351 31
36% 4,400 15
Aug 3955 Dec
Dec
Staley (A E) Mfg., pref. _ _
9451 95
50 91% Nov 95
Stand Comm'i Tob com_ •
10,300 1954 Jan 37
32% 35
Sept
Stand Motor Constr. _ _100
135 May
1,200 500 Dec
60c
500.
Standard Publishing ci A 25
3%
200
6% Oct
3% 4
334 Apr
Stand Sanitary Mfg corn.25 108% 107 108%
420 80 June 114% Dec
Stanley Co of Amer
Feb
52% 5434
400 52% Dec 90
• 5351 47% 53% 2,050 42
Stern Bros class A
Feb 5331 Dec
• 1835 18
Class B com v t c
Jan 1855 Dec
1835 2,600 15
Stinnes(Hugo)Corp
955 Nov
•
1334 Sept
955 10
500
Stromb-Carlson Tel Mfg' 3451 3451 3451
Jan
100 3451 Dec 42
• 1855 1755 19% 5,300 12% May 21% Oct
Stutz Motor Car
100 124
Swift & Co
124 12455
250 115% May 131) Sept
15 25% 25
Swift International
25% 4,000 1834 Mar 2851 Oct
Syrac.Wash.Mach.B. corn' 1435
135 July
2,100
22% Nov
1135 1435
Leonard Teltz, corn
4151 41% 4111
Nov 41% Dec
100 35
Warrants
240
240 242
May
Mar 320
8 90
Tenn Products Corp Corn.'
15
1734 Dee
15
200 1355 Feb
Timken-Detroit Ax1e..10
May
12
700 10% Nov
14
1251
Tobacco Prod Exp Corp'
355
4% Aug
3
Mar
334
335 1,400
Todd Shipyards Corp__ __• 52
Apr 55
June
8.300 45
5155 52
Trans-Lux Day Pict Screen
•
•
Class A com
3%
351 July
3% 4% 3,500
851 Jan
Trico Products Corp com_• 28% 2851 29% 2,700 2755 Oct 3235 Dec
Trumbull Steel corn...... _25
1011 11
Oct 14% Aug
600
9
Preferred
Nov
100
200 7455 Jan 100
92
9355
Jan 3455 Nov
600 24
Truscon Steel corn
10 34% 34
3455
Dec
Tublze Artificial Silk cl B_. 465
465 477
4,700 145
Jan 485
2034 20%
500 17% Jan 2451 June
Tung-Sol Lamp Wks cl A_•
May
Common
835 Feb
600
• 10% 10% 10%
13
Dec
100 11
11
11
11
Dec
Union Twist Drill
Dec
May 100
600 64
Union dr United Tob com.•
100 100
Mar 6851 Dec
68
1.500 38
United Biscuit class A----•
65
•
19
19
7
17,800
Dec
Jan
Class B
15
United Disc of Am com_.• 3956 38% 40% 7,900 3131 Nov 40% Dec
800 105% Nov 11555 Dec
Cony 7% cum pref _ _100 115
115 11554
Dec
Apr 37
3514 9,100 23
United Elea Coal Cos v t e• 3311 33
Oct
5151 5255
300 46% Nov 57
United Rug & Fdy new w 1
9% Aug
400
1335 Apr
1051 1031
United Profit Sharing corn•
7754 Nov
Jan
400 51
United Shoe Mach com_ _25 84% 6451 8455
67%
700 32 June 69% Nov
• 67
67
U S L Battery corn
200
10
835 June 1055 Dec
10
10
7% pref class B
Dec
200 5454 Dec 55
5435 55
U S Can common
Dec
73% 7351 84% 16,000 5154 Sept 86
U 13 Freight Co w 1
900 8355 Nov 11051 Sept
20 8535 8354 88
13 S Gypsum com
1351 Feb
6
Nov
9% 1131
500
U S Rubber Reclaiming--• 1151
Dec 6051 Dec
100 56
60% 60%
Vulcan Last Co
Waltt & Bond Inc class A... 25% 2531 26% 3,000 22% Nov 26% Dec
1,500 1534 June 19% Dec
18% 1855 19
Class B
9% Dec 3351 Jan
9% 11% 10,400
Warner Brothers Pictures.• 1131
500 3135 Dec 333.4 Dec
Warner Gear Co class A_-_
3231 3335
18% 2055 8.700 18% Dec 25% Sept
Watson (Jno Warren) Co.'
Sept
Wesson 011&S D corn v t c• 71% 89
7256 5,200 5055 Apr 77
May 102% Sept
300 95
10154 101% 10134
Preferred
Aug
29%
z29
700 2155 Apr 46
Western Auto Supply pref'
Dec 5151, June
48
48
100 48
West Va Pulp & Paper_ •
Wheatsworth Inc corn._ _• 34% 33% 3531 1,300 3011 Dec 3531 Dec
Dec
180 180
Feb 180
20 163
Wheel & L E RR pr 1_ _100 180
July
Williams 011-o-Mat Htg _ _•
log Feb
755
6
7% 735
200
Woodworth, Inc
2755 27% 28% 3,700 27% Dec 28% Dec
900 2255 Dec 2251 Dec
Worth. Inc, cony cl A • 2255 2255 22%
•
15
May 3454 Jan
600 10
Yellow Taxi of N Y
15%
294
•
io;i
RightsAmer & Foreign Power......_
Associated Gas St El
Atch Top & Santa Fe
Buff. Niag & Eastern
Commonwealth Power._ _ _
Flat
Loews Inc
McCall Corporation
Northern States Pow A
White Sewing Mach deb rte
5
331
14
6%
735
155
3%
211
355
1%
755
1%
11(
14
14%
134 1%
6% 7
1334
11
Public Utilities113 115
Am Dist Tel of NJ, pf..100 115
Amer Gas & Eleo corn_.__' 12151 120 12251
Preferred
• 106% 10654 108%
1.25.
THE CHRONICLE
23,325
90,100
15,61)0
18,800
100
400
300
3,500
4,100
2,500
5
1
2%
155
715
1%
11
1
655
II
Dec
Dec
Dec
Dec
Dec
Sept
Nov
Dec
Dec
May
754
2
3%
2%
715
311
16
244
7
20
Dec
Dec
Dec
Dec
Dec
Mar
Mar
Nov
Dec
Aug
Dec
75 109
Aug 117
Nov
2,900 6851 Jan 125
1,000 95% Feb 108% Dec
Friday
Sales
Last Week's Range for
Public Utilities
Sale
of Prices.
Week.
(Concluded)
Pat Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Riga.
Amer Lt & Tr corn new 100 17435 17234 175
625 16451 Aug 186
Sept
Amer Nat Gas corny t c. 18%
1851 19
900 1855 Nov 19% Dec
Amer Pow & Light pref.
_100 108% 10755 108%
460 9755 Jan 109
Dec
Amer Superpower Corp A • 3851 3851 39% 2,000 2731 Jan 43
Nov
Class B common
• 38% 3851 40
2,300 2855 Jan 43
Sept
First preferred
• 100
99 100
900 9354 Jan 100% Dec
Participating pref.._25
.25 28% 28% 2856
800 2651 Jan 2955 June
Assoc Gas & Elec class A_• 4931 49
12,800 35
50
Jan 52
Dec
Blackstone Val G&E com50
130 134
400 998
Feb 15435 May
Brooklyn City RR
3% 4
10
355 Dec
7,300
351
655 Jan
Buff Meg & East Pr corn..•
30% 31
2,900 2551 Mar 40
Sept
Preferred
25
2635 2634
100 2514 Jan 2655 Dec
Central Pub Serv com_ •
21
21
300 17% Jan 2351 Dec
Cent S W URI com_ _ _100
6911 7055
650 5735 Jan 7151 Nov
7% cum pref
• 98% 9855 99
150 93% Jan 9954 Jan
Prior lien stock
103% 104
•
Jan 10455 Dec
100 98
Cent States Elec. corn
2835 28%
•
300 17% Apr 30% Oct
Seven per cent pref_ _100
102 10355
375 02% Jan 10334 Dec
Cities Sent Pr ,k Lt
9555 1,200 90
Pir.• 9555 95
Aug 953.4 Dec
7% preferred
100 10534 105% 105%
300 100% Nov 10654 Nov
Columbus El Sr Pow, corn * 65% 62
125 6554 Dec 80
6555
May
Com'w'Ith-Edison Co....100
169 173
Jan 173
110 139
Deo
Com'wealth Power CorpPreferred
190 103% 10351 10355
800 9154 Jan 1113 A Dec
Con Gas E L & P Bait corn' 68
6755 68
1,400 50% Jan
71
Oct
Consol Trac of N J_ _ _100
64
64
100 5651 Oct 64
Dec
Eastern States Pr corn B *
12% 12%
Oct 14% Oct
200 11
Elec Bond & Share pref_100
110% 11055
000 10554 Mar 110% Deo
Elec Bond & Share Secur_• 7951 7855 83% 33,800 6655 Mar 83% Deo
Elec Invest without wart.' 46% 4455 477-4 25,600 32% Feb 4735 Dec
Elec Pow & Lt 2d pref A...' 104
102% 104
300 8955 Mar 104% Dec
Option warrants
15
15
615 Jan
6,900
13
Dec
Elec Railway Securities...'
6
Feb
100
655
8
Apr
655 655
Empire Oas Sr F8% P1-100 108% 107% 10855 1,500 104% May 111% Sept
100 9951 9911 99%
600 9751 June 101
7% preferred
Dec
Empire Pow Corp part stk•
30% 33% 2,300 26
Jan
39 June
Federal Water Serv cl A...' 3451 3431 3556 3,400 3051 Aug 36
Oct
Florida Pow & Lt $7 pref.•
105% 106
175 10251 Aug 107
Dec
General Pub Sent cora___. 1655 15% 16% 8,500 1155 Jan
18
Oct
7% preferred
11255 11255
Nov 11355 Oct
•
25 100
Ga Pow (new corp) $6 pf_•
Ma 104
102% 103
1,100 94
Dec
Internet Utilities class A..• 49
Apr 53
Dec
2,100 24
49
50
Class B
•
3
JIM
1155 Dec
9
10% 26,600
935
Participating preferred..'
Apr 100
125 89
Deo
9834 98%
Jersey Con L dr P7% p1100
25 100
10551 105%
AP 107% Dec
K C Pub Serv corn v t c_ •
1455 1435
100 14% Dec 22
Sept
Lehigh Power Securities... 2055 2051 21% 32.400 15
Jan
22
Oct
Long Island Ltg 7%pref 100 111% 110% 111%
50 107% Jan 113
Sept
Marconi Wire T of Can _1
45,5 Dec
455
2rie 4% 201,400 • ge Jar
Marconi WIrel Tel Lond_f1
355 Jan
911 Dee
8% 9% 5,500
9%
Mass Gas corn
100
Aug 124
270 103
11311 117
Nov
Middle West Utilities corn • 12235 122 124
Feb 125% Dec
2,100 100
Prior lien stock
100
Feb 12651 Nov
150 108
12
@FedFRASER